King William St Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

King William St Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05495948 . The registered office is 68 King William Street, London, EC4N 7HR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

King William St Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 December 2024 (2023: 31 December 2023).

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2. Going Concern Disclosure

At the balance sheet date, the company has shareholders' funds of £15,599,064 (2023: £12,239,618), having incurred a profit for the year of £3,359,446 (2023: loss of £5,158,105). Included within creditors is £37,679,423 (2023: £34,438,995) relating to amounts due to its immediate and ultimate parent companies who have confirmed that repayment, will not be sought for at least 12 months from the date of approval of these accounts.

The directors are satisfied that the ultimate parent undertaking has the means to provide financial and non-financial support and that such support will be forthcoming if required. On the basis of the availability of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis, albeit noting that the intention of the parent company is no guarantee of continuation of funding.

The financial forecasts prepared by the directors, which reflect that the property is fully tenanted, show that the company should be able to operate within the facilities available to it with continued parent company support.

The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

2.3. Significant judgements and estimations

The preparation of the financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Management bases its estimates and judgements on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis for making judgements about the carrying value of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates under different assumptions and conditions.

The estimates and judgements that have a significant effect on the amounts recognised in the financial statements are detailed as below:

Investment property valuation

At each reporting date, the directors assess the fair value of the investment property based on the advice of leading, external, property valuers. Nevertheless, the fair value is subjective and may not be representative of the potential price which might actually be achieved between a willing buyer and a willing seller at the balance sheet date.

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King William St Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Turnover

The whole of the turnover is attributable to the principal activity of the company, being the rental of commercial property. Lease incentives offered to tenants are spread over the life of the relevant leases.

All turnover arose within the United Kingdom.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% on reducing balance
Computer Equipment	25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6. Investment Properties

Property that is held for long-term rental yield or for capital appreciation or both and that is not occupied by the Company is classified as investment property.

Investment property is initially measured at cost, including related transaction costs and borrowing costs.

After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. Valuations are performed as of the statement of financial position date by professional valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the financial statements.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Some of those outflows are recognised as a liability whereas others are not recognised in the financial statements until a later date.

Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred.

The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property.

Changes in fair values are recognised in the Statement of Comprehensive Income. Investment property is derecognised either when it has been disposed of or when the investment property is permanently withdrawn from the use and no future economic benefit is expected from its disposal.

If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment, and its fair value at date of reclassification becomes its cost for subsequent accounting purposes.

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King William St Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Borrowing costs

Borrowing costs primarily comprise interest on the company's borrowings. All borrowing costs are expensed in the period in which they are incurred and reporting within 'interest payable and similar expenses'. No general borrowing costs have been capitalised in relation to qualifying assets.

2.11. Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction in income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is

diminished.

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King William St Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 1 (2023: 1)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	238,079	2,659	240,738

As at 31 December 2024	238,079	2,659	240,738

Depreciation
As at 1 January 2024	59,520	1,994	61,514
Provided during the period	44,640	166	44,806

As at 31 December 2024	104,160	2,160	106,320

Net Book Value
As at 31 December 2024	133,919	499	134,418

As at 1 January 2024	178,559	665	179,224

5. Investment Property

	2024
	£
Fair Value
As at 1 January 2024	101,280,000
Other	(510,588 )
Fair value adjustments	4,790,588

As at 31 December 2024	105,560,000

The investment property at the reporting date was valued at £105,560,000. The valuation is based on a professional valuation undertaken on 5 April 2025. The directors believe that the value of the property would not be materially different to the April 2025 valuation.

6. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	527,496	369,091
Due after more than one year
Other debtors	8,593,432	6,958,682

	9,120,928	7,327,773

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King William St Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	61,700	253,348
Bank loans and overdrafts	66,500,000	66,606,192
Amounts owed to group undertakings	37,679,423	34,438,995
Other creditors	12,330	233,017
Taxation and social security	215,569	6,639

	104,469,022	101,538,191

Amounts due to group companies are unsecured and are interest free. The loans are repayable in November 2025, although the expectation is that repayment will not be called for and the facilities extended for a further 12 months.

The following secured debts are included within bank loans:

2024 2023

£ £

Mortgage loan 62,500,000 62,500,000

Bank Loan 4,000,000 4,106,192

-------------- ---------------

66,500,000 66,606,192

======== ==========

The mortgage loan is a short term facility which is renewed on annual basis. The facility was renewed in March 2024 until 31 March 2025. Interest is charged at 1,15% over base rate.

The bank loan is repayable on demand and carries interest at a rate of .75% over Base Rate . The loan is secured by a legal over the company's investment property as well as guarantees provided by other group members.

8. Loans

An analysis of the maturity of loans is given below:

	2024	2023
	£	£
Amounts falling due within one year or on demand:
Bank loans	66,500,000	66,606,192

9. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	2,095,667	-

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King William St Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	13,990,260	13,990,260

The issued share capital of the company is 13,990,260 (2023: 13,990,260) Ordinary shares of £1 each.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

11. Reserves

Share premium account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares is deducted from share premium.

Profit and loss account

The profit and loss accounts represents accumulated profits and losses for the current period and prior periods less dividends paid.

12. Related Party Disclosures

The company paid consultancy fees totalled to £100,000 (2023 £100,000) to Premium Property Investment and Consultancy Limited, a company of which the Directors, P A Reed and W J G Doo, are directors and shareholders with controlling power. The transactions were in the ordinary course of business and at arms length.

13. Controlling Parties

The company's immediate parent undertaking is The Gateway to London City Limited , a company registered in UK and with a registered address of 68 King William Street, London, EC4N 7HR.

The ultimate parent undertaking is Cosmic King Group Limited (incorporated in Virgin Islands, British). Its registered office is Vistra Corporate Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. .

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		134,418		179,224
Investment Properties	5		105,560,000		101,280,000

			105,694,418		101,459,224
CURRENT ASSETS
Debtors	6	9,120,928		7,327,773
Cash at bank and in hand		7,348,407		4,990,812

		16,469,335		12,318,585
Creditors: Amounts Falling Due Within One Year	7	(104,469,022 )		(101,538,191 )

NET CURRENT ASSETS (LIABILITIES)			(87,999,687 )		(89,219,606 )

TOTAL ASSETS LESS CURRENT LIABILITIES			17,694,731		12,239,618

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(2,095,667 )		-

NET ASSETS			15,599,064		12,239,618

CAPITAL AND RESERVES
Called up share capital	10		13,990,260		13,990,260
Share premium account			479,998		479,998
Profit and Loss Account			1,128,806		(2,230,640 )

SHAREHOLDERS' FUNDS			15,599,064		12,239,618

P A Reed Director	W J G Doo Director
29 September 2025