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 profit and loss account within the financial statements.true

17 Belgrave Square Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37 Upper Brook Street, London, England, W1K 7PR.

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. The principal accounting policies adopted are set out below.

Atruet 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.

In assessing going concern the directors have considered the company’s ability to meet its obligations, including loans due for repayment in 2027. The directors expect these facilities to be either refinanced prior to their repayment dates or repaid in full following the potential sale of the property as an alternative source of liquidity and financial support.

Having considered the company’s forecast cash flows, available funding options and the value of its property asset, the directors are confident that the company will have adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements and meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Work in Progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to it's present location and condition. Borrowing costs directly attributable to the development of qualifying properties are capitalised as part of the cost of work in progress in accordance with Section 25 of FRS 102. Capitalisation ceases when the property is substantially complete and ready for sale.

Work in Progress held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 balance sheet 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.

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.

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

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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company reviews the carrying value of property development work in progress for impairment at each reporting date. The assessment is based on an independent external valuation together with management's consideration of current market conditions and expected costs to complete and realise the development. Due to the inherent uncertainty in property valuations and future market conditions, the actual outcome may differ from the estimate. No impairment was considered necessary at the reporting date.

There were no employees during the current year or prior year.

The long-term loans are secured by fixed and floating charges over the leasehold property at 17 Belgrave Square, London, SW1X 8PG and 17 Belgrave Mews West, London, SW1X 8PG.

On the 19th September 2024, the company entered into a loan facility agreement with North Wind Capital Ltd. The fixed interest rate is 14% per annum, with repayment of the loan being at the termination date which is the first interest payment date 32 months after the utilisation date.

On the same date, the company entered into a mezzanine facility agreement with Banor Alternative Assets. The interest rate is 18% per annum for Tranches A & B, and 20% for Tranche C. Repayment of the loan being at the termination date which is the first interest payment date falling 32 months after the utilisation date in respect of Tranche A.

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:

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.

The ultimate parent company is Fenton Whelan Limited, the registered address of the parent company is 37 Upper Brook Street, London, W1K 7PR.

Fenton Whelan Limited heads the group of which the company is a member and prepares group accounts.

In the opinion of the directors, there is no ultimate controlling party.