Beresford AK Limited Filleted accounts for Companies House (small only)

COMPANY REGISTRATION NUMBER: 13596422

Beresford AK Limited

Filleted Unaudited Financial Statements

31 December 2024

Beresford AK Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investment property	5	110,000,000	110,000,000

Current assets

Debtors	6	7,008,540	5,944,725
Cash at bank and in hand		719,574	4,469,321
		------------	-------------
		7,728,114	10,414,046

Creditors: amounts falling due within one year	8	6,471,491	8,751,834
		------------	-------------
Net current assets		1,256,623	1,662,212
		--------------	--------------
Total assets less current liabilities		111,256,623	111,662,212

Creditors: amounts falling due after more than one year	9	119,684,666	118,819,121

Provisions	3,072,004	3,072,004
	--------------	--------------
Net liabilities	( 11,500,047)	( 10,228,913)
	--------------	--------------

Capital and reserves

Called up share capital	1	1
Other reserves	16,168,443	16,168,443
Profit and loss account	( 27,668,491)	( 26,397,357)
	-------------	-------------
Shareholders deficit	( 11,500,047)	( 10,228,913)
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Beresford AK Limited

Consolidated Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 28 October 2025 , and are signed on behalf of the board by:

Ms Melanie Jayne Ison	Mr Oliver Patrick Sarre
Director	Director

Company registration number: 13596422

Beresford AK Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Current assets

Debtors	6	8,200,451	7,803,353
Investment in group undertakings	7	34,936,595	34,936,595
Cash at bank and in hand		41,039	8,360
		-------------	-------------
		43,178,085	42,748,308

Creditors: amounts falling due within one year	8	91,399	77,514
		-------------	-------------
Net current assets		43,086,686	42,670,794
		-------------	-------------
Total assets less current liabilities		43,086,686	42,670,794

Creditors: amounts falling due after more than one year	9	43,588,060	43,220,581
		-------------	-------------
Net liabilities		( 501,374)	( 549,787)
		-------------	-------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 501,375)	( 549,788)
	---------	---------
Shareholders deficit	( 501,374)	( 549,787)
	---------	---------

The profit for the financial year of the parent company was £ 48,412 (2023: £ 484,842 loss).

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 28 October 2025 , and are signed on behalf of the board by:

Ms Melanie Jayne Ison	Mr Oliver Patrick Sarre
Director	Director

Company registration number: 13596422

Beresford AK Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5th Floor, 2 Copthall Avenue, London, EC2R 7DA, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under section 1A of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of Beresford AK Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Revenue recognition

Revenue relates to rental income and service charges. Rental income is calculated based on the net operating income calculation, as specified in the lease agreements between the parent and subsidiary. When the Group provides incentives to its tenants, the cost of the incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income.

Investments

Investments in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The Group 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. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. 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 be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2023: 15 ).

5. Investment property

Group	Investment property
	£
Cost
At 1 January 2024 and 31 December 2024	110,000,000
	--------------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------------

Carrying amount
At 1 January 2024 and 31 December 2024	110,000,000
	--------------
At 31 December 2023	110,000,000
	--------------

The company has no investment property.

Subsidiaries, associates and other investments

Details of the investments in which the group has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Canbury Group Limited	Ordinary	100

6. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	3,347,445	3,458,450	–	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	5,987,061	5,653,000
Other debtors	3,661,095	2,486,275	2,213,390	2,150,353
	------------	------------	------------	------------
	7,008,540	5,944,725	8,200,451	7,803,353
	------------	------------	------------	------------

7. Investment in group undertakings

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Investments in group undertakings	–	–	34,936,595	34,936,595
	----	----	-------------	-------------

8. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	629,485	572,928	90,865	53,964
Social security and other taxes	71,384	55,308	534	–
Other creditors	5,770,622	8,123,598	–	23,550
	------------	------------	--------	--------
	6,471,491	8,751,834	91,399	77,514
	------------	------------	--------	--------

9. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	118,939,865	117,779,006	–	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	–	43,588,060	43,220,581
Other creditors	744,801	1,040,115	–	–
	--------------	--------------	-------------	-------------
	119,684,666	118,819,121	43,588,060	43,220,581
	--------------	--------------	-------------	-------------

10. Financial instruments

The Group has financed the acquisition of investment property primarily through debt financing provided by Aviva Investors REaLM Commercial Assets Unit Trust totalling £113,277,632 and LGPS CIV Limited totalling £21,722,368. These total loan facilities are interest bearing at 4.32% and 4.81% respectively. In accordance with FRS 102 all associated loan arrangement costs necessary to enable the Group to enter into the various loan agreements have been reflected as unamortised loan arrangement costs once incurred and are subsequently amortised over the 37 year term of the underlying loan facilities. On the Statement of Financial Position the outstanding principal and interest amounts owed are presented, net of unamortised loan arrangement costs, as Creditors falling due within one year and Creditors falling due after more than one year. Loan interest and amortisation on loan arrangement costs are expensed to the Statement of Comprehensive Income across the 37 year term of the loans.

11. Prior period errors

In the process of preparing the financial statements to 31 December 2024, it became apparent that there were prior period errors regarding the preparation of the financial statements to 31 December 2023. As these were deemed to be material both the comparative Statement of Comprehensive Income and comparative Statement of Financial Position to 31 December 2023 have been restated in the financial statements prepared to 31 December 2024. The prior period errors occurred due to accounting recognition errors affecting administrative expenditure, debtors and creditors which arose because the financial records that were available at the time that the financial statements to 31 December 2023 were initially prepared were incomplete. The financial impact of these restatements on the Group is as follows: Consolidated Statement of Comprehensive Income Turnover has been credited £8,010, administrative expenditure has been debited £136,281. The net impact of this restatement is a decrease in the Statement of Comprehensive Income of £128,271 for the financial year ended 31 December 2023. Consolidated Statement of Financial Position Trade debtors have been debited £36,175, other debtors have been credited £474,673 and cash at bank has been credited £50. Trade creditors have been debited £302,188 and other creditors have been debited £8,089. The net impact of these restatements is an increase in the shareholder's deficit of £128,271 at the financial year ended 31 December 2023.

12. Contingent liability

During the financial year ended 31 December 2024, the directors identified that it is highly probable that there has been a historic overclaim of input VAT in the previously submitted VAT returns across the Group. The matter is under ongoing review and is expected to relate to several prior reporting periods. At the date of approval of these financial statements, the directors have not been able to determine a reliable estimate of the financial impact on the current financial year or previous reporting periods. Accordingly, no adjustment has been made in these financial statements. The directors expect that the outcome of this matter will be material to the Group's financial position, but at present the timing and quantum of any repayment due to HMRC remains uncertain. The Group is taking professional advice and is in the process of engaging with HMRC.

13. Controlling party

The ultimate controlling party is G&P Hammond LLC of 10 N Summerlin Avenue, Unit 31, Orlando, Florida 32801, United States.

Beresford AK Limited

Management Information

Year ended 31 December 2024

The following pages do not form part of the financial statements.

Beresford AK Limited

Company Detailed Income Statement

Year ended 31 December 2024

	2024	2023
	£	£

Turnover

Sales (recharge)	391,970	–

	---------	----
Gross profit	391,970	–

Overheads

Administrative expenses	407,273	484,842

	---------	---------
Operating loss	( 15,303)	( 484,842)

Other interest receivable and similar income	63,715	–

	--------	---------
Profit/(loss) before taxation	48,412	(484,842)
	--------	---------

Beresford AK Limited

Notes to the Company Detailed Income Statement

Year ended 31 December 2024

	2024	2023
	£	£

Administrative expenses

Utilities	158,296	–
Insurance	535	–
Travel and subsistence	–	195
Advertising	52,854	23,620
Legal fees	29,816	143,134
Consulting costs	–	7,650
Accountancy fees	165,150	65,205
Bad debts written off	–	244,821
Bank charges	622	217
	---------	---------
	407,273	484,842
	---------	---------

Other interest receivable and similar income

Interest on cash and cash equivalents	63,715	–
	--------	----