FPG (UK) Ltd Company accounts

COMPANY REGISTRATION NUMBER: 08089724

FPG (UK) Ltd

Financial Statements

28 February 2025

FPG (UK) Ltd

Financial Statements

Year ended 28 February 2025

Contents	Page

Officers and professional advisers	1

Strategic report	3

Directors' report	4

Independent auditor's report to the members	6

Statement of comprehensive income	9

Statement of financial position	10

Statement of changes in equity	11

Statement of cash flows	13

Notes to the financial statements	14

FPG (UK) Ltd

Officers and Professional Advisers

The board of directors	Mr Liyaqat Allie Parker
	Mr Altaf Ahmed Bharde
	Mr Muzaffer Ebrahim
	Mr Ebrahim Parker

Company secretary	Altaf Ahmed Bharde

Registered office	Stanmore Business and Innovation Centre
	Suite G002, Ground Floor
	Howard Road, Stanmore
	England
	HA7 1BG

Auditor	RMR Partnership LLP
	Chartered Accountants & statutory auditor
	Ground Floor, Vyman House
	104 College Road
	Harrow, Middlesex
	HA1 1BQ

Bankers	Barclays
	1 Churchill Place
	London
	E14 5HP

	HSBC Bank Plc
	26-28 St Ann’s Road
	Harrow
	Middlesex
	United Kingdom
	HA11LA

	Nedbank Private wealth
	St Mary’s Court
	20 Hill Street
	Douglas
	Isle of Man
	IM1 1EU

	Habib Bank Zurich Plc
	Unit 47, 55 Baker Street
	London
	United Kingdom
	W1U 8EW

FPG (UK) Ltd

Strategic Report

Year ended 28 February 2025

The Directors present their strategic report for FPG (UK) Ltd for the year ended 28 February 2025. The company's principal activity during the year continued to be that of the buying, selling and renting of property. FPG (UK) LTD is a property investment fund and asset management company with a growing and robust portfolio specialising in the convenient retail sector. Our strict investment criteria ensures we source quality assets with a decent WAULT for long term income security. Turnover for the year totalled £4,921,689 (2024: £4,240,208), reflecting an increase primarily driven by additional rental income arising from the acquisition of an investment property at the end of the prior financial year. Profit before taxation for the year amounted to £661,024 (2024: £673,646). The marginal decrease reflects the impact of changes in interest rates on finance costs during the period. Net operating profit for the year ended 28 February 2025 was £4,279,752 (2024: £4,575,139), indicating a stable operating performance in the context of wider economic pressures. The company has continued to maintain the balance sheet position in terms of liquidity in line with the previous year and the directors are seeking to continue their policies to improve this position. The company has adequate facilities in place to take advantage of business opportunities as they arise and consider the state of affairs to be satisfactory. The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and they remain confident that the company will continue to grow at reasonable rates going forward whilst remaining profitable. The company faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of inflation and the economic recovery, ongoing global conflict. In view of these risks and uncertainties, the directors are aware that the development of the company may be affected by factors outside their control. The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling. The company's business model is regularly assessed by the board of directors in order to implement any strategic changes as necessary. The board of directors are continuously seeking opportunities to develop and expand their business while continuing to meet the needs of their customers activities.

This report was approved by the board of directors on 21 August 2025 and signed on behalf of the board by:

Mr A Bharde Director

Registered office:

Stanmore Business and Innovation Centre

Suite G002, Ground Floor

Howard Road, Stanmore

England

HA7 1BG

FPG (UK) Ltd

Directors' Report

Year ended 28 February 2025

The directors present their report and the financial statements of the company for the year ended 28 February 2025 .

Principal activities

The principal activity of the company during the year is buying, selling and renting of property.

Directors

The directors who served the company during the year were as follows:

Mr Liyaqat Allie Parker
Mr Altaf Ahmed Bharde
Mr Muzaffer Ebrahim
Mr Ebrahim Parker

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 21 August 2025 and signed on behalf of the board by:

Mr A Bharde Director

Registered office:

Stanmore Business and Innovation Centre

Suite G002, Ground Floor

Howard Road, Stanmore

England

HA7 1BG

FPG (UK) Ltd

Independent Auditor's Report to the Members of FPG (UK) Ltd

Year ended 28 February 2025

Opinion

We have audited the financial statements of FPG (UK) Ltd (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of the director around actual and potential litigation and claims. - Enquiry of the director and management involved in the accounting and compliance functions to identify any instances of non-compliance with laws and regulations. - We reviewed financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations. - We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mahendra Pattni

(Senior Statutory Auditor)

For and on behalf of

RMR Partnership LLP

Chartered Accountants & statutory auditor

Ground Floor, Vyman House

104 College Road

Harrow, Middlesex

HA1 1BQ

21 August 2025

FPG (UK) Ltd

Statement of Comprehensive Income

Year ended 28 February 2025

		2025	2024
Note		£	£
Turnover	4	4,921,689	4,240,208

	------------	------------
Gross profit	4,921,689	4,240,208

Administrative expenses		730,499	( 122,393)
Other operating income		88,562	212,538
		------------	------------
Operating profit	5	4,279,752	4,575,139

Other interest receivable and similar income	9	4,949	19,592
Interest payable and similar expenses	10	3,623,677	3,921,085
		------------	------------
Profit before taxation		661,024	673,646

Tax on profit	11	( 553,902)	70,719
		------------	---------
Profit for the financial year		1,214,926	602,927
		------------	---------

Revaluation of tangible assets	( 2,017,257)	( 1,044,421)
Revaluation of nedgroup investment	22,801	15,734
Fair value movements on investment in joint ventures	( 53,619)	–
	------------	------------
Other comprehensive income for the year	( 2,048,075)	( 1,028,687)
	------------	------------
Total comprehensive income for the year	( 833,149)	( 425,760)
	------------	------------

All the activities of the company are from continuing operations.

FPG (UK) Ltd

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	12	88,585,563	68,155,480
Investments	13	3,157,340	3,188,159
		-------------	-------------
		91,742,903	71,343,639

Current assets

Debtors	14	390,356	211,021
Cash at bank and in hand		1,034,928	1,347,265
		------------	------------
		1,425,284	1,558,286

Creditors: amounts falling due within one year	15	4,869,917		10,833,311
		------------		-------------
Net current liabilities			3,444,633	9,275,025
			-------------	-------------
Total assets less current liabilities			88,298,270	62,068,614

Creditors: amounts falling due after more than one year	16		53,108,803	39,073,832

Provisions

Taxation including deferred tax	17	( 482,428)	229,705
		-------------	-------------
Net assets		35,671,895	22,765,077
		-------------	-------------

Capital and reserves

Called up share capital	21	473	296
Share premium account	22	30,695,904	16,949,722
Revaluation reserve	22	( 1,895,161)	122,096
Other reserves, including the fair value reserve	22	( 36,978)	232
Profit and loss account	22	6,907,657	5,692,731
		-------------	-------------
Shareholders funds		35,671,895	22,765,077
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 21 August 2025 , and are signed on behalf of the board by:

Mr Muzaffer Ebrahim

Director

Company registration number: 08089724

FPG (UK) Ltd

Statement of Changes in Equity

Year ended 28 February 2025

			Called up share capital	Share premium account	Revaluation reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
Note			£	£	£	£	£	£
At 1 March 2023			296	16,949,722	1,166,517	( 12,065)	5,089,804	23,194,274

Profit for the year							602,927	602,927
Other comprehensive income for the year:
	Revaluation of tangible assets	12	–	–	( 1,044,421)	–	–	( 1,044,421)
	Revaluation of nedgroup investment		–	–	–	15,734	–	15,734
			----	-------------	------------	--------	------------	-------------
Total comprehensive income for the year			–	–	( 1,044,421)	15,734	602,927	( 425,760)

Forfeited options, rights and warrants			–	–	–	(3,437)	–	(3,437)
			----	-------------	------------	--------	------------	-------------
Total investments by and distributions to owners			–	–	–	( 3,437)	–	( 3,437)

At 29 February 2024			296	16,949,722	122,096	232	5,692,731	22,765,077

Profit for the year							1,214,926	1,214,926
Other comprehensive income for the year:
	Revaluation of tangible assets	12	–	–	( 2,017,257)	–	–	( 2,017,257)
	Revaluation of nedgroup investment		–	–	–	22,801	–	22,801
	Fair value movements on investment in joint ventures		–	–	–	( 53,619)	–	( 53,619)
			----	-------------	------------	--------	------------	-------------
Total comprehensive income for the year			–	–	( 2,017,257)	( 30,818)	1,214,926	( 833,149)

FPG (UK) Ltd

Statement of Changes in Equity (continued)

Year ended 28 February 2025

	Called up share capital	Share premium account	Revaluation reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
Note	£	£	£	£	£	£
Issue of shares	177	13,746,182	–	–	–	13,746,359
Forfeited options, rights and warrants	–	–	–	(6,392)	–	(6,392)
	----	-------------	----	-------	----	-------------
Total investments by and distributions to owners	177	13,746,182	–	( 6,392)	–	13,739,967

	----	-------------	------------	--------	------------	-------------
At 28 February 2025	473	30,695,904	( 1,895,161)	( 36,978)	6,907,657	35,671,895
	----	-------------	------------	--------	------------	-------------

FPG (UK) Ltd

Statement of Cash Flows

Year ended 28 February 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	1,214,926	602,927

Adjustments for:
Depreciation of tangible assets	1,403	781
Other interest receivable and similar income	( 4,949)	( 19,592)
Interest payable and similar expenses	3,623,677	3,921,085
Gains on disposal of tangible assets	–	( 385,644)
(Decrease)/increase in liability of cash-settled share-based payments	(6,392)	2,458
Tax on profit	( 553,902)	70,719
Accrued (income)/expenses	( 57,484)	63,536

Changes in:
Trade and other debtors	( 179,335)	3,534
Trade and other creditors	425,904	( 58,293)
	------------	------------
Cash generated from operations	4,463,848	4,201,511

Interest paid	( 3,623,677)	( 3,921,085)
Interest received	4,949	19,592
Tax paid	( 171,115)	( 249,256)
	------------	------------
Net cash from operating activities	674,005	50,762
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 22,448,743)	( 278,518)
Proceeds from sale of tangible assets	–	3,375,644
Acquisition of interests in associates and joint ventures	–	( 2,950,000)
	-------------	------------
Net cash (used in)/from investing activities	( 22,448,743)	147,126
	-------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	13,746,359	–
Proceeds from borrowings	17,326,514	( 46,459)
Proceeds from loans from group undertakings	( 9,610,472)	782,592
	-------------	------------
Net cash from financing activities	21,462,401	736,133
	-------------	------------

Net (decrease)/increase in cash and cash equivalents	( 312,337)	934,021
Cash and cash equivalents at beginning of year	1,347,265	413,244
	------------	------------
Cash and cash equivalents at end of year	1,034,928	1,347,265
	------------	------------

FPG (UK) Ltd

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stanmore Business and Innovation Centre, Suite G002, Ground Floor, Howard Road, Stanmore, HA7 1BG, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account comprises rental income and is accounted for on a accruals basis.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Depreciation

No depreciation is provided on investment properties.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% reducing balance

No depreciation is provided on investment properties.

Investment property

Investment property is initially measured at cost and subsequently at fair value with any change therein recognised in profit or loss. Any gain or loss on disposal of investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss, any related amount included in the revaluation reserve.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rental income	4,921,689	4,240,208
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	1,403	781
Gains on disposal of tangible assets	–	( 385,644)
Impairment of trade debtors	93,819	(198,800)
	--------	---------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	5,500	5,500
	-------	-------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Management staff	4	4
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	196,047	150,783
Social security costs	16,839	11,906
Other pension costs	14,799	12,841
	---------	---------
	227,685	175,530
	---------	---------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	100,817	91,113
	---------	--------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	4,949	19,592
	-------	--------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	53,209	747,803
Interest on loan	3,529,460	3,111,115
Loss on fair value adjustment of financial liabilities at fair value through profit or loss	38,491	60,277
Other interest payable and similar charges	2,517	1,890
	------------	------------
	3,623,677	3,921,085
	------------	------------

11. Tax on profit

Major components of tax (income)/expense

	2025	2024
	£	£

Current tax:

UK current tax expense	158,230	172,006

Deferred tax:

Origination and reversal of timing differences	( 712,132)	( 101,287)
	---------	---------
Tax on profit	( 553,902)	70,719
	---------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 24.50 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	661,024	673,646
	---------	---------
Profit on ordinary activities by rate of tax	158,230	172,006
	---------	---------

12. Tangible assets

	Freehold investment property	Equipment	Total
	£	£	£
Cost or valuation
At 1 March 2024	68,152,930	4,049	68,156,979
Additions	22,446,700	2,043	22,448,743
Revaluations	( 2,017,257)	–	( 2,017,257)
	-------------	-------	-------------
At 28 February 2025	88,582,373	6,092	88,588,465
	-------------	-------	-------------
Depreciation
At 1 March 2024	–	1,499	1,499
Charge for the year	–	1,403	1,403
	-------------	-------	-------------
At 28 February 2025	–	2,902	2,902
	-------------	-------	-------------
Carrying amount
At 28 February 2025	88,582,373	3,190	88,585,563
	-------------	-------	-------------
At 29 February 2024	68,152,930	2,550	68,155,480
	-------------	-------	-------------

Freehold investment property is included at fair market value. The property valuation has been carried by the directors on the basis of the current market value.

13. Investments

	Shares in participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 March 2024	2,950,000	238,159	3,188,159
Revaluations	( 53,619)	22,800	( 30,819)
	------------	---------	------------
At 28 February 2025	2,896,381	260,959	3,157,340
	------------	---------	------------
Impairment
At 1 March 2024 and 28 February 2025	–	–	–
	------------	---------	------------

Carrying amount
At 28 February 2025	2,896,381	260,959	3,157,340
	------------	---------	------------
At 29 February 2024	2,950,000	238,159	3,188,159
	------------	---------	------------

During the year company acquired £ 50,000 new additional investment.

14. Debtors

	2025	2024
	£	£
Trade debtors	92,860	47,754
Prepayments and accrued income	254,948	42,969
Other debtors	42,548	120,298
	---------	---------
	390,356	211,021
	---------	---------

15. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	3,947,615	10,296,774
Trade creditors	106,042	64,143
Amounts owed to group undertakings	30,230	–
Accruals and deferred income	9,607	67,091
Corporation tax	159,118	172,003
Social security and other taxes	211,649	223,257
Other creditors	405,656	10,043
	------------	-------------
	4,869,917	10,833,311
	------------	-------------

16. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	52,503,146	28,827,473
Amounts owed to group undertakings	605,657	10,246,359
	-------------	-------------
	53,108,803	39,073,832
	-------------	-------------

17. Provisions

	Deferred tax (note 18)
	£
At 1 March 2024	229,705
Charge against provision	( 712,133)
	---------
At 28 February 2025	( 482,428)
	---------

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 17)	( 482,428)	229,705
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Fair value adjustment of investment property	229,705	330,991
Other revaluations	( 712,133)	( 101,286)
	---------	---------
	(482,428)	229,705
	---------	---------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 14,799 (2024: £ 12,841 ).

20. Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. - Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments. - Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. - Financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. - Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. - Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

21. Called up share capital

Authorised share capital

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	473	473	296	296
	----	----	----	----

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	473	473	296	296
	----	----	----	----

22. Reserves

Revaluation reserve A revaluation reserve is a reserve that records any profit or loss that arises from a company's asset valuation.Revaluation reserve cannot be used to finance expenditure as the gains of valuation of assets not yet realised by sales.

23. Fair value reserve

The following movements on the fair value reserve are included within other reserves, including the fair value reserve in the statement of changes in equity:

	2025	2024
	£	£
Fair value movements on investment in joint ventures	( 53,619)	–
	--------	----
At end of year	( 53,619)	–
	--------	----

24. Analysis of changes in net debt

	At 1 Mar 2024	Cash flows	At 28 Feb 2025
	£	£	£
Cash at bank and in hand	1,347,265	(312,337)	1,034,928
Debt due within one year	(10,296,774)	6,318,929	(3,977,845)
Debt due after one year	(39,073,832)	(14,034,971)	(53,108,803)
	-------------	-------------	-------------
	( 48,023,341)	( 8,028,379)	( 56,051,720)
	-------------	-------------	-------------

25. Related party transactions

FPG Property Fund (Pty), Limited, incorporated in South Africa, is the controlling party of FPG (UK) Ltd and also shares common directors. It has made loans to FPG (UK) Ltd . The balance outstanding,included in creditors payable after more than 12 months, as at 28 Feb 2025 including interest is NIL (2024: £10,246,359).