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REGISTERED NUMBER: 02127869 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

FOR

STEPMAN LIMITED

| STEPMAN LIMITED (REGISTERED NUMBER: 02127869) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| STEPMAN LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTOR: | I Y Schapira

| REGISTERED OFFICE: | First Floor, Winston House

| 349 Regents Park Road

| London

| N3 1DH

| REGISTERED NUMBER: | 02127869 (England and Wales)

| ACCOUNTANTS: | Melinek Fine LLP

| Chartered Accountants

| First Floor, Winston House

| 349 Regents Park Road

| London

| N3 1DH

| STEPMAN LIMITED (REGISTERED NUMBER: 02127869) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 100 |  | 100 |  |

Investment property | 5 | 4,808,488 |  | 4,302,738 |  |

4,808,588 |  | 4,302,838 |  |

CURRENT ASSETS

Debtors | 6 | 8,645,927 |  | 7,937,877 |  |

Cash at bank | 3,471 |  | 59,998 |  |

8,649,398 |  | 7,997,875 |  |

CREDITORS

Amounts falling due within one year | 7 | 4,848,667 |  | 4,356,518 |  |

NET CURRENT ASSETS | 3,800,731 |  | 3,641,357 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,609,319 |  | 7,944,195 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (32,994 | ) | (57,088 | ) |

PROVISIONS FOR LIABILITIES | 10 | (251,667 | ) | (251,667 | ) |

NET ASSETS | 8,324,658 |  | 7,635,440 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Profit and loss account | 8,324,558 |  | 7,635,340 |  |

8,324,658 |  | 7,635,440 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| STEPMAN LIMITED (REGISTERED NUMBER: 02127869) |

BALANCE SHEET - continued

31 DECEMBER 2024

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 March 2026 and were signed by:

I Y Schapira - Director

| STEPMAN LIMITED (REGISTERED NUMBER: 02127869) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Stepman 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 Stepman Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

| STEPMAN LIMITED (REGISTERED NUMBER: 02127869) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 100 |  |

| NET BOOK VALUE

| At 31 December 2024 | 100 |  |

| At 31 December 2023 | 100 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024 | 4,302,738 |  |

| Additions | 505,750 |  |

| At 31 December 2024 | 4,808,488 |  |

| NET BOOK VALUE

| At 31 December 2024 | 4,808,488 |  |

| At 31 December 2023 | 4,302,738 |  |

| The investment properties were valued at £4,366,928 (2024:£4,302,738) by the director on an open market value for existing use basis. The valuation has been based on advice from third parties and past conditional offers received for the properties.

| The above assets are held for use in operating leases which generates 100% of the rent receivable.

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Amounts owed by group undertakings | 8,634,800 |  | 7,918,669 |  |

| Other debtors | 11,127 |  | 19,208 |  |

8,645,927 |  | 7,937,877 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 23,999 |  | 23,998 |  |

| Trade creditors | - |  | 2,221 |  |

| Taxation and social security | 4,457 |  | 7,644 |  |

| Other creditors | 4,820,211 |  | 4,322,655 |  |

4,848,667 |  | 4,356,518 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans | 32,994 |  | 57,088 |  |

| STEPMAN LIMITED (REGISTERED NUMBER: 02127869) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 56,415 |  | 80,508 |  |

| The above loan repayable matures on 31 May 2026. The loan is secured on the company's freehold investment properties.

10. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 251,667 |  | 251,667 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 251,667 |  |

| Balance at 31 December 2024 | 251,667 |  |

| The provision for deferred taxation is made up as follows:

|  | 2024 |  |  | 2023 |  |

| £ |  |  | £ |  |

| Investment property revaluation gains |  |  | (267,715 | ) |  | (251,667 | ) |

|  | (267,715 | ) |  | (251,667 | ) |

11. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Other creditors include £4,308,595 (2024:£4,308,595) owed to companies controlled by Schapira family, both directly and indirectly.

| Included in Other creditors is a directors current accounts balance of £495,455 (2023: debtor of £8,082 ) with Mr I Schapira.