The Old Rectory Property Company Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08785618

The Old Rectory Property Company Limited

Directors' Report and Financial Statements for the Year Ended

31 December 2024

The Old Rectory Property Company Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Independent auditor's report to the member	1 to 5

Statement of income and retained earnings	6

Statement of financial position	7 to 8

Notes to the financial statements	9 to 13

The Old Rectory Property Company Limited

Independent Auditor's Report to the Member of The Old Rectory Property Company Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of The Old Rectory Property Company Limited (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council ('FRS102') (altogether known as United Kingdom Generally Accepted Accounting Practice – 'UK GAAP'). In our opinion the financial statements: - give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with UK GAAP; and - have been prepared in accordance with the requirements of the Companies Act 2006 (the 'Act').

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s Ethical Standard and the provisions available for small entities in the circumstances set out in Note 3 of the financial statements, and have fulfilled our other ethical responsibilities in accordance with these requirements. The Company is also a qualifying entity and has taken advantage of the disclosure exemptions available under paragraph 1.12 of FRS 102 set out in Note 3 to the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Directors’ Report but does not include the financial statements and our auditor’s report thereon. The directors are responsible for the other information within the Directors' Report Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or, otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Directors’ Report for the financial year for which the financial

statements are prepared, is consistent with the financial statements; and

- the Directors’ Report have been prepared in accordance with the applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or - the Company's financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements and the Directors' Report in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. (Continued on next page)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes the auditor's opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The extent to which the audit was capable of detecting irregularities, including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, was as follows: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the Company's business sector. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation, data protection, anti-bribery, employment, environmental and health and safety legislation. - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. - We identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by, amongst others: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we, amongst others: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the Company's legal advisers. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilitie s-for-the-audit/. This description forms part of our auditor's report. Use of our report

This report is made solely to the Company's member, as a body, in accordance with Chapter 3 of Part 16 of the Act. Our audit work has been undertaken so that we might state to the Company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone

other than the Company and the Company's member as a body, for our audit work, for this report,or for the opinions we have formed.

Naraidoo Savomy FCCA FCA CTA

(Senior Statutory Auditor)

For and on behalf of

Anderson Ross LLP

Statutory Auditor

22 West Green Road

London

United Kingdom, N15 5NN

19 December 2025

The Old Rectory Property Company Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	300,012	259,932

Direct costs	( 57,505)	( 55,811)
	---------	---------
Gross profit	242,507	204,121

Administrative expenses	( 136,689)	( 95,555)
	---------	---------
Operating profit	105,818	108,566

Other interest receivable and similar income		42,950	318,942
Interest payable and similar expenses		( 112,150)	( 109,991)
		---------	---------
Profit before taxation	6	36,618	317,517

Tax on profit	–	–
	--------	---------
Profit for the financial year and total comprehensive income	36,618	317,517
	--------	---------

All the activities of the company are from continuing operations.

The Old Rectory Property Company Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	7	5,067,888	5,057,876

Current assets

Debtors	8	1,442,518	18,388
Cash at bank and in hand		51,743	26,816
		------------	--------
		1,494,261	45,204

Creditors: amounts falling due within one year	9	( 5,774,329)	( 4,351,878)
		------------	------------
Net current liabilities		( 4,280,068)	( 4,306,674)
		------------	------------
Total assets less current liabilities		787,820	751,202

Provisions

Deferred tax	( 78,514)	( 78,514)
	---------	---------
Net assets	709,306	672,688
	---------	---------

The Old Rectory Property Company Limited

Statement of Financial Position (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	3	3
Profit and loss account	709,303	672,685
	---------	---------
Shareholders funds	709,306	672,688
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

These financial statements were approved by the board of directors and authorised for issue on 19 December 2025 , and are signed on behalf of the board by:

James Albert Phillips

Director

Company registration number: 08785618

The Old Rectory Property Company Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Trafalgar Business Centre, 77-89 River Road, Barking, Essex, IG11 0JU, United Kingdom.

2. Statement of compliance

The financial statements have been prepared in compliance with the United Kingdom Accounting Standards, including the Financial Reporting Standard 102, The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ('FRS 102') issued by the Financial Reporting Council and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in pound sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of J.A. Phillips Holdings Limited which can be obtained from its registered office Unit 8 Trafalgar Business Centre, 77-89 River Road, Barking, Essex, IG11 0JU. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented. (b) No Disclosure has been made for related party transactions with the parent company and its fellow subsidiaries

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty The key assumption and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities is as follows: - Investment properties and properties used by the company are recorded at their fair value. Such values require the application of judgement with regard to the nature of such properties relative to those that underpin the general indices used by the directors as the basis for the estimation of value. For properties used by the company, depreciation is charged based on the directors’ estimate of their useful economic lives. In the current environment there is generally a higher level of estimation uncertainty that directors consider is offset by the established lease terms in place and the quality of underlying covenants. The carrying value of properties can be found in note 7.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised when the risks and rewards of ownership are transferred to the customer, which is at the point of sale (or on despatch for delivered items).

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Equipment	-	15% reducing balance

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	2,000	2,000
	-------	-------

5. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

6. Profit before taxation

Profit before taxation is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	5,303	3,553
Fair value adjustments to financial assets measured at fair value through profit or loss	–	( 318,942)
	-------	---------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	5,037,836	–	23,834	5,061,670
Additions	–	14,989	326	15,315
	------------	--------	--------	------------
At 31 December 2024	5,037,836	14,989	24,160	5,076,985
	------------	--------	--------	------------
Depreciation
At 1 January 2024	–	–	3,794	3,794
Charge for the year	–	2,248	3,055	5,303
	------------	--------	--------	------------
At 31 December 2024	–	2,248	6,849	9,097
	------------	--------	--------	------------
Carrying amount
At 31 December 2024	5,037,836	12,741	17,311	5,067,888
	------------	--------	--------	------------
At 31 December 2023	5,037,836	–	20,040	5,057,876
	------------	--------	--------	------------

The value of the properties as shown in the financial statements as at 31 December 2024 approximates their fair value according to the directors.

8. Debtors

	2024	2023
	£	£
Trade debtors	24,574	7,259
Other debtors	1,417,944	11,129
	------------	--------
	1,442,518	18,388
	------------	--------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	14,377	3,845
Amounts owed to group undertakings and undertakings in which the company has a participating interest	5,731,013	4,314,420
Corporation tax	–	264
Social security and other taxes	5,949	9,394
Other creditors	22,990	23,955
	------------	------------
	5,774,329	4,351,878
	------------	------------

10. Events after the end of the reporting period

There have been no events subsequent to the statement of financial position date which would have a material effect on the company's financial statements as at 31 December 2024.

11. Controlling party

The company is wholly owned by J.A. Phillips Holdings Limited, a company registered in England and Wales. The parent undertaking of the group which includes the company and for which group accounts are prepared is J.A. Phillips Holdings Limited. Copies of the group financial statements are available from Companies House, Crown Way, Mandy, Cardiff, CF14 3UZ.