Company registration number 04432462 (England and Wales)
WILLOUGHBY (396) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WILLOUGHBY (396) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
WILLOUGHBY (396) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILLOUGHBY (396) LIMITED FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willoughby (396) Limited for the year ended 31 March 2025 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Willoughby (396) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Willoughby (396) Limited and state those matters that we have agreed to state to the b oard of d irectors of Willoughby (396) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willoughby (396) Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Willoughby (396) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Willoughby (396) Limited. You consider that Willoughby (396) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Willoughby (396) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Taylor Dawson Plumb Limited
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
5 September 2025
WILLOUGHBY (396) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
378
7,312
Investment property
4
403,000
1,640,000
Investments
5
10,815,000
10,815,000
11,218,378
12,462,312
Current assets
Debtors
6
7,599,943
2,557,712
Investments
7
1,710,193
5,061,617
Cash at bank and in hand
193,489
679,310
9,503,625
8,298,639
Creditors: amounts falling due within one year
8
(7,003)
(377,379)
Net current assets
9,496,622
7,921,260
Total assets less current liabilities
20,715,000
20,383,572
Provisions for liabilities
9
(1,879,340)
(1,881,073)
Net assets
18,835,660
18,502,499
Capital and reserves
Called up share capital
10
203
203
Share premium account
2,089,998
2,089,998
Revaluation reserve
5,635,490
5,014,161
Profit and loss reserves
11,109,969
11,398,137
Total equity
18,835,660
18,502,499

The notes on pages 5 to 9 form part of these financial statements.

WILLOUGHBY (396) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 3 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 5 September 2025 and are signed on its behalf by:
T P J Coles
Director
Company registration number 04432462 (England and Wales)
WILLOUGHBY (396) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
203
2,089,998
5,656,683
10,560,698
18,307,582
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
314,917
314,917
Dividends
-
-
-
(120,000)
(120,000)
Transfers
-
-
(642,522)
642,522
-
Balance at 31 March 2024
203
2,089,998
5,014,161
11,398,137
18,502,499
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
453,161
453,161
Dividends
-
-
-
(120,000)
(120,000)
Transfers
-
-
621,329
(621,329)
-
Balance at 31 March 2025
203
2,089,998
5,635,490
11,109,969
18,835,660

The notes on pages 5 to 9 form part of these financial statements.

WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Company information

Willoughby (396) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Dunstable Mews, London, W1G 6BT.

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 £.

The financial statements have been prepared under the historical cost convention, to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable from investment properties owned by the company.

Rental income is recognised when it falls due less any provision required for arrears. All turnover is derived from the UK.

1.3
Tangible 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:

Fixtures and fittings
10% on cost
Computers
33% on cost

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.

1.4
Investment property

Investment properties are included in the balance sheet at their fair market value in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 and are not depreciated.

1.5
Fixed and current asset investments

Investments in associate undertakings are included in the balance sheet at their fair market value. Gains and losses on revaluation are presented as fair value gains on the face of the profit and loss account. The investments are revalued annually by the directors to their estimate of the share in the underlying assets of each associate. Given that these associates hold property interests which are annually revalued as described in their accounts, the value is considered to be the equity proportion of the balance sheet assets of each associate.

Investments in subsidiaries are held at cost less any provision for permanent diminution in value.

WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -

Other investments comprise of:

- investments in quoted equity instruments, which are measured at fair value, with any change in fair value being recognised through the profit and loss account,

- investments in term deposits, where the interest is reinvested and recognised as interest received in the profit and loss account.

1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
5
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
23,659
Additions
469
Disposals
(23,659)
At 31 March 2025
469
Depreciation and impairment
At 1 April 2024
16,347
Depreciation charged in the year
419
Eliminated in respect of disposals
(16,675)
At 31 March 2025
91
Carrying amount
At 31 March 2025
378
At 31 March 2024
7,312
4
Investment property
2025
£
Fair value
At 1 April 2024
1,640,000
Disposals
(1,240,500)
Revaluations
3,500
At 31 March 2025
403,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by the Directors. The valuation was based on an accepted offer, for the sale of the investment property, received post year end.

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
10,815,000
10,815,000
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
7,243,005
2,200,774
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
356,938
356,938
Total debtors
7,599,943
2,557,712
7
Current asset investments
2025
2024
£
£
Other investments
1,710,193
5,061,617

Current asset investments consist of cash held on term deposits during the period with a notice period of less than one year.

8
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
-
0
356,938
Other creditors
7,003
20,441
7,003
377,379
9
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
1,879,340
1,881,073
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
20,337
20,337
203
203
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
11
Directors' transactions

The following advances and credits to directors subsisted during the year ended 31 March 202 5 (see table below). It is intended that the loans will be cleared before 31 December 2025.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
T P Coles
2.25
352,531
1,680,651
44,347
(40,000)
2,037,529
J E M Gulliford
2.25
352,531
1,680,651
44,347
(40,000)
2,037,529
M D Coles
2.25
352,532
1,680,651
44,346
(40,000)
2,037,529
1,057,594
5,041,953
133,040
(120,000)
6,112,587
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