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Registration number: 12680457 (England and Wales)

S Bains & Son Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 June 2024

S Bains & Son Limited

Contents

Company Information | 1
Balance Sheet | 2 to 4
Notes to the Unaudited Financial Statements | 5 to 13

S Bains & Son Limited

Company Information

Directors | Mr Sukhjit Bains Mr Sital Singh Bains Mrs Surinder Kaur Bains

Registered office | 66 Breamore Road Ilford United Kingdom IG3 9ND

Accountants | Aventus Partners Limited Chartered AccountantsHygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

S Bains & Son Limited

(Registration number: 12680457) (England and Wales)
Balance Sheet as at 30 June 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 6,297 | 7,873
Investment properties | 5 | 25,205,169 | 30,004,523
|  | 25,211,466 | 30,012,396
Current assets |  |  |
Debtors | 6 | 9,375,171 | 8,323,250
Cash at bank and in hand |  | 1,126,556 | 43,733
|  | 10,501,727 | 8,366,983
Creditors: Amounts falling due within one year | 7 | (336,182) | (374,674)
Net current assets |  | 10,165,545 | 7,992,309
Total assets less current liabilities |  | 35,377,011 | 38,004,705
Creditors: Amounts falling due after more than one year | 7 | (18,902,187) | (16,621,697)
Provisions for liabilities |  | (578,867) | -
Net assets |  | 15,895,957 | 21,383,008
Capital and reserves |  |  |
Called up share capital | 9 | 500 | 500
Retained earnings |  | 15,895,457 | 21,382,508
Shareholders' funds |  | 15,895,957 | 21,383,008

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

S Bains & Son Limited

(Registration number: 12680457) (England and Wales)
Balance Sheet as at 30 June 2024 (continued)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

S Bains & Son Limited

(Registration number: 12680457) (England and Wales)
Balance Sheet as at 30 June 2024 (continued)

The financial statements were approved and authorised for issue by the Board on 16 February 2026 and signed on its behalf by:

......................................... Mr Sukhjit Bains Director |  |

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66 Breamore Road
Ilford
IG3 9ND
United Kingdom

These financial statements were authorised for issue by the Board on 16 February 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Group accounts not prepared

The company is part of a group. The company has taken advantage of the exemption provided by section 399 of the Companies Act 2006 and has not prepared group accounts..

Going concern

The directors believe that the company will be able to meet its liabilities as they fall due for at least the next 12 months from the approval of the financial statements. This assessment is supported by the company’s positive net shareholders fund as at 30 June 2024.

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2 | Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2 | Accounting policies (continued)

Asset class | Depreciation method and rate
Fixtures, fitting & equipment | 20% Reducing balance basis
Motor vehicles | 20% Reducing balance basis
Office equipment | 20% Reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2 | Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.
Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2 | Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 5 (2023: 5).

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4 | Tangible assets

| Fixtures and fittings £ | Office equipment £ | Total £
Cost or valuation
At 1 July 2023 | 15,240 | 1,502 | 16,742
At 30 June 2024 | 15,240 | 1,502 | 16,742
Depreciation
At 1 July 2023 | 8,137 | 733 | 8,870
Charge for the year | 1,421 | 154 | 1,575
At 30 June 2024 | 9,558 | 887 | 10,445
Carrying amount
At 30 June 2024 | 5,682 | 615 | 6,297
At 30 June 2023 | 7,103 | 770 | 7,873

5 | Investment properties

| 2024 £
At 1 July | 30,004,523
Additions | 27,096
Disposal | (5,606,450)
Fair value adjustments | 780,000
At 30 June | 25,205,169

The Investment properties were revalued by independent valuer using the market approach. If the historic cost model had been adopted, the carrying value would have been £22,882,500 (2023: £28,469,054).
During the financial year, the company declared a dividend in specie to its parent company, Patchwork (E1) Limited, amounting to £5,606,450. This dividend was settled through the transfer of one of the company’s investment properties, located at 160-170 Cannon Street Road. The value of investment property transferred at the date of transfer was £5,606,450.

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6 | Debtors

| Note | 2024 £ | 2023 £
Trade debtors |  | - | 140,801
Amounts owed by related parties | 10 | 4,813,596 | 4,438,346
Other debtors |  | 4,433,237 | 3,736,431
Director current account |  | 17,838 | -
Accrued income |  | 84,237 | -
Prepayments |  | 26,263 | 7,672
|  | 9,375,171 | 8,323,250

The amounts owed by related parties of £4,813,596 (2023: £4,438,346) are repayable after more than one year. Other debtors include an amount of £3,725,141 (2023: £3,725,141) that is also repayable after more than one year.

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 8 | 226,240 | 3,976
Trade creditors |  | 7,500 | 12,432
Taxation and social security |  | 5,105 | -
Accruals and deferred income |  | 46,047 | 70,030
Other creditors |  | 51,290 | 52,640
Directors current account |  | - | 235,596
|  | 336,182 | 374,674

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 8 | 18,902,187 | 16,621,697

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | - | 3,976
Other borrowings | 226,240 | -
| 226,240 | 3,976

| Note | 2024 £ | 2023 £
Non-current loans and borrowings
Bank borrowings |  | 15,153,568 | 15,160,358
Amount owed to related parties | 10 | 3,748,619 | 1,461,339
|  | 18,902,187 | 16,621,697

Bank borrowings of £15,153,568 (2023: £15,164,334) comprise:
- A loan from Shawbrook Bank of £4,928,759 (2023: £4,927,867), repayable over 10 years on an interest-only basis and currently bearing interest at a fixed rate of 5.95% per annum. The loan is secured by a first legal charge over certain investment properties held by the company.
- Loans from Yorkshire Building Society totalling £10,224,809 (2023: £10,236,467), repayable in equal monthly instalments until 2031 and bearing variable interest rates ranging from 3.25% to 8.25% per annum. These loans are secured by a debenture over the assets of the Company.
Other borrowings of £226,240 (2023: £Nil) comprise a loan facility from Key Capital Consultancy Limited, availed on 23 January 2024, repayable within 12 months and bearing interest at 1% per month.

9 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £0.10 each | 5,000 | 500 | 5,000 | 500

S Bains & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

10 | Related party transactions

The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.
At the balance sheet date, the company was owed £4,800,996 (2023: £4,438,346) by other company(ies) which have common directors. The loans are interest free and payable on demand.
At the balance sheet date, the company owed £3,748,619 (2023: £1,461,139) to other company(ies) which have common directors. The loans are interest free and repayable on demand.

11 | Parent undertaking

The company's immediate and ultimate parent is Patchwork (E1) Limited, incorporated in England and Wales.