REGISTERED NUMBER: 01452057 (England and Wales)

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

DEE MARK PROPERTIES LIMITED

Page

Company Information

1

Chairman's Report

2

Report of the Directors

3

Consolidated Income Statement

4

Consolidated Balance Sheet

5

Company Balance Sheet

7

Consolidated Statement of Changes in Equity

9

Company Statement of Changes in Equity

10

Notes to the Consolidated Financial Statements

11

DIRECTORS:

M D Pilleau

Mrs S Z Pilleau

H M M Pilleau

SECRETARY:

M D Pilleau

REGISTERED OFFICE:

Brook House

15 Church Lane

Holybourne

Alton

Hampshire

GU34 4HD

REGISTERED NUMBER:

01452057 (England and Wales)

ACCOUNTANTS:

Liles Morris Limited

1st Floor

80 Coombe Road

New Malden

Surrey

KT3 4QS

The general market conditions encountered in the past two years has worsened substantially as a result of the General Election and the election of a Labour Government. Previously the Industrial Sector had largely avoided the downturn, but this is no longer the case with potential tenants becoming increasingly reluctant to commit to a new lease. Elsewhere our small Retail tenants continue to find trading conditions very tough. However, our Residential portfolio has remained stable with no tenant changes, but with rents continuing to be under pressure due to difficult personal financial pressures of some of our tenants.

Consequently our rental income has declined by 3% to £446.4k (2024: £460.4k), but our Core Operating Profit (excluding dividends and Share Gains/Losses) has also shown an increase of £74.9k to £176.8k (2024: £101.9k). This has largely been due to a substantial reduction in property expenses in both companies. In addition our listed share portfolio has shown a modest profit - capital gains as well as dividends.

Finally, our outlook, in general, for the forthcoming year, has turned decidedly pessimistic.

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M D Pilleau

Mrs S Z Pilleau

H M M Pilleau

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M D Pilleau - Director

31 December 2025

RENTS RECEIVABLE

446,385

460,368

Property expenses

147,155

210,657

GROSS PROFIT

299,230

249,711

Administrative expenses

117,769

143,372

181,461

106,339

Other operating (loss)/income

1,779

(184,943

)

OPERATING PROFIT/(LOSS)

4

183,240

(78,604

)

Income from fixed asset investments

7,017

27,548

Interest receivable and similar income

6,574

6,396

13,591

33,944

196,831

(44,660

)

Amounts written off investments

-

330,000

Gain/loss on revaluation of assets

(59,540

)

(105,881

)

(59,540

)

224,119

256,371

(268,779

)

Interest payable and similar expenses

4,690

4,410

PROFIT/(LOSS) BEFORE TAXATION

251,681

(273,189

)

Tax on profit/(loss)

5

81,113

23,188

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

170,568

(296,377

)

Profit/(loss) attributable to:

Owners of the parent

170,568

(296,377

)

FIXED ASSETS

Tangible assets

7

1,408

1,952

Investments

8

861,322

789,928

Investment property

9

9,450,000

8,980,000

10,312,730

9,771,880

CURRENT ASSETS

Debtors

10

87,362

295,368

Cash at bank and in hand

16,735

80,655

104,097

376,023

CREDITORS

Amounts falling due within one year

11

222,019

375,620

NET CURRENT (LIABILITIES)/ASSETS

(117,922

)

403

TOTAL ASSETS LESS CURRENT LIABILITIES

10,194,808

9,772,283

PROVISIONS FOR LIABILITIES

13

363,020

320,158

NET ASSETS

9,831,788

9,452,125

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Capital reserve

2,409,306

2,409,306

Fair value reserve

2,507,350

2,238,255

Retained earnings

4,415,132

4,304,564

SHAREHOLDERS' FUNDS

9,831,788

9,452,125

The company and the group are 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 and the group 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 group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

M D Pilleau - Director

FIXED ASSETS

Tangible assets

7

-

1

Investments

8

1,108,063

1,036,669

Investment property

9

4,300,000

4,130,000

5,408,063

5,166,670

CURRENT ASSETS

Debtors

10

78,887

269,231

Cash at bank and in hand

8,187

79,693

87,074

348,924

CREDITORS

Amounts falling due within one year

11

441,191

661,918

NET CURRENT LIABILITIES

(354,117

)

(312,994

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,053,946

4,853,676

PROVISIONS FOR LIABILITIES

13

239,070

221,208

NET ASSETS

4,814,876

4,632,468

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Capital reserve

1,415,125

1,415,125

Fair value reserve

1,392,302

1,302,302

Retained earnings

1,507,449

1,415,041

SHAREHOLDERS' FUNDS

4,814,876

4,632,468

Company's profit/(loss) for the financial year

152,408

(302,981

)

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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

M D Pilleau - Director

Called up

Fair

share

Retained

Capital

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

500,000

4,680,941

2,409,306

2,238,255

9,828,502

Changes in equity

Dividends

-

(80,000

)

-

-

(80,000

)

Total comprehensive income

-

(296,377

)

-

-

(296,377

)

Balance at 31 March 2024

500,000

4,304,564

2,409,306

2,238,255

9,452,125

Changes in equity

Dividends

-

(60,000

)

-

-

(60,000

)

Total comprehensive income

-

170,568

-

269,095

439,663

Balance at 31 March 2025

500,000

4,415,132

2,409,306

2,507,350

9,831,788

Called up

Fair

share

Retained

Capital

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

500,000

1,798,022

1,415,125

1,302,302

5,015,449

Changes in equity

Dividends

-

(80,000

)

-

-

(80,000

)

Total comprehensive income

-

(302,981

)

-

-

(302,981

)

Balance at 31 March 2024

500,000

1,415,041

1,415,125

1,302,302

4,632,468

Changes in equity

Dividends

-

(60,000

)

-

-

(60,000

)

Total comprehensive income

-

152,408

-

90,000

242,408

Balance at 31 March 2025

500,000

1,507,449

1,415,125

1,392,302

4,814,876

1.	STATUTORY INFORMATION

Dee Mark Properties 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 General 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.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Turnover

Turnover comprises rents receivable net of VAT. Rent is recognised in the period in which it falls due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Motor vehicles

-

25% on cost

Equipment

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Turnover

Turnover represents rents receivable. The turnover of the company is attributable to one continuing activity, that of property investment, which takes place wholly within the United Kingdom.

Investment properties

Investment properties are included in the balance sheet at fair value. The aggregate surplus or deficit arising on changes in fair value is recognised in the income statement and subsequently transferred to the Fair Value Reserve. Deferred tax is provided on the surplus or deficit at the tax rate expected to apply when the properties are sold.

The Capital Reserve consists of the accumulated realised profits from sales of investment properties to third parties.

Acquisition and disposal of properties are recognised in the accounts on completion.

Investments

Other investments that have a quoted price in an active market are included in the accounts at their market value. Unquoted investments for which there is no reliable measure of fair value are included in the accounts at cost, unless there is clear indication of impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

544

543

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

38,251

23,187

Deferred tax

42,862

1

Tax on profit/(loss)

81,113

23,188

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	TANGIBLE FIXED ASSETS

Group

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

7,235

10,231

17,466

DEPRECIATION

At 1 April 2024

7,235

8,279

15,514

Charge for year

-

544

544

At 31 March 2025

7,235

8,823

16,058

NET BOOK VALUE

At 31 March 2025

-

1,408

1,408

At 31 March 2024

-

1,952

1,952

Company

Equipment

£

COST

At 1 April 2024

and 31 March 2025

7,110

DEPRECIATION

At 1 April 2024

7,109

Charge for year

1

At 31 March 2025

7,110

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

1

8.	FIXED ASSET INVESTMENTS

Group

Other

investments

£

COST OR VALUATION

At 1 April 2024

789,928

Additions

58,300

Disposals

(46,446

)

Revaluations

59,540

At 31 March 2025

861,322

NET BOOK VALUE

At 31 March 2025

861,322

At 31 March 2024

789,928

Other investments include listed investments at their market value of £245,072 (cost £224,539). Unlisted investments are included at cost less provisions.

Company

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

246,741

789,928

1,036,669

Additions

-

58,300

58,300

Disposals

-

(46,446

)

(46,446

)

Revaluations

-

59,540

59,540

At 31 March 2025

246,741

861,322

1,108,063

NET BOOK VALUE

At 31 March 2025

246,741

861,322

1,108,063

At 31 March 2024

246,741

789,928

1,036,669

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Dee Mark & General Properties Ltd

Registered office:

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

5,259,604

5,066,399

Profit for the year

14,110

26,604

9.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 April 2024

8,980,000

Additions

380,000

Revaluations

90,000

At 31 March 2025

9,450,000

NET BOOK VALUE

At 31 March 2025

9,450,000

At 31 March 2024

8,980,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2000

(103,970

)

Valuation in 2018

2,673,479

Valuation in 2021

733,175

Valuation in 2022

88,185

Valuation in 2023

(823,107

)

Valuation in 2025

470,000

Cost

6,412,238

9,450,000

Company

Total

£

FAIR VALUE

At 1 April 2024

4,130,000

Additions

80,000

Revaluations

90,000

At 31 March 2025

4,300,000

NET BOOK VALUE

At 31 March 2025

4,300,000

At 31 March 2024

4,130,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2018

2,218,915

Valuation in 2021

185,000

Valuation in 2022

110,000

Valuation in 2023

(1,025,405

)

Valuation in 2024

35,000

Valuation in 2025

170,000

Cost

2,606,490

4,300,000