Registered number: 11914653 (England and Wales)
22 BISHOPSGATE LOCATION LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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22 BISHOPSGATE LOCATION LIMITED
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COMPANY INFORMATION
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ZEDRA Corporate Reporting Services (UK) Limited
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22 BISHOPSGATE LOCATION LIMITED
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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22 BISHOPSGATE LOCATION LIMITED
REGISTERED NUMBER:11914653
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BALANCE SHEET
AS AT 31 DECEMBER 2022
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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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Net current (liabilities)/assets
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Total assets less current liabilities
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22 BISHOPSGATE LOCATION LIMITED
REGISTERED NUMBER:11914653
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
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Capital contribution reserve
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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 statement of comprehensive income in accordance with provisions applicable to companies 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 4 to 10 form part of these financial statements.
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22 BISHOPSGATE LOCATION LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Capital contribution reserve
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At 1 January 2021 (as previously stated)
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Capital contribution - prior year adjustment
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At 1 January 2021 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 10 form part of these financial statements.
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.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 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 functional and presentational currency of the Company is Pounds Sterling as that is the primary currency in which the entity operates.
The following principal accounting policies have been applied:
The directors have prepared these financial statements on the going concern basis as it is their intention to continue trading for a period of at least 12 months from the date of this report.
At 31 December 2022, the Company was in a net asset position of £3,043,828. The directors have assessed the expected future cashflow requirement of the Company in conjunction with the forecasts of the Company and the parent company, and have concluded required cashflows and support remain available. The Company has received written confirmation from its intercompany creditors that they do not intend to recall these loans until the Company has sufficient capital to repay them and will continue to support the Company for at least 12 months from the approval of this report.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue 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 revenue 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.
Other operating income relates to income received from the Company's partner in accordance with the Managed Services Agreement ("MSA") to design and develop the space at 22 Bishopsgate, London, ready for the launch of the meetings and events business in 2022. Other operating income is recognised in accordance with the distribution of costs under the MSA.
Other operating income is recognised when relevant expenditure is incurred.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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Long-term leasehold property
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Over the length of the lease term
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, 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.
Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Management have exercised judgement in assessing the carrying values of leasehold improvements. At the reporting date they have assessed whether there are any indicators of impairment or if such assets should be depreciated. There was no indication of impairment as the leasehold improvements had begun to generate revenues and they are expected to continue to do so. This is a significant judgement which may cause material misstatement.
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 29 September 2023 by Dominic King ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.
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The average monthly number of employees, including directors, during the year was 15 (2021 - 0).
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Charge for the year on owned assets
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The Company's primary business is the operation of a meetings and events space within 22 Bishopsgate ("the building"). The Company operates a Managed Service Agreement with the owner of the building to use a space within the building for their primary activities. This agreement is not intended to create a lease arrangement in law between the Company and the owner and it is the judgement of the directors that this is not a leasing arrangement for accounting purposes. The Company has incurred costs to facilitate the design and fit out of the meetings and events space; these cost are capitalised and will be depreciated over their useful lives based on the Company's expectation of revenue generation from these assets. Costs incurred by the Company which are reimbursed directly by the owner are expensed in the year that they are incurred in accordance with FRS 102. The reimbursements are recorded in profit or loss as other operating income as described in Note 1.5.
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Prepayments and accrued income
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
In the current year, it was identified that an amount of £6,151,902 was incorrectly classified as amounts owed to group, this balance has been reclassified as a capital contribution held within equity. There was no effect on the Profit and Loss Account.
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Capital contribution reserve
Capital contribution reserve represents an amount of £6,151,902 contributed by other group companies. The immediate parent undertaking contributed £3,343,549 with an intermediate parent company contributing £2,808,353.
Profit and loss account
The profit and loss accont represents accumulated profits and losses.
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22 BISHOPSGATE LOCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than one year and not later than five years
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The commitment reflects the amounts payable under a managed service agreement whereby a lower fee is paid to the owner of the building for the use of the space in a form which does not constitute a lease, as described in Note 4.
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Sentry Centers Holdings LLC, is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the ultimate parent company is 101 Greenwich Street, 5th Floor, New York, NY, 10006.
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Post balance sheet events
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There were no adjusting or non-adjusting events between the end of the reporting period and the date these financial statements were approved.
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