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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

MVL Properties (2017) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Electric Brixton, Town Hall Parade, Brixton Hill, London, United Kingdom, SW2 1RJ.

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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

The company is in a net current liability position at the year end of £722,968 (2024: £596,363) and net liability position of £145,968 (2024: net asset of £40,173) after taking into account amounts owed to group undertakings of £1,003,195 (2024: £632,520).true

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future on the basis that the ultimate parent company, Electric Group Holdings Limited, has provided a letter of support which confirms their intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due for a period of at least twelve months from the date of signing these financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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 balance sheet 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, 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.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including creditors and loans from fellow group companies, 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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

The tax expense represents deferred tax.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

In the application of the company’s accounting policies, the director is 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties are valued at fair value with changes in fair value being recognised in the profit and loss account. The fair value of the investment property has been arrived at on the basis of a valuation carried out in January 2026 by an independent third party valuation expert, with the effective date of the valuation being 31 May 2025. At the balance sheet date of 31 May 2025, the investment property has been valued at £1,336,000. Determining the fair value of investment properties involves an element of estimation by referring to available market evidence, including rental yields, forecasted earning potential and EBITDA multiples. See note 4.

As at 31 May 2025, a provision has been recognised in relation to compensation payable to the tenant at the end of the lease period, for works completed by the tenant on a number of individual improvements, as outlined in the lease agreement. On entering into the lease, the cost of carrying out the improvement works was valued by an independent third party, which has been adjusted for inflation to the balance sheet date to £650,000. See note 7.

As at 31 May 2025, a provision has been recognised in respect of statutory compensation payable to the tenant under Section 37 of the Landlord and Tenant Act 1954. As at the 31 May 2025 the company were in proceedings under Section 25 of the Landlord and Tenant Act 1954 and the amount of compensation is yet to be concluded on. Therefore, a provision has been recognised at twice the property's rateable value, being £109,000. See note 7.

There were no employees during the current or previous year.

The fair value of the investment property has been arrived at on the basis of a valuation made at 31 May 2025 by Gerald Eve, who are not connected with the company. The valuation was made on an open market basis by reference to the market’s perception of the trading potential, together with an assumed ability to obtain/renew existing licences, consents, certificates and permits.

The downward revaluation relates to the change in valuation if using the forecasted EBITDA multiplied by an appropriate EBITDA multiplier.

The historic cost of the investment property held by the company as at 31 May 2025 is £627,144 (2024: £627,144).

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Lessor

At the reporting end date, the lease for the tenant had expired and proceedings were in place to remove the tenant, therefore at the reporting end date the company did not have any minimum lease payments contracted with tenants.

The company's immediate and ultimate parent company is Electric Group Holdings Limited. These financial statements are consolidated in the financial statements of Electric Group Holdings Limited, which are available online from Companies House. The registered office of Electric Group Holdings Limited is Electric Brixton Town Hall Parade, Brixton Hill, London, United Kingdom, SW2 1RJ.

In the opinion of the Director, Jacob Lewis is the ultimate controlling party.

In August 2025, the company gained possession of the freehold property it owns in Sheffield following notification from the Court of Appeal in May 2025 in respect of ongoing proceedings to remove the tenant under section 25 of the Landlord and Tenant Act 1954. From August 2025, the property became owner-occupied.

When the property in Sheffield was returned to the company the former tenants had completed a full strip out. As a result, legal proceedings are ongoing post year-end in order to determine the final settlement amounts in relation to tenant compensation, statutory compensation, dilapidations, legal costs and other rental arrears under the former lease. No conclusions have been drawn at the date of signing of these financial statements.

The valuation of the investment property as at 31 May 2025, performed by independent third-party experts, incorporated anticipated refurbishment costs based on contractor quotations obtained prior to the company gaining possession. Once the company obtained possession of the property in August 2025, the company was able to assess the actual condition of the property and obtain revised quotations for the required works. Had the strip out of the property occurred prior to 31 May 2025, the property’s value would have been approximately £728,000 as at 31 May 2025.

After gaining possession, the company undertook a significant refurbishment at the Sheffield premises, before launching successfully in March 2026 as a new music and events space under the brand Electric Studios.

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:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its loss 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.