Company No: 11063451 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	R Basran (Appointed 01 January 2024)
	L R O'Brien (Resigned 01 January 2024)

REGISTERED OFFICE	45 Gresham Street
	London
	EC2V 7BG
	United Kingdom

COMPANY NUMBER

11063451 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor Cumberland House
	15-17 Cumberland Place
	Southampton
	Hampshire
	SO15 2BG

	Note	2024		2023
		£		£
Fixed assets
Investment property	3	23,188,955		22,000,000
		23,188,955		22,000,000
Current assets
Debtors	4	26,832		26,832
Cash at bank and in hand		128,672		5,588
		155,504		32,420
Creditors: amounts falling due within one year	5	( 13,874,717)		( 10,837,005)
Net current liabilities		(13,719,213)		(10,804,585)
Total assets less current liabilities		9,469,742		11,195,415
Creditors: amounts falling due after more than one year	6	( 11,160,390)		( 11,160,475)
Net (liabilities)/assets		( 1,690,648)		34,940
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 1,690,748 )		34,840
Total shareholder's (deficit)/funds		( 1,690,648)		34,940

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Crimson Square Limited (registered number: 11063451) were approved and authorised for issue by the Director on 08 December 2025. They were signed on its behalf by:

R Basran Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crimson Square Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, London, EC2V 7BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Crimson Square Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The Company has net current liabilities of £13,719,213 (2023 - £10,804,585). The directors have considered cashflow and liabilities for the 12 month period from the date of sign off and believe the company to be a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of
the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity
is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2023	22,000,000
Additions	1,188,955
As at 31 March 2024	23,188,955

The 2024 valuations were made by the director, on an open market value for existing use basis

4. Debtors

	2024		2023
	£		£
Other debtors	26,832		26,832

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank overdrafts	0		51,404
Trade creditors	11,684		12,472
Amounts owed to director	13,726,648		10,739,793
Accruals	136,385		33,336
	13,874,717		10,837,005

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	11,160,390		11,160,475

The Company entered into two loan agreements with Coutts bank on 25 November 2019 to borrow £1,950,000 and £1,875,000. On 26 May 2021 and 28 July 2021, the Company entered into two more loan agreements with Coutts bank to borrow £4,095,000 and £825,000 respectively. All of these loans are interest only loans with the term of the agreements 5 years from the date the loans are drawn. The loans must be repaid in full by a single repayment on the last day of the term. Interest will be paid separately and will not reduce the amount of capital owed under the loans. Interest on the loans shall be charged at 1.50% per annum above the Coutts Base Rate and will be paid quarterly to the Loan Servicing Account on the last business day of March, June, September and December in each year (or on such other dates as advised by Coutts bank from time to time), and on the last day of the term.

On 8 March 2022, the Company entered into a 5-year base rate tracker mortgage with Coutts bank to borrow £1,575,000.
On 6 April 2022, the Company entered into a loan agreement with J.P. Morgan SE to borrow £2,715,881.
During the prior period, the loan agreement with Coutts bank totalling £1,875,000 was repaid in full funded by the disposal of a property.

There are 8 outstanding charges held over the Company's investment properties in respect of the loan and mortgage agreements.

7. Related party transactions

Other related party transactions

During the year, the shareholder of the Company made loans to the Company totalling £3,388,417 (2023 - £4,128,940) and the Company repaid £401,562 (2023 - £303,636). At the year end, the Company owed £13,726,648 (2023- £10,739,793) to the shareholder. These amounts are unsecured, interest free and repayable on demand.

8. Ultimate controlling party

The ultimate controlling party is R Basran, the sole shareholder.