Company No: 13097474 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	S Filippi
	P Mechura

REGISTERED OFFICE	Second Floor
	19-20 Berners Street
	London
	W1T 3NW
	United Kingdom

COMPANY NUMBER

13097474 (England and Wales)

AUDITOR	S&W Partners Audit Limited
	Statutory Auditor
	Level 1, Brockbourne House
	77 Mount Ephraim
	Tunbridge Wells
	TN4 8BS

	Note	2025		2024
		£		£
Fixed assets
Investment property	4	90,000,000		70,000,000
		90,000,000		70,000,000
Current assets
Debtors	5	2,373,349		244
Cash at bank and in hand		250,895		59,183
		2,624,244		59,427
Creditors: amounts falling due within one year	6	( 11,219,817)		( 6,861,864)
Net current liabilities		(8,595,573)		(6,802,437)
Total assets less current liabilities		81,404,427		63,197,563
Creditors: amounts falling due after more than one year	7	( 79,906,761)		( 72,313,625)
Provision for liabilities	8	( 4,115,095)		( 589,428)
Net liabilities		( 2,617,429)		( 9,705,490)
Capital and reserves
Called-up share capital	9	1		1
Fair value reserve		14,727,140		3,944,446
Profit and loss account		( 17,344,570 )		( 13,649,937 )
Total shareholder's deficit		( 2,617,429)		( 9,705,490)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Savile Row 1 Limited (registered number: 13097474) were approved and authorised for issue by the Board of Directors on 04 September 2026. They were signed on its behalf by:

P Mechura Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Savile Row 1 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 Second Floor, 19-20 Berners Street, London, W1T 3NW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).


The functional currency of Savile Row 1 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the Company’s ability to continue as a going concern and have considered relevant information about the future, including the Company’s financial position and support from the wider group.

At the balance sheet date, the Company had net liabilities totalling £2,617,429 (2024: £9,705,490). The Company is reliant on the continued financial support of the group, with total loan liabilities of £74,427,360 (2024: £66,357,359) due to group companies, split as £10,945,737 (2024: £6,710,736) being due within one year and £63,481,623 (2024: £59,646,623) being due in more than one year. The directors have received confirmation from the group that financial support will continue for at least 12 months from the date of approval of these financial statements.

Based on this assessment, the directors are satisfied that the Company will have adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors with reference to available market evidence. In assessing fair value, the directors consider historic valuations prepared by appropriately qualified external valuers together with subsequent sales activities, offers received and other relevant market information available at the reporting date. The directors adjust for any differences in nature, location or condition of the specific property and consider the resulting values to represent fair value at the reporting date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

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 and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 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.

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.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Valuation of investment properties

The determination of the fair value of investment properties represents a significant area of judgement. The directors have determined fair values with reference to historic valuations prepared by appropriately qualified professional valuers and have considered subsequent sales activities, post year-end offers and other available market evidence which they believe is indicative of conditions existing at the reporting date. Given the unique nature of individual properties and the judgement required in assessing and interpreting market evidence, there is a degree of estimation uncertainty in the reported valuations and actual sale proceeds may differ from the amounts recognised in the financial statements.

Recoverability of VAT receivable

The Company was registered for VAT during the year and submitted its initial VAT returns, including claims relating to input VAT incurred in prior periods and the quarter ended 31 December 2025. At 31 December 2025, a VAT receivable of £2,373,348 was recognised within debtors.

The directors have exercised significant judgement in concluding that the full amount of the VAT receivable is recoverable and should therefore be recognised as an asset at the balance sheet date. In reaching this conclusion, the directors considered the nature of the underlying expenditure, the Company's entitlement to recover the VAT claimed and the information available from HM Revenue & Customs ("HMRC") at the date of approval of the financial statements.

The claims remain subject to review by HMRC and the amounts have not been repaid at the date of approving the financial statements. The directors understand that such enquiries are common in relation to initial VAT repayment claims of this size and, based on the information currently available, are not aware of any specific challenge by HMRC to the validity of the claims submitted. Accordingly, the directors consider it appropriate to recognise the full VAT receivable at 31 December 2025.

Should information become available which indicates that some or all of the amounts claimed are not recoverable, the carrying value of the VAT receivable may require adjustment in a future reporting period.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	70,000,000
Additions	5,691,639
Fair value movement	14,308,361
As at 31 December 2025	90,000,000

The investment property is part freehold and part long leasehold.

The fair value of investment property at 31 December 2025 was determined by the directors. The directors' assessment took into account valuations performed by Cushman & Wakefield, an independent firm of RICS-qualified valuers, as at 31 December 2024 and subsequent market evidence, including sales activities and offers received in respect of the property. The directors considered this information to provide an appropriate basis for estimating fair value at the reporting date.

5. Debtors

	2025		2024
	£		£
Prepayments	0		243
VAT recoverable	2,373,348		0
Other debtors	1		1
	2,373,349		244

During the year, the Company became registered for Value Added Tax (VAT), and the initial VAT return covers the period from September 2021 to September 2025.

VAT recoverable is included within other debtors.

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	207,839		94,881
Amounts owed to Group undertakings	10,945,737		6,710,736
Accruals	66,241		56,247
	11,219,817		6,861,864

Amounts owed to group undertakings shown in creditors due within one year are unsecured, interest free and repayable on demand, and no later than 2070.

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

	2025		2024
	£		£
Amounts owed to Group undertakings	63,481,623		59,646,623
Accruals	16,425,138		12,667,002
	79,906,761		72,313,625

There are no amounts included above in respect of which any security has been given by the Company.

Amounts owed to group undertakings shown in creditors due after more than one year are subject to interest rates of between 5.83% and 7.23% per annum and are repayable between December 2027 and June 2029.

Accruals falling due after more than one year comprises loan interest payable to group entities. Interest is payable with the loan principals between December 2027 and June 2029.

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 589,428)		0
Charged to the Profit and Loss Account	( 3,525,667)		( 589,428)
At the end of financial year	( 4,115,095)		( 589,428)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Surplus on investment properties	( 4,710,559)		( 1,133,469)
Unrelieved tax losses	595,464		544,041
	( 4,115,095)		( 589,428)

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

10. Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

11. Reserves

Investment property fair value reserve

The investment property revaluation reserve relates to the revaluation of the Company's investment property net of any related deferred tax. This reserve is not distributable.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

12. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by Matthew Neill BA (Hons) MA FCA on behalf of S&W Partners Audit Limited.

13. Ultimate controlling party

The ultimate parent Company and parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is CPI Property Group S.A., whose registered office is at 40 Rue De La Vallee, Luxembourg, L-2661. Copies of these group financial statements are available to the public from the group website.