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Registered number: 13248835 NEW STADIUM HOLDINGS 1 LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
NEW STADIUM HOLDINGS 1 LIMITED CONTENTS
| Page
Company information | 1
Directors' report | 2
Directors' responsibilities statement | 3
Independent auditor's report | 4 - 7
Profit and loss account | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 23
NEW STADIUM HOLDINGS 1 LIMITED COMPANY INFORMATION
Directors | R S Coetzee
| N M Shah
Registered number | 13248835
Registered office | Kingsbourne House 2nd Floor
| 229-231 High Holborn
| London
| WC1V 7DA
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
NEW STADIUM HOLDINGS 1 LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the property company is property investment.
Results and dividends
The loss for the year, after taxation, amounted to £3,650,401 (2024 - profit £5,047,096). The directors have not recommended a dividend.
Directors
The directors who served during the year were:
R S Coetzee
L Hirani Subsequent to the year end, on 29 January 2026, L Hirani resigned as a director. Additionally, on 29 January 2026, N M Shah was appointed as a director.
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and ∙the director 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 auditor is aware of that information.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Strategic report The company has availed of the exemptions under the Companies Act 2006 (Strategic report and Directors' report) regulation 2013 from implementing the strategic report requirement as the company qualifies as a small company for company law purposes. This report was approved by the board and signed on its behalf.
R S Coetzee Director
Date: 25 March 2026
Page 2
NEW STADIUM HOLDINGS 1 LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. 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 ‘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 the profit or loss of the company for that period. In preparing these financial statements, the directors are 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; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. Page 3
NEW STADIUM HOLDINGS 1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW STADIUM HOLDINGS 1 LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025
Opinion
We have audited the financial statements of New Stadium Holdings 1 Limited (the 'company') for the year ended 31 December 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 31 December 2025 and of its loss for the year 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 Auditor's 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
NEW STADIUM HOLDINGS 1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW STADIUM HOLDINGS 1 LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the directors' 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 directors' 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 5
NEW STADIUM HOLDINGS 1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW STADIUM HOLDINGS 1 LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor's 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 auditor's 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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the investment property sector; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; and ∙review of legal and professional expenditure in order to identify any undisclosed and potential litigation claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Page 6
NEW STADIUM HOLDINGS 1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW STADIUM HOLDINGS 1 LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 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 auditor's 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 auditor's 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. Mark Cunningham (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH 26 March 2026 Page 7
NEW STADIUM HOLDINGS 1 LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 5,824,180 | 5,403,481
Administrative expenses |  | (1,575,163) | (1,172,033)
Fair value movements | 10 | (627,370) | 1,679,146
Operating profit |  | 3,621,647 | 5,910,594
Amounts written off investments | 6 | - | 8,989,645
Interest payable and similar expenses | 7 | (6,527,488) | (6,887,609)
(Loss)/profit before tax |  | (2,905,841) | 8,012,630
Tax on (loss)/profit | 8 | (744,560) | (2,965,534)
(Loss)/profit for the financial year |  | (3,650,401) | 5,047,096
There are no items of other comprehensive income for either the year or the prior year other than the (loss)/profit for the year. Accordingly, no statement of other comprehensive income has been presented.
Page 8
|  | REGISTERED NUMBER:13248835
NEW STADIUM HOLDINGS 1 LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 9 |  | 245,991 |  | 488,664
Investment property | 10 |  | 122,488,430 |  | 123,113,400
|  |  | 122,734,421 |  | 123,602,064
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 11 | 283,333 |  | - |
Debtors: amounts falling due within one year | 11 | 3,646,323 |  | 2,746,517 |
Bank and cash balances |  | 646,340 |  | 1,325,875 |
|  | 4,575,996 |  | 4,072,392 |
Creditors: amounts falling due within one year | 12 | (90,053,612) |  | (86,332,283) |
Net current liabilities |  |  | (85,477,616) |  | (82,259,891)
Total assets less current liabilities |  |  | 37,256,805 |  | 41,342,173
Creditors: amounts falling due after more than one year | 13 |  | (41,333,602) |  | (41,705,468)
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (1,717,596) |  | (1,780,697) |
|  |  | (1,717,596) |  | (1,780,697)
Net liabilities |  |  | (5,794,393) |  | (2,143,992)
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 1 |  | 1
Profit and loss account | 18 |  | (5,794,394) |  | (2,143,993)
Total shareholder deficit |  |  | (5,794,393) |  | (2,143,992)
The company's financial statements have been prepared in accordance with the 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 by:
R S Coetzee
Director
Date: 25 March 2026
The notes on pages 11 to 23 form part of these financial statements. Page 9
NEW STADIUM HOLDINGS 1 LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | (7,191,089) | (7,191,088)
Comprehensive income for the year |  |  |
Profit for the year | - | 5,047,096 | 5,047,096
At 1 January 2025 | 1 | (2,143,993) | (2,143,992)
Comprehensive income for the year |  |  |
Loss for the year | - | (3,650,401) | (3,650,401)
At 31 December 2025 | 1 | (5,794,394) | (5,794,393)
| The notes on pages 11 to 23 form part of these financial statements.
Page 10
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
New Stadium Holdings 1 Limited is a property investment company. New Stadium Holdings 1 Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Kingsbourne House 2nd Floor, 229-231 High Holborn, London, England, WC1V 7DA. The financial statements are presented in Sterling (£). 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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The company was, at the end of the year, a subsidiary of Grand City Properties S.A., a company incorporated in the EEA, whose registered address is 37 Boulevard Joseph II, Luxembourg, L-1840. The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(ii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; This information is included in the consolidated financial statements of Grand City Properties S.A. as at 31 December 2025 and these financial statements may be obtained from https://www.grandcityproperties .com. Page 11
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis, notwithstanding that the company was in a net current liabilities position and a net liabilities position as at 31 December 2025. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. In forming this view, the directors have taken into account written confirmations received from the company’s creditors, whose balances are contractually repayable within one year, that they will not seek repayment of amounts owed to them unless the company is solvent immediately following such repayment. The directors consider these arrangements sufficient to enable the company to meet its obligations as they fall due for the foreseeable future.
| 2.3 | Revenue
Revenue comprises rental income, service charges and other recoveries from tenants of the companies investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with terms of the lease.
| 2.4 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Page 12
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial liabilities Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities 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) despite having retained some significant risks and rewards of ownership, 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. Page 13
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the company as lessor
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.6 | 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.
| 2.7 | Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. 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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 14
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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:
|  |  |  | Fixtures and fittings | - | 20% |
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.
| 2.10 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.11 | Share capital
Ordinary shares are classified as equity.
| 2.12 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Valuation of property is a central component of the business. In estimating the fair value, the company engage a third party qualified valuer to perform the valuation. There is an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself. Page 15
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rent receivable | 5,824,180 | 5,403,481
| All turnover arose within the United Kingdom.
| The rent receivable amount is net of a rent free release of £504,688, following a tenant exiting a lease.
5. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
6. | Amounts written off investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Reversal of impairment)/Impairment of loan to group undertakings | - | (8,989,645)
7. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loan interest payable | 4,898,916 | 5,331,914
| Finance leases and hire purchase contracts | 1,557,722 | 1,466,510
| Other interest payable | 70,850 | 89,185
|  | 6,527,488 | 6,887,609
Page 16
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 807,661 | 1,184,837
| Total current tax | 807,661 | 1,184,837
| Deferred tax |  |
| Origination and reversal of timing differences | (63,101) | 1,780,697
| Total deferred tax | (63,101) | 1,780,697
| Taxation on profit on ordinary activities | 744,560 | 2,965,534
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (2,905,841) | 8,012,630
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (726,460) | 2,003,158
| Effects of: |  |
| Expenses not deductible for tax purposes | 1,356,074 | 1,448,552
| Adjustments to tax charge in respect of prior periods | 21,205 | 375,917
| Amounts owed by group undertakings impaired, not deductible | - | (2,247,412)
| Unrecognised deferred tax asset in respect of unrealised valuation losses | 93,741 | 1,360,910
| Other differences leading to an increase (decrease) in the tax charge | - | 24,409
| Total tax charge for the year | 744,560 | 2,965,534
| The substantively enacted corporation tax rate is 25%. Deferred taxes at balances sheet date have been measured at the corporation tax rate of 25% and are reflected as such in these financial statements.
Page 17
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 8.Taxation (continued)
| Factors that may affect future tax charges
The company has disallowed interest expense of £18,151,248 as at 31 December 2025 (2024: £12,971,971) which potentially could become available for future deduction against the company’s taxable profits.
9. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 January 2025 | 1,071,226
| Additions | 2,347
| At 31 December 2025 | 1,073,573
| Depreciation |
| At 1 January 2025 | 582,562
| Charge for the year | 245,020
| At 31 December 2025 | 827,582
| Net book value |
| At 31 December 2025 | 245,991
| At 31 December 2024 | 488,664
Page 18
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Investment property
|  | Investment property
|  | £
| Valuation |
| At 1 January 2025 | 123,113,400
| Additions at cost | 2,400
| Surplus on revaluation | (627,370)
| At 31 December 2025 | 122,488,430
The 2025 valuations were made by Savills (UK) Limited, a firm accredited by the Royal Institution of Chartered Surveyors, on an open market value for existing use basis, by reference to market evidence for comparable property and the use of the investment basis. Key inputs into the valuation were the market rent for the property and principally a yield of 6.25%. As the company holds the property on a leasehold basis following a sale and leaseback transaction in 2023, Savills (UK) Limited conducted the valuation on a leasehold basis. In accordance with FRS 102, the 'right-of-use' asset arising from the leaseback arrangement has been classified within investment property. The carrying value of the investment property in the accounts as at 31 December 2025 comprises the valuation determined by Savills (UK) Limited plus the lease liability recognised under the sale and leaseback arrangement.
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | 283,333 | -
|  | 283,333 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 1,727,931 | 331,834
| Amounts owed by group undertakings | 1 | 1
| Other debtors | 1,767,709 | 1,402,852
| Prepayments and accrued income | 150,682 | 1,011,830
|  | 3,646,323 | 2,746,517
Amounts owed by group undertakings are interest free and repayable on demand. Page 19
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 179,927 | 415,792
| Amounts owed to group undertakings | 77,252,685 | 77,252,685
| Corporation tax | 244,493 | 1,835,682
| Other taxation and social security | 4,353 | 4,637
| Obligations under finance lease and hire purchase contracts | - | 3,104
| Other creditors | 783,667 | 136,531
| Accruals and deferred income | 11,588,487 | 6,683,852
|  | 90,053,612 | 86,332,283
£17,527,881 of amounts owed to group undertakings are interest free and repayable on demand. £59,724,804 of amounts owed to group undertakings are interest bearing at SONIA + 3.85% and were repayable in June 2025. Security The amounts owed to group undertakings are secured by fixed charges over the company's property and floating charges over the assets of the company and the wider group.
13. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases | 41,333,602 | 41,705,468
| The finance lease relates to a sale and leaseback transaction for the property, entered in to during the year ended 31 December 2023.
Page 20
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within 1 year |  |
| Due to group companies - interest bearing | 59,724,804 | 59,724,804
| Due to group companies - non-interest bearing | 17,527,881 | 17,527,881
| Finance leases | - | 3,104
|  | 77,252,685 | 77,255,789
| Amounts falling due within 1-2 years |  |
| Finance leases 1-2 yrs | - | 177
|  | - | 177
| Amounts falling due 2-5 years |  |
| Finance leases 2-5 yrs | - | 587
|  | - | 587
| Amounts falling due >5 years |  |
| Finance leases > 5 yr | 41,333,602 | 41,704,704
|  | 41,333,602 | 41,704,704
|  | 118,586,287 | 118,961,257
15. | Hire purchase and finance leases
| Minimum lease payments under finance leases fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 1,455,000 | 1,455,000
| Between 1-5 years | 5,820,000 | 5,820,000
| Over 5 years | 367,377,500 | 368,832,500
|  | 374,652,500 | 376,107,500
Page 21
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,780,697 | -
| Charged to profit or loss | (63,101) | 1,780,697
| At end of year | 1,717,596 | 1,780,697
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised gain on revaluation of investment property | 1,717,596 | 1,780,697
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £0.01 each | 1 | 1
| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
18. | Reserves
Profit and loss account The profit and loss account includes all retained profits and losses. As at 31 December 2025, the profit and loss account included net unrealised gains, comprising the fair value adjustments on the company's investment properties, less the associated deferred tax liability, of £5,152,788 (2024: £5,342,091), which are not distributable. Page 22
NEW STADIUM HOLDINGS 1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Operating lessor
| At 31 December 2025 the company had future minimum lease payments due to it under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 4,816,557 | 4,207,851
| Later than 1 year and not later than 5 years | 2,130,387 | 307,775
| Later than 5 years | 866,139 | 918,696
|  | 7,813,083 | 5,434,322
20. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. Interest of £4,898,916 was charged by a group company to the entity during the year (2024: £5,331,914). Amounts due to group undertakings as at 31 December 2025 were £59,724,804 (2024: £59,724,804) and are repayable on demand.
21. | Controlling party
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Grand City Properties S.A., whose registered office is at 37 Boulevard Joseph II, Luxembourg, L-1840. Copies of these group financial statements are available to the public from https://www.grandcityproperties .com. The parent undertaking of the largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Aroundtown S.A., whose registered office is at 37 Boulevard Joseph II, Luxembourg, L-1840. Copies of these group financial statements are available to the public from https://www.aroundtown .de. The ultimate parent company is Aroundtown S.A., a company incorporated in Luxembourg. The immediate parent company is BSR Wembley Limited.
Page 23