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Registered number: 15290374
27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
COMPANY INFORMATION
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J A Howarth (resigned 17 June 2025)
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A C Crickmore (resigned 17 June 2025)
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N F Ridley (resigned 17 June 2025)
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A Wilton (appointed 17 June 2025)
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R Maddows (appointed 17 June 2025)
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
CONTENTS
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Independent auditors' report
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Statement of profit or loss and other comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The principal activity of the Company is that of a holding company.
The Directors who served during the year were:
J A Howarth (resigned 17 June 2025)
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A C Crickmore (resigned 17 June 2025)
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N F Ridley (resigned 17 June 2025)
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A Wilton (appointed 17 June 2025)
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R Maddows (appointed 17 June 2025)
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Directors' responsibilities statement
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The Directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law.
Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
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 the financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS Accounting Standards in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The Directors intend to dissolve the Company within 12 months of the reporting date. Accordingly, the Directors consider that the going concern basis of accounting is not appropriate.
The financial statements have therefore been prepared on a basis other than going concern, under which assets are stated at the lower of their carrying amounts and their estimated recoverable amounts, and liabilities include all known present obligations where these can be reliably measured.
Small companies' exemption note
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In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 12 March 2026 and signed on its behalf.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
We have audited the financial statements of 27 Fleet Street Birmingham Holdco Limited for the year ended 31 December 2025 which comprise the statement of profit or loss and other comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of material accounting policies set out on pages 13 - 14. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Emphasis of matter - financial statements prepared on a basis other than going concern
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We draw attention to note 4.1 in the financial statements which explains that the Directors intend to dissolve the Company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 4.1.
Our opinion is not modified in respect of this matter.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 27 FLEET STREET BIRMINGHAM HOLDCO LIMITED (CONTINUED)
The other information comprises the information included in the annual report, other than the financial statements and our auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the 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 strategic report or 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.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 27 FLEET STREET BIRMINGHAM HOLDCO LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement on page 1, 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.
Auditors' 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 auditors' 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 these financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙the nature of the industry and sector, control environment and business performance;
∙results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
∙identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 27 FLEET STREET BIRMINGHAM HOLDCO LIMITED (CONTINUED)
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to timing of revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
In addition, we considered other laws and regulations that could have an effect on the Group and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
All matters in relation to non-compliance with laws and regulations and potential fraud risks were communicated to all members of the engagement team and we remained alert to any indications of non-compliance throughout the audit.
Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙enquiring of management concerning actual and potential litigation and claims;
∙assessing the appropriateness and where appropriate with third parties concerning actual and potential litigation and claims;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙reading minutes of meetings of those charged with governance and correspondence with HMRC;
∙in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 27 FLEET STREET BIRMINGHAM HOLDCO LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 auditors' 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 auditors' 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.
Hetal Mistry (senior statutory auditor)
for and on behalf of
Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS
12 March 2026
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Fair value (losses)/gains
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Profit on disposal of investments
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Total comprehensive income
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The notes on pages 13 to 22 form part of these financial statements.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
REGISTERED NUMBER: 15290374
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Other non-current investments
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements on pages 8 to 22 were approved and authorised for issue by the board of Directors and were signed on its behalf by:
The notes on pages 13 to 22 form part of these financial statements.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Total comprehensive income for the year
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Total contributions by and distributions to owners
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Total comprehensive income for the year
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Total contributions by and distributions to owners
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The notes on pages 13 to 22 form part of these financial statements.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Change in value of investments
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Gain on disposal of subsidiary
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Movements in working capital:
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Decrease/(increase) in trade and other receivables
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(Decrease)/increase in trade and other payables
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Cash generated from operations
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Net cash (used in)/from operating activities
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Cash flows from investing activities
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Net cash inflow on disposal of subsidiaries
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Net cash from investing activities
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Cash flows from financing activities
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Net cash (used in)/from financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 13 to 22 form part of these financial statements.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
27 Fleet Street Birmingham Holdco Limited (the 'Company') is a limited company incorporated in England and Wales. The Company's registered office is at 20 Grafton Street, London, England, W1S 4DZ. The Company's principal activity is that of a holding company.
The Company's financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs).
Details of the Company's accounting policies, including changes during the period, are included in note 4.
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
The comparative period represents a period of 13 months, from the Company's incorporation on 16 November 2023.
New or amended Accounting Standards and Interpretations adopted
The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board ('IASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted on the basis they are not relevant or would not have an impact on the results and net assets of the Company.
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies
Following the disposal of the subsidiary investment in the reporting period, the Directors intend to dissolve the Company within 12 months of the reporting date. Accordingly, the Directors consider that the going concern basis of accounting is not appropriate.
The financial statements have therefore been prepared on a basis other than going concern, under which assets are stated at the lower of their carrying amounts and their estimated recoverable amounts, and liabilities include all known present obligations where these can be reliably measured. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
Finance income is recognised in profit or loss using the effective interest method.
Finance expenses 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.
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
(ii) Deferred tax
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax on investments
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
Investments in subsidiaries are initially measured at cost and subsequently measured at fair value through profit and loss. Fair value is deemed to be represented by the net asset position of the subsidiary at the reporting date. Further detail on management's judgements is in Note 5.1. Fair value gains and losses are taken through profit and loss.
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs directly attributable to their acquisition, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Financial liabilities held at amortised cost
Financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's obligations are discharged, cancelled, or they expire.
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Dividends are recognised when they become legally payable.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Accounting estimates and judgments
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5.1 Judgments
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for income and expenses during the year. It also requires management to exercise judgment in applying the Company's accounting policies. As such, the nature of estimation means that actual outcomes could differ from those estimates. The following are the Company's key sources of estimation uncertainty and judgments:
Valuation of subsidiary
The Company's investment in subsidiary was held at fair value through profit and loss, which was deemed to be represented by the net asset position of the subsidiary at the reporting date. The subsidiary held investment property which was measured at market value, plus the borrowings used to fund the purchase. Therefore, management considered the net asset position to be an accurate reflection of fair value, as this was estimated to be the value should the Company have sold the subsidiary.
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The monthly average number of persons, including the Directors, employed by the Company during the period was as follows:
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Directors did not receive any remuneration during the period.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Finance income and expense
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Recognised in profit or loss
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Other interest receivable
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Net finance income recognised in profit or loss
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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9.1 Income tax recognised in profit or loss
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Current tax on profits for the year
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Origination and reversal of timing differences
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
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Profit before income taxes
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Tax using the Company's domestic tax rate of 25%
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Expenses not deductible for tax purposes
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Dividends from UK companies
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Changes in tax rates and factors affecting the future tax charges
There were no factors that may affect future tax charges.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Tax expense (continued)
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9.2 Deferred tax balances
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The following is the analysis of deferred tax assets/(liabilities) presented in the statement of financial position:
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Recognised in profit or loss
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Revaluation on subsidiary investment
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Recognised in profit or loss
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Revaluation on subsidiary investment
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Other non-current investments
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Investments in subsidiary companies
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On 17 June 2025, the Company disposed of its 100% shareholding in subsidiary investment. All previous fair value uplifts were reversed on disposal.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Trade and other receivables
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Receivables from related parties
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Total trade and other receivables
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Total current trade and other payables
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Total loans and borrowings
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The Mezzanine facility was repaid in full during the year. No interest was charged on the Mezzanine facility.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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Retained earnings
Retained earnings comprise cumulative net gains and losses recognised in the statement of other comprehensive income, net of dividends paid.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The Company holds the following financial instruments:
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Financial assets held at amortised cost
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Trade and other receivables
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Cash and cash equivalents
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Financial liabilities held at amortised cost
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Risk management
The Board has overall responsibility for the determination of the Company's risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's flexibility. Further details regarding these policies are set out below:
Interest risk
The Company is not exposed to interest rate risk as its borrowings were issued interest-free and have been repaid as at the reporting date.
Liquidity risk
Liquidity risk arises from the Company's management of working capital and the principal repayments on its loans and borrowings. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Company's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. The Board prepares 12 month cash flow projections as well as quarterly funds flow analyses to assist in enforcing its policy. At the end of the financial year, these forecasts indicated that the Company expects to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances until it dissolves. Therefore, this risk is considered minimal.
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27 FLEET STREET BIRMINGHAM HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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During the year, the Company issued a loan to its parent company Letterone Treasury Services S.A. of £5,640,000. Interest of £27,582 was charged on the loan. The loan was fully repaid as at the reporting date.
At the end of the previous reporting period, the Company had loans payable to Letterone Treasury Services S.A. of £17,021,198. The loans were repaid in full during the year.
The Company's ultimate controlling party is Letterone Investment Holdings S.A., a company incorporated in Luxembourg.
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The Company's objectives when managing capital are to safeguard the entity's assets, so that it can continue to provide returns for stakeholders.
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The Company's capital structure comprises borrowings, retained earnings and share capital.
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The Company is not subject to any externally imposed capital requirements.
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