Company No: 12456521 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	22,607,740		18,056,755
		22,607,740		18,056,755
Current assets
Debtors	4	579,516		251,031
Cash at bank and in hand	5	615,260		2,214,085
		1,194,776		2,465,116
Creditors: amounts falling due within one year	6	( 314,220)		( 3,602,836)
Net current assets/(liabilities)		880,556		(1,137,720)
Total assets less current liabilities		23,488,296		16,919,035
Creditors: amounts falling due after more than one year	7	( 23,358,498)		( 18,850,100)
Net assets/(liabilities)		129,798		( 1,931,065)
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account		129,797		( 1,931,066 )
Total shareholder's funds/(deficit)		129,798		( 1,931,065)

The notes on pages 8 to 14 form part of these financial statements.

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 Statement of Comprehensive Income has not been delivered.

The financial statements of Orkacap (Project Boscombe) Ltd (registered number: 12456521) were approved and authorised for issue by the Director. They were signed on its behalf by:

R V Malhotra Director

30 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

Orkacap (Project Boscombe) Ltd (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 35 Ballards Lane, London, N3 1XW, 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 Statement of Financial Position date.

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:

Land and buildings	50 years straight line
Plant and machinery etc.	10 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.

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

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future
cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Profit and loss account if the shares are publicly
traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

2. Employees

	Year ended 31.12.2024		Period from 01.03.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the company during the year, excluding directors	0		0

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	18,707,946		567,634		19,275,580
Additions	348,014		0		348,014
At 31 December 2024	23,692,754		567,634		24,260,388
Accumulated depreciation
At 01 January 2024	1,060,221		158,604		1,218,825
Charge for the financial year	377,060		56,763		433,823
At 31 December 2024	1,437,281		215,367		1,652,648
Net book value
At 31 December 2024	22,255,473		352,267		22,607,740
At 31 December 2023	17,647,725		409,030		18,056,755

4. Debtors

	31.12.2024		31.12.2023
	£		£
Amounts owed by group undertakings	15,240		11,400
Prepayments	118,085		197,292
Other debtors	446,191		42,339
	579,516		251,031

5. Cash and cash equivalents

	31.12.2024		31.12.2023
	£		£
Cash at bank and in hand	615,260		2,214,085

6. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	31,078		3,641
Amounts owed to group undertakings	0		3,439,612
Accruals	233,142		139,422
Taxation and social security	50,000		0
Other creditors	0		20,161
	314,220		3,602,836

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

	31.12.2024		31.12.2023
	£		£
Bank loans	15,903,000		15,000,000
Other loans	7,435,940		3,453,369
Accruals	19,558		396,731
	23,358,498		18,850,100

The company has granted a legal charge over its property in favour of the lender as security for the loan.

8. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.0001 each	1		1

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	31.12.2024		31.12.2023
	£		£
Amounts owing to owners holding a participating interest in the entity	0		0
	0		0

Orkacap LLP owns 100% of the shares in Orkacap (Project Boscombe) Ltd . Orkacap (Project Boscombe) Ltd borrowed money from its parent via a subsidiary. At 31 December 2024 the total owed to Orkacap LLP by Orkacap (Project Boscombe) was £6,815,488 (2023: £687,922).

Other related party transactions

	31.12.2024		31.12.2023
	£		£
Amounts owing to related parties	0		0
Orka Student Club Ltd	0		343,961
The loan bears interest rate of 10% p.a., maturing in 5 years' time. Orka Student Club Ltd is a member of Orkacap LLP.	0		0
KH V 115 Properties Limited	0		3,095,651
The loan bears interest rate of 10% p.a., maturing in 5 years' time. KH V 115 Properties Limited is a member of Orkacap LLP.	0		0
KH V 115 Properties Limited	0		3,095,651
The loan is interest free and is repayable on demand.	0		0
Orka Student Club Ltd	0		343,961
The loan is interest free and is repayable on demand.	0		0
Amounts owing by related parties	0		0
Monies received owing to Orkacap (Project Boscombe) Limited	0		0

10. Loans

Analysis of the maturity of loans is given below:

	31.12.2024		31.12.2023
	£		£
Amounts falling due 2-5 years	15,903,000		15,000,000
Other loans	7,435,940		3,453,369
	23,338,940		18,453,369

11. Ultimate controlling party

Parent Company:

Orkacap LLP

35 Ballards Lane London N3 1XW