REGISTERED NUMBER: 04703927 (England and Wales)

Report of the Directors and

Audited Financial Statements for the Year Ended 30 September 2025

for

Elevator Recording Studio Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss account

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

I D Bond

B F Prinz

R Kesrouani

SECRETARY:

Ms S Meghani

REGISTERED OFFICE:

25 Maddox Street

London

W1S 2QN

REGISTERED NUMBER:

04703927 (England and Wales)

AUDITORS:

Bright Grahame Murray

Chartered Accountants

Statutory Auditor

Emperor's Gate

114a Cromwell Road

Kensington

London

SW7 4AG

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of holding real estate property which includes a recording studios with provision of rehearsal facilities, office and retail outlet accommodation.

DIVIDENDS

Ordinary dividends were paid amounting to £406,552.36 (2024: £nil). The directors do not recommend payment

of a further dividend.

DIRECTORS

The directors who have held office during the period from 1 October 2024 to the date of this report are as follows:

Ms M Eden - resigned 1 September 2025

Ms R S Cox - resigned 1 September 2025

I D Bond - appointed 15 August 2025

B F Prinz - appointed 15 August 2025

R Kesrouani was appointed as a director on 14 October 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bright Grahame Murray, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B F Prinz - Director

2 June 2026

Opinion

We have audited the financial statements of Elevator Recording Studio Limited (the 'company') for the year ended 30 September 2025 which comprise the Profit and Loss account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

1. We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, landlord and tenant regulations.

2. We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

3. We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.

4. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets, and compliance with debt covenants.

5. We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

6. We enquired of the directors and third-party advisors about actual and potential litigation and claims.

7. We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

8. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or noncompliance with laws and regulations and cannot be expected to detect all fraud and non- compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ahsan Miraj (Senior Statutory Auditor)

on behalf of Bright Grahame Murray

Chartered Accountants

Statutory Auditor

Emperor's Gate

114a Cromwell Road

Kensington

London

SW7 4AG

3 June 2026

TURNOVER

1,012,760

1,028,097

Administrative expenses

(654,111

)

(629,338

)

358,649

398,759

Other operating income

2,518

1,018

OPERATING PROFIT

4

361,167

399,777

Impairment of related party loans

5

372,988

(42,919

)

734,155

356,858

Interest receivable and similar income

392

190

734,547

357,048

Gain/(loss) on revaluation of

investment property

(98,000

)

-

636,547

357,048

Interest payable and similar expenses

(53,503

)

(61,140

)

PROFIT BEFORE TAXATION

583,044

295,908

Tax on profit

6

16,062

(100,117

)

PROFIT FOR THE FINANCIAL YEAR

599,106

195,791

FIXED ASSETS

Tangible assets

8

10,176

13,568

Investment property

9

7,742,000

7,840,000

7,752,176

7,853,568

CURRENT ASSETS

Debtors

10

352,527

363,883

Cash in hand

319,584

308,225

672,111

672,108

CREDITORS

Amounts falling due within one year

11

(545,555

)

(565,400

)

NET CURRENT ASSETS

126,556

106,708

TOTAL ASSETS LESS CURRENT LIABILITIES

7,878,732

7,960,276

CREDITORS

Amounts falling due after more than one year

12

(935,789

)

(1,115,747

)

PROVISIONS FOR LIABILITIES

13

(777,747

)

(871,887

)

NET ASSETS

6,165,196

5,972,642

CAPITAL AND RESERVES

Called up share capital

14

2

2

Retained earnings

6,165,194

5,972,640

SHAREHOLDERS' FUNDS

6,165,196

5,972,642

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2026 and were signed on its behalf by:

B F Prinz - Director

I D Bond - Director

R Kesrouani - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

2

5,776,849

5,776,851

Changes in equity

Total comprehensive income

-

195,791

195,791

Balance at 30 September 2024

2

5,972,640

5,972,642

Changes in equity

Dividends

-

(406,552

)

(406,552

)

Total comprehensive income

-

599,106

599,106

Balance at 30 September 2025

2

6,165,194

6,165,196

1.	STATUTORY INFORMATION

Elevator Recording Studio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The company's revenue consist of rental income and service charges. Rental income is recognised on a straight line basis over the period of the rent contracts. Service charges income is recognised as the services are provided during the year and includes utilities and insurance cost reimbursement.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Plant & machinery- 25% reducing balance

Fixtures & fittings - 25% reducing balance

Office equipment - 33% straight line

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.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Debtors

Debtors are recorded initially at transaction price and subsequently measured at amortised cost using the effective interest rate method less provision for impairment loss.

Payables

Payables are initially recognised at fair value and subsequently measured at amortised cost. Payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. A payable is derecognised when the obligation is discharged, cancelled or expires.

Cash and bank balances

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.

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Borrowings are subsequently stated at amortised cost using the effective interest rate method.

Taxation

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

Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL)

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.25

30.9.24

£

£

Depreciation - owned assets

3,392

4,523

Auditors' remuneration

12,125

10,500

5.	EXCEPTIONAL ITEMS

30.9.25

30.9.24

£

£

Impairment of related party loans

372,988

(42,919

)

The Company had a fully impaired intercompany receivable of £372,988 from its parent undertaking brought forward from prior periods. During the year, a dividend in specie of £406,552.36 was declared equal to the gross balance carried forward, resulting in its effective settlement. Consequently, the cumulative impairment provision has been reversed and recognised in the profit and loss account, with the transaction reflected as a distribution to the parent within equity.

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

30.9.25

30.9.24

£

£

Current tax:

UK corporation tax

78,078

85,390

Deferred tax

(94,140

)

14,727

Tax on profit

(16,062

)

100,117

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.25

30.9.24

£

£

Profit before tax

583,044

295,908

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

145,761

73,977

Effects of:

Expenses not deductible for tax purposes

25,564

11,413

Income not taxable for tax purposes

(93,247

)

-

Deferred Tax

(94,140

)

14,727

Total tax (credit)/charge

(16,062

)

100,117

Deferred tax is calculated at 25%.

7.

DIVIDENDS

There were dividends paid of £406,552.36 during the year. (2024: Nil)

8.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

and 30 September 2025

190,087

DEPRECIATION

At 1 October 2024

176,519

Charge for year

3,392

At 30 September 2025

179,911

NET BOOK VALUE

At 30 September 2025

10,176

At 30 September 2024

13,568

9.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

7,840,000

Fair value movement

(98,000

)

At 30 September 2025

7,742,000

NET BOOK VALUE

At 30 September 2025

7,742,000

At 30 September 2024

7,840,000

Fair value at 30 September 2025 is represented by:

£

Valuation in 2022

7,530,000

Valuation in 2023

310,000

Valuation in 2025

(98,000

)

7,742,000

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade debtors

239,562

220,714

Other debtors

112,965

143,169

352,527

363,883

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Bank loans and overdrafts

179,764

174,957

Trade creditors

36,115

53,409

Taxation and social security

97,269

120,593

Other creditors

232,407

216,441

545,555

565,400

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.25

30.9.24

£

£

Bank loans

935,789

1,115,747

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

935,789

1,115,747

The loan bears interest at a rate at Bank of England base rate plus 2.90% and is repayable in 160 monthly instalments comprising principal and interest. The loan in secured against the property being Elevator Studios, 25-31 Parliament Street, Liverpool, Merseyside, L8 5RN.

The financial covenants for the loan are that total rental income is not less than 125% of the aggregate of the principal repayments, a total of £475,000 is received per annum, and loan will not exceed 65% of the latest valuation

13.	PROVISIONS FOR LIABILITIES

30.9.25

30.9.24

£

£

Deferred tax

777,747

871,887

Deferred

tax

£

Balance at 1 October 2024

871,887

Provided during year

(94,140

)

Balance at 30 September 2025

777,747

Provision for liabilities comprises of deferred tax calculated on investment property valuation.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

£

£

2

Ordinary

£1.00

2

2

15.	ULTIMATE CONTROLLING PARTY