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REGISTERED NUMBER: 09038826 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Francis Developments Limited |

Francis Developments Limited (Registered number: 09038826)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Francis Developments Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | J M Francis

| A J J Francis

| REGISTERED OFFICE: | 44 The Pantiles

| Tunbridge Wells

| Kent

| TN2 5TN

| REGISTERED NUMBER: | 09038826 (England and Wales)

| ACCOUNTANTS: | APT

| 44 The Pantiles

| Tunbridge Wells

| Kent

| TN2 5TN

Francis Developments Limited (Registered number: 09038826)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 5,137,334 |  | 5,026,372 |  |

CURRENT ASSETS

Cash at bank | 70,249 |  | 56,339 |  |

CREDITORS

Amounts falling due within one year | 5 | 2,853,592 |  | 2,867,508 |  |

NET CURRENT LIABILITIES | (2,783,343 | ) | (2,811,169 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,353,991 |  | 2,215,203 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 2,353,989 |  | 2,215,201 |  |

SHAREHOLDERS' FUNDS | 2,353,991 |  | 2,215,203 |  |

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 directors acknowledge their 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.

Francis Developments Limited (Registered number: 09038826)

Balance Sheet - continued

31 March 2025

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

A J J Francis - Director

Francis Developments Limited (Registered number: 09038826)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Francis Developments 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.

| The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

| Going concern

| After reviewing the company's forecasts and projections, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Investments

| Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

| Impairment of assets

| Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

| Debtors and creditors receivable/payable in one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Francis Developments Limited (Registered number: 09038826)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| Provision for liabilities

| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

| Dividends

| Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3. | EMPLOYEES AND DIRECTORS

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

4. | FIXED ASSET INVESTMENTS

| Investments (neither listed nor unlisted) were as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Balance brought forward | 5,026,372 |  | 4,742,922 |  |

| Capital introduced | 110,962 |  | 283,450 |  |

5,137,334 |  | 5,026,372 |  |

| Fixed Asset Investments represents the company's capital account balance in a Limited Liability Partnership.

Francis Developments Limited (Registered number: 09038826)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Taxation and social security | 51,096 |  | 81,256 |  |

| Other creditors | 2,802,496 |  | 2,786,252 |  |

2,853,592 |  | 2,867,508 |  |

6. | RELATED PARTY DISCLOSURES

| As at 31 March 2025 £579,676 (2024: £563,431) was owed to a company controlled by key management personnel. The loan is interest free and is repayable on demand.

| As at 31 March 2025 £2,220,719 (2024: £2,220,719) was owed to individuals connected with key management personnel. The loan is interest free and is repayable on demand.