REGISTERED NUMBER: 13386519 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

VRESHP (HOMELESSNESS) LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investments

4

6,894,899

8,969,461

Investment property

5

-

1,825,000

6,894,899

10,794,461

CURRENT ASSETS

Debtors

6

8,205,520

12,807,920

Cash at bank

1,048

3,750

8,206,568

12,811,670

CREDITORS

Amounts falling due within one year

7

(15,971,744

)

(21,584,196

)

NET CURRENT LIABILITIES

(7,765,176

)

(8,772,526

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(870,277

)

2,021,935

CREDITORS

Amounts falling due after more than one year

8

(13,273,047

)

(12,567,451

)

NET LIABILITIES

(14,143,324

)

(10,545,516

)

CAPITAL AND RESERVES

Called up share capital

10

101

101

Revaluation reserve

11

-

(455,442

)

Retained earnings

(14,143,425

)

(10,090,175

)

SHAREHOLDERS' FUNDS

(14,143,324

)

(10,545,516

)

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2026 and were signed on its behalf by:

R W H Taylor - Director

1.	STATUTORY INFORMATION

Vreshp (Homelessness) Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 13386519 and registered office is 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ.

The presentational currency of the financial statements and the functional currency of the company is Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Vreshp (Homelessness) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of the exemption, under the terms of Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

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.

Turnover

Turnover is measured at the fair value of the rental income received or receivable from tenants. Leases that include a rent-free period or stepped rent have their rental income spread over the term of the lease or for the term to the next lease break if it is anticipated that the tenant will exercise their break option.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for impairments.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

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 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 trade debtors, other debtors, amounts due from group undertakings 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including trade creditors, other creditors and amounts owed to group undertakings, 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Finance costs

Finance costs include interest on bank loans, interest on shareholder loans and associated costs of obtaining finance.

The bank loan attracted a fixed interest rate of 4.87% during the year and increased to 7.45% from 1 January 2026. The loan is repayable on a quarterly basis. The loans with the shareholders bear interest at a rate of 5.5%. The interest accrues and compounds quarterly. Costs associated with obtaining finance are spread over the term of the loan, which expires in December 2026.

Going concern

During the year the company disposed of all the investment properties it held and, following the disposal, the company ceased operations and the directors expect this to be be wound up within twelve months after the year-end. Accordingly, the directors have prepared the accounts on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

8,969,461

Impairments

(2,074,562

)

At 31 December 2025

6,894,899

NET BOOK VALUE

At 31 December 2025

6,894,899

At 31 December 2024

8,969,461

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Vreshp II Limited

Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ

Nature of business: Residential property rental

%

Class of shares:

holding

Ordinary A

100.00

Ordinary B

100.00

Vreshp III Limited

Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ

Nature of business: Residential property rental

%

Class of shares:

holding

Ordinary

100.00

Vreshp IV Limited

Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ

Nature of business: Residential property rental

%

Class of shares:

holding

Ordinary

100.00

Vreshp V Limited

Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ

Nature of business: Residential property rental

%

Class of shares:

holding

Ordinary

100.00

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

1,825,000

Disposals

(1,825,000

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

1,825,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

4,586

Amounts owed by group undertakings

8,186,006

12,231,346

Other debtors

2,536

194,675

Accrued income

-

175

Prepayments

16,978

377,138

8,205,520

12,807,920

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

3,086,216

12,001,514

Trade creditors

40,397

124,179

Amounts owed to group undertakings

12,472,741

8,953,379

Other creditors

125,418

228,500

Deferred income

16,978

32,525

Accrued expenses

229,994

244,099

15,971,744

21,584,196

The bank loan was originally due for repayment in December 2025. The company has obtained a one year extension, and the loan is now due for repayment in December 2026. The original bank loan had a fixed interest rate of 4.87%, with the interest on the 1 year extension attracting a rate of 7.45%. The interest is payable on a quarterly basis.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

13,273,047

12,567,451

The loans with the shareholders bear interest at a rate of 5.5%. The interest accrues and compounds quarterly.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Senior loans

3,086,216

12,001,514

Oxane Partners Limited acting as security trustee for EQ ECRED Investments I S.a.r.l., have a fixed and floating charge over all the assets of the company as security for the loan. They also have a fixed and floating charge over the assets of related group companies Vreshp (Affordable) Limited and Vreshp (Specialist Supported) Limited. The total amount secured across all the companies is £33,429,685 (2024: £50,522,178).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

98

Ordinary A

1

98

98

2

Ordinary B

1

2

2

100

100

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

C Shares

1

1

1

The A Ordinary and B Ordinary shares have voting rights, a right to appoint directors and a right to receive dividends and distributions upon a winding up.

The C share has a right to receive dividends and distributions upon a winding up but does not have voting rights or a right to appoint a director.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2025

(455,442

)

Movement on asset disposal

455,442

At 31 December 2025

-

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Gilbert (Senior Statutory Auditor)

for and on behalf of SRLV Audit Limited

13.	RELATED PARTY DISCLOSURES

During the year, the company purchased asset management services with a value of £132,358 (2024: £130,350) from Vengrove Real Estate (UK) Limited, a company of which R W H Taylor is a director. As at 31 December 2025 the company owed £Nil (2024: £64,924) to Vengrove Real Estate (UK) Limited.

14.	POST BALANCE SHEET EVENTS

There were no events occurring after the balance sheet date which require disclosure.

15.	ULTIMATE CONTROLLING PARTY

The immediate parent company is CL UK SH Sarl, a company incorporated in Luxembourg. There is no single ultimate parent company. The ultimate controlling party is Rory O'Neill.