REGISTERED NUMBER: 13862122 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

SALAFT SERVICED OFFICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

R G Baum

L F Small

Registered office:

22a Perrins Walk

London

NW3 6TH

Registered number:

13862122 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Tangible assets

4

7,042,958

8,281,711

Current assets

Debtors

5

190,571

143,435

Cash at bank

520,516

551,594

711,087

695,029

Creditors

Amounts falling due within one year

6

6,264,395

6,405,151

Net current liabilities

(5,553,308

)

(5,710,122

)

Total assets less current liabilities

1,489,650

2,571,589

Creditors

Amounts falling due after more than one year

7

(2,300,000

)

(2,300,000

)

Provisions for liabilities

9

(85,734

)

(63,329

)

Net (liabilities)/assets

(896,084

)

208,260

Capital and reserves

Called up share capital

10

100

100

Investment Property Fair Value

Reserve

(1,166,113

)

131,065

Retained earnings

269,929

77,095

Shareholders' funds

(896,084

)

208,260

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

R G Baum - Director

L F Small - Director

1.	Statutory information

Salaft Serviced Offices 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 (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared on a going concern basis.

Going concern

Financial statements are required to be prepared on a going concern basis, unless that basis is not appropriate.

An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative to do so.

If the going concern basis is not appropriate then the assets and liabilities would need to be stated on a break-up basis, which can entail reduced asset values and increased liabilities.

Parent company loan:

Even though the entity has net liabilities for the year of £896,084 (2024: net assets of £208,260), the net liability position has arisen due to the decrease in value of the investment property. The parent company has indicated its willingness to provide finance to the company, should it be required. The directors believe that the parent company will continue to have sufficient resources, in the event that the company requires additional funds.

Directors conclusion on going concern

The directors have concluded that it remains appropriate to adopt the going concern basis for the preparation of the financial statements, as they believe the company will continue to be in business, with neither the necessity of liquidation or requirement to cease to carrying on in business for a period of at least 12 months from the date of approval of these financial statements.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is inherent estimation uncertainty in arriving at a fair value of the investment properties. The investment properties accounting policy sets out the basis of valuation.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as

possible, there remains a risk that the provisions do not match the actual tax liability in the event of asset

disposals.

Turnover

Turnover is stated net of value added tax and comprises:

Rents receivable, excluding service charges and insurance matched with a specific disbursement;

Service charges and insurance which are in effect a rechargeable disbursement are not included in turnover or cost of sales unless they relate to a vacant period or vacant part of an investment property.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

Straight line over 10 years

Computer equipment

-

Straight line over 4 years

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Where an arrangement constitutes a financing transaction the debt instrument is initially recognised at the

present value of future payments, discounted at a market rate of interest for a similar debt instrument. Such

assets or liabilities are subsequently carried at amortised cost using the effective interest method.

The interest-free loan to the company from the parent has been deemed a financing transaction.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Investment properties

Investment properties are shown at fair value and not depreciated.

Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing

parties in an arm's length transaction, therefore in practice the concept is similar to open market value.

The directors' opinion of market value is used to ascertain a fair value for each investment property, having

regard to the last professional market valuation.

Gains and losses arising on changes in fair value are recognised in the income statement.

Deferred tax is provided on the unrealised gains at the rate expected to be applied when the property is sold.

Transactions with fellow group undertakings

The company has taken advantage of the exemption within the Financial Reporting Standard 102 (section 1A), in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.

3.	Employees and directors

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

4.	Tangible fixed assets

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

Cost or valuation

At 1 April 2024

8,205,585

76,644

7,031

8,289,260

Additions

100,205

26,981

853

128,039

Revaluations

(1,340,866

)

-

-

(1,340,866

)

Reclassification/transfer

(14,924

)

-

-

(14,924

)

At 31 March 2025

6,950,000

103,625

7,884

7,061,509

Depreciation

At 1 April 2024

-

5,791

1,758

7,549

Charge for year

-

9,191

1,811

11,002

At 31 March 2025

-

14,982

3,569

18,551

Net book value

At 31 March 2025

6,950,000

88,643

4,315

7,042,958

At 31 March 2024

8,205,585

70,853

5,273

8,281,711

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

Valuation in 2025

(1,340,866

)

-

-

(1,340,866

)

Cost

8,290,866

103,625

7,884

8,402,375

6,950,000

103,625

7,884

7,061,509

If the freehold property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

8,290,866

8,030,832

Freehold land and buildings were valued on an open market basis on 21 March 2025 by Colliers International .

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

158,450

127,611

Other debtors

32,121

15,824

190,571

143,435

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

76,071

52,590

Amounts owed to group undertakings

5,760,425

5,820,689

Taxation and social security

2,264

5,748

Other creditors

425,635

526,124

6,264,395

6,405,151

7.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans

2,300,000

2,300,000

8.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

2,300,000

2,300,000

Secured debts consist of a £2,300,000 interest only bank loan facility, repayable 27 July 2027.

The bank loan is secured over all the assets of the company.

9.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

124,224

93,688

Tax losses

(38,490

)

(74,047

)

Property stated at fair value

-

43,688

85,734

63,329

Deferred tax

£

Balance at 1 April 2024

63,329

Charge to Profit and Loss Account during year

22,405

Balance at 31 March 2025

85,734

The investment property was transferred to the company by the parent company. The provision for deferred tax above, arising from the statement of the investment property at fair value, is on the basis that, in the event of a future sale of the investment property, the parent company will reimburse the company the portion of corporation tax arising on any chargeable capital gain that had accrued up to the date of transfer of the investment property.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

11.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Paul Hodgett (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

12.	Related party disclosures