NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
The Urban Building
3-9 Albert Street
Slough
SL1 2BE

Principal activity

The principal activity of the Company is that of generating rental income through the commercial property held at The Urban Building, Albert Street, Slough.

These financial statements were authorised for issue by the Board on 27 May 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a profit in the year and has net current assets. The accounts have been prepared on a going concern basis.

NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Prior period errors

During the year, the company identified a presentational error in the prior year financial statements whereby liabilities amounting to £460k previously classified within creditors due within one year should have been presented within creditors due after more than one year. The prior year comparative figures, which were unaudited, have therefore been reclassified. This reclassification relates solely to the presentation of liabilities within the balance sheet and has had no impact on the company’s profit for the year, net assets or shareholders’ funds.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 4

NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are 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 profit or loss.

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.
 

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion the only area of significant judgement is the valuation of the investment properties at the period end of £16,000,000.

4	Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 27 May 2026 was Russell Joseph, who signed for and on behalf of Bourner Bullock.

5	Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 2 (2024 - 2).

NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

6	Investment properties

	2025 £
At 1 April	12,188,128
Disposals	(200,000)
Fair value adjustments	4,011,872
At 31 March	16,000,000

During the year a revaluation gain was recognised on investment properties equal to £4,011,872 to bring the value in line with the valuation report prepared by Cushman & Wakefield.

On 11 June 2024, the company disposed of investment properties to group companies, GKM Infra Slough Limited and KGM Infra Slough Limited, for £100,000 each. They are held as investment properties and leased back to NS Infra Estate Slough Ltd under a lease agreement generating rental income. The transactions qualify as related-party transactions in accordance with FRS 102 and are accounted for at fair value.
 

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Debtors

Current	2025 £	Unaudited 2024 £
Trade debtors	616,278	1,013,972
Amounts owed by related parties	1,651,242	672,900
Prepayments	70,295	-
Other debtors	115,265	3,525
	2,453,080	1,690,397

NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	(As restated) Unaudited 2024 £
Due within one year
Loans and borrowings	10	400,000	400,000
Trade creditors		182,987	386,086
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest		904,000	690,000
Taxation and social security		236,996	115,683
Accruals and deferred income		361,814	510,744
Other creditors		618,669	429,994
		2,704,466	2,532,507

Other creditors includes £109,648 relating to the service charge collection account and £461,691 of rent deposits.

Creditors: amounts falling due after more than one year

	Note	2025 £	(As restated) Unaudited 2024 £
Due after one year
Loans and borrowings	10	11,639,559	10,754,776

9	Share capital

Allotted, called up and fully paid shares

	2025		Unaudited 2024
	No.	£	No.	£
Class A shares of £1 each	700,100	700,100	700,100	700,100

NS Infra Estate Slough Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	Unaudited 2024 £
Other borrowings	11,639,559	10,754,776

Other borrowings consist of deep discount bonds entered into on 16 June 2023.

The bonds have been subscribed to for a cash value of £10,100,000 with a redemption price of £15,000,000 at the final maturity date on 15 June 2028.

The value between the subscription price and the redemption price is accounted for as interest accruing over the term of the bond.

Any and all amounts outstanding under the discounted securities are unsecured.

Current loans and borrowings

	2025 £	Unaudited 2024 £
Other borrowings	400,000	400,000

Other borrowings consist of a £400,000 interest free loan from the individual Ankit Anil Poddar.

11

Dividends

There were no dividends paid or proposed in the current or prior year.

12	Parent and ultimate parent undertaking

During the year, the company’s immediate parent undertaking was MGK Infra Realty Limited. Following a change in ownership subsequent to the year end, the company’s immediate parent is now Sustane Properties Ltd, a company incorporated in England and Wales with registered office:

First Floor, The Urban Building, Albert Street, Slough, SL1 2BE, United Kingdom.

13	Non adjusting events after the financial period

After the year end, the Company entered into a financing agreement with Handelsbanken plc. As security for these facilities, the Company granted a fixed and floating charge over the undertaking, property and assets of the Company. The charge was registered at Companies House on 8 April 2026.