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Registration number: 08830784

Fred Done Property Trading Group Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 January 2025

Fred Done Property Trading Group Limited

Contents

Group Information | 1
Group Strategic Report | 2 to 3
Group Directors Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 8
Consolidated Profit and Loss Account | 9
Consolidated Balance Sheet | 10
Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 32

Fred Done Property Trading Group Limited

Group Information

Directors | F Done J L Whittaker P J Kirszanek

Registered office | The Spectrum Benson Road Birchwood Warrington WA3 7PQ

Auditors | Alextra Audit Limited 7-9 Macon Court Crewe Cheshire CW1 6EA

Fred Done Property Trading Group Limited

Group Strategic Report for the Year Ended 31 January 2025

The directors present their strategic report for the year ended 31 January 2025.

Principal Activity and Fair review of the business

The principal activity of the group is the development and sale of residential and commercial property. The group is structured such that different projects sit within their own statutory entities. Ongoing projects are at different stages within the development cycle.
The directors are pleased to present the results for the year under review, with turnover for the year of £33.24m (2024: £30.16m) and consolidated profit before tax of £5.5m (2024: £3.2m).
This performance reflects mainly sales from the group's Castle Irwell development in Salford. Other developments within the group's portfolio are progressing through the presales stage during the reporting period.The directors consider the development and performance of the group during the year ended 31 January 2025 to be in line with expectations.

Key performance indicators

As in previous years, the directors monitor the performance of the group through monthly management accounts. The directors consider the following to be key performance indicators:

Financial KPIs | Unit | 2025 | 2024
Gross profit margin | % | 6.95 | (13.46)
Current Ratio |  | 1.71 | .88
EBITDA | £m | (.8) | (2.24)

Future developments

The group will continue to focus on the development and delivery of high quality, attractive properties whilst also seeking new opportunities to expand its portfolio.

Principal risks and uncertainties

The group's operations may expose it to a variety of potential financial risks, these include liquidity, credit, currency and interest rate risks.

Liquidity risk

The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group regularly reviews business performance to ensure it has sufficient liquidity to meet its financial obligations as and when they fall due.

Credit risk

The directors continuously review customer balances to ensure the recoverability of debtor balances and credit checks are carried out where applicable.

Currency risk

The directors consider hedging policies on a regular basis and monitor exchange rates to ensure that any company cash held in foreign currency accounts is managed to reduce the risk of a foreign currency loss.

Interest rate risk

Interest rates are monitored, and hedging policies reviewed by the directors to ensure the group's risk and exposure to interest rate movements is kept to a minimum.

Fred Done Property Trading Group Limited

Group Strategic Report for the Year Ended 31 January 2025

Approved and authorised by the Board on 13 October 2025 and signed on its behalf by:

......................................... P J Kirszanek Director

Fred Done Property Trading Group Limited

Group Group Directors Report for the Year Ended 31 January 2025

The directors present their report and the for the year ended 31 January 2025.

Directors of the group

The directors who held office during the year were as follows:

F Done

J L Whittaker

P J Kirszanek

Dividends

There were no dividends paid in the financial year (2024: £Nil). The directors do not recommend payment of a final dividend.

Information included in the Strategic Report

Information with regards to future developments and financial risk management objectives and policies has been included in the Strategic Report.

Social and community issues

Considering the potential consequences that a decision may have on employees, suppliers, customers and other related parties is paramount. Acting with integrity and promoting high standards across the business is fundamental to how we operate as a business.
The company is aware of its responsibility to the local community and the environment, making charitable donations and contributing to the local community on a number of different initiatives.
Ultimately, we aim to increase the value of the business through building lasting relationships with our external partners and creating opportunities for employees and stakeholders to achieve their potential.

Post balance sheet events

There have been no significant events affecting the Group since the year end

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Alextra Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 13 October 2025 and signed on its behalf by:

......................................... P J Kirszanek Director

Fred Done Property Trading Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements 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; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and the group 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 group and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Fred Done Property Trading Group Limited

Independent Auditor's Report to the Members of Fred Done Property Trading Group Limited

Opinion

We have audited the financial statements of Fred Done Property Trading Group Limited (the 'parent group') and its subsidiaries (the 'group') for the year ended 31 January 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent group's affairs as at 31 January 2025 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

Fred Done Property Trading Group Limited

Independent Auditor's Report to the Members of Fred Done Property Trading Group Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Group Strategic Report and Group Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Group Strategic Report and Group 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 our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Group Directors Report.

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 by the parent group, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent group 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 Statement of Directors' Responsibilities [set out on page 5], 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 group'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 group or to cease operations, or have no realistic alternative but to do so.

Auditor 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 auditor’s 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.

Fred Done Property Trading Group Limited

Independent Auditor's Report to the Members of Fred Done Property Trading Group Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks and irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation, pension legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included GDPR, employment law, health and safety and building regulations.
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.

Use of our report

This report is made solely to the group’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 group’s members those matters we are required to state to them in an auditor’s 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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Damian Wayne Riley FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

13 October 2025

Fred Done Property Trading Group Limited

Consolidated Profit and Loss Account for the Year Ended 31 January 2025

| Note | 2025 £ | (As restated) 2024 £
Turnover | 3 | 33,242,966 | 30,159,273
Cost of sales |  | (30,934,383) | (34,219,273)
Gross profit/(loss) |  | 2,308,583 | (4,060,000)
Administrative expenses |  | (5,323,997) | (1,494,874)
Other operating income |  | 45,387 | 1,915,872
Operating loss | 4 | (2,970,027) | (3,639,002)
Income from shares in group undertakings |  | 2,170,599 | 1,402,283
Other interest receivable and similar income | 5 | 8,070,014 | 6,806,748
Interest payable and similar expenses | 6 | (1,684,546) | (1,363,975)
|  | 8,556,067 | 6,845,056
Profit before tax |  | 5,586,040 | 3,206,054
Tax on profit | 9 | (244,060) | (965,680)
Profit for the financial year |  | 5,341,980 | 2,240,374
Profit/(loss) attributable to: |  |  |
Owners of the group |  | 7,022,755 | 2,560,096
Minority interests |  | (1,680,775) | (319,722)
|  | 5,341,980 | 2,240,374

Fred Done Property Trading Group Limited

(Registration number: 08830784)
Consolidated Balance Sheet as at 31 January 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 6,520,993 | 6,614,352
Investments | 12 | 48,103,734 | 48,103,734
|  | 54,624,727 | 54,718,086
Current assets |  |  |
Stocks | 13 | 186,439,354 | 106,996,994
Debtors (including £140,078,394 (2024: £91,475,242) due after one year) | 14 | 148,804,468 | 101,840,750
Cash at bank and in hand |  | 5,398,736 | 6,676,168
|  | 340,642,558 | 215,513,912
Creditors: Amounts falling due within one year | 15 | (199,640,771) | (140,448,927)
Net current assets |  | 141,001,787 | 75,064,985
Total assets less current liabilities |  | 195,626,514 | 129,783,071
Creditors: Amounts falling due after more than one year | 15 | (102,113,342) | (41,662,302)
Provisions for liabilities | 9 | (58,263) | (7,840)
Net assets |  | 93,454,909 | 88,112,929
Capital and reserves |  |  |
Called up share capital | 17 | 640 | 640
Share premium reserve |  | 68,664,620 | 68,664,620
Retained earnings |  | 28,035,082 | 21,012,327
Equity attributable to owners of the company |  | 96,700,342 | 89,677,587
Minority interests |  | (3,245,433) | (1,564,658)
Shareholders' funds |  | 93,454,909 | 88,112,929

Approved and authorised by the Board on 13 October 2025 and signed on its behalf by:

......................................... P J Kirszanek Director

Fred Done Property Trading Group Limited

(Registration number: 08830784)
Balance Sheet as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 12 | 48,104,566 | 48,104,456
Current assets |  |  |
Debtors (including £191,761,759 (2024: £162,712,193) due after one year) | 14 | 197,011,350 | 165,635,558
Cash at bank and in hand |  | 2,233,370 | 1,172,258
|  | 199,244,720 | 166,807,816
Creditors: Amounts falling due within one year | 15 | (153,178,490) | (116,223,517)
Net current assets |  | 46,066,230 | 50,584,299
Net assets |  | 94,170,796 | 98,688,755
Capital and reserves |  |  |
Called up share capital | 17 | 640 | 640
Share premium reserve |  | 68,664,620 | 68,664,620
Retained earnings |  | 25,505,536 | 30,023,495
Shareholders' funds |  | 94,170,796 | 98,688,755

The company made a loss after tax for the financial year of £4,517,959 (2024 - profit of £12,823,551).

Approved and authorised by the Board on 13 October 2025 and signed on its behalf by:

......................................... P J Kirszanek Director

Fred Done Property Trading Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2025
Equity attributable to the parent company

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 February 2024 | 640 | 68,664,620 | 25,665,288 | 94,330,548
Prior period adjustment | - | - | (4,652,961) | (4,652,961)
At 1 February 2024 (As restated) | 640 | 68,664,620 | 21,012,327 | 89,677,587
Profit/(loss) for the year | - | - | 7,022,755 | 7,022,755
At 31 January 2025 | 640 | 68,664,620 | 28,035,082 | 96,700,342

| Non-controlling interests - Equity £ | Total equity £
At 1 February 2024 | (1,564,658) | 92,765,890
Prior period adjustment | - | (4,652,961)
At 1 February 2024 (As restated) | (1,564,658) | 88,112,929
Profit/(loss) for the year | (1,680,775) | 5,341,980
At 31 January 2025 | (3,245,433) | 93,454,909

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 February 2023 | 640 | 68,664,620 | 17,589,931 | 86,255,191
Prior period adjustment | - | - | 862,300 | 862,300
At 1 February 2023 (As restated) | 640 | 68,664,620 | 18,452,231 | 87,117,491
Profit/(loss) for the year | - | - | 2,560,096 | 2,560,096
At 31 January 2024 | 640 | 68,664,620 | 21,012,327 | 89,677,587

| Non-controlling interests - Equity £ | Total equity £
At 1 February 2023 | (1,244,936) | 85,010,255
Prior period adjustment | - | 862,300
At 1 February 2023 (As restated) | (1,244,936) | 85,872,555
Profit/(loss) for the year | (319,722) | 2,240,374
At 31 January 2024 | (1,564,658) | 88,112,929

Fred Done Property Trading Group Limited

Statement of Changes in Equity for the Year Ended 31 January 2025

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 February 2024 | 640 | 68,664,620 | 30,023,495 | 98,688,755
Loss for the year | - | - | (4,517,959) | (4,517,959)
At 31 January 2025 | 640 | 68,664,620 | 25,505,536 | 94,170,796

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 February 2023 | 640 | 68,664,620 | 17,199,944 | 85,865,204
Profit for the year | - | - | 12,823,551 | 12,823,551
At 31 January 2024 | 640 | 68,664,620 | 30,023,495 | 98,688,755

Fred Done Property Trading Group Limited

Consolidated Statement of Cash Flows for the Year Ended 31 January 2025

| Note | 2025 £ | (As restated) 2024 £
Cash flows from operating activities
Profit for the year |  | 5,341,980 | 2,240,374
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 100,382 | 64,902
Finance income | 5 | (10,240,613) | (8,209,031)
Finance costs | 6 | 1,684,546 | 1,363,975
Corporation tax expense | 9 | 244,060 | 965,680
|  | (2,869,645) | (3,574,100)
Working capital adjustments |  |  |
Increase in stocks | 13 | (79,442,360) | (16,964,582)
Increase in trade debtors | 14 | (46,683,813) | (28,783,721)
Increase in trade creditors | 15 | 60,932,427 | 82,443,819
Increase in deferred income, including government grants |  | 1,084,401 | -
Cash generated from operations |  | (66,978,990) | 33,121,416
Income taxes paid | 9 | (473,542) | (2,469,027)
Net cash flow from operating activities |  | (67,452,532) | 30,652,389
Cash flows from investing activities |  |  |
Interest received |  | 10,240,613 | 8,209,031
Acquisitions of fixed assets |  | (5,439) | (32,100,795)
Acquisition of intangible assets | 10 | (1,584) | -
Net cash flows from investing activities |  | 10,233,590 | (23,891,764)
Cash flows from financing activities |  |  |
Interest paid | 6 | (1,684,546) | (1,363,975)
Proceeds from bank borrowing draw downs |  | 86,664,440 | 10,650,000
Proceeds from other borrowing draw downs |  | (1,740,583) | -
Repayment of other borrowing |  | (27,297,801) | (21,148,715)
Net cash flows from financing activities |  | 55,941,510 | (11,862,690)
Net decrease in cash and cash equivalents |  | (1,277,432) | (5,102,065)
Cash and cash equivalents at 1 February |  | 6,676,168 | 11,778,233
Cash and cash equivalents at 31 January |  | 5,398,736 | 6,676,168

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

1 | General information

The group is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Spectrum
Benson Road
Birchwood
Warrington
WA3 7PQ

These financial statements were authorised for issue by the Board on 13 October 2025.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the group and its subsidiary undertakings drawn up to 31 January 2025.

A subsidiary is an entity controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the group and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to continue to trade for the foreseeable future.
The validity of the going concern basis is dependant upon the Group managing the risks of the business as identified in the Directors' Report and Strategic Report and its financial arrangements.
The Group have prepared a budget, and this forecasts a strong trading performance and significant cash reserves for the forecasted 12-month period from the date of signing. On this basis the directors consider it appropriate to prepare financial statements on a going concern basis.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Adjusting events after the financial period

There have been no significant events affecting the Group since the year end

Judgements

In the application of the company's accounting policies, the directors are 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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Tangible assets

Tangible fixed assets held under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets less their residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 25% straight line
Freehold Property | 2% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs, borrowing costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 33,051,852 | 29,980,384
Rental income from investment property | 191,114 | 178,889
| 33,242,966 | 30,159,273

In the current and previous year all of the group turnover arose in the UK.

4 | Operating loss

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 98,798 | 64,902
Amortisation expense | 1,584 | -
Auditors remuneration | 15,000 | 15,000
Auditor's remuneration - The audit of the company's subsidiaries' annual accounts | 51,050 | 49,200
Auditors' remuneration - non audit work | 39,659 | 52,600

5 | Other interest receivable and similar income

| 2025 £ | (As restated) 2024 £
Other finance income | 8,070,014 | 6,806,748

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest expense on other finance liabilities | 1,684,546 | 1,363,975

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

7 | Staff costs

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Sales, marketing and distribution | 14 | 25
| 14 | 25

8 | Directors' remuneration

There was no remuneration paid to directors in the year (2024: £Nil).

9 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | (As restated) 2024 £
Current taxation |  |
UK corporation tax | 605,653 | 590,235
UK corporation tax adjustment to prior periods | (313,014) | -
| 292,639 | 590,235
Deferred taxation |  |
Arising from origination and reversal of timing differences | (48,579) | 375,445
Tax expense in the income statement | 244,060 | 965,680

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 24.26%).
The differences are reconciled below:

| 2025 £ | (As restated) 2024 £
Profit before tax | 5,586,040 | 3,206,054
Corporation tax at standard rate | 1,396,510 | 777,789
Decrease in UK and foreign current tax from adjustment for prior periods | (313,013) | -
Tax increase from effect of capital allowances and depreciation | - | 42,953
Tax increase from other short-term timing differences | - | 920,129
Effect of revenues exempt from taxation | (542,650) | (336,548)
Effect of expense not deductible in determining taxable profit (tax loss) | 75,989 | (754,117)
Tax (decrease)/increase from effect of unrelieved tax losses carried forward | (372,776) | 315,474
Total tax charge | 244,060 | 965,680

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | 58,263
Other timing differences | 1,458,971 | -
| 1,458,971 | 58,263

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 7,840
Other timing differences | 1,359,968 | -
| 1,359,968 | 7,840

Company

There were no deferred tax assets or liabilities at the end of the period (2024: £Nil).

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

10 | Intangible assets

Group

| Goodwill £ | Total £
Cost or valuation
At 1 February 2024 | 139,090 | 139,090
Additions | 1,584 | 1,584
At 31 January 2025 | 140,674 | 140,674
Amortisation
At 1 February 2024 | 139,090 | 139,090
Amortisation charge | 1,584 | 1,584
At 31 January 2025 | 140,674 | 140,674
Carrying amount
At 31 January 2025 | - | -
At 31 January 2024 | - | -

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

11 | Tangible assets

Group

| Land and buildings £ | Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 February 2024 | 6,289,499 | 392,972 | 6,682,471
Additions | - | 5,440 | 5,440
At 31 January 2025 | 6,289,499 | 398,412 | 6,687,911
Depreciation
At 1 February 2024 | - | 68,120 | 68,120
Charge for the year | - | 98,798 | 98,798
At 31 January 2025 | - | 166,918 | 166,918
Carrying amount
At 31 January 2025 | 6,289,499 | 231,494 | 6,520,993
At 31 January 2024 | 6,289,499 | 324,853 | 6,614,352

Included within the net book value of land and buildings above is £6,289,499 (2024 - £6,289,499) in respect of freehold land and buildings.

12 | Investments

Group

| 2025 £ | 2024 £
Other investments | 48,103,734 | 48,103,734
| 48,103,734 | 48,103,734

Investments held by the group relate to preference shares held which do not contain voting rights. The group therefore has no control over the entity and so as such the entity is not consolidated into these financial statements.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 48,104,566 | 48,104,456

Subsidiaries | £
Cost or valuation
At 1 February 2024 | 48,104,456
Additions | 110
At 31 January 2025 | 48,104,566
Provision
Carrying amount
At 31 January 2025 | 48,104,566
At 31 January 2024 | 48,104,456

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiaries

All companies below hold the registered office of 14 Hulme Street, Salford, Greater Manchester, M5 4ZG.

|  | Proportion of |
|  | Voting rights |
|  | and shares held |
Undertaking | Holding | 2025 | 2024 | Principal activity
QN Street Limited | Direct | 75% | 75% | Development of building projects
Salboy (Narrowcliff Newquay) Limited | Direct | 75% | 75% | Development of building projects
Booths Farm Developments Limited | Direct | 75% | 75% | Development of building projects
Castle Irwell Limited | Direct | 75% | 75% | Development of building projects
Salboy (Mornington Crescent) Limited | Direct | 75% | 75% | Development of building projects
Salboy (Harrington Square) Limited | Direct | 75% | 75% | Dormant company
Salboy (SPV Co 2) Ltd | Direct | 75% | 75% | Dormant company
Salboy (SPV Co 4) Ltd | Direct | 75% | 75% | Development of building projects

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Salboy (Tuckingmill) Limited | Direct | 75% | 75% | Development of building projects
Dyrham Park Limited | Indirect | 75% | 75% | Development of building projects
Bradley Manor Limited | Indirect | 75% | 75% | Development of building projects
QN Street Fifty5ive Limited | Indirect | 75% | 75% | Dormant company
Salboy Narrowcliff Management Company Limited | Indirect | 75% | 75% | Development of building projects
Salboy (SPV Co 4) A Ltd | Indirect | 75% | - | Dormant company
Salboy (SPV Co 5) Limited | Direct | 75% | - | Development of building projects

All companies below hold the registered office of the Spectrum, Benson Road, Birchwood, Warrington, WA3 7PQ.

|  | Proportion of |
|  | Voting rights |
|  | and shares held |
Undertaking | Holding | 2025 | 2024 | Principal activity
BTS NQ Limited | Direct | 100% | 100% | Development of building projects
Enzo's Homes Gyllene Grove Limited | Direct | 100% | - | Development of building projects
SOFICM Limited | Direct | 100% | 100% | Development of building projects
DOFICM Limited | Direct | 100% | 100% | Dormant company

The following subsidiaries are exempt from audit under the requirements of S479A of the Companies Act 2006. Fred Done Property Trading Group Limited (the ultimate parent company, Company number 08830784) guarantees the liabilities of the companies under S479C of the Companies Act 2006 in respect of the year ended 31 January 2025.
Bradley Manor Limited (Company number 09712329)
Dyrham Park Limited (Company number 10213702)
SOFICM Limited (Company number 11133938)

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

13 | Stocks

| Group | Company
| 2025 £ | (As restated) 2024 £ | 2025 £ | 2024 £
Work in progress | 186,439,354 | 106,996,994 | - | -

The amount of interest capitalised within work in progress is £10,232,536 (2024: £5,258,444).

14 | Debtors

|  | Group | Company
| Note | 2025 £ | (As restated) 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 177,055 | 168,464 | - | -
Amounts owed by related parties | 22 | 132,776,062 | 91,475,242 | 130,936,523 | 90,675,217
Amounts owed by group companies |  | - | - | 60,708,571 | 69,872,940
Other debtors |  | 8,792,812 | 6,788,934 | 123,412 | 2,253,317
Prepayments |  | 5,273,664 | 1,903,140 | 4,894,139 | 1,939,357
Deferred tax assets | 9 | 1,458,970 | 1,359,968 | - | -
Corporation tax asset | 9 | 325,905 | 145,002 | 348,705 | 894,727
|  | 148,804,468 | 101,840,750 | 197,011,350 | 165,635,558

15 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Trade creditors |  | 666,930 | 2,625,363 | 17,671 | 24,661
Amounts due to related parties | 22 | 157,454,620 | 115,399,260 | 145,137,587 | 106,533,283
Amounts due to group companies |  | - | - | 1,367,415 | 1,367,450
Social security and other taxes |  | 16,237 | 54,696 | - | -
Other creditors |  | 22,141,108 | 5,513,312 | 100 | 175
Accruals |  | 12,819,476 | 8,573,313 | 113,317 | 14,965
Directors loans |  | 6,542,400 | 8,282,983 | 6,542,400 | 8,282,983
|  | 199,640,771 | 140,448,927 | 153,178,490 | 116,223,517

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due after one year |  |  |  |  |
Loans and borrowings | 18 | 97,314,440 | 10,650,000 | - | -
Amounts due to related parties | 22 | 1,084,401 | - | - | -
Other financial liabilities |  | 3,714,501 | 31,012,302 | - | -
|  | 102,113,342 | 41,662,302 | - | -

Included within loans and borrowings are the following secured debts:
A loan due in over one year of £10,650,000 (2024: £10,650,000) secured via fixed and floating charge created by Barclays Bank PLC on 3 January 2024. This charge is secured over land, freehold property and leasehold property held within stock in the group's balance sheet.
A loan due in over one year of £86,664,440 (2024: £26,578,637) secured via a fixed charge with a negative pledge created by Apex Group Hold Co (UK) Limited created on 23 November 2023. This charge is secured over land, freehold property and leasehold property held within stock in the group's balance sheet.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

16 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £Nil (2024 - £11,186).

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 160 | 160 | 160 | 160

18 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 97,314,440 | 10,650,000 | - | -

19 | Prior year adjustment

During the preparation of the consolidated financial statements an error was discovered in relation to the consolidation adjustments in the prior period. Interest income had been overstated by £3,926,243, direct costs overstated by £7,902,223 and the taxation charge overstated by £676,981. In correcting these errors, profits have increased by £4,652,961, work in progress increased by £3,975,980 and deferred tax asset increased by £676,981. As these adjustments relate to consolidation adjustments, there has been no effect on the taxable profits.

20 | Other financial commitments

As at the consolidated statement of financial position date the company has provided a financial guarantee for a letter of credit to a company which has common directors or shareholders.

Fred Done Property Trading Group Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

21 | Analysis of changes in net debt

Group

| At 1 February 2024 £ | Financing cash flows £ | At 31 January 2025 £
Cash and cash equivalents |  |  |
Cash | 6,676,168 | (1,277,432) | 5,398,736
Borrowings |  |  |
Long term borrowings | (10,650,000) | (86,664,400) | (97,314,400)
| (3,973,832) | (87,941,832) | (91,915,664)

22 | Related party transactions

Group
Summary of transactions with other related parties
The group has transacted with several related parties by virtue of common directors or shareholders with these entities, including loans to and from the group. The loans received are unsecured.
The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS 102 paragraph 33.1A.

Transactions with related parties

| 2025 | 2024
| £ | £
Income from related parties | 9,848,192 | 7,389,265
Expenditure with related parties | 96,325,781 | 18,224,474
Loans from related parties | 157,454,620 | 115,399,259
Loans to related parties | 132,776,062 | 91,475,242

There are personal guarantees in place for loans owed to the group from companies with common directors or shareholders.
The company has also provided guarantees as security for a proportion of the liabilities incurred by companies with common directors or shareholders.

23 | Parent and ultimate parent undertaking

The company was under the control of members of the Done family throughout the year to 31 January 2025 and the prior year.