ACCOUNTS - Final Accounts preparation

Registered number: 13998679

TARSAT UK COLONNADES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

TARSAT UK COLONNADES LIMITED

REGISTERED NUMBER: 13998679

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investment property	4		34,969,104		-
			34,969,104		-
Current assets
Debtors: amounts falling due within one year	5	234,953		173,370
Cash at bank and in hand		2,004,141		-
		2,239,094		173,370
Creditors: amounts falling due within one year	7	(36,005,035)		(201,469)
Net current liabilities			(33,765,941)		(28,099)
Total assets less current liabilities			1,203,163		(28,099)

Net assets/(liabilities)			1,203,163		(28,099)

Capital and reserves
Called up share capital	8	100	1
Profit and loss account	9	1,203,063	(28,100)
		1,203,163	(28,099)

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D Ofer

Director

Date: 15 December 2025

The notes on pages 2 to 8 form part of these financial statements.

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

The Company was incorporated on 23 March 2022.
The principal activity of Tarsat UK Colonnades Limited ("the Company") is that of a Real Estate investment company.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London N3 1XW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for at least 12 months from the date of approval of these financial statements, and will be able to meet its liabilities as they fall due.
The Company is dependent on the support of its ultimate parent undertaking, who have confirmed their willingness to continue to support the Company for the forseeable future, being at least 12 months from the date of approval of these financial statements.
Subsequent to the year end, the Directors have reviewed forecasts and post year end management accounts and are confident in the Company's ability to meet liabilities as they fall due.

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

2.5

Interest income

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

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Taxation

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 reporting date in the countries where the Company operates and generates income.

2.7

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.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, and loans to and from related parties.
(i) Financial assets
Basic financial assets, including other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including other creditors and accruals, and amounts due to related parties, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Employees

The average monthly number of employees, including directors, during the period was 4 (2023 - 2).

4.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	34,969,104
	At 31 December 2024	34,969,104

Additions at cost comprise professional fees incurred in the process of purchasing investment property. These costs have been capitalised as part of the cost of the property purchase. The property purchase was completed in February 2024.

Debtors

					2024	2023
					£	£


Trade debtors	147,072	-
Other debtors	87,881	173,370
	234,953	173,370

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	2,004,141	-
	2,004,141	-

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Amounts owed to group undertakings	34,834,218	184,969
Corporation tax	413,413	-
Other taxation and social security	93,327	-
Other creditors	101,407	-
Accruals and deferred income	562,670	16,500
	36,005,035	201,469

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 1) Ordinary shares of £1.00 each	100	1

During the year 1 Ordinary share with a nominal value of £1 was issued at par.

Reserves

Profit and loss account

Comprises accumulated profits and losses.

10.	Related party transactions
	Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transaction between wholly-owned group companies.

11.	Controlling party

The immediate parent of the Company is Tarsat 1 Investments Ltd, a company incorporated in Israel.
The ultimate controlling party is D Ofer.

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TARSAT UK COLONNADES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

12.	Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 15 December 2025 by Michael Wedge FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

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