Company registration number 10002369 (England and Wales)
ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
100
100
Current assets
Debtors
7
1,300,000
29,843,950
Creditors: amounts falling due within one year
8
(54,865,062)
(43,343,950)
Net current liabilities
(53,565,062)
(13,500,000)
Net liabilities
(53,564,962)
(13,499,900)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(53,565,062)
(13,500,000)
Total equity
(53,564,962)
(13,499,900)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
S P Gorasia
Director
Company registration number 10002369 (England and Wales)
ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Allied London Fire Station Holdco One Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company had Net Current Liabilities as at 31 December 2024 of £53,565,0 62 (2023: £13,500,000) and Net Liabilities of £53,564,962 (2023: £13,499,900). Management has undertaken a thorough group going concern review which has included forecasts from 12 months from signing date of the financial statements to ensure the company will continue to be able to meet its liabilities for the next year from the signing date of the accounts. The forecasts included some sensitivity on the recharges obtained.

The company has a development loan facility amounting to £37.1m (2023: £37.1m) of which £37.1m plus an additional £6.6m allocated to an uncommitted tranche as a result of under budgeted costs (2023: £37.0m), excluding interest, has been drawn down at the year-end. The loan was refinanced in June 2022 and continues to be provided on a rolling basis and is repayable on demand.

As the loan is repayable on demand, the company’s assets could be called on under the legal charge of the lender if the current facility is called on for repayment. The conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

Nevertheless, following the refinance in June 2022, the directors consider that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Furthermore, the directors do not expect the debt to be recalled within at least 12 months from the date of approval of these financial statements due to it being provided on a rolling basis. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. The financial statements do not include the adjustments that would results if the Company was unable to continue as a going concern.

Other income

Other operating income comprises the invoiced value of finance cost recharges, net of Value Added Tax.

Other operating income represents recharges made to other group companies in respect of finance costs borne by the company. Recharges are made at cost with no mark-up.

ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating loss

Audit fees were borne by Allied London Fire Station Opco Limited, an indirect subsidiary.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
4

The company had no employees during the year other than the directors, who received no remuneration.

ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Allied London Fire Station Management Company Limited
1
Ordinary
0
100.00
Allied London Fire Station Developments Limited
1
Ordinary
0
100.00
Allied London Fire Station Opco Limited
1
Ordinary
0
100.00
Allied London Fire Station Limited
1
Ordinary
0
100.00
Allied London Fire Station Holdco Two Limited
1
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,300,000
29,843,950

All amounts shown under debtors fall due for payment within one year.

Amounts due from group undertakings are repayable on demand and not interest bearing.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
53,318,257
43,079,179
Other creditors
1,546,805
264,771
54,865,062
43,343,950

The bank loan has an interest rate of 10% and is repayable on demand.

Security is held against this loan by means of a fixed charge against the property and debentures are in place from the company's parent, Allied London Fire Station Holdco Limited and the company's subsidiary, Allied London Fire Station Holdco Two Limited.

Other creditors includes loans to related parties which are unsecured, interest free and repayable on demand.

ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100

Called up share capital represents the nominal value of shares issued. All shares carry no fixed right to income and rank pari-passu in every respect.

10
Profit and loss reserves

The profit and loss account represents cumulative profits and losses, net of any dividends paid and other adjustments.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Material uncertainty relating to going concern

We draw attention to note 1.2 of the financial statements, which states the wider group's debt facilities are on a rolling basis, repayable on demand and are required to be refinanced. As stated in note 1.2, the lenders of these facilities holds a charge over the company and these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Stuart Stead
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
14 October 2025
12
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,546,805
264,771
Other information
ALLIED LONDON FIRE STATION HOLDCO ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Related party transactions
(Continued)
- 7 -

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% owned members of the same group. There are no other related party transactions other than as disclosed.

13
Parent company

The company's immediate parent company is Allied London Fire Station Holdco Limited, a company registered in England & Wales.

The ultimate parent company is Allied London Fire Station Holding Company Limited, a company registered in England & Wales with the registered office at C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, Greater Manchester, M3 4AP.

Ultimate Controlling Party

The directors consider the ultimate controlling party to be M Ingall, who is also a director of the company.

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