HECF SOHO 2 LIMITED
HECF SOHO 2 LIMITED
HECF SOHO 2 LIMITED
Company Registration Number:
06132894 (England and Wales)
Unaudited statutory accounts for the year ended 31 March 2021
Period of accounts
Start date: 1 April 2020
End date: 31 March 2021
HECF SOHO 2 LIMITED
Contents of the Financial Statements
for the Period Ended 31 March 2021
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes |
HECF SOHO 2 LIMITED
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2021
Principal activities of the company
Directors
The director shown below has held office during the whole of the period from
1 April 2020 to 31 March 2021
The directors shown below have held office during the period of
1 April 2020 to 14 October 2020
The directors shown below have held office during the period of
14 October 2020 to 31 March 2021
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
HECF SOHO 2 LIMITED
Profit And Loss Account
for the Period Ended
| 2021 | 2020 | |
|---|---|---|
| | £ | £ |
| Turnover: | | |
| Cost of sales: | ( | ( |
| Gross profit(or loss): | | |
| Distribution costs: | ( | ( |
| Administrative expenses: | ( | ( |
| Other operating income: | | |
| Operating profit(or loss): | | |
| Interest payable and similar charges: | ( | ( |
| Profit(or loss) before tax: | | |
| Profit(or loss) for the financial year: | | |
HECF SOHO 2 LIMITED
Balance sheet
As at
| Notes | 2021 | 2020 | |
|---|---|---|---|
| | £ | £ | |
| Current assets | |||
| Debtors: | 4 | | |
| Investments: | 5 | | |
| Total current assets: | | | |
| Prepayments and accrued income: | | ||
| Creditors: amounts falling due within one year: | 6 | ( | ( |
| Net current assets (liabilities): | | ( | |
| Total assets less current liabilities: | | | |
| Accruals and deferred income: | ( | ( | |
| Total net assets (liabilities): | | | |
| Capital and reserves | |||
| Called up share capital: | | | |
| Profit and loss account: | | | |
| Total Shareholders' funds: | | |
The notes form part of these financial statements
HECF SOHO 2 LIMITED
Balance sheet statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101 Turnover policy
Revenue recognitionIncome is provided for on an accrual basis to the extent that it is recoverable. i) Rent receivableRent receivable comprises income from operating leases and lease incentives accounted for in the period.Rents have been included in the financial statements to the extent that they are receivable within theperiod and are stated net of VAT. Benefits to the lessees in the form of rent free periods are treated as areduction in the overall return on the lease in accordance with IFRS 16 and are recognised on a straightlinebasis over the life of the lease term.ii) Service charge incomeThe Company recharges service charge expenses incurred during the period to the tenants of itsproperties.iii) InsuranceThe Company recharges insurance expenses incurred to the tenants of its properties.All turnover within the Company has arisen within the United Kingdom, where the investment property is situated. Tangible fixed assets depreciation policy
Investment property is property held either to earn rental income or for capital appreciation or both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is measured at cost, including transaction costs, on initialrecognition and subsequently at fair value with any change therein recognised in profit or loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. Fair value is determined at each statement of financial position date. In addition, the investment properties are valued by independent professional valuers at least once a year. Subsequent expenditure relating to investment property that has already been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of originally assessed standard of performance of the existing asset, will flow to the Company. All other subsequentexpenditure is recognised as an expense in the period in which it is incurred. Investment property is derecognised when either they have been disposed of or when no future economic benefit is expected from their disposal. Any gains or losses on the disposal are recognised in the profit or loss. Valuation information and policy
In 2020 the company used a valuation performed by its external valuer, CBRE Limited, as the fair value of its investment property.The valuation of investment property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from thatparticular property. As a result the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumption which may not prove to beaccurate, particularly in periods of volatility or low transactions flow in the market. Other accounting policies
The company has taken advantage of the following disclosure exemption under FRS101:-the requirements of IFRS7 Financial Instruments Disclosures-the requirements of paragraphs 91-99 IFRS 13 Fair Value Measurement-the requirement in paragraph 38 of IAS 1 "Presentation of Financial Statements to present comparative information in respect of:- paragraph 79(a)(iv) of IAS1- paragraph 73(e) and of IAS16 Property, Plant and Equipment- paragraph 118(e) of IAS 38 Intangible Assets- paragraphs 76 and 79(d) of IAS 40 Investment Property; and- the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and134-136 of IAS1 Presentation of Financial statements- the requirements of IAS7 Statement of Cash Flows- the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in AccountingEstimates and Errors- the requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member- the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS36 Impairment of AssetsThe equivalent disclosures relating to IFRS7, IFRS 13 and IAS 36 are included in the consolidated financial statements of Hines Real Estate Master FCP-FIS in which the Company is consolidated.
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
-
2. Employees
2021 2020 Average number of employees during the period 0 0
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
3. Fixed assets investments note
On 23 October 2020, the ownership of the investment property was transferred to the Company's parent entity, HECF Soho Limited for a consideration of £78,000,000. As at 31 March 2020, the valuations were prepared by CBRE, independent valuers in accordance with RICS valuation standards. Investment property is property held either to earn rental income or for capital appreciation or both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or foradministrative purposes. Investment property is measured at cost, including transaction costs, on initial recognition and subsequently at fair value with any change therein recognised in profit or loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. Fair value is determined at each statement of financial position date. In addition, the investment properties arevalued by independent professional valuers at least once a year. Subsequent expenditure relating to investment property that has already been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of originally assessed standard of performance of the existing asset, will flow to the Company. All other subsequent expenditure is recognised as an expense in the period in which it is incurred. Investment property is derecognised when either they have been disposed of or when no future economic benefit is expected from their disposal. Any gains or losses on the disposal are recognised in the profit or loss.
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
4. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade debtors | | |
| Other debtors | | |
| Total | | |
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
5. Current assets investments note
The Company is required to judge when there is sufficient subjective 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 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 filing or company voluntary arrangement 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.
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
6. Creditors: amounts falling due within one year note
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Other creditors | | |
| Total | | |
HECF SOHO 2 LIMITED
Notes to the Financial Statements
for the Period Ended 31 March 2021
7. Financial Commitments