Company No: 09707251 (England and Wales)

Contents

• Company Information
• Directors' Report
• Profit and Loss Account
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	H R Seaborn
	G Spinks

SECRETARY

T M West

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

09707251 (England and Wales)

The directors present their annual report and the unaudited financial statements of the company for the financial year ended 31 December 2025.

DIRECTORS

The directors who held office during the year were as follows:

H R Seaborn
G Spinks

DIRECTORS' INDEMNITIES

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial year and remain in force at the date of this report.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

T M West Secretary

05 May 2026

	Note	2025		2024
		£		£
Turnover		1,171,031		1,245,953
Cost of sales		( 372,649)		( 340,919)
Gross profit		798,382		905,034
Administrative expenses		( 148,722)		( 439,080)
(Loss)/gain on fair value movement of investment property	4	( 5,794,587)		344,291
Operating (loss)/profit		( 5,144,927)		810,245
Interest receivable and similar income		42,691		36,030
(Loss)/profit before taxation		( 5,102,236)		846,275
Tax on (loss)/profit		1,453,287		( 137,993)
(Loss)/profit for the financial year		( 3,648,949)		708,282

	Note	2025		2024
		£		£
Fixed assets
Investment property	4	15,200,000		21,000,000
Investments	5	102		102
		15,200,102		21,000,102
Current assets
Debtors	6	3,853,661		2,833,119
Cash at bank and in hand		2,723,116		2,325,583
		6,576,777		5,158,702
Creditors: amounts falling due within one year	7	( 23,190,464)		( 23,823,965)
Net current liabilities		(16,613,687)		(18,665,263)
Total assets less current liabilities		(1,413,585)		2,334,839
Creditors: amounts falling due after more than one year	8	0		( 99,475)
Net (liabilities)/assets		( 1,413,585)		2,235,364
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 1,413,586 )		2,235,363
Total shareholder's (deficit)/funds		( 1,413,585)		2,235,364

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A – small entities.

The financial statements of Sableknight Fleet Limited (registered number: 09707251) were approved and authorised for issue by the Board of Directors on 05 May 2026. They were signed on its behalf by:

H R Seaborn Director

1. Accounting policies

The principal accounting policies are summarised below. These policies have been consistently applied to all the years presented, unless otherwise stated.

General information and basis of accounting

Sableknight Fleet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company has agreed to provide such financial assistance as may be necessary to guarantee the solvency of the company for a period of not less than twelve months from the date that the financial statements are signed. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover comprises the rental income received on the investment property. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Any incentive for lessees to enter into lease agreements is accounted for from the lease commencement date and is offset against the total rent due. The net rental income is then spread evenly over the period of the lease commencement date to the lease end date.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value. Fair value is based on a valuation made by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value being recognised in the statement of income and retained earnings.

Fixed asset investments

Investments in subsidiaries are included at cost. Dividends on equity securities are recognised in income when receivable.

Trade and other debtors

Trade debtors are amounts due from customers for rents invoiced in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the Profit and Loss Account.

The only financial instruments held by the Company are trade debtors, trade creditors and investments in subsidiaries. Their recognition and measurement is set out elsewhere in the accounting policies.

2. Critical accounting judgements and key sources of estimation uncertainty

The valuation of the investment property, as this is subjective and liable to change due to demand and market conditions. More details are set out in note 4. The carrying amount is £15,200,000 (2024 - £21,000,000).

Deferred tax is provided in respect of this valuation and is therefore subject to the same uncertainty. The carrying amount is £3,691,127 (2024 - £2,242,480).

3. Employees

	2025		2024
	Number		Number
The average number of persons employed by the company during the year was	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	21,000,000
Additions	(5,413)
Fair value movement	(5,794,587)
As at 31 December 2025	15,200,000

The investment property is held at fair value, with changes in fair value being recognised in the Profit and Loss Account.

Fair value is based on a valuation made by the directors with input from the group's property advisors.

The historic cost of the investment property is £29,964,508 (2024 - £29,969,921).

The valuation incorporates a commercial appraisal of the building primarily based on current use as an office building let to third parties. The valuation incorporates pricing based on a rolling refurbishment under the existing headlease, and a full refurbishment post vacant possession.

5. Fixed asset investments

	2025		2024
	£		£
Participating interests	102		102

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2025	Ownership 31.12.2024
Sableknight Fleet (North) Limited	22 Chancery Lane, WC2A 1LS	Other letting and operating of own or leased real estate	Ordinary £1 shares	100.00%	100.00%
Sableknight Fleet (South) Limited	22 Chancery Lane, WC2A 1LS	Other letting and operating of own or leased real estate	Ordinary £1 shares	100.00%	100.00%
Harmsworth House Developments Limited	22 Chancery Lane, WC2A 1LS	Development of building projects	Ordinary £1 shares	100.00%	100.00%

6. Debtors

	2025		2024
	£		£
Trade debtors	62,649		317,032
Deferred tax asset	3,691,127		2,242,480
Other debtors	99,885		273,607
	3,853,661		2,833,119

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	29,589		50,855
Amounts owed to group undertakings	22,481,557		22,887,336
Other taxation and social security	53,563		71,240
Other creditors	625,755		814,534
	23,190,464		23,823,965

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	0		99,475

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	2,242,480		2,328,553
Credited/(charged) to the Profit and Loss Account	1,448,647		( 86,073)
At the end of financial year	3,691,127		2,242,480

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Revaluation of investment property	3,691,127		2,242,480

10. Ultimate controlling party

The company's immediate and ultimate parent is Sableknight Limited, incorporated in England & Wales.

The most senior parent entity producing publicly available financial statements is Sableknight Limited. These financial statements are publicly available from Companies House.

The address of Sableknight Limited is:
22 Chancery Lane
London
WC2A 1LS