REGISTERED NUMBER: 05170124 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Satila Farringdon Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Krogh Vogdrup

REGISTERED OFFICE:

Unit A

10 Fashion Street

London

E1 6PX

REGISTERED NUMBER:

05170124 (England and Wales)

AUDITORS:

Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

-

94

Investment property

6

46,150,000

37,500,000

46,150,000

37,500,094

CURRENT ASSETS

Debtors

7

712,294

390,520

Cash at bank

338,496

2,450,987

1,050,790

2,841,507

CREDITORS

Amounts falling due within one year

8

19,650,140

22,219,331

NET CURRENT LIABILITIES

(18,599,350

)

(19,377,824

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,550,650

18,122,270

PROVISIONS FOR LIABILITIES

5,705,338

4,456,538

NET ASSETS

21,845,312

13,665,732

CAPITAL AND RESERVES

Called up share capital

9

1,000,000

1,000,000

Share premium

3,443,410

3,443,410

Other reserves

14,566,240

14,566,240

Retained earnings

2,835,662

(5,343,918

)

SHAREHOLDERS' FUNDS

21,845,312

13,665,732

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 director and authorised for issue on 12 December 2025 and were signed by:

A Krogh Vogdrup - Director

1.	STATUTORY INFORMATION

Satila Farringdon 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors intend to place the company into members’ voluntary liquidation following the transfer of its investment property to another group company after the year end.

Accordingly, the financial statements have been prepared on a basis other than going concern for the year ended 31 December 2024. There have been no adjustment made to the financial statements as a result of adopting this basis of preparation.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents rental income which is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised on an accrual basis over the period of the rental agreements.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and

subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and

installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% straight line

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate

determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments in subsidiaries

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Taxation

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised

directly in other comprehensive income.

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 taxable income.

Deferred tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an 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 payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve

months after the reporting date. If there is an unconditional right to defer settlement 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of

transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

1,565,327

DEPRECIATION

At 1 January 2024

and 31 December 2024

1,565,327

NET BOOK VALUE

At 31 December 2024

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

94

Disposals

(94

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

94

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

37,500,000

Revaluations

8,650,000

At 31 December 2024

46,150,000

NET BOOK VALUE

At 31 December 2024

46,150,000

At 31 December 2023

37,500,000

Investment property, which is freehold, is revalued to fair value at each reporting date by the Company's

directors.

The investment property was purchased shortly before the reporting date in an arm’s length transaction between independent parties. The directors consider that the purchase price represents an appropriate estimate of the property’s fair value at 31 December 2024, and therefore a revaluation adjustment has been made.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

712,294

390,520

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

17,098,000

Trade creditors

-

29,342

Amounts owed to group undertakings

18,633,924

4,063,742

Taxation and social security

88,470

103,198

Other creditors

927,746

925,049

19,650,140

22,219,331

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000,000

Ordinary

1

1,000,000

1,000,000

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

The Report of the Auditors was unqualified.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

Emphasis of matter

We draw attention to note 2 to the financial statements, which explains that the directors intend to place the company into members’ voluntary liquidation following the transfer of its investment property to another group company after the year end. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.

11.	POST BALANCE SHEET EVENTS

After the year end, the company transferred its sole investment property to another group undertaking at fair value.

12.	ULTIMATE CONTROLLING PARTY

The directors consider Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company.

The immediate parent undertaking is AAA United A/S (incorporated in Denmark).

Heartland A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and

copies can be obtained from:

Heartland A/S

Store Torv 1, 3.

8000 Aarhus C

Denmark