REGISTERED NUMBER: 15065388 (England and Wales)

NKL2 Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

AG Murphy

REGISTERED OFFICE:

Elementary Studios

Blue Tower

Media City

Salford

M50 2ST

REGISTERED NUMBER:

15065388 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Investment property

5

6,962,150

8,678,172

CURRENT ASSETS

Debtors

6

183,951

211,112

Cash at bank

111,523

67,696

295,474

278,808

CREDITORS

Amounts falling due within one year

7

8,348,861

5,879,037

NET CURRENT LIABILITIES

(8,053,387

)

(5,600,229

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,091,237

)

3,077,943

CREDITORS

Amounts falling due after more than one year

8

-

3,065,285

NET (LIABILITIES)/ASSETS

(1,091,237

)

12,658

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,091,337

)

12,558

SHAREHOLDERS' FUNDS

(1,091,237

)

12,658

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 director acknowledges his 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 director and authorised for issue on 23 December 2025 and were signed by:

AG Murphy - Director

1.	STATUTORY INFORMATION

NKL2 Ltd 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 (£).

The amounts in the financial statements have been rounded to the nearest £1.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going Concern

The company has net liabilities of £1,091,237 (2024: net assets of £12,658) as a result of the sale of a property in the year.

The financial statements are prepared on a going concern basis which the director believes to be appropriate. The company prepares regular forecasts, which are reviewed by the director. Leases are being secured for the residual units in the properties, and the average lease length of 10 years on current leases provides security over future income streams. Alternative funding was secured post year end, and the security held by the bank was satisfied on 26 November 2025.

Related party exemption

The company has taken advantage of exemptions available under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" relating to the disclosure of related parties transactions where it is able to do so.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

8,678,172

Additions

283,978

Disposals

(2,000,000

)

At 31 March 2025

6,962,150

NET BOOK VALUE

At 31 March 2025

6,962,150

At 31 March 2024

8,678,172

The directors believe this to be the fair value at 31 March 2025.

The investment properties are included at the fair value.

A valuation was performed by Cluttons LLP as at 30 August 2023, the date of the transfer in.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

9,028

-

Other debtors

167,766

211,112

VAT

7,157

-

183,951

211,112

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,804,458

-

Amounts owed to group undertakings

6,364,434

5,788,051

Trade creditors

68,208

24,128

VAT

-

2,295

Other creditors

10,500

10,500

Accruals and deferred income

101,261

54,063

8,348,861

5,879,037

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

-

3,065,285

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

1,804,458

3,065,285

Amounts owed to group undertakings

6,364,434

5,788,051

8,168,892

8,853,336

The bank loans are secured by a legal charge dated 1 September 2023, over the company and all property and assets. The loans were repayable on 1 September 2026, but were repaid in November 2025 and the associated legal charge was consequently satisfied.

The intercompany loan is secured by a legal charge dated 1 September 2023 over the company and all property and assets and a legal charge dated 3 May 2024 over the company and all property and undertakings.

10.	RELATED PARTY DISCLOSURES

During the year the company acquired property of £nil (2024: £8,570,000) from companies under common control. The properties were acquired at market value.

The company incurred a management charge of £22,102 (2024: £23,375) from companies under common control.

During the year the company charged rental income to companies under common control of £66,082 (2024: £52,274).

At the end of the year, the company owed £600,000 (2024: £5,788,051) to Nikal Limited.

Nikal Limited was under common control until 17 October 2024, when Paul Stanley and Mark Weekes, of Begbies Traynor (Central) LLP, were appointed as administrators of Nikal Ltd. As a result, they are considered to be the controlling party of Nikal Limited.

At the end of the year, the company owed £5,764,434 (2024: £Nil) to Nikal (Jersey) Limited. Nikal (Jersey) Limited is the ultimate parent company of NKL2 Ltd.

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Nikal (Jersey) Limited, a company incorporated in Jersey. Nikal (Jersey) Limited is exempt from the requirement to prepare group accounts. Nikal (Jersey) Limited is a UK resident company for tax purposes.