Company No: 11770081 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr D Holland
	Mrs W Holland

REGISTERED OFFICE	Westgate House
	44 Hale Road
	Altrincham
	WA14 2EX
	United Kingdom

COMPANY NUMBER

11770081 (England and Wales)

CHARTERED ACCOUNTANTS	PM+M Solutions for Business LLP
	New Century House
	Greenbank Technology Park
	Challenge Way
	Blackburn
	BB1 5QB

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	0		9,703
Investment property	5	7,927,611		7,925,000
Investments	6	11,989,826		11,681,585
		19,917,437		19,616,288
Current assets
Debtors	7	11,130,908		13,449,603
Cash at bank and in hand		3,162,536		4,584,771
		14,293,444		18,034,374
Creditors: amounts falling due within one year	8	( 32,190,692)		( 36,163,041)
Net current liabilities		(17,897,248)		(18,128,667)
Total assets less current liabilities		2,020,189		1,487,621
Provision for liabilities		( 459,142)		( 445,129)
Net assets		1,561,047		1,042,492
Capital and reserves
Called-up share capital		400		400
Profit and loss account		1,560,647		1,042,092
Total shareholders' funds		1,561,047		1,042,492

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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge 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 DWH FIC Limited (registered number: 11770081) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

Mr D Holland 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

DWH FIC 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 Westgate House, 44 Hale Road, Altrincham, WA14 2EX, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 or reducing balance basis over its expected useful life, as follows:

Vehicles

25 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

The directors have assessed the fair value of the investment property based on their knowledge of the local market, recent comparable transactions, and professional judgement. No external valuation was obtained. Due to the inherent subjectivity involved in estimating fair value, actual results may differ from those estimates. The directors consider that the valuation represents their best estimate of the fair value at the reporting date. Changes in market conditions, rental yields, or other assumptions could result in material adjustments to the carrying amount of the investment property in future periods.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		3

4. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 April 2024	13,500		13,500
Disposals	( 13,500)		( 13,500)
At 31 March 2025	0		0
Accumulated depreciation
At 01 April 2024	3,797		3,797
Charge for the financial year	1,011		1,011
Disposals	( 4,808)		( 4,808)
At 31 March 2025	0		0
Net book value
At 31 March 2025	0		0
At 31 March 2024	9,703		9,703

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	7,925,000
Additions	2,613
As at 31 March 2025	7,927,611

Valuation

Investment property was valued on an open market basis on 31 March 2025 by the directors.

6. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	11,681,585		11,681,585
Additions	4,086,001		4,086,001
Disposals	( 4,103,140)		( 4,103,140)
Movement in fair value	251,338		251,338
Accrued Interest	74,042		74,042
At 31 March 2025	11,989,826		11,989,826
Carrying value at 31 March 2025	11,989,826		11,989,826
Carrying value at 31 March 2024	11,681,585		11,681,585

7. Debtors

	2025		2024
	£		£
Amounts owed by related parties	3,984,336		1,947,820
Prepayments and accrued income	50,049		70,859
Corporation tax	114,969		0
Other debtors	6,981,554		11,430,924
	11,130,908		13,449,603

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	7,505		4,471
Trade creditors	5,923		161,984
Amounts owed to related parties	1,016,524		978,138
Taxation and social security	10,474		90,632
Other creditors	31,150,266		34,927,816
	32,190,692		36,163,041

9. Related party transactions

Cainus Ltd

A company of which Mr D Holland is a director and shareholder. Included within other debtors is an amount due from the related party at 31 March 2025 is £1,476,787 (2024: £1,341,341). The loan is subject to interest at 7% per annum and is repayable on demand.

In addition to the above, also included within debtors, at 31 March 2025 there is an amount of £1,039,333 (2024: £1,520,783) due from the related party. This amount is subject to interest at 7% per annum and is repayable on demand.

DWH Property Limited

A company of which Mr D Holland and Mrs W Holland are directors and shareholders. Included within creditors is an amount due to the related party at 31 March 2025 is £1,016,524 (2024: £978,138). The amount is interest free and repayable on demand.

DWH Finance Limited

A company of which Mr D Holland and Mrs W Holland are directors. Included within other creditors is an amount due to the related party at 31 March 2025 is £Nil (2024: £1,969,292). The loan was subject to interest at 7% per annum and was repayable on demand.

Also included within debtors, at 31 March 2025 there is an amount of £13 (2024: £13) due from the related party. This amount is interest free and repayable on demand.

DWH Commercial Property Limited

A company of which Mr D Holland and Mrs W Holland are directors. Included within debtors, at 31 March 2025 there is an amount of £87,490 (2024: £86,098) due from the related party. This amount is interest free and repayable on demand.

DWH Family Investco Limited

A company of which Mr D Holland and Mrs W Holland are directors. Included within debtors, at 31 March 2025 there is an amount of £2,617,500 (2024: £13) due from the related party. This amount is interest free and repayable on demand.

DWH Residential Property Limited

A company of which Mr D Holland and Mrs W Holland are directors. Included within debtors, at 31 March 2025 there is an amount of £Nil (2024: £913) due from the related party. This amount is interest free and repayable on demand.

Celran Limited

A company of which Mr D Holland is a director. Included within debtors as at 31st March 2025 there is an amount of £240,000 (2024: £340,000) due from the related party. This amount is interest free and repayable on demand.

10. Directors' transactions

The directors have withdrawn from the company monies during the year amounting to £1,810,180 (2024: £6,083,519). The amount outstanding to the directors at 31 March 2025 is £31,065,326 (2024: £32,875,506).

There is no formal loan agreement between the company and the director. The amount loaned is interest free and repayable on demand, however it is not expected to be repaid in the next 12 months.