ACCOUNTS - Final Accounts preparation

Company registration number: 14261803

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JULY 2025

	BPG GRACECHURCH LIMITED


BPG GRACECHURCH LIMITED

COMPANY INFORMATION

Directors	V Potschisvili
	J M P Southall
	A Tarlo


Registered number	14261803


Registered office	33 Sackville Street
	London
	W1S 3EB


Accountants	Menzies LLP
	Chartered Accountants
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


BPG GRACECHURCH LIMITED REGISTERED NUMBER:14261803

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Investment property	4		22,805,854		20,412,238
			22,805,854		20,412,238
Current assets
Debtors: amounts falling due within one year	5	3,799,432		3,084,261
Bank and cash balances		287,580		2,737,283
		4,087,012		5,821,544
Creditors: amounts falling due within one year	6	(14,297,102)		(14,386,459)
Net current liabilities			(10,210,090)		(8,564,915)
Total assets less current liabilities			12,595,764		11,847,323
Creditors: amounts falling due after more than one year	7		(9,918,333)		(9,871,667)

Net assets			2,677,431		1,975,656

Capital and reserves
Called up share capital	100	100
Profit and loss account	2,677,331	1,975,556
	2,677,431	1,975,656

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BPG GRACECHURCH LIMITED REGISTERED NUMBER:14261803

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of income and retained earnings 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:

A Tarlo

Director

Date: 31 July 2026

The notes on pages 4 to 8 form part of these financial statements.

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BPG GRACECHURCH LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2023	100	-	100

Profit for the year (as restated)	-	1,975,556	1,975,556

At 1 August 2024 (as previously stated)	100	2,014,328	2,014,428
Prior year adjustment - correction of error	-	(38,772)	(38,772)
At 1 August 2024 (as restated)	100	1,975,556	1,975,656

Profit for the year	-	701,775	701,775
At 31 July 2025	100	2,677,331	2,677,431

The notes on pages 4 to 8 form part of these financial statements.

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BPG GRACECHURCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

BPG Gracechurch Limited is a private company, limited by shares, registered in England and Wales, company registration number 14261803. The registered office is stated on the company information page. There is no principle place of business.

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 following principal accounting policies have been applied:

2.2

Revenue

Revenue represents rent recievable from lease agreements, net of VAT.

Rental income is recognised in line with lease agreements, with income in advance of its related rental period being deferred where necessary.

2.3

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.

2.4

Borrowing costs

Borrowing costs incurred for the development of investment property are capitalised in the period they are incurred. All other borrowing costs are recognised in profit or loss in the year in which they are incurred.

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BPG GRACECHURCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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 profit or loss.

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BPG GRACECHURCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

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BPG GRACECHURCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 August 2024 (as previously stated)	20,451,012
	Prior year adjustment	(38,774)
	At 1 August 2024 (as restated)	20,412,238
	Additions at cost	2,393,616
	At 31 July 2025	22,805,854

Included within cost as at 31 July 2025 is capitalised interest totalling £1,282,557 (2024: £446,118).

The 2025 valuations were made by the directors, on an open market value for existing use basis. The directors believe the valuation at cost is appropriate.

Debtors

					2025	2024
					£	£


Trade debtors	613,962	554,485
Amounts owed by group undertakings	1,837,805	-
Other debtors	576,411	98,604
Prepayments and accrued income	615,077	2,431,172
Deferred taxation	156,177	-
	3,799,432	3,084,261

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	977,397	969,987
Amounts owed to group undertakings	12,500,000	12,572,477
Corporation tax	-	158,219
Other creditors	58,360	162,846
Accruals and deferred income	761,345	522,930
	14,297,102	14,386,459

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BPG GRACECHURCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

7.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Other loans	9,918,333	9,871,667
	9,918,333	9,871,667

The loan is due for repayment in 2-5 years in full

The following liabilities were secured:
	2025	2024
	£	£


Loans	9,918,333	9,871,667
	9,918,333	9,871,667

Details of security provided:

The above loans were secured through fixed and floating charges over the assets of the company.

8.	Deferred taxation

		2025
		£

	Charged to profit or loss	156,177
	At end of year	156,177

	The deferred tax asset is made up as follows:
					2025
					£

	Accelerated capital allowances	243,037
	Capital gains and losses	(409,065)
	Losses and other deductions	322,205
		156,177

9.	Prior year adjustment

The prior year accounts have been restated to derecognise capitalised costs within investment property. This has resulted in the investment property cost decreasing by £38,774 and administrative expenses increasing by £38,774. The reserves of the company have decreased by £38,774.

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