REGISTERED NUMBER: 11877634 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CANDLERIGGS DEVELOPMENTS 2 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G M Bone

U N Goldberg

S C Oag

M Stimler

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

11877634 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

FIXED ASSETS

Investments

4

700

700

CURRENT ASSETS

Stocks

1,500,000

5,893,444

Debtors

5

11,617

828,517

Cash at bank

117,191

97,529

1,628,808

6,819,490

CREDITORS

Amounts falling due within one year

6

4,963,931

9,009,749

NET CURRENT LIABILITIES

(3,335,123

)

(2,190,259

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,334,423

)

(2,189,559

)

CAPITAL AND RESERVES

Called up share capital

900

900

Profit and loss account

(3,335,323

)

(2,190,459

)

(3,334,423

)

(2,189,559

)

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 22 December 2025 and were signed on its behalf by:

M Stimler - Director

1.	STATUTORY INFORMATION

Candleriggs Developments 2 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Candleriggs Developments 2 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Candleriggs Holdings Limited, First Floor, Winston House, 349 Regents Park Road, London N3 1DH.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less cost to sell and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in 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.

Exceptional item

Where the directors consider that any material items are irregular or infrequent then they will treat them as exceptional items, to ensure that the financial statement gives a true and fair view. This involves providing additional disclosures as deemed necessary.

Going concern

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

In making their assessment, the directors have considered the foreseeable future which is a period of at least 12 months from the date of signing of the financial statements.

The company has at the balance sheet date net current liabilities of £3,335,123 (2024 - £2,190,259) and negative reserves of £3,335,323 (2024 - £2,190,459).

The directors consider that there are no material uncertainties regarding the going concern status of the company because there are ongoing negotiations to continue developing the remaining stock.

The company is part of a group that has the financial resources to support the company and has provided a letter of support to also meet the company's future liabilities as they fall due. This is a statement of intent and not a legally binding arrangement.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

700

NET BOOK VALUE

At 31 March 2025

700

At 31 March 2024

700

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

90,000

Amounts owed by group undertakings

5,000

6,000

Other debtors

6,617

732,517

11,617

828,517

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

10,305

6,123

Amounts owed to group undertakings

3,299,400

5,999,400

Other creditors

1,654,226

3,004,226

4,963,931

9,009,749

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aryeh Melinek (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

8.	RELATED PARTY DISCLOSURES

Amounts due to related party as at the year end was £4,944,376 which includes £3,294,400 (£5,000 receivable and £3,299,400 payable) to parent and group companies and £1,649,976 payable to other associate companies.

The company's immediate parent is Candleriggs Holdings Limited.

The most senior entity producing consolidated financial statements is Candleriggs Holdings Limited.

The parent of the group in which these financial statements are consolidated is Candleriggs Holding Limited, First Floor, Winston House, 349 Regents Park Road, London, N3 1DH.

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is YBM Immo AG, a company incorporated in Switzerland. YBM Immo AG, Baumleingasse 10, 4051 Basel, Switzerland.

10.	SUBSEQUENT EVENTS

An external professional desktop valuation of the land bank was obtained in July 2025. This valuation was classified by the directors to be an adjusting subsequent event, as they considered that it accurately reflected the conditions that existed at the reporting date. This resulted in an exceptional item, see Note below.

11.	EXCEPTIONAL ITEM

As at 31 March 2024 the land bank was expected to be used in a profitable development contract which was in the process of being negotiated. During the year it became clear that negotiation would not succeed. The directors are actively seeking new development opportunities but until a viable project is identified they consider that the most appropriate accounting treatment is to impair the land bank to it's recoverable amount reflecting it's current condition. This has resulted in an impairment loss of £4.4m being recognised as part of the current year's cost of sales figure.