Company registration number 11831632 (England and Wales)
STEELS LANE INVESTMENT LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STEELS LANE INVESTMENT LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
STEELS LANE INVESTMENT LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Investment property
4
8,680,257
7,401,920
Current assets
Debtors
5
77,108
-
0
Cash at bank and in hand
170
2,493
77,278
2,493
Creditors: amounts falling due within one year
6
(9,203,618)
(6,239,223)
Net current liabilities
(9,126,340)
(6,236,730)
Total assets less current liabilities
(446,083)
1,165,190
Creditors: amounts falling due after more than one year
7
-
0
(2,879,143)
Net liabilities
(446,083)
(1,713,953)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,304,264
706,184
Profit and loss reserves
(1,750,447)
(2,420,237)
Total equity
(446,083)
(1,713,953)

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

The director of the company has 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 December 2025 and are signed on its behalf by:
V Morkunaite
Director
Company registration number 11831632 (England and Wales)
STEELS LANE INVESTMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
100
706,184
(1,670,725)
(964,441)
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(749,512)
(749,512)
Balance at 31 March 2024
100
706,184
(2,420,237)
(1,713,953)
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
1,267,870
1,267,870
Transfers
-
598,080
(598,080)
-
Balance at 31 December 2024
100
1,304,264
(1,750,447)
(446,083)
STEELS LANE INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Steels Lane Investment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.

1.1
Reporting period

The accounting period was changed from a 31st March year end to a 31st December year end.

This was done to align the accounting year end with that of other group companies, after the company was acquired during the year.

Consequently, all figures during this accounting period are only representing a 9 month period, with comparatives representing 12 months.

1.2
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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

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

The company is in the process of developing an investment property. Funding has been secured after the year end for at least 12 months from the signing of these accounts.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

STEELS LANE INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.5
Investment property

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

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.

1.7
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.

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.

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.

STEELS LANE INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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
Employees

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

2024
2024
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 April 2024
7,401,920
Additions
680,257
Revaluations
598,080
At 31 December 2024
8,680,257

The fair value of the investment property has been arrived at on the basis of a valuation carried out by 3rd party chartered surveyors as at 20 June 2025,

STEELS LANE INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2024
Amounts falling due within one year:
£
£
Other debtors
77,108
-
0
6
Creditors: amounts falling due within one year
2024
2024
£
£
Bank loans
5,478,830
4,969,418
Trade creditors
118,002
48,022
Other creditors
3,606,786
1,221,783
9,203,618
6,239,223

The bank loan is secured by way of a legal charge over the property held in investment property, a debenture over the assets of the company and a corporate guarantee from UAB Kaita Development.

7
Creditors: amounts falling due after more than one year
2024
2024
£
£
Other creditors
-
0
2,879,143
8
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:

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 profit for the period 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:
Matthew Cook
Statutory Auditor:
Goodman Jones LLP
Date of audit report:
9 December 2025
9
Related party transactions

Included in other creditors due less than one year is a loan due to the parent company amounting to £3,590,886. This loan is unsecured and interest free.

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