CAMDEN LIVING LIMITED

 

 

 

 

 

 

 

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st MARCH 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Registered number: 10484863

 

CONTENTS OF THE FINANCIAL STATEMENTS

 

FOR THE YEAR ENDING 31ST MARCH 2025

 

 

Page

 

 

Company information

2

 

 

Report of the Directors and statement of Directors responsibilities

3

 

 

Independent Auditors Report to the Members of Camden Living Limited

5

 

 

Statement of Comprehensive Income

9

 

 

Statement of Financial Position

10

 

 

Statement of Changes in Equity

11

 

 

Notes to the Financial Statements

12

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

COMPANY INFORMATION

 

DIRECTORS DURING THE PERIOD

 

The Directors who served during the period were as follows:

 

Aidan Peter Brookes

(Appointed on 17th November 2016)

Gavin John Haynes

(Appointed on 16th December 2023)

Glendine Reah Pauline Shepherd

(Appointed on 16th December 2023)

Michael Edward Webb

(Appointed on 16th December 2023)

 

REGISTERED OFFICE

 

5 Pancras Square,

London, United Kingdom,

N1C 4AG

 

AUDITORS

 

Forvis Mazars

6 Sutton Plaza, Sutton Court Road, Sutton, SM1 4FS

 

BANKERS

 

NatWest Bank

Client Service Operations

Bankline

8th Floor

1 Hardman Boulevard

Manchester

M3 3AQ

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

REPORT OF THE DIRECTORS AND STATEMENT OF DIRECTORS RESPONSIBILITIES

 

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and applicable law. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, the directors are required to:

 

•

Select suitable accounting policies and then apply them consistently.

•

Make judgments and accounting estimates that are reasonable and prudent.

•

State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•

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 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.

 

Principal Risks and Uncertainties

 

Economic volatility looks likely to continue with ongoing war situations, uncertainties arising from tariff impositions and UK budgetary pressures. The directors are continually monitoring and where appropriate mitigating the effect of these variable economic circumstances.

 

Nevertheless, the Company do not believe its assets are impaired for the reasons below:

 

•

The valuation of 65 intermediate units is based on circa 60% of the projected market rental stream at the date of transfer. Since the date of transfer, the Company have increased the rental levels for the units to ensure they reflect market conditions for this type of housing. Rent collection levels remain high with low levels of void.

 

 

•

Clearly, there are continuing threats and uncertainties to the wider UK economy. However, our stance is transparency and honesty with all the stakeholders involved in our business, underpinned by sound governance. It is the Company's clear view that given the intermediate accommodation is being let for less than market value demand for this type of accommodation in central London will remain very strong and is likely to remain so in the future.

 

 

•

In the event demand for intermediate accommodation reduced in the future, even in those very unlikely circumstances the board consider there is only a low risk the Company's loan would be called in. This is because the Company's loan is with its parent the London Borough of Camden, and the loan helps the Company deliver the Council's strategic housing objectives and the Council has expressed its in principle intention to continue to support the Company in delivering these objectives. Therefore, the Board's view is our business model remains robust enough to mitigate any ongoing and emerging threats and uncertainties in the wider economy and the London intermediate lettings market.

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

At this stage, the prevailing market conditions have not been so significant to negatively impact on the company's ability to continue as a going concern and we expect this to remain the case. We believe demand for our product will continue to remain strong as we charge a submarket rent for our units. We will continue to follow the various government policies and advice and, in parallel, we will do our utmost to continue our operations as currently in the safest and most compliant way possible.

 

AUDITORS:

 

So far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware and each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself aware of any relevant information and to establish that the Company's auditors are aware of that information. This report was considered by the board on 25th November 2025 and has been prepared in accordance with the Small Companies Regime of the Companies Act 2006.

 

Aidan Brookes

 

 

 

 

 

 

Director of Camden Living Limited

 

Date: 25/11/2025

 

Registered number: 10484863

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAMDEN LIVING LIMITED

 

Opinion

 

We have audited the financial statements of Camden Living Limited (the ‘company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

 

In our opinion, the financial statements:

 

•

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

 

 

•

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

 

 

•

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

 

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 UK, including the FRC'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.

 

Conclusions relating to going concern

 

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.

 

 

Registered number: 10484863

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAMDEN LIVING LIMITED

 

Other information

 

The other information comprises the information included in the directors' 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.

 

Opinions on other matters prescribed by the Companies Act 2006

 

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.

Matters on which we are required to report by exception

 

In 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.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

•

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

 

 

•

the financial statements are not in agreement with the accounting records and returns; or

 

 

•

certain disclosures of directors' remuneration specified by law are not made; or

 

 

•

we have not received all the information and explanations we require for our audit.

 

 

•

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Registered number: 10484863

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAMDEN LIVING LIMITED

 

Responsibilities of Directors

 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Auditor's responsibilities for the audit of the financial statements

 

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 the financial statements.

 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

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.

 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK Tax Legislation, the Companies Act 2006, FRS 102, including the provisions of Section 1A, health and safety regulation and anti-money laundering regulation.

 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

 

•

Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

 

 

•

Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

 

 

•

Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

 

 

•

Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Registered number: 10484863

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAMDEN LIVING LIMITED

 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as UK tax legislation, FRS 102 and the Companies Act.

 

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the existence assertion), and significant one-off or unusual transactions.

 

Our audit procedures in relation to fraud included but were not limited to:

 

•

Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

 

 

•

Gaining an understanding of the internal controls established to mitigate risks related to fraud;

 

 

•

Discussing amongst the engagement team the risks of fraud; and

 

 

•

Addressing the risks of fraud through management override of controls by performing journal entry testing.

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

 

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.

 

Use of the audit 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.

 

 

 

 

______________________________________

 

Nicola Wakefield (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

2nd Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS

 

Date :- 27/11/2025

Registered number: 10484863

CAMDEN LIVING LIMITED

 

STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE YEAR ENDED 31ST MARCH 2025

 

 

Note

31st March

31st March

 

 

2025

2024

 

 

(£)

(£)

 

 

 

 

TURNOVER

 

3,016,561

2,443,154

 

 

 

 

Cost of sales

 

(1,689,681)

(1,212,214)

 

 

 

 

Gross Profit

 

1,326,880

1,230,940

 

 

 

 

Administrative expenses

 

(448,832)

(694,257)

 

 

 

 

Operating profit

3

878,048

536,683

 

 

 

 

Interest payable

 

(530,511)

(542,717)

 

 

 

 

Net Operating profit/(loss)

 

347,537

(6,034)

 

 

 

 

Interest receivable

10

3,528

3,528

 

 

 

 

Profit / (Loss) before tax and after interest

 

351,065

(2,506)

 

 

 

 

Tax on Profit

 

(104,720)

(13,557)

 

 

 

 

Profit / (Loss) after tax and Interest

 

246,345

(16,063)

 

 

 

 

RETAINED EARNINGS AT START OF THE PERIOD

 

8,602

24,665

 

 

 

 

Profit / (Loss) for the period

 

246,345

(16,063)

 

 

 

 

Transfer to Major Works Reserve

 

(221,345)

-

 

 

 

 

RETAINED EARNINGS AT END OF THE PERIOD

 

33,602

8,602

 

 

 

 

 

The notes to the accounts on pages 12 to 18 form part of these financial statements.

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

STATEMENT OF FINANCIAL POSITION

 

AS AT 31 MARCH 2025

 

 

Note

31st March 2025

31st March 2024

 

 

(£)

(£)

(£)

(£)

 

 

 

 

 

 

Fixed Assets

 

 

 

 

 

Property

4&5

 

7,973,939

 

8,041,754

 

 

 

 

 

 

Long Term Investment

 

 

 

 

 

Investment

10

200,000

 

200,000

 

 

 

 

 

 

 

Total Long term investment

 

 

200,000

 

200,000

 

 

 

 

 

 

Current Assets

 

 

 

 

 

Trade debtors

6

91,500

 

43,834

 

Other debtors

7

423,190

 

383,395

 

Bank

 

1,941,024

 

1,620,439

 

 

 

 

 

 

 

Total Current Assets

 

2,455,714

 

2,047,668

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

Trade creditors

8

(1,330,580)

 

(1,346,520)

 

 

 

 

 

 

 

Other creditors

9

(138,331)

 

(28,505)

 

 

 

 

 

 

 

Total Current Liabilities

 

(1,468,911)

 

(1,375,025)

 

 

 

 

 

 

 

Net Current Assets

 

 

986,803

 

672,643

 

 

 

 

 

 

Long term liabilities

 

 

 

 

 

Due to London Borough of Camden

11

 

(5,085,939)

 

(5,085,939)

 

 

 

 

 

 

Net Total Assets

 

 

4,074,803

 

3,828,458

 

 

 

 

 

 

Share Capital and Reserves

 

 

 

 

 

Ordinary shares

13

 

104

 

104

Share premium

13

 

3,390,752

 

3,390,752

Major Works Reserve

14

 

650,345

 

429,000

Profit and Loss Reserve

14

 

33,602

 

8,602

 

 

 

 

 

 

 

 

 

4,074,803

 

3,828,458

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

STATEMENT OF FINANCIAL POSITION

 

AS AT 31 MARCH 2025

 

The financial statements have been prepared in accordance with the provisions applicable to the 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 financial statements were approved and authorised for issue by the Board and were signed on its behalf on 25th November 2025.

 

Aidan Brookes

 

 

 

 

 

Director of Camden Living Limited

Date: 25/11/2025

Registered number: 10484863

 

STATEMENT OF CHANGES IN EQUITY

 

FOR THE YEAR ENDED 31 MARCH 2025

 

Statement of Changes in Equity

 

 

Share Capital

Share Premium

Profit and

Major Works

Total

 

 

 

Loss

Reserve

 

 

(£)

(£)

(£)

(£)

(£)

 

 

 

 

 

 

31 March 2019

104

3,390,752

(216,820)

-

3,174,036

 

 

 

 

 

 

Profit / (Loss)

 

 

183,862

 

183,862

 

 

 

 

 

 

31 March 2020

104

3,390,752

(32,958)

-

3,357,898

 

 

 

 

 

 

Profit and Loss

-

-

188,551

-

188,551

 

 

 

 

 

 

Transfer between reserves

-

-

(120,000)

120,000

-

 

 

 

 

 

 

31 March 2021

104

3,390,752

35,593

120,000

3,546,449

 

 

 

 

 

 

Profit and Loss

-

-

138,417

-

138,417

 

 

 

 

 

 

Transfer between reserves

-

-

(150,000)

150,000

-

 

 

 

 

 

 

31 March 2022

104

3,390,752

24,010

270,000

3,684,866

 

 

 

 

 

 

Profit and Loss

-

-

159,655

-

159,655

 

 

 

 

 

 

Transfer between reserves

-

-

(159,000)

159,000

-

 

 

 

 

 

 

31 March 2023

104

3,390,752

24,665

429,000

3,844,521

 

 

 

 

 

 

Profit and Loss

-

-

(16,063)

-

(16,063)

 

 

 

 

 

 

Transfer between reserves

-

-

 

 

-

 

 

 

 

 

 

31 March 2024

104

3,390,752

8,602

429,000

3,828,458

 

 

 

 

 

 

Profit and Loss

-

-

246,345

-

246,345

 

 

 

 

 

 

Transfer between reserves

-

-

(221,345)

221,345

-

 

 

 

 

 

 

31 March 2025

104

3,390,752

33,602

650,345

4,074,803

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

 

FOR THE YEAR ENDED 31st MARCH 2025

 

1.      GENERAL INFORMATION

 

Camden Living Limited is a private Company, limited by shares, domiciled and incorporated in England and Wales, Company number 10484863. The registered office is 5 Pancras Square, London, United Kingdom, N1C 4AG.

 

The principal activity of the Company is the letting and operating of owned or leased real estate.

 

2.      ACCOUNTING POLICIES

 

2.1      Basis of preparation of financial statements

 

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

The financial statements are prepared in Sterling, which is the functional currency of the Company. Monetary amounts have been rounded to the nearest £.

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The following estimates have been made in the preparation of these financial statements:

 

•

Property is assumed for depreciation purposes to have a useful economic life of 125 years.

•

Service charges for Intermediate properties are estimated based on forecasted service charges provided from the London Borough of Camden and adjustment have been made on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The following principal accounting policies have been applied:

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

2.2      FRS 102 Section 1A disclosure exemptions

 

FRS 102 Section 1A allows a qualifying entity to adopt the following disclosure exemptions:

 

•

the requirement of Section 7 Statement of Cash Flows.

true

•

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d).

•

the requirements of Section 11 Financial Instruments paragraph 11.29 to 11.48(c).

•

the requirements of Section 32 Other Financial Instruments paragraph 11.26 to 12.29; and from disclosing key management personnel compensation

true
, as required by paragraph 7 of Section 33 Related Party Disclosures.
true

 

2.3      Going concern

 

The accounts have been prepared on a going concern basis as the company has surplus net current assets. The Directors deem Camden Living Limited to be a going concern and have prepared the accounts on that basis.

 

It is assumed that London Borough of Camden are not seeking repayment of long-term liabilities owed, which as at 31st March 2025 amount to £5,085,939. The London Borough of Camden has indicated its intention not to call in these amounts owed by the Company at the balance sheet date.

 

As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no guarantee this support will continue indefinitely although, at the date of these financial statements, they fully expect this support to continue into the foreseeable future.

true

 

2.4      Turnover

 

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the Turnover can be reliably measured. Turnover 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 Turnover is recognised:

 

Rendering of services

 

Turnover 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 Turnover 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.

•

the costs incurred and the costs to complete the contract can be measured reliably.

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

2.5      Debtors

 

Short term debtors are measured at transaction price, less any impairment. Loans receivables 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.

 

2.6      Provision of Doubtful Debts

 

Provision is made for bad debts on rental income from the Company's owned and leased stock. This provision requires management's best estimate of doubtful debts estimated on an agreed basis and status of the debt. The bad debt provision is included in the trade debtor's calculations.

 

2.7      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.

 

2.8      Financial instruments

 

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from the Company's parent undertaking.

 

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

2.9      Fixed assets and depreciation

 

Depreciation is provided by the Company to write off the cost or valuation less the estimated residual value of its tangible fixed assets by equal annual instalments over their useful economic lives as follows:

 

Following the initial capitalisation of leased assets, depreciation is on the asset over the shorter of the lease term or the useful economic life of the asset.

 

Leasehold properties

-125 years

 

2.10      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.

 

2.11      Taxation and Deferred Taxation

 

Tax is recognised in the profit and loss account and full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

 

2.12     Taxation - Value Added tax (VAT)

 

The Company is not VAT registered. All services supplied by the Company are VAT exempt.

 

2.13     Leases

 

Where the Company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a ‘finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payables are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

 

All other leases are accounted for as ‘operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

 

3.      OPERATING PROFIT

 

3.1

The operating profit is stated after charging depreciation of £67,815 in 2024/25 (2023/24; £67,815).

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

4.      FIXED ASSETS

 

 

Leasehold

 

 

Properties

Total

 

(£)

(£)

 

 

 

Cost or Valuation:

 

 

At 1 April 2024

8,476,900

8,476,900

Acquisitions

-

-

Disposals

-

-

 

 

 

At 31 March 2025

8,476,900

8,476,900

 

 

 

Depreciation:

 

 

At 1 April 2024

435,146

435,146

Charge for the year

67,815

67,815

Impairment

-

-

Eliminated on disposals

-

-

 

 

 

At 31 March 2025

502,961

502,961

 

 

 

Carrying amount:

 

 

At 31 March 2025

7,973,939

7,973,939

 

 

 

At 31 March 2024

8,041,754

8,041,754

 

5.      FAIR VALUE

 

5.1

The properties were valued by a firm of chartered surveyors in accordance with established valuation principles and within guidelines of the Royal Institution of Chartered Surveyors; they were valued on an open market basis (for valuation dates see section 16.4). The cost includes original purchase price for the amount of £8,476,900 and it is secured by a debenture.

 

6.      TRADE DEBTORS

 

6.1

The trade debtors of £91,500 (23/24; £43,834) relates to external parties net of bad debt provision.

 

7.      OTHER DEBTORS

 

 

Year ended

Year ended

 

31 March

31 March

 

2025

2024

 

(£)

(£)

 

 

 

Investment & Rental income (Camden Living)

854

835

PRS Management fee receivable from London Borough of Camden

0

36,000

Receipts held by London Borough of Camden

405,408

221,173

Other amounts receivable

16,928

125,387

 

 

 

 

423,190

383,395

 

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

8.      TRADE CREDITORS

 

8.1

In the trade creditors, £1,036,532 (23/24 £1,136,036) is payable to London Borough of Camden and £294,048 (23/24; £210,484) relates to external parties.

 

9.      OTHER CREDITORS

 

 

Year

Year

 

ended 31

ended 31

 

March

March

 

2025

2024

 

(£)

(£)

 

 

 

Payable to London Borough of Camden

(22,714)

(4,925)

Corporation Tax

(104,720)

(13,557)

Other Creditors

(10,897)

(10,023)

 

 

 

 

(138,331)

(28,505)

 

10.      INVESTMENT

 

10.1

Camden Living invested £200,000 in the Camden Climate Investment to lend to the London Borough of Camden under the Abundance Local Authority Product to help finance its Climate Action Plan. It is a 5year loan offering a fixed coupon rate of 1.75% interest and matures in June 2027.

 

 

10.2

As per FRS102, investment is recorded at transaction price, net of transaction costs. They are measured subsequently at amortised cost using the effective interest rate (EIR). As a result, interest amount of £3,528 is recorded for the year 2024-25 applying the effective interest rate.

 

11.      AMOUNTS DUE AFTER MORE THAN 5 YEARS AND DEBTS COVERED BY SECURITY

 

 

Year ended

Year ended

 

31 March

31 March

 

2025

2024

 

(£)

(£)

 

 

 

Finance lease liabilities

5,085,939

5,085,939

 

 

 

 

5,085,939

5,085,939

 

12.      FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

 

12.1

Included within the net book value of tangible fixed assets is £7,973,939 in respect of assets held under finance leases and similar hire purchase contracts.

 

 

12.2

Creditors amounts on which security has been given by the Company total £5,085,939. The amounts which are payable in more than 5 years amount to £5,085,939.

 

 

12.3

Camden Living Limited has a £10m drawdown facility and used this facility to part fund the acquisition of leasehold property. The value of this loan is £5,085,939. As at 31st March 2025, the company has unutilised borrowing of £4,914,061 with the London Borough of Camden.

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

13.      CALLED UP SHARE CAPITAL

 

13.1

Each ordinary share has a nominal value of £1 and have attached to them equal voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

 

 

13.2

Share premium represents the amount Camden Living Limited raised on the issue of shares in excess of their nominal value of the shares.

 

13.3

No ordinary shares were issued over the period, with 104 ordinary shares in issue; the premium value of these shares is £3,390,752.

 

 

Date

Issued &

Allotted

Class: £1

Ordinary

Shares

Amount paid

(£)

Share premium

(£)

 

 

 

 

 

 

Brought forward

01/04/2024

104

104

3,390,856

3,390,752

 

 

 

 

 

 

Carried forward

31/03/2025

104

104

3,390,856

3,390,752

 

 

 

 

 

 

 

14.      RESERVES

 

14.1      The Profit and Loss Reserve

 

The Profit and Loss Reserve is the accumulated distributable profits and losses of the company.

 

14.2      Major Works Reserve

 

During the year ended 31st March 2025, the Directors have agreed to transfer £221,345 to a non- distributable reserve, being to provide for future necessary major works/lifecycle costs. To date, Camden Living Limited has not incurred major repairs/lifecycle costs, which is due to the residential units being relatively new. However, it is expected that significant costs may be accrued in the future which would impact the distributable reserves. The Directors feel it is prudent to separate this now based on their best estimate.

 

15.      NAME AND REGISTERED OFFICE OF PARENT OF SMALLEST GROUP

 

15.1

Parent Company is Camden Living Group Limited with a registered office in 5 Pancras Square, London, N1C 4AG.

 

16.      RELATED PARTY DISCLOSURES

 

16.1

London Borough of Camden (5 Pancras Square, London, N1C 4AG) was the parent Company of Camden Living Limited (5 Pancras Square, London, N1C 4AG). In September 23, Company became part of Camden Living Group Limited which is solely owned by London Borough of Camden. The Principal Lawyer, the Executive Director of property Management, Director of Housing and Head of Finance (Supported Communities) act as Directors of Camden Living Limited.

 

 

16.2

The following Directors were served as company directors over the year:

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

Name of Director

Date of appointment

Status of Role

Aidan Peter Brookes

17 November 2016

Active

Gavin John Haynes

16 December 2023

Active

Glendine Reah Pauline Shepherd

16 December 2023

Active

Michael Edward Webb

16 December 2023

Active

 

16.3

Over the period, there were no related party transactions between the Company and any of the Company's Directors.

 

 

16.4

Camden Living has purchased 65 residential units from the Council, which was valued at £8,476,000. This was funded via a loan of £5,085,939 (see below table) and share premium of £3,390,752. The Council holds 104 ordinary shares at a value of £1 each.

 

Date

Residential Units

(£)

20/02/2018

49 units at Maiden Lane

3,481,870

26/02/2018

4 units at Chester Balmore

222,404

15/03/2018

10 units at Bourne Estate

1,030,000

07/08/2018

2 units at Maiden Lane

351,665

 

 

5,085,939

 

16.5

To finance the acquisition of Leasehold Property, Camden Living Limited entered into the long-term loans with the London Borough of Camden. Interest from funding outstanding shall accrue at the rate of SONIA (formerly known as LIBOR) plus the Margin provided of 5.5%, the outstanding interest payable on these loans in the year to 31st March 2025 is £126,449 (23/24; £136,856).

 

 

16.6

The Council has also granted operating leases to Camden Living on 48 residential units until October 2026. Camden Living rents the units out at market value and receives a management fee of £144,000 per annum. PRS lease expires in Oct-26 and forecasted annual lease payment for 25-26 is £1.083 and for 26-27 is £1.186m so based on that the lease commitment will be £1.775m for remaining lease period.

 

 

16.7

The council has granted operating lease to Camden living on 52 refugee units which has been rented out at London housing allowance rent. These properties were leased in a batch on various dates and received management fees of £75,131. Refugee lease were granted for 20 years, forecasted annual lease payment for 26-27 is £673k so based on non-cancelling period which is 19 years, the lease commitment to council for this lease is £12.787m for remaining lease period.

 

 

16.8

Amounts payable to London Borough of Camden included within Camden Living Limited's short-term creditors are £1,036,532 (23/24; £1,136,036) in Trade Creditors and £22,714 (23/24 £4,925) in Other Creditors.

 

 

16.9

Included in other debtors is £405,408 (23/24; £382,560) in respect of Camden Living Limited monies held by the London Borough of Camden.

Registered number: 10484863

 

CAMDEN LIVING LIMITED

 

17.      ULTIMATE CONTROLLING PARTY

 

London Borough of Camden was the parent Company of Camden Living Limited. In September 23, Company became part of Camden Living Group Limited which is solely owned by London Borough of Camden. Hence, London Borough of Camden is the ultimate parent Company of Camden Living Limited.

 

18.      AVERAGE NUMBER OF EMPLOYEES

 

The Company had no employees, other than Directors, during the year to 31 March 2025 and incurred no payroll costs (2024/25: £nil).

 

No Director received any emoluments from the Company (2024/25: £nil). The emoluments of those Directors who are also Directors of the parent Company are disclosed in the financial statements of the London Borough of Camden.