wk-2025-09-23-ixbrl

Company Number 14256400

Nero Finco Holdings Limited

Annual report and unaudited financial statements

For the year ended 23 September 2025

Nero Finco Holdings LimitedCompany number: 14256400

Annual report and financial statements for the year ended 23 September 2025


Contents	Page:

Officers and registered address	1

Directors’ report	2

Statement of comprehensive income	4

Statement of changes in equity	5

Statement of financial position	6

Notes forming part of the financial statements	7

1

Nero Finco Holdings LimitedCompany number: 14256400

Officers and registered address

Directors

CSC Directors (No.3) Limited

CSC Directors (No.4) Limited

Helena Whitaker

Company Secretary and registered office

CSC Corporate Services (London) Limited

5 Churchill Place

10^th Floor

London

E14 5HU

Company number

14256400

(England and Wales)

2

Nero Finco Holdings LimitedCompany number: 14256400

Directors’ report for the year ended 23 September 2025

The directors present their annual report together with the unaudited financial statements of Nero Finco Holdings

Limited (the “Company”) for the year ended 23 September 2025.

The Company qualifies as a small company in accordance with sections 381-383 of the Companies Act 2006 (the

“Act”). The directors’ report has therefore been prepared taking into consideration the entitlement to small

companies exemption provided in section 414B (as incorporated to the Act by the Strategic Report and Directors’

Report Regulations 2013) and 415A of the Act.

Incorporation, principal activity, business review and future developments

The Company was incorporated in the United Kingdom and registered in England and Wales on 26 July 2022 as a

private limited company under the Companies Act 2006. The Company’s main activity is to act as a holding

company for Nero Finco Plc (the “Subsidiary”).

The Subsidiary was established as a special purpose vehicle to raise funding by the issue of Notes. The Subsidiary

applied the proceeds from the Notes issuance to fund the advance of the loan to Nero Propco LLP to acquire the

properties from an operating business under the Sale and Leaseback Agreement.

Group accounts have not been prepared on the grounds that the Company does not control the operations of the

Subsidiary, and therefore is not exposed to risks, has no rights to variable returns from its involvement with the

Subsidiary and does not have the ability to affect those returns through its power over the Subsidiary.

The directors do not anticipate any changes to the present level of activity, or the nature of, the Company's

business in the foreseeable future.

Results and dividends

The Statement of comprehensive income is set out on page 4.

The Subsidiary proposed the interim dividend of £966,585 (2024: 773,604) to the Company on 4 October 2024.

On the same date, the Company proposed to pay an interim dividend of £10,000 (2024:10,000) to its Class A

shareholder (CSC Corporate Services (London) Limited) and an interim dividend of £956,585 (2024: 763,604) to

its Class B shareholder (Nero Holdco Limited).

The position at the end of the year is reflected in the Statement of financial position set out on page 6.

Going Concern

The accounts have been prepared on a going concern basis as there are no plans to terminate the Company

within the next year.

Issue of Shares

The issued share capital consists of 50,000 shares of £1 each with one Class A Ordinary share being fully paid and

49,999 Class B Ordinary shares being quarter paid.

Directors

The directors of the Company who served throughout the year and subsequently, were:

CSC Directors (No.3) Limited

CSC Directors (No.4) Limited

Helena Whitaker

None of the directors had any interest during the year (2024: none) in any material contract or arrangement with

the Company.

3

Nero Finco Holdings LimitedCompany number: 14256400

Directors’ report for the year ended 23 September 2025 (continued)

Third party indemnities

Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under

review and remains in force as at the date of approval of the directors’ report and financial statements.

Company secretary

CSC Corporate Services (London) Limited served as the company secretary during the year and subsequently.

Statement of Directors’ responsibilities

The directors are responsible for preparing the directors’ report and the unaudited financial statements in

accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. Under that law the

directors have 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 (“FRS 102”), The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the directors must not approve the financial statements unless they are satisfied that they

give a true and fair view of the state of affairs of the Company and of their profit or loss for that period. In

preparing each of the Company financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable, relevant and reliable;

• state whether applicable UK accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to

going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Company or Company

or to cease operations, or have no realistic alternative but to do so.

The directors are 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 enable them to ensure that its financial statements comply with the Companies Act 2006. They are

responsible for such internal control as they determine is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error, and have general

responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and

detect fraud and other irregularities.

On behalf of the Board

Raheel Khan

per pro CSC Directors (No.3) Limited

as Director

16 April 2026

4

Nero Finco Holdings LimitedCompany number: 14256400

Statement of comprehensive income for the year ended 23 September 2025


	Note	24 September 2024 to 23 September 2025	24 September 2023 to 23 September 2024
		£	£


Other income		-	-

Profit on ordinary activities		-	-

Dividends received		966,585	773,604
Profit before taxation		966,585	773,604
Taxation on profit	3	-	-
Profit for the financial year		-	-
Other comprehensive income		-	-
Total comprehensive income for the year		966,585	773,604

All amounts relate to continuing activities.

The accompanying notes on pages 7 to 9 are an integral part of these financial statements.

5

Nero Finco Holdings LimitedCompany number: 14256400

Statement of changes in equity for the year ended 23 September 2025


	Called up share capital	Profit and loss account	Total shareholders' funds
	Called up share capital	Profit and loss account	Total shareholders' funds
	£	£	£

Balance as at 23 September 2023	50,000	-	50,000

Total comprehensive income for the year	-	773,604	773,604

Dividend declared and paid to CSC Corporate Services (London) Limited and Nero Holdco Limited	-	(773,604)	(773,604)

Balance as at 23 September 2024	50,000	-	50,000

Total comprehensive income for the year	-	966,585	966,585

Dividend declared and paid to CSC Corporate Services (London) Limited and Nero Holdco Limited	-	(966,585)	(966,585)

Balance as at 23 September 2025	50,000	-	50,000

The accompanying notes on pages 7 to 9 are an integral part of these financial statements.

6

Nero Finco Holdings LimitedCompany number: 14256400

Statement of financial position as at 23 September 2025


	Note	23 September 2025	23 September 2024
		£	£
Fixed assets

Investment in Subsidiary undertaking	4	50,000	50,000

Current assets
Debtors	5	37,499	37,499

Creditors: amounts falling due within one year	6	(37,499)	(37,499)

Net current assets		-	-

Net assets		50,000	50,000

Capital and reserves

Called up share capital	7	50,000	50,000
Total shareholder's funds		50,000	50,000

The accompanying notes on pages 7 to 9 are an integral part of these financial statements.

For the year ended 23 September 2025 the Company was entitled to audit exemption under Section 477 of the

Companies Act 2006 (the “Act”).

The member has not required the Company to obtain an audit of its accounts for the current year in accordance

with Section 476 of the Act.

The directors acknowledge their responsibilities under the Companies Act 2006 for:

i) ensuring the Company keeps accounting records which comply with Section 386 of the Act, and

ii) preparing accounts which give a true and fair view of the state of affairs of the Company as at the end of

the financial period, in accordance with the requirements of Section 393 of the Act, and which otherwise

comply with the requirements of the Act relating to accounts, so far as applicable to the Company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to

the small companies’ regime and were approved and authorised for issue by the Board on 16 April 2026.

Raheel Khan

per pro CSC Directors (No.3) Limited

as Director

7

Nero Finco Holdings LimitedCompany number: 14256400

Notes forming part of the financial statements for the year ended 23 September 2025

1Accounting policies

General information

Nero Finco Holdings Limited (the “Company”), is a private company, limited by shares, domiciled in England

and Wales, registration number 14256400. The registered office is 5 Churchill Place, 10^th Floor, London, E14

5HU.

Basis of preparation – statement of compliance

The financial statements of the Company are prepared under the historical cost convention in accordance

with the Companies Act 2006 and applicable accounting standards in the United Kingdom. These financial

statements were prepared in accordance with Financial Reporting Standard 102, the financial reporting

standard applicable in the UK and Republic of Ireland (“FRS102”).

Going concern

In order to form a view as to the most appropriate basis of preparation of these financial statements, the

directors have assessed the likelihood of whether the Company will be able to continue trading over the

foreseeable future versus the likelihood of either intending to or being forced to either cease trading or

putting the Company into liquidation.

The accounts have been prepared on a going concern basis as there are no plans to terminate the Company

within the foreseeable future.

Cash flow statement

The directors have taken advantage of the exemption in FRS 102 section 7 from including a cash flow

statement in the financial statements on the grounds that the Company is small.

Investments in subsidiary undertakings

Investments in subsidiaries held as fixed assets are stated at cost less provision for impairment.

Impairment of investments in subsidiary undertakings

If there is objective evidence that an impairment loss on a financial asset classed as an investment has been

incurred, then the Company measures the amount of loss as the difference between the carrying amount of

the asset and the recoverable amount of the asset.

Impairment losses are recognised in the statement of comprehensive income and the carrying amount of the

financial asset is reduced by establishing an allowance for impairment losses. If in a subsequent period the

amount of the impairment loss reduces and the reduction can be ascribed to an event after the impairment

was recognised, the previously recognised loss is reversed by adjusting the allowance.

Group accounts

Group accounts have not been prepared on the grounds that the Company does not control the operations of

the Subsidiary due to the long-term restrictions imposed under the terms of the notes issued by the

Subsidiary.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or

recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting

date.

8

2Directors and employees

The Company has no employees and services required are contracted from third parties.

The directors received no remuneration from the Company in respect of qualifying services rendered during

the year (2024: none).

3Taxation on profit

The tax charge is made up as follows:


a) Analysis of the company charge in the year	Year ended 23 September 2025	Year ended 23 September 2024
	£	£

UK corporation tax charge on the profit for the year at 25%	-	-


b) Factors affecting the Company tax charge for the year	Year ended 23 September 2025	Year ended 23 September 2024
	£	£
Profit before tax	966,585	773,604

Tax charge at 25%	241,646	193,401
Non-taxable dividend income	(241,646)	(193,401)
UK corporation tax charge on the profit for the year	-	-

4Investment in subsidiary undertaking


	2025	2024
	£	£

Shares in Subsidiary undertaking	50,000	50,000


Subsidiary undertakings	Country of incorporation and registered office	Holdings	Proportion of voting rights and shares held	Nature of business

Nero Finco plc	United Kingdom 5 Churchill Place, 10^th Floor, London, E14 5HU	Ordinary Share	100%	Issuer

9

5Debtors


	23 September	23 September
	2025	2024
	£	£
Amounts falling due within one year:

Other debtors	37,499	37,499

	37,499	37,499

6Creditors


	23 September	23 September
	2025	2024
	£	£
Amounts falling due within one year:

Other Creditors	37,499	37,499

	37,499	37,499

7Called up share capital


	23 September	23 September
	2025	2024
	£	£

Called up, allotted, authorised and issued
Class B Ordinary shares of £1 each: 49,999 quarter paid	49,999	49,999
Class A Ordinary share of £1 fully paid	1	1

	50,000	50,000

8Controlling party and ultimate parent undertaking

The Company has two types of share capital, a Class A and Class B Ordinary shares. The Class B Ordinary

shares are held by Nero Holdco Limited, a company incorporated in United Kingdom and registered in

England and Wales. Shares held by Nero Holdco Limited are non-voting shares.

The Class A Ordinary share is a voting share and is held by CSC Corporate Services (London) Limited, a

company incorporated in United Kingdom and registered in England and Wales on a discretionary trust basis.

As trustees are not entitled to any economic benefits and the beneficiaries do not have any decision-making

power, there is no controlling party.

CSC Corporate Services (London) Limited, is a wholly owned subsidiary of CSC Management Services (UK)

Limited.

9Related party transactions

During the year, fees of £6,086 (2024: £270) were paid to CSC Management Services (UK) Limited in respect

of corporate services provided to the Company, including the provision of directors, and were borne by the

Subsidiary, Nero Finco Plc.

10Post Balance Sheet Events

10

On 9 October 2025, Nero Finco Plc declared an interim dividend of £1,336,442. On the same date, the

Company proposed to pay an interim dividend of £10,000 to its Class A shareholder (CSC Corporate Services

(London) Limited) and an interim dividend of £1,326,442 to its Class B shareholder (Nero Holdco Limited).

11

Current period start date:24 September 2024

Current period end date:23 September 2025

Prior period start date:24 September 2023

Prior period end date:23 September 2024

Date Authorisation Financial Statements For Issue:16 April 2026

Date of authorising the directors report: 16 April 2026

Entity trading statusEntity is trading

Entity dormantFalse

Accounts typeFull accounts

Average number of employees during the period0