Silverfin false false 31/08/2025 01/09/2024 31/08/2025 A H Cohen 10/11/2021 N J Henry 07/02/2026 10/11/2021 G P Osen 01/07/2024 W P Rosenberg 10/11/2021 10 April 2026 The principal activity of the Company during the financial year was that of property investment. 13734629 2025-08-31 13734629 bus:Director1 2025-08-31 13734629 bus:Director2 2025-08-31 13734629 bus:Director3 2025-08-31 13734629 bus:Director4 2025-08-31 13734629 2024-08-31 13734629 core:CurrentFinancialInstruments 2025-08-31 13734629 core:CurrentFinancialInstruments 2024-08-31 13734629 core:Non-currentFinancialInstruments 2025-08-31 13734629 core:Non-currentFinancialInstruments 2024-08-31 13734629 core:ShareCapital 2025-08-31 13734629 core:ShareCapital 2024-08-31 13734629 core:RetainedEarningsAccumulatedLosses 2025-08-31 13734629 core:RetainedEarningsAccumulatedLosses 2024-08-31 13734629 bus:OrdinaryShareClass1 2025-08-31 13734629 2024-09-01 2025-08-31 13734629 bus:FilletedAccounts 2024-09-01 2025-08-31 13734629 bus:SmallEntities 2024-09-01 2025-08-31 13734629 bus:AuditExemptWithAccountantsReport 2024-09-01 2025-08-31 13734629 bus:PrivateLimitedCompanyLtd 2024-09-01 2025-08-31 13734629 bus:Director1 2024-09-01 2025-08-31 13734629 bus:Director2 2024-09-01 2025-08-31 13734629 bus:Director3 2024-09-01 2025-08-31 13734629 bus:Director4 2024-09-01 2025-08-31 13734629 2023-09-01 2024-08-31 13734629 core:Non-currentFinancialInstruments 2024-09-01 2025-08-31 13734629 bus:OrdinaryShareClass1 2024-09-01 2025-08-31 13734629 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 13734629 1 2024-09-01 2025-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13734629 (England and Wales)

# FUSION GLASGOW PROPCO LTD

### Unaudited Financial Statements
For the financial year ended 31 August 2025
Pages for filing with the registrar

FUSION GLASGOW PROPCO LTD

## Unaudited Financial Statements

For the financial year ended 31 August 2025

Contents

FUSION GLASGOW PROPCO LTD

## STATEMENT OF FINANCIAL POSITION

As at 31 August 2025
FUSION GLASGOW PROPCO LTD

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2025

| Note | 31.08.2025 |  | 31.08.2024
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 3 | 13,522,273 |  | 0
|  | 13,522,273 |  | 0
Current assets |  |  |  |
Stocks | 4 | 0 |  | 38,625
Debtors | 5 | 5,289,127 |  | 2,546,458
Cash at bank and in hand |  | 159,972 |  | 259
|  | 5,449,099 |  | 2,585,342
Creditors: amounts falling due within one year | 6 | ( 9,419,087) |  | ( 1,239,549)
Net current (liabilities)/assets |  | (3,969,988) |  | 1,345,793
Total assets less current liabilities |  | 9,552,285 |  | 1,345,793
Creditors: amounts falling due after more than one year | 7 | ( 11,023,951) |  | ( 1,642,118)
Net liabilities |  | ( 1,471,666) |  | ( 296,325)
Capital and reserves |  |  |  |
Called-up share capital | 8 | 10 |  | 10
Profit and loss account |  | ( 1,471,676 ) |  | ( 296,335 )
Total shareholder's deficit |  | ( 1,471,666) |  | ( 296,325)

For the financial year ending 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Fusion Glasgow Propco Ltd (registered number: 13734629) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A H Cohen Director |

10 April 2026

FUSION GLASGOW PROPCO LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2025
FUSION GLASGOW PROPCO LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Fusion Glasgow Propco Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London N3 1XW , United Kingdom.
The principal activity of the Company during the financial year was that of property investment.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. During the construction of the property is is continued to be carried at cost. When the property is completed it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### 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 creditors: amounts falling due within one year.

##### Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due by group undertakings, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and amounts owed to group undertakings 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial assets and liabilities are offset and 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.

#### 2. Employees

| 31.08.2025 |  | 31.08.2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 4 |  | 3

#### 3. Investment property

| Investment property
| £
Valuation |
As at 01 September 2024 | 0
Additions | 13,522,273
As at 31 August 2025 | 13,522,273

#### 4. Stocks

| 31.08.2025 |  | 31.08.2024
| £ |  | £
Work in progress | 0 |  | 38,625

#### 5. Debtors

| 31.08.2025 |  | 31.08.2024
| £ |  | £
Amounts owed by group undertakings | 444 |  | 98,789
VAT recoverable | 14,404 |  | 30
Other debtors | 5,274,279 |  | 2,447,639
| 5,289,127 |  | 2,546,458

Amounts owed by group undertakings consists of intracompany loans which are unsecured, interest free and repayable on demand.

#### 6. Creditors: amounts falling due within one year

| 31.08.2025 |  | 31.08.2024
| £ |  | £
Trade creditors | 808,978 |  | 0
Amounts owed to group undertakings | 2,595,401 |  | 1,238,649
Other creditors | 6,014,708 |  | 900
| 9,419,087 |  | 1,239,549

Amounts owed to group undertakings consists of intracompany loans which are unsecured, interest free and repayable on demand.

#### 7. Creditors: amounts falling due after more than one year

| 31.08.2025 |  | 31.08.2024
| £ |  | £
Amounts owed to group undertakings | 1,869,779 |  | 1,642,118
Other loans (secured) | 9,154,172 |  | 0
| 11,023,951 |  | 1,642,118

Amounts owed to group undertakings consists of intracompany loans which are unsecured and bears interest at rates between 13% -15% per annum.
The other loans are secured by a debenture via a fixed and floating charge over all the assets and undertaking of the company, interest is charged at a SONIA floor of 2.50%, with the bridge loan interest at a fixed rate of 11.76% per annum and the development loan interest at 5.36% per annum. This also includes a negative pledge.

#### 8. Called-up share capital

| 31.08.2025 |  | 31.08.2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
10 Ordinary shares of £ 1.00 each | 10 |  | 10

#### 9. Ultimate controlling party

Parent Company:

The parent undertaking is Fusion Global Investments Holdco Limited.
The registered office address is 35 Ballards Lane, London, N3 1XW.

The principal place of business is Fusion House, The Green, Letchmore Heath, Herts, WD25 8ER.