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Registration number: 11458603

APL Gillows Lettings Limited
Filleted Financial Statements
for the Period from 1 September 2024 to 31 July 2025

APL Gillows Lettings Limited

Contents

Statement of Directors' Responsibilities | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 8

APL Gillows Lettings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APL Gillows Lettings Limited

(Registration number: 11458603)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 600 | 952
Investment property | 5 | 11,650,000 | 12,810,000
|  | 11,650,600 | 12,810,952
Current assets |  |  |
Debtors | 6 | 226,521 | 236,002
Cash at bank and in hand |  | 17,334 | 633,915
|  | 243,855 | 869,917
Creditors: Amounts falling due within one year | 7 | (8,458,755) | (9,553,456)
Net current liabilities |  | (8,214,900) | (8,683,539)
Total assets less current liabilities |  | 3,435,700 | 4,127,413
Provisions for liabilities |  | (445,778) | (735,778)
Net assets |  | 2,989,922 | 3,391,635
Capital and reserves |  |  |
Called up share capital | 8 | 2 | 2
Retained earnings |  | 2,989,920 | 3,391,633
Shareholders' funds |  | 2,989,922 | 3,391,635

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.

Approved and authorised by the Board on 6 December 2025 and signed on its behalf by:

......................................... D J C Renton Director

APL Gillows Lettings Limited

Notes to the Financial Statements for the Period from 1 September 2024 to 31 July 2025

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:
21 Castle Hill
Lancaster
LA1 1YN

These financial statements were authorised for issue by the Board on 6 December 2025.

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.

Disclosure of long or short period

The current reporting period is shorter than 12 months following a change in the company's year end.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 December 2025 was Robert Kirtland, who signed for and on behalf of Gravita Audit Oxford LLP.

APL Gillows Lettings Limited

Notes to the Financial Statements for the Period from 1 September 2024 to 31 July 2025

Revenue recognition

Rental income is recognised on a straight-line basis over the term of the lease. Income is recognised when it is probable that the economic benefits associated with the transaction will flow to the entity and the amount of the revenue can be measured reliably.

Tax

The tax expense for the period comprises current and 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 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 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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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:

Asset class | Depreciation method and rate
Fixtures and fittings | 3 years straight line

APL Gillows Lettings Limited

Notes to the Financial Statements for the Period from 1 September 2024 to 31 July 2025

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.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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.

APL Gillows Lettings Limited

Notes to the Financial Statements for the Period from 1 September 2024 to 31 July 2025

3 | Staff numbers

The average number of persons employed by the company (excluding directors who are not remunerated) during the period, was 0 (2024 - 0).

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 September 2024 | 2,440 | 2,440
At 31 July 2025 | 2,440 | 2,440
Depreciation
At 1 September 2024 | 1,488 | 1,488
Charge for the period | 352 | 352
At 31 July 2025 | 1,840 | 1,840
Carrying amount
At 31 July 2025 | 600 | 600
At 31 August 2024 | 952 | 952

5 | Investment properties

| 2025 £
At 1 September | 12,810,000
Fair value adjustments | (1,160,000)
At 31 July | 11,650,000

Investment property comprises of the property held at 252-256 Kings Road, Reading. The property was valued as at 31 July 2025 by the Land Agent, Cluttons LLP, with the basis of valuation being market value. The Agent is an independent firm of Chartered Surveyors, and the valuation was prepared in accordance with the latest RICS Valuation - Global Standards.

APL Gillows Lettings Limited

Notes to the Financial Statements for the Period from 1 September 2024 to 31 July 2025

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 192,266 | 202,321
Amounts owed by group undertakings | - | 31
Prepayments | 34,255 | 33,650
| 226,521 | 236,002

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 60,844 | 67,174
Amounts owed to group undertakings | 8,177,013 | 8,531,299
Taxation and social security | 1,236 | 1,276
Accruals and deferred income | 219,062 | -
Other creditors | 600 | 953,707
| 8,458,755 | 9,553,456

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 2 | 2 | 2 | 2

9 | Financial commitments, guarantees and contingencies

The assets of the company are offered as security as part of a cross party guarantee with the company's immediate parent company, APL Gillows Limited (formerly CityBlock (Gillows) Limited).

APL Gillows Lettings Limited

Notes to the Financial Statements for the Period from 1 September 2024 to 31 July 2025

10 | Parent and ultimate parent undertaking

The company's immediate parent is APL Gillows Limited, incorporated in England and Wales.
The ultimate parent is All Souls College in the University of Oxford.