Company No: 07267792 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	L G Marks (Appointed 01 July 2024)
	A L Martin Smith (Appointed 25 January 2025)
	R G Williams (Resigned 25 January 2025)

Registered office	2nd Floor 168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

07267792 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,547		3,093
Investment property	4	7,500,000		7,500,000
		7,501,547		7,503,093
Current assets
Debtors	5	673,860		508,613
Cash at bank and in hand		336,302		489,009
		1,010,162		997,622
Creditors: amounts falling due within one year	6	( 9,717,811)		( 10,021,525)
Net current liabilities		(8,707,649)		(9,023,903)
Total assets less current liabilities		(1,206,102)		(1,520,810)
Provision for liabilities	7	( 83,959)		( 83,959)
Net liabilities		( 1,290,061)		( 1,604,769)
Capital and reserves
Called-up share capital	8	1		1
Share premium account		99		99
Profit and loss account		( 1,290,161 )		( 1,604,869 )
Total shareholder's deficit		( 1,290,061)		( 1,604,769)

For the financial year ending 30 June 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 Profit and Loss Account has not been delivered.

The financial statements of Cardinal Cheapside Limited (registered number: 07267792) were approved and authorised for issue by the Board of Directors on 10 April 2026. They were signed on its behalf by:

L G Marks Director

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

Cardinal Cheapside Limited (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 2nd Floor, 168 Shoreditch High Street, London, E1 6RA, United Kingdom. The company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF. The principal activity of the company continued to be that of property investment.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £8,707,649 (2024: £9,023,903) and net liabilities of £1,290,061 (2024: £1,604,769). Included within Creditors: Amounts due within one year is an amount of £9,050,000 (2024: £5,000,000) due to Cardinal Group Limited. Cardinal Group Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without the prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.

In addition, the directors of Cardinal Group Limited have stated that they will continue to support the company for a period of at least 12 months from the date of approval of the financial statements.

Turnover

Turnover represents rent, service charge and insurance receivable from tenants, credit for which is taken on an accruals basis, excluding discounts, rebates, value added tax and other sales taxes.

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 Balance Sheet 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 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.

Fixtures and fittings

5 years straight line

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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is carried at fair value determined annually by the directors 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.

The non-distributable reserve is used to record the valuation gains on the investment property, less any related provision for deferred taxation.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 July 2024	20,611		20,611
At 30 June 2025	20,611		20,611
Accumulated depreciation
At 01 July 2024	17,518		17,518
Charge for the financial year	1,546		1,546
At 30 June 2025	19,064		19,064
Net book value
At 30 June 2025	1,547		1,547
At 30 June 2024	3,093		3,093

4. Investment property

	Investment property
	£
Valuation
As at 01 July 2024	7,500,000
Additions	45,902
Deficit on revaluation	(45,902)
As at 30 June 2025	7,500,000

The 2025 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	11,371,046		11,325,144

Accumulated depreciation and impairments £4,253,286 [2024: (4,163,911)].

5. Debtors

	2025		2024
	£		£
Trade debtors	330,996		155,644
Amounts owed by Group undertakings	30,000		30,000
Prepayments and accrued income	86,153		76,488
Corporation tax	7,442		0
Other debtors	219,269		246,481
	673,860		508,613

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		4,300,000
Trade creditors	63,354		49,038
Amounts owed to Group undertakings	9,050,000		5,000,000
Accruals and deferred income	260,463		334,530
Corporation tax	104,000		58,903
Other taxation and social security	38,755		45,486
Other creditors	201,239		233,568
	9,717,811		10,021,525

The bank loan was fully repaid during the 2025 financial year, and no balance remained outstanding at the 2025 year end.

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 83,959)		154,416
Charged to the Profit and Loss Account	0		( 238,375)
At the end of financial year	( 83,959)		( 83,959)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Revaluation of investment property	( 83,959)		( 83,959)

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each	1		1

9. Loans

Analysis of the maturity of loans is given below:

	2025		2024
	£		£
Amounts falling due within one year	0		4,300,000

10. Ultimate controlling party

The company regards Cardinal Group Limited, a company registered in England and Wales as its immediate and ultimate parent company.

The company considers its ultimate control relationship to be the directors of Cardinal Group Limited.