For the financial year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

Buspace Works Limited is a private company limited by shares incorporated and domiciled in England. The registered office address is 2 Leman Street, London, United Kingdom, E1W 9US.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company’s current liabilities exceeded its current assets by £818,563.true

The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from fellow group companies and if required from other companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.

Turnover represents rent receivable from letting of office units and parking spaces. Rent receivable from tenants is measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

The fair value model is determined by the director with the benefit of professional external valuers 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.

Cash at bank and in hand are basic financial assets and include cash in hand.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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 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, loans from fellow group companies and connected companies that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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 tax currently payable.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

No depreciation is provided for on these investment properties.

On a historical cost basis these would have been included at an original cost of £851,698 (2024: £820,970).

Included within amounts owed by group undertakings are loans that are unsecured, interest free, has no fixed

date of repayment and is repayable on demand.

Included within other debtors are loans totalling £2,797,355 (2024: £2,416,526) with connected entities. The loans are unsecured, interest free, has no fixed date of repayment and is repayable on demand.

Included within amounts owed to group undertakings are loans that are unsecured, interest free, has no fixed

date of repayment and is repayable on demand.

Included within other creditors are loans totalling £2,931,072 (2024: £2,782,333) with connected entities. The

loans are unsecured, interest free, has no fixed date of repayment and is repayable on demand.

The bank loan is guaranteed by the government.

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

Investment property revaluation reserve relates to non-distributable reserves arising from revaluation of investment property less deferred tax.

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

As at 30 June 2025, Investec Bank PLC holds fixed and floating charges over the assets of the company to secure loans in the name of Conlan Studios Limited, the immediate parent company. At the year end the total loans owed by Conlan Studios Limited were £14,800,000.

The company acts as guarantor to Conlan Studios Limited to meet its banking obligations.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 “Related party disclosures” whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.

The immediate parent company is Conlan Studios Limited and its registered office is 2 Leman Street, London, E1W 9US.

The ultimate parent company is Warrior 2 Limited and its registered office is 2 Leman Street, London, E1W 9US.