25-26 Dering Street Property Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08879772 (England and Wales)

Financial Statements for the Year Ended 31 July 2023

for

25-26 Dering Street Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A H Povlsen

L Kaae

REGISTERED OFFICE:

Unit A

10 Fashion Street

London

E1 6PX

REGISTERED NUMBER:

08879772 (England and Wales)

AUDITORS:

Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

FIXED ASSETS

Investment property

4

13,139,791

13,239,791

CURRENT ASSETS

Debtors

5

87,789

116,450

Cash at bank

227,990

42,866

315,779

159,316

CREDITORS

Amounts falling due within one year

6

3,669,557

3,595,122

NET CURRENT LIABILITIES

(3,353,778

)

(3,435,806

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,786,013

9,803,985

PROVISIONS FOR LIABILITIES

86,000

65,948

NET ASSETS

9,700,013

9,738,037

CAPITAL AND RESERVES

Called up share capital

7

9,700,000

9,700,000

Retained earnings

13

38,037

SHAREHOLDERS' FUNDS

9,700,013

9,738,037

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:

A H Povlsen - Director

L Kaae - Director

1.	STATUTORY INFORMATION

25-26 Dering Street Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Accounting basis and standard

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

The group undertakings and other companies within the group will continue to support the Company.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can adopt the going concern basis in preparing the annual reports and accounts

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.

Fixed assets

All fixed assets are initially recorded at cost.

Investment properties

Investment properties are included in the balance sheet at their fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Debtors

Debtors are valued individually and there are made provision according to this valuation.

Creditors

Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Taxation

Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 August 2022

13,239,791

Revaluations

(100,000

)

At 31 July 2023

13,139,791

NET BOOK VALUE

At 31 July 2023

13,139,791

At 31 July 2022

13,239,791

Investment property, which is freehold, is revalued to fair value at each reporting date by the Company's

directors. The valuation is not based on a valuation by an independent valuer.

The fair value for commercial property and land are based on the estimated rental income earned on the

property, average yields earned on comparable properties from publicly available information and the

Company's directors professional judgement.

Change in the yield and the estimated rental income can influence the valuation of the investment property.

There is a level of estimation uncertainty regarding the yield.

The historical cost of investment property is £ 13,182,172 (2022: £ 13,182,172)

Deferred tax assets regarding investment property is not recognised. There are deferred tax asset of £ 0 (2022: £ 0) based on a tax rate of 25 %.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

87,789

97,802

VAT

-

18,648

87,789

116,450

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

-

33,221

Amounts owed to group undertakings

3,469,551

3,490,866

Corporation tax, group relief

7,938

3,478

VAT

17,162

-

Other creditors

119,323

33,210

Accruals and deferred income

55,583

34,347

3,669,557

3,595,122

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

9,700,000

Ordinary

1

9,700,000

9,700,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

9.	ULTIMATE CONTROLLING PARTY

The directors consider Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company.

The immediate parent undertaking is &Aplace Limited (incorporated in United Kingdom).

Heartland A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:

Heartland A/S

Store Torv 1, 3.

8000 Aarhus C

Denmark