Office Space in Town Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 06521256

Office Space in Town Limited

Consolidated Financial Statements

31 March 2025

Office Space in Town Limited

Consolidated Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	7

Independent auditor's report to the members	10

Consolidated statement of comprehensive income	14

Consolidated statement of financial position	15

Company statement of financial position	17

Consolidated statement of changes in equity	18

Company statement of changes in equity	20

Consolidated statement of cash flows	22

Notes to the consolidated financial statements	23

Office Space in Town Limited

Officers and Professional Advisers

The board of directors	Mr G Fuchs
	Mrs N Fuchs
	Mrs J Ward (Resigned 31 December 2024)
	Ms S Kennedy (Appointed 1 January 2025)
	Mrs T Holloway
	Mr S Eastlake (Resigned 6 March 2025)
	Ms G Sandom
	Mrs S Singlehurst

Registered office	10 Canberra House
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG

Auditor	Shaw Gibbs (Audit) Limited
	Chartered Certified accountants & statutory auditor
	28 Billing Road
	Northampton
	Northamptonshire
	NN1 5AJ

Office Space in Town Limited

Strategic Report

Year ended 31 March 2025

The directors present their Strategic Report and Audited Financial Statements for the year ended 31 March 2025. Business Review Office Space in Town maintained healthy occupancy levels in each of their London centres under management during the year ended 31 March 2025. In July 2024 the two lower ground floors of the Liverpool Street centre were opened as individualised and creative meeting room, break out and entertainment space. This allowed the original meeting room suite to be re-configured as additional serviced office space. The two lower ground floors had previously been sublet as a gym, so the transformation was significant; as was the fact that the group managed the loss of the rental income from November 2023 whilst funding the refurbishment from internally generated cashflow. Otherwise the serviced office business enjoyed a year of consolidation, retaining occupancy at an overall average of 88%. A programme of strategic and operational improvements was introduced at Burgh Island Hotel resulting in strong occupancy and income which is expected to continue throughout the current trading year. Serviced Office As at 31 March 2025 the OSiT portfolio is comprised of managing and developing the following businesses: - Cardiff Executive Centre Limited - leased space in Cardiff - Castle Court Executive Centre Limited - leased space in Cardiff (liquidation successfully completed with the final Creditors Meeting held on 16th September 2024) - NBS OpCo Ltd (Office Space Liverpool Street) - owned space at 46 New Broad Street London - Little Britain OpCo Ltd (Office Space St Pauls) - owned space at 20 Little Britain London - Boundary Row OpCo Ltd (Office Space Waterloo) - owned space at 2-6 Boundary Row London - Brick Street OpCo Ltd (Office Space Mayfair) - leased space at 10 Brick Street London (Ceased trading on 30 April 2022) - St Dunstan's OpCo Ltd (Office Space Monument) - owned space at 20 St Dunstan's Hill London - Tudor Street OpCo Ltd (Office Space Blackfriars) - owned space at 20-22 Tudor Street London - Burgh Island Limited owned; located just off the south cost of Devon. A continued focused sales effort resulted in very good occupancy overall for the OSiT serviced office portfolio. The Group remains focused on active sales and marketing and operational efficiencies to position the business for long-term stability. Meeting room income remained robust across all centres as employers and employees recognised the benefit of collaborative working and using safe spaces in central London locations with excellent facilities. Actual meeting room income of £1.5m was well in excess of target income of £1.3m. This increase was assisted by the above mentioned opening of the two lower ground floors of the Liverpool Street Centre which the centre manager successfully marketed and on the day of opening was fully booked. Staff welfare, training and development remains a core priority for OSiT and ongoing development of the HR and training function has benefited both staff and the company. OSiT was again recognised as one of the "Best Places to Work in the UK for 2025". 2024/25 saw OSIT issue its fourth Environmental, Social and Governance (ESG) report. Highlights include Heart of the City accreditation in corporate social responsibility, completion of the Heart of the City's Climate Action for SME's course, Planet Mark certification including a significant decrease in its carbon footprint and an increase in contributions to The Sustainable Development Goals set by the United Nations, and launch of "The Happy Project" - an internal staff community initiative. Community is a key part of OSIT's support of their local neighbourhoods. During 2024/25 new community charity partnerships were introduced across all buildings and £16,754 was raised for charitable causes chosen by the staff in the different buildings. Office Space Cleaning Limited Office Space Cleaning Limited (OSC) remains an integral part of the Office Space in Town portfolio as it supports all the serviced office businesses in London. OSC has had a successful trading year and continues to expand; not only does it manage and develop the cleaning and hygiene programs for all OSIT buildings but its portfolio now includes 48 other serviced office portfolios and more traditional leased offices. Turnover for OSC increased by 17% to £2,881,575, (2024: £2,467,201), resulting in an increase in both gross profit to £659,423, (2024: £474,076), and operating profit to £224,291, (2024: 123,029). The business has continued to thrive throughout 2025 and forecasts for the current year are healthy. Burgh Island Hotel & The Pilchard Pub Burgh Island had another good trading year ended 30 September 2024 with revenue at £6,135,596 (2023: £6,136,205). Profitability was adversely impacted by rising overheads and higher finance costs due to a change of banks, resulting in a decrease in EBITDA to £360,042 (2023: £653,603). Bookings continue to be robust, with occupancy at an average of 78%, and average room rate at £465 during the year. Although the project was delayed, the new sewage system will save approximately £185,000 in annual waste removal costs which will have a beneficial impact on savings in the 2024/25 year. While in early 2023 the directors decided it an appropriate time to sell the hotel and allow the next custodian to put their stamp on this very individual asset, the economic environment, with the higher interest rates increasing borrowing costs, meant that although there was significant interest from many parties none were able to support any purchase to the satisfaction of the directors. Therefore in June 2024 Giles Fuchs, majority shareholder both individually and by virtue of his ownership of OSIT decided to retain the asset and further invest his time and funds into taking the business to the next level of luxury, both in terms of service and in the fabric of the hotel. Giles and his sister Niki have devoted significant time and resources to the Hotel throughout the year, driving a comprehensive programme of operational and strategic improvements. They have successfully replaced most Heads of Department to strengthen leadership across the business, introduced more disciplined process management, and implemented far-reaching cost efficiencies. In addition, they have actively promoted the Hotel on a global scale, broadening its market reach and enhancing its reputation. Their commitment has been instrumental in positioning the Hotel for improved performance and long-term success. In addition, Burgh Island Limited has a loan facility of £5,355,000 with Metro bank. This loan matures on 18 July 2026 and the directors will shortly look to obtain replacement finance. Results At £8,467,365 (2024: £9,594,621) the group Operating profit remained strong, underlining the continued robustness of the Group's core operations. After allowing for interest paid and recognising a reduction in the value of financial assets held by the group the Loss for the year after taxation was £2,561,051 (2024: £8,890,498). Principal Risks and Uncertainties The principal risks the Group faces are similar to those of other serviced office providers and managers: falling occupancy & rental levels together with rising utility bills and uncertainty with the calculation of rates. OSiT manage these areas by ensuring an ongoing investment in the fabric of the buildings, a commitment to provide the services and effective working environment the clients want and need, allied to a tangible investment in staff and staff training, using expert advice to remain ahead of changes in the cost infrastructure and an overriding commitment to OSiT's core values. The hotel business is similarly subject to competition both locally and nationally and unlike the serviced offices is also dependent upon the vagaries of the British weather. Going concern The Company and Group are in a positive net asset and net current asset position. This judgment has been made on the application of the going concern basis of accounting. In accessing the going concern basis of accounting the Directors considered the Company's & Group's business activities, the financial position of the Group and the support available from within the Group. The Company, as part of the Office Space in Town Group is borrower and guarantor to a £56,044,542 (as at 31 March 2025) facility with Precap VII S.A.R.L. and to a £72,208,333 (as at 31 March 2025) facility with Aberdeen Investment Management Limited. Both facility agreements have covenants relating to Interest Cover and Loan to Value (LTV) calculated on a look back and a look forward basis; none of these have been breached. It is the opinion of the directors of Office Space in Town Limited that the Group can service both the interest and principal payments as they fall due. During December 2023 the portfolio of assets within the Group was revalued at £150,020,000 and at this value, the portfolio remains compliant with all the underlying covenants of both Precap VII S.A.R.L. and Aberdeen Investment Management Limited. The directors consider it appropriate to seek a revaluation in first quarter 2026, given the further decrease in bank interest rates and a more stable economic environment post the first and second labour budgets and other international economic drivers. The Group's revenues and EBITDA remain extremely robust and cash balances at 31 March 2025 are £4,182,468. If in the event that the portfolio's asset values reduce and the LTV covenant in place with Precap VIII S.A.R.L. is breached, then it is the opinion of the directors that the lender would be supportive and offer covenant waivers for the required period. The Group has an extremely proactive and open relationship with the lender resulting in a high degree of confidence between all the parties. Taking account of all the above it is therefore the opinion of the directors of the Company that it is appropriate to prepare financial statements on a going concern basis. Strategy The Group aims to offer businesses and individuals flexible workspace solutions through a variety of service offices, managed offices, co-working spaces, meetings rooms and virtual offices. The locations of OSiT's serviced offices are carefully considered to ensure that local services are available to support the clients within each centre. While 2024/25 saw a continued period of consolidation for OSiT, the Directors are constantly on the lookout for new buildings to purchase with new partners, with the aim of increasing the serviced office portfolio. Continuing the development of the ESG framework which will include: - Supporting local community groups and charities. - Commitment to making the buildings smarter and more intuitive, aiding their decarbonisation whilst still meeting the needs of both clients and staff working within them. - Continual review and assessment of the group's impact and influence on the wider communities in which it operates. - Collaboration with suppliers only after confirmation of OSiT's code of ethics and ESG framework. - Ongoing training for all stakeholders to enhance knowledge of climate action for businesses and building on development plans with research into longer term sustainability solutions. - Re-submission for B Corp certification and verification of ESG performance. With regards to Burgh Island Hotel, the Group has succeeded in its aim to promote it as a "must go to" destination hotel on a par with other luxury branded hotels worldwide. The Directors continue to strive for top notch service levels provided by a happy and efficient team. Key Performance Indicators The directors use a number of key performance indicators to manage and control the Group and its underlying contracts. For the serviced office portfolio the KPIs include: occupancy levels, room or desk rates, client retention rates, average length of occupancy and centre EBITDA targets. As far as the hotel is concerned the KPIs are room rates, percentage occupancy, REVPAR, Gross margins, EBITDA. KPIs are measured on a monthly basis by business and reported to local management and joint venture partners on a monthly basis. OSiT as an individual business will have EBITDA and cashflow targets which are also managed on a monthly basis.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr G Fuchs

Director

Registered office:

10 Canberra House

Corbygate Business Park

Corby

Northamptonshire

NN17 5JG

Office Space in Town Limited

Directors' Report

Year ended 31 March 2025

The directors present their report and the Consolidated financial statements of the group for the year ended 31 March 2025 .

Directors

The directors who served the company during the year were as follows:

Mr G Fuchs
Mrs N Fuchs
Mrs T Holloway
Ms G Sandom
Mrs S Singlehurst
Ms S Kennedy	(Appointed 1 January 2025)
Mrs J Ward	(Resigned 31 December 2024)
Mr S Eastlake	(Resigned 6 March 2025)

Dividends

Particulars of recommended dividends are detailed in note 14 to the Consolidated financial statements.

Employment of disabled persons

It is the Company's policy to give full and fair consideration to applications for employment from disabled persons, having regard to their aptitudes and abilities. Where existing employees become disabled, it is the Company's policy, wherever practicable, to provide continuing employment under normal terms and conditions and to provide training, career development, and promotion wherever possible. The company has adapted the work environment and the duties of employees who face the challenges of of disabilities to help retain their skills and enthusiasm within the business. The Company is committed to ensuring that disabled employees have equal opportunities for training and advancement in line with their skills and abilities.

Employee involvement

The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the financial and economic factors affecting the performance of the Company. Very specifically this is achieved through monthly management meetings between Seviced Office General Managers and Board Directors. In addition great emphasis is placed upon staff involvement in the development of businesses. Within the serviced office business, teams of employees across and within various disciplines and business units meet to discuss ways of solving problems or finding ways to improve the business to cost effectively enhance the service provided to clients. Team building and social events are core to the OSiT group's ethos of maintaining and developing the team spirit that underlies the business. This ethos is maintained within the hotel business. Specifically, the General Manager visits every department within the hotel every day she is on duty. In In addition, the General Manager has weekly meetings with the Heads of Departments who then disseminate information to all staff. Staff are again actively encouraged to help with the develop and improvement of the business and the guest experience. Social gatherings are actively encouraged across all disciplines within the hotel, both on and off site, to further develop team building, with the annual off site party whilst the hotel is closed for annual refurbishment being the highlight.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the Consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Consolidated financial statements for each financial year. Under that law the directors have elected to prepare the Consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Consolidated financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr G Fuchs

Director

Registered office:

10 Canberra House

Corbygate Business Park

Corby

Northamptonshire

NN17 5JG

Office Space in Town Limited

Independent Auditor's Report to the Members of Office Space in Town Limited

Year ended 31 March 2025

Opinion

We have audited the Consolidated financial statements of Office Space in Town Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Consolidated financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the Consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Consolidated financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the Consolidated financial statements are prepared is consistent with the Consolidated financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of Consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the group's key performance indicators to meet targets and the valuation of investments. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, reviewed areas of judgement for indicators of management bias and tested the underlying asset base to support the valuation of investments to address these risks.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robyn Liddell

(Senior Statutory Auditor)

For and on behalf of

Shaw Gibbs (Audit) Limited

Chartered Certified accountants & statutory auditor

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

23 December 2025

Office Space in Town Limited

Consolidated Statement of Comprehensive Income

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	26,102,176	25,912,544

Cost of sales	4,734,818	4,519,233
	-------------	-------------
Gross profit	21,367,358	21,393,311

Administrative expenses		12,969,673	11,788,742
Other operating income	5	69,680	( 9,948)
		-------------	-------------
Operating profit	6	8,467,365	9,594,621

Loss on financial assets at fair value through profit or loss		( 2,700,478)	( 10,100,000)
Interest receivable	11	66,312	58,448
Interest payable	12	8,087,022	8,140,243
		-------------	-------------
Loss before taxation		( 2,253,823)	( 8,587,174)

Taxation on ordinary activities	13	307,228	303,324
		------------	------------
Loss for the financial year		( 2,561,051)	( 8,890,498)
		------------	------------

Revaluation of tangible assets	( 1,512)	7,367
Tax relating to components of other comprehensive income	92,324	–
	--------	-------
Other comprehensive income for the year	90,812	7,367
	------------	------------
Total comprehensive income for the year	( 2,470,239)	( 8,883,131)
	------------	------------

Loss for the financial year attributable to:

The owners of the parent company	( 2,185,593)	( 8,737,335)
Non-controlling interests	( 375,458)	( 153,163)
	------------	------------
	( 2,561,051)	( 8,890,498)
	------------	------------

Total comprehensive income for the year attributable to:

The owners of the parent company	( 2,094,781)	( 8,729,968)
Non-controlling interests	( 375,458)	( 153,163)
	------------	------------
	( 2,470,239)	( 8,883,131)
	------------	------------

All the activities of the group are from continuing operations.

Office Space in Town Limited

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	15	29,102	40,915
Tangible assets	16	165,376,921	164,782,624
Investments	17	241,335	241,335
		--------------	--------------
		165,647,358	165,064,874

Current assets

Stocks	18	94,074	93,038
Debtors	19	5,627,707	6,940,933
Cash at bank and in hand		4,182,468	7,464,948
		------------	-------------
		9,904,249	14,498,919

Creditors: amounts falling due within one year	20	10,800,211		16,107,435
		-------------		-------------
Net current liabilities			895,962	1,608,516
			--------------	--------------
Total assets less current liabilities			164,751,396	163,456,358

Creditors: amounts falling due after more than one year	21		135,522,651	131,276,735

Provisions

Taxation including deferred tax	23	1,783,293	1,807,931
		--------------	--------------
Net assets		27,445,452	30,371,692
		--------------	--------------

Capital and reserves

Called up share capital	27	5	5
Revaluation reserve	28	2,400,236	2,309,424
Fair value reserve	28	9,509,658	12,210,136
Profit and loss account	28	17,595,616	17,491,731
		-------------	-------------
Equity attributable to the owners of the parent company		29,505,515	32,011,296

Non-controlling interests	( 2,060,063)	( 1,639,604)
	-------------	-------------
	27,445,452	30,371,692
	-------------	-------------

These Consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

Office Space in Town Limited

Consolidated Statement of Financial Position (continued)

31 March 2025

These Consolidated financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr G Fuchs Director

Company registration number: 06521256

Office Space in Town Limited

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	16	1,605,131	3,511
Investments	17	27,449,199	30,450,488
		-------------	-------------
		29,054,330	30,453,999

Current assets

Debtors	19	1,217,286	1,452,171
Cash at bank and in hand		2,589	2,781
		------------	------------
		1,219,875	1,454,952

Creditors: amounts falling due within one year	20	2,752,414		1,660,036
		------------		------------
Net current liabilities			1,532,539	205,084
			-------------	-------------
Total assets less current liabilities			27,521,791	30,248,915

Provisions

Taxation including deferred tax	23	113,907	–
		-------------	-------------
Net assets		27,407,884	30,248,915
		-------------	-------------

Capital and reserves

Called up share capital	27	5	5
Revaluation reserve	28	341,719	–
Fair value reserve	28	25,309,046	28,310,335
Profit and loss account	28	1,757,114	1,938,575
		-------------	-------------
Shareholders funds		27,407,884	30,248,915
		-------------	-------------

The loss for the financial year of the parent company was £ 2,771,750 (2024: £ 9,122,009 ).

These Consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These Consolidated financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr G Fuchs Director

Company registration number: 06521256

Office Space in Town Limited

Consolidated Statement of Changes in Equity

Year ended 31 March 2025

			Called up share capital	Revaluation reserve	Fair value reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
Note			£	£	£	£	£	£	£
At 1 April 2023			5	2,302,057	22,310,136	16,489,066	41,101,264	( 1,471,591)	39,629,673

Loss for the year						( 8,737,335)	( 8,737,335)	( 153,163)	( 8,890,498)
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	7,367	–	–	7,367	–	7,367
	Reclassification from fair value reserve to profit and loss account		–	–	(10,100,000)	10,100,000	–	–	–
			----	------------	-------------	-------------	-------------	------------	-------------
Total comprehensive income for the year			–	7,367	( 10,100,000)	1,362,665	( 8,729,968)	( 153,163)	( 8,883,131)

Dividends paid and payable		14	–	–	–	( 360,000)	( 360,000)	( 14,850)	( 374,850)
			----	------------	-------------	-------------	-------------	------------	-------------
Total investments by and distributions to owners			–	–	–	( 360,000)	( 360,000)	( 14,850)	( 374,850)

At 31 March 2024			5	2,309,424	12,210,136	17,491,731	32,011,296	(1,639,605)	30,371,691

Office Space in Town Limited

Consolidated Statement of Changes in Equity (continued)

Year ended 31 March 2025

			Called up share capital	Revaluation reserve	Fair value reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
Note			£	£	£	£	£	£	£
Loss for the year						( 2,185,593)	( 2,185,593)	( 375,458)	( 2,561,051)
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	( 1,512)	–	–	( 1,512)	–	( 1,512)
	Reclassification from fair value reserve to profit and loss account		–	–	(2,700,478)	2,700,478	–	–	–
	Tax relating to components of other comprehensive income	13	–	92,324	–	–	92,324	–	92,324
			----	------------	-------------	-------------	-------------	------------	-------------
Total comprehensive income for the year			–	90,812	( 2,700,478)	514,885	( 2,094,781)	( 375,458)	( 2,470,239)

Dividends paid and payable		14	–	–	–	( 411,000)	( 411,000)	( 45,000)	( 456,000)
			----	----	----	---------	---------	--------	---------
Total investments by and distributions to owners			–	–	–	( 411,000)	( 411,000)	( 45,000)	( 456,000)

			----	------------	------------	-------------	-------------	------------	-------------
At 31 March 2025			5	2,400,236	9,509,658	17,595,616	29,505,515	( 2,060,063)	27,445,452
			----	------------	------------	-------------	-------------	------------	-------------

Office Space in Town Limited

Company Statement of Changes in Equity

Year ended 31 March 2025

			Called up share capital	Revaluation reserve	Fair value reserve	Profit and loss account	Total
Note			£	£	£	£	£
At 1 April 2023			5	–	38,111,296	1,619,623	39,730,924

Loss for the year						( 9,122,009)	( 9,122,009)
Other comprehensive income for the year:
	Reclassification from fair value reserve to profit and loss account		–	–	(9,800,961)	9,800,961	–
			----	----	-------------	------------	-------------
Total comprehensive income for the year			–	–	( 9,800,961)	678,952	( 9,122,009)

Dividends paid and payable		14	–	–	–	( 360,000)	( 360,000)
			----	----	-------------	------------	-------------
Total investments by and distributions to owners			–	–	–	( 360,000)	( 360,000)

At 31 March 2024			5	–	28,310,335	1,938,575	30,248,915

Loss for the year						( 2,771,750)	( 2,771,750)
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	455,626	–	–	455,626
	Reclassification from fair value reserve to profit and loss account		–	–	(3,001,289)	3,001,289	–
	Tax relating to components of other comprehensive income	13	–	( 113,907)	–	–	( 113,907)
			----	---------	-------------	------------	-------------
Total comprehensive income for the year			–	341,719	( 3,001,289)	229,539	( 2,430,031)

Office Space in Town Limited

Company Statement of Changes in Equity (continued)

Year ended 31 March 2025

		Called up share capital	Revaluation reserve	Fair value reserve	Profit and loss account	Total
Note		£	£	£	£	£
Dividends paid and payable	14	–	–	–	( 411,000)	( 411,000)
		----	----	----	---------	---------
Total investments by and distributions to owners		–	–	–	( 411,000)	( 411,000)

		----	---------	-------------	------------	-------------
At 31 March 2025		5	341,719	25,309,046	1,757,114	27,407,884
		----	---------	-------------	------------	-------------

Office Space in Town Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Loss for the financial year	( 2,561,051)	( 8,890,498)

Adjustments for:
Depreciation of tangible assets	400,339	309,847
Amortisation of intangible assets	11,813	11,814
Loss on financial assets at fair value through profit or loss	2,700,478	10,100,000
Interest receivable	( 66,312)	( 58,448)
Interest payable	8,087,022	8,140,243
Loss/(gains) on disposal of tangible assets	14,109	( 3,421)
Taxation on ordinary activities	307,228	303,324

Changes in:
Stocks	( 1,036)	( 14,506)
Trade and other debtors	1,203,467	( 2,048,591)
Trade and other creditors	( 942,476)	1,766,354
	------------	-------------
Cash generated from operations	9,153,581	9,616,118

Interest paid	( 7,737,396)	( 7,620,845)
Interest received	66,312	58,448
Tax paid	( 92,767)	( 315,077)
	------------	------------
Net cash from operating activities	1,389,730	1,738,644
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 3,095,221)	( 352,113)
Proceeds from sale of tangible assets	( 614,089)	50,517
	------------	------------
Net cash used in investing activities	( 3,709,310)	( 301,596)
	------------	------------

Cash flows from financing activities

Repayments of borrowings	( 506,900)	( 785,000)
Dividends paid	( 456,000)	( 374,850)
	------------	------------
Net cash used in financing activities	( 962,900)	( 1,159,850)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 3,282,480)	277,198
Cash and cash equivalents at beginning of year	7,464,948	7,187,750
	------------	------------
Cash and cash equivalents at end of year	4,182,468	7,464,948
	------------	------------

Office Space in Town Limited

Notes to the Consolidated Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corbygate Business Park, Corby, Northamptonshire, NN17 5JG.

2. Statement of compliance

These Consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, investments and properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest whole pound. The group financial statements consolidate the financial statements of Office Space in Town Limited and all its subsidiary undertakings for the year ended 31 March 2025. The financial year end of the following subsidiary undertakings brought in on consolidation differs from that of Office Space in Town Limited : Burgh Holding Limited 30 September 2024 Burgh Island Holdings Limited 30 September 2024 Burgh Island Limited 30 September 2024 Transactions and balances between subsidiary undertakings have been eliminated and where necessary, adjustments are made to the financial statements of group entities to bring the accounting policies used in line with those by the group.

Going concern

The Company and Group are in a positive net asset and net current asset position. This judgment has been made on the application of the going concern basis of accounting. In accessing the going concern basis of accounting the Directors considered the Company's & Group's business activities, the financial position of the Group and the support available from within the Group. The Company, as part of the Office Space in Town Group is borrower and guarantor to a £56,044,542 (as at 31 March 2025) facility with Precap VII S.A.R.L. and to a £72,208,333 (as at 31 March 2025) facility with Aberdeen Investment Management Limited. Both facility agreements have covenants relating to Interest Cover and Loan to Value (LTV) calculated on a look back and a look forward basis; none of these have been breached. It is the opinion of the directors of Office Space in Town Limited that the Group can service both the interest and principal payments as they fall due. During December 2023 the portfolio of assets within the Group was revalued at £150,020,000 and at this value, the portfolio remains compliant with all the underlying covenants of both Precap VII S.A.R.L. and Aberdeen Investment Management Limited. The directors consider it appropriate to seek a revaluation in first quarter 2026, given the further decrease in bank interest rates and a more stable economic environment post the first and second labour budgets and other international economic drivers. The Group's revenues and EBITDA remain extremely robust and cash balances at 31 March 2025 are £4,182,468. If in the event that the portfolio's asset values reduce and the LTV covenant in place with Precap VIII S.A.R.L. is breached, then it is the opinion of the directors that the lender would be supportive and offer covenant waivers for the required period. The Group has an extremely proactive and open relationship with the lender resulting in a high degree of confidence between all the parties. Taking account of all the above it is therefore the opinion of the directors of the Company that it is appropriate to prepare financial statements on a going concern basis.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102 on the basis that equivalent disclosures are made for the consolidated position within these accounts: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial position and performance of financial instruments have not been presented.

Consolidation

The financial statements consolidate the financial statements of Office Space in Town Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The following subsidiary companies have been consolidated as part of the Group financial statements: - Brick Street OpCo Limited (registered in England and Wales) - Office Space Cleaning Ltd (registered in England and Wales) - London Serviced Offices Limited (Registered in Isle of Man) - London Serviced Offices 2 Limited (Registered in Isle of Man) - Galion Homes (Bigbury) Limited (registered in England and Wales) - Burgh Holding Limited (Registered in Isle of Man) The investments held as at 31 March 2025 can be seen in more detail under note 17.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Revenue recognition

Turnover for the group is mainly comprised of management fees, licence fees, room-hire, service fees and other income. Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Office Space in Town Limited as managing agents for serviced offices sources goods and services in the most effective manner possible. This can be by establishing contracts by each centre individually but can also be by establishing corporate contracts covering all centres under it. These costs are recharged to individual centres at cost. As such, recharges are billed one month in arrears. Management fees are charged to each centre in accordance with the contracts in place. Typically, fees are charged one month in arrears. Licence fee income is recognised in the statement of comprehensive income on a straight-line basis over the contract term. Room-hire income is recognised at the fair value of the consideration receivable once the room has been availed of. Service fee income is recognised when the services have been rendered by the Company, the associated costs and recharge margin on those costs can be measured reliably and with reference to the stage of completion of the service. All sources of other income is only recognised when it is probable that the economic benefits will flow to the Company.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Government grants

Government grants are accounted for under FRS 102 Section 24 'Government grants'. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

The Company has opted to account for Government grants under the accrual method. Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Website costs	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Any property, plant and equipment carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvements	-	Straight line at variable rates
Plant and machinery	-	Straight line at variable rates
Fixtures and fittings	-	Straight line at variable rates
Motor vehicles	-	25% reducing balance
Office equipment	-	20% straight line

Investments in subsidiaries

Fixed Asset Investments accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in the profit or loss.

The fair value of the investments are based upon the underlying assets of the subsidiaries. The assets are valued on an regular basis by an external, independent and professionally qualified valuer having recent experience in the location and category of the assets being valued. The valuation comprises of the physical assets along with an assessment of its valued use within the business. As a result, the net assets of the subsidiary are deemed to have an accurate reflection on the fair value of the underlying investments.

The directors consider it appropriate to seek a revaluation in first quarter 2026, given the further decrease in bank interest rates and a more stable economic environment post the first and second labour budgets and other international economic drivers. As a result, the net assets of the subsidiary are deemed to have an accurate reflection on the fair value of the underlying investments.

Investments in associates

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in the profit or loss. The fair value of the investments are based upon the underlying assets of the associates. The assets are valued on an annual basis by an external, independent and professionally qualified valuer having recent experience in the location and category of the assets being valued. The valuation comprises of the physical assets along with an assessment of its valued use within the business. As a result, the net assets of the associates are deemed to have an accurate reflection on the fair value of the underlying investments.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	26,102,176	25,912,544
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Other operating income	69,680	( 9,948)
	--------	-------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	11,813	11,814
Depreciation of tangible assets	400,339	309,847
Loss/(gains) on disposal of tangible assets	14,109	( 3,421)
Impairment of trade debtors	–	9,237
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the consolidated financial statements	94,605	96,500
	--------	--------

8. Particulars of employees

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	217	202
Administrative staff	24	17
Management staff	14	14
Operations and sales staff	4	3
	----	----
	259	236
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	5,866,455	5,286,610
Social security costs	549,121	482,860
Other pension costs	87,917	75,415
	------------	------------
	6,503,493	5,844,885
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	845,387	774,135
Company contributions to defined contribution pension plans	5,936	6,047
	---------	---------
	851,323	780,182
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	7	7
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	164,455	138,933
Company contributions to defined contribution pension plans	1,321	1,321
	---------	---------
	165,776	140,254
	---------	---------

10. Key management personnel

The combined remuneration package of Key Management Personnel is deemed to be that of the directors remuneration packaged detailed in note 9.

11. Interest receivable

	2025	2024
	£	£
Interest on cash and cash equivalents	66,312	58,448
	--------	--------

12. Interest payable

	2025	2024
	£	£
Interest on banks loans and overdrafts	7,536,157	7,606,214
Interest on obligations under finance leases and hire purchase contracts	2,112	1,920
Other interest payable and similar charges	548,753	532,109
	------------	------------
	8,087,022	8,140,243
	------------	------------

13. Taxation on ordinary activities

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax income	118,474	300,161
Adjustments in respect of prior periods	99,068	–
	---------	---------
Total current tax	217,542	300,161
	---------	---------

Deferred tax:

Origination and reversal of timing differences	89,686	3,163
	---------	---------
Taxation on ordinary activities	307,228	303,324
	---------	---------

Tax recognised as other comprehensive income or equity

The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £(92,324) (2024: £Nil).

Reconciliation of tax expense

The tax assessed on the loss on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Loss on ordinary activities before taxation	( 2,253,823)	( 8,587,174)
	------------	------------
Loss on ordinary activities by rate of tax	( 563,456)	( 2,146,794)
Adjustment to tax charge in respect of prior periods	99,068	–
Effect of expenses not deductible for tax purposes	3,818	5,040
Effect of capital allowances and depreciation	( 3,906)	23,927
Effect of revenue exempt from tax	733,902	2,471,240
Unused tax losses	( 51,884)	( 53,252)
Effect of deferred tax	89,686	3,163
	------------	------------
Tax on loss	307,228	303,324
	------------	------------

14. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	456,000	374,850
	---------	---------

15. Intangible assets

Group	Goodwill	Development costs	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	( 8,856,292)	43,597	( 8,812,695)
	------------	--------	------------
Amortisation
At 1 April 2024	( 8,890,069)	36,459	( 8,853,610)
Charge for the year	7,454	4,359	11,813
	------------	--------	------------
At 31 March 2025	( 8,882,615)	40,818	( 8,841,797)
	------------	--------	------------
Carrying amount
At 31 March 2025	26,323	2,779	29,102
	------------	--------	------------
At 31 March 2024	33,777	7,138	40,915
	------------	--------	------------

The company has no intangible assets.

On 30 June 2022 LSO Services Limited, a company Office Space in Town Limited indirectly owned 20% of, became a wholly owned subsidiary of LSO Services Interco Limited. This transaction resulted in negative goodwill of £8,930,828. FRS102 generally requires negative goodwill to be recognised on the balance sheet. However, the group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, has determined to release in full the negative goodwill to the profit and loss account. The underlying assets of the acquisition are principally land and property related and have a higher incremental value than that at the time of the acquisition. It is therefore the opinion of the directors that to hold a negative intangible asset on the balance sheet would not present a true representation of the investment in the underlying subsidiaries.

16. Tangible assets

Group	Investment property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost or value
At 1 Apr 2024	163,614,943	969,880	5,532,202	133,315	4,361	170,254,701
Additions	2,541,203	377,286	825,370	–	1,362	3,745,221
Disposals	–	( 26,402)	( 22,526)	( 52,916)	( 764)	( 102,608)
Revaluations	( 2,700,479)	–	–	–	–	( 2,700,479)
Transfers	–	–	( 87)	–	–	( 87)
	--------------	------------	------------	---------	-------	--------------
At 31 Mar 2025	163,455,667	1,320,764	6,334,959	80,399	4,959	171,196,748
	--------------	------------	------------	---------	-------	--------------
Depreciation
At 1 Apr 2024	–	548,680	4,858,435	63,250	1,712	5,472,077
Charge for the year	–	99,920	275,054	24,436	929	400,339
Disposals	–	( 14,305)	( 22,526)	( 14,993)	( 765)	( 52,589)
	--------------	------------	------------	---------	-------	--------------
At 31 Mar 2025	–	634,295	5,110,963	72,693	1,876	5,819,827
	--------------	------------	------------	---------	-------	--------------
Carrying amount
At 31 Mar 2025	163,455,667	686,469	1,223,996	7,706	3,083	165,376,921
	--------------	------------	------------	---------	-------	--------------
At 31 Mar 2024	163,614,943	421,200	673,767	70,065	2,649	164,782,624
	--------------	------------	------------	---------	-------	--------------

Company	Investment property	Fixtures and fittings	Total
	£	£	£
Cost or value
At 1 April 2024	–	22,225	22,225
Additions	1,144,374	3,299	1,147,673
Revaluations	455,626	–	455,626
	--------------	--------	------------
At 31 March 2025	1,600,000	25,524	1,625,524
	--------------	--------	------------
Depreciation
At 1 April 2024	–	18,714	18,714
Charge for the year	–	1,679	1,679
	--------------	--------	------------
At 31 March 2025	–	20,393	20,393
	--------------	--------	------------
Carrying amount
At 31 March 2025	1,600,000	5,131	1,605,131
	--------------	--------	------------
At 31 March 2024	–	3,511	3,511
	--------------	--------	------------

Included within the Group's investment property are the following properties:

Cost / valuation brought forward	Revaluation in year	Additions in year	At 31 March 2025
£	£	£	£

2-6 Boundary Row, London, SE1 8HP	35,250,000			35,250,000
20 Little Britain, London, EC1A 7DH	27,250,000			27,250,000
46 New Broad Street, London, EC2M 1JH	29,300,000	(2,700,478)	2,103,937	28,703,459
20 St Dunstan's Hill, London, EC3R 8HL	58,250,000			58,250,000
Burgh Island, Devon, TQ7 4BG	11,964,943		437,265	12,402,208
Warren Cottage, Devon, TQ7 4AS	1,600,000	–		1,600,000
	--------------	------------	------------	--------------
	163,614,943	(2,700,478)	2,541,202	163,455,667
	--------------	------------	------------	--------------

The properties located at Boundary Row, Little Britain, New Broad Street and St Dunstan's were valued in November 2023 by John Bareham MRICS and Tom Nuttall MRICS, of Cushman & Wakefield. The valuation of £150.05m was on an open market basis assuming a fully equipped operational entity, having regard to trading potential. The New Broad Street valuation of £29,300,000 was assuming the refurbishment works to the lower ground was completed and the property was fully operational and income producing as an office asset. The refurbishment completed in August 2024 and as a result the property has been revalued to reflect this and to account for the cost of the refurbishment. The Hotel, The Pilchard (pub) and The Beach House located at Burgh Island, Devon, TQ7 4BG were valued in December 2022 by Nick Boyd FRICS, of Knight Frank LLP. The valuation of £12,500,000 was on an open market basis assuming vacant possession and continuing use as a hotel and included fixtures and fittings and other assets. The Hotel, The Pilchard (pub) and The Beach House are included at £12,402,208 which is the revalued amount, plus additions in the year, less the NBV at acquisition of fixtures and fittings, equipment, and vehicles of £566,778 at the point of valuation. Cost or valuation at 31 March 2025 of The Hotel, The Pilchard (pub) and the Beach House is represented by:

		Total
		£
	Valuation in 2004	578,622
	Valuation in 2006	1,098,469
	Valuation in 2010	2,196,354
	Valuation in 2018	786,613
	Valuation in 2020	468,572
	Valuation in 2023	2,425,728
	Cost pre 2024	4,410,585
		-------------
	Cost or valuation as at 31.03.2024	11,964,943
	Additions in year to 31.03.2025	437,265
		-------------
	Cost or valuation as at 31.03.2025	12,402,208
		-------------

As the directors do not have access to all the Company records, they are unable to confirm the exact cost basis. The method used to estimate the cost basis has been identified by respect to the land registry price back in October 2001 of £2,099,000. The remaining cost balance has been identified by using the current revalued amount less any revaluations to date. The residual value of The Hotel, The Pilchard (pub) and the Beach House is considered to be in excess of the original cost in light of the revaluation and on this basis, there is no depreciation for which to account. During the year the Company obtained a property from its subsidiary, Galion Homes (Bigbury) Limited. The transfer was executed under the no gain/no loss rule as per TCGA92/S171(1). On the same date it was the directors' opinions that the property had an open market value of £1,600,000. This is based on the formal valuation by Marchand Petit Estate Agents back in September 2021. The Directors are of the opinion that there has been no material change in the value of the property since the valuation and therefore have not arranged for a further valuation at the year end. Additionally, on 14 September 2021 a valuation was undertaken by Marchand Petit Estate Agents in relation to the property known as Warren Cottage, Marine Drive, Bigbury on Sea, TQ7 4AS. The valuation of £1,600,000 was on an open market basis. Cost or valuation at 31 March 2025 of Warren cottage is represented by:

		Total
		£
	Cost	1,144,374
	Valuation in 2021	455,626
		------------
	Cost or valuation as at 31.03.2025	1,600,000
		------------

The directors believe there is no change in the value of these properties at the period end.

17. Investments

Group	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Value
At 1 April 2024 and 31 March 2025	15,405	225,930	241,335
	--------	---------	---------
Impairment
At 1 April 2024 and 31 March 2025	–	–	–
	--------	---------	---------

Carrying amount
At 1 April 2024 and 31 March 2025	15,405	225,930	241,335
	--------	---------	---------
At 31 March 2024	15,405	225,930	241,335
	--------	---------	---------

Company	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Value
At 1 April 2024	30,224,558	225,930	30,450,488
Revaluations	( 3,001,289)	–	( 3,001,289)
	-------------	---------	-------------
At 31 March 2025	27,223,269	225,930	27,449,199
	-------------	---------	-------------
Impairment
At 1 April 2024 and 31 March 2025	–	–	–
	-------------	---------	-------------

Carrying amount
At 31 March 2025	27,223,269	225,930	27,449,199
	-------------	---------	-------------
At 31 March 2024	30,224,558	225,930	30,450,488
	-------------	---------	-------------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Brick Street OpCo Limited	10 Canberra House	Ordinary	50
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
Office Space Cleaning Ltd	10 Canberra House	Ordinary	67
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
London Serviced Offices Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
London Serviced Offices 2 Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
Burgh Holding Limited	First Names House	Ordinary	74
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
Galion Homes (Bigbury) Limited	10 Canberra House	Ordinary	100
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
Plywyn Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
LSO Services Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
LSO Services Interco Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man

Little Britain Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
Little Britain OpCo Limited	10 Canberra House	Ordinary	100
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
Boundary Row Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
Boundary Row OpCo Limited	10 Canberra House	Ordinary	100
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
New Broad Street Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
NBS OpCo Limited	10 Canberra House	Ordinary	100
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
St Dunstan's Limited	First Names House	Ordinary	100
	Victoria Road
	Douglas
	IM2 4DF
	Isle of Man
St Dunstan's OpCo Limited	10 Canberra House	Ordinary	100
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom

Other significant holdings
Burgh Island Holdings Limited	10 Canberra House	Ordinary	43
	Corbygate Business Park	Preference	51
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
Burgh Island Limited	10 Canberra House	Ordinary	43
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom
Croft Way (OSIT) Limited	10 Canberra House	Ordinary	30
	Corbygate Business Park
	Corby
	Northamptonshire
	NN17 5JG
	United Kingdom

The investments are held at Fair Value with the changes in Fair Value adjustments, on an annual basis, being recognised in the profit and loss. The Following Companies are exempt from the requirement of the Companies Act 2006 relating to the audit of its individual accounts by virtue of section 479A: - Galion Homes (Bigbury) Limited

18. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials	94,074	93,038	–	–
	--------	--------	----	----

19. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	479,414	394,049	26,447	45,002
Amounts owed by group undertakings	–	–	452,622	551,521
Amounts owed by undertakings in which the company has a participating interest	27,714	27,714	27,714	27,714
Prepayments and accrued income	3,183,900	3,929,309	139,095	164,260
Corporation tax repayable	198,806	319,085	28,609	245,611
Directors loan account	816,993	692,155	217,033	92,297
Other debtors	920,880	1,578,621	325,766	325,766
	------------	------------	------------	------------
	5,627,707	6,940,933	1,217,286	1,452,171
	------------	------------	------------	------------

20. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	500,000	5,090,000	216,565	209,584
Trade creditors	3,304,951	3,270,720	86,697	23,739
Amounts owed to group undertakings	424,500	424,500	2,325,243	1,220,576
Accruals and deferred income	918,351	1,312,521	65,875	145,110
Social security and other taxes	1,158,377	1,261,929	58,034	61,077
Other creditors	4,494,032	4,747,765	–	( 50)
	-------------	-------------	------------	------------
	10,800,211	16,107,435	2,752,414	1,660,036
	-------------	-------------	------------	------------

Barclays Bank Plc hold a fixed and floating charge over all the property or undertakings of the Company in relation to the revised arranged overdraft facility of £350,000.

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	133,107,875	129,024,775	–	–
Other creditors	2,414,776	2,251,960	–	–
	--------------	--------------	----	----
	135,522,651	131,276,735	–	–
	--------------	--------------	----	----

At 31 March 2025, the Group's bank debt was secured over investment properties valued at £150.05m (see note 16). The bank loan was carried at amortised cost. At 31 March 2025, the gross bank loan balance was £72.3m and the movements during the period were repayments of £0.5m as defined in the facility agreement. The contractual maturity of the Group bank loan is July 2026.

In addition to the bank loan, as a result of the Group buyout, Plywyn Limited entered into a loan agreement with PRECAP VII S.À R.L. The total loan advanced was £56m. This loan is carried at cost. The contractual maturity of this loan is the earlier of the fifth anniversary of the agreement being June 2027 or the repayment date of the senior facility agreement with the current contractual maturity date of July 2026.

The Group's loan agreement contains financial and other covenants and none compliance could affect the repayment profile.

In July 2024 The Burgh Island Group redeemed it's loan facility agreements with Coutts & Company in full. At the same time a new loan facility was agreed with Metro Bank Plc. Metro Bank Plc hold a fixed and floating charge and negative pledge over all the assets of Burgh Island Limited in relation to the new facility agreement dated July 2024. Full repayment of this facility agreement is due no later than 2 years after the approval date. The interest rate on the facility agreement is 3% above Metro Bank PLC's published based rate.

22. Secured debt

Where the individual group companies have borrowings, they are secured by fixed and floating charges on the underlying assets of the individual company. Office Space in Town Limited 's bank overdraft is similarly secured on the assets of the ultimate holding company only. There are no cross company guarantees.

23. Provisions

Group	Deferred tax (note 24)
	£
At 1 April 2024	1,807,931
Additions	67,308
Charge against provision	( 91,946)
	------------
At 31 March 2025	1,783,293
	------------

Company	Deferred tax (note 24)
	£
At 1 April 2024	–
Additions	113,907
	---------
At 31 March 2025	113,907
	---------

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 23)	1,783,293	1,807,931	113,907	–
	------------	------------	---------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	153,317	85,631	–	–
Revaluation of tangible assets	1,629,976	1,722,300	–	–
	------------	------------	----	----
	1,783,293	1,807,931	–	–
	------------	------------	----	----

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 87,917 (2024: £ 75,415 ).

26. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Group
Not later than 1 year	70,353	55,681
Later than 1 year and not later than 5 years	86,594	72,309
	---------	---------
	156,947	127,990
	---------	---------

Included within the minimum lease payments under non-cancellable operating leases are several items of leased equipment within the group.

27. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary Class A Shares shares of £ 1 each	2	2	2	2
Ordinary Class B Shares shares of £ 1 each	3	3	3	3
	----	----	----	----
	5	5	5	5
	----	----	----	----

Ordinary "A" class shares have full rights to vote and rights to dividend distribution. Ordinary "B" class shares have rights to dividend distribution only.

28. Reserves

Fair Value reserve - This reserve records the value of Fair Value movements on investments recognised in the profit and loss. Profit and loss account - This reserve records retained earnings and accumulated losses .

29. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	7,464,948	(3,282,480)	4,182,468
Debt due within one year	(5,514,500)	4,590,000	(924,500)
Debt due after one year	(129,024,775)	(4,083,100)	(133,107,875)
	--------------	------------	--------------
	( 127,074,327)	( 2,775,580)	( 129,849,907)
	--------------	------------	--------------

30. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025	2024
	£	£
Balance brought forward	692,155	596,993
Advances/ (credits) to the directors	142,981	124,657
Amounts repaid	(9,499)	(29,495)
Amounts written off	(8,644)	–
	---------	---------
Balance outstanding carried forward	816,993	692,155
	---------	---------

The amounts outstanding at the year end are interest free and repayable on demand.

31. Related party transactions

During the year Mrs N Morgan and Mr G Fuchs were also directors Brick Street OpCo Limited and Office Space Cleaning Ltd. Mr G Fuchs was also a director of Gunners Cocktails Limited, Burgh Island Holdings Limited and Burgh Holding Limited.

As at the year end Brick Street OpCo Limited owed the Company £1,220,663 (2024: £1,220,663). The loan is interest free and repayable on demand. There is a bad debt provision in place in relation to this loan totalling £1,220,663 (2024: £1,220,663) as Brick Street OpCo Limited's is no longer trading as a going concern.

During the year Burgh Island Holdings Limited repaid the Company £10,000. As at the year the total loan balance Burgh Island Holdings Limited owed the Company amounted to £0 (2024: £10,000). The loan is interest free and repayable on demand.

During the year the Company lent Burgh Holding Limited £2,790. As at the year the total loan balance Burgh Holding Limited owed the Company amounted to £429,278 (2024: £426,488). The loan is interest free and repayable on demand.

As at 31 March 2025 the total balance Gunners Cocktails Limited owed the Company amounted to £290,372 (2024: £290,372). The loan is interest free and repayable on demand.

The company has availed itself of the exemption contained within FRS 102 Section 33.1A Related Party Disclosures not to disclose details of transactions with wholly owned group entities.