Company No: 13215489 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Xuebing Fang
	Stephen George Hare

REGISTERED OFFICE	The Grainger Suite Dobson House
	Regent Centre
	Newcastle Upon Tyne
	NE3 3PF
	United Kingdom

COMPANY NUMBER

13215489 (England and Wales)

ACCOUNTANT	S&W Partners Newcastle Limited
	17 Queens Lane
	Newcastle
	NE1 1RN

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	3,558		3,874
Investment property	5	6,291,370		5,847,237
		6,294,928		5,851,111
Current assets
Debtors	6	554		0
Cash at bank and in hand		8,888		16,214
		9,442		16,214
Creditors: amounts falling due within one year	7	( 4,530,194)		( 4,494,879)
Net current liabilities		(4,520,752)		(4,478,665)
Total assets less current liabilities		1,774,176		1,372,446
Creditors: amounts falling due after more than one year	8	( 875,459)		( 909,328)
Provision for liabilities		( 33,075)		0
Net assets		865,642		463,118
Capital and reserves
Called-up share capital		100		100
Fair value reserve		99,227		0
Profit and loss account		766,315		463,018
Total shareholder's funds		865,642		463,118

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Fangs Properties Limited (registered number: 13215489) were approved and authorised for issue by the Board of Directors on 20 May 2026. They were signed on its behalf by:

Xuebing Fang Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fangs Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Grainger Suite Dobson House, Regent Centre, Newcastle Upon Tyne, NE3 3PF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Fangs Properties Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Prior year adjustment

Last year's balance sheet has been restated as the properties and property improvements were investment properties rather than property plant and equipment. The mortgages relating to these properties have also been restated to reflect the liabilities falling due in one year and after one year. As a result of these restatements there has been no impact on the previously reported results.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Property rentals:
Income from property rentals are recognised in the profit and loss account on a receivable basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

2. Prior year adjustment

The comparatives have been restated as freehold properties including property improvements had been treated as property plant and equipment rather than as investment properties. Also, the mortgages against the investment properties had been treated bank loans all falling due within one year when majority of the balance falls due after one year. The adjustments are shown in the table below.

		As previously reported		Adjustment		As restated
Year ended 31 December 2024		£		£		£
Investment properties		0		5,842,237		5,842,237
Tangible fixed assets		5,851,111		(5,847,237)		3,874
Bank loans and overdrafts falling due in one year		945,128		(945,128)		0
Other creditors falling due in one year		9,970		35,800		45,770
Other loans falling due after one year		0		909,328		909,328

As a result of these adjustments there has been no change in the previously reported results.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	9,084		9,084
Additions	696		696
At 31 December 2025	9,780		9,780
Accumulated depreciation
At 01 January 2025	5,210		5,210
Charge for the financial year	1,012		1,012
At 31 December 2025	6,222		6,222
Net book value
At 31 December 2025	3,558		3,558
At 31 December 2024	3,874		3,874

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	5,847,237
Additions	311,831
Fair value movement	132,302
As at 31 December 2025	6,291,370

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

6. Debtors

	2025		2024
	£		£
Other debtors	554		0

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to Group undertakings	4,383,235		4,366,335
Taxation and social security	102,189		82,774
Other creditors	44,770		45,770
	4,530,194		4,494,879

Included in other creditors are other loans amounting to £35,800 (2024 - £35,800). These other loans are secured against the properties to which they relate.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other loans (secured)	875,459		909,328

The other loans are secured against the properties to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Other loans (secured / repayable by instalments)	732,259		768,059

The other loans are secured against the properties to which they relate.

9. Ultimate controlling party

Parent Company:

Harefang Limited

The Grainger Suite Dobson House Regent Centre Newcastle Upon Tyne NE3 3PF