Company Registration No. 9432858 (England and Wales)
RONTEC PROPERTIES (NO.5) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
RONTEC PROPERTIES (NO.5) LIMITED
COMPANY INFORMATION
Directors
Sir Gerald Ronson CBE
(Chairman)
Mr A I Goldman
(Deputy Chairman)
Mr G N Taylor
(Managing Director)
Mr T E Cookson
(Fuels & I.T. Director)
Ms T A Moloney
(Finance Director)
Company number
9432858
Registered office
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
Independent auditors
PricewaterhouseCoopers LLP
40 Clarendon Road
Watford
Hertfordshire
United Kingdom
WD17 1JJ
RONTEC PROPERTIES (NO.5) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditors' report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
RONTEC PROPERTIES (NO.5) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present their annual report and the audited financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company continued to be that of holding assets for use in the roadside retail operations of Rontec Watford Limited.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Sir Gerald Ronson CBE
Mr A I Goldman
Mr G N Taylor
Mr T E Cookson
Ms T A Moloney
Results and dividends

The results for the year are set out on page 6.

No dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

A valuation of the investment properties at the year end was carried out by an external valuer, Colliers International Property Consultants Limited. Their market value amounted to £91,491,000 (2024: £79,139,000). The overall increase as detailed in note 10 includes a fair value increase of £11,642,000 (2024: £6,932,000) which has been included in the profit and loss account.

The profit after tax for the financial year of £10,773,000 (2024: £4,950,000) has been transferred to reserves. The net assets of the company at the year end were £41,766,000 (2024: £30,993,000).

Qualifying third party indemnity provisions

During the year, the ultimate parent company continued to maintain qualifying third party liability insurance for its directors and officers to indemnify the company’s directors and officers against any liability incurred in the course of their office to the extent permitted by law. These provisions remain in force at the reporting date.

Going concern

The directors believe that preparing the financial statements on a going concern basis is deemed appropriate due to the continued financial support from group related entity, GMR Capital Limited. The directors have received confirmation that GMR Capital Limited intends to support the company for at least one year after these financial statements are signed.

Independent auditors

The auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

RONTEC PROPERTIES (NO.5) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Statement of disclosure to auditors

In the case of each director in office at the date the d irectors’ r eport is approved:

- so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;

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

- 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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

Small company exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The directors have taken advantage of the exemption provided by Section 414B of the Companies Act 2006 from preparing a Strategic Report.

On behalf of the board
Ms T A Moloney
Finance Director
27 January 2026
RONTEC PROPERTIES (NO.5) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF RONTEC PROPERTIES (NO.5) LIMITED
- 3 -
Report on the audit of the financial statements
Opinion

In our opinion, Rontec Properties (No.5) Limited's financial statements:

- give a true and fair view of the state of the company’s affairs as at 30 September 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and

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

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise:

- the balance sheet as at 30 September 2025;

- the profit and loss account for the year then ended;

- the statement of comprehensive income for the year then ended;

- the statement of changes in equity for the year then ended; and

- the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

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

RONTEC PROPERTIES (NO.5) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF RONTEC PROPERTIES (NO.5) LIMITED
- 4 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors’ Report true

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 30 September 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.

Auditors' 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 auditors’ report that includes our 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.

RONTEC PROPERTIES (NO.5) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF RONTEC PROPERTIES (NO.5) LIMITED
- 5 -

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, income taxes and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to misappropriation of cash facilitated through the posting of fraudulent journal entries to conceal it. Audit procedures performed by the engagement team included:

- performing inquiries of management to determine if they were aware of any actual frauds, alleged frauds or non-compliance with laws or regulations;

- performing certain procedures on an unpredictable basis; and

- reviewing bank payments during the year and testing unusual payments (if any) and associated journals (if any).

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

- we have not obtained all the information and explanations we require for our audit; or

- 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

- certain disclosures of directors’ remuneration specified by law are not made; or

- the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: take advantage of the small companies exemption in preparing the Directors’ Report; and take advantage of the small companies exemption from preparing a S trategic R eport. We have no exceptions to report arising from this responsibility.

David Beer (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Watford
28 January 2026
RONTEC PROPERTIES (NO.5) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
2025
2024
Notes
£'000
£'000
Turnover
3
2,948
2,802
Cost of sales
-
-
Gross profit
2,948
2,802
Administrative expenses
(182)
(150)
Fair value movement on investment properties
10
11,642
6,932
Operating profit
4
14,408
9,584
Interest receivable and similar income
7
1
20
Interest payable and similar expenses
8
-
0
(2,980)
Profit before taxation
14,409
6,624
Tax on profit
9
(3,636)
(1,674)
Profit for the financial year
10,773
4,950

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RONTEC PROPERTIES (NO.5) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
2025
2024
£'000
£'000
Profit for the financial year
10,773
4,950
Other comprehensive income
-
-
Total comprehensive income for the year
10,773
4,950
RONTEC PROPERTIES (NO.5) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 8 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investment properties
10
91,491
79,139
Current assets
Debtors
11
281
278
Creditors: amounts falling due within one year
12
(35,444)
(37,054)
Net current liabilities
(35,163)
(36,776)
Total assets less current liabilities
56,328
42,363
Provisions for liabilities
13
(14,562)
(11,370)
Net assets
41,766
30,993
Capital and reserves
Share capital
15
-
0
-
0
Profit and loss reserve
41,766
30,993
Total equity
41,766
30,993
The notes on pages 10 - 18 are an integral part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2026 and are signed on its behalf by:
Sir Gerald Ronson CBE
Chairman
Company Registration No. 9432858
RONTEC PROPERTIES (NO.5) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
Share capital
Profit and loss reserve
Total equity
£'000
£'000
£'000
Balance at 1 October 2023
-
26,043
26,043
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
4,950
4,950
Balance at 30 September 2024
-
0
30,993
30,993
Year ended 30 September 2025:
Profit and total comprehensive income for the year
-
10,773
10,773
Balance at 30 September 2025
-
0
41,766
41,766
RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
1
Accounting policies
General information

Rontec Properties (No.5) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Statement of compliance

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.

1.2
Basis of preparation and summary of significant accounting policies

The financial statements have been prepared on a going concern basis, under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

As a qualifying entity, the company has taken advantage of the following exemptions:

- from the requirement to prepare a statement of cash flows as required by paragraph 3.17 (d) of FRS 102; and

- from the requirement to present financial instruments disclosures, as required by FRS 102 paragraphs 11.39 to 11.48A, paragraph 12.26 and 12.29.

This company has taken advantage of the exemption under FRS 102 not to disclose the requirements of OECD Pillar Two model rules 29.28 and 29.29 as equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated.

1.3
Going concern

The directors believe that preparing the financial statements on a going concern basis is deemed appropriate due to the continued financial support from group related entity, GMR Capital Limited. The directors have received confirmation that GMR Capital Limited intends to support the company for at least one year after these financial statements are signed.true

1.4
Turnover

Turnover represents rental income received from a fellow subsidiary, Rontec Watford Limited and is based on the operating performance of the assets. The total turnover of the company for the year has been derived from its principal activity, wholly undertaken in the UK.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account.

The freehold and leasehold properties (including all assets) are revalued by an external valuer at least every three years. The surplus or deficit on revaluation is recognised in the profit and loss account.

In the intervening period, the directors will review the fair value by applying similar methodology as the independent valuations expert and make any necessary adjustments to the financial statements to ensure the value reflected remains appropriate.

RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks with original maturities of three months or less.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, including other debtors and amounts owed by group undertakings are recognised at transaction price.

Impairment of financial assets

The company makes an estimate of the recoverable value of its financial assets. Where necessary an impairment provision is made.

Classification of financial liabilities

Basic financial liabilities, including trade creditors, accruals and amounts owed to g roup undertakings are recognised at transaction price.

Derecognition of financial liabilities

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

1.8
Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary share s are shown as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved.

1.9
Taxation

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

Current 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 date.

RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Deferred tax

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 able profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting 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 have been enacted or substantially enacted. 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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease's asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

There were no significant judgements (apart from those involving estimates) a ffecting amounts recognised in the financial statements.

RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

The property valuation by an independent, professional qualified valuer and in the interim period by the directors contains a number of assumptions upon which they have based their valuation of the company's properties. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as tenure, current market prices, letting, taxation, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination. These assumptions are market standards and accord with the Royal Institution of Chartered Surveyors (RICS) Valuation – Global Standards 2017 (incorporating the International Valuation Standards) and the UK national supplement 2018 (“the Red Book"). However, if any assumptions made by the property valuer or directors prove to be inaccurate, this may mean that the value of the company's properties differs from their valuation, which could have a material effect on the company’s financial position.

Recoverability of amounts owed by group undertakings

The company makes an estimate of the recoverable value of the amounts owed by group undertakings. When carrying out the assessment directors consider factors including the ageing profile of the outstanding amounts, historic experience and performance of debtor's business.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£'000
£'000
Turnover analysed by class of business
Rental income
2,948
2,802

The company received rent for the use of its freehold properties from a fellow group company.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£'000
£'000
Loss on disposal of investment property
-
0
2
Operating lease charges
116
112
RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
5
Auditors' remuneration

The group audit fee of £354,000 (2024: £358,0 00), which includes the fee for the audit of the company, has been borne by other group companies.

The directors of the company have agreed with the company's auditors that the auditors' liability to damages for breach of duty in relation to the audit of the company's financial statements for the year ended 30 September 2025 and the financial statements of its intermediate parent, Rontec Roadside Retail Limited (the ‘parent’), and its other subsidiary companies whose statutory audits are governed by the same agreement with the auditor s (the ‘subsidiaries’) will be limited to the greater of £5,000,000 or 5 times the auditors' fees for the statutory audits, and that, in any event, the auditors' liability for damages will be limited to that part of any loss suffered by the parent company and the subsidiaries as is just and equitable having regard to the extent to which the auditor s, the parent company, the subsidiaries and any third parties are responsible for the loss in question. The shareholders of the parent and its subsidiaries approved this liability limitation agreement, as required by the Companies Act 2006, by a resolution dated 2 4 June 202 5.

6
Employees

The company had no employees during the year (2024: nil) excluding directors. The directors' remuneration is borne by Rontec Watford Limited, a fellow group undertaking.

7
Interest receivable and similar income
2025
2024
£'000
£'000
Interest income
Interest receivable from group companies
1
20
8
Interest payable and similar expenses
2025
2024
£'000
£'000
Interest payable to group undertakings
-
0
2,980
9
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax
444
-
0
Group tax relief
-
0
(566)
Total current tax
444
(566)
Deferred tax
Origination and reversal of timing differences
3,192
2,240
Total tax charge
3,636
1,674
RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
9
Taxation
(Continued)
- 15 -

Factors affecting income tax for the year

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the UK rate of tax as follows:

2025
2024
£'000
£'000
Profit before taxation
14,409
6,624
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,602
1,656
Income not taxable and expenses not deductible for tax purposes
(2,910)
(1,733)
Movement on unrealised capital gains or losses
2,944
1,751
Group relief surrendered
-
0
566
Group relief received
-
0
(566)
Taxation charge for the financial year
3,636
1,674

The details of Pillar Two model rules which apply to this company are included within the consolidated financial statements of Rontec Roadside Retail Limited.

10
Investment properties
Freehold land
Plant and
Fixtures and
Computer
Total
and buildings
machinery
fittings
hardware
£'000
£'000
£'000
£'000
£'000
Fair value
At 1 October 2024
72,989
5,862
75
213
79,139
Additions
88
633
-
103
824
Disposals
-
(114)
-
-
(114)
Fair value movement
11,642
-
-
-
11,642
At 30 September 2025
84,719
6,381
75
316
91,491

A valuation of the investment properties was carried at 30 September 2025 by an external valuer, Colliers International Property Consultants Limited. Their market value amounted to £91,491,000. The overall increase in the year includes a fair value increase of £11,642,000 which has been included in the profit and loss account. The assumptions on which the valuation is based include future income, current market prices, tenure and condition of the sites.

RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
11
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
271
267
Other debtors
10
11
281
278

Amounts owed by group undertakings are unsecured, bear annual interest between 0% and SONIA +3% and are repayable on demand.

12
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Trade creditors
2
33
Amounts owed to group undertakings
34,874
36,983
Corporation tax
444
-
0
Accruals and deferred income
124
38
35,444
37,054

Amounts owed to group undertakings are unsecured, bear annual interest between 0% and SONIA +3% and are repayable on demand.

13
Provisions for liabilities
2025
2024
Note
£'000
£'000
Deferred tax liabilities
14
14,562
11,370
14
Deferred taxation

The following are the deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£'000
£'000
Accelerated capital allowances
1,725
1,477
Movement on unrealised capital gains
12,837
9,893
14,562
11,370
RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
14
Deferred taxation
(Continued)
- 17 -
2025
Movements in the year:
£'000
Liability at 1 October 2024
11,370
Charge to profit and loss
3,192
Liability at 30 September 2025
14,562
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1
1
1
1
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
16
Operating lease commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£'000
£'000
Within one year
115
113
Between two and five years
459
450
In over five years
846
942
1,420
1,505
17
Related party transactions

As the company is a wholly owned subsidiary of GMR Capital Limited, the company has taken advantage of the exemption under section 33.1A of FRS102 from disclosing transactions or balances with entities which form part of the group.

RONTEC PROPERTIES (NO.5) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 18 -
18
Ultimate controlling party

The company is a 100% owned subsidiary of Rontec Holdings Limited registered and incorporated in Jersey and is included in the consolidated financial statements of Rontec Roadside Retail Limited.

Rontec Roadside Retail Limited registered and incorporated in the UK is the smallest group for which consolidated financial statements are prepared; the registered address is Acre House, 1 1/15 William Road, London, NW1 3ER.

The directors consider the ultimate controlling party and ultimate parent undertaking to be GMR Capital Limited which is the largest group for which consolidated financial statements are prepared. The financial statements of both Rontec Roadside Retail Limited and GMR Capital Limited can be obtained from their offices at 1st Floor, 40 Clarendon Road, Watford, Hertfordshire, WD17 1JJ.

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