SOUTHSIDE NOMINEES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.Accounting policies
The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Companies Act 2006. The financial statements are prepared under the historical cost convention.
Southside Nominees No.1 Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 05462848). 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 2021. The financial statements are prepared in Pounds Sterling (£).
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Statement of Comprehensive Income and other primary statements
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There was no activity in the Company for the year ended 31 March 2021 and consequently no Statement of Comprehensive Income has been disclosed.
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Amounts due from related parties
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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.
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.
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Amounts due from related parties
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Southside General Partner Limited
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Total amounts due from related parties
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The unsecured amounts due from related parties are interest free, repayable on demand with no fixed repayment date.
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Ordinary shares of £1.00 each
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The immediate parent company is Southside General Partner Limited.
At 31 March 2021 Southside General Partner Limited is jointly owned by Land Securities Portfolio Management Limited, registered in England and Wales, and IREEF Southside Propco Sarl, registered in Luxembourg, with each owning 50% of the share capital. Therefore, there is no ultimate controlling party.
Consolidated financial statements for the year ended 31 March 2021 for Land Securities Group PLC, the ultimate parent of Land Securities Portfolio Management Limited, can be obtained from the Company Secretary at the registered office of the ultimate parent company, 100 Victoria Street, London, SW1E 5JL, and from the Group’s website at www.landsec.com.
IREEF Southside Propco Sarl is included in the consolidated Annual Accounts of Invesco Real Estate - European Fund FCP-SIF. The audited consolidated financial statements are available from the Register of Commerce and Companies, Luxembourg.
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