These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Chevalier (KS) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 David Mews, London, W1U 6EQ.

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 £.

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

These financial statements are prepared on the going concern basis.true

The company has made losses of £1,103,357 in the year and has net liabilities of £14,219,735 at the balance sheet date. However, at the time of approving the financial statements, the directors have confirmed the company has sufficient resources and means to remain in business for at least 12 months following the approval of the financial statements, considering the continued financial support from the immediate and ultimate parent companies. In forming this view, the directors have taken into account a range of factors including but not limited to:

• the condition of the company's property asset and its lettability;

• the term of the company's bank financing and corporate guarantee(s) provided by its parent company; and

• a letter of continued support from the company's parent company.

Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Rental income, including fixed rental uplifts, is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis.

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks with original maturities of three months or less.

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 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 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 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.

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.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Included within the accounts is a significant accounting estimate in respect of the value of the investment properties. These properties have been externally valued by Carter Jonas.

The properties have been valued using common industry methods of valuation for commercial property. The process uses transactional evidence of similar investment properties that have been recently sold, or are being marketed for sale, and fully reflect the current attitude of property investors, for assets of this nature. The asset has been individually valued to take account of its use, location, quality of occupier, lease length and passing rent. These factors impact on the yield percentage used to calculate the value of the property.

The valuation provided is at arm's length and undertaken by a recognised commercial property valuer. Accordingly, the directors believe the assessments to be accurate and market facing. They have been calculated to fully reflect the investment market, as 31 March 2025, and the valuation of the property included within the accounts is £34,000,000 (2024 - £34,400,000).

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

Investment property comprises of the commercial office at 29 and 33 King Street. The leasehold investment property has been revalued to its fair value at the period end and the revaluation is included within the profit and loss account (see note 4).

The valuation was performed on 31 March 2025 by an independent RICS Registered Valuer. The valuation report is prepared in accordance with the appropriate  sections  of  the  current  RICS Valuation – Global Standards incorporating the IVSC International Valuation Standards and the current UK National Supplement (the ‘Red Book’).

Fair value is based on market value, as determined by a professional external valuer at each reporting date.

There is a secured term loan facility with an outstanding principal of £20,436,000 (2024: £21,988,000) on the property 29 and 33 King Street held by The Bank of East Asia (London Branch). The loan is interest-bearing at 1.55% above Bank of England base rate. Quarterly payments of £138,000 commenced from June 2023.

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.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The operating lease commitment runs until 2159.

Included within amounts owed to group undertakings falling due within one year is a balance of £632,753 (2024: £426,203) owed to Chevalier International Holdings Limited, the company's ultimate parent company. The amount is repayable in line with the company's standard creditor day terms.

Included within amounts owed to group undertakings falling due within one year is an amount of £28,656,133 (2024: £26,728,152) owed to Kingdom Max Limited (“KML"), the immediate parent company, recognised in accordance with the FRS102 accounting requirements on financing transactions. This is recognised by the parent company in its legal form as £29,349,629, of which £4,590,000 (2024: £4,590,000) bears interest at 7.19%. The balance is repayable in full over 2-5 years from the balance sheet date.

Interest payable to KML included in the profit and loss account for the year amounts to £1,089,549 (2024: £831,847).

As a result of FRS 102 accounting treatment for the loan with KML, other gains on financial instruments of £161,568 (2024: £1,573,629) were recognised in the profit and loss account during the year. The gain has arisen as a result of the loan being at a favourable rate of interest.

The company's immediate parent company is Kingdom Max Limited, a company incorporated in Hong Kong and whose registered office is 22/F Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, Hong Kong.

The company's ultimate parent company is Chevalier International Holdings Limited, a company incorporated in Bermuda and whose registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.