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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2025
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LD PROP CO 1 LIMITED
COMPANY INFORMATION
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LD PROP CO 1 LIMITED
CONTENTS
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LD PROP CO 1 LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their strategic report for LD Prop Co 1 Limited (“the company”) for the period from 15 July 2024 (the date of incorporation) to 31 December 2025.
Principal activity The company’s principal activity during the period was property development. Its principal asset was the property known as Bayer House, Strawberry Hill, Newbury (RG14 1JA), which the company developed under a design and build contract and held as stock for sale, letting the property pending its disposal. The property was sold during the period.
The period was dominated by the disposal of the company’s principal property asset. On 6 November 2025 the company granted a long lease of the property, for a term of approximately 999 years, to a fellow group entity, LD Rent Co 1 Limited, in consideration of a premium of £40,300,000. This transaction is treated as a disposal of the property and is the principal driver of the company’s results and financial position for the period.
Turnover for the period was £40,536,019, comprising the property sale proceeds of £40,300,000 together with rental income and recharged costs earned while the property was held. As the property was held as stock, the sale proceeds were substantially matched within cost of sales by the carrying value of the property sold; together with a £2,836,508 write-down of the property to its net realisable value, also recognised within cost of sales, this gave a cost of sales of £43,136,507 and a gross loss of £2,600,488. After administrative expenses of £1,337,344, the operating loss for the period was £3,937,832. Interest receivable of £259,921, principally interest on the intra-group loan to LD Rent Co 1 Limited, was more than offset by interest payable of £324,161 on the Zorin Finance facility, which was repaid on completion of the disposal. No tax charge arose. The company therefore recorded a loss for the financial period of £4,002,072. Following the disposal the company no longer holds the property, and its ongoing activities are limited to the administration of the entity. As a consequence of the transaction the company does not qualify for the small companies regime for the period and accordingly presents this strategic report.
The directors consider the principal risks and uncertainties affecting the company to have been:
Single-asset concentration. The company’s performance was, until the disposal, wholly dependent on a single property. Following the disposal this exposure has fallen away, although the company remains subject to any post-completion obligations arising from the transaction. Property valuation. The write-down of stock recognised in the period reflects the sensitivity of the property’s net realisable value to prevailing market conditions and to the terms achieved on sale. Financing and group structure. The company operates within a wider group and securitisation structure and has historically relied on external facilities and intra-group funding. The directors monitor the availability of funding and the company’s ability to meet its liabilities as they fall due. Counterparty and intra-group exposure. The company is exposed to amounts due from group undertakings, including balances arising with LD Rent Co 1 Limited.
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LD PROP CO 1 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors monitor the performance of the company principally by reference to the following financial indicators. As the company qualifies as medium-sized, the review does not include non-financial key performance indicators.
Following the disposal of its principal asset, the company is expected to operate on a reduced administrative basis, with recurring costs limited to accountancy, administration, insurance run-off, legal and similar items. The directors will keep under review the appropriate future use, retention or orderly wind-down of the company.
The company is expected to continue to incur administrative expenditure in excess of its income for the foreseeable future. The company’s parent undertakings have confirmed their intention to continue to provide financial support to the company, covering its ongoing losses and enabling it to meet its liabilities as they fall due for the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.
This report was approved by the board on 31 July 2026 and signed on its behalf.
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LD PROP CO 1 LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period ended 31 December 2025.
Incorporation
The Company was incorporated on 15 July 2024 when 10,000 shares of £0.01 each were issued.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £4,002,072.
No dividends were paid or declared during the period.
The directors who served during the period were:
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LD PROP CO 1 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The auditors, HaysMac LLP, were appointed in the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LD PROP CO 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD PROP CO 1 LIMITED
We have audited the financial statements of LD Prop Co 1 Limited (the 'Company') for the period ended 31 December 2025, which comprise the Statement of 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LD PROP CO 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD PROP CO 1 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.
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 period 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.
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.
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LD PROP CO 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD PROP CO 1 LIMITED (CONTINUED)
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the company and industry, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks relates to the disposal of the leasehold interest to LD Rent Co 1 Limited and management bias or override. Audit procedures performed by the engagement team included:
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.
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LD PROP CO 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD PROP CO 1 LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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LD PROP CO 1 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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LD PROP CO 1 LIMITED
REGISTERED NUMBER: 15839391
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 20 form part of these financial statements.
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LD PROP CO 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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LD PROP CO 1 LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
LD Prop Co 1 Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 15839391 and registered office is 8th Floor 100 Bishopsgate, London, United Kingdom, EC2N 4AG.
2.Accounting policies
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 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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:
Following the disposal of the property during the period, the Company is reliant on GL Property SARL and Zorin Finance Ltd for funding to ensure that it can meet its liabilities as they fall due. The directors of GL Property SARL and Zorin Finance Ltd have confirmed their intention to continue to provide financial support to the Company for a period of at least 12 months from the date of approval of these financial statements.. The directors have also considered the ability of GL Property SARL and Zorin Finance Ltd to provide such support and have concluded that is it therefore appropriate to prepare the financial statements on a going concern basis.
Rental income under operating leases is recognised on a straight lined basis over the lease term in the Statement of Comprehensive Income. Revenue from the disposal of property interests is recognised on legal completion of the sale, being the point at which the significant risks and rewards of ownership pass to the purchaser. profit and loss account in the period in which they are incurred.
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Cost includes acquisition costs, development expenditure, professional fees, directly attributable costs and borrowing costs capitalised in accordance with the company's accounting policies. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs to complete and sell. measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Other interest receivable represents interest accrued on amounts due from group undertakings. The principal terms and conditions of the related balances are disclosed in Note 11. Other interest payable represents interest accrued on amounts due to parent undertaking. The principal terms and conditions of the related balances are disclosed in Note 13.
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
11.Debtors (continued)
On incorporation, 10,000 ordinary shares were issued with a nominal value of £0.01 each.
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
There are unlimited cross guarantees between the Company and LD Prop Co Holding Limited. These are
to secure facilities provided by Zorin Avenue Lend Co 1 Designated Activity Company. The total of these guarantees at 31 December 2025 was £17,332,179.
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LD PROP CO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The immediate parent entity is LD Prop Co Holding Limited, a company registered in England and Wales, by virtue of its 100% holding of the company shares. The ultimate controlling party is Avenue Europe International Management L.P, a company registered in Luxembourg, by virtue of its majority shareholding
in the parent entity, LD Prop Co Holding Limited.
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