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Registered number: 13006624
NOMURA REAL ESTATE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOMURA REAL ESTATE UK LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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NOMURA REAL ESTATE UK LIMITED
COMPANY INFORMATION
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T Kojima (appointed 1 April 2025, resigned 1 April 2026)
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T Nagata (appointed 1 April 2025)
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A Ogata (resigned 1 April 2025)
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J Yamada (resigned 1 April 2025)
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T Harata (appointed 1 April 2026)
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NOMURA REAL ESTATE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for Nomura Real Estate UK Limited (the 'Company') for the year ended 31 December 2025.
The directors who served during the year and up until the date of this report is approved were:
T Kojima (appointed 1 April 2025, resigned 1 April 2026)
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T Nagata (appointed 1 April 2025)
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A Ogata (resigned 1 April 2025)
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J Yamada (resigned 1 April 2025)
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T Harata (appointed 1 April 2026)
Disclosure of information to auditors
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Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Board of Directors and signed on its behalf.
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NOMURA REAL ESTATE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the directors' report and the financial statements for Nomura Real Estate UK Limited (the 'Company') in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In accordance with the provisions of the Small Companies Regime, the directors confirm that the Company is eligible to prepare its financial statements in accordance with the special provisions applicable to small companies. The directors have assessed the Company's compliance with the criteria for small companies as defined in the Companies Act and confirm that the Company meets the relevant thresholds for turnover, balance sheet total, and number of employees. The financial statements have been prepared in accordance with the applicable accounting standards and reflect a true and fair view of the Company's financial position and performance. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements for the Company, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NOMURA REAL ESTATE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
We have audited the financial statements of Nomura Real Estate UK Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 17, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ('United Kingdom Generally Accepted Accounting Practice').
In our opinion, the financial statements:
∙give a true and fair view of the Company’s affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (‘FRC’) Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.
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NOMURA REAL ESTATE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
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NOMURA REAL ESTATE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Responsibilities of directors
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As explained more fully in the Directors’ Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006) and the relevant direct tax compliance regulation in the United Kingdom.
∙We understood how the Company is complying with those frameworks by making enquiries of management and by seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation, including board minutes.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override. We performed journal entry testing by specific risk criteria, with a focus on journals indicating high risk characteristics based on our understanding of the business.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance for their awareness of any non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, legal and professional expense, and other expenses.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
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NOMURA REAL ESTATE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOMURA REAL ESTATE UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas Culhane (Senior statutory auditor)
For and on behalf of Ernst & Young LLP, Statutory Auditor
London
3 September 2026
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NOMURA REAL ESTATE UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
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Gain on disposal of investments
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Profit/(loss) before taxation
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Profit/(loss) for the financial year
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There are no items of other comprehensive income for either the year or the prior year other than the profit/(loss) for the year. Accordingly, no statement of other comprehensive income has been presented.
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The notes on pages 11 to 23 form part of these financial statements.
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REGISTERED NUMBER:13006624
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NOMURA REAL ESTATE UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 23 form part of these financial statements.
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NOMURA REAL ESTATE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Shares issued during the year
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Shares cancelled during the year
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Shares redeemed during the year
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Shares issued during the year
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The notes on pages 11 to 23 form part of these financial statements.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Nomura Real Estate UK Limited (the 'Company') is a private Company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The Company’s principal activity is to manage the investment properties through the subsidiary Company on behalf of the ultimate parent Company Nomura Real Estate Development Co, Ltd.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is exempt from the requirement to prepare consolidated financial statements by virtue of section 401 of the Companies Act 2006, as it is included in consolidated financial statements for a larger group which comply with the requirements of the Act.
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Exemption from preparing a statement of cash flows
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The Company is a qualifying entity in accordance with FRS 102 Section 1A and meets the criteria for a small company as set out in section 382 of the Companies Act 2006. Accordingly, the Company has taken advantage of the exemption available under FRS 102 Section 1A.7A and has not prepared a statement of cash flows.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company's business activities, together with the factors likely to affect its future development and position, are set out in note 1 - General information.
The Company has received a letter of support from its immediate parent (the 'parent Company') Nomura Real Estate Development Co., Ltd., who is committed to supporting the Company. During 2024, the Company entered into an agreement with the parent Company, where it was agreed that the Company would provide services in return for a service fee, generating revenue for the first time since its incorporation and going forward.
The Company's management have prepared detailed forecast models covering the next twelve months from the date of signing of these accounts and these show that the Company will continue to have positive reserves and cash balances.
Management continues to monitor the Company's costs closely and complete regular reforecasting of its revenue, profitability and cash flow based on a number of different scenarios.
The Company is exploring the potential sale of its shares in 127 Charing Cross Road Limited to a third party. No purchaser had been identified, nor had any binding offer or sale agreement been entered into. The directors do not consider this to give rise to a material uncertainty in respect of going concern, taking into account the Company's cost-plus 8% income arrangement and the parent company support letter.
On the basis of the above, the board is satisfied that it is appropriate for the Company to continue to adopt the going concern basis of preparation for the financial statements for a period of at least 12 months from when these financial statements are authorised for issue.
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Foreign currency translation
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Functional and presentation currency
The financial statements have been presented in Pounds Sterling (£), this being the functional currency of the Company and currency of the primary economic environment in which the Company operates. Monetary amounts included in these financial statements are rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised on an accrual basis in the period to which the services relate.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes 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.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Administrative expenses are recognised by the Company as they are incurred on an accruals basis. The Company’s administrative expenses include all of the operational costs of running the business including premises costs, together with other costs such as travel costs, marketing costs, information technology costs and legal and professional fees.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Impairment of investment in subsidiary companies
The Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of assets.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The administrative expenses is stated after charging:
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Tangible fixed assets - depreciation
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Other operating lease rentals
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Other administrative expenses
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No amounts were payable to the auditor in respect of non-audit services in the year and in the last year.
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The highest paid director received remuneration of £587,532 (£2024: £354,831).
Pension arrangements and social security costs
The Company adopts a modified payroll scheme. The parent Company pays the pension and social security for the employees in Japan. The Company does not pay any pension or social security costs for them.
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The average monthly number of employees, including directors, during the year was 3 (2024: 3).
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An analysis of turnover by class of business is as follows:
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The Company signed a service agreement with Nomura Real Estate Development Co, Ltd in September 2024 to receive service income at cost-plus model, taking effect from September 2024.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary company
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During the year, the Company made additional capital injections to 127 Charing Cross Road Limited totalling £3.55m.
The directors believe that the carrying value of the investment in subsidiary undertakings is supported by the fair value of its direct and indirect subsidiaries. For impairment testing, the carrying value of the investment was measured against the total value of the subsidiaries, derived from the present value of the group's future cashflows less the surplus net assets of parent companies and relevant regulatory capital requirements. The impairment test considered that the difference between the carrying value of 127 Charing Cross Road Limited and the underlying net asset value was not material relative to the carrying value. As a result, no additional impairment has been recognised in the year (2024: £7,077,205).
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Prepayments and accrued income
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Current tax on profits for the year
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Losses upon which no deferred tax is recognised
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Unrelieved tax losses carried forward
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Total tax charge for the year
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
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Deferred tax (assets)/liabilities
No deferred tax asset has been recognised in respect of carry forward tax losses of £445,424 (2024: £645,029) as no assessment of recoverability is currently available.
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.
The UK legislation implementing the Pillar Two rules was substantively enacted on 20 June 2023 and is effective for the current and future financial years. The Company has assessed the impact of this legislation and continues to monitor developments.
Based on this assessment, the Company does not expect the 15% global minimum tax rate to have a material impact on its tax position. In line with FRS 102, the Company has applied the mandatory temporary exception from recognising deferred tax in relation to Pillar Two income taxes.
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.
The Company is within the scope of these rules and estimates that there should be no top up tax required. The Company continues to review this legislation and monitor developments.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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736 (2024:536) Ordinary shares of £1.00 each
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On 31 March 2025, 100 Ordinary £1 shares were issued at a premium of £18,999 and were fully paid up.
On 8 December 2025, 100 Ordinary £1 shares were issued at a premium of £16,499 and were fully paid up.
Share premium account
The share premium account represents the excess of consideration paid, over the nominal value, on the purchase of share capital and it is not distributable. The share premium at the year end is £114,511,145 (2024: £110,961,345).
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses. The profit and loss account at the year end is -£6,264,476 (2024: -£6,445,663).
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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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.
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NOMURA REAL ESTATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Post balance sheet events
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The directors have considered the impact of current economic factors when preparing these financial statements. In particular, the conflict in the Middle East has been reviewed and is not expected to have a material impact on the Company at this time. However, the situation will continue to be monitored closely.
In December 2025, the Company purchased 100 shares in 127 Charing Cross Road Limited for total consideration of £1,650,000. The subscription proceeds were paid to 127 Charing Cross Road Limited in January 2026. In August 2026, the Company subscribed for a further 100 shares in 127 Charing Cross Road Limited for total consideration of £600,000.
The Company is exploring the potential sale of its shares in 127 Charing Cross Road Limited to a third party. No purchaser had been identified, nor had any binding offer or sale agreement been entered into, as at the reporting date and the date these financial statements were signed.
The ultimate parent Company is Nomura Real Estate Holdings, Inc registered in Japan.
The smallest group for which consolidated financial statements are drawn up is headed by Nomura Real Estate Development Co., Ltd. whose registered office address is Shinjuku Nomura Building, 1-26-2, Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-0566, Japan.
The largest group for which consolidated financial statements are drawn up is headed by Nomura Real Estate Holdings, Inc a Company incorporated in Japan whose registered office address is Shinjuku Nomura Building, 1-26-2 Nishi-Shinjuku, Shinjuku-ku, Tokyo, 163-0566, Japan.
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