Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Jens Leslie Penny
John McLaughlin

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 December 2025

And signed on behalf of the board by:
Name: John McLaughlin
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2024

	2024	2023
	£	£
Turnover:	0	0
Cost of sales:	0	0
Gross profit(or loss):	0	0
Distribution costs:	0	0
Administrative expenses:	( 2,352,000 )	( 3,238,000 )
Operating profit(or loss):	(2,352,000)	(3,238,000)
Interest payable and similar charges:	( 1,932,000 )	( 6,210,000 )
Profit(or loss) before tax:	(4,284,000)	(9,448,000)
Tax:	( 140,000 )	140,000
Profit(or loss) for the financial year:	(4,424,000)	(9,308,000)

Balance sheet

As at 31 December 2024

	Notes	2024	2023
		£	£
Fixed assets
Investments:	3	41,492,000	41,492,000
Total fixed assets:		41,492,000	41,492,000
Current assets
Debtors:	4	5,512,000	633,000
Cash at bank and in hand:		253,000	1,000
Total current assets:		5,765,000	634,000
Creditors: amounts falling due within one year:	5	( 83,519,000 )	( 17,756,000 )
Net current assets (liabilities):		(77,754,000)	(17,122,000)
Total assets less current liabilities:		(36,262,000)	24,370,000
Creditors: amounts falling due after more than one year:	6		( 57,545,000 )
Total net assets (liabilities):		(36,262,000)	(33,175,000)
Capital and reserves
Called up share capital:		1	1
Other reserves:		261,999	2,086,999
Profit and loss account:		(36,524,000 )	(35,262,000 )
Total Shareholders' funds:		( 36,262,000 )	(33,175,000)

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Valuation information and policy

  Investments in subsidiaries are measured at cost less accumulated impairment.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	2023
  Average number of employees during the period	5	6