Proxima Spain 1 Limited
Registered number: 12984639
Director's report and
unaudited financial statements
For the year ended 31 December 2022
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PROXIMA SPAIN 1 LIMITED
COMPANY INFORMATION
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PROXIMA SPAIN 1 LIMITED
CONTENTS
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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PROXIMA SPAIN 1 LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The director presents his report and the unaudited financial statements for the year ended 31 December 2022.
The principal activity of the Company is that of a holding company.
The prior period accounting reference date was for the 14 month period ended 31 December 2021 and therefore the prior period results are not directly comparable.
The loss for the year, after taxation, amounted to €34,263 (period ended 31 December 2021: loss of €14,628).
The director does not recommend the payment of a dividend for the year (2021: €nil).
The director who served during the year and to the date of this report was:
Director's responsibilities statement
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The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards 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 inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
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PROXIMA SPAIN 1 LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company manages its cashflows, liquidity positions and borrowings on a forecast basis.
The director has considered the impact of the negative economic outlook on the future performance of the Company. The past year has been characterised by high inflation and rising interest rates, which have led to lower property valuations, the scarcity of debt financing and a general wait-and-see attitude in the real estate and lending markets.
The Company have considered the going concern assumption for the Company in light of these developments. As part of the assessment on the wider group level assessment on the cash flow forecasts for the period to December 2024, the director specifically considered the potential impact on rental income (i.e., the ability of the tenants to pay rents), having additionally considered the effect of stressed assumptions on property valuations, on LTV ratios and on the availability/cost of debt finance.
The Company currently has net current assets of €54,125,987 (2021: net current assets of €53,898,789) and a cash balance of €279 (2021: €133).
The wider group refinanced its debt in April 2022. The facility agreement has a 2-year term with three 1-year extension options. This is at the borrower's discretion. The wider group has hedged its exposure to interest rates with interest rate caps; at 31 December 2022, 90% of its outstanding debt was hedged with an average strike rate of 2.08%.
Accordingly, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and is well protected against further interest rate rises for the foreseeable future. Thus, it continues to adopt the going concern basis of accounting in preparing the annual report and financial statements.
Qualifying third party indemnity provisions
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The Company has made qualifying third party indemnity provisions for the benefit of its director which was made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year.
The Company has taken the exemption under section 414B of the Companies Act 2006 from the requirements to prepare a Strategic report for the current financial year.
Economic impact of global events
UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid 19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The director has carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The director has taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
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PROXIMA SPAIN 1 LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Post balance sheet events
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On 28 February 2023 the Company registered a fixed charge with CBRE Loan Services GmBH as security agent in relation to a bank loan taken out by fellow subsidiaries of the Company's group.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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PROXIMA SPAIN 1 LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROXIMA SPAIN 1 LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2022
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the Company for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance/.
Respective responsibilities of director and accountants
You have acknowledged on the balance sheet for the year ended 31 December 2022 your duty to ensure that the Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and loss. You consider that the Company is exempt from the statutory requirement for an audit for the year.
This report is made solely to the director of Proxima Spain 1 Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the director in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept nor assume responsibility to anyone other than the Company and its director for our work or for this report.
We have not been instructed to carry out an audit or review of the financial statements of Proxima Spain 1 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Mazars LLP
Chartered Accountants
2nd Floor
6 Sutton Plaza
Sutton Court Road
Sutton
Surrey
SM1 4FS
5 September 2023
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PROXIMA SPAIN 1 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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14 months ended 31 December 2021
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year/period
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Other comprehensive income
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Total comprehensive loss for the year/period
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The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 9 to 20 form part of these financial statements.
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PROXIMA SPAIN 1 LIMITED
REGISTERED NUMBER: 12984639
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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PROXIMA SPAIN 1 LIMITED
REGISTERED NUMBER: 12984639
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 9 to 20 form part of these financial statements.
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PROXIMA SPAIN 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive loss for the period
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Other comprehensive income for the period
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Total comprehensive loss for the period
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Shares issued during the period
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Total transactions with owners
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Comprehensive loss for the year
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Other comprehensive income for the year
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Total comprehensive loss for the year
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Total transactions with owners
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The notes on pages 9 to 20 form part of these financial statements.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Proxima Spain 1 Limited ('the Company') is a private company limited by shares incorporated in England and Wales. The Company's registered number is 12984639. The registered office address is 67 Grosvenor Street, London, England, W1K 3JN.
The principal activity of the Company is that of a holding company.
The prior period accounting reference date was for the 14 month period ended 31 December 2021 and therefore the prior period results are not directly comparable.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. Except for certain disclosure exemptions detailed below, the recognition, measurement and disclosure requirements of UK-adopted International Accounting Standards have been applied to these financial statements, and where necessary, amendments have been made in order to comply with the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been prepared in Euros as this is the Company's functional currency and the currency in which the Company undertakes the majority of its financial transactions and is rounded to the nearest Euro. The rate of exchange used in the Statement of Financial Position is 0.8862 (2021: 0.8396).
The following principal accounting policies have been applied:
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 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, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Proxima 2 Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
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Impact of new international reporting standards, amendments and interpretations
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There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2022 that have had a material impact on the company's financial statements.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company manages its cashflows, liquidity positions and borrowings on a forecast basis.
The director has considered the impact of the negative economic outlook on the future performance of the Company. The past year has been characterised by high inflation and rising interest rates, which have led to lower property valuations, the scarcity of debt financing and a general wait-and-see attitude in the real estate and lending markets.
The Company have considered the going concern assumption for the Company in light of these developments. As part of the assessment on the wider group level assessment on the cash flow forecasts for the period to December 2024, the director specifically considered the potential impact on rental income (i.e., the ability of the tenants to pay rents), having additionally considered the effect of stressed assumptions on property valuations, on LTV ratios and on the availability/cost of debt finance.
The Company currently has net current assets of €54,125,987 (2021: net current assets of €53,898,789) and a cash balance of €279 (2021: €133).
The wider group refinanced its debt in April 2022. The facility agreement has a 2-year term with three 1-year extension options. This is at the borrower's discretion. The wider group has hedged its exposure to interest rates with interest rate caps; at 31 December 2022, 90% of its outstanding debt was hedged with an average strike rate of 2.08%.
Accordingly, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and is well protected against further interest rate rises for the foreseeable future. Thus, it continues to adopt the going concern basis of accounting in preparing the annual report and financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is Euros.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Interest receivable and similar income
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Interest income is recognised in profit or loss using the effective interest method.
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Interest payable and similar expenses
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Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries 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 reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the Company’s accounting policies
The director does not consider there to be any critical judgements made in the process of applying the company's accounting policies.
Key sources of estimation uncertainty
The director does not consider there to be any key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
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The operating loss is stated after charging:
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Year ended 31
December
2022
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14 months ended 31 December 2021
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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The Company has no employees other than the director, who did not receive any remuneration (period ended 31 December 2021: €nil).
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Interest receivable and similar income
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Year ended 31
December
2022
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14 months ended 31 December 2021
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Loans to group undertakings
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Interest payable and similar expenses
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Year ended 31
December
2022
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14 months ended 31 December 2021
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Loans from group undertakings
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14 months ended 31 December 2021
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Taxation on loss on ordinary activities
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8.Taxation (continued)
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Factors affecting tax charge for the year/period
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The tax assessed for the year/period is higher than (period ended 2021: higher than) the standard rate of corporation tax in the UK of 19% (period ended 2021:19%). The differences are explained below:
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Year ended 31 December 2022
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14 months ended 31 December 2021
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (period ended 31 December 2021: 19%).
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Expenses not deductible for tax purposes
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Capital allowances for year/period in excess of depreciation
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Total tax charge for the year/period
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Factors that may affect future tax charges
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The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Renting of real estate assets
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Renting of real estate assets
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings after one year are unsecured, interest bearing at 4.80% (2021: 4.80%) and payable in full by 2030.
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Amounts owed by group undertakings
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Amounts owed by group undertakings within one year are unsecured, interest free and payable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings within one year are unsecured, interest free and repayable on demand. During the year, the Company registered fixed charges with CBRE Loan Services GmBH as security agent in relation to a bank loan taken out by fellow subsidiaries of the Company's group.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings after one year are unsecured, interest bearing at 4.80% (2021: 4.80%) and repayable in full by 2030.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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Amounts owed to group undertakings
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Total amounts due after more than five years
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Allotted, called up and fully paid
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100 (2021: 100) ordinary shares of £1 each
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The Company has one class of ordinary shares; each share carries one voting right per share but no right
to fixed income.
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Profit and loss account
This reserve represents the cumulative losses of the Company.
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Related party transactions
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The Company is a wholly owned subsidiary of Proxima 2 Limited and has taken advantage of exemption offered by FRS 101 from the requirements of IAS 24 Related Party Disclosures not to disclose key management personnel compensation and from the requirements in IAS 24 Related Party Disclosures not to disclose related party transactions entered into between two or more members of a group.
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Post balance sheet events
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On 28 February 2023 the Company registered a fixed charge with CBRE Loan Services GmBH as security agent in relation to a bank loan taken out by fellow subsidiaries of the Company's group.
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PROXIMA SPAIN 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The immediate parent undertaking is Proxima 3 Limited, a company incorporated in England and Wales. Its registered office address is 67 Grosvenor Street, London, England, W1K 3JN.
The ultimate parent undertaking and controlling party is Proxima 1 LP, a limited partnership incorporated in England and Wales. Its registered office address is 67 Grosvenor Street, London, England, W1K 3JN. This is the largest group in which the results of the Company are consolidated. These accounts are not publicly available. The smallest group in which the results of the Company are consolidated is that headed by Proxima 2 Limited. Copies of the Group's financial statements may be obtained from Companies House.
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