Company No: 11208888 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	48,500,000		41,699,395
		48,500,000		41,699,395
Current assets
Debtors	4	352,851		124,374
		352,851		124,374
Creditors: amounts falling due within one year	5	( 39,156,814)		( 34,333,446)
Net current liabilities		(38,803,963)		(34,209,072)
Total assets less current liabilities		9,696,037		7,490,323
Net assets		9,696,037		7,490,323
Capital and reserves
Called-up share capital	6	0		0
Share premium account		23,336,706		23,336,706
Profit and loss account		( 13,640,669 )		( 15,846,383 )
Total shareholder's funds		9,696,037		7,490,323

For the financial year ending 28 February 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 Frank (Bruton St) Limited (registered number: 11208888) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S M Leighton Director

20 May 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

Frank (Bruton St) 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 7 Pollen Street, London, W1S 1NJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties 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

At 28 February 2025, the company had net current liabilities amounting to £38,803,963. The ultimate controlling parties have undertaken to provide such financial support as is required to ensure that the company is able to meet its working capital requirements for the foreseeable future.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently 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.

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 from related companies, 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 Statement of Income and Retained Earnings/Statement of Comprehensive Income.

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 liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

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

3. Investment property

	Investment property
	£
Valuation
As at 01 March 2024	41,699,395
Additions	4,542,546
Fair value movement	2,258,059
As at 28 February 2025	48,500,000

The investment property was valued by CBRE on 28 February 2025 on an open market basis by reference to market evidence of transactions of prices of similar properties. The historical cost of the investment property is £63,198,107 (2024: £58,655,561).

4. Debtors

	2025		2024
	£		£
Other debtors	352,851		124,374

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	334,514		10,200
Amounts owed to group undertakings	0		11,249,358
Amounts owed to related parties	38,817,800		23,073,888
Other creditors	4,500		0
	39,156,814		34,333,446

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 0.01 each	0.02		0.02

7. Related party transactions

Included within other creditors are the following amounts:

- £450,607 (2024: £nil) owed to Frank Capital Limited, an associated company.
- £19,182,094 (2024: £5,768,472) owed to ELA Investment Limited, an associated company.
- £19,185,099 (2024: £5,768,472) owed to FRS Investment Limited, an associated company.
- £nil (2024: £11,536,944) owed to ACAI Investment Limited, previously an associated company.

All loans were interest free and repayable on demand.