ACCOUNTS - Final Accounts preparation

Income tax

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED - Company Information

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Registered number: 03534686

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The directors of West India Quay Management Company Limited ('the Company') present their report with the audited financial statements for the year ended 31 March 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK adopted international accounting standards (IFRSs and IFRICs) as applied in accordance with the provisions of the Companies Act 2006. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the audited 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 audited 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.

Principal activity

The Company has continued its business of property management and administration in the United Kingdom. No changes to the Company’s principal activity are anticipated in the foreseeable future.

Going Concern

The directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2022. Given the Company’s operating model, the directors believe that the Company has sufficient resources to meet its obligations as they fall due for the going concern assessment period to 30 April 2024. Based on this, together with available market information and the directors’ knowledge and experience of the Company, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2022.

Results for the year and dividend

The results are set out in the Statement of Comprehensive Income on page 6.

The directors do not recommend the payment of a dividend for the year ended 31 March 2022 (2021: £Nil).

Directors

The directors who held office during the year and up to the date of this report, unless otherwise stated were:

R J Loveland (resigned 27 May 2022)
R C A Cosslett (Alternate Director)
J M R Berney
L Hadjiioannou

B Casey

D S Rabin (appointed 27 May 2022)

Indemnity

The Company has made qualifying third-party indemnity provisions for the benefit of the respective directors which were in place throughout the year and which remain in place at the date of this report.

Small companies exemption

The Directors’ Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Strategic report

The Company has taken advantage of the exemption under s414B of the Companies Act 2006 not to prepare a Strategic Report.

Page 1

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Statement of disclosure of information to auditor

In the case of each director in office at the date the Directors' Report is approved, the following applies:

∙so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

	Registered Office
	100 Victoria Street
	London
	SW1E 5JL

M Smout, for and on behalf of LS Company Secretaries Limited Company Secretary

Date: 21 April 2023

Registered and domiciled in England and Wales

Registered number: 03534686

Page 2

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

Opinion

We have audited the financial statements of West India Quay Management Company Limited for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, Statement of Cash Flows and the related notes 1 to 16, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006.

In our opinion, the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2022 and of its loss for the year then ended;

∙have been properly prepared in accordance with UK adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006; and

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

Basis for opinion

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 Auditor’s 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 UK, including the FRC’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.

Conclusions relating to going concern

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 to 30 April 2024.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 this 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 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•the Directors’ Report has been prepared in accordance with applicable legal requirements.

Page 3

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST INDIA QUAY MANAGEMENT COMPANY LIMITED (CONTINUED)

Matters on which we are required to report by exception

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' report set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006 and the Companies Act 2006) and the relevant tax regulations in the United Kingdom.

∙We understood how the Company is complying with those frameworks through enquiry with the Company and by identifying the Company’s policies and procedures regarding compliance with laws and regulations. We also identified those members of the Company who have the primary responsibility for ensuring compliance with laws and regulations, and for reporting any known instances of non-compliance to those charged with governance.

∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by reviewing the Land Securities Group risk register and through enquiry with the Company’s Management during the planning and execution phases of the audit. Where the risk was considered to be higher we performed audit procedures to address each identified fraud risk, specifically the risk over revenue recognition and impairment of amounts due from related parties.

∙Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved:

°Enquiry of Management, and when appropriate, those charged with governance, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could impact the financial statements;

°Reading minutes of the meetings of those charged with governance;

°Obtaining direct bank confirmations to vouch the existence of cash balances;

°Obtaining and reading correspondence from legal and regulatory bodies, including HMRC; and

°Journal entry testing, with a focus on manual journals and journals indicating large or unusual transactions based on our understanding the business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.

Page 4

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST INDIA QUAY MANAGEMENT COMPANY LIMITED (CONTINUED)

Use of our report

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 auditor’s 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.

Graeme Downes (Senior statutory auditor)

For and on behalf of

Ernst & Young LLP, Statutory Auditor

London

Date: 26 April 2023

Page 5

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2022

	2022	2021
Notes	£000	£000


Revenue	4	7	8
Costs - other	4	(21)	(17)
Costs - bad and doubtful debts provision	4	(4)	54
Gross (loss)/profit		(18)	45
Management and administrative expenses	5	(3)	(3)
Profit before tax		(21)	42
Taxation	6	-	-
(Loss) / Profit and total comprehensive income for the financial year		(21)	42

There were no recognised gains and losses for 2022 or 2021 other than those included in the Statement of Comprehensive Income.

All amounts are derived from continuing activities.

Page 6

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

REGISTERED NUMBER: 03534686

BALANCE SHEET

AS AT 31 MARCH 2022

	2022	2021
Notes	£000	£000


Current assets
Trade and other receivables	7	247	169
Amounts due from related parties	8	271	272
Cash and cash equivalents	9	67	51
		585	492
Current liabilities
Trade and other payables	10	(35)	(2)
Amounts owed to related parties	11	(516)	(435)
		(551)	(437)

Net assets		34	55

Capital and reserves
Share capital	13	81	81
Retained earnings / (loss)		(47)	(26)
Total equity		34	55

The financial statements on pages 6 to 16 were approved by the Board of Directors and were signed on its behalf by:

D S Rabin	R C A Cosslett
Director	Director

Date: 21 April 2023	Date: 21 April 2023

Page 7

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2022

	Share capital	Retained earnings / (loss)	Total
	£000	£000	£000
At 1 April 2020	81	(68)	13

Profit for the year	-	42	42

At 31 March 2021	81	(26)	55

Profit for the year	-	(21)	(21)
At 31 March 2022	81	(47)	34

Page 8

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

				2022	2021
			Notes	£000	£000

Cash flows from operating activities
(Loss)/profit for the financial year		(21)	42
Adjustments for:
Changes in working capital:
Increase in receivables	7,8	(77)	(274)
Increase in payables	10,11	114	205
Net cash generated from / (used in) operations		16	(27)


Net movement in cash and cash equivalents for the year		16	(27)
Cash and cash equivalents at the beginning of the year		51	78
Cash and cash equivalents at the end of the year		67	51

Page 9

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.Accounting policies

1.1

Basis of preparation

These financial statements have been prepared on a going concern basis and in accordance with UK adopted international accounting standards (IFRSs and IFRICs) as applied in accordance with the provisions of the Companies Act 2006. The financial statements are prepared under the historical cost convention.

West India Quay Management Company Limited (‘the Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 03534686). The nature of the Company’s operations is set out in the Directors’ Report on page 1.

The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2022. The financial statements are prepared in Pounds Sterling (£) and are rounded to the nearest thousand pounds (£'000).

1.2

Cash and cash equivalents

Cash and cash equivalents comprise cash balances, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or fewer. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are deducted from cash and cash equivalents for the purpose of the Statement of Cash Flows.

1.3

Provisions

A provision is recognised in the Balance Sheet when the Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Where relevant, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

1.4

Going Concern

1.5

Revenue

Rental income, including fixed rental uplifts, is recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis. Contingent rents, being lease payments that are not fixed at the inception of a lease, for example turnover rents, are variable consideration and are recorded as income in the year in which they are earned. Where a single payment is received from a tenant to cover both rent and service charge, the service charge component is separated and reported as service charge income.

The Company’s revenue from contracts with customers, as defined in IFRS 15 includes service charge income and other property related income.

Service charge income is recorded as income over time in the year in which the services are rendered. Revenue is recognised over time because the tenants benefit from the services as soon as they are rendered by the Company. The actual service provided during each reporting period is determined using cost incurred as the input method.

Other property related income includes development and asset management fees. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the development or asset management services are provided.

1.6

Expenses

Management and administrative expenditure is expensed as incurred.

1.7

Income taxation

Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled.

No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future.

Page 10

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.Accounting policies (continued)

1.8

Trade and other receivables

Trade and other receivables are recognised initially at fair value, subsequently at amortised cost and, where relevant, adjusted for the time value of money, and are presented in the balance sheet net of allowances for doubtful receivables. The Company assesses on a forward-looking basis, the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets.

In determining the expected credit losses, the Company takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. Where a concession is agreed with a customer after the due date for the rent, this amount is recognised as an impairment of the related trade receivable.

Trade and other receivables are written off once all avenues to recover the balances are exhausted and the lease has ended. Receivables written off are no longer subject to any enforcement activity.

1.9

Share capital

Ordinary shares are classified as equity.

1.10

Related party loans

Amounts owed to related parties

Amounts owed to related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts owed to related parties are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Statement of Comprehensive Income over the period of the loan, using the effective interest method.

Amounts due from related parties

Amounts due from related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from related parties are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.

In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.

1.11

Leases

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
Company is lessor
Operating lease – properties leased out to tenants under operating leases are included in investment properties in the Balance Sheet.

Lease income is recognised over the period of the lease, reflecting a constant rate of return. Where only the buildings element of a property lease is classified as a finance lease, the land element is shown within operating leases.

1.12

Trade and other payables

Trade and other payables with no stated interest rate and payable within one year are recorded at transaction price. Trade and other payables after one year are discounted based on the amortised cost method using the effective interest rate.

1.13

Dividends

Final dividend distributions to the Company’s shareholders are recognised as a liability in the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders. Interim dividends are recognised when paid.

Page 11

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.	Changes in accounting policies and standards

The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year. There have been no new accounting standards, amendments or interpretations during the year that have a material impact on the financial statements of the Company.

Amendments to accounting standards

A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Company, none of which are expected to have a material impact on the financial statements of the Company.

3.	Significant accounting judgements and estimates

The Company’s significant accounting policies are stated in note 1 above. Not all of these significant accounting policies require management to make difficult, subjective or complex judgements or estimates. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements. These estimates involve assumptions or judgements in respect of future events. Actual results may differ from these estimates.

Estimates

(a) Trade and other receivables

The Company is required to judge when there is sufficient objective evidence to require the impairment of individual trade receivables. It does this by assessing on a forward-looking basis, the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. In determining the expected credit losses, the Company takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. These assessments are made on a customer by customer basis.

The Company’s assessment of expected credit losses is inherently subjective due to the forward-looking nature of the assessments, in particular, the assessment of expected insolvency filings or company voluntary arrangements, likely deferrals of payments due and rent concessions. As a result, the value of the provisions for impairment of the Company’s trade receivables are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate.

(b) Amounts due from related parties

The Company is required to judge when there is sufficient objective evidence to require the impairment of amounts due from related parties. It does this by assessing on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.

4.	Revenue and costs
		2022	2021
		£000	£000


Rental income	7	7
Other property related income	-	1
	7	8
Costs
Other direct property or contract income	(21)	54
Movement in bad and doubtful debts provision	(4)	(17)
Gross profit	(18)	45

Other direct property or contract expenditure are costs incurred in the direct maintenance and upkeep of investment properties. Void costs, which include costs relating to empty properties pending redevelopment and refurbishment, costs of investigating potential development schemes which do not proceed, and costs in respect of housekeepers and outside staff directly responsible for property services, are also included.

Page 12

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

5.	Management and administrative expenses

(a) Management services

The Company had no employees during the year (2021: None).

(b) Directors’ remuneration

The directors of the Company, who are Key Management Personnel, received no emoluments for their services to the Company (2021: £Nil).

The auditor's remuneration amounts to £2,630 (2021: £2,630). No non-audit services were provided to the Company during the year (2021: None).


Corporation tax
Income tax on profit for the year	-	-
	-	-
Total income tax charge in the Statement of Comprehensive Income	-	-

(Loss)/profit before tax

(21)

(Loss)/profit before tax multiplied by UK corporation tax rate	(4)	8
Effects of:
Exempt property rental profits in the year	4	-
Utilised tax losses	-	(8)
Total tax charge in the Statement of Comprehensive Income (as above)	-	-

7.	Trade and other receivables
		2022	2021
		£000	£000


Other receivables	247	155
Social security and other taxes	-	14
	247	169

Page 13

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

8.	Amounts due from related parties
		2022	2021
		£000	£000



The X-Leisure (General Partner) Limited	253	254
LS Leisure Parks Investments Limited	18	18

Total amounts due from related parties	271	272

The unsecured amounts due from related parties are interest free and repayable on demand with no fixed repayment date.

9.	Cash and cash equivalents
		2022	2021
		£000	£000


Cash at bank and in hand	67	51
Total cash and cash equivalents	67	51

10.	Trade and other payables
		2022	2021
		£000	£000


Accruals and deferred income	3	2
Social security and other taxes	32	-

Total trade and other payables	35	2

Deferred income principally relates to rents received in advance.

11.	Amounts owed to related parties
		2022	2021
		£000	£000


Amounts owed to West India Quay Limited	2	2
Amounts owed to West India Quay Unit Trust	102	45
Amounts owed to Land Securities Properties Limited	384	360
Amounts owed to Schroders Capital UK Real Estate Fund	28	28
Total amounts owed to related parties	516	435

The unsecured amounts owed to related parties are interest free and repayable on demand with no fixed repayment date.

Page 14

WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

12.	Financial risk management

Financial risk management objectives and policies
The Company is exposed to minimal credit risk and liquidity risk due to the nature of the receivables and payables as detailed below. The Company’s overall risk management strategy seeks to minimise the potential adverse effects of these on the Company’s financial performance through established policies and procedures for managing each of these risks, which are summarised below.

The Company has trade and other receivables and trade and other payables that arise directly from its operations. The carrying value equals the fair value of the trade receivables and trade payables due to their short-term nature.

Credit risk

The Company’s principal financial assets are amounts due from related parties, other receivables and cash. The credit risk it faces is primarily attributable to its amounts due from related parties and other receivables, as cash has negligible credit risk. The Company assesses on a forward-looking basis, the expected credit-losses associated with its amounts due from related parties and other receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due from related parties and other receivables. In determining the credit-loss of amounts due from related parties and other receivables, the company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.

Liquidity risk

The Company is exposed to liquidity risk and need to ensure that the cash balances and cash flows from operations are sufficient to enable it to pay its trade and other payables. The Company carefully monitors actual cash flows against forecasts and budgets in order to manage this risk. Please also see the Directors' Report regarding going concern.

Capital management

The Company considers its capital to constitute Shareholders’ capital. The primary objective of the Company’s capital management is to ensure that the Company’s property portfolio is appropriately supported by capital that is efficient.

13.	Ordinary share capital

	Authorised and issued		Allotted and fully paid
	2022 Number	2021 Number	2022 £'000	2021 £'000

Ordinary shares of £0.10 each	810,000	810,000	81	81
	810,000	810,000	81	81

There is no difference in voting rights, rights to dividends and rights on the winding up of the Company for each share class.

14.	Related party transactions

As at 31 March 2022, an amount of £102,000 (2021: £45,000) was owed to West India Quay Unit Trust. The movement in the year of £57,000 (2021: £126,000) is attributable to working capital requirements.

As at 31 March 2022, an amount of £2,000 (2021: £2,000) was owed to West India Quay Limited.
As at 31 March 2022, an amount of £253,000 (2021: £254,000) was due from The X-Leisure (General Partner) Limited. The movement in the year of £1,000 (2021: £254,000) is attributable to net working capital movements during the year.
As at 31 March 2022, an amount of £384,000 (2021: £360,000) was owed to Land Securities Properties Limited. The movement in the year of £24,000 (2021: £360,000) is attributable to net working capital movements during the year.
As at 31 March 2022, an amount of £18,000 (31 March 2021: £18,000) was due from LS Leisure Parks Investments Limited.
As at 31 March 2022, an amount of £28,000 (31 March 2021: £28,000) was owed to Schroders Capital UK Real Estate Fund.

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WEST INDIA QUAY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022


Not later than one year	7	7
Later than one year but not more than two years	7	7
Later than two years but not more than three years	7	7
Later than three years but not more than four years	7	7
Later than four years but not more than five years	8	8
More than five years	31	39
	67	75

16.	Parent company

The immediate parent company is West India Quay Limited.

West India Quay Limited is jointly owned by Leisure II (West India Quay LP) Shareholder Limited and British Overseas Bank Nominees Limited, whose ultimate parent and controlling companies are Land Securities Group PLC and Schroders Capital UK Real Estate Fund, respectively.

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