Company No: 12311459 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Current assets
Stocks	3	9,500,000		10,604,808
Debtors	4	29,680		49,320
Cash at bank and in hand		198,101		37,671
		9,727,781		10,691,799
Creditors: amounts falling due within one year	5	( 10,627,384)		( 10,720,822)
Net current liabilities		(899,603)		(29,023)
Total assets less current liabilities		(899,603)		(29,023)
Net liabilities		( 899,603)		( 29,023)
Capital and reserves
Called-up share capital	6	1		1
Profit and loss account		( 899,604 )		( 29,024 )
Total shareholder's deficit		( 899,603)		( 29,023)

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.

Director's 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 director acknowledges 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of 2 Pembroke Walk Limited (registered number: 12311459) were approved and authorised for issue by the Director on 24 September 2026. They were signed on its behalf by:

G Hedger 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

2 Pembroke Walk 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 2 Leman Street, London, E1W 9US, 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 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 financial statements have been prepared on a going concern basis even though at the balance sheet date the company’s current liabilities exceeded its current assets by £899,603.

The director considers the going concern basis to be appropriate because, in his opinion, the company will continue to obtain support from the director, fellow group companies and if required from other connected companies under common control for a period of at least 12 months from the date of approval of the financial statements, to enable it to pay its debts as they fall due.

Turnover

Rent receivable represents temporary rental income from property stock and is measured at fair value. Rental income is recognised in the period to which it arises on an accruals basis and in accordance with the terms of the lease. It is included within operating profit.

Stocks

Stocks of property are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 Statement of Financial Position 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Stocks

	2025		2024
	£		£
Stocks	9,500,000		10,604,808

4. Debtors

	2025		2024
	£		£
Other debtors	29,680		49,320

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	0		274
Other creditors	10,627,384		10,720,548
	10,627,384		10,720,822

Included in other creditors is a loan of £10,620.270 (2024 - £10,375,082) from a related party, which is unsecured, interest accrued at 2% per annum and repayable on demand.

6. Called-up share capital

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

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

7. Related party transactions

Other related party transactions

	2025		2024
	£		£
Other related parties - Development costs and Interest payable	221,072		527,509
Amounts due to related parties	10,620,270		10,375,082

Other related parties are entities controlled by the director which have funded the property acquisition. The amounts were outstanding at the reporting end date.

8. Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.