| Cloak Lane London Ltd |
| Notes to the Accounts |
| For the year ended 31 December 2025 |
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| 1 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at 2nd Floor, 23 College Hill, London, EC4R 2RP. |
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| 2 |
Accounting policies |
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2.1 Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard). |
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2.2 Going concern |
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The accounts have been prepared on the going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets and the company's total liabilities exceeded its total assets. Based on a review of the company's forecasts for 2026 and 2027 and the availability of financial resources, including the related party loan referred to in Note 12 and further support as required from the ultimate beneficial owner, the directors consider that the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these accounts. The directors also confirm that their plans for future actions required to enable the company to continue as a going concern are feasible. Therefore, the directors consider that the going concern basis remains appropriate for preparing the company's accounts. |
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2.3 Property income |
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Property income is measured at the fair value of the rents and other property income receivable, net of discounts and value added taxes. Property income under operating leases is recognised on a straight-line basis over the lease term, net of any lease incentives granted. |
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2.4 Tangible assets |
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Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows: |
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Equipment and fittings |
over 4 years |
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2.5 Investment properties |
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Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the fair value reserve. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the directors or independent professional valuers. |
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2.6 Debtors |
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Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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2.7 Creditors |
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Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2.8 Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 3 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed |
- |
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- |
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| 4 |
Tangible assets |
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Equipment and fittings |
| £ |
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Cost |
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At 1 January 2025 |
4,367 |
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At 31 December 2025 |
4,367 |
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Depreciation |
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At 1 January 2025 |
4,367 |
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At 31 December 2025 |
4,367 |
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Net book value |
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At 31 December 2025 |
- |
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| 5 |
Investment property |
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| £ |
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Fair value |
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At 1 January 2025 |
20,900,000 |
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Gain in fair value |
1,900,000 |
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At 31 December 2025 |
22,800,000 |
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| 6 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
277,230 |
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299,422 |
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Amounts owed by group undertakings |
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397,288 |
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395,866 |
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Other debtors |
101,481 |
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25,493 |
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775,999 |
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720,781 |
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| 7 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Bank loan, secured on the company's investment property |
- |
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11,075,454 |
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Trade creditors |
199,433 |
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91,862 |
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Amounts owed to group undertakings |
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3,211,370 |
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2,423,784 |
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Taxation and social security |
- |
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5,421 |
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Other creditors |
26,704,377 |
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15,917,793 |
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30,115,180 |
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29,514,314 |
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| 8 |
Share capital |
2025 |
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2024 |
| £ |
£ |
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Allotted, called up and fully paid: |
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100 Ordinary shares of £1 each |
100 |
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100 |
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| 9 |
Fair value reserve |
2025 |
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2024 |
| £ |
£ |
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At 1 January 2025 |
(7,822,097) |
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(6,322,097) |
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Gain/(loss) in fair value of investment property |
1,900,000 |
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(1,500,000) |
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At 31 December 2025 |
(5,922,097) |
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(7,822,097) |
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| 10 |
Events after the reporting date |
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On 26 January 2026, the entire share capital of the company, comprising 100 ordinary shares of £1 each, was sold for consideration of £100 to IDCTC Holding Limited, a company registered at 9 Cloak Lane, London, EC4R 2RU. The ultimate controlling parties became Turgay Ciner and Didem Ciner. |
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| 11 |
Financial commitments |
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The company's bank loan referred to in Note 7 was fully repaid on 26 September 2025. The bank loan had been a composite facility with a fellow subsidiary with joint guarantees and the facilities secured on both companies' properties. |
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| 12 |
Related party matters |
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Amounts owed by group undertakings in Note 6 and amounts owed to group undertakings in Note 7 are interest-free and unsecured.
Included in the other creditors in Note 7 is an interest-free and unsecured loan of £26,502,880 (2024: £15,302,880) from Turgay Ciner, the ultimate beneficial owner. Although the loan is repayable on demand, confirmations have been received that repayment will not be sought whilst the company may continue to need it. |
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| 13 |
Controlling party |
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Up until 26 January 2026, the company was a wholly owned subsidiary of Mining, Minerals and Chemicals Ltd, a company registered at Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands. The company's ultimate controlling party was Turgay Ciner.
On 26 January 2026, the entire share capital of the company, comprising 100 ordinary shares of £1 each, was sold for consideration of £100 to IDCTC Holding Limited, a company registered at 9 Cloak Lane, London, EC4R 2RU. The ultimate controlling parties became Turgay Ciner and Didem Ciner. |