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Registered number: OC436985
ACCRUE (MAIDENHEAD) LLP
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCRUE (MAIDENHEAD) LLP
INFORMATION
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Accrue Quantum GP Limited
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KH V Properties 119 Limited
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Member
Accrue (Buchanan) Limited (resigned 18 December 2024)
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ACCRUE (MAIDENHEAD) LLP
INFORMATION
Advisers (continued)
LLP registered number
OC436985
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Registered office
1010 Eskdale Road, Winnersh Triangle, Wokingham, RG41 5TS
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Independent auditors
FLB Audit LLP, 1010 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TS
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ACCRUE (MAIDENHEAD) LLP
CONTENTS
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Consolidated balance sheet
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Consolidated reconciliation of members' interests
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LLP reconciliation of members' interests
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Notes to the financial statements
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ACCRUE (MAIDENHEAD) LLP
REGISTERED NUMBER: OC436985
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Members' capital classified as equity
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Other reserves classified as equity
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ACCRUE (MAIDENHEAD) LLP
REGISTERED NUMBER: OC436985
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the consolidated profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 30 September 2025.
G W F Patterson on behalf of Accrue Quantum GP Limited
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The notes on pages 7 to 19 form part of these financial statements.
Accrue (Maidenhead) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Consolidated Statement of Changes in Equity.
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ACCRUE (MAIDENHEAD) LLP
REGISTERED NUMBER: OC436985
LLP BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Members' capital classified as equity
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Other reserves classified as equity brought forward
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Loss for the year available for discretionary division among members
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Other reserves classified as equity carried forward
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ACCRUE (MAIDENHEAD) LLP
REGISTERED NUMBER: OC436985
LLP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The entity's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLP's regime.
The entity has opted not to file the consolidated profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 30 September 2025.
G W F Patterson on behalf of Accrue Quantum GP Limited
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ACCRUE (MAIDENHEAD) LLP
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EQUITY
Members' other interests
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Members' capital (classified as equity)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2023
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2024
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ACCRUE (MAIDENHEAD) LLP
LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EQUITY
Members' other interests
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Members' capital (classified as equity)
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2023
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Loss for the year available for discretionary division among members
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Members' interests after loss for the year
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Amounts introduced by members
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Balance at 31 December 2024
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accrue (Maidenhead) LLP is a property investment partnership. The LLP was incorporated in the United Kingdom on 21 April 2021 and is registered in England & Wales. The registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS. The company number is OC436985. The functional and presentational currency is GBP rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The consolidated 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 LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method for direct subsidiary Accruecap (Maidenhead) Limited. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements have been prepared for the financial year ended 31 December 2024 using the merger accounting method to reflect the combination of Accruecap (Buchanan) Limited for the first time. On 18 December 2024, Accruecap (Maidenhead) Limited, direct subsidiary company of Accrue (Maidenhead) LLP, acquired 100% of the shares in Accruecap (Buchanan) Limited. Under merger accounting, the assets, liabilities and reserves of the indirect subsidiary have been included at their book values, and comparatives have been restated as if the entities had always been combined. No goodwill has been recognised.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
For the financial year ended 31 December 2024, the group made a loss of £4,773,345 (2023: profit of £2,243,068) and at 31 December 2024 had net current liabilities of £8,633,820 (2023: £15,363,650).
Due to the nature of the property industry, the group is susceptible to changes in property values and rent void periods. These factors, together with changes in the global economy, present a risk to the group’s profitability and cashflow. To mitigate these risks, the members continue to monitor trading performance and industry trends on a regular basis, allowing more certainty in forecasting the cash and profitability of the group and providing sufficient lead time to develop and implement mitigation strategies.
In a wider context, the group is substantially capitalised by loans from related parties; a significant portion of its creditors consist of loans or contributions from shareholders and group entities who are not expected to withdraw funding. It is these loans (and the accrual of interest thereon) which gives rise to the net current liabilities reported by the group (on consolidation). On 18 December 2024, the members agreed to a series of restructuring steps, the result of which led to the introduction of Accruecap (Buchanan) Limited as a subsidiary in the group (see note 2.2), as well as revised intragroup and external financing terms (see below). This restructuring demonstrates the shareholders’ ongoing commitment to the success of the group.
During the year, the group also renegotiated financing terms with external lenders and refinanced the group’s debt facility on substantially more favourable terms. The group entered into a bank borrowing agreement on the 18 December 2024 that provides the group with external financing until December 2027. The group holds strong cash reserves as at the date of the approval of the financial statements.
In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the members have assessed forecast trading and cash flows for the foreseeable future (being twelve months from the date of approving these financial statements). In doing so they have assessed a range of factors including the global economic climate and inflationary pressures. At the time of approving the financial statements, the members believe that the LLP and the group it heads has adequate resources to continue in operational existence for the foreseeable future and is well placed to generate profits and positive cash flow. Accordingly, the financial statements have been prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental income is recognised in the period it relates as per the rental contract.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Group as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of a Group become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the Group does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the Group, which it has the unconditional right to avoid making.
The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the Group making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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There are no fixed assets owned by the individual LLP.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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Direct subsidiary undertakings
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The following was a direct subsidiary undertaking of the LLP:
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Accruecap (Maidenhead) Limited
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1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS
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Indirect subsidiary undertaking
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The following was an indirect subsidiary undertaking of the LLP:
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Accruecap (Buchanan) Limited
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1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Freehold investment property
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The fair value of the investment properties have been arrived at on the basis of a valuations carried out at 7 November 2024 by Knight Frank, Chartered Surveyors, and 27 November 2024 by Savills, Chartered Surveyors, who are not connected with the Group. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Prepayments and accrued income
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Amounts owed by group undertakings
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Amounts owed by participating interests
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Called up share capital not paid
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Prepayments and accrued income
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Cash and cash equivalents
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to associates
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Amounts owed to other participating interests
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Other taxation and social security
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Accruals and deferred income
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Other loans in the prior year were secured by way of floating charges over the property or undertaking of the group and were settled during the current year.
Bank loans at the year end were secured by way of fixed and floating charges over all the property or undertaking of the group. The charge includes a negative pledge.
The individual LLP has no secured liabilities.
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Creditors: amounts falling due after more than one year
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Amounts owed to group undertakings
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Other loans in the prior year were secured by way of floating charges over the property or undertaking of the group and were settled during the current year.
Bank loans at the year end were secured by way of fixed and floating charges over all the property or undertaking of the group. The charge includes a negative pledge.
The individual LLP has no secured liabilities.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-5 years
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Amounts falling due 2-5 years
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The termination date of the bank loan facility is 18 December 2027, at which time the loan (and all interest due) must be repaid in full.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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Accelerated capital allowances
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Tax losses carried forward
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Plant and machinery writing down allowances have been claimed on £4,824,351 in relation to property acquired by Accruecap (Maidenhead) Limited in April 2021.
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Related party transactions
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The group has interest bearing loans totalling £17,462,932 (2023: £11,834,634) from entities with which key management personnel have influence. Interest has been charged on the loans at 10% and 11% per annum. At the end of the period, the group owed £22,265,342 (2023: £24,214,801) after annual interest of £1,169,269 (2023: £1,132,935) was charged.
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The group is under the joint control of Kitty Hawk Capital Partners V LP, a limited partnership registered in Jersey, and Accrue Quantum GP Limited, a limited company registered in England and Wales, acting in its role as General Partner of Accrue (Quantum) LP, a limited partnership registered in England and Wales.
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ACCRUE (MAIDENHEAD) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The consolidated financial statements have been prepared for the financial year ended 31 December 2024 using the merger accounting method for the first time. Under merger accounting, the comparatives have been restated as if the entities had always been combined.
The audit report was signed on 30 September 2025 by Daniel Reid FCA (Senior statutory auditor) on behalf of FLB Audit LLP.
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