REGISTERED NUMBER: 00937578 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Station Road Properties (St Neots)

Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

G M Dale

J J M Ham

SECRETARY:

J J M Ham

REGISTERED OFFICE:

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

REGISTERED NUMBER:

00937578 (England and Wales)

AUDITORS:

GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company was that of property rental.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

G M Dale

J J M Ham

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 of 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 judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, GH Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G M Dale - Director

16 September 2025

Opinion

We have audited the financial statements of Station Road Properties (St Neots) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 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.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:

1. The nature of the business, control environment and business performance.

2. Enquiries with management about their own identification and assessment of the risks of irregularities.

3. The matters discussed among the audit team regarding how and where fraud might occur and fraud

indicators.

As a result of these procedures, we considered the opportunities and incentives that may exist within the

organisation for fraud and identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to the valuation of investment property. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override.

In addition we considered the legal and regulatory framework that the company operates in, focusing on

provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Key laws considered include the UK Companies Act and UK Tax Legislation.

We also considered those laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the companies ability to operate or to avoid a material penalty, these include Health & Safety Legislation.

Audit response to risks identified:

The Investment Property was externally valued in 2024, we have tested the report to corroborating evidence where possible, in addition we have discussed with management and changes to the valuation between the report date date and balance sheet date The assessment that there has been no material movement in value has been tested using all available market information including published yield rates

.

Testing was undertaken to address the risk of management override which included the review/testing of any year end journals and an assessment of whether the judgments made in making accounting estimates are indicative of potential bias.

Due to the size of the accounting function we have also carried out testing to assess the risk of fraudulent

payments which included substantive testing on a sample of payments made during the reporting period.

We remained alert to any indications of fraud or non compliance throughout the entire audit process.

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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 a Report of the Auditors 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.

M Williams ACA FCCA (Senior Statutory Auditor)

for and on behalf of GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

17 September 2025

TURNOVER

3

275,000

247,500

Cost of sales

5,387

-

GROSS PROFIT

269,613

247,500

Administrative expenses

51,006

38,206

218,607

209,294

Other operating income

9,859

10,642

OPERATING PROFIT

5

228,466

219,936

Interest receivable and similar income

9,801

2,738

238,267

222,674

Gain/loss on revaluation of investment property

-

2,340,500

238,267

2,563,174

Interest payable and similar expenses

6

-

84

PROFIT BEFORE TAXATION

238,267

2,563,090

Tax on profit

7

55,478

109,775

PROFIT FOR THE FINANCIAL YEAR

182,789

2,453,315

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

182,789

2,453,315

FIXED ASSETS

Tangible assets

8

119,638

118,703

Investment property

9

5,000,000

5,000,000

5,119,638

5,118,703

CURRENT ASSETS

Debtors

10

86,874

100,352

Cash at bank

464,213

268,760

551,087

369,112

CREDITORS

Amounts falling due within one year

11

147,589

142,507

NET CURRENT ASSETS

403,498

226,605

TOTAL ASSETS LESS CURRENT LIABILITIES

5,523,136

5,345,308

PROVISIONS FOR LIABILITIES

13

62,198

67,159

NET ASSETS

5,460,938

5,278,149

CAPITAL AND RESERVES

Called up share capital

14

1,000

1,000

Other reserves

15

3,429,657

3,429,657

Capital reserves

15

6,056

6,056

Retained earnings

15

2,024,225

1,841,436

SHAREHOLDERS' FUNDS

5,460,938

5,278,149

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

G M Dale - Director

Called up

share

Retained

Other

Capital

Total

capital

earnings

reserves

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

1,000

1,674,483

1,143,295

6,056

2,824,834

Changes in equity

Total comprehensive income

-

166,953

2,286,362

-

2,453,315

Balance at 31 December 2023

1,000

1,841,436

3,429,657

6,056

5,278,149

Changes in equity

Total comprehensive income

-

182,789

-

-

182,789

Balance at 31 December 2024

1,000

2,024,225

3,429,657

6,056

5,460,938

Cash flows from operating activities

Cash generated from operations

1

236,104

221,163

Interest paid

-

(84

)

Tax paid

(53,173

)

(38,547

)

Net cash from operating activities

182,931

182,532

Cash flows from investing activities

Purchase of tangible fixed assets

(4,535

)

(6,750

)

Interest received

9,801

2,738

Net cash from investing activities

5,266

(4,012

)

Cash flows from financing activities

Amounts to / from group undertakings

7,256

(22,557

)

Net cash from financing activities

7,256

(22,557

)

Increase in cash and cash equivalents

195,453

155,963

Cash and cash equivalents at beginning of year

2

268,760

112,797

Cash and cash equivalents at end of year

2

464,213

268,760

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

238,267

2,563,090

Depreciation charges

3,600

3,600

Gain on revaluation of fixed assets

-

(2,340,500

)

Finance costs

-

84

Finance income

(9,801

)

(2,738

)

232,066

223,536

Decrease/(increase) in trade and other debtors

6,222

(10,912

)

(Decrease)/increase in trade and other creditors

(2,184

)

8,539

Cash generated from operations

236,104

221,163

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

464,213

268,760

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

268,760

112,797

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

268,760

195,453

464,213

268,760

195,453

464,213

Total

268,760

195,453

464,213

1.	STATUTORY INFORMATION

Station Road Properties (St Neots) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies set out below.

These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

In preparing the financial statements management develops estimates and judgements that affect the reported amount of assets and liabilities, revenue and costs, and related disclosures of the financial statements. Actual results may differ from estimates under different assumptions and conditions.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 33.7.

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.

Significant judgements and estimates

Valuation of Properties

Investment properties are restated to their fair value at the end of each reporting period. An external valuation was obtained in February 2024, management have assessed that there has been no material change in value between the date of the report and the balance sheet date.

Turnover

Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from the rental of investment properties is recognised evenly over the term of the lease.

Tangible fixed assets

Investment properties are measured at fair value at each reporting date with changes in fair value recognised through the profit and loss account. no depreciation is charged on investment properties.

Any revaluation increase or decrease is credited or charged to the property revaluation reserve in 'other reserves', Deferred tax is provided through the profit and loss accounts on any revaluation gains recognised.

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives of 20 years on a straight line basis.

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

The financial statements are presented in Sterling (GBP), which is also the functional currency of the company.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance sheet date Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

Debtors

Short term debtors are measured at transaction price less impairment losses for bad and doubtful debts.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case these are stated at cost.

3.

TURNOVER

All of the company's turnover since 2022 related to its principal activity of property rental and was all generated in the UK.

4.	EMPLOYEES AND DIRECTORS

During the year the average number of employees, classified as management, was 1 (2023 - 1).

Total wages paid in the year amounted to £9,200 all of which related to directors remuneration (2023 - £9,200.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

3,600

3,600

Auditors remuneration

4,750

4,375

Auditors' remuneration for non audit work

3,850

2,271

Foreign exchange differences

272

-

Rent received under operating leases

(275,000

)

(247,500

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other Interest Paid

-

84

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

60,439

53,173

Deferred tax

(4,961

)

56,602

Tax on profit

55,478

109,775

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

238,267

2,563,090

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

59,567

640,773

Effects of:

Income not taxable for tax purposes

-

(585,125

)

Depreciation in excess of capital allowances

872

897

Deferred tax movement - timing differences

(4,961

)

56,602

Effect of change of tax rate

-

(3,372

)

Total tax charge

55,478

109,775

Deferred tax has been calculated at the rates at which it is expected to unwind.

The main rate of Corporation Tax was increased from 19% to 25% from 1 April 2023.

As at the balance sheet date the company had a potential deferred asset of circa £0.25m as a result of historic trading losses being carried forward. The directors have not recognised this asset as the probability of them being offset against future taxable profits of the same trade is remote.

8.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2024

64,739

103,285

168,024

Additions

4,535

-

4,535

At 31 December 2024

69,274

103,285

172,559

DEPRECIATION

At 1 January 2024

-

49,321

49,321

Charge for year

-

3,600

3,600

At 31 December 2024

-

52,921

52,921

NET BOOK VALUE

At 31 December 2024

69,274

50,364

119,638

At 31 December 2023

64,739

53,964

118,703

9.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

5,000,000

NET BOOK VALUE

At 31 December 2024

5,000,000

At 31 December 2023

5,000,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2015

1,143,295

Valuation in 2023

2,340,500

Cost

1,516,205

5,000,000

The Investment Properties were valued externally on 29 February 2024 by Peck Property Consultants. Management have assessed that there has been no material change in value since the date of that report and the balance sheet date.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

83,725

83,947

Amounts owed by group undertakings

3,149

10,405

Sundry Debtors and Prepayments

-

6,000

86,874

100,352

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Tax

60,439

53,173

Sundry Creditors and Accruals

5,156

6,996

Taxation & Social Security

13,244

13,588

Accruals and deferred income

68,750

68,750

147,589

142,507

12.	LEASING AGREEMENTS

13.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred Taxation

62,198

67,159

Deferred

tax

£

Balance at 1 January 2024

67,159

Provided during year

(4,961

)

Balance at 31 December 2024

62,198

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

15.

RESERVES

Retained

Other

Capital

earnings

reserves

reserves

Totals

£

£

£

£

At 1 January 2024

1,841,436

3,429,657

6,056

5,277,149

Profit for the year

182,789

182,789

At 31 December 2024

2,024,225

3,429,657

6,056

5,459,938

Other movements - represents the transfer between other reserves and retained profits in respect of the sale of some land and buildings in the period crystalizing these gains.

Other reserves - represents the balance of fair value adjustments relating to the revaluation of fixed assets net of deferred tax. The balance in this account is not distributable.

Retained earnings - includes all current and prior period retained profits and losses.

16.	ULTIMATE PARENT COMPANY

The company's parent undertaking is Weverskade B.V. and ultimate parent company is Lanvi Enterprises B.V., both incorporated in the Netherlands.