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REGISTERED NUMBER: 03337916 (England and Wales)

Financial Statements for the Year Ended 31 August 2025

for

Quay Properties Limited

Quay Properties Limited (Registered number: 03337916)

Contents of the Financial Statements

for the Year Ended 31 August 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Quay Properties Limited

Company Information

for the Year Ended 31 August 2025

| DIRECTORS: | Mr A J Webb

| Mrs R N Webb

| SECRETARY: | Mrs R N Webb

| REGISTERED OFFICE: | The Old Doctor's House

| 74 Grange Road

| Dudley

| West Midlands

| DY1 2AW

| REGISTERED NUMBER: | 03337916 (England and Wales)

| AUDITORS: | Lewis Smith & Co.

| Chartered Certified Accountants

| Statutory Auditors

| The Old Doctor's House

| 74 Grange Road

| Dudley

| West Midlands

| DY1 2AW

Quay Properties Limited (Registered number: 03337916)

Balance Sheet

31 August 2025

| 31.8.25 | 31.8.24 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 119 |  | 1,754 |  |

Investment property | 5 | 3,135,000 |  | 3,280,864 |  |

3,135,119 |  | 3,282,618 |  |

CURRENT ASSETS

Debtors | 6 | 25,846 |  | 28,724 |  |

Cash at bank and in hand | 12,076 |  | 9,069 |  |

37,922 |  | 37,793 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,961,422 |  | 2,019,131 |  |

NET CURRENT LIABILITIES | (1,923,500 | ) | (1,981,338 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,211,619 |  | 1,301,280 |  |

PROVISIONS FOR LIABILITIES | 9 | 9,552 |  | 79,000 |  |

NET ASSETS | 1,202,067 |  | 1,222,280 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 2 |  | 2 |  |

Retained earnings | 11 | 1,202,065 |  | 1,222,278 |  |

SHAREHOLDERS' FUNDS | 1,202,067 |  | 1,222,280 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2026 and were signed on its behalf by:

Mrs R N Webb - Director

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements

for the Year Ended 31 August 2025

1. | STATUTORY INFORMATION

| Quay Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| 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.

| 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| Rental income is recognised on a straight line basis over the term of the relevant lease.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 20% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Tangible fixed assets are initially measure at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| 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 an asset, and is credited or charged to profit or loss.

| Equity instruments

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

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

2. | ACCOUNTING POLICIES - continued

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

| Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible assets.

| 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 and 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 balance sheet date.

| 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 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 the transaction that affects neither the tax profit not 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 relates to taxes levied by the same tax authority.

| Employee benefits

| The cost of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of fixed assets

| At each reporting 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 to the impairment loss (if any). Where is is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

| 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.

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

2. | ACCOUNTING POLICIES - continued

| 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 amoritised.

| Other financial assets

| Other financial assets, including investments in equity instrument's 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 nit 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.

| Dercognition 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 ti ab 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 and loans from fellow group companies 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 receipts 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 on 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.

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

2. | ACCOUNTING POLICIES - continued

| 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 appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's obligations expire or are discharged or cancelled.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024 | 5,199 |  | 23,738 |  | 28,937 |  |

| Disposals | - |  | (23,738 | ) | (23,738 | ) |

| At 31 August 2025 | 5,199 |  | - |  | 5,199 |  |

| DEPRECIATION

| At 1 September 2024 | 5,050 |  | 22,133 |  | 27,183 |  |

| Charge for year | 30 |  | 240 |  | 270 |  |

| Eliminated on disposal | - |  | (22,373 | ) | (22,373 | ) |

| At 31 August 2025 | 5,080 |  | - |  | 5,080 |  |

| NET BOOK VALUE

| At 31 August 2025 | 119 |  | - |  | 119 |  |

| At 31 August 2024 | 149 |  | 1,605 |  | 1,754 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 September 2024 | 3,280,864 |  |

| Revaluations | (145,864 | ) |

| At 31 August 2025 | 3,135,000 |  |

| NET BOOK VALUE

| At 31 August 2025 | 3,135,000 |  |

| At 31 August 2024 | 3,280,864 |  |

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

5. | INVESTMENT PROPERTY - continued

| The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis, by reference to the market evidence of property prices.

| The historical cost of investment properties is £2,340,342 (£2,340,342 - 2024).

| If the properties were to be sold at market value, there would be a chargeable gain incurred of around £9,552 after indexation allowance.

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

| as restated |

£ | £ |

| Trade debtors | 6,204 |  | 9,830 |  |

| Other debtors | 3,972 |  | 3,675 |  |

| Prepayments and accrued income | 15,670 |  | 15,219 |  |

25,846 |  | 28,724 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

| as restated |

£ | £ |

| Bank loans and overdrafts | 479,023 |  | 616,924 |  |

| Trade creditors | 15,534 |  | 14,699 |  |

| Amounts owed to group undertakings | 1,438,235 |  | 1,368,779 |  |

| Tax | 19,127 |  | 14,000 |  |

| Other creditors | 2,454 |  | 1,430 |  |

| Accruals and deferred income | 7,049 |  | 3,299 |  |

1,961,422 |  | 2,019,131 |  |

8. | SECURED DEBTS

| The aggregate of creditors for which security has been given amounted to £479,023 (£616,924 - 2024). Security is in the form of a fixed and floating charge over the company's present and future assets and a legal charge over land and buildings held in the company.

9. | PROVISIONS FOR LIABILITIES

| 31.8.25 |  | 31.8.24

| as restated |

£ | £ |

| Deferred tax | 9,552 |  | 79,000 |  |

| Deferred |

| tax |

£ |

| Balance at 1 September 2024 | 79,000 |  |

| Credit to Income Statement during year | (69,448 | ) |

| Balance at 31 August 2025 | 9,552 |  |

Quay Properties Limited (Registered number: 03337916)

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.8.25 |  | 31.8.24

| value: |  | as restated |

£ | £ |

| 20 | Ordinary | 10p | 2 |  | 2 |  |

11. | RESERVES

| Within the Profit/ Loss reserve is a non distributable reserve relating to the revaluation of the investment properties. The value of this reserve at the 31 August 2025 is £787,388 (2024 £,862,512).

12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| C A Beale FCCA (Senior Statutory Auditor)

| for and on behalf of Lewis Smith & Co.

13. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

| Handelsbanken bank holds an unlimited cross guarantee between Quay Properties Limited and Inshore Support Limited, a company which is owned by Inshore Support Holdings Limited, which is ultimately owned by A.J. Webb and Mrs R.N. Webb.

14. | POST BALANCE SHEET EVENTS

| Since the year end, the company bankers have changed to Metro Bank plc.

15. | PARENT COMPANY

| At the balance sheet date, the company was a wholly owned subsidiary of Inshore Support Holdings Limited, a company registered in England and Wales.