Company registration number 04252158 (England and Wales)
RESTLANE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
RESTLANE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
RESTLANE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
5
18,676,152
17,813,592
Cash at bank and in hand
216,368
207,181
18,892,520
18,020,773
Creditors: amounts falling due within one year
7
(19,644,823)
(18,167,454)
Net current liabilities
(752,303)
(146,681)
Total assets less current liabilities
(752,302)
(146,680)
Provisions for liabilities
8
(1,146,391)
(1,083,361)
Net liabilities
(1,898,693)
(1,230,041)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
(1,898,694)
(1,230,042)
Total equity
(1,898,693)
(1,230,041)

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 income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 August 2026 and are signed on its behalf by:
N Martin
Director
Company registration number 04252158 (England and Wales)
RESTLANE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
1
(703,881)
(703,880)
Year ended 31 May 2024:
Loss and total comprehensive income
-
(526,161)
(526,161)
Balance at 31 May 2024
1
(1,230,042)
(1,230,041)
Year ended 31 May 2025:
Loss and total comprehensive income
-
(668,652)
(668,652)
Balance at 31 May 2025
1
(1,898,694)
(1,898,693)
RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Restlane Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor Leconfield House, Curzon Street, London, W1J 5JA.

1.1
Basis of preparation

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 a mounts 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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company recorded a loss for the year of £668,652 (2024: £526,161) and at the balance sheet date had net liabilities of £1,898,693 (2024: £1,230,041). The company's main expenditure is interest, of which the majority is incurred is rolled up into the facility provided by it's parent company. The company despite the loss, is cash generative and has the resources to meet it's day to day working capital.

Included within creditors due within 1 year is a Barclays finance facility of £8,200,000 which has been extended from it's due date of January 2026 to January 2027. The directors believe there is scope to extend this facility through to January 2028.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the works we have performed, we have not identified any material uncertainties relating to the events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for an period of at least twelve months from the financial statements are authorised or issued.

1.3
Revenue

Finance income on finance leases are recognised in the profit and loss account so as to produce a constant return on the carrying amount. The income is accrued quarterly on the finance lease debtor

Ground rent income is recognised on an invoiced basis, deferring any amounts that relate to future financial periods.

1.4
Fixed asset investments

Investments in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Investments are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately on profit or loss.

RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
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.

1.6
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.

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 paymen ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
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 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 company’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 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 income statement, 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.

Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credit to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charge or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
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.

Critical judgements

The following judgements were applicable on amounts recognised in the financial statements,

Deferred taxation

Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future rates that will be applicable.

3
Employees

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

2025
2024
Number
Number
Total
2
2
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,216,517
7,680,349
Other debtors
1,028,522
867,182
9,245,039
8,547,531
RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
5
Debtors
(Continued)
- 7 -
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
9,431,113
9,266,061
Total debtors
18,676,152
17,813,592

The amounts owed by group undertakings are unsecured and attract interest at 2% above base rate. The original cost of the finance lease was £6,826,872 (202 4: £6,826,872).

The finance lease debtor of £9,431,113 (202 4: £9,266,061) comprises the original principal balance, less repayments of the principle balance, plus interest arising on the balance. The finance lease principal repayment due within one year from the end of May 2025 is £829,561 (202 4: £829,561) and the accrued interest arising on the outstanding balance within one year from the balance sheet date is £1,012,923 (202 4: £9 94,614).

6
Finance lease receivables
2025
2024
£
£
Gross amounts receivable under finance leases:
Within one year
829,561
829,561
In two to five years
3,538,242
3,414,898
In over five years
58,919,123
59,872,027
63,286,926
64,116,486
Unearned finance income
(53,855,813)
(54,850,425)
Present value of minimum lease payments receivable
9,431,113
9,266,061
The present value is receivable as follows:
In over five years
9,431,113
9,266,061

The finance lease is set up in such a way that the debtor will increase until June 2049 as the unearned income will exceed the repayments until this time. Therefore the entire debtor balance is shown as amounts failing due after more than one year.

RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
8,200,000
8,180,867
Amounts owed to group undertakings
10,995,197
9,524,366
Taxation and social security
41,533
49,039
Other creditors
408,093
413,182
19,644,823
18,167,454
8
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
9
1,146,391
1,083,361
9
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Other timing differences
1,146,391
1,083,361
2025
Movements in the year:
£
Liability at 1 June 2024
1,083,361
Charge to profit or loss
63,030
Liability at 31 May 2025
1,146,391

Other timing differences arise on the difference in recognition of net income from the finance lease over the lease term at a constant rate of return and that recognised for tax purposes. These timing differences are not expected to reverse until 2057.

RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

The company's ordinary shares, which carries right to fixed income, each carry the right to one vote at general meetings of the company.

11
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:

Senior Statutory Auditor:
Rowan Lindsay
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
19 August 2026
12
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
2,530,000
2,585,000

13
Events after the reporting date

The Barclays loan facility was renewed for a further year in January 2026 to January 2027.

14
Related party transactions

The Company is related to other companies which are owned by trusts of which R Tchenguiz or his close family members are beneficiaries as follows;

At the balance sheet date companies include Rotch Property Group Limited ("Rotch"). During the year Rotch charged the Company management fees of £3,500 (202 4: £3,500). Included in amounts owed to related parties is £6,000 (202 4: £6,000) due to Rotch.

No interest accrues on these related party balances.

The company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

RESTLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
15
Parent company

The company's immediate parent company is Restmanor Limited, which is domiciled and incorporated in England.

The directors regard the ultimate holding company to be Epsilon Limited, a company incorporated in Guernsey.

The director considers the Company's ultimate controlling party to be the Tchenguiz Discretionary A Trust.

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