REGISTERED NUMBER: 07682295 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SCAN REAL ESTATE (UK) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L S Jensen

REGISTERED OFFICE:

Essex House

8 The Shrubberies

George Lane

South Woodford

London

E18 1BD

REGISTERED NUMBER:

07682295 (England and Wales)

INDEPENDENT AUDITORS:

Caton Fry & Partners Limited (Statutory Auditor)

Essex House

7-8 The Shrubberies

George Lane

South Woodford

London

E18 1BD

FIXED ASSETS

Investment property

4

1,000,000

1,000,000

CURRENT ASSETS

Cash at bank and in hand

67,644

64,518

CREDITORS

Amounts falling due within one year

5

705,005

705,002

NET CURRENT LIABILITIES

(637,361

)

(640,484

)

TOTAL ASSETS LESS CURRENT LIABILITIES

362,639

359,516

PROVISIONS FOR LIABILITIES

48,488

48,488

NET ASSETS

314,151

311,028

CAPITAL AND RESERVES

Called up share capital

6

1

1

Fair value reserve

7

256,042

256,042

Retained earnings

7

58,108

54,985

SHAREHOLDERS' FUNDS

314,151

311,028

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 May 2026 and were signed by:

L S Jensen - Director

1.	STATUTORY INFORMATION

Scan Real Estate (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The financial statements are prepared in UK Sterling, which is the functional currency of the company.

Related party exemption

The company has taken advantage of exemption, under the terms 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 represents rents receivable net of value added tax.

Investment property

Investment property is shown at the most recent Director's valuation or latest professional valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

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, and loans from fellow group companies 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

and 31 December 2025

1,000,000

NET BOOK VALUE

At 31 December 2025

1,000,000

At 31 December 2024

1,000,000

Fair value at 31 December 2025 is represented by:

£

Valuation in 2020

404,530

Valuation in 2022

(100,000

)

Cost

695,470

1,000,000

If the investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

695,470

695,470

The Board of Director's have valued the property at 31 December 2025 on an open market basis assuming full occupancy and in connection with the preparation of the financial statements. The valuation was provided by Glenny LLP on 3 February 2026.

Tax of approximately £48,488 would be payable if the property was sold at this value.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

700,000

700,000

Taxation and social security

2,541

2,546

Other creditors

2,464

2,456

705,005

705,002

An interest-bearing loan of £700,000 was provided by an associated company Shipco Transport Limited. The loan was renewed for a further term on 28 March 2024 and remained outstanding at 31 December 202. The terms of the loan is such that interest is payable at 3% per annum and interest of £21,000 (2024 - £21,000) was paid during the year. The loan has been classified as amounts falling due within one year as the loan is repayable on demand.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

7.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2025

54,985

256,042

311,027

Profit for the year

3,123

3,123

At 31 December 2025

58,108

256,042

314,150

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

The Report of the Auditors was unqualified.

Edward Caton FCA ATII ASFA (Senior Statutory Auditor)

for and on behalf of Caton Fry & Partners Limited (Statutory Auditor)

9.	RELATED PARTY DISCLOSURES

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.