Company No: 13520140 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	210,910,000		100,511,484
Investments	4	1		1
		210,910,001		100,511,485
Current assets
Debtors
- due within one year	5	1,330,173		1,383,435
- due after more than one year	5	0		1,325,217
Cash at bank and in hand		129,414		41,283
		1,459,587		2,749,935
Creditors: amounts falling due within one year	6	( 33,021,504)		( 34,526,049)
Net current liabilities		(31,561,917)		(31,776,114)
Total assets less current liabilities		179,348,084		68,735,371
Creditors: amounts falling due after more than one year	7	( 133,872,311)		( 84,532,472)
Provision for liabilities	8, 9	( 11,095,183)		0
Net assets/(liabilities)		34,380,590		( 15,797,101)
Capital and reserves
Called-up share capital	10	1		1
Revaluation reserve		56,112,520		0
Capital contribution reserve		662,424		798,541
Profit and loss account		( 22,394,355 )		( 16,595,643 )
Total shareholder's funds/(deficit)		34,380,590		( 15,797,101)

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 Comprehensive Income has not been delivered.

The financial statements of Fusion BXT Propco Limited (registered number: 13520140) 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

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 BXT 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 a property investment company.

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.

Group accounts exemption

Group accounts exemption s399
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 Comprehensive Income 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 Profit and Loss Account.

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, 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	4		4

3. Investment property

	Investment property
	£
Valuation
As at 01 September 2024	100,511,484
Additions	35,581,822
Revaluation movement	74,816,694
As at 31 August 2025	210,910,000

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 September 2024	1
At 31 August 2025	1
Carrying value at 31 August 2025	1
Carrying value at 31 August 2024	1

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.08.2025	Held
Fusion BXT Opco Limited	35 Ballards Lane, London, N3 1XW	Property management	Ordinary	100.00%	Direct

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Amounts owed by group undertakings	1,803		1,803
Other debtors	1,328,370		1,381,632
	1,330,173		1,383,435
Debtors: amounts falling due after more than one year
Other debtors	0		1,325,217

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

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	14,175		26,969
Amounts owed to group undertakings	32,682,136		29,644,032
Other creditors	325,193		4,855,048
	33,021,504		34,526,049

Amounts owed to group undertakings consists of intracompany loans of £32,652,992 (2024: £29,589,028) which are unsecured, bears interest at rates between 8% and 10% per annum, and are repayable on demand.

Amounts owed to group undertakings also consists of intracompany loans of £29,144 (2024: £55,004) which are unsecured, interest free and are repayable on demand.

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

	2025		2024
	£		£
Other creditors	133,872,311		84,532,472

Included within other creditors are amounts of £130,062,311 (2024: £80,722,472 ) due to the shareholders, which is secured via fixed and floating charge over the property and undertaking of the entity. The outstanding charge includes a negative pledge.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	11,095,183		0

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	0		0
Charged to the Profit and Loss Account	( 11,095,183)		0
At the end of financial year	( 11,095,183)		0

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

11. Ultimate controlling party

The ultimate parent undertaking is Fusion BXT Holdco Limited.

The registered office address is 35 Ballards Lane, London, N3 1XW

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