Company Information
Contents
Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for Britannia Global Estates Limited ('the Company') for the year ended 31 December 2024.
The directors who served during the year were:
Stephen Andreas Lemonides (appointed 21 March 2024. resigned 12 April 2024)
Gabriela Malonado Urrecheaga (resigned 21 March 2024)
Gabriela Malonado Urrecheaga (resigned 21 March 2024)
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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Directors' report (continued)
For the year ended 31 December 2024
This report was approved by the board on 30 September 2025 and signed on its behalf by:
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Independent auditor's report to the members of Britannia Global Estates Limited
For the year ended 31 December 2024
We have audited the financial statements of Britannia Global Estates Limited ('the company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent auditor's report to the members of Britannia Global Estates Limited (continued)
For the year ended 31 December 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Other matters
The financial statements of the Company for the 12 month period ended 31 December 2023 forming the comparative figures in these financial statements, are not audited.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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Independent auditor's report to the members of Britannia Global Estates Limited (continued)
For the year ended 31 December 2024
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we made enquiries of directors and other management as to where they considered there was susceptibility to fraud,
and their knowledge of actual, suspected and alleged fraud;
and their knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage;
statements of the company through discussions with directors and other management at the planning stage;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006 and taxation
legislation.
effect on the financial statements or the operations of the company including the Companies Act 2006 and taxation
legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of directors and other management;
∙inspecting legal correspondence throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.
and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the company to management override of controls by checking the implementation of
controls and enquiring of individuals involved in the financial reporting process;
controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries to identify unusual transactions;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior year;
variances from the prior year;
∙tested the completeness of revenue by reviewing the terms of the investment agreement and investigated any
material variances to expectations;
material variances to expectations;
∙carried out substantive testing to check the occurrence and cut-off of expenditure; and
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management.
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Independent auditor's report to the members of Britannia Global Estates Limited (continued)
For the year ended 31 December 2024
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
For the year ended 31 December 2024
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Statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board on 30 September 2025 and were signed on its behalf by:.
The notes on pages 10 to 14 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
Britannia Global Estates Limited is a company limited by shares and is incorporated in England and Wales, registration number 12937235. The registered office and principle place of business is Level 28, 52 Lime Street, London, England, EC3M 7AF. The companies principal activity is management of real estate.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
For the year ended 31 December 2024, the company made a loss before tax of £3,545,178 (unaudited 2023: loss of £9,016,973) and at 31 December 2024 had net liabilities of £11,644,972 (unaudited 2023: £8,099,794).
The immediate parent undertaking, Britannia Investment Corp Limited, has confirmed that it is its intention to support the business financially for the foreseeable future and for no less than 12 months from the date of approval of these financial statements.
Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
The immediate parent undertaking, Britannia Investment Corp Limited, has confirmed that it is its intention to support the business financially for the foreseeable future and for no less than 12 months from the date of approval of these financial statements.
Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Capital contributions represent amounts received from shareholders or members that are not repayable and are not issued in exchange for shares. These contributions are recognised directly in equity within the capital contribution reserve when received, provided there is no obligation to repay and they do not meet the definition of a financial liability.
The reserve is not distributable and is maintained separately within equity. Transfers to or from this reserve are made only where permitted by applicable company law and accounting standards.
The reserve is not distributable and is maintained separately within equity. Transfers to or from this reserve are made only where permitted by applicable company law and accounting standards.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
The company had no contingent liabilities at 31 December 2024 or 31 December 2023.
The company had no capital commitments at 31 December 2024 or 31 December 2023.
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Notes to the financial statements
For the year ended 31 December 2024
The parent undertaking is Britannia Investment Corp Limited by virtue of holding 100% of the share capital of the company.
In the opinions of the directors the ultimate controlling party is The Geneva Trust Company (GTA) SA, a trust registered in Switzerland, by virtue of its 100% shareholding in Britannia Investment Corp Limited.
In the opinions of the directors the ultimate controlling party is The Geneva Trust Company (GTA) SA, a trust registered in Switzerland, by virtue of its 100% shareholding in Britannia Investment Corp Limited.
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