The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

Beehive Affordable Homes (Bromley 1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Evolution House Iceni Court, Delft Way, Norwich, Norfolk, NR6 6BB.

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 pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Revenue comprises finance income arising from the Company's long-term indexed lease receivables.

At the commencement of each arrangement, the net investment in the lease is recognised at the present value of the future contractual lease payments. Finance income is subsequently recognised over the term of the arrangement using the effective interest method so as to provide a constant periodic rate of return on the outstanding net investment.

The contractual lease receipts are linked to changes in the Retail Prices Index in accordance with the terms of the relevant lease agreements. Accordingly, finance income includes both the unwinding of the discount on the net investment in the lease and the effect of contractual indexation of future lease receipts.

Lease receipts received during the period are apportioned between a reduction in the net investment in the lease and finance income. As a result, the amount recognised as revenue differs from the cash receipts received from tenants during the period.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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.

Index-linked financial assets and liabilities on the balance sheet are adjusted at each reporting period end to reflect relevant changes in contractual inflation rates. The index-linked financial assets and liabilities form a natural hedge, which mitigates the company against the risk of adverse changes in inflation rates.

Basic financial assets, which include trade and other receivables 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. Financial assets classified as receivable within one year are not amortised.

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, including other payables, long-term financing and amounts owed to group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

The 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 net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

There were no employees during the period.

The borrowings are secured by fixed and floating charges over the assets that have been leased by the company as a finance lessor.

The borrowings are contractually linked to changes in the Retail Prices Index. As a result, the carrying value of the loans is adjusted annually to reflect contractual indexation.

The borrowings are due to be repaid, by installments, before 30 November 2070.

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 was unqualified.

The company is a wholly-owned subsidiary of Beehive Affordable Homes Limited, a company incorporated in England & Wales with registration number of 12438733. The registered office address is Evolution House Iceni Court, Delft Way, Norwich, Norfolk, United Kingdom, NR6 6BB.