Company registration number 09565038 (England and Wales)
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
COMPANY INFORMATION
Directors
Mr J S Goldstein
Mr J Lang
Mr J Stelzer
(Appointed 29 April 2025)
Company number
09565038
Registered office
72 Welbeck Street
London
W1G 0AY
United Kingdom
Auditor
Ernst & Young LLP
Liberation House
Castle Street
St Helier
Jersey
JE1 1EY
Channel Islands
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

Introduction

The directors present the strategic report for The Stage Shoreditch Development Limited (the "Company") for the year ended 31 December 2025.

Business Review

The Company has completed the development of the residential and commercial sites in Shoreditch.

The Company's development site is located within a prime London metropolitan area and is well-placed to benefit from the positive long-term outlook of the city.

Key performance indicators

Turnover has decreased by 20% year on year. The turnover is comprised of recharges of expenses to fellow members of The Stage Shoreditch LLP Group incurred during the year. Gross profit is £nil in the year (2024: £nil) as the development fee contract expired and was not renewed.

Principal risks and uncertainties

A part of the Company's strategy is to identify risks and uncertainties in the course of its day to day operations and assess those risks with a view to minimising or mitigating these where possible. The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:

Geopolitical Developments

The ongoing geopolitical tensions including the conflict in Ukraine and instability in the Middle East, continue to contribute to global market volatility and supply chain disruption risks. While certain ceasefire arrangements and diplomatic development occurred during 2025, regional tensions remain fluid.

The Company has no direct exposure to sanctioned jurisdictions or material investments in affected regions. Based on the information available at the reporting date, the directors do not consider that these events had a material direct impact on the Company's financial position. However indirect impacts through broader economic conditions continue to be monitored.

Regulatory risk

As the Company is engaged in development management services, it is therefore subject to extensive and complex laws and regulations relating to the environment and health and safety. Non-compliance can result in delays thereby incurring additional costs, restrictions and/or delays on construction or damage to the Company’s reputation.

The Company actively engages with professionals to ensure that all regulatory and legal compliance criteria are met.

Liquidity risk

The liquidity risk faced by the Company is the inability to meet its financial obligations as they fall due. The Company mitigates the risk by continuously monitoring its monthly development expenses. The monthly development expenses are recharged and funded through intra-group receipts from the property companies.

Credit risk

The Company's debtors are mostly comprised of intra-group receivables due from fellow subsidiaries within the group, see note 8. At the reporting date, management performed an assessment to consider the risk of fellow subsidiaries defaulting on the repayment of the intra-group receivables. Following the assessment, a provision for bad debt was recognised.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Directors' statement of compliance with duty to promote the success of the Company

The directors consider, both individually and together, that they have acted in the way they consider in good faith would be most likely to promote the success of the Company for the benefit of its stakeholders (having regard to matters set out in Section 172 (1) (a) to (f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2025. Such considerations are set out below, having regard for, amongst other matters, the following:

- the need for the Company to foster strong business relationships with all stakeholders;

- the likely long term consequences of any decision making during the financial year;

- the need to communicate strategic decisions to stakeholders and explain the thought process and impact;

- the desirability of the Company maintaining a reputation for high standards of business conduct;

- the impact of the Company's operations on the community and the environment;

- the health, safety and well-being of suppliers and those on-site; and

- the need to act fairly and with integrity.

Whilst the Company does not have any employees (refer to note 5), and does not envision any significant impact to the community or environment due to its operations, no disclosures in relation to the same have been made below. The directors understand the importance of maintaining positive relations with all stakeholders.

Suppliers

As part of ensuring that the Company’s and its stakeholders’ commercial dealings are aligned, regular meetings and other forms of engagement are undertaken. This allows the Company to build on the relationships, discuss the appropriate strategic decisions and ensure milestones are met. This is important to ensure that the principal activity of the Company meets the Group's end customers' requirements whilst suppliers are treated ethically and fairly.

Customers

The Group's commercial and residential tenants are the principal end customers. The Company continuously seeks to identify areas of the property which can be improved with the aim to provide an overall better area in which the tenants can operate. The Company through the operations of other intra-group entities also engage with tenants in order to identify areas which can be refined in order to provide a more engaging space to the local community which ultimately leads to increased commercial performance.

Shareholders

The Company seeks to generate a long term and stable return for its shareholders. The completion of the development site that have subsequently been leased demonstrates the Company's ultimate intention to serve its shareholders.

On behalf of the board

Mr J S Goldstein
Director
30 June 2026
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their report of The Stage Shoreditch Development Limited for the year ended 31 December 2025.

Principal activities

The principal activity of the Company is the development of a residential and commercial site in Shoreditch, London which completed in 2024. The development costs incurred by the Company are recharged to fellow subsidiaries within The Stage Shoreditch LLP Group.

Results and dividends

The profit for the period, after taxation, amounted to £8,144,702 (2024: £30,154,432). The directors do not recommend payment of a dividend (2024: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S S Conway
(Resigned 31 March 2025)
Mr J S Goldstein
Mr J Lang
Mr G Conway
(Resigned 18 September 2025)
Mr J Cole
(Resigned 29 April 2025)
Mr J Stelzer
(Appointed 29 April 2025)
Qualifying third party indemnity provisions

The Company has granted an indemnity to its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.

Subsequent events

Details of any post reporting date events are set out in Note 15.

Future developments

The directors anticipate that the Company will monitor the properties following completion.

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due from the date of approval of the financial statements through to 30 September 2027 (the ‘going concern period’). At 31 December 2025, the Company has net current liabilities of £13,262,546 (2024: £21,082,248) and net liabilities of £13,452,546 (2024: £21,597,248). The directors have assessed the going concern period under assessment to be the period from the date of approval of the financial statements through to the end of the going concern period.

The directors have also received written confirmation from the ultimate parent of the Company, The Stage Shoreditch LLP (“LLP”), that it does not intend to call upon the Company to repay any intra-group debts in relation to operational costs unless the Company has the cash available to settle the debts. The LLP has provided a letter of support to the Company to meet operating expenses during the going concern period.

The letter of support is not a guarantee or formal financial commitment. However, the directors believe that the risks that the shareholders will not provide support are remote. The directors therefore consider it appropriate to prepare the Company’s accounts on a going concern basis for the going concern review period to 30 September 2027.

Auditor

Ernst & Young LLP were appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Section 172 statement

The directors' report and the Strategic Report confirm compliance with the obligations set out in section 172 of the Companies Act 2006.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the Company’s auditor is unaware. Having made enquiries of fellow directors and the Company's auditor, each director has taken all the steps that they are obliged to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Other matters

The directors have regard of the need to ensure that all stakeholders, including suppliers and customers, are working collectively, and completing common objectives of the development site in Shoreditch, London. There is regular engagement with all stakeholders to further build on the relationships and ensure milestones are met.

On behalf of the board
Mr J S Goldstein
Director
30 June 2026
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the Directors' Report 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) including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under C ompany 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 C ompany and of the profit or loss of the C ompany 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the C ompany’s transactions and disclose with reasonable accuracy at any time the financial position of the C ompany 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 C ompany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE STAGE SHOREDITCH DEVELOPMENT LIMITED
- 6 -
Opinion

We have audited the financial statements of The Stage Shoreditch Development Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 15, 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 FRS 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 31 December 202 5 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 Auditor’s 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 12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

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

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 course of 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE STAGE SHOREDITCH DEVELOPMENT LIMITED
- 7 -

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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and directors’ report have 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 strategic report or directors’ report.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 5, 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 is 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.

Auditor's 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 an auditor’s report 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

I rregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE STAGE SHOREDITCH DEVELOPMENT LIMITED
- 8 -

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are the Companies Act 2006, and those relating to its reporting framework being United Kingdom Generally Accepted Accounting Practice.

- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of minutes of board meetings of the Company as well as validating how policies and procedures in these areas are communicated and monitored. We also read any correspondence with relevant authorities.

- We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by making enquiries of management and those charged with governance. Where this risk was considered to be higher, we performed audit procedures in response to the identified fraud risks. These procedures included testing of specific accounting journal entries. We also considered management’s incentives around improving the performance of the Company, the opportunities available to execute any such actions through management override as well as the controls that the Company has established to address any such risks identified, including to prevent, deter and detect fraud and the monitoring of such controls by management.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved our enquiries of management and those charged with governance with a review of meeting minutes.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

Christopher James Matthews, FCA (Senior Statutory auditor)
For and on behalf of Ernst & Young LLP
Statutory Auditor
Jersey
Channel Islands
30 June 2026
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
4,164,007
5,236,115
Costs of sale
(4,164,007)
(5,236,115)
Gross profit
-
-
Administrative expenses
8,142,888
29,996,801
Operating profit
4
8,142,888
29,996,801
Interest receivable and similar income
6
1,814
70,148
Profit before taxation
8,144,702
30,066,949
Tax on profit on ordinary activities
7
-
0
87,483
Total profit for the year
8,144,702
30,154,432
Other comprehensive income
-
-
Total comprehensive income for the year
8,144,702
30,154,432

The notes on pages 12 - 18 form part of these financial statements.

The statement of comprehensive income has been prepared on the basis that all amounts relate to continuing operations.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
8
69,779,414
63,068,913
Cash at bank and in hand
145
-
0
69,779,559
63,068,913
Creditors: amounts falling due within one year
9
(83,042,105)
(84,151,161)
Net current liabilities
(13,262,546)
(21,082,248)
Provisions for liabilities
Provisions
10
190,000
515,000
(190,000)
(515,000)
Net liabilities
(13,452,546)
(21,597,248)
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
(13,452,646)
(21,597,348)
Total equity
(13,452,546)
(21,597,248)

The notes on pages 12 - 18 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
Mr J S Goldstein
Director
Company registration number 09565038 (England and Wales)
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
100
(51,751,780)
(51,751,680)
Year ended 31 December 2024:
Total comprehensive income for the year
-
30,154,432
30,154,432
Balance at 31 December 2024
100
(21,597,348)
(21,597,248)
Year ended 31 December 2025:
Total comprehensive income for the year
-
8,144,702
8,144,702
Balance at 31 December 2025
100
(13,452,646)
(13,452,546)
The notes on pages 12 - 18 form part of these financial statements.
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

The Stage Shoreditch Development Limited is a private Company limited by shares incorporated in England and Wales. The registered office is 72 Welbeck Street, London, W1G 0AY. The Company number is 09565038. The date of incorporation was 28 April 2015.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional and presentation 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. The principal accounting policies adopted are set out below.

The results of the Company are included in the consolidated financial statements of The Stage Shoreditch LLP, an entity incorporated in England and Wales. The financial statements of The Stage Shoreditch LLP are prepared in accordance with FRS102 and can be obtained from 72 Welbeck Street, London, W1G 0AY. Therefore, the Company has taken the exemption under section 1.12b of FRS 102 from the requirement to prepare a statement of cash flows and related disclosures for the financial period.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due from the date of approval of the financial statements through to 30 September 2027 (the ‘going concern period’). At 31 December 202 true 5, the Company has net current liabilities of £13,262,546 (2024: £21,082,248) and net liabilities of £13,452,546 (2024: £21,597,248). The directors have assessed the going concern period under assessment to be the period from the date of approval of the financial statements through to the end of the going concern period.

The directors have also received written confirmation from the ultimate parent of the Company, The Stage Shoreditch LLP (“LLP”), that it does not intend to call upon the Company to repay any intra-group debts in relation to operational costs unless the Company has the cash available to settle the debts. The LLP ha s provided a letter of support to the Company to meet operating expenses during the going concern period.

The letter of support is not a guarantee or formal financial commitment. However, the directors believe that the risks that the shareholders will not provide support are remote. The directors therefore consider it appropriate to prepare the Company’s accounts on a going concern basis for the going concern review period to 30 September 2027.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The development management fee income represents the administration charge the Company received from the underlying group entities for administering the development and construction of properties on behalf of those entities. This agreement expired in 2021 and has not been renewed since that date.

The development recharge turnover is derived using allocations of the development site which best reflects the split of the development works undertaken in respect of each building and element of the site. This allocation is reviewed each financial reporting period using the most relevant and accurate information available to ensure that the recharges are adequately estimated and charged to the relevant subsidiaries within the group.

1.4
Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and deposits held at call with banks are subject to insignificant risk of changes in fair value.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Financial instruments

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.

Basic financial assets

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or 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 and it is certain that the carrying amount will not be recovered in full. If an asset is impaired, the impairment loss is the difference between the carrying amount and recoverable amount. 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.

Derecognition of financial assets

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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

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.

Derecognition of financial liabilities

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

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.6
Equity instruments

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

1.7
Taxation

The tax expense or credit represents the sum of the tax currently payable/receivable and deferred tax movements.

Current tax

The tax currently payable/receivable is based on taxable profit/(loss) 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 C ompany’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Unrelieved tax losses and other deferred tax assets are recognised only to the extent it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.8
Provisions

Provisions are recognised when the C ompany has a legal or constructive present obligation as a result of a past event, it is probable that the C ompany 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 i s 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.

2
Judgements and key sources of estimation uncertainty

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 Company has identified the following areas where significant judgement and estimation are required:

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of debtors

The Company makes a judgement of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the ageing profile and historical experience. The debtor balance at the reporting date includes a provision for impairment, see note 8 for carrying amount of debtors.

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Development recharges

The Company utilises judgement to determine the quantum of the development recharges to be made using the most relevant and accurate information available to ensure that it best reflects the split of the development works undertaken on the respective buildings. In financial year 2023, all properties under development were completed resulting in a change in the development recharges.

Key sources of estimation uncertainty

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.

Provision

The Company recognises provision when there is 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.

Taxation

The Company establishes provisions depending on reasonable estimates based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Accrued expenses

The Company recognises estimates in relation to accrued expenses recorded at the year end based on past experience of similar outgoings incurred or their knowledge of the expected outgoings to be incurred depending on the nature of goods or services rendered that are yet to be billed.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Development charges
4,164,007
5,236,115

All turnover arose within the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the Company's auditor for the audit of the Company's financial statements
27,895
16,150
Reversal of impairment of amount from group undertaking
(8,406,186)
(30,651,507)
No non-audit services were provided during the year (2024: £nil).
5
Employees

The number of persons employed by the Company during the year was nil (2024: nil).

THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
6
Interest receivable and similar income
2025
2024
£
£
Other interest
1,814
70,148
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(87,483)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
8,144,702
30,066,949
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,036,176
7,516,737
Tax effect of expenses that are not deductible in determining taxable profit
224
-
0
Tax effect of income not taxable in determining taxable profit
(2,072,280)
(7,662,877)
Unutilised tax losses carried forward
35,854
146,140
Reversal of tax provision
-
0
(855)
Tax relief on carried back tax losses
-
0
(86,628)
Corporate interest restriction
26
-
0
Taxation charge/(credit) for the year
-
(87,483)

Deferred tax

The Company has cumulative tax losses arising in the UK of £635,660 (2024: £584,559) that are available indefinitely for the offset against future taxable profits. Deferred tax assets have not been recognised in respect of these losses as it is unlikely they will be recognised against the reversal of deferred tax liabilities or other future taxable profits for the foreseeable future.

8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
61,727,782
58,685,559
Other debtors
8,036,632
4,383,354
Prepayments and accrued income
15,000
-
0
69,779,414
63,068,913
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Debtors
(Continued)
- 17 -

Amounts due from group undertakings are unsecured, interest free and payable on demand without restrictions. Amounts due from group undertakings are stated after reversal of impairment for £8,406,186 (202 4: £30,651,507) during the year. As at year end, the total provision for impairment was £17,903,545 (202 4: £26,309,731). Amounts falling due within one year are based o n the contractual term of due on demand, however these amounts are not expect ed to be realised within one year but are intended to be settled in the foreseeable period.

9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
55,299
250,876
Amounts owed to group undertakings
82,961,709
83,596,193
Other creditors
-
0
7
Accruals and deferred income
25,097
304,085
83,042,105
84,151,161

Amounts due to group undertakings are unsecured, interest free and payable on demand without restrictions.

Included in amounts due to group undertakings is an unsecured, interest free loan of £82,961,709 (2024: £82,619,008) from The Stage Shoreditch LLP, the parent undertaking, which is payable on demand without restrictions. Accordingly this has been classified as current.

10
Provisions for liabilities
2025
2024
£
£
190,000
515,000

Provision for easements

Provision for easements represents the probable payments in the future in respect of right to light obligations. It is expected that most of these costs will be incurred after the reporting date. During the year, there was a settlement of one of the outstanding claims.

Movements on provisions:
£
At 1 January 2025
515,000
Settlement
(325,000)
At 31 December 2025
190,000
THE STAGE SHOREDITCH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised, issued and fully paid
100 ordinary shares of £1 each
100
100
100
100

The ordinary shares entitle the holder to participate in dividend distribution rights on the winding up of the Company. The Company has profit or loss reserves which comprises of the total comprehensive income or loss since inception.

12
Commitments

As at 31 December 2025, the Company does not have any financial commitments, guarantees and contingencies aside from the disclosed commitments.

13
Parent undertaking

The Company's immediate parent undertaking and the smallest group in which the results of the Company are consolidated is that prepared by The Stage Shoreditch LLP. Copies of the consolidated financial statements of The Stage Shoreditch LLP are publicly available from 72 Welbeck Street, London, W1G 0AY.

The largest group in which the results of the Company are consolidated is that prepared by Eldridge Industries LLC, of 600 Steamboat Road, Greenwich, CT 06830. The financial statements of this entity are not publicly available.

14
Related party transactions

Development management and marketing fees of £nil (2024: £nil) were charged by Galliard Homes Limited, a subsidiary of Galliard Holdings Limited. Galliard Holdings Limited was a Designated Member of the Group of which the Company is a member up until 18 September 2025, when it sold its shares within the Group. Residential sales agents fees of £nil (2024: £nil) were charged by Galliard Construction Limited, a subsidiary of Galliard Holding Limited. At the reporting date, there was a balance of £nil (2024: £nil).

Amounts due to the Company's parent, The Stage Shoreditch LLP, are noted within note 9.

At the reporting date, the amounts due from fellow members of the Group were £61,727,782 (2024: £58,685,559). At 31 December 2025, the amounts due to fellow members of the Group were £nil (2024: £977,185).

The Company has taken advantage of the exemption afforded by FRS 102.33.1A not to disclose transactions between wholly owned members of the Group.

15
Subsequent events

There are no subsequent events to report.

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