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Registered number: 11494690 FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) COMPANY INFORMATION
Directors | B Lansman
| S Lansman
| M Sherley-Dale
Registered number | 11494690
Registered office | 101 New Cavendish Street
| 1st Floor South
| London
| London
| W1W 6XH
Independent auditors | Harris & Trotter LLP
| Chartered Accountants & Statutory Auditors
| 101 New Cavendish Street
| 1st Floor South
| London
| W1W 6XH
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13
Analysis of Net Debt | 14
Notes to the Financial Statements | 15 - 27
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present their report and financial statements for the year ended 31 March 2025. The financial position and performance is for the year from 1 April 2024 to 31 March 2025.
Business review
The Company is an exemplar real estate investor and co-investment vehicle focused on critical and community Infrastructure. Its Electric Land subsidiaries currently pursue the bulk of its activities in the pursuit of well-rewarded, early-stage risk in niche, fragmented or emerging markets with high barriers to entry. And its creation, improvement and/or aggregation of assets with long, secure, index-linked income. The Company has had another very successful year as it continued to grow its Electric Land businesses: development of and investment in freehold powered land to house renewable energy and data centre infrastructure. It has emerged as the UK’s largest specialist real estate investor and developer in its field and is rapidly emerging as the largest specialist developer in Europe. Its development activities principally involve growing, managing and delivering a development pipeline of optioned freehold sites for which it is securing grid, certification, zoning, planning, access rights and a pre-let for construction and operation before completing a purchase. At the year end, the Company and its subsidiaries owned or had unconditionally contracted 26 investments and 8 development projects. The development projects were either land-banked, pre-let or with lettings agreed and in markets where tenant demand remains strong. The Company’s strategy is to generate rental income and capital profits sufficient to maintain a progressive dividend policy, whilst prioritising growing its investment portfolio and development pipeline, and capital growth. The directors are committed to supporting the delivery and growth of Electric Land’s development pipeline and investment portfolio whilst having an eye to other attractive niches and opportunities that may emerge. The Company has also been able to re-invest significant profits this year and raise significant new equity to help fulfil Electric Land’s extraordinary growth potential. The directors have particularly devoted resources into exploring and actioning strategies to secure institutional capital to fully realise the UK and international expansion potential of Electric Land’s investment portfolio. Electric Land continued to take advantage of growth opportunities in Europe, creating a local team which has supported the expansion and progression of its substantial development pipeline in Germany, and exploring a variety of models to make similar progress elsewhere, notably Italy. Page 1
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Company and its directors have established and are protective of a reputation as an entrepreneurial, ethical and reliable partner, efficiently delivering vital social infrastructure. The Company, its subsidiaries and its teamwork in partnerships with operators, tenants, development managers and project funders, and with shareholders, lenders and professional advisors, to conclude mutually successful projects. The Company’s directors are responsible for ensuring the efficient running of the business, adopting and managing the implementation of the Company’s strategy and managing the risks associated with that strategy. The directors are confident of the strategy adopted and the measures being taken to manage the risks involved in the Company. For what is an unusual portfolio, the Company is able to rely on the unusually broad experience of its directors and the specialist skills of its growing team. The directors believe that the Company is in a satisfactory financial position and is a going concern. Throughout the year there have been no significant issues in the collection of rent in subsidiary undertakings, or collection of management fees from subsidiary undertakings, as the subsidiary undertakings have not experienced unplanned void periods or sustained arrears. It has maintained appropriate liquidity and has the support of its lenders and shareholders. Page 2
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Principal risks and uncertainties
Economic risk The Company and its subsidiary undertakings are all within the property sector. During the year, the property market has been particularly affected by macro-economic and social issues, not least increases in inflation and interest rates and as a result has been subject to value corrections and material uncertainty about future levels of supply and demand and rental and capital values. Uncertainty generally has a detrimental effect on property itself. The directors believe that the company is in a fortunate position due to it and the subsidiary undertakings being almost entirely invested in renewable energy infrastructure ground rents and convenience / roadside, assets, that notably feature strong tenant demand, and secure lettings on long, index-linked leases. The directors are therefore optimistic that subsidiary undertakings will overall remain healthy, and this has been reflected in continuing and increasing investor and lender interest and support. Financial instruments The Company's principal financial instruments comprise of investments in subsidiary undertakings, bank balances, trade and other debtors, and trade and other creditors. The main purpose of these instruments is to provide funding to group undertakings in order to finance their growth. Liquidity and cash flow risk The cash generated from management fees and investment income are derived from rental income in subsidiary undertakings. It also secures capital receipts from the sale of some completed developments and from the sale of development rights. As noted above, the source of this income is from relatively secure sectors, and the Company maintains budgets and cash forecasts to ensure adequate cash resources are available and to protect against any potential variability inherent in the recovery of income. Additionally, the Company maintains access to additional capital through its shareholders, banking and other relationships. Interest rate risk The Company is partially financed by loans which are not pinned to the underlying Base Rate, which allows for greater stability in forecasting cash requirements for repayment, and also mitigates against any rises in the Base Rate. In any event, its rental income is almost entirely index-linked, the vast majority annually and un-capped. Whilst subsidiary undertakings do have a significant loan which is linked to floating interest rates, the company expects to remain significantly cash generative and is progressing a strategy to identify new HNW and institutional shareholders and to raise additional equity and to diminish its reliance on debt. Environmental policy The company will seek to minimise adverse impacts on the environment from its activities where possible, whilst continuing to address healthy, safety and economic issues. The company has complied with all application legislation and regulations. This report was approved by the board and signed on its behalf.
S Lansman Director
Date: 3 October 2025
Page 3
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £4,837,403 (2024 - £5,108,123). The total distribution of dividends for the year ended 31 March 2025 was £1,397,245.95 (2024: £714,773).
Directors
The directors who served during the year were:
B Lansman
S Lansman
M Sherley-Dale
Future developments
The directors believe that the company is in a satisfactory financial position. Page 4
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
S Lansman Director
Date: 3 October 2025
Page 5
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC)
Opinion
We have audited the financial statements of FPC Income & Growth Limited (Previously FPC Income & Growth PLC) (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 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 March 2025 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 United Kingdom, including the Financial Reporting Council'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. Page 6
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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. Page 7
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) (CONTINUED)
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 an Auditors' Report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. • We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud. 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 Auditors' Report. Page 8
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) (CONTINUED)
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 Auditors' 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. Daniel Walters (Senior Statutory Auditor) for and on behalf of Harris & Trotter LLP Chartered Accountants Statutory Auditors 101 New Cavendish Street 1st Floor South London W1W 6XH 3 October 2025 Page 9
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 3,197,248 | 3,952,689
Cost of sales |  | (969,745) | (8,000)
Gross profit |  | 2,227,503 | 3,944,689
Administrative expenses |  | (1,434,582) | (3,344,605)
Fair value movements |  | 4,610,773 | 4,324,183
Operating profit |  | 5,403,694 | 4,924,267
Income from shares in group undertakings |  | - | 830,000
Interest payable and similar expenses | 7 | (494,648) | (619,153)
Other finance income |  | (308) | -
Profit before tax |  | 4,908,738 | 5,135,114
Tax on profit | 8 | (71,335) | (26,991)
Profit for the financial year |  | 4,837,403 | 5,108,123
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 27 form part of these financial statements.
Page 10
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) REGISTERED NUMBER: 11494690 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 10 |  | 18,570,806 |  | 13,960,030
|  |  | 18,570,806 |  | 13,960,030
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 29,510,435 |  | 23,359,308 |
Cash at bank and in hand | 12 | 390,499 |  | 916,216 |
|  | 29,900,934 |  | 24,275,524 |
Creditors: amounts falling due within one year | 13 | (10,738,338) |  | (6,156,571) |
Net current assets |  |  | 19,162,596 |  | 18,118,953
Total assets less current liabilities |  |  | 37,733,402 |  | 32,078,983
Net assets |  |  | 37,733,402 |  | 32,078,983
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 155,581 |  | 144,401
Share premium account | 16 |  | 23,206,024 |  | 21,002,942
Profit and loss account | 16 |  | 14,371,797 |  | 10,931,640
|  |  | 37,733,402 |  | 32,078,983
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2025.
S Lansman
Director
The notes on pages 15 to 27 form part of these financial statements. Page 11
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 89,119 | 8,949,034 | 6,538,290 | 15,576,443
Profit for the year | - | - | 5,108,123 | 5,108,123
Dividends: Equity capital | - | - | (714,773) | (714,773)
Shares issued during the year | 55,282 | 12,053,908 | - | 12,109,190
At 1 April 2024 | 144,401 | 21,002,942 | 10,931,640 | 32,078,983
Profit for the year | - | - | 4,837,403 | 4,837,403
Dividends: Equity capital | - | - | (1,397,246) | (1,397,246)
Shares issued during the year | 11,180 | 2,203,082 | - | 2,214,262
At 31 March 2025 | 155,581 | 23,206,024 | 14,371,797 | 37,733,402
| The notes on pages 15 to 27 form part of these financial statements.
Page 12
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 4,837,403 | 5,108,123
Adjustments for: |  |
Interest paid | 494,648 | 619,153
Income from shares in group undertakings | - | (830,000)
Taxation charge | 71,335 | 26,991
Decrease/(increase) in debtors | 74,550 | (68,011)
(Increase) in amounts owed by groups | (6,225,679) | (12,563,718)
Increase in creditors | 3,739,687 | 1,018,922
Increase in amounts owed to groups | 70,628 | 25,024
Net fair value (gains) recognised in P&L | (4,610,773) | (4,324,183)
Corporation tax received | - | 128,097
Net cash generated from operating activities | (1,548,201) | (10,859,602)
Cash flows from investing activities |  |
Income from investments in related companies | - | 830,000
Net cash from investing activities | - | 830,000
Cash flows from financing activities |  |
Issue of ordinary shares | 2,214,262 | 12,109,190
Dividends paid | (697,130) | (714,773)
Interest paid | (494,648) | (619,153)
Net cash used in financing activities | 1,022,484 | 10,775,264
Net (decrease)/increase in cash and cash equivalents | (525,717) | 745,662
Cash and cash equivalents at beginning of year | 916,216 | 170,554
Cash and cash equivalents at the end of year | 390,499 | 916,216
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 390,499 | 916,216
| 390,499 | 916,216
The notes on pages 15 to 27 form part of these financial statements.
Page 13
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
|  | At 1 April 2024 | Cash flows | At 31 March 2025
|  | £ | £ | £
Cash at bank and in hand | 916,216 | (525,818) | 390,398
Debt due within 1 year | (2,485,463) | (5,486,821) | (7,972,284)
| (1,569,247) | (6,012,639) | (7,581,886)
The notes on pages 15 to 27 form part of these financial statements.
Page 14
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
FPC Income & Growth PLC is a public company limited by shares and incorporated in England and Wales (registered number: 11494690). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH, and the principal place of business address is 14-16 Great Pulteney Street, London, W1F 9ND. The principal activity of the company continued to be that of an investment company. The financial statements are presented in Sterling, which is the functional currency of the company. The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 not to prepare consolidated accounts, on that basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 15
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.4 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.5 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.6 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. The value of the underlying investments is based on the fair market value of investment property held within those entities. The market value of the investment properties has been provided by an independent expert third-party valuer on a portfolio basis, where available. Where applicable, the directors have adjusted these values accordingly.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 16
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.9 | Creditors
Short-term 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. Page 17
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | 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 with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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 instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Page 18
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
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 instruments 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.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. Page 19
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group and related income | 1,797,248 | 3,952,689
| Sales | 1,400,000 | -
|  | 3,197,248 | 3,952,689
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 3,197,248 | 3,952,689
|  | 3,197,248 | 3,952,689
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 25,325 | 25,325
Page 20
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 83,603 | -
| Social security costs | 10,380 | -
| Cost of defined contribution scheme | 2,726 | -
|  | 96,709 | -
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
|  | Employees | 2 | -
|  |  | 5 | 3
7. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | (16) | -
| Other loan interest payable | 494,664 | 619,153
|  | 494,648 | 619,153
Page 21
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 71,335 | 26,991
|  | 71,335 | 26,991
| Total current tax | 71,335 | 26,991
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on profit on ordinary activities | 71,335 | 26,991
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,908,738 | 5,135,114
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,227,185 | 1,283,779
| Effects of: |  |
| Expense adjustments | 848 | 763
| Utilisation of tax losses | (4,005) | -
| Adjustments to tax charge in respect of prior periods | - | 26,991
| Dividends from UK companies | - | (207,500)
| Unrelieved tax losses carried forward | - | 4,004
| Fair Value Movements | (1,152,693) | (1,081,046)
| Total tax charge for the year | 71,335 | 26,991
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 22
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends analysis | 1,397,246 | 714,773
|  | 1,397,246 | 714,773
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 13,960,030
| Revaluations | 4,610,776
| At 31 March 2025 | 18,570,806
Page 23
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| FPC I&G Midco Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| EL Holdco 1 Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| EL Holdco 2 Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC Electric Land Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (Stanton) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (Rendlesham) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (Marham Park) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (Highbridge) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| Eden (Teynham) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (D.W.B. Assets ) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| EL (Hawkins Lane) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| EL Project Co.3 Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (Horizon38) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (No.88) Limited | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| FPC (Newbury) Ltd | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary shares | 100%
| EL (Ratcliffe) Ltd | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary Shares | 100%
Page 24
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Subsidiary undertakings (continued)
| Name | Registered office | Class of shares | Holding
| Electric Land & Power Ltd | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary Shares | 100%
| ELI Germany Holdco Ltd | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary Shares | 100%
| ELD Holdco Ltd | 101 New Cavendish Street, 1st Floor South, London, W1W 6XH | Ordinary Shares | 100%
| IIncluded within fixed asset investments is FPC Convenience No.1 Limited which is not directly wholly owned subsidiary. However, FPC Income & Growth PLC indirectly owns 100% of the issued share capital of this entity via company's 56.76% direct ownership and 100% ownership in FPC I&G Midco 1 Ltd which owns the remaining 43.24% in the entity.
11. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 77 | 33
| Amounts owed by group undertakings | 29,503,646 | 23,277,967
| Other debtors | 1,281 | 81,308
| Prepayments and accrued income | 5,431 | -
|  | 29,510,435 | 23,359,308
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 390,499 | 916,216
|  | 390,499 | 916,216
Page 25
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 28,579 | 27,413
| Amounts owed to group undertakings | 95,652 | 25,024
| Corporation tax | 71,335 | -
| Other taxation and social security | 122,880 | -
| Other creditors | 8,672,400 | 2,485,463
| Accruals and deferred income | 1,747,492 | 3,618,671
|  | 10,738,338 | 6,156,571
14. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 390,499 | 916,216
| Financial assets measured at amortised cost | 29,505,004 | 23,292,704
|  | 29,895,503 | 24,208,920
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 10,541,498 | 6,089,966
| Financial assets measured at fair value through profit or loss comprise bank at cash and in hand.
| Financial assets measured at amortised cost comprise amounts owed by group undertakings, tax refunds and other debtors.
| Financial liabilities measured at amortised cost comprise loans, amounts due to group undertakings, tax payable and accrued expenses.
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 15,558,135 (2024 - 14,440,137) Ordinary shares of £0.01 each | 155,581 | 144,401
During the year, 1,117,998 Ordinary shares of £0.01 each were issued in exchange at a premium. Page 26
FPC INCOME & GROWTH LIMITED (PREVIOUSLY FPC INCOME & GROWTH PLC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Reserves
Share premium account Share premium reserves relate to the total amount raised on the issue of shares in excess of their nominal value. Profit and loss account Profit and loss reserves relate to realised trading income and expenditure, as well as unrealised fair value movements on investments of subsidiary undertakings held at fair value.
17. | Related party transactions
| Included within debtors is £29,503,648 (2024: £23,211,395) due from related parties. Included within creditors is £95,652 (2024: £3,554,997) due to related parties. FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly owned by such member. During the year, the company entered in the following transactions with related parties: - Sales totalling £1,797,248 (2024: £3,886,116); - Expenses totalling £88,364 (2024: £73,270); - Interest totalling £92,837 (2024: £97,625); - Director fees of £336,042 (2024: £320,067) via a company which is under common control; -An accrued performance fee of £543,341 (2024: £1,892,844) plus a tax-related fee of £181,113 (2024: £630,948), which will be payable to a company which is under common control.
Page 27