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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Leeds Dock Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

In November 2024, the bank exercised their right to issue a valuation on the investment property. It is of their opinion that the property is valued at £20,717,196. This reduction resulted in a breach of the covenant on the bank facility. As such, the full loan value is due for repayment within 12 months.

The company is in a net current liability position as at 31 December 2024 of £23,749,780 (2023: £24,353,241). The company has various debt obligations it is required to meet and as a result has undertaken a thorough review to ensure the company will continue to be able to meet its liabilities for a periods of at least 12 months from the signing date of the financial statements. The most significant of these are related party and bank loans.

The company has £8,098,989 (2023: £7,599,370) owed to group undertakings as at the balance sheet date. These are repayable on demand and not interest bearing. However, the directors have received confirmation that these liabilities will not be demanded within the next 12 month period from the signing date of the accounts. No additional funds are anticipated in the company's cashflow forecasts. Furthermore, the company had a cash balance of £1,303,759 (2023: £567,906) as at the balance sheet date.

Whilst there is some uncertainty within any assumption, the financial statements have been prepared on a going concern basis as the board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.

Turnover is recognised at the fair value of the consideration received or receivable in respect of rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major sources:

• Rental income

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

The company earns rental income from leasing out commercial investment properties. Rental income is recognised on a straight-line basis over the lease term. Rent-free periods are allocated evenly over the term of the lease.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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 current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine whether leases entered into by the company either as a lessor or a lessee are to recognised as a operating lease or finance lease as defined in Section 20 of FRS 102. The decision is based on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

The Company has finance lease obligations of £2,827,196 (2023: £2,734,977). This has been presented in Note 10 of the financial statements.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property is initially measured at cost and is subsequently remeasured to fair value at the end of each reporting period. Remeasuring the investment property gives rise to estimation uncertainty. The directors valuation is based on an external valuation, undertaken in November 2024 by an external, independent valuer having an appropriate recognised professional qualification and recent experience in the location and class of properties being valued. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was carried out in accordance with RICS valuation Global Standards June 2017 by Cushman & Wakefield Debenham Tie Leung Limited.

The investment property has been valued at £20,717,196 (2023: £30,422,069) at the year end. This has been presented in Note 7 of the financial statements.

The average monthly number of persons (including directors) employed by the company during the year was:

The company had no employees during the current and prior year, other than the directors, whom received no remuneration.

The directors, who have significant experience in the valuating of similar real estate, have given a fair value on an existing use basis at 31 December 2024 of £20,717,196 (2023: £30,422,069).

This also includes £2,827,196 (2023: £2,657,599) in respect of the Head Lease for which an equivalent finance lease liability is recognised (Note 10) and expenditure of £336,274 (2023: £325,306) incurred during the year.

The valuation has identified there to have been a decrease in value of the investment property in the year of £9,747,833 (2023: £7,375,682)

The directors valuation is based on an external valuation, undertaken in November 2024 by an external, independent valuer having an appropriate recognised professional qualification and recent experience in the location and class of properties being valued. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was carried out in accordance with RICS valuation Global Standards June 2017 by Cushman & Wakefield Debenham Tie Leung Limited.

The amounts due from group undertakings and related parties are repayable on demand and not interest bearing.

Included within other debtors is £525,994 (2023: £2,188,030) arising from rent free periods which will be realised in periods after more than one year.

The amounts due to group undertakings are repayable on demand and not interest bearing.

Interest on the loan is charged at 2.62% above the SONIA GBP Compound rate (2023: 2.62% above the SONIA GBP Compound rate). The loan is secured by a fixed charge against the property and debentures in place from both the company and its parent company Allied London Leeds Holding Company Three Limited,

The loan balance includes unamortised arrangement fees of £nil (2023: £153,813) and the hedge valuation asset of £nil (2023: (£83,903)).

Finance lease payments represent rentals payable by the company for land and buildings. No restrictions are placed on the use of the buildings. The lease term is 150 years with 142 years remaining as at the balance sheet date. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Called up share capital represents the nominal value of the shares issued. All shares carry no fixed right to income and rank pari-passu in every respect.

The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Material uncertainties relating to going concern

We draw attention to Note 1.2 of the financial statements, which states the company is loss making in the year as a result of the downward revaluation of investment property, resulting in the statement of financial position being in a net liabilities position at the year end. Further to this, the downward revaluation has meant that bank covenants have been breached, making the bank loan due in full on demand. The lenders of these facilities holds a charge over the company and these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The company is guarantor of loans to the balance of £4,000,000 (2023: £4,000,000) taken out by an associated company, All Work and Social Leeds Dock Limited. These loans are also secured over the assets of the associated company.

The company has taken advantage of the exemption allowed by Section 33.1A ("Related Party Disclosures") of the Financial Reporting Standard 102, not to disclose related party transactions with entities that are 100% owned members of the same group. There are no other related party transactions other than as disclosed.

The immediate parent company is Allied London Leeds Holding Company Three Limited, a company incorporated in England and Wales.

Ultimate controlling party

The ultimate parent company is Capital Holdco Limited, a company registered in the British Virgin islands.