REGISTERED NUMBER: 13609564 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

EXCHANGE TUNNELS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P F Curtin

K Leo

A S D Murray

REGISTERED OFFICE:

2nd Flr, Nicola Jane House

Southern Gate, Terminus Road

Chichester

West Sussex

PO19 8SE

REGISTERED NUMBER:

13609564 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

10,755,287

-

CURRENT ASSETS

Debtors

5

42,238

1,099,202

Cash at bank

505

139,241

42,743

1,238,443

CREDITORS

Amounts falling due within one year

6

10,898,598

1,248,793

NET CURRENT LIABILITIES

(10,855,855

)

(10,350

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(100,568

)

(10,350

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(100,668

)

(10,450

)

(100,568

)

(10,350

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

A S D Murray - Director

1.	STATUTORY INFORMATION

Exchange Tunnels 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £1.

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.

Going concern

The company is currently funded by entities within the group. The group is preparing for commercial launch and is not currently revenue generating, therefore the ability of the company to continue as a going concern is reliant upon the group obtaining funding. Based on a review of funding options available the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Tangible fixed assets

Tangible fixed assets held for the company’s benefit are stated at cost less accumulated depreciation and accumulated impairment losses where applicable.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight-line basis at rates of 1% per annum.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Rental income

Rental income from property is recognised in profit or loss on a straight-line basis over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

Additions

10,791,258

At 31 March 2025

10,791,258

DEPRECIATION

Charge for year

35,971

At 31 March 2025

35,971

NET BOOK VALUE

At 31 March 2025

10,755,287

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

37,596

-

Other debtors

4,642

1,099,202

42,238

1,099,202

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,286

13,436

Amounts owed to group undertakings

8,298,699

-

Other creditors

2,597,613

1,235,357

10,898,598

1,248,793

7.	RELATED PARTY DISCLOSURES

During the year the company received a loan of £8,298,699 from a group entity. The loan is repayable on demand and interest free.

8.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company of the company is Cupcake Partners Limited and its registered office and audited financial statements are available at 20th Floor, 286 Lockhart Road, Wah Hing Commercial Building, Wanchai, Hong Kong.