Company No: 15412854 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.12.2024
		£
Fixed assets
Tangible assets	4	12,299,163
Investments	5	( 475,000)
		11,824,163
Current assets
Debtors	6	49,453
Cash at bank and in hand	7	336,254
		385,707
Creditors: amounts falling due within one year	8	( 5,930,512)
Net current liabilities		(5,544,805)
Total assets less current liabilities		6,279,358
Creditors: amounts falling due after more than one year	9	( 7,500,000)
Net liabilities		( 1,220,642)
Capital and reserves
Called-up share capital	10	1
Profit and loss account		( 1,220,643 )
Total shareholder's deficit		( 1,220,642)

For the financial period 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 period 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 Orkacap (Project Granite) Ltd (registered number: 15412854) were approved and authorised for issue by the Board of Directors. 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 period, unless otherwise stated.

General information and basis of accounting

Orkacap (Project Granite) 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

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	not depreciated
Plant and machinery etc.	3 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

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 and investments in non-puttable ordinary shares.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

	Period from 15.01.2024 to 31.12.2024
	Number
Monthly average number of persons employed by the company during the period, excluding directors	0

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 15 January 2024	0		0		0
Additions	10,219,948		2,764,333		12,984,281
At 31 December 2024	10,219,948		2,764,333		12,984,281
Accumulated depreciation
At 15 January 2024	0		0		0
Charge for the financial period	0		685,118		685,118
At 31 December 2024	0		685,118		685,118
Net book value
At 31 December 2024	10,219,948		2,079,215		12,299,163

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 15 January 2024	0		0
At 31 December 2024	0		0
Carrying value at 31 December 2024	( 475,000)		( 475,000)

6. Debtors

	31.12.2024
	£
Prepayments	49,452
Other debtors	1
	49,453

7. Cash and cash equivalents

	31.12.2024
	£
Cash at bank and in hand	336,254

8. Creditors: amounts falling due within one year

	31.12.2024
	£
Trade creditors	14,142
Amounts owed to group undertakings	2,650,000
Other taxation and social security	( 140,000)
Other creditors	3,406,370
	5,930,512

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

	31.12.2024
	£
Bank loans	7,500,000

The company has granted legal charges over its assets in favour of the lenders as security for the loan.

10. Called-up share capital

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

11. Related party transactions

Transactions with owners holding a participating interest in the entity

	31.12.2024
	£
Amounts owed to entities with control, joint control or significant influence over the company.	3,250,000

Other related party transactions

	31.12.2024
	£
Amounts owed to related parties	2,650,000

12. Ultimate controlling party

Parent Company:

Orkacap III LLP

35 Ballards Lane London N3 1XW