Company registration number 08005542 (England and Wales)
VICTORIA SQUARE WOKING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
VICTORIA SQUARE WOKING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
VICTORIA SQUARE WOKING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,027
356,875
Investment property
5
136,050,000
151,150,809
Investments
6
2
2
136,065,029
151,507,686
Current assets
Debtors
7
25,165,753
21,593,354
Cash at bank and in hand
7,553,956
6,127,430
32,719,709
27,720,784
Creditors: amounts falling due within one year
8
(14,541,017)
(16,566,859)
Net current assets
18,178,692
11,153,925
Total assets less current liabilities
154,243,721
162,661,611
Creditors: amounts falling due after more than one year
9
(752,913,950)
(727,178,551)
Net liabilities
(598,670,229)
(564,516,940)
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss reserves
(598,700,229)
(564,546,940)
Total equity
(598,670,229)
(564,516,940)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 April 2026 and are signed on its behalf by:
S Shah
Director
Company registration number 08005542 (England and Wales)
VICTORIA SQUARE WOKING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
30,000
(540,331,755)
(540,301,755)
Effect of prior period adjustments (Note 14)
-
(6,812,714)
(6,812,714)
As restated
30,000
(547,144,469)
(547,114,469)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(17,402,471)
(17,402,471)
Balance at 31 March 2024
30,000
(564,546,940)
(564,516,940)
Year ended 31 March 2025:
Loss and total comprehensive income
-
(34,153,289)
(34,153,289)
Balance at 31 March 2025
30,000
(598,700,229)
(598,670,229)
VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Victoria Square Woking Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Old Gloucester Street, London, England, WC1N 3AX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Victoria Square Woking Limited is a wholly owned subsidiary of Woking Borough Council and the results of Victoria Square Woking Limited are included in the consolidated financial statements of Woking Borough Council which are available from Civic Offices, Gloucester Square, Woking, GU21 6YL.

1.2
Going concern

The company meets its day to day working capital requirements ultimately through the support of WBC which has committed to make funds available to VSWL (and its subsidiaries) as liabilities fall due until March 2027.true

The directors of VSWL have sought to mitigate any perceived operational and funding risk by:

• Continuing to engage and cooperate with WBC; and

• Seeking any further support assurances from WBC into the future.

The directors have considered any potential material uncertainty related to events or conditions that could cast significant doubt on the company’s ability to continue as a going concern, which would render it unable to realise its assets and discharge its liabilities in the normal course of business.

The directors have concluded that at this time there is a reasonable expectation that, given the support of WBC including the debt standstill agreement ending March 2027, the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis in the preparation of the financial statements.

1.3
Turnover

Rental income from investment property is recognised on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the pattern in which economic benefits from the lease are received.

Incentives to enter into lease agreements, including rent-free periods and other incentives, are capitalised as assets where they are directly attributable to securing a lease. These amounts are recognised as a reduction in rental income and amortised on a straight-line basis over the term of the related lease.

Capital contributions made to tenants, including payments or reimbursements for fit-out or other property-related works, are capitalised as assets where they are directly attributable to securing a lease. Such amounts are treated as lease incentives and are amortised on a straight-line basis over the term of the related lease, and recognised as a reduction in rental income.

VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% Straight Line Method
Plant and equipment
25% Straight Line Method
Fixtures and fittings
25% Straight Line Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 deducting all of its liabilities.

VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Lease incentives

Judgement has been applied in determining that no lease incentive or rent-free debtor arises on leases with group undertakings where no rent was charged prior to property completion, as the lease term is considered to commence only when the properties are available for use.

Valuation of car park

The company owns two car parks in the Victoria Square development. It has not been possible to determine the income generated by the car parks owned by the company and therefore the value of the car parks has been determined as nil for the year ended 31 March 2025, until such time that accurate, reliable information is available to value the car parks.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

The valuation of investment property represents a key source of estimation uncertainty. The company carries its investment property at fair value in accordance with FRS 102. The fair value is determined by an independent professionally qualified chartered surveyor.

The valuation is based on a number of assumptions, including estimated rental values, market yields, void periods, and comparable market transactions. These assumptions are informed by market evidence where available but involve a degree of judgement and estimation uncertainty, particularly in conditions where market activity is limited.

Changes in these assumptions could have a material effect on the reported fair value of investment property and the resulting gains or losses recognised in profit or loss. The directors consider that the valuation techniques and assumptions used are appropriate, however, due to the inherent uncertainty in property valuations, actual outcomes may differ from those estimates.

In addition, the assessment of impairment (where applicable) is dependent on similar estimates and assumptions regarding future cash flows and market conditions, which are subject to uncertainty.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
6
0
VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
365,974
53,948
9,585
429,507
Additions
-
0
-
0
14,913
14,913
Transfer to investment property
(365,974)
-
0
-
0
(365,974)
At 31 March 2025
-
0
53,948
24,498
78,446
Depreciation and impairment
At 1 April 2024
23,788
43,833
5,011
72,632
Depreciation charged in the year
-
0
10,115
4,460
14,575
Transfer to investment property
(23,788)
-
0
-
0
(23,788)
At 31 March 2025
-
0
53,948
9,471
63,419
Carrying amount
At 31 March 2025
-
-
15,027
15,027
At 31 March 2024
342,186
10,115
4,574
356,875
5
Investment property
Freehold property
Leasehold property
Total
£
£
£
Fair value
At 1 April 2024
151,150,809
-
151,150,809
Additions
9,455,622
-
9,455,622
Transfers from tangible fixed assets
-
342,186
342,186
Revaluations
(24,806,431)
(92,186)
(24,898,617)
At 31 March 2025
135,800,000
250,000
136,050,000

The fair value of the Freehold investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by Knight Frank, who are Chartered Surveyors not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The fair value of the Leasehold investment property has been arrived at on the basis of a desktop valuation on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historic cost of the investment properties held by the company as at 31 March 202 5 is £689,423,704 (2024: £679,625,896). This includes the capitalisation of £2,242,776 in the current year (2024: £3,691,401) of borrowing costs attributable to the construction of the assets.

VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2
2
7
Debtors
2025
2024
as restated
Amounts falling due within one year:
£
£
Trade debtors
685,658
488,047
Amounts owed by group undertakings
8,737,029
4,590,042
Other debtors
1,713,141
1,530,398
Prepayments and accrued income
904,721
1,256,343
12,040,549
7,864,830
2025
2024
as restated
Amounts falling due after more than one year:
£
£
Other debtors
13,125,204
13,728,524
Total debtors
25,165,753
21,593,354
The comparatives were restated due to: £1.25m of Amounts owed to group undertakings not netting against Debtors owed by the same entities which would be settled net, and, £6.8m of rent-free debtor balances with group undertakings which do not meet the crtieria for lease incentives.
8
Creditors: amounts falling due within one year
2025
2024
as restated
£
£
Trade creditors
1,847,096
1,537,526
Amounts owed to group undertakings
10,948,857
13,301,012
Taxation and social security
256,171
-
0
Other creditors
7,539
159,872
Accruals and deferred income
1,481,354
1,568,449
14,541,017
16,566,859
Comparatives were restated due to reclassifications. £35.79m of creditors owed to parent undertakings were classified as being owed to entities in which the entity held a participating interest. Within this amount, £22.54m related to interest which was not repayable within one year but classified as such and has therefore been reclassified as creditors due in more than one year.
VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
9
Creditors: amounts falling due after more than one year
2025
2024
as restated
£
£
Amounts owed to group undertakings
752,913,950
727,178,551
The company has a revolving facility agreement with Woking Borough Council to finance the development within Investment Properties. The facility agreement was subject to a debt standstill agreement to 31 March 2027, which was agreed in March 2026.
The loan facility is secured on freehold properties that are included in investment properties at a market value of £135,800,000.
Interest on the various loans is calculated on Public Works Loan Board rates.
Comparatives have been restated due to reclassifications. The loan amount was classified as owed to undertakings in which the company has a participating interest but relates to amounts owed to its parent undertaking.
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Disclaimer of opinion

We do not express an opinion on the accompanying financial statements. Because of the significance of the matter s described in the 'Basis for Disclaimer of Opinion' section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

We were unable to obtain sufficient and appropriate evidence to verify:

- The correct allocation of £9.4m Investment Property additions and impairment due to uncertainty over whether additions relate to prior periods, as well as the completeness of liabilities in the current and prior periods.

- The VAT liability potentially arising from current and prior periods as partial exemption calculations were not performed.

- Completeness of income as the company has not recognised its share of car park income in the current or prior periods.

- The accuracy of the balance of the £763m loan from Woking Borough Council and the related interest charge of £16.9m because the loan has not been accounted for under amortised cost in accordance with FRS 102.

- The recoverability of £8.7m due from wholly-owned subsidiaries of the company.

- The recoverability and classification of £9.9m of lease incentives within Other Debtors in both the current and prior period.

Consequently, we were unable to obtain all the information and explanations required for the purposes of our audit and unable to confirm or verify by alternative means; turnover and interest expenses included within the Profit and Loss Account, fixed assets, debtors and creditors included within the Balance Sheet. As a result of the pervasive nature of the above matters, we were unable to determine whether any adjustments might have been found necessary in respect of the elements making up the Profit and Loss Account, the Balance Sheet, and Statement of Changes in Equity.

VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
Mandy Janes
Statutory Auditor:
HW Fisher Audit
Date of audit report:
1 April 2026
11
Events after the reporting date

At 31 March 2025, the company was in negotiations with a contractor in respect of remedial works to the investment property. In February 2026, the company reached an agreement for an £800,000 settlement in its favour. This settlement is considered an adjusting post-balance sheet event under FRS 102, and the financial statements for the year ended 31 March 2025 have been adjusted to reflect the £800,000 receivable.

12
Related party transactions

The company has taken advantage of the exemption under section 1A of FRS102 from the requirement to disclose related party transactions that have been concluded under normal market conditions.

13
Parent company

The immediate and ultimate parent company is Woking Borough Council, whose registered office address is Civic Offices. Gloucester Square. Woking. GU21 6YL.

The results of Victoria Square Woking Limited are included in the consolidated financial statements of Woking Borough Council which are available from their website.

14
Prior period adjustment

Rent-free debtors in respect of the leases to subsidiaries of the company were recognised in prior periods. Following a review of the leases, the arrangements were not deemed to be lease incentives and the a prior period adjustment has therefore been raised to write off the rent-free debtors in prior periods.

Reconciliation of changes in equity
1 April
31 March
2023
2024
£
£
Adjustments to prior year
Write off of invalid rent-free debtors with subsidiaries
(6,812,714)
(6,812,714)
Equity as previously reported
(540,301,755)
(557,704,226)
Equity as adjusted
(547,114,469)
(564,516,940)
Analysis of the effect upon equity
Profit and loss reserves
(6,812,714)
(6,812,714)
VICTORIA SQUARE WOKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Prior period adjustment
(Continued)
- 12 -
Reconciliation of changes in loss for the previous financial period
2024
£
Total adjustments
-
Loss as previously reported
(17,402,471)
Loss as adjusted
(17,402,471)
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