REGISTERED NUMBER: 11715190 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

JV Tower Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

Mr G Nasr

Mr J M Weinzweig

SECRETARY:

Mr M R Shooter

REGISTERED OFFICE:

S223 - S224 Churchill House

120 Bunns Lane

London

NW7 2AS

REGISTERED NUMBER:

11715190 (England and Wales)

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Tangible assets

4

2,727

-

Investment property

5

68,737,061

45,737,255

68,739,788

45,737,255

CURRENT ASSETS

Debtors

6

11,765,059

11,900,316

Cash at bank

10,171

362,201

11,775,230

12,262,517

CREDITORS

Amounts falling due within one year

7

(31,063,811

)

(26,129,919

)

NET CURRENT LIABILITIES

(19,288,581

)

(13,867,402

)

TOTAL ASSETS LESS CURRENT LIABILITIES

49,451,207

31,869,853

CREDITORS

Amounts falling due after more than one year

8

(49,042,222

)

(31,419,869

)

NET ASSETS

408,985

449,984

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

407,985

448,984

SHAREHOLDERS' FUNDS

408,985

449,984

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

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 16 October 2025 and were signed on its behalf by:

Mr J M Weinzweig - Director

1.	STATUTORY INFORMATION

JV Tower Limited 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:-

Turnover from the sale of properties is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings 25% on cost

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

3,062

At 31 December 2024

3,062

DEPRECIATION

Charge for year

335

At 31 December 2024

335

NET BOOK VALUE

At 31 December 2024

2,727

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

45,737,255

Additions

22,999,806

At 31 December 2024

68,737,061

NET BOOK VALUE

At 31 December 2024

68,737,061

At 31 December 2023

45,737,255

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

85,071

85,071

Amounts owed by group undertakings

11,404,030

11,626,949

Other debtors

78,805

75,680

Directors' current accounts

-

1,000

VAT

93,721

104,380

Prepayments & Accrued Income

103,432

7,236

11,765,059

11,900,316

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,511,993

268,220

Amounts owed to group undertakings

21,948,656

21,248,247

Tax

300

-

Other creditors

440,287

440,287

Accrued expenses

7,162,575

4,173,165

31,063,811

26,129,919

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

49,042,222

31,419,869

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due between two and five years:

East West Developments Limited

5,913,625

5,913,625

Zorin Finance - Facility A & B

43,128,597

25,506,244

49,042,222

31,419,869

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 January 2024

448,984

Deficit for the year

(40,999

)

At 31 December 2024

407,985

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

The Report of the Auditors was unqualified.

Alan Kaye FCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

13.	RELATED PARTY DISCLOSURES

Included within 'Amounts owed by group undertakings' is an amount of £1,108,698.25 (2023: £1,096,498.25) due from JV Tower Two Ltd, a company under common control.

Included within 'Amounts owed by group undertakings' is an amount of £10,295,332.19 (2023: £10,530,451.39) due from Selsdon Way Developments Ltd, the immediate parent company.

Included within 'Amounts owed to group undertakings' is an amount of £21,948,655.98 (2023: £21,248,246.90) due to Gold Wynn UK Holdings Ltd, a company under common control.

14.	CONTROLLING PARTY

The immediate parent undertaking of the company is Selsdon Way Development Ltd, whose registered office is at S223 - S224 Churchill House 120 Bunns Lane, London, United Kingdom, NW7 2AS.

The ultimate controlling party is Jeffrey Weinzweig.

15.

CHARGES

During the year the company had granted charges in favour of Zorin Avenue Lendco 5 Limited over its fixed and floating assets covering all property and undertakings.