Company No: 03533728 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	5,065		5,864
Investment property	5	4,589,999		3,587,741
		4,595,064		3,593,605
Current assets
Debtors	6	159		560
Cash at bank and in hand		4,042		3,350
		4,201		3,910
Creditors: amounts falling due within one year	7	( 696,126)		( 678,901)
Net current liabilities		(691,925)		(674,991)
Total assets less current liabilities		3,903,139		2,918,614
Creditors: amounts falling due after more than one year	8	( 1,230,180)		( 1,223,512)
Provision for liabilities		( 238,507)		( 45,116)
Net assets		2,434,452		1,649,986
Capital and reserves
Called-up share capital		2		2
Profit and loss account		2,434,450		1,649,984
Total shareholder's funds		2,434,452		1,649,986

Included in profit and loss reserves are non-distributable reserves of £1,009,219 (2024 - £214,085)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Biltrex Limited (registered number: 03533728) were approved and authorised for issue by the Director on 28 October 2025. They were signed on its behalf by:

Mr M Phillips Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Biltrex Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rent receivable. Where customers pay in advance, the amount received is recorded as deferred income and released to profit and loss over the period of the contract.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

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 that 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The directors have discovered material errors arising for the years to 31 March 2024 and consider that a restatement is necessary.

The impact on the financial statements is an increase in investments property by £76,058 and increase in creditors: amounts falling due within one year by £76,058.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Investment property		3,511,683		76,058		3,587,741
Creditors: amounts falling due within one year		(1,192,570)		(76,058)		(1,268,628)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	2		1

4. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 April 2024	6,100		2,489		8,589
Additions	0		457		457
At 31 March 2025	6,100		2,946		9,046
Accumulated depreciation
At 01 April 2024	1,546		1,179		2,725
Charge for the financial year	911		345		1,256
At 31 March 2025	2,457		1,524		3,981
Net book value
At 31 March 2025	3,643		1,422		5,065
At 31 March 2024	4,554		1,310		5,864

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	3,587,741
Additions	20,612
Fair value movement	981,646
As at 31 March 2025	4,589,999

6. Debtors

	2025		2024
	£		£
VAT recoverable	159		560

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Taxation and social security	0		83
Other creditors	696,126		678,818
	696,126		678,901

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	1,230,180		1,223,512

The loans are secured against the investment property of the business.