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COMPANY REGISTRATION NUMBER: 07453106

RST LONDON LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2024

RST LONDON LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Investments | 5 | 805 | 805

Current assets

Stocks | 6 | 3,545,633 | 3,471,202
Debtors | 7 | 1,204,016 | 3,027,713
Cash at bank and in hand | 1,302 | 9,196
| ------------- | -------------
| 4,750,951 | 6,508,111

Creditors: amounts falling due within one year | 8 | ( 2,788,967) | ( 4,546,207)
| ------------- | -------------
Net current assets | 1,961,984 | 1,961,904
| ------------- | -------------
Total assets less current liabilities | 1,962,789 | 1,962,709
| ------------- | -------------
Net assets | 1,962,789 | 1,962,709
| ------------- | -------------

Capital and reserves

Called up share capital | 106 | 106
Profit and loss account | 1,962,683 | 1,962,603
| ------------- | -------------
Shareholder funds | 1,962,789 | 1,962,709
| ------------- | -------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

M Omirou
Director

Company registration number: 07453106

RST LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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 in sterling on the historical cost basis. This company is a beneficiary company of Highview (Leigham Vale) Limited and Acorn Braintree Limited which also form part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current and comparative year for Highview (Leigham Vale) Limited are reflected in these financial statements.
Going concern
The company is part of the Acorn Property Group and the ultimate parent company is Acorn PG Holdings Limited. The group has made a loss and has net liabilities however has unrealised profits on future development projects and is managing group cashflows to ensure liabilities are being paid as they fall due for payment. The group is receiving financial support from related companies to provide it with adequate working capital for a period of at least 12 months from the date of signing the financial statements and the ultimate parent company has provided group support. For these reasons, the directors have prepared the company's financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The key judgements and sources of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Funding arrangements Management has assessed the substance of funding agreements for other loans and consider them to be financing arrangements. The sums advanced under these agreements are therefore included in creditors as financial liabilities. The financial liabilities are measured at transaction price, including any transaction costs and subsequent measurement is at amortised cost using the effective interest rate method. (ii) Nominee agreements This company is a beneficiary company of Highview (Leigham Vale) Limited and Acorn Braintree Limited which also form part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current and comparative year for Highview (Leigham Vale) Limited are reflected in these financial statements.
Revenue recognition
Interest and arrangement fee income are recognised using the effective interest method.
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Investments

| Shares in group undertakings
| £
Cost |
At 1 October 2023 and 30 September 2024 | 805
| ----
Impairment |
At 1 October 2023 and 30 September 2024 | –
| ----

Carrying amount |
At 30 September 2024 | 805
| ----
At 30 September 2023 | 805
| ----

The company owns 100% of the issued share capital of Highview (Leigham Vale) Limited and Acorn Braintree Limited. The subsidiary companies have claimed the exemption from audit under section 479A of the Companies Act relating to subsidiary companies.
6. Stocks

| 2024 | 2023
| £ | £
Work in progress | 3,545,633 | 3,471,202
| ------------- | -------------

During the year finance costs capitalised in respect of the development amounted to £14,863 (2023: £131,606). Sales in the year of completed properties resulted in £nil (2023: £46,344) of these finance costs being released to cost of sales. At the year end the remaining capitalised finance costs included within stock totalled £79,370 (2023: £64,507).
7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 746,645 | –
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 247,074 | 2,762,151
Other debtors | 210,297 | 265,562
| ------------- | -------------
| 1,204,016 | 3,027,713
| ------------- | -------------

Included within trade debtors are balances of £572,974 receivable from group undertakings.
8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Trade creditors | 44,632 | 106,994
Amounts owed to group undertakings | 1,586,720 | 2,568,528
Accruals and deferred income | 10,386 | 39,183
Social security and other taxes | 86,864 | 13,025
Amounts owed to related parties | 768,540 | 754,705
Other creditors | 291,825 | 1,063,772
| ------------- | -------------
| 2,788,967 | 4,546,207
| ------------- | -------------

Included within creditors are loans totalling £300,000 which are in the legal name of a former director, J Skok. The company has a nominee agreement with J Skok to take on these loans and for this reason they are included within creditors of this company.
9. Contingencies
The company has granted floating charges over the assets of a number of its subsidiaries to a connected company, RST Securities Limited. These charges provide ad-hoc guarantees for debt recorded in other group companies accounts to equity investors in various development companies as required in the course of their day-to-day business and only crystalise in the event of a default.
10. Summary audit opinion
The auditor's report dated 24 December 2025 was unqualified , however, the auditor drew attention to the following by way of emphasis.
We draw attention to note 3 in the financial statements, which indicates that the company is reliant on support from the ultimate parent undertaking, Acorn PG Holdings Limited. We note the group is receiving financial support from related companies. The ability of the company to continue as a going concern is dependent on continuing financial support by the ultimate parent undertaking, which in turn is dependent on the continuing financial support of these related companies. These conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
We draw the readers attention to Note 3 of the financial statements, which describes the basis for preparation of the financial statements. This company is a beneficiary company of Highview (Leigham Vale) Limited and Acorn Braintree Limited which also form part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current and comparative year for Highview (Leigham Vale) Limited and Acorn Braintree Limited are reflected in these financial statements. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
11. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group. Several related parties hold debentures over the assets of the company. During the year the company borrowed funds from First Oak Partnerships Limited, a company under common control. The balance outstanding at the year end was £754,705. No interest is charged on this loan and the loan is repayable on demand.
12. Controlling party
RST Group Holdings Limited is the immediate parent company. Acorn PG holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.