Company registration number 02545153 (England and Wales)
PELHAM INVESTMENT & PROPERTY PLC.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PELHAM INVESTMENT & PROPERTY PLC.
COMPANY INFORMATION
Directors
Mr J H Nash
A H Newberry
Secretary
Mrs C Morgan
Company number
02545153
Registered office
34 Anyards Road
Cobham
Surrey
KT11 2LA
Auditor
Riches & Company
34 Anyards Road
Cobham
Surrey
KT11 2LA
PELHAM INVESTMENT & PROPERTY PLC.
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
PELHAM INVESTMENT & PROPERTY PLC.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activities of the company continued to be the investment in property.

Review of the business

During the year, the company generated turnover of £56,532 (2024: £34,125) and reported a profit before taxation of £92,723 (2024: £19,941). The increase in profitability is primarily attributable to a fair value gain on investment properties of £46,670 (2024: £40,000), reflecting continued stability in the underlying property portfolio.

The company’s investment properties were valued at £696,670 at the year end (2024: £650,000). Rental income remained stable during the year, supported by existing lease agreements.

Principal risks and uncertainties

The company is exposed to a number of risks inherent in property investment:

- Market risk: Property values may fluctuate due to changes in market conditions.

- Tenant risk: Rental income is dependent on tenants’ ability to meet lease obligations.

- Economic conditions: Interest rates and wider economic factors may impact property demand and valuations.

The directors monitor these risks and take appropriate action where necessary.

Future Outlook

The directors expect the company’s performance to remain stable in the foreseeable future, supported by the existing property portfolio and tenant base. While market conditions remain uncertain, no significant changes to the company’s operations are currently anticipated.

By order of the board

Mrs C Morgan
Secretary
19 May 2026
PELHAM INVESTMENT & PROPERTY PLC.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £27,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr J H Nash
A H Newberry
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts;

- pay in accordance with the company's contractual and other legal obligations.

Market value of land and buildings

Investment land and buildings are stated at their open market value at 31 December 2024 as confirmed by a report by an independent Chartered Surveyor in a report dated 18 January 2024.

Auditor

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

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 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 then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

PELHAM INVESTMENT & PROPERTY PLC.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
Mrs C Morgan
Secretary
19 May 2026
PELHAM INVESTMENT & PROPERTY PLC.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PELHAM INVESTMENT & PROPERTY PLC.
- 4 -
Opinion

We have audited the financial statements of Pelham Investment & Property Plc. (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

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.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PELHAM INVESTMENT & PROPERTY PLC.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PELHAM INVESTMENT & PROPERTY PLC.
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and impairment of fixed assets.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Reviewing other documentation for irregularities including fraud.

PELHAM INVESTMENT & PROPERTY PLC.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PELHAM INVESTMENT & PROPERTY PLC.
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rebecca White
Senior Statutory Auditor
For and on behalf of Riches & Company
19 May 2026
Chartered Accountants
Statutory Auditor
34 Anyards Road
Cobham
Surrey
KT11 2LA
PELHAM INVESTMENT & PROPERTY PLC.
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
56,532
34,125
Administrative expenses
(10,479)
(53,216)
Other operating income
46,670
40,000
Operating profit
92,723
20,909
Interest payable and similar expenses
5
-
0
(968)
Profit before taxation
92,723
19,941
Tax on profit
6
(17,230)
(60,288)
Profit/(loss) for the financial year
75,493
(40,347)

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

PELHAM INVESTMENT & PROPERTY PLC.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit/(loss) for the year
75,493
(40,347)
Other comprehensive income
-
-
Total comprehensive income for the year
75,493
(40,347)
PELHAM INVESTMENT & PROPERTY PLC.
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
10
696,670
650,000
Current assets
Debtors
11
79,406
83,484
Cash at bank and in hand
13,800
7,898
93,206
91,382
Creditors: amounts falling due within one year
12
(73,393)
(82,259)
Net current assets
19,813
9,123
Total assets less current liabilities
716,483
659,123
Provisions for liabilities
Deferred tax liability
14
77,518
68,651
(77,518)
(68,651)
Net assets
638,965
590,472
Capital and reserves
Called up share capital
7
50,000
50,000
Non-distributable profits reserve
8
330,473
301,033
Distributable profit and loss reserves
258,492
239,439
Total equity
638,965
590,472
The financial statements were approved by the board of directors and authorised for issue on 19 May 2026 and are signed on its behalf by:
A H Newberry
Director
Company registration number 02545153 (England and Wales)
PELHAM INVESTMENT & PROPERTY PLC.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
50,000
321,321
259,498
630,819
Year ended 31 December 2024:
Loss and total comprehensive income
-
(20,288)
(20,059)
(40,347)
Balance at 31 December 2024
50,000
301,033
239,439
590,472
Year ended 31 December 2025:
Profit and total comprehensive income
-
29,440
46,053
75,493
Dividends
9
-
-
(27,000)
(27,000)
Balance at 31 December 2025
50,000
330,473
258,492
638,965
PELHAM INVESTMENT & PROPERTY PLC.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
32,902
(17,336)
Interest paid
-
0
(968)
Income taxes paid
-
0
(18,652)
Net cash inflow/(outflow) from operating activities
32,902
(36,956)
Investing activities
Repayment of loans
-
0
39,123
Net cash generated from investing activities
-
39,123
Financing activities
Dividends paid
(27,000)
-
0
Net cash used in financing activities
(27,000)
-
Net increase in cash and cash equivalents
5,902
2,167
Cash and cash equivalents at beginning of year
7,898
5,731
Cash and cash equivalents at end of year
13,800
7,898
PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Pelham Investment & Property Plc. is a public company limited by shares incorporated in England and Wales. The registered office is 34 Anyards Road, Cobham, Surrey, KT11 2LA.

1.1
Accounting convention

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.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents income arising from investment properties. Rent is recognised as revenue in the period when it falls due and is shown net of VAT and other sales related taxes.

1.4
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

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 end date.

PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
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 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.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

3
Employees

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

2025
2024
Number
Number
Directors
2
2
PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,475
2,675
For other services
Taxation compliance services
1,200
1,760
All other non-audit services
400
1,500
1,600
3,260
5
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
-
0
968
6
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
17,230
60,288

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

2025
2024
£
£
Profit before taxation
92,723
19,941
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 19.00%)
17,617
3,789
Gains not taxable
-
0
(7,600)
Unutilised tax losses carried forward
(8,750)
3,811
Effect of revaluations of investments
(8,867)
-
0
Other non-reversing timing differences
17,230
60,288
Taxation charge for the year
17,230
60,288
PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
7
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

The £1 Ordinary shares carry full rights with respect to voting and dividends.

8
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
301,033
321,321
Non distributable profits in the year
29,440
(20,288)
At the end of the year
330,473
301,033
9
Dividends
2025
2024
£
£
Final paid
27,000
-
0
10
Investment property
2025
£
Fair value
At 1 January 2025
650,000
Net gains or losses through fair value adjustments
46,670
At 31 December 2025
696,670

The fair value of investment properties has been determined using the income approach by capitalising rental income using market-derived yields.

Key inputs include capitalisation yields ranging from 7.25% to 7.50% and passing rental income based on existing lease agreements.

Certain properties have been valued using a price per square foot methodology based on market comparables.

The valuations were performed by McGillivray Chartered Surveyors, who are independent and professionally qualified valuers with recent experience in the location and category of the properties. The valuations were originally carried out in January 2024 and have been updated by the directors to reflect market conditions at 31 December 2025.

The valuations are classified as Level 3 in the fair value hierarchy.

PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
27,717
23,431
Corporation tax recoverable
20,151
20,152
Other debtors
31,538
31,538
79,406
75,121
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
-
0
8,363
Total debtors
79,406
83,484
12
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
-
0
4,292
Corporation tax
-
0
1
Other taxation and social security
28,902
29,236
Deferred income
13
12,951
-
0
Other creditors
26,241
33,741
Accruals and deferred income
5,299
14,989
73,393
82,259
13
Deferred income
2025
2024
£
£
Other deferred income
12,951
-
PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
14
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Tax losses
-
-
-
8,363
Investment property
77,518
68,651
-
-
77,518
68,651
-
8,363
2025
Movements in the year:
£
Liability at 1 January 2025
60,288
Charge to equity
17,230
Liability at 31 December 2025
77,518
16
Directors' transactions

At the start of the year, the Company was owed £31,538 (2024: £31,538) by D Nash, a former director (now deceased). No further transactions occurred during the year (2024: £Nil paid on behalf of the Company, £Nil paid to the director). There were no repayments made in the year and the year-end balance remained at £31,538 (2024: £31,538). The amount is unsecured, interest-free, and has no formal repayment terms.

At the balance sheet date, the Company had outstanding loans from two directors amounting to £26,241 (2024: £26,241). These loans are unsecured, interest-free, and repayable on demand.

17
Ultimate controlling party

The directors of the company do not consider there to be an ultimate controlling party.

PELHAM INVESTMENT & PROPERTY PLC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
18
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit/(loss) after taxation
75,493
(40,347)
Adjustments for:
Taxation charged
17,230
60,288
Finance costs
-
0
968
Fair value gain on investment properties
(46,670)
(40,000)
Movements in working capital:
Increase in debtors
(4,286)
(5,705)
(Decrease)/increase in creditors
(21,816)
7,460
Increase in deferred income
12,951
-
Cash generated from/(absorbed by) operations
32,902
(17,336)
19
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
7,898
5,902
13,800
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