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Registered number: 14516552 BYRON BUILDING LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BYRON BUILDING LTD CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Statement of changes in equity | 4
Notes to the financial statements | 5 - 10
BYRON BUILDING LTD COMPANY INFORMATION
Directors | A Ungar
| Y Ungar
Company secretary | R Woods
Registered number | 14516552
Registered office | 6 Bloomsbury Square
| London
| WC1A 2LP
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:14516552
BYRON BUILDING LTD BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | As restated 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 65,100,000 |  | 47,648,090
|  |  | 65,100,000 |  | 47,648,090
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 658,867 |  | 719,746 |
Current asset investments | 6 | 1,348,114 |  | 1,481,055 |
Cash at bank and in hand |  | 1,804,837 |  | 1,194,119 |
|  | 3,811,818 |  | 3,394,920 |
Creditors: amounts falling due within one year | 7 | (50,515,954) |  | (50,665,540) |
Net current liabilities |  |  | (46,704,136) |  | (47,270,620)
Total assets less current liabilities |  |  | 18,395,864 |  | 377,470
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (4,362,978) |  | - |
|  |  | (4,362,978) |  | -
Net assets |  |  | 14,032,886 |  | 377,470
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1 |  | 1
Revaluation reserve |  |  | 13,088,932 |  | -
Profit and loss account |  |  | 943,953 |  | 377,469
Total equity |  |  | 14,032,886 |  | 377,470
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: Page 2
|  | REGISTERED NUMBER:14516552
BYRON BUILDING LTD BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
A Ungar
Director
Date: 31 March 2026
The notes on pages 5 to 10 form part of these financial statements. Page 3
BYRON BUILDING LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
Comprehensive income for the year |  |  |  |
Profit for the period (as restated) | - | - | 377,469 | 377,469
Total comprehensive income for the year | - | - | 377,469 | 377,469
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 1 | - | - | 1
Total transactions with owners | 1 | - | - | 1
At 1 January 2024 | 1 | - | 377,469 | 377,470
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 13,655,416 | 13,655,416
Total comprehensive income for the year | - | - | 13,655,416 | 13,655,416
Transfer to/from profit and loss account | - | 13,088,932 | (13,088,932) | -
Total transactions with owners | - | 13,088,932 | (13,088,932) | -
At 31 December 2024 | 1 | 13,088,932 | 943,953 | 14,032,886
| The notes on pages 5 to 10 form part of these financial statements.
Page 4
BYRON BUILDING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Byron Building Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 6 Bloomsbury Square, London, WC1A 2LP. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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:
| 2.2 | Going concern
After making enquiries, the directors have a reasonable expectation that the company 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 | Revenue
Revenue comprises rental income, service charge and other recoveries from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
| 2.4 | 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.
| 2.5 | Investment property
Investment property is carried at fair value determined annually by the directors supported by qualified surveyors 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 the profit and loss account. Page 5
BYRON BUILDING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | 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. 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. Page 6
BYRON BUILDING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued) 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.
| 2.7 | Cash
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. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
| 2.9 | Current and deferred taxation
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. Page 7
BYRON BUILDING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
|  | Current and deferred taxation (continued)
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.
| 2.10 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 47,648,090
| Surplus on revaluation | 17,451,910
| At 31 December 2024 | 65,100,000
The 2024 valuation was made by the directors, on an open market value for existing use basis. The key assumptions in calculating the value of the property were yields between 4.75% and 6%. The yields have been applied to the various floors in line with the assessment of the market, and applied to the net rents, after adjusting for estimates of future rent free and void periods for each individual area.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Revaluation reserves |  |
| Net surplus on revaluation | 17,451,910 | -
| At 31 December 2024 | 17,451,910 | -
Page 8
BYRON BUILDING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 408,699 | 464,603
| Other debtors | 250,168 | 255,143
|  | 658,867 | 719,746
6. | Current asset investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Unlisted investments | 1,348,114 | 1,481,055
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | As restated 2023
|  |  |  |  | £ | £
| Trade creditors | 64,052 | 57,088
| Amounts owed to group undertakings | 47,309,017 | 47,309,017
| Corporation tax | 140,782 | 3,687
| Other taxation and social security | 38,359 | 357,793
| Other creditors | 1,640,675 | 1,531,329
| Accruals and deferred income | 1,323,069 | 1,406,626
|  | 50,515,954 | 50,665,540
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023 - 1) Ordinary share of £1.00 | 1 | 1
Page 9
BYRON BUILDING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Prior year adjustment
Subsequent to the finalisation of the financial statements for the period ended 31 December 2023 the directors identified errors in the recognition of expenses relating to the service charge account for Byron Building and the company's liability to the service charge account. A prior year adjustment has been recognised to correct the expenses and the service charge liability in the comparatives reported in these financial statements. The impact on the balance sheet as at 31 December 2023 has been to decrease creditors by £226,604 and decrease administrative expenses by £226,604. This adjustment has increased net assets as at 31 December 2023 and profit of the period ended 31 December 2023 to £377,469.
10. | 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. In the prior period, the company made a loan to a member of the directors' immediate family of £250,000. This loan is interest free and repayable on demand. As at 31 December 2024, the balance of this loan is £250,000. During the year, the company received property management services from a company controlled by a member of the directors' immediate family. The services were provided at market rate. For the year ended 31 December 2024, these services equated to £149,985 (2023:NIL).
11. | Controlling party
The company's ultimate parent undertaking is Ray Car Carriers Ltd, a company registered in the Isle of Man.
12. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 1 April 2026 by Heather Powell (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 10