ACCOUNTS - Final Accounts

Registered number: 04119309

THE BELVEDERE REALTY INVESTMENTS LIMITED

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

THE BELVEDERE REALTY INVESTMENTS LIMITED

Company Information

Directors	Mr S N Roditi
	Mrs P A Roditi
	Viscount Mackintosh of Halifax
	Ms R Mowlem


Company secretary	Ms R Mowlem


Registered number	04119309


Registered office	The Belvedere
	2 Back Lane
	London
	NW3 1HL


Independent auditors	Sayers Butterworth LLP
	Chartered Accountants & Statutory Auditor
	3rd Floor
	12 Gough Square
	London
	EC4A 3DW


Bankers	HSBC Private Bank (UK) Limited
	78 St James's Street
	London
	SW1A 1JB


	The Citigroup Private Bank
	Citibank, N.A.
	33 Canada Square
	London
	E14 5LB

THE BELVEDERE REALTY INVESTMENTS LIMITED

Registered number: 04119309

Balance sheet

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		118,142		6,001
Investments	6		75,156,317		87,147,772
Investment property	7		41,935,114		41,555,688
			117,209,573		128,709,461
Current assets
Debtors: amounts falling due within one year	8	129,165		136,584
Cash at bank and in hand		3,362,858		516,311
		3,492,023		652,895
Creditors: amounts falling due within one year	9	(22,343,645)		(22,276,160)
Net current liabilities			(18,851,622)		(21,623,265)
Total assets less current liabilities			98,357,951		107,086,196
Provisions for liabilities
Deferred tax	10	(9,954,079)		(12,827,819)
			(9,954,079)		(12,827,819)
Net assets			88,403,872		94,258,377

Capital and reserves
Called up share capital	11	4,000	4,000
Share premium account	12	7,497,000	7,497,000
Profit and loss account	12	80,902,872	86,757,377
		88,403,872	94,258,377

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Registered number: 04119309

Balance sheet (continued)

As at 31 December 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with 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 on 22 May 2026.

................................................

Viscount Mackintosh of Halifax

Director

The notes on pages 3 to 11 form part of these financial statements.

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

1.	General information

The Belvedere Realty Investments Limited is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales, registration number 04119309. The address of the registered office is The Belvedere, 2 Back Lane, London, NW3 1HL.

The principal activity of the company during the year was that of property investment.

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 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 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 following principal accounting policies have been applied:

2.2

Turnover

Turnover represents rental income receivable during the year exclusive of Value Added Tax.

2.3

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses with the exception of owner occupied freehold property which is stated at fair value recognised directly in the statement of comprehensive income. 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.

This policy represents a departure from the Companies Act 2006, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

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:

Motor vehicles	-	25% on cost
Fixtures & fittings	-	33.3% on cost
Computer equipment	-	33.3% on cost

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.

2.4

Investment property

Investment property is carried at fair value as 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 the profit or loss account.

2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.7

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.

2.8

Creditors

Short-term creditors are measured at the transaction price.

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Service charge balances

The Company, in the normal course of business holds service charge monies. These funds are held in a designated Trust bank account and do not form part of these accounts.

2.12

Amounts due to tenants

The Company, in the normal course of business, holds deposits on behalf of tenants. These funds are held in client bank accounts which do not form part of these accounts.

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Judgments in applying accounting policies 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 value of assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are relevant.

The following judgements have had the most significant effect on the amounts recognised in the financial statements.

The investment properties are valued 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.

The directors have included a provision for deferred tax. When making the provision, the directors have considered the level of taxable profits anticipated in the future, the tax rates substantively enacted at the year end, and the company's ability to offset deferred tax assets against future taxable profits.

Employees

The average monthly number of employees, including directors, during the year was 6 (2024 - 6).

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

5.	Tangible fixed assets

	Freehold property	Motor vehicles	Fixtures & fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	-	12,995	22,467	1,448	36,910
Transfers from Investment Property	113,615	-	-	-	113,615
At 31 December 2025	113,615	12,995	22,467	1,448	150,525
Depreciation
At 1 January 2025	-	9,111	20,353	1,445	30,909
Charge for the year on owned assets	-	813	661	-	1,474
At 31 December 2025	-	9,924	21,014	1,445	32,383
Net book value
At 31 December 2025	113,615	3,071	1,453	3	118,142
At 31 December 2024	-	3,884	2,114	3	6,001

6.	Fixed asset investments

		Listed investments
		£
	Cost or valuation
	At 1 January 2025	87,147,772
	Revaluations	(11,991,455)
	At 31 December 2025	75,156,317

At the date of approval of the financial statements the market value of the listed investments had fallen to £59,563,983.

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

7.	Investment property

		Investment property
		£
	Valuation
	At 1 January 2025	41,555,688
	Additions at cost	493,041
	Transfers to tangible fixed assets	(113,615)
	At 31 December 2025	41,935,114

The valuations were made by Directors valuation, on an open market value basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

	Historic cost	30,978,551	30,485,510
		30,978,551	30,485,510

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

Debtors

					2025	2024
					£	£


Trade debtors	1	26,889
Other debtors	48,439	29,741
Prepayments and accrued income	80,725	79,954
	129,165	136,584

9.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Other loans	22,002,725	21,921,011
Trade creditors	161,981	19,216
Other taxation and social security	37,393	24,082
Other creditors	1,021	189,944
Accruals and deferred income	140,525	121,907
	22,343,645	22,276,160

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

10.	Deferred taxation

		2025
		£

	At beginning of year	(12,827,819)
	Charged to profit or loss	2,873,740
	At end of year	(9,954,079)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Gain on investment property	(878,742)	(754,619)
Gain on investment in listed shares	(9,075,337)	(12,073,200)
	(9,954,079)	(12,827,819)

11.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

4,000 (2024 - 4,000) Ordinary shares of £1.00 each	4,000	4,000

12.

Reserves

Profit & loss account

Retained earnings include unrealised revaluation surpluses on investment property amounting to £10,191,436 (2024: £10,315,559).

13.	Post balance sheet events

On 22 April 2026 the company entered into a contract with a construction company to perform a significant refurbishment of one of it's investment properties. The total estimated cost of the project is expected to be in the region of £4.7m.

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THE BELVEDERE REALTY INVESTMENTS LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

14.

Related party transactions

During the year the company made loan repayments amounting to £Nil (2024: £3,100,000), loan drawdowns amounting to £Nil (2024: £380,000) and interest of £735,666 (2024: £516,676) in relation to a loan from a director. The balance due to the director at the year end was £22,002,725 (2024: £21,921,011).

During the year the company paid a director a salary of £12,000 (2024: £12,000). There were no balances outstanding at either year end.

During the year the company incurred net IT, accountancy and admin support fees amounting to £56,993 (2024: £55,560) and received rental income and net recharged expenses amounting to £302,516 (2024: £200,343) from N Roditi & Co Limited, a company under common control. The balance outstanding at the year end was £Nil due to the company (2024: £24,750).

During the year the company received net recharged expenses and management fees amounting to £10,000 (2024: £10,178) from The Box Office New Inn Broadway Limited, a company under common control. There were no balances outstanding at either year end.

During the year the company received net recharged expenses and rental income amounting to £97,257 (2024: £93,324) from The Belvedere Realty Investments Service Charge Trust, a trust under common control. The balance outstanding at the year end to The Belvedere Realty Investments Service Charge Trust was £Nil (2024: £Nil).

During the year the company received net recharged expenses and management fees amounting to £8,400 (2024: £8,400) from The Theatre Courtyard Gallery Ventures Limited, a company with a common director. There were no balances outstanding at either year end.

During the year the company received rental income and net recharged expenses amounting to £4,375 (2024: £17,500) from Rovida Advisors UK Ltd, a company with a common director. There were no balances outstanding at either year end.

15.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was qualified.

The qualification in the audit report was as follows:

The evidence available to us was limited on one aspect of the accounts namely the valuation of the investment properties. We were unable to obtain sufficient information regarding the valuation of the investment properties and the deferred tax provision thereon held at 31 December 2025. We were unable to form a conclusion regarding the market value of the property portfolio by other means.

The audit report was signed on 22 May 2026 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

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