Company registration number 09482470 (England and Wales)
BALTIC WHARF PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
BALTIC WHARF PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BALTIC WHARF PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,181,903
3,190,038
Current assets
Debtors
5
364,567
194,181
Creditors: amounts falling due within one year
6
(80,380)
(96,499)
Net current assets
284,187
97,682
Net assets
3,466,090
3,287,720
Capital and reserves
Called up share capital
7
1,000,000
1,000,000
Profit and loss reserves
2,466,090
2,287,720
Total equity
3,466,090
3,287,720

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 June 2026 and are signed on its behalf by:
P A Marklund
Director
Company Registration No. 09482470
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Baltic Wharf Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Baltic Wharf, Wallasea Island, Rochford, Essex, SS4 2HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent under the terms of the company's agreements with its tenants on a straight line basis.

1.4
Fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial assets

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are all classified as basic.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables 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.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

1.8
Financial liabilities

Basic financial liabilities are initially measured 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,000
3,990
3
Employees

The company currently has no employees, aside from 4 directors (2024: 2) who are not remunerated through this company.

4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2025 and 31 December 2025
3,255,117
Depreciation and impairment
At 1 January 2025
65,079
Depreciation charged in the year
8,135
At 31 December 2025
73,214
Carrying amount
At 31 December 2025
3,181,903
At 31 December 2024
3,190,038
5
Debtors: amounts falling due within one year
2025
2024
£
£
Amounts owed by group undertakings
362,705
192,595
Other debtors
1,862
1,586
364,567
194,181
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
12,500
-
0
Trade creditors
1,712
2,665
Amounts due to group undertakings
62,168
93,409
Accruals and deferred income
4,000
425
80,380
96,499
7
Share capital
2025
2024
£
£
Issued and fully paid
1,000,000 Ordinary shares of £1 each
1,000,000
1,000,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
Date of audit report:
6 July 2026
9
Financial commitments, guarantees and contingent liabilities

In February 2025, all of Bergs Timber AB's bank loans were amortised. Bergs Timber AB then retained a revolving credit facility with Danske Bank A/S and AB Svensk Exportkredit (SEK) of SEK 200 million, which was not utilszed during the year and which was terminated in December 2025. In addition to this credit facility, Bergs Timber AB and its subidiaries had an overdraft facility with Danske Bank A/S of SEK 50 million.

In March 2026, the parent company took out a long-term loan from Danske Bank A/S of SEK 200 million for its long-term financing. The loan has a term of three years with the possibility of extension for a further two years. In addition, the overdraft facility with Danske Bank was increased to SEK 100 million from 1 January 2026. The loan agreement contains, in addition to customary financial covenant undertakings, restrictions regarding the pledging of assets, the taking out of loans or the provision of guarantees, the sale or transfer of assets, acquisitions, and the merging or consolidation of operations with another company; however there are no specific Group securities/guarantees for the UK Group entities in relation to this refinancing loan.

BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
10
Parent company

The immediate parent company is Bergs UK Holdings Limited (formerly Continental Wood Limited), a company registered in England, and the intermediate parent company is Bergs Timber AB, a company registered in Sweden.

The ultimate parent company is Norvik hf., a company registered in Iceland. Norvik hf forms the smallest and largest group for which group accounts are prepared and of which the company is a member. The registered office of Norvik hf. is Vallakor 4, 203 Koubavogira (Kopavogur), Iceland.

11
Related party transactions

Bergs Timber AB prepares group financial statements and copies can be obtained from Bergs väg 13, SE-570 84, Mörlunda, Sweden. Accordingly the company has taken advantage of the exemptions available in paragraph 33.1A of FRS102 not to make disclosures concerning group related party transactions.

The balances due from/to group undertakings are disclosed in notes 8 and 9.

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