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 income statement within the financial statements.true

J. Safra Real Estate UK Limited is a private company limited by shares incorporated in England and Wales (company number: 08642316). The registered office is 47 Berkeley Square, London, W1J 5AU.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The accounts have been prepared on the going concern basis, as the parent company, J.S. Immo Luxembourg SA has confirmed they will provide continued financial support to allow the company to trade and continue to meet its liabilities as and when they fall due for at least 12 months from the date of signing the financial statements.

As a result the Directors believe that the Company can successfully manage its business risks and the Directors have a reasonable expectation that the Company will have access to adequate resources to continue to trade for the foreseeable future. Therefore they believe it is appropriate to continue to adopt the going concern basis in preparing the annual report and the financial statements.

Turnover represents amounts receivable for services net of VAT.

Revenue is comprised of property and asset management fees which are billed in different ways based on the type of services provided. For services which are provided on a time apportioned basis, they are recognised when the company has a contractual right to do so, and allocated to the period that the service relates. All fees are included only when they can be reliably estimated.

Property, plant and equipment 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.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 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.

Basic financial assets, which include trade and other receivables 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 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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

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 income statement 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 income statement, 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Consolidated financial statements

The directors have taken exemption under the Companies Act 2006 s.405(3(a)), to not prepare group financial statements on the basis that the company has hindered rights over the subsidiary as a result of long-term restrictions placed on the subsidiary by other entities in the group structure.

Prior year adjustment - Note 11

During the current financial year, the company undertook a review of its accounting treatment of certain balances relating to deposits held on behalf of third parties. Historically, these balances were recognised on a gross basis, with corresponding cash and cash equivalents, debtor and creditor amounts recorded in the Statement of Financial Position. However, following this review and in line with updated assessment of the underlying arrangements, it was determined that the company acts in the capacity of an agent rather than as principal in these transactions.

Accordingly, it has been concluded that the corresponding cash and cash equivalents, debtor and creditor balances previously recognised do not meet the criteria for recognition under an agency arrangement. As such, the comparative figures for the year ended 31 December 2023 have been restated to derecognise these amounts.

This restatement has no impact on the company’s previously reported net assets or profit or loss for the comparative period.

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.

The directors have assessed that they are an agent with regards to security deposits held due to the control exercisable in relation to these amounts and the rights to the future benefits of holding them. As a result the security deposits and relating returns on them are not included within the financial statements.

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

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:

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 profit 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 following amounts were outstanding at the reporting end date:

All the balances due to related parties are interest-free, unsecured and repayable on demand.

The following amounts were outstanding at the reporting end date:

All the balances due from related parties are interest-free, unsecured and repayable on demand.

The immediate parent company is J.S. Immo Luxembourg SA, a company incorporated in Luxembourg.

The ultimate parent undertaking is JS International Holdings Limited, a company incorporated in the Bahamas. The ultimate controlling party is Ms Vicky Safra and her children.

During the current financial year, the company undertook a review of its accounting treatment of certain balances relating to deposits held on behalf of third parties. Historically, these balances were recognised on a gross basis, with corresponding cash and cash equivalents, debtor and creditor amounts recorded in the Statement of Financial Position. However, following this review and in line with updated assessment of the underlying arrangements, it was determined that the company acts in the capacity of an agent rather than as principal in these transactions.

Accordingly, it has been concluded that the corresponding cash and cash equivalents, debtor and creditor balances previously recognised do not meet the criteria for recognition under an agency arrangement. As such, the comparative figures for the year ended 31 December 2023 have been restated to derecognise these amounts.

This restatement has no impact on the company’s previously reported net assets or profit or loss for the comparative period.

Effect of Restatement on the Prior Year Statement of Financial Position:

Explanation of Adjustment:

The adjustment relates solely to the reclassification of balances associated with deposits held on behalf of customers. Under the revised assessment, the company is deemed to be acting as an agent with no control over the economic benefits of the associated assets and obligations. Therefore, neither the cash and cash equivalents from customers and associated interest nor the payables to the ultimate beneficiaries are recognised on the company’s Statement of Financial Position.