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

FWB Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Graphic House, 124 City Road, Stoke on Trent, ST4 2PH.

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, modified to include the revaluation of land and buildings at fair value.

Turnover is measured at the fair value of the consideration received or receivable.Turnover is presented net of VAT and other sales related taxes.

The company recognises revenue from the following major sources:

• Rental Income and recharge of services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease.

Depreciation on tangible fixed assets is charged to the profit or loss so as to write off their value, over their estimated useful lives on the following bases:

Depreciation on freehold buildings is not provided, as any uncharged depreciation for the year and the accumulated uncharged depreciation would be immaterial in aggregate, as a result of the company's policy to maintain properties in good condition which substantially prolongs their life, and the estimated higher residual values of the properties. Tangible fixed assets which are not depreciated will be reviewed for impairment annually by the directors in accordance with Financial Reporting Standard 102.

Cash and cash equivalents include cash at bank and in hand. Bank borrowings and overdrafts are included in creditors.

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

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

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

In the year ended 31st December 2023, land and buildings with a carrying amount of £4,395,000 were revalued by Alder King Property Consultants and Mounsey Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. There have been no revaluations in the current financial year.

Had the land and buildings been valued at historic cost:

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above relates to the revaluation of land and buildings and will reverse when the land and buildings are sold.

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:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 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.

The ultimate controlling party is FWB Holdings Limited by virtue of their controlling interest.

The immediate parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is FWB Holdings Limited. Copies of FWB Holdings Limited financial statements can be obtained from the registered office at Graphic House, 124 City Road, Stoke-on-Trent, ST4 2PH.

A fellow subsidiary in the group had accrued for pension contributions in its 31 December 2023 accounts. These amounts were then paid by FWB Property and will not be reimbursed by the fellow subsidiary. A prior year adjustment has been made to correct this error.