REGISTERED NUMBER: 06115750 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2025

for

Winchester Enterprises Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs K L Bougeard

F D Carswell

S O Huish

J Quinn (Alternate)

SECRETARY:

Hawksford Secretaries Jersey Limited

REGISTERED OFFICE:

123 Pall Mall

Ground Floor

London

SW1Y 5EA

REGISTERED NUMBER:

06115750 (England and Wales)

ACCOUNTANTS:

Hawksford UK Services Limited

123 Pall Mall

St. James's

London

SW1Y 5EA

FIXED ASSETS

Investment property

4

4,867,549

4,771,200

CURRENT ASSETS

Debtors

5

7,794

2,626

CREDITORS

Amounts falling due within one year

6

(15,814

)

(1,988,598

)

NET CURRENT LIABILITIES

(8,020

)

(1,985,972

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,859,529

2,785,228

CREDITORS

Amounts falling due after more than one year

7

(6,528,307

)

(4,421,532

)

NET LIABILITIES

(1,668,778

)

(1,636,304

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(1,668,779

)

(1,636,305

)

(1,668,778

)

(1,636,304

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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:

Mrs K L Bougeard - Director

F D Carswell - Director

1.	STATUTORY INFORMATION

Winchester Enterprises Property 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 Company 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.

Investment properties

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure such as related transaction costs and when applicable borrowing costs.

After initial recognition, investment property is carried at fair value. Changes in fair value are recognised in the income statement. Investment properties are derecognised when they have been disposed of.

Taxation

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

Expenses

Utility expenses relating to the Company are borne directly by the shareholder.

Shareholder loan payable

Shareholder's loan payable is initially measured at the transaction price and subsequently measured at cost. The shareholder loan is recognised as a non-current liability as settlement is not anticipated within 12 months of signing these financial statements.

Going concern

The financial statements have been prepared on a going concern basis as the Company's shareholder confirmed that it will provide such financial assistance as necessary to enable the company to meet its obligations as they fall due.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Flat 112, 55 Park Lane, London, W1K 1PZ

Total

£

FAIR VALUE

At 1 March 2024

4,771,200

Revaluations

96,349

At 29 February 2025

4,867,549

NET BOOK VALUE

At 29 February 2025

4,867,549

At 28 February 2023

4,771,200

The Directors valued the investment property on 28 February 2025 at £4,867,549 (2024: £4,771,200) based on consideration of market movements and comparable transactions since the acquisition on 25 June 2015.

Fair value at 28 February 2025 is represented by:

£

Valuation in 2025

4,867,549

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Debtors and prepayments

28.02.2025

29.02.2024

£

£

QNB account

86

86

Prepaid ATED taxation expense

-

2,388

Prepaid Council tax

-

152

Prepaid Admin fees

7.708

-

7,794

2,626

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Creditors and accruals

28.02.2025

29.02.2024

£

£

Qatar National Bank S.A.Q. London

-

1,960,000

Loan interest payable

-

24,104

Office account - HTCJL

9,510

1,350

Office account - HUK

3,392

-

Accountancy fees

2,450

1,812

Jersey Company tax return fees

-

1,210

Administration fees

-

59

Sundry expenses

462

63

15,814

1,988,598

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Loans payable

28.02.2025

29.02.2024

£

£

Long term loan

Qatar National Bank S.A.Q. London

-

-

The above loan bears interest per the Diminishing Musharaka Agreement and Lease Agreement, or as amended, entered into between the Company and Qatar National Bank (Q.P.S.C.) London Branch ("QNNB"). The loan is guaranteed 100% by Mr Abdulrahman Muftah Al Muftah and Mr Mohamed Muftah A Al Muftah. The loan is repayable in half yearly instalments with a final repayment date of 29 December 2030. The Qatar National Bank S.A.Q. London loan transitioned from using LIBOR to QNBR on 26 October 2021.

On 1 August 2023, an amendment letter was entered into, whereby the margin under the loan arrangement changed from 2.19% to 1.99% above QNBR per annum.

The loan was fully repaid during 2025.

Shareholder's loan

28.02.2025

29.02.2024

£

£

Al-Muftah Star Limited

4,281,040

4,421,532

The loan from the shareholder is unsecured, interest free and repayable on demand. Although repayable on demand the loan has been provided as company finance and is therefore presented as falling due after more than one year.

The shareholder has confirmed that repayment will be at the discretion of the directors, who do not anticipate repayment within the next 12 months. The directors also note that the effective interest rate method has not been applied since there is no specific repayment date.

This is not in accordance with the Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland", adopting the presentation and disclosure requirements of Section 1A ("FRS 102"), however the directors feel that this more fairly reflects the substance of the loan.

Third party loans

28.02.2025

29.02.2024

£

£

Ali A.Rahman M Al-Muftah

749,089

-

Ibrahim A.Rahman M Al-Muftah

749,089

-

Khalid A.Rahman M A Al-Muftah

749,089

-

2,247,267

-

The above loans are unsecured, interest free and repayable on demand.

8.	RELATED PARTY DISCLOSURES

The Administrator, Hawksford Trust Company Jersey Limited, receives administration, annual service, common reporting standard and Jersey Company tax return fees.

Administration, annual service, common reporting standard and Jersey Company tax return fees for the year amounts to £18,489 (2024: £13,386).

9.	POST BALANCE SHEET EVENTS

There are no post balance sheet events to disclose.