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Registered number: 12740479 BYRON PLACE RETAIL PROPERTIES LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BYRON PLACE RETAIL PROPERTIES LTD COMPANY INFORMATION
Directors | M. Freed
| G. Katz
| S. Biro
Registered number | 12740479
Registered office | Enterprise House, First Floor
| 2 The Crest
| London
| NW4 2HN
Independent auditors | Wilder Coe Ltd Chartered Accountants & Statutory Auditors
| 1st Floor, Sackville House
| 143-149 Fenchurch Street
| London
| EC3M 6BL
BYRON PLACE RETAIL PROPERTIES LTD CONTENTS
| Page
Balance Sheet | 1
Notes to the Financial Statements | 2 - 8
BYRON PLACE RETAIL PROPERTIES LTD REGISTERED NUMBER: 12740479 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 4 |  | 11,600,000 |  | 11,600,000
Current assets |  |  |  |  |
Debtors | 5 | 1,247,683 |  | 1,092,129 |
Cash at bank and in hand |  | 468,816 |  | 323,339 |
|  | 1,716,499 |  | 1,415,468 |
Creditors: amounts falling due within one year | 6 | (796,663) |  | (729,919) |
Net current assets |  |  | 919,836 |  | 685,549
Total assets less current liabilities |  |  | 12,519,836 |  | 12,285,549
Creditors: amounts falling due after more than one year | 7 |  | (6,953,763) |  | (7,116,213)
Net assets |  |  | 5,566,073 |  | 5,169,336
Capital and reserves |  |  |  |  |
Allotted, called up and fully paid share capital |  |  | 1,000 |  | 1,000
Share premium account |  |  | 7,399,000 |  | 7,399,000
Profit and loss account |  |  | (1,833,927) |  | (2,230,664)
Equity shareholders' funds |  |  | 5,566,073 |  | 5,169,336
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the Directors' Report, Statement of Comprehensive Income and Statement of Changes in Equity in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2026.
M. Freed
Director
The notes on pages 2 to 8 form part of these financial statements. Page 1
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Byron Place Retail Properties Ltd (Company number: 12740479), having its registered office at Enterprise House, First Floor, 2 The Crest, London, England, NW4 2HN, is a private limited company incorporated in England and Wales. The principal place of business is Byron Place Shopping Centre, Seaham, SR7 7DR. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Statement of cash flows
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.
| 2.3 | Turnover
Turnover 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. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessor
Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. Page 2
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Investment property
Investment property is carried at fair value, determined by external valuers and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location, or condition of the specific asset. No depreciation is provided. The current year's value has been determined through consideration of these factors, external economic forces, and the performance of the investment property by the directors. In determining the valuation at the year end the directors' have considered the above factors in comparison to and in accordance with the external valuation performed in the prior year by Knight Frank on 15 April 2024. Consideration has been given to the terms of the engagement with the external valuer, the competency and independence of the external valuer, the basis of valuation and its alignment with the usual accounting policy, the reasonableness of the assumptions made by the external valuer, and finally, the validity of the sources of information used by the external valuer. Any changes in fair value are recognised in the Statement of Comprehensive Income.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date. Page 3
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.11 | Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
| 2.12 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 corporation 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 balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 4
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Tangible fixed assets
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 January 2025 and at 31 December 2025 | 15,740,000
| Revaluation |
| At 1 January 2025 and at 31 December 2025 | (4,140,000)
| Net book value |
| At 31 December 2025 | 11,600,000
| At 31 December 2024 | 11,600,000
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 11,600,000 | 11,600,000
| The fair value of the freehold investment property has been determined with reference to the valuation report performed by Knight Frank dated 15 April 2024.
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 10,635 | 21,485
| Other debtors | - | 47,367
| Prepayments and accrued income | 68,021 | 104,250
| Deferred taxation | 919,027 | 919,027
| Amounts owed by group undertakings | 250,000 | -
|  | 1,247,683 | 1,092,129
Page 5
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Aviva loan (note 10) | 162,450 | 162,450
| Trade creditors | 51,082 | -
| Other taxation and social security | 61,797 | 59,490
| Accruals and deferred income | 454,122 | 507,979
| Corporation tax | 67,212 | -
|  | 796,663 | 729,919
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Aviva loan (note 10) | 6,953,763 | 7,116,213
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Aviva loan | 162,450 | 162,450
| Amounts falling due 1-2 years |  |
| Aviva loan | 162,450 | 162,450
| Amounts falling due 2-5 years |  |
| Aviva loan | 6,791,313 | 6,953,763
|  | 7,116,213 | 7,278,663
| Secured loans The loan with Aviva Commercial Finance Limited is repayable by instalments and is secured by fixed legal charges over the property to which it relates and a floating charge over the assets of the Company. The loan incurs interest at a fixed rate of 3.2% per annum and is repayable by 20 October 2028.
Page 6
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 919,027
| At end of year | 919,027
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Property revaluation | 919,027 | 919,027
10. | Related party transactions
| The Company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose transactions with group entities on the grounds that it is a wholly-owned subsidiary undertaking. During the year, expenses of £12,000 (2024: £49,000) were incurred from related parties. The parties are related by virtue of common management by the directors.
11. | Contingent liabilities
The Company is party to a multi-lateral cross guarantee between itself, Nakashi LLP, Weston Favell Retail Properties Limited and Birchwood Retail Properties Ltd in favour of Aviva Commercial Finance Limited in respect of loans of the group undertakings. A contingent liability therefore exists to the extent of the indebtedness to Aviva of the group undertakings. At 31 December 2025 the contingent liability was £28,488,286 (2024: £29,223,586). No liability is expected to crystalise in this respect.
12. | Immediate and ultimate parent undertaking
At 31 December 2025 and 31 December 2024 the Company's immediate parent undertaking was Nakashi LLP, a company incorporated in England and Wales. As at 31 December 2025 and 31 December 2024 the Company's ultimate parent undertaking was Eastgate Property 3 LLC, a company incorporated in the USA. The group in which the Company's results are consolidated is headed by Nakashi LLP. The consolidated accounts may be obtained from: Enterprise House First Floor 2 The Crest London NW4 2HN There is no smaller or larger group in which the Company's results are consolidated. Page 7
BYRON PLACE RETAIL PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 21 July 2026 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 8