Company No: 15503568 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Yutaka Hayasaka (Appointed 19 February 2024)
	Hiroki Yajima (Appointed 01 April 2025)

REGISTERED OFFICE	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH
	United Kingdom

COMPANY NUMBER

15503568 (England and Wales)

AUDITOR	Ernst & Young LLP
	Statutory Auditor
	25 Churchill Place
	London
	E14 5EY
	United Kingdom

	Note	31.12.2024
		£
Fixed assets
Investment property	5	58,530,000
		58,530,000
Current assets
Debtors	6	421,464
Cash at bank and in hand		3,120,036
		3,541,500
Creditors: amounts falling due within one year	7	( 2,103,414)
Net current assets		1,438,086
Total assets less current liabilities		59,968,086
Net assets		59,968,086
Capital and reserves
Called-up share capital	8	103
Share premium account	10	59,579,645
Undistributable reserve		( 904,627 )
Profit and loss account		1,292,965
Total shareholder's funds		59,968,086

The notes on pages 13-19 form part of the financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of NREA 55 St James's Street 1 Limited (registered number: 15503568) were approved and authorised for issue by the Board of Directors on 23 July 2025. They were signed on its behalf by:

Yutaka Hayasaka Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

NREA 55 St James's Street 1 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006. The company was incorporated on 19 February 2024. As the company was operating less than a year there is no comparatives available. The address of the Company's registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements have been presented in Pounds Sterling (£), this being the functional currency of the Company and currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

The business is earning rental income which the directors believe will be sufficient to meet the day to day cash requirement for the company. The financial statements have been prepared on a going concern basis. In making this going concern assessment, the directors have given consideration to current performance, market conditions, and cash flow forecasts.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Rental income stated net of value added tax, are recognised on an accruals basis and are derived from the Company’s continuing principal activity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

In December 2021, the OECD released a framework for Pillar Two Model Rules which will introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over €750 million.

The legislation implementing the rules in the UK was substantively enacted on 20 June 2023 and will apply to the company from this financial year onwards. The company continues to review this legislation and monitor developments.

We do not expect that the 15% global minimum tax rate would affect materially the amount of tax the company pays. The company has applied the temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two rules.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

The company is within the scope of these rules and estimates that there should be no top up tax required. The company continues to review this legislation and monitor developments.

Administrative expenses

Administrative expenses are recognised by the Company as they are incurred on an accruals basis. The Company’s administrative expenses include all of the operational costs of running the business including premises costs, together with other costs such as travel costs, marketing costs, information technology costs and legal and professional fees.

Cost of Sales

Cost of sales are recognised by the Company as they are incurred on an accruals basis. The Company’s cost of sales expenses include management fees.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in undistributable reserves. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Establishing fair value of investment properties

Fair value is determined by Jones Lang LaSalle Limited, external Chartered Surveyors, who measure the investment property on the basis of fair value in accordance with the RICS Valuation - Global Standard 2022.

3. Employees

	Period from 19.02.2024 to 31.12.2024
	Number
Monthly average number of persons employed by the Company during the period, including directors that are unpaid	2

4. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

	Period from 19.02.2024 to 31.12.2024
	£
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements:	43,000
Total audit fees	43,000

There are no non-audit services.

5. Investment property

	Investment property
	£
Valuation
As at 19 February 2024	0
Additions	59,434,627
Fair value movement	(904,627)
As at 31 December 2024	58,530,000

Jones Lang Lasalle Limited, external Chartered Surveyors, valued the investment property at fair value in accordance with RICS Valuation - Global Standard 2025 at at 31 December 2024.

6. Debtors

	31.12.2024
	£
Trade debtors	46,055
Amounts owed by Group undertakings	306,363
Prepayments and accrued income	34,046
Other debtors	35,000
	421,464

For Amounts owed by Group undertakings of £306,363 relates to £348,841 (stamp duty) - £42,478 (rental income) owing from NREA 55 St James’s St 2 Limited.

7. Creditors: amounts falling due within one year

	31.12.2024
	£
Accruals and deferred income	810,357
Corporation tax	430,989
Other taxation and social security	123,078
Other creditors	738,990
	2,103,414

8. Called-up share capital

	31.12.2024
	£
Allotted, called-up and fully-paid
103 Ordinary shares of £ 1.00 each	103

In the financial year 2024 103 Ordinary shares were allotted with an aggregate nominal value of £1.00 per share and total consideration of £59,579,748 was received.

9. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial period.

10. Reserves

Share premium account

The share premium account represents the excess of consideration paid, over the nominal value, on the purchase of Share capital.

Undistributable reserve

The undistributable reserve represents the deficit between the original cost on acquisition of the property and the fair value of the property as shown in these financial statements. This is a non-distributable reserve.

Profit and loss account

The profit and loss account of £1,292,965 represents the cumulative profits of the Company. The profit and loss account balance is available for distribution by way of dividend.

11. Audit Opinion

The auditor's report on the accounts for the financial period ended 31 December 2024 was unqualified.

The audit report was signed by Thomas Culhane on behalf of Ernst & Young LLP.

12. Ultimate controlling party

Parent Company:

The immediate parent undertaking is Nomura Real Estate Asia Pte. Ltd, a company incorporated in Singapore.

The ultimate parent company is Nomura Real Estate Holdings, Inc (NREHI), a company registered in Japan. The registered office address of NREHI is Shinjuku Nomura Building 1 26 2 Nishi Shinjuku, Shinjuku Ku, Tokyo, Japan, 163 0566. Nomura Real Estate Holdings, Inc prepares consolidated financial statements which include the results of 127 Charing Cross Road Limited. The smallest undertaking that prepares consolidates financial statements that include the results of the company is Nomura Real Estate Development Co., Ltd, the registered office is Shinjuku Nomura Building 1-26-2 Nishi- Shinjuku, Shinjuku Ku, Tokyo, Japan, 163-0566 and the largest is Nomura Real Estate Holdings, Inc. ("NREHI") a company registered in Japan. The registered office address of NREHI is Shinjuku Nomura Building 1-26-2 Nishi- Shinjuku, Shinjuku Ku, Tokyo, Japan, 163-0566. Consolidated financial statements are publicly available and may be obtained from this address.