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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Clocktower Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents the value of rental income and property management fees in respect of investment properties.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Investment properties are included in the financial statements at open market value, based on valuations made by the director as at the year end. Additions to properties include costs and improvements of a capital nature only. Costs such as interest and other property outgoings are treated as revenue expenditure and are written off as incurred. All properties are freehold.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Listed investments

These are stated at market value.

Other investments

These are stated at cost less provision for any diminution in value which is considered by the directors to be permanent.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The director considers that the following are significant judgements or estimates in the preparation of these financial statements:

• Valuation of investment property

• Valuation of fixed asset investments; and

• Utilisation of tax losses

The average monthly number of persons (including directors) employed by the company during the year was 2 (2024 - 2).

Investment properties are valued by the director, after having consulted with his professional advisors, at his estimate of open market value as at the year end.

The loan is secured by a fixed charge on the company's investment properties.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

During the year, the company received property management fees of £8,412 (2024: £11,397) from Clocktower Asset Management Limited, a joint venture owned by the company. At the year end, a balance of £Nil (2024: £703) was due from Clocktower Asset Management Limited in respect of property management fees. Additionally, included in creditors is £85,000 (2024: £65,000) due to Clocktower Asset Management Limited, in respect of other loan advances made. The balance is interest free and carries no fixed repayment date.

During the year, the company made net payments of £5,000 to Clocktower Investments Management Limited, a related party. At the year end, a balance of £33,000 (2024: £28,000) was due to Clocktower Investment Management Limited.

As at 31 March 2025, the company owed £375,000 to Hydra Bay Properties PLC, a related party, arising from advances in the year. The balance is interest free and carries no fixed repayment date.

As at 31 March 2024, there was an amount of £411,317 owed to the director of the company. During the year, the company incurred costs of £3,534 (2024: £2,282) that were payable by the company and made net payments to the director totalling £9,000 (2024: £15,000). As at 31 March 2025, there was an amount of £405,851 owed to the director of the company.

The ultimate controlling party is M Sherley-Dale

During the year, the directors identified that a loan which was converted into shares prior to the end of the previous financial period had been incorrectly presented as a loan within other debtors in the comparative financial statements. The information relating to the conversion was available at the time the prior year financial statements were authorised for issue and therefore this has been treated as a prior period error in accordance with Section 10 of FRS 102.

The comparative figures have been restated retrospectively to reflect the conversion of the loan receivable into investments at the correct date. The overall effect, was a £150,000 reclassification from Other Debtors, to Fixed Asset Investments.