REGISTERED NUMBER: 14271199 (England and Wales)

NEWCASTLE PROPCO LTD

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

P Charalambous

B D Lavi

REGISTERED OFFICE:

923 Finchley Road

Golders Green

London

NW11 7PE

REGISTERED NUMBER:

14271199 (England and Wales)

ACCOUNTANTS:

Joseph Kahan Associates LLP

Chartered Accountants

923 Finchley Road

London

NW11 7PE

The directors present their report with the financial statements of the company for the year ended 31st August 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st September 2024 to the date of this report.

P Charalambous

B D Lavi

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

B D Lavi - Director

1st April 2026

TURNOVER

1,671,518

1,185,170

Administrative expenses

1,090,307

1,037,805

OPERATING PROFIT

4

581,211

147,365

Interest receivable and similar income

806

987

582,017

148,352

Gain/loss on revaluation of investment property

7,622,275

-

8,204,292

148,352

Interest payable and similar expenses

838,591

936,965

PROFIT/(LOSS) BEFORE TAXATION

7,365,701

(788,613

)

Tax on profit/(loss)

5

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

7,365,701

(788,613

)

FIXED ASSETS

Intangible assets

6

4,800

6,400

Tangible assets

7

281,226

287,161

Investment property

8

16,745,000

8,543,014

17,031,026

8,836,575

CURRENT ASSETS

Debtors

9

12,592

12,026

Cash at bank

37,916

70,528

50,508

82,554

CREDITORS

Amounts falling due within one year

10

602,233

39,764

NET CURRENT (LIABILITIES)/ASSETS

(551,725

)

42,790

TOTAL ASSETS LESS CURRENT LIABILITIES

16,479,301

8,879,365

CREDITORS

Amounts falling due after more than one year

11

10,125,571

9,891,336

NET ASSETS/(LIABILITIES)

6,353,730

(1,011,971

)

CAPITAL AND RESERVES

Called up share capital

13

100

100

Fair value reserve

14

7,622,275

-

Retained earnings

14

(1,268,645

)

(1,012,071

)

SHAREHOLDERS' FUNDS

6,353,730

(1,011,971

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1st April 2026 and were signed on its behalf by:

B D Lavi - Director

1.	STATUTORY INFORMATION

Newcastle Propco Ltd 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.

The directors have undertaken to provide all necessary funds from personal resources to ensure that the company is able to meet its short term liabilities. For this reason, the directors believe that it is appropriate to prepare these financial statements on a Going Concern Basis.

Turnover

Turnover of rental income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

* the amount of revenue can be measured reliably;

* it is probable that the Company will receive the consideration due under the contract;

* the stage of completion of the contract at the end of the reporting period can be measured reliably; and

* the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Furniture, fixtures & fittings

-

25% on reducing balance

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

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, loans to related parties and investments in non-puttable ordinary shares.

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 is recognised in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

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

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

93,741

95,720

Website development costs amortisation

1,600

1,600

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st August 2025 nor for the year ended 31st August 2024.

6.	INTANGIBLE FIXED ASSETS

Website

development

costs

£

COST

At 1st September 2024

and 31st August 2025

8,000

AMORTISATION

At 1st September 2024

1,600

Amortisation for year

1,600

At 31st August 2025

3,200

NET BOOK VALUE

At 31st August 2025

4,800

At 31st August 2024

6,400

7.	TANGIBLE FIXED ASSETS

Furniture,

Plant and

fixtures

machinery

& fittings

Totals

£

£

£

COST

At 1st September 2024

195,700

227,260

422,960

Additions

58,543

29,263

87,806

At 31st August 2025

254,243

256,523

510,766

DEPRECIATION

At 1st September 2024

56,450

79,349

135,799

Charge for year

49,448

44,293

93,741

At 31st August 2025

105,898

123,642

229,540

NET BOOK VALUE

At 31st August 2025

148,345

132,881

281,226

At 31st August 2024

139,250

147,911

287,161

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st September 2024

8,543,014

Additions

579,711

Revaluations

7,622,275

At 31st August 2025

16,745,000

NET BOOK VALUE

At 31st August 2025

16,745,000

At 31st August 2024

8,543,014

In the opinion of the Director, the Fair Value of the Investment Property as at the year end is £16,745,000 based upon professional valuation for bank lending purpose prepared by Richard Wilson FRICS,LSH Director and checked by John Kane Bsc MRICS members of the RICS Valuer Registartion Scheme MRICS on 10th January 2025.

Fair value at 31st August 2025 is represented by:

£

Valuation in 2025

7,622,275

Cost

9,122,725

16,745,000

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Tenant Deposit

12,592

12,026

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

177,713

-

Other creditors

415,520

27,764

Accrued expenses

9,000

12,000

602,233

39,764

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

9,375,000

9,139,959

Other loans - 1-2 years

750,571

751,377

10,125,571

9,891,336

12.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

9,375,000

9,139,959

Security has been given in respect of bank loans in the form of a fixed charge over the company's investment property. A floating charge has also been given over all the property and undertakings of the company.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

14.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st September 2024

(1,012,071

)

-

(1,012,071

)

Profit for the year

7,365,701

7,365,701

Transfer to Non distributable

reserve

(7,622,275

)

7,622,275

-

At 31st August 2025

(1,268,645

)

7,622,275

6,353,630