Company No: 00392850 (England and Wales)

Contents

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

Directors	R Nathan
	J Pearl

Secretary

R Nathan

Registered office	2nd Floor 168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

00392850 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

Bankers	Barclays Bank plc
	Leicester
	LE87 2BB

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,602		976
Investment property	4	7,659,137		7,339,137
Investments	5	347,337		296,630
		8,008,076		7,636,743
Current assets
Debtors	6	62,905		43,734
Cash at bank and in hand	7	400,778		349,850
		463,683		393,584
Creditors: amounts falling due within one year	8	( 111,005)		( 112,224)
Net current assets		352,678		281,360
Total assets less current liabilities		8,360,754		7,918,103
Creditors: amounts falling due after more than one year	9	( 328,639)		( 360,610)
Provision for liabilities	10	( 1,391,522)		( 1,311,166)
Net assets		6,640,593		6,246,327
Capital and reserves
Called-up share capital	11	10,380		10,380
Revaluation reserve		5,748,919		5,428,919
Other reserves		11,199		11,199
Profit and loss account		870,095		795,829
Total shareholders' funds		6,640,593		6,246,327

For the financial year ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have 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 Cannon Freeholds Limited (registered number: 00392850) were approved and authorised for issue by the Board of Directors on 03 June 2026. They were signed on its behalf by:

R Nathan Director

J Pearl 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

Cannon Freeholds 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 2nd Floor 168 Shoreditch High Street, London, E1 6RA, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 current 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.

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:

Fixtures and fittings	3 years straight line
Office equipment	3 years straight line

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 December 2024	78,803		2,754		81,557
Additions	0		1,323		1,323
At 30 November 2025	78,803		4,077		82,880
Accumulated depreciation
At 01 December 2024	78,803		1,778		80,581
Charge for the financial year	0		697		697
At 30 November 2025	78,803		2,475		81,278
Net book value
At 30 November 2025	0		1,602		1,602
At 30 November 2024	0		976		976

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	7,339,137
Fair value movement	320,000
As at 30 November 2025	7,659,137

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

5. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 December 2024	296,630		296,630
Additions	56,691		56,691
Disposals	( 41,690)		( 41,690)
Movement in fair value	35,706		35,706
At 30 November 2025	347,337		347,337
Carrying value at 30 November 2025	347,337		347,337
Carrying value at 30 November 2024	296,630		296,630

6. Debtors

	2025		2024
	£		£
Trade debtors	28,520		26,406
Prepayments	8,635		8,993
Other debtors	25,750		8,335
	62,905		43,734

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	400,778		349,850

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	18,074		16,192
Trade creditors	5,092		9,571
Accruals and deferred income	39,428		37,236
Taxation and social security	43,715		49,225
Other creditors	4,696		0
	111,005		112,224

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

	2025		2024
	£		£
Bank loans (secured)	181,196		202,699
Other creditors	147,443		157,911
	328,639		360,610

The bank loan liability at the year end of £199,270 (2024: £218,891) is secured against 16 Ainger Road, London.

10. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 1,311,166)		( 1,311,166)
Charged to the Profit and Loss Account	( 80,356)		0
At the end of financial year	( 1,391,522)		( 1,311,166)

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
9,480 Class A ordinary shares of £ 1.00 each	9,480		9,480
1,800 Class B ordinary shares of £ 0.50 each	900		900
	10,380		10,380

12. Related party transactions

During the year, fees were paid to Bosquet Capital Limited, a company under common control, totalling £35,000 (2024: £30,000).