| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| EARL STREET INVESTMENTS LTD. |
| REGISTERED NUMBER: |
| 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: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| 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 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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 were approved by the director and authorised for issue on |
| 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 |
| 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 |
| 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 |
| Other movement | ( |
) |
| At 31 December 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| $ | $ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| $ | $ |
| Trade creditors |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| $ | $ |
| Other creditors |
| 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. |