Baltic Street (Edinburgh) LLP

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3

Registered number: OC439385

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Investment in Shore Station (Edinburgh) JV LLP			50		-

			50		-
CURRENT ASSETS
Stock	4	-		16,312,289
Debtors	5	10,413,747		749,274
Cash at bank and in hand		377,082		295,644

		10,790,829		17,357,207
Creditors: Amounts Falling Due Within One Year	6	(4,170 )		(2,503,341 )

NET CURRENT ASSETS (LIABILITIES)			10,786,659		14,853,866

TOTAL ASSETS LESS CURRENT LIABILITIES			10,786,709		14,853,866

NET ASSETS ATTRIBUTABLE TO MEMBERS			10,786,709		14,853,866

REPRESENTED BY:
Equity
Members' other interests
Members' capital		6,192,967		15,192,967
Other reserves		4,593,742		(339,101)

			10,786,709		14,853,866

TOTAL MEMBERS' INTEREST
Members' other interests			10,786,709		14,853,866

			10,786,709		14,853,866

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Page 2

Baltic Street (Edinburgh) LLP

Statement of Financial Position (continued)

As At 31 March 2026

For the year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Income Statement.

The financial statements were approved by the members on 21 October 2026 and were signed on their behalf by:

Bridges Property Alternatives Fund V (General Partner) LLP Designated Member	Lansdale Enterprises Ltd Designated Member
21/10/2026

The notes on page 3 form part of these financial statements.

1. General Information

Baltic Street (Edinburgh) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC439385 . The Registered Office is 6 Duke Street, St James's, London, SW1Y 6BN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in May 2024 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

3. Average Number of Employees

The average number of employees, including members with contracts of employment, during the year was: NIL (2025: NIL)

4. Stock

	2026	2025
	£	£
Property at Baltic Street	-	16,312,289

In April 2025, the LLP sold the land to Shore Station (Edinburgh) Development LLP ("Development LLP") for £21.5m. As part of the deal, a new JV was formed between Baltic Street (Edinburgh) LLP and Housing Growth Partnership ("HGP") in which the LLP received £11.1m and comitted £10.4m debt and £50 equity in the Development LLP whilst HGP committed to invest £25m in the new venture. As a result of this transaction, the LLP has an ownership of 29.8% in the development which is expected to complete in June 2027. As a result of the sale of the land, the LLP settled some of its liabilities, left some cash to cover future running costs and made a distribution of £9m to its members.

5. Debtors

	2026	2025
	£	£
Due within one year
Other debtors	31,624	749,274
Due after more than one year
Amounts owed by participating interests	10,382,123	-

	10,413,747	749,274

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	-	2,486,717
Other creditors	4,170	16,624

	4,170	2,503,341

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