Bluesky Student Sheraton Park Owner Limited 16249122 false 2025-02-13 2025-12-31 2025-12-31 The principal activity of the company is real estate investment in the UK. Digita Accounts Production Advanced 6.30.9574.0 true true 16249122 2025-02-13 2025-12-31 16249122 2025-12-31 16249122 bus:OrdinaryShareClass1 2025-12-31 16249122 bus:Consolidated 2025-12-31 16249122 core:OtherDeferredTax 2025-12-31 16249122 core:TaxLossesCarry-forwardsDeferredTax 2025-12-31 16249122 core:CurrentFinancialInstruments 2025-12-31 16249122 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 16249122 core:Non-currentFinancialInstruments 2025-12-31 16249122 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 16249122 core:Non-currentFinancialInstruments core:Secured 2025-12-31 16249122 bus:SmallEntities 2025-02-13 2025-12-31 16249122 bus:Audited 2025-02-13 2025-12-31 16249122 bus:FilletedAccounts 2025-02-13 2025-12-31 16249122 bus:SmallCompaniesRegimeForAccounts 2025-02-13 2025-12-31 16249122 bus:RegisteredOffice 2025-02-13 2025-12-31 16249122 bus:CompanySecretary1 2025-02-13 2025-12-31 16249122 bus:Director2 2025-02-13 2025-12-31 16249122 bus:Director3 2025-02-13 2025-12-31 16249122 bus:Director4 2025-02-13 2025-12-31 16249122 bus:OrdinaryShareClass1 2025-02-13 2025-12-31 16249122 bus:PrivateLimitedCompanyLtd 2025-02-13 2025-12-31 16249122 bus:Agent1 2025-02-13 2025-12-31 16249122 countries:AllCountries 2025-02-13 2025-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 16249122 (England & Wales)

Prepared for the registrar
Bluesky Student Sheraton Park Owner Limited
Annual Report and Financial Statements
for the Period from 13 February 2025 to 31 December 2025

Bluesky Student Sheraton Park Owner Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 8

Bluesky Student Sheraton Park Owner Limited

Company Information

Directors | M Haverty S E Law I Stamate-Rocha

Company secretary | Broughton Secretaries Limited

Registered office | 54 Portland Place London W1B 1DY

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Bluesky Student Sheraton Park Owner Limited

(Registration number: 16249122 (England & Wales))
Balance Sheet as at 31 December 2025

| Note | 2025 £
Fixed assets |  |
Investment property | 6 | 27,687,672
Current assets |  |
Debtors | 7 | 297,145
Cash at bank and in hand |  | 580,215
|  | 877,360
Creditors: Amounts falling due within one year | 8 | (845,033)
Net current assets |  | 32,327
Total assets less current liabilities |  | 27,719,999
Creditors: Amounts falling due after more than one year | 8 | (24,931,113)
Net assets |  | 2,788,886
Capital and reserves |  |
Called up share capital | 10 | 3,176,618
Retained earnings |  | (387,732)
Shareholders' funds |  | 2,788,886

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 August 2026 and signed on its behalf by:

I Stamate-Rocha
Director

Bluesky Student Sheraton Park Owner Limited

Notes to the Financial Statements for the Period from 13 February 2025 to 31 December 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
54 Portland Place
London
W1B 1DY
United Kingdom

The principal place of business is:
Sheraton House
Sheraton Park
Durham
DH1 4FL
United Kingdom

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In forming this view, the directors have considered that the company is reliant on continued financial support from its external investors, from whom letters of support have been received indicating their intention to provide funding as required. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

The Directors are required to make judgements regarding the valuation of investment property. Estimates and judgements are continually evaluated and are based on historical experience and other factors.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Bluesky Student Sheraton Park Owner Limited

Notes to the Financial Statements for the Period from 13 February 2025 to 31 December 2025

Revenue recognition

Turnover represents amounts chargeable in respect of rent to customers. Turnover is shown net of sales/value added tax. The company recognises revenue when the amount of revenue can be reliably measured, it is probably that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value. The property was acquired during the year, approximately seven months prior to the reporting date, and there have been no material changes to its condition since acquisition. Accordingly, the directors consider that the fair value does not materially differ from cost at the reporting date. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade receivables are rents due from customers in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Bluesky Student Sheraton Park Owner Limited

Notes to the Financial Statements for the Period from 13 February 2025 to 31 December 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3.

| 4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £
Deferred taxation |
Arising from origination and reversal of timing differences | (209,431)

Bluesky Student Sheraton Park Owner Limited

Notes to the Financial Statements for the Period from 13 February 2025 to 31 December 2025

| 5 | Deferred tax

Deferred tax assets and liabilities

2025 | Asset £
Losses and other deductions | 202,635
Short term timing differences | 6,796
| 209,431

| 6 | Investment properties

| £
Additions | 27,687,672
At 31 December 2025 | 27,687,672

The above relates to the freehold acquisition and renovation costs of the property situated at Sheraton Park, Durham. No annual revaluation has been conducted at the period end on the basis that the property renovations were not complete. Consequently, the property is held at historic cost.

| 7 | Debtors

| 2025 £
Receivables from related parties | 20,001
Prepayments | 1,154
Other debtors | 66,559
Deferred tax assets | 209,431
| 297,145

Other debtors relate to accrued income and VAT receivable.

| 8 | Creditors

| 2025 £
Due within one year |
Trade creditors | 55,009
Accruals and deferred income | 790,024
| 845,033

| Note | 2025 £
Due after one year |  |
Loans and borrowings | 9 | 24,931,113

Bluesky Student Sheraton Park Owner Limited

Notes to the Financial Statements for the Period from 13 February 2025 to 31 December 2025

| 9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £
Bank borrowings | 17,503,846
Amounts owed to group company | 7,427,267
| 24,931,113

Bank borrowings
The company has a bank loan denominated in pounds sterling (GBP) with Leumi UK Group Limited. The facility comprises an Acquisition Facility, which bears interest at a fixed rate as notified by the lender, and a Development Facility, which bears interest at a variable rate based on SONIA plus a margin of 3.85% per annum, reducing to 3.00% subject to the satisfaction of specified performance conditions. The carrying amount at period end is £17,890,600.
The carrying amount shown in the table reflects the amortised cost of the borrowing under the effective interest method. The amount disclosed above represents the outstanding principal balance. The difference relates to amortised cost of borrowing.
The loan is secured by a legal mortgage over the company’s property, together with share security, unit trust security and other charges granted in favour of the lender, which also acts as agent and security agent.
The loan is repayable in full on 8 May 2028, with an option to extend to 8 May 2029 subject to lender consent.

Other borrowings
The company has an intercompany loan from its parent undertaking, Bluesky Student Bidco II Limited. The loan is denominated in pounds sterling, bears interest at a fixed rate of 12% per annum, and is unsecured. Interest is capitalised and repayable together with the principal.The loan is repayable on exit or, if earlier, within ten years of inception. At the balance sheet date, the total amount outstanding was £7,427,267.
The carrying amount shown in the table reflects the amortised cost of the borrowing under the effective interest method. The amount disclosed above represents the outstanding principal balance. The difference relates to amortised cost of borrowing.

| 10 | Share capital

Allotted, called up and fully paid shares

| 31 December 2025
| No. | £
Ordinary shares of £1 each | 3,176,618 | 3,176,618

On 13 February 2025, the company issued 1 ordinary share of £1 on incorporation. On 2 September 2025, the company issued 3,176,617 Ordinary shares of £1 at par.

| 11 | Related party transactions

The company has taken advantage of the exemption from disclosing transactions with other members of the group where there is 100% ownership.

Bluesky Student Sheraton Park Owner Limited

Notes to the Financial Statements for the Period from 13 February 2025 to 31 December 2025

| 12 | Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Bluesky Student Bidco II Limited, a company incorporated in the United Kingdom. The ultimate controlling parties are the shareholders of the parent company, Patron Margot S.à r.l., an entity registered in Luxembourg, and SG Curation II LLP, an entity registered in the United Kingdom.

| 13 | Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 August 2026 was Ryan Hancock, who signed for and on behalf of Hazlewoods LLP.