Company registration number 13322621 (England and Wales)
BALTIC INVESTMENT HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
BALTIC INVESTMENT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BALTIC INVESTMENT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
4
42,650,000
21,400,000
Debtors
5
438,282
689,449
Cash at bank and in hand
348,329
511,691
43,436,611
22,601,140
Creditors: amounts falling due within one year
6
(29,837,845)
(30,432,070)
Net current assets/(liabilities)
13,598,766
(7,830,930)
Creditors: amounts falling due after more than one year
7
(17,508,285)
(7,540,864)
Net liabilities
(3,909,519)
(15,371,794)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(3,909,529)
(15,371,804)
Total equity
(3,909,519)
(15,371,794)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements. true

The financial statements were approved by the board of directors and authorised for issue on 19 May 2026 and are signed on its behalf by:
Mr C Gandy
Mr G Rabinowitz
Director
Director
Company registration number 13322621 (England and Wales)
BALTIC INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Baltic Investment Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Portland Place, London, W1B 1PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends entirely on the continuing support of the Company's bankers, investors and creditors.

The directors believe that the Company's bankers, investors and creditors will continue to support the Company and that it is therefore appropriate for the financial statements to be prepared on the going concern basis.

The financial statements do not include adjustments that would result if the support were not made available.

1.3
Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
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 current liabilities.

BALTIC INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BALTIC INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Property Development Stock

Inventory property is stated at the lower of cost and net realisable value (NRV). NRV for completed inventory property is assessed by reference to market conditions and prices existing at the reporting date and is based on comparable transactions for properties in the same geographical market serving the same real estate segment.

NRV in respect of inventory property under construction is assessed with reference to market prices at the reporting date for similar completed property, less estimated costs to complete construction and an estimate of the time value of money to the date of completion.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
4
Stocks
2025
2024
£
£
Stocks
42,650,000
21,400,000

The stock balance above is shown net of stock provisions of £2,637,555 (2024: £14,927,610).

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
48,295
40,495
Other debtors
389,987
648,954
438,282
689,449
BALTIC INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
243,646
1,375,789
Other creditors
29,594,199
29,056,281
29,837,845
30,432,070
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
17,508,285
7,540,864

The loan is secured by way of a debenture over the assets of the company and a fixed charge over the property to Eldridge. The loan is repayable by 11 December 2026 and interest is charged at a fixed rate of 8.9% per annum.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
10,000
10,000
10
10
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 profit 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.

Material uncertainty related to going concern

In forming our opinion, we have considered the adequacy of the disclosures made in Note 1. 2 of the financial statements concerning the Company's bankers', investors’ and creditors' continued support of the C ompany.

In view of the significance of the fact that the preparation of the financial statements on the going concern basis assumes the continued support of the Company's bankers, investors and creditors, we consider that these disclosures should be brought to your attention. Our opinion is not qualified in this respect.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

BALTIC INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Jonathan Liser ACA
Statutory Auditor:
Landau Morley LLP
Date of audit report:
19 May 2026
10
Related party transactions
Transactions with related parties

The following fees were incurred in respect of Argo Real Estate Management Ltd, a company which has common directors, as follows:

- Development Management Fee - £85,854 (2024: £151,109)

- Asset Management Fee - £146,637 (2024: £106,534)

Other information

Included in other creditors are £29,280,279 (2024: £28,962,279) of non-interest bearing loans owed to Lime Investment Holdings Limited. These are due to be repaid by 31 December 2028 but can be repaid on demand, if the secured lender gives its consent.

11
Parent company

The company is a wholly owned subsidiary of Lime Investment Holdings Limited incorporated in the United Kingdom, which in turn is controlled by Townsend Real Estate Alpha Fund III L.P., a fund managed by Townsend Holdings LLC, which is registered in Delaware, USA.

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