Registered number
10810947
Cloak Lane London Ltd
Accounts
For the year ended 31 December 2024
delivered to the Registrar of Companies under section 444 of the Companies Act 2006
Cloak Lane London Ltd
Registered number: 10810947
Balance Sheet
As at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 6 20,900,000 22,400,000
Current assets
Debtors 7 720,781 403,803
Cash at bank 188,970 417,247
909,751 821,050
Creditors: amounts falling due within one year 8 (29,514,314) (29,033,363)
Net current liabilities (28,604,563) (28,212,313)
Net liabilities (7,704,563) (5,812,313)
Capital and reserves
Share capital 9 100 100
Fair value reserve 10 (7,822,097) (6,322,097)
Retained earnings 117,434 509,684
Shareholders deficit (7,704,563) (5,812,313)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
Ahmet Tohma
Director
Approved by the board on 29 August 2025
Cloak Lane London Ltd
Notes to the Accounts
For the year ended 31 December 2024
1 Company information
The company is a private company limited by shares, incorporated in England and registered at 2nd Floor, 23 College Hill, London, EC4R 2RP.
2 Accounting policies
2.1 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
2.2 Going concern
The accounts have been prepared on the going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets and the company's total liabilities exceeded its total assets. Based on a review of the company's forecasts for 2025 and 2026 and the availability of financial resources, including the bank loan refinancing plans referred to in Note 11, the related party loan referred to in Note 13, and further support as required from the ultimate beneficial owner, the directors consider that, whilst a material uncertainty related to going concern exists, the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these accounts. The directors also confirm that their plans for future actions required to enable the company to continue as a going concern are feasible. Therefore, the directors consider that the going concern basis remains appropriate for preparing the company's accounts.
2.3 Property income
Property income is measured at the fair value of the rents and other property income receivable, net of discounts and value added taxes. Property income under operating leases is recognised on a straight-line basis over the lease term, net of any lease incentives granted.
2.4 Tangible assets
Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
Equipment and fittings over 4 years
2.5 Investment properties
Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the fair value reserve. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the directors or independent professional valuers.
2.6 Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.7 Creditors
Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.8 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
3 Audit information
The audit report is: Unqualified with material uncertainty related to going concern
Senior statutory auditor: Rosa Kaban
Firm: Kaban & Company Ltd
Date of audit report: 29 August 2025
4 Employees 2024 2023
Number Number
Average number of persons employed - -
5 Tangible assets
Equipment and fittings
£
Cost
At 1 January 2024 4,367
At 31 December 2024 4,367
Depreciation
At 1 January 2024 4,367
At 31 December 2024 4,367
Net book value
At 31 December 2024 -
6 Investment property
£
Fair value
At 1 January 2024 22,400,000
Loss in fair value (1,500,000)
At 31 December 2024 20,900,000
7 Debtors 2024 2023
£ £
Trade debtors 299,422 372,503
Amounts owed by group undertakings 395,866 9,525
Other debtors 25,493 21,775
720,781 403,803
8 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan, secured on the company's investment property 11,075,454 15,400,000
Trade creditors 91,862 72,597
Amounts owed to group undertakings 2,423,784 1,616,000
Taxation and social security 5,421 8,789
Other creditors 15,917,793 11,935,977
29,514,314 29,033,363
9 Share capital 2024 2023
£ £
Allotted, called up and fully paid:
100 Ordinary shares of £1 each 100 100
10 Fair value reserve 2024 2023
£ £
At 1 January 2024 (6,322,097) (7,122,097)
(Loss)/gain in fair value of investment property (1,500,000) 800,000
At 31 December 2024 (7,822,097) (6,322,097)
11 Events after the reporting date
The company's bank loan referred to in Notes 8 and 12 expired on 2 July 2025. Following the expiry of the bank loan, the company entered into an amended bank loan agreement with the same bank for an amount of £11,109,285 and an expiry date of 30 September 2025.

The company is in the process of arranging alternative financing with alternative lenders to replace the bank loan upon its expiry on 30 September 2025. The ultimate beneficial owner, Turgay Ciner, has confirmed that in the event that the company is unable to arrange alternative financing, he would provide funds to the company in order for the company to repay the bank loan by 30 September 2025.
12 Financial commitments
The company's £11,075,454 bank loan referred to in Note 8 is a composite facility under which a fellow subsidiary has also borrowed £9,827,938. The two companies have given joint guarantees to the lender and the facilities are secured on both companies' properties.
13 Related party matters
Amounts owed by group undertakings in Note 7 and amounts owed to group undertakings in Note 8 are interest-free and unsecured.

Included in the other creditors in Note 8 is an interest-free and unsecured loan of £15,302,880 (2023: £10,999,445) from Turgay Ciner, the ultimate beneficial owner. Although the loan is repayable on demand, confirmations have been received that repayment will not be sought whilst the company may continue to need it.
14 Controlling party
The company is a wholly owned subsidiary of Mining, Minerals and Chemicals Ltd, registered at Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands. The ultimate beneficial owner is Turgay Ciner.
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