Company registration number 12875759 (England and Wales)
COLEMAN STREET LIMITED
Annual report and financial statements
For the year ended 31 March 2025
COLEMAN STREET LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
COLEMAN STREET LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2025
- 1 -
2025
2024
Notes
£
£
Non-current assets
Investment property
4
49,365,662
18,500,000
Deferred tax asset
7
3,408,591
1,663,353
52,774,253
20,163,353
Current assets
Trade and other receivables
5
2,308,218
179,712
Cash and cash equivalents
3,199,461
241,713
5,507,679
421,425
Current liabilities
Trade and other payables
6
1,097,925
640,818
Net current assets/(liabilities)
4,409,754
(219,393)
Non-current liabilities
Deferred tax liabilities
7
2,916,111
1,238,536
Net assets
54,267,896
18,705,424
Equity
Called up share capital
8
656
443
Share premium account
9
55,595,444
34,295,657
Retained earnings
(1,328,204)
(15,590,676)
Total equity
54,267,896
18,705,424

The directors of the company have elected not to include a copy of the income statement within the financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 15 October 2025 and are signed on its behalf by:
Mr N Thompson
Director
Company registration number 12875759 (England and Wales)
COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2025
- 2 -
1
Accounting policies
Company information

Coleman Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Expenditure

Cost of sales represents the costs which are directly attributable to the development of the investment property. Administrative expenses include costs associated with the operation of the company. The se costs a re recognised in th e period to which the expenses relate.

1.4
Investment property

I nvestment property, which is property held to earn rentals and/or for capital appreciation, is initially measured a t cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation on buildings is not applied whilst under construction. Buildings are depreciated over fifty years on a straight line basis and land is not depreciated.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Financial assets are initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.

COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 3 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

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

On initial recognition the company calculates the expected credit loss for debtors based on lifetime expected credit losses under the IFRS 9 simplified approach.

Investment property held at amortised cost is compared to an external valuation at the balance sheet date to determine if an impairment is required.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.

Other financial liabilities

F inancial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

1.11

Cashflow statement

The company prepares its statement of cashflows using the indirect method.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors believe that the impairment assessment made in relation to the investment property is an area of judgement. The company uses external professional valuers to determine the fair value that is considered as part of the impairment review. The valuation is based upon a number of assumptions including future rental income, anticipated maintenance costs, future development costs and an appropriate discount rate. The primary source of evidence for property valuations should be recent, comparable market transactions on an arms-length basis.

3
Employees

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

2025
2024
Number
Number
Total
0
0
COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
- 5 -
4
Investment property
2025
£
Cost
At 1 April 2023
28,020,150
Additions
4,945,538
At 31 March 2024
32,965,688
Additions
16,399,974
At 31 March 2025
49,365,662
Accumulated depreciation and impairment
At 1 April 2023
4,770,150
Impairment loss
9,695,538
At 31 March 2024
14,465,688
Reversal of impairment loss
(14,465,688)
At 31 March 2025
-
0
Carrying amount
At 31 March 2025
49,365,662
At 31 March 2024
18,500,000

No depreciation has been charged over the value of the land.

Additions include capital expenditure on the property development.

The fair value of investment property amounts to £50.5m. The basis for the valuation is in accordance with the latest version of the RICS Valuation - Global Standards. The fair value has been arrived at on the basis of a valuation carried out by CBRE Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The fair value of the buildings amounts to more than the carrying value at end of the period therefore a reversal of impairment losses has been recognised for the financial period.

5
Trade and other receivables
2025
2024
£
£
Trade receivables
-
0
5,345
VAT recoverable
2,170,455
173,240
Other receivables
130,000
-
0
Prepayments
7,763
1,127
2,308,218
179,712
COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
- 6 -
6
Trade and other payables
2025
2024
£
£
Trade payables
235,459
91,118
Accruals
862,003
549,237
Other payables
463
463
1,097,925
640,818
7
Deferred taxation
2025
2024
Deferred tax liabilities
2,916,111
1,238,536
Deferred tax assets
(3,408,591)
(1,663,353)
(492,480)
(424,817)

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Tax losses
Total
£
£
£
Liability at 1 April 2023
(931,435)
-
0
(931,435)
Asset at 1 April 2023
-
0
(1,240,395)
(1,240,395)
Deferred tax movements in prior year
Credit/(charge) to profit or loss
307,101
(422,958)
(115,857)
Liability at 1 April 2024
1,238,536
-
0
1,238,536
Asset at 1 April 2024
-
0
(1,663,353)
(1,663,353)
Deferred tax movements in current year
Credit/(charge) to profit or loss
1,677,575
(1,745,238)
(67,663)
Liability at 31 March 2025
2,916,111
-
0
2,916,111
Asset at 31 March 2025
-
0
(3,408,591)
(3,408,591)
Deferred tax assets are expected to be recovered after more than one year.
COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
- 7 -
8
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 1p each
55,596
34,296
556
343
Total equity share capital
656
443

During the period, the company issue d 21,300 (2024: 3,600) redeemable preference shares of £0.01 each for cash consideration of £21,300,000 (2024: £3,600,000). These shares carry no voting rights, no entitlement to dividends, but are redeemable at the option of the company or with priority to the ordinary shareholders o n a winding up.

The ordinary shares carry one vote each, entitle the holder to dividends and to participate in a distribution arising from a winding up, but only after the redeemable shareholders have been repaid the full issue price of the redeemable shares.

9
Share premium account
2025
2024
£
£
At the beginning of the year
34,295,657
30,695,693
Issue of new shares
21,299,787
3,599,964
At the end of the year
55,595,444
34,295,657
10
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 was unqualified.

Senior Statutory Auditor:
Chris Catto ACA
Statutory Auditor:
WSM Advisors Limited
Date of audit report:
15 October 2025
COLEMAN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
- 8 -
11
Related party transactions

During the year the company issued 21,300 (2024: 3,600) redeemable preference shares to its immediate parent company with nominal value of £0.01 at a premium of £21,299,787 (2024: £3,599,964).

12
Controlling party

The immediate parent company of Coleman Street Limited is A&T Grundstück 2 GmbH whose registered office is Rosenheimer Platz 6, 81669 München, Germany. The ultimate controlling party is Athos KG Germany whose registered office is Bergfeld strasse 9, Holzkirchen 2M, 83607, Germany.

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