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 board of directors 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 board of directors 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 board of directors 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 financial statements.

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

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.

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

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.

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 amounts 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.

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.

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:

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.

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.

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.

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.

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 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.

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.

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

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.

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

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