Company No: 14746686 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
				Restated - note 2
Current assets
Debtors
- due within one year	4	1,122,869		452,207
- due after more than one year	4	11,183,869		11,311,335
Cash at bank and in hand		7,332		68,953
		12,314,070		11,832,495
Creditors: amounts falling due within one year	5	( 7,964)		( 8,528)
Net current assets		12,306,106		11,823,967
Total assets less current liabilities		12,306,106		11,823,967
Creditors: amounts falling due after more than one year	6	( 15,476,205)		( 11,960,277)
Net liabilities		( 3,170,099)		( 136,310)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 3,170,199 )		( 136,410 )
Total shareholder's deficit		( 3,170,099)		( 136,310)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Tellon Two Treasury Limited (registered number: 14746686) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

B Hamburger Director

29 September 2025

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 period, unless otherwise stated.

General information and basis of accounting

Tellon Two Treasury 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 First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Reporting period length

The financial statements have been presented for the 12 month period while the comparative financial statement was a 13 month period from the incorporation date of 21 March 2023 to 31 December 2023. This means the amounts in the financial statements are not entirely comparable.

Turnover

Revenue represents interest and fees receivable on loans and advances. Revenue is recognised to the extent that it is probable that economic benefits will flow into the company and arises solely in the United Kingdom.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Prior year adjustment

In the prior year financial statements the intercompany loans receivables were incorrectly classified as a current asset. As a result, the comparative figures has now been rectified by way of prior year adjustment's to show as a non-current. There is no impact on net assets or profit for the year.

3. Employees

	Year ended 31.12.2024		Period from 21.03.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	0		0

4. Debtors

	31.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Other debtors	1,122,869		452,207
Debtors: amounts falling due after more than one year
Other debtors	11,183,869		11,311,335

In the prior year financial statements, certain loan balances were incorrectly classified as due within one year. This has been corrected through a prior year adjustment.

5. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Other creditors	7,964		8,528

6. Creditors: amounts falling due after more than one year

	31.12.2024		31.12.2023
	£		£
Other creditors	15,476,205		11,960,277

The loan facility with Cogito Capital Fund II Management Limited is for £13,000,000. The loan is secured on the properties held by Carter Victoria Ltd, Carter Victoria Freehold Ltd, 50 HSS Ltd and Cassio Watford Ltd. It accrues interest at the rate of 6.0% p.a. + the higher of the Bank of England base rate and 3.0%. The loan facility repayment date has been extended to 01 January 2027.

The finance costs are amortised over the term of the loan.

7. Related party transactions

The company has taken advantage of the exemption available in accordance with Section 1AC.35 of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

8. Ultimate controlling party

In the opinion of the directors there is no ultimate controlling party.