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Registered number: 15725842 LIVONIA INVESTMENTS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2025
LIVONIA INVESTMENTS LIMITED REGISTERED NUMBER: 15725842 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 16,700,000 |  | 14,165,253
|  |  | 16,700,000 |  | 14,165,253
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 5 | 181,797 |  | - |
Debtors: amounts falling due within one year | 5 | 282,522 |  | 152,839 |
Cash at bank and in hand | 6 | 262,694 |  | 806,996 |
|  | 727,013 |  | 959,835 |
Creditors: amounts falling due within one year | 7 | (17,321,304) |  | (15,140,676) |
Net current liabilities |  |  | (16,594,291) |  | (14,180,841)
Total assets less current liabilities |  |  | 105,709 |  | (15,588)
Net assets excluding pension asset |  |  | 105,709 |  | (15,588)
Net assets/(liabilities) |  |  | 105,709 |  | (15,588)
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 100 |  | 100
Profit and loss account |  |  | 105,609 |  | (15,688)
|  |  | 105,709 |  | (15,588)
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 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 25 March 2026. Page 1
LIVONIA INVESTMENTS LIMITED REGISTERED NUMBER: 15725842 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
R H Silver
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Livonia Investments Limited is a private company limited by shares and incorporated in England and Wales (registered number: 15725842). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. The principal place of business is 17 Portland Place, London, W1B 1PU. The principal activity of the Company is that of commercial property investment. The financial statements are presented in Sterling, which is the functional currency of the Company. 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 Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. Information on the impact of first-time adoption of FRS 101 is given in note 13. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. First time application of FRS 100 and FRS 101 The following principal accounting policies have been applied: Page 3
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of SG Rocks (UK) Limited as at 31 December 2024 and these financial statements may be obtained from C/O Work.Life, 33 Foley Street, London, England,W1W 7TL.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis. The Company is dependent on the parent company for financial support, which will continue for a period of at least another 12 months from the date of approval of these financial statements. As at 31 December 2025, the Company had a net liability position. The ultimate beneficial owners have indicated their present intention to provide adequate finance to enable the Company to continue in operational existence and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders. Page 4
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: The Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction prices of these contracts for the time value of money. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Rendering of services Revenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 5
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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.
| 2.7 | Investment property
Investment property under construction is held at historic cost when its fair value it is not reliably measurable. Investment property is measured at fair value either from the point its fair value becomes reliably measurable or construction is completed (whichever is earlier).
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Page 6
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Year ended 31 December | Period ended 31 December
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 4
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 14,165,253
| Additions at cost | 2,494,099
| Surplus on revaluation | 40,648
| At 31 December 2025 | 16,700,000
The 2025 valuations were made by the directors, on an open market value basis.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 16,659,352 | 14,165,253
|  | 16,659,352 | 14,165,253
| Included within profit and loss is £nil (2024: £125,274) in rental income and £49,047 (2024: £5,614) indirect operating expenses in respect of the investment property.
Page 7
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 100 | -
| Deferred tax asset | 181,697 | -
|  | 181,797 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Amounts owed by group undertakings | 4,920 | 100
| VAT receivable | 219,363 | 68,523
| Prepayments and accrued income | 58,239 | 84,216
|  | 282,522 | 152,839
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 262,694 | 806,996
|  | 262,694 | 806,996
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 276,759 | 109,587
| Amounts owed to group undertakings | 17,000,000 | 15,000,000
| Accruals and deferred income | 44,545 | 31,089
|  | 17,321,304 | 15,140,676
Page 8
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | 181,697
| At end of year | 181,697
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tax losses carried forward | 191,859 | -
| Revaluation Surplus | (10,162) | -
|  | 181,697 | -
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary share capital shares of £1.00 each | 100 | 100
10. | Related party transactions
| FRS 101 does not require disclosure of transactions between members of a group provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
11. | Post balance sheet events
After the year-end the Company secured financing to fund the development of the investment property. This is secured against the assets of the Company, incurs an interest rate of 2.90% + SONIA, and is repayable by 18/06/2027 if no extension occurs.
12. | Controlling party
The immediate parent company is LV3 Limited, a company incorporated in England and Wales (registered number: 15725800), and whose registered office address is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. The ultimate controlling party is SG Rocks (UK) Limited a company incorporated in England and Wales (registered number: 14687640), and whose registered office address is C/O Work.Life, 33 Foley Street, London, England, W1W 7TL. Page 9
LIVONIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | First time adoption of FRS 101 These financial statements, for the year ended December 31, 2024, are the first the Company has prepared in accordance with FRS 101. As this is the Company's first year of operations, there are no previous financial statements prepared under any other accounting framework.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 25 March 2026 by Daniel Walters (Senior Statutory Auditor) on behalf of Harris and Trotter LLP.
Page 10