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Registered number: 14819003 SQUARE APE RESIDENTIAL LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SQUARE APE RESIDENTIAL LTD CONTENTS
| Page
Company information | 1
Balance sheet | 2
Notes to the financial statements | 3 - 9
SQUARE APE RESIDENTIAL LTD COMPANY INFORMATION
Directors | A K Y Cheng
| K Chakkaphak
| A K B Cheng
| P Chakkaphak
Registered number | 14819003
Registered office | 66 Lincoln's Inn Fields
| London
| WC2A 3LH
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:14819003
SQUARE APE RESIDENTIAL LTD BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 28,500,000 |  | 28,500,000
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 1,264,815 |  | 1,383,865 |
Debtors: amounts falling due within one year | 6 | 538,237 |  | 459,566 |
Cash at bank and in hand |  | 140,779 |  | 172,580 |
|  | 1,943,831 |  | 2,016,011 |
Creditors: amounts falling due within one year | 7 | (211,994) |  | (33,855,637) |
Net current assets/(liabilities) |  |  | 1,731,837 |  | (31,839,626)
Creditors: amounts falling due after more than one year | 8 |  | (9,178,700) |  | -
Net assets/(liabilities) |  |  | 21,053,137 |  | (3,339,626)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Capital contribution reserve | 11 |  | 24,560,406 |  | -
Fair value reserve | 11 |  | (5,477,483) |  | (5,477,483)
Profit and loss account | 11 |  | 1,970,114 |  | 2,137,757
Total equity/(net deficit) |  |  | 21,053,137 |  | (3,339,626)
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 profit and loss account 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:
K Chakkaphak | A K Y Cheng
Director | Director
Date: 23 March 2026 |
The notes on pages 3 to 9 form part of these financial statements. Page 2
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Square APE Residential Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH. The prior period figures represent the results for the period from incorporation on 21 April 2023 to 31 March 2024. Therefore the current year and prior period are not entirely comparable. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The fair value reserve at the year end arose from the revaluation of the investment property. The company is reporting a profit on the rental activities and is cashflow positive. After making enquiries, including confirmation that the amounts payable to group undertakings will only be repaid as the cashflow of the company allows, the directors have a reasonable expectation that the company will continue to generate a cash surplus on an annual basis in future years and has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Turnover
Turnover comprises rental income, service charges and other recoveries from tenants of the company's investment property. Rental income is recognised on an accrual basis in the period in which it is earned, in accordance with the terms of the lease.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
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. Page 3
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Investment property
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 reported in the profit and loss account and transferred at the year end to the fair value reserve. Investment property is held to earn rentals and/or for capital appreciation and, as such, gains and losses on investment property arising on fair value accounting are unrealised.
| 2.7 | Cash at bank and in hand
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.8 | Share capital
Ordinary shares are classified as equity.
| 2.9 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 4
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Impairment of financial assets Financial assets 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 profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities 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.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 5
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. 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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
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 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 if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods. Valuation of investment property The company revalue its investment property to fair value based on advice from independent expert valuers. See Note 6 for details of this valuation.
4. | Employees
| The average monthly number of employees, including directors, during the year was 0 (2024 - 0).
Page 6
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 28,500,000
| At 31 March 2025 | 28,500,000
The 2025 valuation was made by RICS Registered Valuers employed by Jones Lang LaSalle Chartered Surveyors in accordance with the RICS Valuation Standards. These residential properties, which are subject to a 10 year lease, were valued on the basis of the terms of the current lease, with a yield of 4.3% applied to the passing rent.
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Deferred tax asset | 1,264,815 | 1,383,865
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 7,726 | -
| Other debtors | 94,917 | 3,683
| Prepayments and accrued income | 316,544 | 320,823
| Deferred tax asset | 119,050 | 135,060
|  | 538,237 | 459,566
Page 7
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 12,118 | 3,600
| Amounts owed to group undertakings | 132,423 | 33,744,106
| Corporation tax | - | 80,431
| Other creditors | 25,405 | -
| Accruals | 42,048 | 27,500
|  | 211,994 | 33,855,637
| Amounts owed to group undertakings include £5,000 owed to a fellow group subsidiary. This is unsecured, does not carry interest and is repayable on demand.
8. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 9,178,700 | -
| See note 11, Capital contribution reserve for more details.
9. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,518,925 | -
| Charged to profit or loss | (135,060) | 1,518,925
| At end of year | 1,383,865 | 1,518,925
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 1,383,865 | 1,518,925
Page 8
SQUARE APE RESIDENTIAL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
11. | Reserves
Capital contribution reserve The company has received an unsecured, interest-free loan from its parent undertaking to finance the acquisition of investment property. A deemed interest rate of 7.5% was applied to discount the loan to its net present value at initial recognition. The resulting measurement difference of £25,200,780 was recognised as a capital contribution within reserves. Deemed interest is recognised in the profit and loss account over the term of the loan, and the outstanding liability is presented as a long-term creditor. As at 31 March 2025, the balance of the amount due to the parent undertaking, inclusive of the capital contribution, amounts to £33,866,529 of which £127,423 is due within one year and £33,739,106 is due after more than five years after the balance sheet date. Fair value reserve Fair value reserve relates to accumulated historic fair value movement in the company's investment properties, net of any deferred tax. The loss arising from fair value accounting of the investment property has been reported as an unrealised loss in accordance with ICAEW technical guidance (02/17BL). Profit and loss account The profit and loss account relates to accumulated historic profits and losses, net of any dividends.
12. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
13. | Controlling party
The parent undertaking is Square Ape Ltd, a company registered in England and Wales. The address of its registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH.
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 23 March 2026 by Heather Powell (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 9