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Registered number: 05076879 STEPHENSON QUARTER DEVELOPMENTS LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025
STEPHENSON QUARTER DEVELOPMENTS LIMITED COMPANY INFORMATION
Director | W Clouston
Registered number | 05076879
Registered office | Boiler Shop
| 20 South Street
| Newcastle Upon Tyne
| NE1 3PE
Independent auditors | HaysMac LLP
| 10 Queen Street Place
| London
| EC4R 1AG
Solicitors | Muckle LLP
| Time Central
| 32 Gallowgate
| NewCastle upon Tyne
| NE1 4BF
STEPHENSON QUARTER DEVELOPMENTS LIMITED CONTENTS
| Page
Director's Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Notes to the Financial Statements | 9 - 16
STEPHENSON QUARTER DEVELOPMENTS LIMITED DIRECTOR'S REPORT FOR THE PERIOD ENDED 28 JUNE 2025 The director presents his report and the financial statements for the period ended 28 June 2025. During the period, the company extended its financial reporting period to 28 June 2025. As a result, these financial statements cover an extended period of 18 months from 01 January 2024 to 28 June 2025. Accordingly, the comparative figures relate to a 12 month period and may not be comparable.
Director's responsibilities statement
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period ended 28 June 2025, after taxation, amounted to £4,253,608 (year ended 31 December 2023: loss £220,748). The director can not recommend the payment of a final dividend.
Director
The director who served during the period was:
W Clouston
Page 1
STEPHENSON QUARTER DEVELOPMENTS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE PERIOD ENDED 28 JUNE 2025
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ W Clouston Director
Date: 13 April 2026
Page 2
STEPHENSON QUARTER DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPHENSON QUARTER DEVELOPMENTS LIMITED
Opinion
We have audited the financial statements of Stephenson Quarter Developments Limited (the 'Company') for the period ended 28 June 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 28 June 2025 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 2.2 to the financial statements, which sets out that the Company's ability to continue as a going concern is dependent upon the availability of both short term and longer term funding which is currently being negotiated. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 3
STEPHENSON QUARTER DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPHENSON QUARTER DEVELOPMENTS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Director's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report. Page 4
STEPHENSON QUARTER DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPHENSON QUARTER DEVELOPMENTS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with the company law, licensing, health and safety and minimum wage regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙inspecting correspondence with regulators and tax authorities; ∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; ∙evaluating management's controls designed to prevent and detect irregularities; ∙identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and ∙challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 5
STEPHENSON QUARTER DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPHENSON QUARTER DEVELOPMENTS LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Gareth Ogden (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 13 April 2026 Page 6
STEPHENSON QUARTER DEVELOPMENTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 28 JUNE 2025
| 2025 | 2023
Note | £ | £
Turnover |  | 3,158,705 | 2,016,027
Cost of sales |  | (2,052,532) | (1,276,488)
Gross profit |  | 1,106,173 | 739,539
Administrative expenses |  | (1,077,960) | (908,517)
Other operating income |  | - | 33,959
Exceptional other operating income | 4 | 4,611,556 | -
Fixed assets impairment charge |  | (252,910) | -
Operating profit/(loss) |  | 4,386,859 | (135,019)
Interest payable and similar expenses |  | (133,251) | (85,729)
Profit/(loss) before tax |  | 4,253,608 | (220,748)
Profit/(loss) for the financial Period |  | 4,253,608 | (220,748)
Other comprehensive income for the Period |  |  |
Total comprehensive income for the Period |  | 4,253,608 | (220,748)
The notes on pages 9 to 16 form part of these financial statements.
Page 7
STEPHENSON QUARTER DEVELOPMENTS LIMITED REGISTERED NUMBER: 05076879 STATEMENT OF FINANCIAL POSITION AS AT 28 JUNE 2025
|  | 2025 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 2,200,000 |  | 2,706,234
|  |  | 2,200,000 |  | 2,706,234
Current assets |  |  |  |  |
Stocks |  | 22,982 |  | 28,076 |
Debtors: amounts falling due within one year | 6 | 33,439 |  | 56,236 |
Bank and cash balances |  | 68,702 |  | 177,940 |
|  | 125,123 |  | 262,252 |
Creditors: amounts falling due within one year | 7 | (8,494,619) |  | (11,992,011) |
Net current liabilities |  |  | (8,369,496) |  | (11,729,759)
Total assets less current liabilities |  |  | (6,169,496) |  | (9,023,525)
Creditors: amounts falling due after more than one year | 8 |  | (10,833) |  | (1,427,358)
Net liabilities |  |  | (6,180,329) |  | (10,450,883)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | (6,180,330) |  | (10,450,884)
|  |  | (6,180,329) |  | (10,450,883)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 April 2026.
................................................ W Clouston
Director
The notes on pages 9 to 16 form part of these financial statements. Page 8
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025
1. | General information
Stephenson Quarter Developments Limited is a private company, limited by shares and incorporated in England and Wales. The Company's registered number is 05076879 and it's registered office address is Boiler Shop, 20 South Street, Newcastle Upon Tyne, England, NE1 3PE. The principal activity of the company is land and property development and the operation of an events business called the "Boiler Shop". 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 financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company has made an operating profit before impairment charges and exceptional income for the period of £28,213 but is reporting net liabilities of £6,180,329 as at 28 June 2025. The directors have prepared cash flow forecasts for a period of not less than 12 months from the date of approval of these financial statements in order to assess the going concern status of the company. In forming their assessment, the directors have considered the current trading position together with a number of funding and restructuring initiatives in progress, supported by external professional advisers. Short-term funding The company’s forecasts indicate that, in the absence of additional funding, the company would face a deficit in short-term working capital required to enable it to meet its liabilities as they fall due in the normal course of business. Accordingly the company is progressing short-term working capital funding to support its immediate cash flow requirements. This is being led by the company’s adviser and is supported by detailed cash flow forecasts prepared by the directors. Discussions are ongoing and are expected to progress imminently. Whilst the directors are positively engaged with funding providers, the final outcome of discussions with them to secure this short-term funding remains uncertain. Valuation and restructuring strategy The company has an outstanding loan with the North East Combined Authority (“NECA”), originally advanced under the Regional Growth Fund, with a balance of approximately £1.6 million at the balance sheet date, including rolled-up interest. The contractual maturity date of the loan was 31 March 2025 and has now passed. The loan remains due and payable and no formal waiver or extension has been agreed. Page 9
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025 2.Accounting policies (continued) The directors are in active discussions with NECA to agree a structure that will enable the loan to be repaid in full. This is expected to be achieved through a combination of refinancing, asset-backed structuring and the introduction of working capital. A viable pathway to full repayment has been identified and is being progressed. However, as discussions are ongoing, there remains uncertainty as to timing and outcome. In parallel, the Company is pursuing operational improvements and external funding opportunities, including grant support which have been incorporated into the companies cashflow forecasts. The successful outcomes of these operational improvements and the application for grant funding opportunities are also uncertain. The matters referred to above indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern and meet its liabilities as they fall due in the normal course of business. The directors have a reasonable expectation that the above actions will be successfully concluded and because the directors consider that there remains the prospect of implementing a funding solution they believe that it is appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Turnover
Turnover consists of sales of food and beverages at the Boiler Shop, hire of the Boiler Shop and ticket sales for events at the boiler shop venue net of VAT and other sales related taxes. Turnover for services is recognised at the point in time the services are delivered and sale of goods is recognised on transfer of legal title to the customer. All turnover originated in the United Kingdom.
| 2.4 | Tangible fixed assets
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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | 50 years
|  |  |  | Fixtures and fittings | - | 8 years
|  |  |  | Computer equipment | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 10
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 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 reporting 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 reporting 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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 reporting date.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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. Page 11
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025 2.Accounting policies (continued)
| 2.9 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.11 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price.
3. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2023: £Nil).
4. | Exceptional items
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Write-off of intercompany balances | (4,611,556) | -
| During the year, Stephenson Hotel Limited a company in the same group as this entity was placed on administration. As a result of the administration a consensual agreement was reached. As a result of the agreement, balances owed to Group companies were written off and a corresponding £4,611,556 was recognised as other operating income.
Page 12
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025
5. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 29 June 2024 | 2,702,595 | 944,843 | 20,406 | 3,667,844
| Additions | - | 2,837 | - | 2,837
| At 28 June 2025 | 2,702,595 | 947,680 | 20,406 | 3,670,681
| Depreciation |  |  |  |
| At 29 June 2024 | 296,237 | 644,967 | 20,406 | 961,610
| Charge for the Period on owned assets | 81,078 | 175,083 | - | 256,161
| Impairment charge | 239,751 | 13,159 | - | 252,910
| At 28 June 2025 | 617,066 | 833,209 | 20,406 | 1,470,681
| Net book value |  |  |  |
| At 28 June 2025 | 2,085,529 | 114,471 | - | 2,200,000
| At 28 June 2023 | 2,406,358 | 299,876 | - | 2,706,234
| During the period, management undertook an impairment assessment for the fixed assets held by the company. In determing the recoverable amount of the fixed assets, management had regard to the independent valuation of the company's fixed assets which was perfomed in February 2025 by Sanderson Weatherall. As a result of the impairment assessment, management concluded that fixed assets were impaired in the period. As such, £252,910 was recognised in the period as an impairment charge (2023: £Nil).
Page 13
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025
6. | Debtors
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Trade debtors | 6,390 | 25,030
| Other debtors | 20,979 | 15,341
| Prepayments and accrued income | - | 9,795
| Tax recoverable | 6,070 | 6,070
|  | 33,439 | 56,236
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Bank loans | - | 10,000
| RGF loan | 1,466,031 | 377,569
| Trade creditors | 353,779 | 290,703
| Amounts owed to group undertakings | 1,300,611 | 7,053,637
| Other taxation and social security | 176,437 | 98,329
| Other creditors | 4,964,534 | 3,964,534
| Accruals and deferred income | 233,227 | 197,239
|  | 8,494,619 | 11,992,011
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. The RGF loan, which is provided by the North East Local Enterprise Partnership, is repayable via quarterly instalments and the loan maturity date was 31 March 2025. The loan balance includes accrued but unpaid interest, which accrues at 4.5% per annum, and is secured on the Boiler Shop property included in fixed assets together with a guarantee provided by the ultimate parent company, Clouston Group Limited.
Page 14
STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025
8. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Bank loans | 10,833 | 15,833
| RGF loan | - | 1,411,525
|  | 10,833 | 1,427,358
| Bank loans comprise an unsecured loan of £50,000 which is repayable in monthly instalments over 5 years, commencing August 2021 with loan maturity date July 2026. The loan balance includes accrued interest, which accrues at 2.5% per annum. During the first 12 months of the loan, the UK Government paid interest due under this Loan to the Bank. This is known as the Business Interruption Payment. Starting 13 months after the date of first drawdown, the Borrower will repay the capital by making 60 monthly instalments.
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | - | 10,000
| Other loans | 1,466,031 | 377,569
|  | 1,466,031 | 387,569
| Amounts falling due 2-5 years |  |
| Bank loans | 10,833 | 15,833
| Other loans | - | 1,411,525
|  | 10,833 | 1,427,358
|  | 1,476,864 | 1,814,927
10. | Related party transactions
| The Company has taken advantage of exemption, under the terms of Section 33.1A 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.
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STEPHENSON QUARTER DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 JUNE 2025
11. | Controlling party
The ultimate parent company is Clouston Group Ltd, a company incorporated in the United Kingdom. Clouston Group Ltd is the parent to the smallest and largest group to which consolidated financial statements are prepared. Copies of the consolidated financial statements of Clouston Group Ltd are available from Companies House, Crown Way, Cardiff, CF4 3UZ. The registered office of the ultimate parent company is the same as that of the company. The ultimate controlling party of the group is W Clouston.
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