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REGISTERED NUMBER: 01882801 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| FRENDCASTLE MANAGEMENT LIMITED |

FRENDCASTLE MANAGEMENT LIMITED (REGISTERED NUMBER: 01882801) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| FRENDCASTLE MANAGEMENT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | W G Bailey

| REGISTERED OFFICE: | Mortlake Business Centre

| 20 Mortlake High Street

| London

| SW14 8JN

| REGISTERED NUMBER: | 01882801 (England and Wales)

| ACCOUNTANTS: | Galloways Accounting (Horsham) Limited

| Ridgeland House

| 15 Carfax

| Horsham

| West Sussex

| RH12 1ER

FRENDCASTLE MANAGEMENT LIMITED (REGISTERED NUMBER: 01882801) |

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 582 |  | 776 |  |

Investments | 5 | 147,220 |  | 47,837 |  |

Investment property | 6 | 205,001 |  | 205,001 |  |

352,803 |  | 253,614 |  |

CURRENT ASSETS

Debtors | 7 | 134,613 |  | 41,047 |  |

Investments | 8 | 212,881 |  | 356,645 |  |

Cash at bank | 69,259 |  | 135,393 |  |

416,753 |  | 533,085 |  |

CREDITORS

Amounts falling due within one year | 9 | (47,809 | ) | (38,717 | ) |

NET CURRENT ASSETS | 368,944 |  | 494,368 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 721,747 |  | 747,982 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (1,769 | ) | (12,235 | ) |

NET ASSETS | 719,978 |  | 735,747 |  |

CAPITAL AND RESERVES

Called up share capital | 45 |  | 45 |  |

Capital redemption reserve | 65 |  | 65 |  |

Retained earnings | 719,868 |  | 735,637 |  |

719,978 |  | 735,747 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2025 and were signed by:

W G Bailey - Director

FRENDCASTLE MANAGEMENT LIMITED (REGISTERED NUMBER: 01882801) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Frendcastle Management 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

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and the future periods where the revision affects both current and future periods.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue represents property management and development services provided, together with ground rent receivable from freehold investment property owned by the company. This revenue is recognised in the period to which the income is receivable. Rental income received in advance is deferred in the balance sheet to the following period.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant & Machinery 25% on a reducing balance basis

| 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 the profit or loss.

| Investments in subsidiaries

| Investment in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

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

| Current 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 tax

| 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FRENDCASTLE MANAGEMENT LIMITED (REGISTERED NUMBER: 01882801) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 2,764 |  |

| DEPRECIATION

| At 1 April 2024 | 1,988 |  |

| Charge for year | 194 |  |

| At 31 March 2025 | 2,182 |  |

| NET BOOK VALUE

| At 31 March 2025 | 582 |  |

| At 31 March 2024 | 776 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 100 |  | 47,737 |  | 47,837 |  |

| Additions | - |  | 113,868 |  | 113,868 |  |

| Disposals | - |  | (13,148 | ) | (13,148 | ) |

| Revaluations | - |  | (1,337 | ) | (1,337 | ) |

| At 31 March 2025 | 100 |  | 147,120 |  | 147,220 |  |

| NET BOOK VALUE

| At 31 March 2025 | 100 |  | 147,120 |  | 147,220 |  |

| At 31 March 2024 | 100 |  | 47,737 |  | 47,837 |  |

| Cost or valuation at 31 March 2025 is represented by:

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2023 | - |  | (1,541 | ) | (1,541 | ) |

| Valuation in 2024 | - |  | (613 | ) | (613 | ) |

| Valuation in 2025 | - |  | (1,337 | ) | (1,337 | ) |

| Cost | 100 |  | 150,611 |  | 150,711 |  |

100 |  | 147,120 |  | 147,220 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024

| and 31 March 2025 | 205,001 |  |

| NET BOOK VALUE

| At 31 March 2025 | 205,001 |  |

| At 31 March 2024 | 205,001 |  |

FRENDCASTLE MANAGEMENT LIMITED (REGISTERED NUMBER: 01882801) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | INVESTMENT PROPERTY - continued

| The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2020 | 78,161 |  |

| Valuation in 2023 | (32,161 | ) |

| Valuation in 2024 | (90,999 | ) |

| Cost | 250,000 |  |

205,001 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,021 |  | 7,866 |  |

| Amounts owed by group undertakings | 93,762 |  | 15,192 |  |

| Other debtors | 20,828 |  | 404 |  |

| Deferred tax asset | 11,327 |  | 11,480 |  |

| Prepayments | 7,675 |  | 6,105 |  |

134,613 |  | 41,047 |  |

8. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Unlisted investments | 212,881 |  | 356,645 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 10,462 |  | 10,204 |  |

| Trade creditors | 530 |  | 198 |  |

| Tax | 15,021 |  | 6,716 |  |

| Social security and other taxes | - |  | 5,287 |  |

| VAT | 3,101 |  | - |  |

| Other creditors | 6,753 |  | 4,495 |  |

| Accruals and deferred income | 11,942 |  | 11,817 |  |

47,809 |  | 38,717 |  |

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 1,769 |  | 12,235 |  |