ACCOUNTS - Final Accounts preparation

Registered number: 13263358

MOORFIELD RESIDENTIAL HOLDINGS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

MOORFIELD RESIDENTIAL HOLDINGS LTD

COMPANY INFORMATION

Directors	Marc Gilbard
	Charles Ferguson-Davie
	Steven Hall (appointed 1 October 2024)
	Sadie Malim (appointed 1 October 2024)


Registered number	13263358


Registered office	10 Grosvenor Street
	Mayfair
	London
	W1K 4QB

MOORFIELD RESIDENTIAL HOLDINGS LTD

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 6

MOORFIELD RESIDENTIAL HOLDINGS LTD

REGISTERED NUMBER: 13263358

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£000		£000

Fixed assets
Fixed asset investments	5		-		-
Current assets
Debtors: amounts falling due within one year	6	24,788		23,349
Cash at bank and in hand	7	19		2
		24,807		23,351
Current liabilities
Creditors: amounts falling due within one year	8	(28,500)		(28,141)
Net current liabilities			(3,693)		(4,790)
Total assets less current liabilities			(3,693)		(4,790)

Net liabilities			(3,693)		(4,790)

Capital and reserves
Called up share capital	9	-	-
Profit and loss account	10	(3,693)	(4,790)
		(3,693)	(4,790)

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Steven Hall

Director

Date: 29 September 2025

Page 1

MOORFIELD RESIDENTIAL HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Moorfield Residential Holdings Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 13263358. The registered office address is 10 Grosvenor Street, Mayfair, London, W1K 4QB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 (see note 3).

These financial statements are presented in sterling, which is the functional currency of the Company, and rounded to the nearest £'000 unless otherwise stated.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared using FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.4

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. In assessing the Company's ability to continue as a going concern, the Directors have reviewed the cash flow forecasts of the Company which include the Directors' assessment of the impact of inflation, rising interest rates and the wider economic environment. These forecasts show that the Company has adequate resources to continue in operational existence for the foreseeable future.

The Company has received confirmation from MREF IV GP Limited on behalf of MREF IV “A” Limited Partnership, MREF IV “B” Limited Partnership and MREF IV “PC” Limited Partnership that it does not intend to recall the amounts owed to group undertakings for a period of at least 12 months from the date of the approval of the financial statements. The Company has also received confirmation from MREF IV Lux GP Sarl on behalf of MREF IV “C” SCSp that it does not intend to recall the amounts owed to group undertakings for a period of at least 12 months from the date of the approval of the financial statements.

Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 2

MOORFIELD RESIDENTIAL HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 3

MOORFIELD RESIDENTIAL HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.

Page 4

MOORFIELD RESIDENTIAL HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £Nil).

5.	Fixed asset investments

The Company has investments in subsidiary undertakings with a carrying value of £1 (2023 - £1).

Debtors

					2024	2023
					£000	£000


Amounts owed by group undertakings	24,788	23,349

Amounts owed by group undertakings are interest free and repayable on demand.
During the period the Directors assessed the recoverability of amounts owed by group undertakings and reversed an impairment of £1,112,000 (2023 - recorded an impairment of £4,507,000).

7.	Cash and cash equivalents
		2024	2023
		£000	£000

	Cash at bank and in hand	19	2

8.	Creditors: Amounts falling due within one year
		2024	2023
		£000	£000

Amounts owed to group undertakings	28,496	28,136
Accruals	4	5
	28,500	28,141

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 5

MOORFIELD RESIDENTIAL HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

10,000 (2023 - 10,000) Ordinary shares of £0.01 each	100	100

10.

Reserves

Profit and loss account

The profit and loss account represents cumulative profit and losses net of all adjustments.

11.	Related party transactions
	The Company is exempt under the terms of FRS 102 Section 33.1A from disclosing related party transactions entered into between two or more members of a group on the grounds that both parties are wholly owned within the group.

12.	Controlling party

The Company's immediate and ultimate controlling parties are:

∙MREF IV "A" Limited Partnership;

∙MREF IV "B" Limited Partnership;

∙MREF IV "PC" Limited Partnership; and

∙MREF IV "C" SCSp (registered in Luxembourg).

Unless otherwise stated the ultimate controlling parties are limited partnerships registered in England and Wales.

Page 6