Fashion Street Regeneration Limited
Financial Statements
For the year ended 31 March 2026
Pages for Filing with Registrar
Company Registration No. 03675760 (England and Wales)
Fashion Street Regeneration Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
Fashion Street Regeneration Limited
Balance Sheet
As at 31 March 2026
Page 1
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
403
Investment properties
6
16,580,000
17,157,801
Investments
7
37,500
37,500
16,617,500
17,195,704
Current assets
Debtors
9
140,406
242,719
Cash at bank and in hand
571,725
1,022,913
Restricted cash - tenant rent deposits
508,137
535,431
1,220,268
1,801,063
Creditors: amounts falling due within one year
10
(1,192,082)
(1,187,066)
Net current assets
28,186
613,997
Total assets less current liabilities
16,645,686
17,809,701
Creditors: amounts falling due after more than one year
11
(4,865,299)
(4,854,889)
Provisions for liabilities
Deferred tax liability
12
(2,976,490)
(3,120,380)
(2,976,490)
(3,120,380)
Net assets
8,803,897
9,834,432
Capital and reserves
Called up share capital
13
101,000
101,000
Revaluation reserve
5,783,345
6,274,508
Profit and loss reserves
2,919,552
3,458,924
Total equity
8,803,897
9,834,432

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

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

Fashion Street Regeneration Limited
Balance Sheet (Continued)
As at 31 March 2026
Page 2
The financial statements were approved by the board of directors and authorised for issue on 10 July 2026 and are signed on its behalf by:
M Beckett
Director
Company Registration No. 03675760
Fashion Street Regeneration Limited
Statement of Changes in Equity
For the year ended 31 March 2026
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
101,000
6,274,508
3,620,010
9,995,518
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
658,914
658,914
Dividends
-
-
(820,000)
(820,000)
Balance at 31 March 2025
101,000
6,274,508
3,458,924
9,834,432
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
169,465
169,465
Dividends
-
-
(1,200,000)
(1,200,000)
Transfer fair value loss on investment property to non-distributable reserve
-
(654,884)
654,884
-
Transfer deferred tax charge on revaluation of investment property to non-distributable reserve
-
163,721
(163,721)
-
Balance at 31 March 2026
101,000
5,783,345
2,919,552
8,803,897
Fashion Street Regeneration Limited
Notes to the Financial Statements
For the year ended 31 March 2026
Page 4
1
Accounting policies
Company information

Fashion Street Regeneration Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2.6, Second Floor, 11-29 Fashion Street, London, E1 6PX.

1.1
Basis of preparation

These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is comprised of rental and associated income and is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging a lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Other income

D ilapidation income, which is included within other income, represents amounts received or receivable from tenants at the end of lease agreements to cover the cost of restoring leased properties to their original condition. This income is recognised when the amount can be measured reliably and it is probable that the economic benefits will flow to the entity. If the income is contingent on future events or negotiations, it is recognised only when the uncertainty is resolved.

Ma nagement f ee i ncome, which is included within other income, arises from services provided to 132 Commercial Street LLP, a subsidiary of Fashion Street Regeneration Limited. It is recognised in the period in which the services are rendered.

1.4
Tangible fixed assets

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

Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
Page 5

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:

Fixtures and fittings
33% straight line

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.9
Equity instruments

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.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
Page 6
Deferred tax

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

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

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.

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.

Valuation of investment property

The company uses the valuation performed by its directors as the fair value of its investment properties. The valuation is based upon the key assumptions from data obtained from listed real estate properties and market based yields. In determining fair value the directors make reference to market.

Management consider the significant assumptions to the valuation of investment properties to be data from other listed real estate properties and market based yields.

Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 7
3
Interest receivable and similar income
2026
2025
£
£
Profit share from fixed asset investments
80,847
6,544
Subtotal
80,847
6,544
Other interest receivable
6,771
10,170
Total
87,618
16,714
4
Employees

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

2026
2025
Number
Number
Total
0
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2025 and 31 March 2026
8,092
Depreciation and impairment
At 1 April 2025
7,689
Depreciation charged in the year
403
At 31 March 2026
8,092
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
403
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 8
6
Investment property
2026
£
Fair value
At 1 April 2025
17,157,801
Additions
77,083
Revaluations
(654,884)
At 31 March 2026
16,580,000

Investment property represents a multi-let office building in the Spitalfields area of London.

The fair value of investment property has been arrived at on the basis of a directors' valuation as at 31 March 2026.

If the investment property had been accounted for under the historic cost accounting rules, the property would have a value of £4,191,679 (2025: £4,114,596 )

7
Fixed asset investments
2026
2025
£
£
Shares in group undertakings and participating interests
37,500
37,500
8
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
132 Commercial Street LLP
Unit 2.6 11-29 Fashion Street, London, E1 6PX
Property investment
Members capital
75.00

The investment in subsidiary is stated at cost.

9
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
21,450
141,682
Other debtors
118,956
101,037
140,406
242,719
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 9
10
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
4,979
26,118
Corporation tax
201,694
143,239
Other taxation and social security
57,420
47,686
Other creditors
927,989
970,023
1,192,082
1,187,066

Other creditors includes tenant rent deposits and interest on deposits totalling £508,137 (2025: £5 35,431). These deposits are held in separate bank accounts, the balances of which are included as restricted cash on the balance sheet.

11
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans
4,865,299
4,854,889

The bank loan is secured on a fixed and floating charge over the Fashion Street investment property. The lender is Coutts and Company.

The £4.9m loan is an interest only loan with a repayment date of 23 June 2029. Interest is charged at a rate of 2.2% above SONIA. The loan is secured over the property of the company and a composite guarantee with 132 Commercial Street LLP.

12
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
350,514
330,682
Unrealised gain on investment property
2,625,976
2,789,698
2,976,490
3,120,380
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
Page 10
13
Called up share capital
2026
2025
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
50,000
50,000
Ordinary B shares of £1 each
50,000
50,000
Ordinary C shares of £1 each
1,000
1,000
101,000
101,000

Ordinary A and Ordinary B shares confer the right to receive dividends, to attend and vote at general meetings, and to participate in the distribution of surplus assets on a winding up or return of capital (after satisfying Ordinary C shareholder entitlements and company liabilities).

Ordinary C shares do not confer rights to dividends or to attend and vote at general meetings. However, they rank first in priority for return of capital on a winding up, ahead of Ordinary A and B shares.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 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.

Senior Statutory Auditor:
Guy Richardson-Pancrazi
Statutory Auditor:
Moore Kingston Smith LLP
Date of audit report:
13 July 2026
15
Operating lease commitments

At the reporting end date the company had contracted with tenants for the following minimum lease payments: £3,579,705 (2025: £4,343,565).

16
Related party transactions
Fashion Street Regeneration Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2026
16
Related party transactions
(Continued)
Page 11

During the year, the company purchased services amounting to £17,114 (2025: £16,006) from Transformer Management Limited, a company in which M Beckett has a controlling interest. The purchases were made on an arms length basis. There were no amounts outstanding to or from the company at the year end (202 5: £nil).

The company has been invoiced for bookkeeping services amounting to £3,640 (202 5: £3,640) from Transformer Properties Limited, a company in which M Beckett has a controlling interest. The purchases were made on an arms length basis. There were no amounts outstanding to or from the company at the year end (202 5: £nil).

The company benefits from a profit share agreement for an entity over which it holds significant influence 132 Commercial Street LLP which has been disclosed within interest receivable and similar income. The transactions are made at an arms length basis. As at the year end there was an amount ow ed from 132 Commercial Street LLP of £17,144 (2025: owed to of £23,703).

During the year, the company charged fees of £25,000 (202 5: £25,000) to 132 Commercial Street LLP. £Nil (202 5: £Nil) was outstanding at the year end.

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