Heimstaden U.K. Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 13214989 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

HEIMSTADEN U.K. LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

Directors:

Mr A Kumar

Mr. C S Birrell

Secretary:

Dentons Secretaries Limited

Registered office:

One Fleet Place

London

EC4M 7WS

Registered number:

13214989 (England and Wales)

Auditors:

Lubbock Fine LLP

Chartered Accountants and Statutory Auditors

Paternoster House

65 St Paul's Churchyard

London

EC4M 8AB

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

Principal activity

The principal activity of the Company in the period under review was that of a country management organisation, carrying out local management of other group companies that operate owned or leased real estate.

Review of business

Heimstaden U.K. Ltd is a residential real estate country management company registered in England, company registration number 13214989. The Company, through a country management agreement, provides services, as normally provided by a professional external manager related to general country management, asset management, property management and facility management, for the residential real estate companies namely Bar Stone Residential Limited and Lyonsdown Residential Limited which owns residential units and developments in Greater London Area and Birmingham.

The Company is indirectly owned by Heimstaden AB, which is a residential real estate investment and asset management company, providing investment and asset management services to Heimstaden Bostad AB ("the Group"), an investment property company who own and operate c,160,000 homes in 9 countries around Europe.

Principal risks and uncertainties

Economic environment

The Company has during 2022 employed four people to carry out local management of the Group’s properties in the UK and has from 2022, recharged its costs with a mark-up to the Group’s operational companies in the UK according to a Country Management Agreement. The economic risk within the Group thus affects this Company. The principal risk at the moment is deemed to be current financial climate, increase in energy prices, increase in interest rates, and a very volatile and uncertain market.

High energy prices and increase in cost of living will be a key factor which the tenant will keep in mind before choosing where to stay. Our commitment to reducing our customers’ energy costs is underscored by a sustainability programme, which lowers energy and water usage. Our assessment is that there is strong demand for homes across Europe, underpinned by long-term trends such as urbanisation and smaller household sizes. The Directors assessment is that development of new homes is slowing a lot, which will only add to the underlying shortage of homes. We expect housing scarcity to remain a feature in the UK for the near future. This is supportive for values and we are confident in the underlying value of residential real estate over the medium to longer term.

Funding, liquidity and interest rate risk

The Group’s diversified debt maturity profile, with limited maturities in the next 12 months and available bank financing in substantial volumes provides flexibility to liability management in the coming quarters. As a leading owner and operator of European residential real estate, the Group have strong operational performance, a solid capital structure and committed shareholders to weather the inflationary storm. According to the Group’s financial policy, the Group shall maintain at least 75% of its loan portfolio at fixed rates, which is managed with loans and bonds at fixed interest rates and interest-rate swaps.

Directors

The directors who have held office during the period from 1 January 2022 to the date of this report are as follows:

Mr A Regland - resigned 1 June 2022

Mr A Kumar - appointed 1 June 2022

Ms G Butler - appointed 1 June 2022

Mr. C S Birrell was appointed as a director after 31 December 2022 but prior to the date of this report.

Ms G Butler and Mr H Krogsbol ceased to be directors after 31 December 2022 but prior to the date of this report.

Going concern

In making their assessment of going concern from the date of approval of these financial statements until at least 12 months from the date these financial statements were approved, the Directors have carefully considered the Company’s prospects:

- The Company’s business activities, together with management’s current view of circumstances likely to affect its future development, performance, and financial position.

- The financial position of Heimstaden Bostad AB ("the Group") and the Company, its principal risks and uncertainties, its cash flows and net cash position, and policies for managing financial risk.

- Recent detailed financial forecasts and analysis.

The Directors have obtained a letter of financial support from Heimstaden Bostad AB, covering at least 12 months from the date these financial statements were approved. The Directors of Heimstaden Bostad AB issued a press statement on 19 December 2023 in response to S&P's investment grade rating reconfirming that Heimstaden Bostad remains an investment grade entity backed by eight consecutive quarters of improved net operating income and continues to handle debt maturities well in advance and maintains a strong liquidity position.

Based on the assessment outlined above, the Directors have reasonable expectations that the Company will have adequate resources to continue to operate for at least 12 months from the date these financial statements were approved. Accordingly, they have adopted the going concern basis in preparing the financial statements.

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in FRS 101 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance;

- state whether applicable UK Accounting Standards, including FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the Company will not 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 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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

During the period Lubbock Fine LLP were appointed as auditors and will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

Mr A Kumar - Director

15 March 2024

Opinion

We have audited the financial statements of Heimstaden U.K. Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 101 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-

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

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 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.

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 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.

Other information

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.

Opinion 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

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

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 Report of the Directors.

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 Report of the Directors and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-

Enquiries of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of

non-compliance

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

and

- the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations; and

-

Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experience of working with entities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 101 and UK tax laws and regulations.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included health and safety regulations, employment law, environmental regulations, and landlord regulations etc.

As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to fraud were in respect of revenue recognition and management override. Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reviewing completeness of income with reference to management agreements;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the company's operations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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 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.

Andrew Noton (Senior Statutory Auditor)

for and on behalf of Lubbock Fine LLP

Chartered Accountants and Statutory Auditors

Paternoster House

65 St Paul's Churchyard

London

EC4M 8AB

20 March 2024

TURNOVER

347,173

-

Administrative expenses

(333,604

)

(29,900

)

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

5

13,569

(29,900

)

Tax on profit/(loss)

6

(2,750

)

4,663

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

10,819

(25,237

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

10,819

(25,237

)

CURRENT ASSETS

Debtors: amounts falling due within one year

7

151,899

5,326

Cash at bank

39,167

36,762

191,066

42,088

CREDITORS

Amounts falling due within one year

8

(110,489

)

(17,325

)

NET CURRENT ASSETS

80,577

24,763

TOTAL ASSETS LESS CURRENT LIABILITIES

80,577

24,763

CAPITAL AND RESERVES

Called up share capital

9

50,000

50,000

Capital contribution

44,995

-

Retained earnings

10

(14,418

)

(25,237

)

SHAREHOLDERS' FUNDS

80,577

24,763

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:

Mr A Kumar - Director

Called up

share

Retained

Capital

Total

capital

earnings

contribution

equity

£

£

£

£

Changes in equity

Issue of share capital

50,000

-

-

50,000

Total comprehensive loss

-

(25,237

)

-

(25,237

)

Balance at 31 December 2021

50,000

(25,237

)

-

24,763

Changes in equity

Capital contribution

-

-

44,995

44,995

Total comprehensive income

-

10,819

-

10,819

Balance at 31 December 2022

50,000

(14,418

)

44,995

80,577

1.	STATUTORY INFORMATION

Heimstaden U.K. Ltd 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.

The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of IAS 7 Statement of Cash Flows;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Turnover

The Company earns revenue from recharging administrative costs incurred to fellow group companies at a mark-up. The company acts as principal as it has control over the services before transfer to fellow group companies. The Company recognises the gross amount of consideration as revenue.

Turnover is recognised as the fair value of consideration received or receivable for the sale of services in the ordinary course of business and is shown net of Value Added Tax.

Revenue is recognised in the period that the costs to be recharged are incurred. At this point the performance obligations are deemed to be satisfied. Revenue not recognised at the period end is classified as deferred income in the Balance Sheet.

Financial instruments

Financial assets

The Company’s financial assets, comprising other debtors, are recognised initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of financial assets is established based on the expected credit loss. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired.

Financial assets are discounted when the time value of money is considered material.

Financial liabilities

The Company’s financial liabilities comprise only trade and other creditors, and are treated as financial liabilities, recognised initially at fair value and subsequently measured at amortised cost. Financial liabilities are discounted when the time value of money is considered material.

Cash

Cash is represented by cash in hand and deposits with financial institutions.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity in which case the tax is recognised in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date.

Transactions and calculations for which the ultimate tax determination is uncertain may arise during the ordinary course of business. Should an uncertain tax position arise, where a risk of an additional tax liability has been identified and it is considered probable that the Company will be required to settle that tax, a tax provision is recognised. This is assessed on a case-by case basis.

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Going concern

In making their assessment of going concern from the date of approval of these financial statements until at least 12 months from the date these financial statements were approved, the Directors have carefully considered the Company’s prospects:

- The Company’s business activities, together with management’s current view of circumstances likely to affect its future development, performance, and financial position.

- The financial position of Heimstaden Bostad AB ("the Group") and the Company, its principal risks and uncertainties,

its cash flows and net cash position, and policies for managing financial risk.

- Recent detailed financial forecasts and analysis.

The Directors have obtained a letter of financial support from Heimstaden Bostad AB, covering at least 12 months from the date these financial statements were approved. The Directors of Heimstaden Bostad AB issued a press statement on 19 December 2023 in response to S&P's investment grade rating reconfirming that Heimstaden Bostad remains an investment grade entity backed by eight consecutive quarters of improved net operating income and continues to handle debt maturities well in advance and maintains a strong liquidity position.

Based on the assessment outlined above, the Directors have reasonable expectations that the Company will have adequate resources to continue to operate for at least 12 months from the date these financial statements were approved. Accordingly, they have adopted the going concern basis in preparing the financial statements.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described above, 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 in the period of the revision and future periods if the revision affects both current and

future periods.

Given the nature of the entity in the period, there are no critical accounting judgements or key sources of estimation uncertainty that are material to the financial statements.

4.	EMPLOYEES AND DIRECTORS

Period

22/2/21

Year Ended

to

31/12/22

31/12/21

£

£

Wages and salaries

94,706

-

Social security costs

11,830

-

Other pension costs

6,571

-

113,107

-

The average number of employees during the year was as follows:

Period

22/2/21

Year Ended

to

31/12/22

31/12/21

Employees

2

-

Period

22/2/21

Year Ended

to

31/12/22

31/12/21

£

£

Directors' remuneration

62,022

-

5.	PROFIT/(LOSS) BEFORE TAXATION

The profit before taxation (2021 - loss before taxation) is stated after charging/(crediting):

Period

22/2/21

Year Ended

to

31/12/22

31/12/21

£

£

Foreign exchange differences

(62

)

-

6.

TAXATION

Analysis of tax expense/(income)

Period

22/2/21

Year Ended

to

31/12/22

31/12/21

£

£

Current tax:

Tax

3,528

-

Adjustment to prior year tax

(778

)

-

Tax on loss

-

(4,663

)

Total tax expense/(income) in statement of comprehensive income

2,750

(4,663

)

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

22/2/21

Year Ended

to

31/12/22

31/12/21

£

£

Profit/(loss) before income tax

13,569

(29,900

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

2,578

(5,681

)

Effects of:

Unrecognised deferred taxes

-

1,018

Prior year (over)/under provision corporation tax

(778

)

-

Disallowable items

950

-

Tax expense/(income)

2,750

(4,663

)

Factors that may affect future tax charges

In the 3 March 2021 Budget, it was announced the government announced an increase in the main UK Corporation Tax rate to included measures to support economic recovery to 25%, which was effective from 1 April 2023. This rate was substantively enacted on 24 May 2021.

There were no other factors that may affect future tax charges.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade debtors

75,500

-

Other debtors

76,399

5,326

151,899

5,326

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade creditors

13,059

4,125

Amounts owed to group undertakings

5,580

-

Tax

2,750

-

Social security and other taxes

1,512

-

Accrued expenses

87,588

13,200

110,489

17,325

Amounts owed to group undertakings total £5,580 (2021: £nil). This loan was unsecured, interest free and repayable on demand

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/22

31/12/21

value:

£

£

50,000

Ordinary

1

50,000

50,000

10.

RESERVES

Retained

Capital

earnings

contribution

Totals

£

£

£

At 1 January 2022

(25,237

)

-

(25,237

)

Profit for the year

10,819

10,819

Capital contribution

-

44,995

44,995

At 31 December 2022

(14,418

)

44,995

30,577

11.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent Company is Heimstaden Country Manager AB, which in turn is a subsidiary of Heimstaden Bostad AB. Heimstaden Bostad AB is an indirect, fully owned subsidiary of Heimstaden AB, which in turn is a subsidiary of Fredensborg AS and ultimately Fredensborg 1994 AS. Heimstaden Bostad AB, is the smallest undertaking to prepare consolidated financial statements which include the results of the Company. Fredensborg 1994 AS, is the largest undertaking to prepare consolidated financial statements which include the results of the Company. Consolidated financial statements for Heimstaden AB, are published on the Company's website, and are also available from the registered office at Östra promenaden 7A, SE-211 28, Malmö, Sweden. Consolidated financial statements for Fredensborg 1994 AS are available from the registered office at Stensberggatan 27, 0170 Oslo, Norway.

The ultimate parent Company is Fredensborg 1994 AS, a Company registered in Norway.