Company registration number 13849319 (England and Wales)
BC NOTTINGHAM DEVCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BC NOTTINGHAM DEVCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
BC NOTTINGHAM DEVCO LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2024
30 December 2024
- 1 -
30 December 2024
31 December 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
66,933,529
18,019,733
Investments
5
100
-
0
66,933,629
18,019,733
Current assets
Debtors
6
936,976
2,317,315
Cash at bank and in hand
98,650
47,006
1,035,626
2,364,321
Creditors: amounts falling due within one year
7
(1,076,647)
(536,324)
Net current (liabilities)/assets
(41,021)
1,827,997
Total assets less current liabilities
66,892,608
19,847,730
Creditors: amounts falling due after more than one year
8
(81,084,848)
(39,453,359)
Provisions for liabilities
(1,479,656)
-
0
Net liabilities
(15,671,896)
(19,605,629)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(15,671,996)
(19,605,729)
Total equity
(15,671,896)
(19,605,629)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 May 2026 and are signed on its behalf by:
Mr J R Gray
Director
Company registration number 13849319 (England and Wales)
BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

BC Nottingham Devco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 167/169 Great Portland Street, 5th Floor, London, Greater London, England, W1W 5PF.

1.1
Reporting period

The financial statements have been prepared for a reporting period ending on 30th December 2024.

This shortened accounting period arises due to issues encountered in the filing of accounts for prior financial years. As a result, the reporting period has been adjusted to facilitate the timely preparation and submission of the Company’s financial statements and to align future accounting periods.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the company’s current financial position, cash flow forecasts, and available sources of funding.true

The company is part of a wider group and continues to have access to financial support from its ultimate parent undertaking. The directors have received confirmation that the ultimate parent will make available such funds as are necessary for the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.

On the basis of this continued financial support and the group’s overall financial strength, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Interest capitalised as assets under the course of construction totals £18,098,162.

Asset under the course of construction were valued on an open market basis on 19th December 202 4 by Knight Frank LLP. The impairment loss recognised on Asset s under the course of construction in the period was £nil (202 3 - £8,800,702) and the PY cost is included in the 2023 comparative administrative expenses in the income statement.

Revaluations are shown through the income statement and deferred tax is calculated on these as appropriate.

Any unrealized gains/losses on the revaluation of properties are shown in a non-distributable reserve on the statement of financial position.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only enters into Basic financial instrument transactions.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12

Assets under the course of construction

Assets under the course of construction are held as tangible fixed assets at historical cost less any accumulated impairment losses, plus any reversal of historic provision. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is not provided until such a time that the asset is capable of operating in a manner intended by management. Upon completion of the asset, the asset will be carried at fair value determined annually by the director.

BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 5 -
2
Judgements 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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Assets under construction
£
Cost
At 1 January 2024
37,447,580
Additions
42,995,173
Revaluation
5,918,623
At 30 December 2024
86,361,376
Depreciation and impairment
At 1 January 2024 and 30 December 2024
19,427,847
Carrying amount
At 30 December 2024
66,933,529
At 31 December 2023
18,019,733
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
-
0
BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
100
At 30 December 2024
100
Carrying amount
At 30 December 2024
100
At 31 December 2023
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
717,024
468,871
Other debtors
219,952
1,848,444
936,976
2,317,315
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
144,376
487,238
Amounts owed to group undertakings
778
-
0
Taxation and social security
12
-
0
Other creditors
931,481
49,086
1,076,647
536,324
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
81,084,848
39,453,359
BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 December 2024 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Other matters

We would like to draw your attention to note 12, the financial statements do not include any trade tax balances as it has not been possible to calculate those balances at the time of reporting.

Deferred tax balances with respect to assets under construction have been accounted for.

Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Chartered Accountants
Date of audit report:
9 June 2026
10
Financial commitments, guarantees and contingent liabilities

The company has cross-guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, totaling £13.871m (202 3: £13.871m).

11
Subsequent events

After the reporting date the group as a whole has undergone several restructures which has resulted in a number o f companies going into administration or liquidation. At the time of signing the accounts it was not possible to confirm the trading tax balances for this entity. It is believed by directors that there will be no liability or losses arising on these results for the year.

Deferred tax balances with respect to assets under construction have been accounted for.

12
Related party transactions

As permitted by FRS 102, the company has taken advantage of the exemption from disclosing the transactions entered into between wholly owned group companies and those group company transactions that have been performed on an arm’s length basis.

13
Parent company

The immediate parent company of BC Nottingham Devco Limited is Uniquarters II Limited.

The ultimate parent company is RS Fund IV GP Ltd. The registered office of the ultimate parent is Airport Center 6B, rue Heienhaff, L 1736 Senningerberg.

BC NOTTINGHAM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
13
Parent company
(Continued)
- 8 -

14
Off balance sheet arrangements

Charges

There exists charges over the company's assets in favour of Lw Sta 2 Limited as follows:

- Fixed and floating charge with negative pledge over the freehold land on the west side of cowan street Nottingham, the freehold land on the east side of beck street Nottingham and the freehold property described as 1 brook street Nottingham NG1 1DY as per security agreement dated 29th December 2023.

There exists charges over the company's assets in favour of Rs Lender Iv, S.A.R.L. as Security Agent for the Finance Parties as follows:

- Fixed and floating charge with negative pledge relating to "The Nottingham Property" as per security agreement dated 22nd April 2022.

15
Prior period adjustment

The adjusting entry has no effect on the statement of profit and loss, it is simply a reclassification between impairments and cost brought forward of assets under construction.

Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Total adjustments
-
Loss as previously reported
(8,858,781)
Loss as adjusted
(8,858,781)
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