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Registered number: 09696971 ELYSIAN STANMORE OPERATING COMPANY LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ELYSIAN STANMORE OPERATING COMPANY LIMITED
CONTENTS
| Page
Statement of Financial Position | 1
Notes to the Financial Statements | 2 - 6
ELYSIAN STANMORE OPERATING COMPANY LIMITED REGISTERED NUMBER:09696971
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 34,635 |  | 53,471
Current assets |  |  |  |  |
Stocks | 5 | 16,425 |  | 14,514 |
Debtors: amounts falling due within one year | 6 | 1,516,425 |  | 1,902,294 |
Bank and cash balances |  | 40,421 |  | 1,408 |
|  | 1,573,271 |  | 1,918,216 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 7 | (6,402,449) |  | (5,434,600) |
Net current liabilities |  |  | (4,829,178) |  | (3,516,384)
Total assets less current liabilities |  |  | (4,794,543) |  | (3,462,913)
Net liabilities |  |  | (4,794,543) |  | (3,462,913)
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1 |  | 1
Profit and loss account |  |  | (4,794,544) |  | (3,462,914)
|  |  | (4,794,543) |  | (3,462,913)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 February 2026.
G Stein
Director
The notes on pages 2 to 6 form part of these financial statements. Page 1
ELYSIAN STANMORE OPERATING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Elysian Stanmore Operating Company Limited is a private limited liability company incorporated in England and Wales. Its registered office address is at The Landsby, 1 Merrion Avenue, Stanmore, HA7 4RY. The principal activity of the company during the year was that of property management and catering services. The company's functional and presentational currency is £ sterling. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements of the company have been prepared on a going concern basis, the validity of which is dependent on the continued support of Elysian Stanmore Site Limited. Elysian Stanmore Site Limited has provided the company with loan finance to cover its costs and at the year end was owed an amount which is greater than the company's net current liabilities and net liabilities. After the reporting date, on 1 May 2025, Elysian Stanmore Site Limited agreed to release £6,325,746 from the debt owed to them by the company. The director has also obtained assurance from Elysian Stanmore Site Limited that funds will continue to be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have therefore been prepared under the going concern basis.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from management charges in relation to the operating services agreement are recognised in accordance with the terms of the agreement. Revenue from the sale of food and beverages are recognised at point of sale. Page 2
ELYSIAN STANMORE OPERATING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Pensions
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
| 2.5 | Current and deferred taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: 1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and 2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 3
ELYSIAN STANMORE OPERATING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:
|  |  |  | Fixtures, fittings and equipment | - | 3 year straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchases on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | Basic financial instruments
The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, and loans with related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Cash and cash equivalents comprise cash balances and call deposits.
3. | Employees
| The average monthly number of employees, including directors, during the year was 20 (2023 - 19).
Page 4
ELYSIAN STANMORE OPERATING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Fixtures, fittings and equipment
|  | £
| Cost |
| At 1 January 2024 | 131,048
| Additions | 10,995
| At 31 December 2024 | 142,043
| Depreciation |
| At 1 January 2024 | 77,577
| Charge for the year on owned assets | 29,831
| At 31 December 2024 | 107,408
| Net book value |
| At 31 December 2024 | 34,635
| At 31 December 2023 | 53,471
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Food and beverages | 16,425 | 14,514
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 127,699 | 86,105
| Amounts owed by group undertakings | 223,276 | 555,789
| Other debtors | - | 72,075
| Prepayments and accrued income | 59,991 | 51,953
| Deferred taxation | 1,105,459 | 1,136,372
|  | 1,516,425 | 1,902,294
Page 5
ELYSIAN STANMORE OPERATING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 29,022 | 100,028
| Amounts owed to group undertakings | - | 850
| Taxation and social security | 89,931 | 85,695
| Other creditors | 6,242,426 | 5,178,137
| Accruals and deferred income | 41,070 | 69,890
|  | 6,402,449 | 5,434,600
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 Ordinary share of £1.00 | 1 | 1
9. | Post balance sheet events
On 1 May 2025, Elysian Stanmore Site Limited agreed to release £6,325,746 from the debt owed to them by the company.
10. | Parent undertaking
The immediate parent undertaking is Elysian UK Holdings Limited, a company registered in England and Wales with registered office address 112-116 New Oxford Street, London, WC1A 1HH. The ultimate parent undertaking is Elysian Group Holdings Limited, a company registered in Jersey. It's registered office address is 1st Floor, Osprey House, Old Street, St. Helier, JE2 3RG, Jersey.
11. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 16 February 2026 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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