ST MICHAELS UK PROPCO LIMITED

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  -64%

  £4,275,064 → £1,537,797

• Net assets

  +8.1%

  £12,616,642 → £13,634,178

  highest in 4 filed years

• Employees

  —

  Not reported

• Operating profit

  -75.4%

  £4,134,446 → £1,017,442

• Profit before tax

  -75.4%

  £4,134,446 → £1,017,536

  first positive since 2022

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102 §1A

Reporting scope

Standalone (parent only)

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors have prepared a forecast for the next 12 months... which demonstrates the ability of the company to further fund the delivery of its business plan. This assumption is based on the cash available in the company and the external financing that is available to be called upon. Refinancing of the external finance took place on 13 February 2025 and this provided immediate cash to cover the associated refinance costs, a contribution to the remaining capital expenditure and a liquidity buffer to meet any other costs until rental income starts to build. The new facility also allows for drawdowns on the loan to cover further expenditure as needed. Practical Completion was achieved on 6 February 2025. The building was fully let ahead of Practical Completion... directors believe that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Significant events

• “At the balance sheet date the company had entered into contracts with Jacksons Row Developments Limited whereby amounts of £9.3m will become due should there be a sale of the shares in St Michaels UK Propco Limited or there is an asset sale of the phase 1 St Michaels development. The directors have assessed the likelihood that these conditions have not been met at the balance sheet date and unlikely to meet in the foreseeable future, hence only a contingent liability has been disclosed in the financial statements.”
• “On 6 February 2025 the property achieved practical completion and therefore the leases relating to rental income commenced.”
• “On 13 February 2025 the company refinanced its external funding facilities. As part of this refinance, existing loans of £68,676,600 were settled in full and replaced with new loans for an amount of £79,452,847. The new facilities allow the company to borrow up to an amount of £100,772,500. Blended interest of 3.27% above SONIA is charged on the new loans.”
• “On 13 February 2025 19.3m fully paid ordinary shares were issued as consideration for the capitalisation of the entirety of the outstanding aggregate principal amounts of £19.3m under the interest bearing loans between St Michaels S.A.R.L. and St Michaels UK Propco Limited.”
• “On 21 February 2025 two new derivative contracts were entered into. A premium of £1,044,000 was paid on one contract and a premium of £323,000 was paid on the other contract. Both contracts mature in February 2028.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.