REGISTERED NUMBER: 15321387 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

FOR

DALSTON SHOPPING CENTRE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr F Ahmad

Mr D Hanif

Mr K Bal

REGISTERED OFFICE:

C/O Zedwell Hotel

Great Windmill Street

London Trocadero

London

W1D 7DH

REGISTERED NUMBER:

15321387 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Investment property

4

36,140,786

CURRENT ASSETS

Debtors

19,163,910

Cash at bank

32,609

19,196,519

CREDITORS

Amounts falling due within one year

37,300,894

NET CURRENT LIABILITIES

(18,104,375

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,036,411

CREDITORS

Amounts falling due after more than one year

18,624,500

NET LIABILITIES

(588,089

)

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

(588,091

)

(588,089

)

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 October 2025 and were signed on its behalf by:

Mr F Ahmad - Director

1.	STATUTORY INFORMATION

Dalston Shopping Centre 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due as the immediate and ultimate parent company, Act Property Holdings Limited and ACT Finance Limited, which provide finance to the subsidiaries of Act Property Holdings Limited , have indicated their willingness in writing to provide the necessary support to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of signature of these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Preparation of the financial statements requires the members and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

- Fair value of investment properties.

Turnover

Turnover represents rent and other income net of VAT and trade discounts.

Income from the rental of properties is recognised when the income is receivable under the contract or lease document, when the amount can be measured reliably and it is probable such income will be received.

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Properties transfered between companies from the same group are recognised at fair value on the date of the transfer.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realised the asset and settle the liability simultaneously.

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 period 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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Leases

Rental income from operating leases, including any lease incentives, is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on straight line basis over the lease term.

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Trade and other creditors

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

36,140,786

At 31 March 2025

36,140,786

NET BOOK VALUE

At 31 March 2025

36,140,786

Investment property was transferred from Central London Investments Limited, a company registered in Isle of Man. Both Dalston Shopping Centre Limited and Central London Investments Limited are 100% subsidiaries of Act Property Holdings Limited.

The investment property is located within the United Kingdom.

5.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

19,041,500

Bank loan is secured by way of a fixed and floating charge over the properties held by the company.

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

7.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £18,937,140 by and owed £1,385,433 to companies considered related parties by virtue of being under common control.

8.	ULTIMATE CONTROLLING PARTY

Act Property Holdings Limited, a company incorporated in the Isle of man, is the immediate and ultimate parent company.

The ultimate controlling party is deemed to be the Trustees of The Aziz Continuation Purpose Trust.