|
Registered number: 13061122
INCIPIO CANARY WHARF LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 29 DECEMBER 2024
|
|
INCIPIO CANARY WHARF LIMITED
REGISTERED NUMBER: 13061122
BALANCE SHEET
AS AT 29 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
................................................
Edward Devenport
|
|
|
|
|
|
|
|
|
INCIPIO CANARY WHARF LIMITED
REGISTERED NUMBER: 13061122
BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024
The notes on pages 3 to 7 form part of these financial statements.
|
|
INCIPIO CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Incipio Canary Wharf Limited is a private limited company, limited by shares, registered in England and Wales, registration number 13061122. The registered office and trading address is 4 O'Meara St, O'Meara Street, London, England, SE1 1TE.
2.Accounting policies
|
|
|
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 following principal accounting policies have been applied:
In preparing the financial statements the directors have assessed the Company’s ability to continue as a going concern. The Company is reliant on the support its parent company, Incipio Group Management Limited.
The directors of the group have assessed the Group’s ability to continue as a going concern. Cashflow forecasts for the Group have been prepared to December 2029. These cash flow forecasts include estimates and judgments on future trade, costs and capital spending going forwards, as well as factoring in repayment terms of the current debt. The most significant estimates and judgements are around the completion of the Olympia development and the future trade of these sites, and well as the expected cash inflows and outflows as the sites gear up for opening in 2026.
The forecasts show that the Group anticipates being in a cash generative position, are able to meet future interest and capital bank loan repayments and will comply with the bank loan covenants in place. Sensitivity has been applied to these forecasts, and reverse stress testing was applied to the most sensitive bank loan covenants. This has shown the Group can withstand reasonable timing changes to the development, and a reduction in cash inflows to a level that is considered unlikely, and they will continue to comply with covenants.
The directors of the Company are therefore satisfied that group support is available and will be provided if required. For these reasons the Directors have concluded that the Company is a going concern and the financial statements have been prepared on this basis.
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. Revenue relates solely to the recharge of rent and associated property costs to Incipio Group Limited. It is recognised it the period relating to the costs.
|
|
INCIPIO CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Short-term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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:
|
|
|
|
|
Long-term leasehold property
|
|
|
|
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.
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.
Short-term creditors are measured at the transaction price.
|
|
INCIPIO CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
|
|
The Company has no employees other than the directors, who did not receive any remuneration (2023 - £nil).
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCIPIO CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
|
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are interest free and repayable on demand.
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCIPIO CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
|
|
Commitments under operating leases
|
|
|
At 29 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
8.Other financial commitments
In respect of the bank loans held in Incipio Group Limited, there is a cross guarantee between Incipio Group Limited, Incipio Group Management Ltd, Creative Spaces MGT Ltd and Incipio Canary Wharf Limited in favour of the Lender, Metro Bank, supported by existing first debentures over all of their respective assets.
The immediate parent company and ultimate controlling party is Incipio Group Management Limited. The results of the Company are included in the consolidated accounts of Incipio Group Management Limited.
Incipio Group Management Ltd’s registered office is: 4 O’Meara Street, London, England, SE1 1TE.
The auditors' report on the financial statements for the period ended 29 December 2024 was unqualified.
The audit report was signed on 19 December 2025 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of HaysMac LLP.
|