Madadna UK Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Madadna UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08857686 . The registered office is 3rd Floor, The Glass House, 177-187 Arthur Road, London, SW19 8AE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

After considering the financial position of the Company, its cash flows, liquidity position and the availability of financial support from the shareholder, the directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover consists of rental income from operating leases and is recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the users benefit or the payments are structured to increase in line with expected inflation to compensate for the lessors expected inflationary cost increases.

2.4. Investment Properties

Investment property is initially recognised at cost. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transaction costs. Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date with changes in fair value recognised in the statement of comprehensive income. No depreciation is provided in respect of investment properties.

2.5. Financial Instruments

a) Financial assets

Basic financial assets, including trade and other receivables, amounts due from related parties and cash and cash equivalents, are initially recognised at transaction price, unless the arrangement constitutes a financing arrangement, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

Financial assets are derecognised when (i) the contractual rights to the cash flows from the asset expire or are settled, or (ii) substantially all the risks and rewards of ownership of the asset are transferred to another party or (iii) despite having retained some significant risk and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

b) Financial liabilities

Basic financial liabilities, including other creditors, bank loans and amounts due to group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when the liability is extinguished, which is when the contractual obligation is discharged, cancelled or expires.

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Madadna UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

Current tax is the amount of tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and laws. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is not provided on timing differences arising from the revaluation of investment property where there is no commitment to sell the asset.

2.7. Cash and cash equivalents

Cash and cash equivalents includes cash at bank, deposits held at call with banks or other short-term highly liquid investments with original maturities of three months or less.

2.8. Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

3. Average Number of Employees

Average number of employees during the year was as follows:

NIL (2024: NIL)

4. Tangible Assets

	Investment Properties
	£
Cost or Valuation
As at 1 April 2024	67,641,198
Disposals	(25,966,931 )
Revaluation	(8,150,382 )

As at 31 March 2025	33,523,885

Net Book Value
As at 31 March 2025	33,523,885

As at 1 April 2024	67,641,198

During the year, the Company transferred two properties to a sister company, and made a number of partial disposals resulting in a net loss on disposal of £3,288,452.

The Directors have valued the remaining properties at an open market value of £33,523,885, resulting in a £8,150,382 loss on revaluation which has been recognised in the statement of comprehensive income.

The aggregate historical cost of the property portfolio is £49,784,134 (2024: £65,871,519).

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Madadna UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	88,676	2,382,810
Prepayments and accrued income	201,851	299,029
Other debtors	97,277	197,135
Other loans receivable	10,609,513	-
Corporation tax recoverable assets	55	100
Amounts owed by group undertakings	18,645,418	-

	29,642,790	2,879,074

The amounts owed by group undertakings and other loans receivable are unsecured, interest free and repayable on demand.

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	6,629,763	227,771
Bank loans and overdrafts	4,494,664	-
Other loans	6,269,327	7,653,324
VAT	274,008	426,248
Other creditors	38,838	24,432
Loan interest payable	154,882	268,533
Accruals and deferred income	5,269,822	6,949,677
Amounts owed to group undertakings	7,235,772	6,986,472

	30,367,076	22,536,457

The other loans payable and amount owed to a group undertaking are unsecured, interest free and repayable on demand.

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	15,442,280	27,997,405
Other loans	12,049,903	10,606,179
Amounts owed to group undertakings	4,329,168	4,329,168

	31,821,351	42,932,752

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Madadna UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

In 2022 the company entered into two loan facilities with Standard Bank Jersey Limited for amounts of £8,500,000 and £2,625,000. The loans bear interest at 2.85% above 7-year swap rate, and are repayable 7 years from the first drawing.

In February 2023 a £22,610,000 Secure Trust Bank PLC facility was made available to the Company. The loan bears interest at a fixed rate of 6.93% per annum and is repayable 48 months from the first drawing.

The bank loans are secured against the investment properties (note 5).

The other loans and amounts owed to group undertakings are deep discount bonds which are unsecured and are redeemable 60 months after the issue date.

8. Deferred Taxation

The provision for deferred taxation consists of the tax effect of timing differences in respect of £1,159,201 accelerated capital allowances (2024: £1,318,958), £399,905 revaluation of investment property (2024: £690,154) and £915,709 (asset) tax losses carried forward (2024: £154,214).

	2025	2024
	£	£
Other timing differences	643,397	1,845,489

9. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Share of £ 1.00 each	1	1

10. Related Party Transactions

The Company has taken advantage of the exemption provided in FRS102 Section 1AC.35 from disclosing transactions with members of the same group that are wholly owned.

11. Ultimate Parent Undertaking and Controlling Party

At the balance sheet date the company's ultimate parent undertaking was Madadna Limited, a company registered in Ireland, whose registered office is at 2 High Street, Wicklow, Ireland, A67 HF66.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		33,523,885		67,641,198

			33,523,885		67,641,198
CURRENT ASSETS
Debtors	5	29,642,790		2,879,074
Cash at bank and in hand		1,818,931		1,084,563

		31,461,721		3,963,637
Creditors: Amounts Falling Due Within One Year	6	(30,367,076 )		(22,536,457 )

NET CURRENT ASSETS (LIABILITIES)			1,094,645		(18,572,820 )

TOTAL ASSETS LESS CURRENT LIABILITIES			34,618,530		49,068,378

Creditors: Amounts Falling Due After More Than One Year	7		(31,821,351 )		(42,932,752 )

PROVISIONS FOR LIABILITIES
Provisions For Charges			(3,815,902 )		-
Deferred Taxation	8		(643,397 )		(1,845,489 )

NET (LIABILITIES)/ASSETS			(1,662,120 )		4,290,137

CAPITAL AND RESERVES
Called up share capital	9		1		1
Profit and Loss Account			(1,662,121 )		4,290,136

SHAREHOLDERS' FUNDS			(1,662,120)		4,290,137