ACCOUNTS - Final Accounts

164-182 Oxford Street

Independent auditors

Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

Statement of Changes in Equity

Notes to the Financial Statements

Cash at bank and in hand

Creditors: amounts falling due within one year

Net current liabilities

Creditors: amounts falling due after more than one year

Capital and reserves

Allotted, called up and fully paid share
capital

Profit and loss account

Equity shareholders' funds

Profit and loss account

Comprehensive income for the year

At 31 December 2024 and 1 January 2025

Comprehensive income for the year

The notes on pages 3 to 7 form part of these financial statements.

Basis of preparation of financial statements

Financial Reporting Standard 102 - reduced disclosure exemptions

Cash and cash equivalents

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables and 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

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 the Statement of Comprehensive Income.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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) 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

Basic financial liabilities, including trade and other payables and loans from shareholder companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial instruments (continued)

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements 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.

Fixed asset investments

Investment in joint ventures

At 1 January 2025 (as restated) and 31 December 2025

The Directors believe that the carrying value of the investments is supported by their underlying net assets or expected future cash flows.

The results of the joint venture have been audited by PricewaterhouseCoopers LLP. For the year, the joint venture generated revenue of £56,453k and income from investments of £4,974k, resulting in a comprehensive profit of £1,408k. At the year end, the joint venture reported net assets of £106,387k.

The information summarised above relates to the year ended 31 March 2025 being the most recent available financial statements.

Under the equity method the joint venture would have attributable profits since acquisition of £704k.

Amounts falling due within one year

Amounts due from joint venture

Creditors: Amounts falling due within one year

Accruals and deferred income

Creditors: Amounts falling due after more than one year

Amounts owed to group undertakings

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

Repayable other than by instalments

Amounts owed to group undertakings represent a shareholder loan due to the parent company, ORIT Holdings Limited. The loan is unsecured, bears interest at 6% and falls due for repayment in September 2037. These are non-instalment debts. Included within accruals and deferred income is accrued interest payable of £5,518,319 (2024: £6,575,623).

Allotted, called up and fully paid

1 (2024 - 1) Ordinary Share of £0.01

Related party transactions

The Company has taken advantage of Section 33.1A of Financial Reporting Standard 102 in not disclosing transactions between wholly-owned members of a group.

For the year ended 31 December 2025, the Company has related party transactions with a joint venture party. At 31 December 2025, £32,388 (2024: £345,064) is outstanding and owed to the Company.

Restatement of prior year comparatives

Original as at 31 December 2024

Restated as at 31 December 2024

Fixed asset investments

Auditors' information