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Registered number: 10840229
Camden Lifestyle (UK) Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Camden Lifestyle (UK) Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—7

Page 1
Camden Lifestyle (UK) Ltd
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 10840229

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 3,434,750 |  | 3,450,000
|  |  | 3,434,750 |  | 3,450,000
CURRENT ASSETS
Debtors | 5 | 570,505 |  | 3,172,148 |
Cash at bank and in hand |  | 1,664 |  | 355,389 |
|  | 572,169 |  | 3,527,537 |
Creditors: Amounts Falling Due Within One Year | 6 | (17,716,707 ) |  | (25,826,272 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (17,144,538 ) |  | (22,298,735 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (13,709,788 ) |  | (18,848,735 )
NET LIABILITIES |  |  | (13,709,788 ) |  | (18,848,735 )
CAPITAL AND RESERVES
Called up share capital | 7 |  | 3,000,001 |  | 3,000,001
Share premium account |  |  | 970,000 |  | 970,000
Profit and Loss Account |  |  | (17,679,789 ) |  | (22,818,736 )
SHAREHOLDERS' FUNDS |  |  | (13,709,788) |  | (18,848,735)

Page 1
Page 2
Camden Lifestyle (UK) Ltd
Balance Sheet (continued)
As At 31 December 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

S Gaskell Director
4th March 2026

The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Camden Lifestyle (UK) Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Camden Lifestyle (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10840229 . The registered office is 7th Floor, 105 Strand, London, WC2R 0AA.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied.
2.2. Going Concern Disclosure
At 31 December 2024 the company had net current liabilites of £17,144,538 and net liabilities of £13,709,788. The company relies on loan facilities provided by third parties in order to meet its liabilities as they fall due.
Prior to the approval of these financial statements, certain lenders waived accrued interest relating to the period to 31 December 2024. As the conditions giving rise to the waiver existed at the balance sheet date, the impact of this has been reflected in these financial statements.
Subsequent to the balance sheet date, the company disposed of its remaining freehold property and completed a restructuring under which a portion of outstanding loan principal was capitalised into equity.
As a result of these actions, the company’s financial position has strengthened significantly and the company is now in a net asset position.
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.
2.3. Significant judgements and estimations
In preparing these financial statements, the director has made judgements, estimates and assumptions that affect the application of the company’s accounting policies and the reported amounts of assets and liabilities, income and expenses.
The principal areas of judgement are:
Impairment of tangible fixed assets
The freehold property was subject to an impairment review at 31 December 2024. The recoverable amount was determined based on fair value less costs to sell, taking into account market evidence and subsequent disposal proceeds. An impairment charge of £94,208 was recognised during the year.
Going concern assessment
At 31 December 2024 the company was in a net liability position. The director has assessed the appropriateness of the going concern basis having regard to the subsequent disposal of the company’s property and the completion of a debt restructuring in 2025.
Classification of post balance sheet events
...CONTINUED
Page 3
Page 4
Camden Lifestyle (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.3. Significant judgements and estimations - continued
Judgement was applied in determining which post balance sheet events were adjusting and which were non-adjusting. The waiver of accrued interest relating to the period to 31 December 2024 has been treated as an adjusting event, whereas the capitalisation of loan principal into equity has been treated as a non-adjusting event.
Actual results may differ from these estimates.
2.4. Tangible Fixed Assets and Depreciation
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 director assesses whether there is any indication of impairment. If such an 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.
Freehold land is not depreciated.
2.5. Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
A financial asset is impaired when events, subsequent to its initial recognition, indicate the estimated future cash flows derived from the financial asset in question have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset's original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Derecognition of financial assets
...CONTINUED
Page 4
Page 5
Camden Lifestyle (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5. Financial Instruments - continued
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.6. Foreign Currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At the balance sheet date foreign currency monetary items are translated using the closing exchange rate.
2.7. 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 balance sheet 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 balance sheet date, except that:

- 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

- 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
No deferred tax asset has been recognised in respect of trading losses and other timing differences carried forward, as the director does not consider it sufficiently probable that future taxable profits will be available against which the deferred tax asset can be utilised.
Page 5
Page 6
Camden Lifestyle (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8. Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets

| Land & Property
--- | ---
| Freehold
| £
Cost
As at 1 January 2024 | 15,551,368
Additions | 78,958
As at 31 December 2024 | 15,630,326
Depreciation
As at 1 January 2024 | 12,101,368
Impairment losses | 94,208
As at 31 December 2024 | 12,195,576
Net Book Value
As at 31 December 2024 | 3,434,750
As at 1 January 2024 | 3,450,000

5. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 193,814 |  | -
Other debtors | 12,736 |  | 41,927
| 206,550 |  | 41,927
Due after more than one year
Amounts owed by group undertakings | 337,943 |  | 2,413,322
Other debtors | 26,012 |  | 716,899
| 363,955 |  | 3,130,221
| 570,505 |  | 3,172,148

The amount owed by group undertakings within debtors due after more than one year at 31 December 2024 is unsecured and bears no interest.
Page 6
Page 7
Camden Lifestyle (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 41,777 |  | 40,062
Other creditors | 17,630,128 |  | 25,786,210
Taxation and social security | 44,802 |  | -
| 17,716,707 |  | 25,826,272

Other creditors includes loans of £16,327,748 (2023: £18,949,876) secured by fixed and floating charges over the company's freehold property and all of its other assets.
7. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 3,000,001 |  | 3,000,001

8. Post Balance Sheet Events
Prior to the approval of these financial statements, certain lenders waived accrued interest relating to the period to 31 December 2024. As the conditions giving rise to the waiver existed at the balance sheet date, the financial statements reflect the impact of this waiver.
Subsequent to the balance sheet date, the company disposed of its freehold property. The property had been subject to an impairment review at 31 December 2024 and was carried at its recoverable amount. The disposal proceeds were consistent with this carrying value.
In addition, during 2025 the company completed a restructuring of its borrowings, including the capitalisation of certain loan balances into equity. These latter transactions are non-adjusting events and have not been reflected in the balance sheet at 31 December 2024.
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