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REGISTERED NUMBER: 05726794 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SECOND AVENUE PORTFOLIO LIMITED

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

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 |

| SECOND AVENUE PORTFOLIO LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | Mr N W Hudders

| Mrs S E Hudders

| Mrs N L Chequer

| Ms S K Cremer

| Mrs A E N Harley

| SECRETARY: | Gibson Whitter Secretaries Limited

| REGISTERED OFFICE: | Larch House

| Parklands Business Park

| Denmead

| Hampshire

| PO7 6XP

| REGISTERED NUMBER: | 05726794 (England and Wales)

| ACCOUNTANTS: | Gibson Whitter

| Chartered Accountants

| and Chartered Tax Advisers

| Larch House

| Parklands Business Park

| Denmead

| Hampshire

| PO7 6XP

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

BALANCE SHEET

31 MARCH 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | - |  |

Investments | 5 | 13,000 |  | 13,000 |  |

Investment property | 6 | 1,233,375 |  | 1,233,375 |  |

1,246,375 |  | 1,246,375 |  |

CURRENT ASSETS

Debtors | 7 | 12,123 |  | 21,743 |  |

Cash at bank | 190,888 |  | 86,667 |  |

203,011 |  | 108,410 |  |

CREDITORS

Amounts falling due within one year | 8 | 124,620 |  | 53,888 |  |

NET CURRENT ASSETS | 78,391 |  | 54,522 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,324,766 |  | 1,300,897 |  |

PROVISIONS FOR LIABILITIES | 9 | 139,844 |  | 139,844 |  |

NET ASSETS | 1,184,922 |  | 1,161,053 |  |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Non distributable funds | 10 | 643,576 |  | 643,576 |  |

Retained earnings | 10 | 541,345 |  | 517,476 |  |

SHAREHOLDERS' FUNDS | 1,184,922 |  | 1,161,053 |  |

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.

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

Mr N W Hudders - Director

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Second Avenue Portfolio 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.

| Turnover

| Turnover represents rental income in respect of properties owned or managed by the company. Rental income is recognised when the company obtains the right to consideration under the contractual agreement with the tenant.

| Tangible fixed assets

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

| Plant and machinery etc | - | 33% on cost and 25% on cost

| Investment property

| Investment property is carried at fair value determined annually by the directors using information available to them unless an external valuation has been provided during the financial period. No depreciation is provided. Changes in fair value are recognised in profit or loss.

| Investments

| Investments in unlisted companies are carried at cost less any provision for impairment.

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

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

| etc

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 573 |  |

| DEPRECIATION

| At 1 April 2024

| and 31 March 2025 | 573 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 13,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 13,000 |  |

| At 31 March 2024 | 13,000 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024

| and 31 March 2025 | 1,233,375 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,233,375 |  |

| At 31 March 2024 | 1,233,375 |  |

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | INVESTMENT PROPERTY - continued

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2014 | 12,094 |  |

| Valuation in 2015 | 18,433 |  |

| Valuation in 2016 | 19,100 |  |

| Valuation in 2017 | 7,400 |  |

| Valuation in 2020 | 379,000 |  |

| Valuation in 2023 | 44,000 |  |

| Valuation in 2024 | 309,375 |  |

| Cost | 443,973 |  |

1,233,375 |  |

| If investment properties had not been revalued they would have been included at the following historical cost:

| 31.3.25 |  | 31.3.24

£ | £ |

| Cost | 443,973 |  | 443,973 |  |

| Investment properties were valued on an open market basis basis on 31 March 2025 by the directors .

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 10,249 |  | 21,408 |  |

| Other debtors | 1,874 |  | 335 |  |

12,123 |  | 21,743 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 239 |  | 222 |  |

| Taxation and social security | 16,179 |  | 14,289 |  |

| Other creditors | 108,202 |  | 39,377 |  |

124,620 |  | 53,888 |  |

9. | PROVISIONS FOR LIABILITIES

| 31.3.25 |  | 31.3.24

£ | £ |

| Deferred tax | 139,844 |  | 139,844 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 139,844 |  |

| Balance at 31 March 2025 | 139,844 |  |

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | RESERVES

| Non |

| Retained |  | distributable |

| earnings |  | funds |  | Totals

£ | £ | £ |

| At 1 April 2024 | 517,476 |  | 643,576 |  | 1,161,052 |  |

| Profit for the year | 23,869 |  | - |  | 23,869 |  |

| At 31 March 2025 | 541,345 |  | 643,576 |  | 1,184,921 |  |

11. | RELATED PARTY DISCLOSURES

| The aggregate amount owed to the directors at the balance sheet date is £1,128 (31.3.24:£816).

12. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party are the trustees of Second Avenue Portfolio FURBS Trust.