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REGISTERED NUMBER: 10212215 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EARL STREET INVESTMENTS LTD.

EARL STREET INVESTMENTS LTD. (REGISTERED NUMBER: 10212215)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3


EARL STREET INVESTMENTS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







Director: Mr R Lanava





Secretary: Vistra Cosec Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H 0BL





Registered number: 10212215 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL

EARL STREET INVESTMENTS LTD. (REGISTERED NUMBER: 10212215)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes $ $
FIXED ASSETS
Investments 4 2,000,810 5,500,735

CURRENT ASSETS
Debtors 5 1,063 585
Cash at bank 276,645 395,007
277,708 395,592
CREDITORS
Amounts falling due within one year 6 (8,067 ) (4,187 )
NET CURRENT ASSETS 269,641 391,405
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,270,451

5,892,140

CREDITORS
Amounts falling due after more than one year 7 (32,754,849 ) (32,754,849 )
NET LIABILITIES (30,484,398 ) (26,862,709 )

CAPITAL AND RESERVES
Called up share capital 15,000,001 15,000,001
Other reserves 414,998 414,998
Retained earnings (45,899,397 ) (42,277,708 )
(30,484,398 ) (26,862,709 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 August 2025 and were signed by:





Mr R Lanava - Director


EARL STREET INVESTMENTS LTD. (REGISTERED NUMBER: 10212215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Earl Street Investments Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentation currency is the US Dollar ($), and rounded to the nearest Dollar.

The US Dollar is the denomination of the company's share capital and the primary economic environment of its shareholders. Foreign currency exposures arising from its investments are hedged back into US Dollars ($).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounting policies have been applied consistently year on year. There are no critical accounting adjustments used in the preparation of the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is derived from the interest on the loans issued recognised on an accrual basis using the effective interest rate.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial assets, including investments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

EARL STREET INVESTMENTS LTD. (REGISTERED NUMBER: 10212215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Investments are held at their fair value with gains or losses recognised in the profit and loss account.

Interest expense
Interest expense is recognised using the effective interest rate method.

Going concern
The company has incurred losses of $3,621,689 (2023: $5,165,802) and has net liabilities of $30,484,398 (2023: $26,862,709) and is reliant on the parent company not to request repayment of the loan notes in other creditors: falling due in more than one year. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Other loans
$
At 1 January 2024 5,500,735
Other movement (3,499,925 )
At 31 December 2024 2,000,810

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$ $
Other debtors 1,063 585

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$ $
Trade creditors 4,281 585
Other creditors 3,786 3,602
8,067 4,187

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
$ $
Other creditors 32,754,849 32,754,849

Amounts included within other creditors refer to the secured debt funding which matures on 31 December 2027.

8. ULTIMATE CONTROLLING PARTY

The company is owned by Gramercy GUSA Secured Holdings LLC, which is wholly owned by four private shareholders, each owning more than 20%. Their registered office is: The Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, United States of America.

Accordingly, there is no ultimate controlling party.