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REGISTERED NUMBER: 07879170 (England and Wales)

FUW PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

| FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170) |

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 |

| FUW PROPERTIES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | D T Williams

| D T Miles

| SECRETARY: | S A Longworth FCA

| REGISTERED OFFICE: | Llys Amaeth

| Plas Gogerddan

| Ceredigion

| SY23 3BT

| REGISTERED NUMBER: | 07879170 (England and Wales)

| AUDITORS: | Bevan Buckland LLP

| Chartered Accountants

| And Statutory Auditors

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

| FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 334,024 |  | 348,664 |  |

Investment property | 5 | 102,000 |  | 102,000 |  |

436,024 |  | 450,664 |  |

CURRENT ASSETS

Debtors | 6 | 3,612 |  | 3,612 |  |

Cash at bank | 3,434 |  | 139 |  |

7,046 |  | 3,751 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,678 |  | 528 |  |

NET CURRENT ASSETS | 4,368 |  | 3,223 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 440,392 |  | 453,887 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 466,908 |  | 472,694 |  |

NET LIABILITIES | (26,516 | ) | (18,807 | ) |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Retained earnings | (26,517 | ) | (18,808 | ) |

(26,516 | ) | (18,807 | ) |

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 Board of Directors and authorised for issue on 6 October 2025 and were signed on its behalf by:

D T Miles - Director

| FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| FUW Properties 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.

| Going Concern

| The Board of the company and the Boards of the Group are actively looking to maintain or improve profitability in their strategic plans.

| There has been no recessional impact on the business. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the period ended 31 March 2024 on a going concern basis would be inappropriate.

| Related party exemption

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

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

| 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 and in any future periods affected.

| Significant management judgements

| The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

| Depreciation

| Tangible fixed assets, other than investment properties, are depreciated over their useful economic lives based on various internal and external factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset.

| Trade debtors

| Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

| Creditors

| Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Provisions for liabilities

| Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

| Functional and Presentation Currency

| The company's functional and presentational currency is pounds sterling.

| Turnover

| Rental income arising from leases is accounted for on a straight line basis over the lease term.

| FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Land and buildings | - | 2 - 5% on cost

| Plant and machinery etc | - | Straight line over 5 to 10 years

| 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.

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial assets are derecognised when the rights to receive benefits have expired or been transferred, and the company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation is extinguished.

| Non-derivative financial assets are classified as either loans and receivables or cash and cash equivalents. They are stated at amortised cost using the effective interest method, subject to reduction for allowances for estimated irrecoverable amounts. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of those receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the income statement. For interest-bearing assets, their carrying value includes accrued interest receivable.

| Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. Non-derivative financial liabilities (classified as other payables) are stated at amortised cost using the effective interest method. For borrowings, their carrying value includes accrued interest payable, as well as any unamortised issue costs.

| The company transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The company does not transact derivative financial instruments for trading purposes. However, as the company has decided not to hedge account for its derivative financial instruments as permitted under lAS 39, they are accounted for through the income statement. Derivative financial assets and liabilities are stated at fair value, which includes accrued interest receivable and payable where relevant. Changes in fair values are recognised in the income statement in the period in which they arise.

| 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.

| Other income

| Other Income comprises of;

| - Capital grant released.

3. | EMPLOYEES AND DIRECTORS

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

| FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 570,557 |  | 46,995 |  | 617,552 |  |

| DEPRECIATION

| At 1 April 2024 | 221,893 |  | 46,995 |  | 268,888 |  |

| Charge for year | 14,640 |  | - |  | 14,640 |  |

| At 31 March 2025 | 236,533 |  | 46,995 |  | 283,528 |  |

| NET BOOK VALUE

| At 31 March 2025 | 334,024 |  | - |  | 334,024 |  |

| At 31 March 2024 | 348,664 |  | - |  | 348,664 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024

| and 31 March 2025 | 102,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 102,000 |  |

| At 31 March 2024 | 102,000 |  |

| Investment property owned by the group was valued on 14th July 2023 by an external valuer M N Williams MRICS of Williams & Goodwin..

| The valuation was prepared on the basis of market value as defined in the Royal Institution of Chartered Surveyors Valuation - Global Standards.

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2023 | (22,500 | ) |

| Cost | 124,500 |  |

102,000 |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 1,800 |  | 1,800 |  |

| Other debtors | 1,812 |  | 1,812 |  |

3,612 |  | 3,612 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 63 |  | - |  |

| Taxation and social security | 285 |  | 528 |  |

| Other creditors | 2,330 |  | - |  |

2,678 |  | 528 |  |

| FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 466,908 |  | 472,694 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 14,500 |  | 14,500 |  |

| Between one and five years | 43,500 |  | 43,500 |  |

| In more than five years | 518,375 |  | 532,875 |  |

576,375 |  | 590,875 |  |

10. | SECURED DEBTS

| The Company's banker Barclays Bank Plc and Barclays Security Trustee Limited hold the following security: - A legal mortgage and by way of first fixed charge on the Property CYM564262

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Henry Lloyd Davies (Senior Statutory Auditor)

| for and on behalf of Bevan Buckland LLP

12. | ULTIMATE CONTROLLING PARTY

| The controlling party is The Grand Council of the Farmers'Union of Wales.

| The Members control the immediate parent company UAC CYF. FUW LTD. which is limited by guarantee.