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Registered number: SC676464
LCI QUARTERMILE PROPCO LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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LCI QUARTERMILE PROPCO LIMITED
REGISTERED NUMBER: SC676464
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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Net current (liabilities)/assets
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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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Investment property reserve
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LCI QUARTERMILE PROPCO LIMITED
REGISTERED NUMBER: SC676464
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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 comprehensive income 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:
The notes on pages 3 to 11 form part of these financial statements.
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LCI Quartermile PropCo Limited is a private Company limited by shares incorporated in Scotland. The Company registration number is SC676464. The registered office and principal place of business is 15 Atholl Crescent, Edinburgh, EH3 8HA.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The company has an existing bank facility which expired in October 2025 and has been extended after the year end to May 2026. The directors are in active negotiations with the lender to secure a further renewal of the facility upon its next maturity in May 2026.
Management are continually monitoring market developments and remain attentive to potential opportunities for a divestment. Should a suitable occasion arise, management are willing, and intend, to act promptly in coordination with the investment team to realise a sale. Based on the property’s current valuation, such a sale would enable the company to meet its obligations in full and remain solvent. In addition, KanAm Grund Kapitalverwaltungsgesellschaft mbH, the parent undertaking, has agreed to support the Company for a period of at least 12 months from the date of approval of these financial statements.
As such, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 Company operates and generates 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.
Investment property is carried at fair value determined annually by external valuers 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.
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.
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Freehold investment property
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The 2024 valuations were made by Dorit Krauss of Keunecke, Stoehr & Partner and Uwe Ditt of Ditt Wicht Partner. Dorit is certified according to DIN EN ISO/IECX 17024 for DIAZert (LF) and sworn in by the IHK Berlin for the valuation of developed and undeveloped properties. Uwe is publicly appointed and sworn in by the Chamber of Industry and Commerce for Rheinhessen, Mainz for the valuation of developed and undeveloped properties., on an open market value for existing use basis.
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Net deficit in movement properties
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings is a loan advanced to KanAm Grund Kapitalverwaltungsgesellschaft mbH on 22 December 2023.
The loan accrues interest of 5.3% per annum from date of advance and is repayable on demand.
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The bank loan is secured on the investment property held. There is no security on the other loan.
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Creditors: Amounts falling due after more than one year
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LCI QUARTERMILE PROPCO LIMITED
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 2-5 years
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Amounts falling due after more than 5 years
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Allotted, called up and fully paid
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12,253,796 (2023 - 12,253,796) Ordinary shares of £1.00 each
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Investment property revaluation reserve
The Investment property revaluation reserve represents the accumulated revaluation gains and losses on freehold investment property. In accordance with the Company's accounting policy, fair value movements in freehold investment property are recognised initially through profit or loss and subsequently transferred into the Investment property revaluation reserve. The Investment property revaluation reserve is unrealised and undistributable when in surplus but losses are realised and impact distributable profits when in deficit.
As at 31 December 2024, the revaluation reserve was in deficit by £10,310,510 (2023 - £6,781,510) and therefore treated as realised and reduces the Company's distributable profits by the same amount.
Profit and loss account
The Profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The non-cancellable operating leases are subject to a break clause at 22 May 2026 (one lease) or 30 January 2028 (five leases).
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LCI QUARTERMILE PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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In 2021, LCI Quartermile PropCo Limited secured a loan from its majority shareholder KanAm Grund Kapitalverwaltungsgesellschaft mbH for £22,625,000.
LCI Quartermile PropCo Limited paid KanAm Grund Kapitalverwaltungsgesellschaft mbH £1,215,780 (2023 - £1,215,780) in loan interest for the accounting period. AMA fees were paid to KanAm Grund Kapitalverwaltungsgesellschaft mbH according to the AMA fee agreement of £51,000 (2023 - £50,819), at the year end £51,000 was accrued for AMA fees in 2024 (2023 - £69,906 was payable).
At the year end a loan was receivable from KanAm Grund of 1,600,000 with interest receivable of £88,203.
At 31 December 2024, a loan was receivable from KanAm Grund of £1,600,000 (2023 - £1,600,000) with interest charged and receivable of £88,203 (2023 - £nil).
The Directors are considered to be the Key Management Personnel of the Company. Two of the Directors are remunerated via the Group. The remaining Directors are remunerated through a different company, Independent Directors and Trustees Limited, which invoiced LCI Quartermile PropCo Limited a total of £8,709 (2023 - £7,212).
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Post balance sheet events
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On 24 April 2025, the Company completed a reduction of its share capital by £10,000,000 in accordance with the provisions of the Companies Act 2006. This transaction does not affect the reported results for the year ended 2024, but represents a post balance sheet event requiring disclosure.
On 3 June 2025, the company declared a dividend of £1,725,316 to the shareholders of the company.
On 31 October 2025, the maturity date of bank loans of £13,575,000 was extended to 11 May 2026.
KanAm Grund Kapitalverwaltungsgesellschaft mbH is the immediate and ultimate parent registered in Germany with its registered office being Große Gallustraße 18, 60312 Frankfurt am Main. LCI Quartermile PropCo Limited is not included in any consolidated financial statements prepared by other members of the Group.
The ultimate controlling party is Mr Dietrich Rudolf Eberhard Von Boetticher, by virtue of his 56.3% shareholding in KanAm Grund Kapitalverwaltungsgesellschaft mbH.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 20 November 2025 by Ryan Swann BA FCA (Senior Statutory Auditor) on behalf of MHA, Statutory Auditor.
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