ACCOUNTS - Final Accounts

BYRON PLACE RETAIL PROPERTIES LTD - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-31truetrue2020-07-14falseNo description of principal activity3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12740479 2020-07-13 12740479 2020-07-14 2020-12-31 12740479 2019-07-14 2020-07-13 12740479 2020-12-31 12740479 c:Director1 2020-07-14 2020-12-31 12740479 c:Director2 2020-07-14 2020-12-31 12740479 c:Director3 2020-07-14 2020-12-31 12740479 c:RegisteredOffice 2020-07-14 2020-12-31 12740479 d:Buildings 2020-07-14 2020-12-31 12740479 d:Buildings 2020-12-31 12740479 d:Buildings 2020-07-13 12740479 d:CurrentFinancialInstruments 2020-12-31 12740479 d:Non-currentFinancialInstruments 2020-12-31 12740479 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 12740479 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 12740479 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 12740479 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 12740479 d:ShareCapital 2020-12-31 12740479 d:SharePremium 2020-12-31 12740479 d:RetainedEarningsAccumulatedLosses 2020-12-31 12740479 c:FRS102 2020-07-14 2020-12-31 12740479 c:Audited 2020-07-14 2020-12-31 12740479 c:FullAccounts 2020-07-14 2020-12-31 12740479 c:PrivateLimitedCompanyLtd 2020-07-14 2020-12-31 12740479 c:SmallCompaniesRegimeForAccounts 2020-07-14 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 12740479

BYRON PLACE RETAIL PROPERTIES LTD

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2020

BYRON PLACE RETAIL PROPERTIES LTD

COMPANY INFORMATION

Directors	M. Freed
	G. Katz
	R. Shtarkman


Registered number	12740479


Registered office	54 Broadfield Ave
	Edgware
	HA8 8SW


Independent auditors	Wilder Coe Ltd
	Chartered Accountants & Statutory Auditors 1st Floor, Sackville House
	143-149 Fenchurch Street
	London
	EC3M 6BL

BYRON PLACE RETAIL PROPERTIES LTD

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 7

BYRON PLACE RETAIL PROPERTIES LTD

REGISTERED NUMBER: 12740479

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020
Note		£

Fixed assets
Tangible assets	4		15,276,109
Current assets
Debtors	5	421,018
Cash at bank and in hand		343,315
		764,333
Creditors: amounts falling due within one year	6	(476,802)
Net current assets			287,531
Total assets less current liabilities			15,563,640
Creditors: amounts falling due after more than one year	7		(7,766,013)
Net assets			7,797,627

Capital and reserves
Allotted, called up and fully paid share capital			1,000
Share premium account			7,399,000
Profit and loss account			397,627
Equity shareholders' funds			7,797,627

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Directors' Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
29 March 2022.

M. Freed

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

BYRON PLACE RETAIL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Byron Place Retail Properties Ltd (Company number: 12740479), having its registered office and principal place of business at 54 Broadfields Ave, Edgware, England, HA8 8SW, is a private limited company incorporated in England and Wales.
The principal place of business is Byron Place Shopping Centre, Seaham, SR7 7DR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company was incorporated on 14 July 2020 and the financial statements cover the period from 14 July 2020 to 31 December 2020.

The following principal accounting policies have been applied:

2.2

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 2

BYRON PLACE RETAIL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

2.10

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

2.11

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.

Page 3

BYRON PLACE RETAIL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.12

Current and deferred taxation

Tax is recognised in the Statement of 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 Balance Sheet in the United Kingdom where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Employees

The average monthly number of employees, including directors, during the period was 3.

Page 4

BYRON PLACE RETAIL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4.	Tangible fixed assets

		Freehold property
		£
	Cost or valuation
	At 14 July 2020	-
	Additions	15,276,109
	At 31 December 2020	15,276,109

	Net book value
	At 31 December 2020	15,276,109

	The net book value of land and buildings may be further analysed as follows:
					2020
					£

	Freehold	15,276,109

The fair value of the freehold investment property has been determined with reference to valuations performed by Colliers International Valuation UK LLP.

Debtors

					2020
					£

	Due within one year
	Trade debtors	362,921
	Prepayments and accrued income	58,097
		421,018

Page 5

BYRON PLACE RETAIL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6.	Creditors: Amounts falling due within one year
		2020
		£

	Aviva loan (note 8)	162,450
	Trade creditors	47,462
	Corporation tax	93,271
	Other taxation and social security	67,982
	Accruals and deferred income	105,637
		476,802

7.	Creditors: Amounts falling due after more than one year
		2020
		£

	Aviva loan (note 8)	7,766,013

8.	Loans
	Analysis of the maturity of loans is given below:
		2020
		£

	Amounts falling due within 1 year
	Aviva loan	162,450
	Amounts falling due 1-5 years
	Aviva loan	649,800
	Amounts falling due after more than 5 years
	Aviva loan	7,116,213
		7,928,463

Secured loans
The loan with Aviva Commercial Finance Limited is repayable by instalments and is secured by fixed legal charges over the property to which it relates and a floating charge over the assets of the Company. The loan incurs interest at the fixed rate of 3.2% per annum and is repayable by 20 October 2028.

9.	Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose transactions with group entities on the grounds that it is a wholly-owned subsidiary undertaking.

Page 6

BYRON PLACE RETAIL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

10.	Contingent liabilities

The Company is party to a multi-lateral cross guarantee between itself, Nakashi LLP, Weston Favell Retail Properties Limited and Birchwood Retail Properties Ltd in favour of Aviva Commercial Finance Limited in respect of loans of the group undertakings. A contingent liability therefore exists to the extent of the indebtedness to Aviva of the group undertakings. At 31 December 2020 the contingent liability was £35,886,725. No liability is expected to crystallise in this respect.

11.	Immediate and ultimate parent undertaking

At 31 December 2020 the Company's immediate parent undertaking was Nakashi LLP, a company incorporated in England and Wales.
As at 31 December 2020 the Company's ultimate parent undertaking was Eastgate Property 3 LLC, a company incorporated in the USA.
The group in which the Company's results are consolidated is headed by Nakashi LLP. The consolidated accounts may be obtained from:
54 Broadfields Ave
Edgware
HA8 8SW
There is no smaller or larger group in which the Company's results are consolidated.

12.	Auditors' information

The Company was subject to an audit for the period ended 31 December 2020. The audit report issued by Chris Abbott ACA CTA MAAT, as Senior Statutory Auditor of Wilder Coe Ltd, was issued with an unqualified opinion. 29 March 2022

Page 7