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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Adam Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is Adam House, 7-10 Adam Street, The Strand, London, WC2N 6AA.

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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and between two or more members of a group

The financial statements of the company are consolidated in the financial statements of Heeton Holdings Limited.These consolidated financial statements are available from its registered office, 60 Paya Lebar Road, #08-36 Paya Lebar Square, Singapore 409051.

Atruet the time of approving the financial statements, the company showed a net current asset position of £2,489,037 and the directors have a robust expectation that the company has adequate resources to continue in operational existence for at least 12 months after the date of signing, Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company’s primary revenue stream is from the provision of serviced office and virtual office services. The company also earns revenue from ancillary activities covered below.

• Serviced Office – The company enters into a licence agreement with tenants offering its' serviced suites. The monthly licence fee is charged per contract during the term of the licence agreement. Revenue is recognised as services are provided.

• Virtual office – The company offers virtual office services to clients. The company provides personal dedicated office support offering telephone and registered office services. Revenue is subject to contract and recognised as services are provided.

• Hot desking – The company offers fully furnished hot desking facilities based on shared or dedicated office facility needs at daily, weekly or monthly rates. Revenue is recognised based on the terms of the arrangement as services are provided.

• Meeting rooms/Conference rooms – The company offers meeting rooms and event rooms of various sizes to meet individual requirements. Revenue is recognised as services are provided.

• Parking – The company offers parking services to consumers via a third party service and is invoiced monthly. Revenue is recognised as services are provided.

• Catering – The company offers catering services to customers and are invoiced at the point of transaction on a daily basis.

• Other ancillary services provided like courier, post handling and secretarial services are invoiced at the point of transaction on a daily basis or monthly basis based on the terms of contract. Revenue is recognised as services are provided.

VAT charged on all types of sale is recognised as a liability at the time of recording the revenue.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated

to write off the cost less estimated residual value of each asset over its expected useful life, as follows

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Capital work-in-progress included in tangible fixed assets are not depreciated as these assets are not available for use.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

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 statement of financial position 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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are 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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors are satisfied that the company is operating as a going concern and will continue to do so for the foreseeable future.

In making their judgement, the directors have prepared a detailed business plan and rolling cash flow forecast, and in conjunction with the company's resources and obligations, have concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future.

The average monthly number of persons employed by the company during the year was:

Capital work-in-progress relates to assets under construction as at the year end. These assets will not be depreciated until they become available for use.

Included in other debtors are intercompany balances of £2,405,164 as at year end (2024: £2,193,936). The directors consider these balances recoverable.

Included in other creditors are intercompany balances of £524 as at year end (2024: £5,685). The directors consider these balances payable as and when they become due.

The company has registered charges dated 16 February 2015, 11 September 2019 and 20 September 2024 containing fixed and floating charge with negative pledge over all its property or undertakings in favour of Oversea-Chinese Banking Corporation in respect of monies borrowed by its parent company, Acework Limited. The liability in respect of this borrowing is in the books of the parent company.

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.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

There were no guarantees with the directors in the year.

The immediate parent of the company is Acework Limited, a company incorporated in the British Virgin Islands.

The ultimate controlling parent of the company is Heeton Holdings Limited, a company incorporated in Singapore.

The smallest group into which Adam Street Limited is consolidated is Heeton Holdings Limited.