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Registered number: 10764305 (England & Wales)
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EDWARD STREET QUARTER LTD
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DIRECTORS' REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2025
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Pages for Filing with the Registrar
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EDWARD STREET QUARTER LTD
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CONTENTS
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Notes to the Financial Statements
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EDWARD STREET QUARTER LTD
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COMPANY INFORMATION
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Registered number: 10764305 (England & Wales)
EDWARD STREET QUARTER LTD
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BALANCE SHEET
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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- 2 -
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Registered number: 10764305 (England & Wales)
EDWARD STREET QUARTER LTD
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the Director's Report and Profit and Loss Account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 9 form part of these financial statements.
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EDWARD STREET QUARTER LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Edward Street Quarter Ltd is a private company, limited by share capital and incorporated in England and Wales, registered number 10764305. The address of the registered office is 54 Portland Place, London W1B 1DY.
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 and in accordance withSection 1A - Small Entities of Financial Reporting Standard 102, the 'Financial Reporting Standard applicablein the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The company is the parent undertaking of a small group and so is not required to prepare group accounts and
these are single entity only.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, the applicability of which is dependent on the continuous support from the company's shareholders and third party loan provider.
The company is generating sufficient rental revenues to fund the third party loan interest payments and other costs. At the balance sheet date the cash position was some £2.88M. Together this means the directors are confident the company has sufficient resources to pay liabilities as and when they fall due.
Since the year end the shareholders have amended the repayment terms of their loans so that the repayment date is now 26 September 2028. The third party loan facility was due to expire on 29 September 2026. The shareholders have signed an amendment to extend that facility to 29 October 2026. During October 2026 the directors are confident that they will agree a new loan facility which as per the current heads of terms is for a period of 36 months. The directors and shareholders continue to work to endeavour that the future sale of the development generates the best return for all parties. The financial statements have therefore been prepared on a going concern basis and the shareholder and third party loans shown as due in more than one year.
- 4 -
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EDWARD STREET QUARTER LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income
Turnover from the commercial rental of certain parts of the development is recognised on a straight-line basis over the lease term.
Interest income is recognised in the Profit and Loss Account using the effective interest method.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress represents costs incurred in undertaking the property development and includes capitalised interest on the borrowing used to facilitate the development.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.
Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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EDWARD STREET QUARTER LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are 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.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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The company has no employees other than the directors, who did not receive any remuneration (2024 -£nil).
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Investments in subsidiary companies
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- 6 -
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EDWARD STREET QUARTER LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Creditors: amounts falling due within one year
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Amounts owed to related undertakings
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to related undertakings
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At the year end there is a loan balance of £34,069,011 (2024 - £34,119,593), to a third party provider secured against the development project. Interest is charged at the Bank of England base rate (subject to a minimum base rate of 4.25%) plus a margin of 3.5%.
- 7 -
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EDWARD STREET QUARTER LTD
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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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638,433 (2024 -638,433) Ordinary A shares of £1.00 each
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70,937 (2024 -70,937) Ordinary B shares of £1.00 each
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Related party transactions
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At 31 December 2025 the company had received loans totalling £24,093,567 (2024 - £24,093,567) from Patron Whittingham s.a.r.l, its immediate parent undertaking. No capital repayments were made during the year (2024 -£nil). Loans introduced prior to 1 January 2023 are bearing interest at 10% loans after that date at 15%. During the year the company was charged £2,645,189 (2024 - £2,615,819) of interest. The total interest incurred on the loan at the year end was £15,370,363 (2024 - £12,725,174). The total amount owed to the immediate parent undertaking at 31 December 2025 was £39,463,930 (2024 - £36,818,741).
At 31 December 2025 the company had received loans totalling £2,677,063 (2024 - £2,677,063) from First Base. ESQ Limited, a company in which Elliot Lipton has significant influence. No capital repayments were made during the year (2024 - nil). Loans introduced prior to 1 January 2023 are bearing interest at 10% loans after that date at 15%. During the year the company was charged £293,910 (2024 - £290,646) of interest. The total interest incurred on the loan at the year end was £1,707,759 (2024 - £1,413,849). The total amount owed at 31 December 2025 was £4,384,822 (2024 - £4,090,912).
In addition during the prior year the company received £200,000 from First Base ESQ Limited which was outstanding at the year end and the prior year end.
During the year the company incurred development management fees and expenses, which are capitalised into
stock, of £229,915 (2024 - £246,000) from First Base Limited, a company in which Elliot Lipton has control. At 31 December 2025 the company owed First Base Limited £nil (2024 - £27,655).
The company has taken the exemption not to disclose the related party transactions with its 100% owned subsidiary.
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The immediate parent company is Patron Whittingham s.a.r.l, a company incorporated in Luxembourg. Their financial statements are available from their office at 6 Avenue Pasteur, 2310 Luxembourg.
The ultimate controlling party is Patron Capital Investments s.a.r.l incorporated in Luxembourg.
- 8 -
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EDWARD STREET QUARTER LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
In their report, the auditors included a material uncertainty in relation to going concern, drawing attention to note 2.2 in the financial statements without modifying their opinion.
The audit report was signed on 24 September 2026 by Andrew Moss (Senior Statutory Auditor) on behalf of Lewis Golden LLP.
- 9 -
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