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

Allied London Fire Station OPCO 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.

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 amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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.

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

The directors have assessed the financial performance and note that as at 31 December 2024 the company has net liabilities of £41,492,846 (2023: £1,463,601) and made a loss after taxation of £40,029,245 (2023: £14,024,616). Management has undertaken a thorough group going concern review which has included forecasts spanning 12 months from the signing date of the financial statements to ensure that 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 finance charges.

Intermediate parent company, Allied London Fire Station Holdco One Limited, is party to a loan facility amounting to £37.1m (2023: £37.1m) excluding interest, of which £37.1m plus an additional £6.6m allocated to an uncommitted tranche as a result of under budgeted costs (2023: £37.0m) 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. The lender holds a legal charge over Allied London Fire Station Opco Limited.

Following the refinancing in June 2022, the directors of Allied London Fire Station Holdco One Limited are confident that Allied London Fire Station Holdco One Limited has adequate resources to continue in operational existence for at least 12 months from the date of approval of those financial statements. For these reasons, the directors of Allied London Fire Station Opco Limited continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Nevertheless, as the loan remains 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. Therefore, these conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements to not include the adjustments that would result if the company was unable to continue as a going concern.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

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 current liabilities.

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, 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.

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.

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.

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.

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 payments 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. Amounts 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.

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

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment properties are valued annually by the directors, who have significant experience in the investment in, and valuation of similar real estate. The property is revalued based on current market rents and investment property yields for comparable real estate. Details are included in note 7.

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

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

Investment properties are valued annually by the directors, who have significant experience in the investment in, and valuation of similar real estate. The directors have assessed the fair value of the property to be £10,675,843 (2023: £37,280,487), creating a loss on revaluation of £34,568,450 (2023: £10,078,759). The assumptions used in determining the value of the investment property includes a yield of 4.4% and a deduction for purchaser’s costs of 6.8%.

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

Registered office addresses (all UK unless otherwise indicated):

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

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

The amounts due to group undertakings are repayable on demand and not interest bearing.

A mortgage in the favour of Close Brothers Finance Limited, within Allied London Fire Station Limited is secured by a fixed and floating charge over the long leasehold land and buildings within the company.

A mortgage in the favour of Parmerica Real Estate Capital VI S.A.R.L. within Allied London Fire Station Holdco One Limited is secured by a fixed and floating charge over the long leasehold land and buildings within the company.

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.

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

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.

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.

As at the balance sheet date, the company was party to a £2.4m (2023: £2.4m) guarantee in favor of Close Brothers Finance Ltd within Allied London Fire Station Limited, a fellow group company.

In June 2025 the funding arrangement between Allied London Fire Station Limited, Allied London Fire Station OPCO Limited, and its lenders, Close Brothers Property Finance and Pramerica Real Estate Capital VI S.A.R.L. was refinanced with CBRE Indirect Investment Services Limited. As part of the refinancing, the secured debenture remains in place over the companies. The new agreement has a maturity date of 30 November 2027 and amounted to £20m.

The company has taken the advantage of the exemption allowed by The Financial Reporting Standard 102, 'Related Party Disclosures' Section 33.1A not to disclose details of related party transactions with entities which are 100% owned members of the same group.

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

The ultimate parent company is Allied London Firestation Holding Company Limited, a holding 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.