REGISTERED NUMBER: 13107904 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NGRE LOGISTICS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S Caragher

C M Fagan

A N Walker

REGISTERED OFFICE:

94 Onslow Gardens

South Kensington

London

SW7 3BS

REGISTERED NUMBER:

13107904 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Investment property

4

10,610,000

10,357,324

CURRENT ASSETS

Debtors

5

239,002

257,801

Cash at bank

11,841

61,439

250,843

319,240

CREDITORS

Amounts falling due within one year

6

6,796,340

6,679,329

NET CURRENT LIABILITIES

(6,545,497

)

(6,360,089

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,064,503

3,997,235

CREDITORS

Amounts falling due after more than one year

7

(4,525,650

)

(4,750,650

)

PROVISIONS FOR LIABILITIES

(83,966

)

(39,396

)

NET LIABILITIES

(545,113

)

(792,811

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

(555,113

)

(802,811

)

(545,113

)

(792,811

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

C M Fagan - Director

A N Walker - Director

1.	STATUTORY INFORMATION

NGRE Logistics Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has net current liabilities at the year end. The directors and shareholders have reviewed the current and projected financial position of the company, making reasonable assumptions about the future trading performance and agreeing to continue to support the company by deferring their loan accounts. The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

10,357,324

Additions

125,676

Revaluations

127,000

At 31 December 2024

10,610,000

NET BOOK VALUE

At 31 December 2024

10,610,000

At 31 December 2023

10,357,324

Fair value at 31 December 2024 is represented by:

£

Valuation in 2022

(105,899

)

Valuation in 2023

(880,000

)

Valuation in 2024

127,000

Cost

11,468,899

10,610,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

11,468,899

11,343,223

The investment properties were valued on an open market basis on 31 December 2024 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

239,002

242,185

Other debtors

-

10,638

VAT

-

4,978

239,002

257,801

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

225,000

225,000

Amounts owed to group undertakings

5,222,439

5,363,925

VAT

38,860

-

Other creditors

766,274

766,274

Deferred income

183,501

180,812

Accrued expenses

360,266

143,318

6,796,340

6,679,329

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

4,525,650

225,000

Bank loans - 2-5 years

-

4,525,650

4,525,650

4,750,650

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

4,750,650

4,975,650

Rothschild & Co Wealth Management (UK) Limited holds security in the form of a fixed and floating

charge covering all property owned by the company.

9.	RELATED PARTY DISCLOSURES

The company owed £5,222,439 (2023: £5,363,925) to Noon Giraffe Real Estate Limited, a shareholder of the company. Interest has been charged at 7%.

The company owed £766,274 (2023: £766,247) to J Walker, a shareholder of the company. Interest has been charged at 7%.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NGRE Logistics Ltd for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at icaew.com/membershandbook.

This report is made solely to the Board of Directors of NGRE Logistics Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NGRE Logistics Ltd and state those matters that we have agreed to state to the Board of Directors of NGRE Logistics Ltd, as a body, in this report in accordance with icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NGRE Logistics Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that NGRE Logistics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NGRE Logistics Ltd. You consider that NGRE Logistics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NGRE Logistics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

29 September 2025