Company No: 01937044 (England and Wales)

Contents

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

Directors	Irina Virtorovna Fraydl (Resigned 30 June 2025)
	Sophie Matilda Pullen
	Jeremy David Tredennick Titchen

Registered office	42 Southwark Street
	London
	SE1 1UN
	United Kingdom

Company number

01937044 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	43,406		61,090
Investment property	4	39,429,279		37,328,883
		39,472,685		37,389,973
Current assets
Debtors	5	382,564		274,494
Cash at bank and in hand	6	4,198,230		5,676,142
		4,580,794		5,950,636
Creditors: amounts falling due within one year	7	( 2,665,652)		( 4,265,285)
Net current assets		1,915,142		1,685,351
Total assets less current liabilities		41,387,827		39,075,324
Provision for liabilities	8	( 5,515,334)		( 5,148,857)
Net assets		35,872,493		33,926,467
Capital and reserves
Called-up share capital	9	50,000		50,000
Revaluation reserve		31,003,218		31,003,218
Profit and loss account		4,819,275		2,873,249
Total shareholder's funds		35,872,493		33,926,467

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These 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 Southwark Square limited (registered number: 01937044) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

Sophie Matilda Pullen Director

1. Accounting policies

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

General information and basis of accounting

Southwark Square limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 42 Southwark Street, London, SE1 1UN, United Kingdom.

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

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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 current 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	5 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 profit or loss. 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 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		8

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 January 2024	7,916		48,030		65,282		121,228
Additions	0		0		3,716		3,716
At 31 December 2024	7,916		48,030		68,998		124,944
Accumulated depreciation
At 01 January 2024	1,897		19,212		39,029		60,138
Charge for the financial year	1,583		9,606		10,211		21,400
At 31 December 2024	3,480		28,818		49,240		81,538
Net book value
At 31 December 2024	4,436		19,212		19,758		43,406
At 31 December 2023	6,019		28,818		26,253		61,090

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	37,328,883
Additions	2,100,396
As at 31 December 2024	39,429,279

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost less accumulated depreciation	6,596,012		4,567,576

5. Debtors

	2024		2023
	£		£
Trade debtors	138,719		110,110
Amounts owed by associates	17,925		17,304
Prepayments	77,215		146,080
VAT recoverable	137,704		0
Other debtors	11,001		1,000
	382,564		274,494

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	4,198,230		5,676,142

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	91,510		107,769
Amounts owed to Group undertakings	1,218,704		1,035,276
Accruals and deferred income	707,591		196,313
Taxation and social security	111,784		563,199
Other creditors	536,063		2,362,728
	2,665,652		4,265,285

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 5,148,857)		( 5,356,624)
(Charged)/credited to the Profit and Loss Account	( 366,477)		207,767
At the end of financial year	( 5,515,334)		( 5,148,857)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	( 467,990)		( 101,513)
Revaluation of investment property	( 5,047,344)		( 5,047,344)
	( 5,515,334)		( 5,148,857)

9. Called-up share capital and reserves

	2024		2023
	£		£
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each	50,000		50,000
Presented as follows:
Called-up share capital presented as equity	50,000		50,000

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2024		2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,261		1,548

The pension cost charge represents contributions payable by the company to the fund and amounted to £6,991 (2023: £6,492).

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

East India Saratov is a related company as Mrs I Fraydl is a director of the company. At the year end the
company was owed £17,925 (2023: £17,304).

Transactions with the entity's directors

The company made payments to Mrs I Fraydl of £1,102,968 (2023: £248,803 ) during the period. At the
balance sheet date she was owed £286,691 by the company (2023: £1,389,659).

12. Ultimate controlling party

Parent Company:

Henry George Holdings Limited

6.20 World Trade Center, 6 Bayside Road, Gibraltar.

Mrs I Fraydl and members of her family are the ultimate controlling party.