ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 03314482

FLORIS ESTATES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025


FLORIS ESTATES LIMITED REGISTERED NUMBER:03314482

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		1,242		10,046
Investment property	5		8,399,019		25,812,671
			8,400,261		25,822,717
Current assets
Debtors: amounts falling due after more than one year	6	821,963		-
Debtors: amounts falling due within one year	6	13,438,956		9,238,013
Cash at bank and in hand		727,931		165,045
		14,988,850		9,403,058
Creditors: amounts falling due within one year	7	(1,215,395)		(882,512)
Net current assets			13,773,455		8,520,546
Total assets less current liabilities			22,173,716		34,343,263
Creditors: amounts falling due after more than one year	8		(3,050,000)		(13,700,000)
Provisions for liabilities
Deferred tax	10	(1,291,776)		(3,942,271)
			(1,291,776)		(3,942,271)
Net assets			17,831,940		16,700,992

Capital and reserves
Called up share capital		100	100
Revaluation reserve	11	5,512,514	16,354,135
Profit and loss account	11	12,319,326	346,757
		17,831,940	16,700,992

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FLORIS ESTATES LIMITED REGISTERED NUMBER:03314482

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

E C Botsaris

Director

The notes on pages 3 to 14 form part of these financial statements.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Floris Estates Limited (Company registration number 03314482) is a private company, limited by shares, registered in England and Wales. The Company's registered office address is 89 Jermyn Street, London, SW1Y 6JH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Floris of London Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

2.3

Going concern

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company had a net asset position at the 31 March 2025 of £7,831,940 with £727,931 held in cash at this date.
The loss in the year is largely attributable to a large bad debt write off that has occurred during the year. This is expected to be a one off this year, with a return to profitability expected in future years.
Thus the directors continue to adopt the going concern basis of accounting in preparing the fianncial statements.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Current and deferred taxation

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

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 Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

straight-line method

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.

2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 April 2024	25,289
	Disposals	(16,859)
	At 31 March 2025	8,430
	Depreciation
	At 1 April 2024	15,243
	Charge for the year on owned assets	6,322
	Disposals	(14,377)
	At 31 March 2025	7,188
	Net book value
	At 31 March 2025	1,242
	At 31 March 2024	10,046

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2024	25,812,671
	Additions at cost	11,348
	Disposals	(17,025,000)
	Deficit on revaluation	(400,000)
	At 31 March 2025	8,399,019

The 2025 valuations were made by Knight Frank, on an open market value for existing use basis. The directors consider the fair value of the assets as at 31 March 2025 to be materially consistent to this valuation.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	As restated 2024
	£	£

	Historic cost	1,589,123	6,280,570
		1,589,123	6,280,570

6.	Debtors
		2025	2024
		£	£

Due after more than one year
Other debtors	821,963	-
	821,963	-

					2025	2024
					£	£

Due within one year
Trade debtors	34,612	327,842
Amounts owed by group undertakings	13,370,653	7,374,627
Other debtors	-	1,472,230
Prepayments and accrued income	33,691	63,314

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6.Debtors (continued)

		13,438,956	9,238,013

Amounts owed by group undertakings are non interest bearing and repayable on demand.

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	100,000	100,000
Trade creditors	62,235	15,371
Amounts owed to group undertakings	-	138,664
Corporation tax	780,346	20,149
Other taxation and social security	36,631	52,018
Other creditors	26,876	84,144
Accruals and deferred income	209,307	472,166
	1,215,395	882,512

Amounts owed to group undertakings are non interest bearing and repayable on demand.

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	3,050,000	13,700,000
	3,050,000	13,700,000

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	100,000	100,000
	100,000	100,000
Amounts falling due 1-2 years
Bank loans	100,000	100,000
	100,000	100,000
Amounts falling due 2-5 years
Bank loans	2,950,000	13,600,000
	2,950,000	13,600,000

	3,150,000	13,800,000

Bank loans consist of a Secured bank loan of £3,150,000 (2024: £13,800,000) this is repayable in quarterly installments of £25,000. The last installment will be paid on the termination date and will repay the outstanding amount of the loan.

10.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(3,942,271)	(4,031,175)
Charged to profit or loss	2,650,495	88,904
At end of year	(1,291,776)	(3,942,271)

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	5,666	6,603
Revaluation of properties	(1,297,442)	(3,948,874)
	(1,291,776)	(3,942,271)

11.

Reserves

Revaluation reserve

The revaluation reserve is a reserve held to account for any movements in the fair values net of deferred taxation on the investment property.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Not later than 1 year	104,000	104,000
Later than 1 year and not later than 5 years	208,000	312,000
	312,000	416,000

13.

Related party transactions

During the year, the company entered into the following transactions:
A loan to a company in which the directors have a controlling shareholding. The amount outstanding at the balance sheet date was £392,929 (2024: £387,614). No interest has been charged on the loan. This is included within other debtors due in more than 1 year.
A loan to a company in which the directors have a controlling shareholding. The amount outstanding at the balance sheet date was £429,034 (2024: £416,876). No interest has been charged on the loan. This is included within other debtors due in more than 1 year.

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FLORIS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Controlling party

At the balance sheet date the ultimate parent company is Floris of London Holdings Limited, a company registered in England and Wales, registered office 89 Jermyn Street, London SW1Y 6JH.
The ultimate controlling party is J H Bodenham.

15.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 23 December 2025 by Misty Nickells FCA (Senior statutory auditor) on behalf of Griffin.

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