Company No: 11701009 (England and Wales)

Contents

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

Director	R M Harris (Resigned 25 April 2024)
	L G Marks

Secretary

I Gadilhe

Registered office	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

11701009 (England and Wales)

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

	Note	2024		2023
		£		£
Fixed assets
Investment property	4	9,875,000		7,406,411
		9,875,000		7,406,411
Current assets
Debtors	5	596,112		776,118
Cash at bank and in hand		142,915		1,059,656
		739,027		1,835,774
Creditors: amounts falling due within one year	6	( 13,336,754)		( 13,055,474)
Net current liabilities		(12,597,727)		(11,219,700)
Total assets less current liabilities		(2,722,727)		(3,813,289)
Net liabilities		( 2,722,727)		( 3,813,289)
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		( 2,722,728 )		( 3,813,290 )
Total shareholder's deficit		( 2,722,727)		( 3,813,289)

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.

Director's 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 director acknowledges 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 Rias Old Street Limited (registered number: 11701009) were approved and authorised for issue by the Director on 25 September 2025. They were signed on its behalf by:

L G Marks 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

Rias Old Street 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 2nd Floor, 168 Shoreditch High Street, London, E1 6RA, 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 £.

Going concern

Despite the company reporting net current liabilities of £12,597,727 (2023: £11,219,700) and net liabilities of £2,722,727 (2023: £3,813,289) as at 31 December 2024, the financial statements have been prepared on a going concern basis. Included within Creditors: amounts due within one year is an amount of £12,220,079 (2023: £12,360,079) due to the company's immediate parent undertaking, Rias Investments One Limited have confirmed that they will not call for repayment of this sum until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors, and for a period of at least twelve months from the date of approval of the financial statements.

For this reason, the director continues to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rent and service charges from tenants, credit for which is taken on an accrual basis excluding discounts, rebates, value added tax and other sales taxes.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

5 years straight line

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.

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 January 2024	7,818		7,818
At 31 December 2024	7,818		7,818
Accumulated depreciation
At 01 January 2024	7,818		7,818
At 31 December 2024	7,818		7,818
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	7,406,411
Additions	1,332,854
Fair value movement	1,135,735
As at 31 December 2024	9,875,000

The 2024 valuation was made by the director, on an open market value for existing use basis.

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	14,292,488		12,959,634

5. Debtors

	2024		2023
	£		£
Trade debtors	79,827		10,237
Amounts owed by Group undertakings	0		16,193
Prepayments	9,500		0
VAT recoverable	0		58,948
Other debtors	506,785		690,740
	596,112		776,118

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	17,495		49,599
Amounts owed to Group undertakings	12,763,886		12,360,079
Accruals and deferred income	112,499		125,805
Taxation and social security	( 5,807)		102,836
Other creditors	448,681		417,155
	13,336,754		13,055,474

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

8. Ultimate controlling party

The company regards Rias Investments One Limited, a company registered in England and Wales as its immediate and ultimate parent company.