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Registered number: 06230550 WARWICK ESTATES PROPERTY MANAGEMENT LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Company Information
Directors | L Taylor
| C Beard
| R Hulmston
| D Melisi
| E Power
Registered number | 06230550
Registered office | One Station Approach
| Harlow
| Essex
| CM20 2FB
WARWICK ESTATES PROPERTY MANAGEMENT LTD Registered number:06230550
Balance sheet As at 31 December 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 1,356,454 |  | 1,864,917
Tangible assets | 6 |  | 309,498 |  | 44,838
|  |  | 1,665,952 |  | 1,909,755
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 8 | 54,645 |  | - |
Debtors: amounts falling due within one year | 8 | 502,989 |  | 706,337 |
Cash at bank and in hand | 9 | 1,189,537 |  | 1,170,678 |
|  | 1,747,171 |  | 1,877,015 |
Creditors: amounts falling due within one year | 10 | (2,967,895) |  | (4,900,207) |
Net current liabilities |  |  | (1,220,724) |  | (3,023,192)
Total assets less current liabilities |  |  | 445,228 |  | (1,113,437)
Creditors: amounts falling due after more than one year | 11 |  | (2,101,267) |  | (2,467,218)
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (2,336) |  | - |
Other provisions | 13 | (70,000) |  | (145,000) |
|  |  | (72,336) |  | (145,000)
Net liabilities |  |  | (1,728,375) |  | (3,725,655)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | (1,728,475) |  | (3,725,755)
|  |  | (1,728,375) |  | (3,725,655)
Page 1
WARWICK ESTATES PROPERTY MANAGEMENT LTD Registered number:06230550
Balance sheet (continued) As at 31 December 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2026.
C Beard
Director
The notes on pages 3 to 18 form part of these financial statements. Page 2
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
1. | General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is One Station Approach, Harlow, Essex, CM20 2FB. 2. Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
The directors have considered the ability of the Company to continue as a going concern in light of the net liability position in the Balance Sheet. In making their assessment the directors have prepared and critically reviewed the Company's cash flow forecast for the next 12 months from the date of signing the financial statements and ensured that the forecast is modelled on a suitably cautious basis. Management have reviewed the operational cash flow forecasts to confirm that the Company can settle any liabilities as they fall due. Management consider the business to be a going concern and accordingly these financial statements have been prepared on that basis.
| 2.4 | Revenue
Revenue comprises property management and ancillary fees. Ancillary services are derived from supplementary services provided to the properties under management. Revenue is recognised for services provided during the period. If services have been provided and not invoiced, the revenues are accrued. Where amounts are invoiced in advance of services being provided, revenues are deferred. Revenue from property management is recognised on a straight line basis over the period in which the services are being provided. Revenue from ancillary services is recognised when the amount of revenue can be measured reliably, it is probable that the Company will receive the consideration, the stage of completion of the contract can be measured reliably and the costs incurred and costs to complete can be measured reliably. Revenue is measured as the fair value of consideration received or receivable, net of discounts, VAT and other sales related taxes.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 3
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.6 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 5
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.12 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. The estimated useful lives range as follows:
|  |  |  | Customer lists | - |  | 10% straight line
|  |  |  | Patents, trademarks and licences | - |  | 25 - 33% straight line
|  |  |  | Development costs | - |  | 10 - 33% straight line
| 2.13 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic life of 10 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: ∙It is technically feasible to complete the intangible asset so that it will be available for use or sale; ∙There is the intention to complete the intangible asset and use or sell it; ∙There is the ability to use or sell the intangible asset; ∙The use or sale of the intangible asset will generate probable future economic benefits; ∙There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and ∙The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred. Page 6
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods as described below. Depreciation is provided on the following basis:
|  |  |  | Short leasehold property | - | 20% | straight line
|  |  |  | Plant and machinery | - | 25% | straight line
|  |  |  | Fixtures, fittings and equipment | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 7
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 8
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.21 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 9
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025 2. Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and expenses. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgments In the course of preparing the financial statements the only judgments that may have a significant effect are those involving estimates as explained below. Estimates The carrying amounts of intangible assets are based on management's estimates of their useful lives, future cash flows and potential for impairment. Changes in these estimates may have a material effect on the reported amounts of assets and expenses. No significant revisions to estimates were made during the current financial year. Details of the carrying value of intangible assets are set out in note 6. The carrying value of provisions are based on management's estimates of the amount required to settle an obligation. Changes in these estimates may have a material effect on the reported amounts of assets and expenses. No significant revisions to estimates were made during the current financial year. Details of the carrying value of provisions are set out in note 13. Page 10
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
4. | Employees
| The average monthly number of employees, including directors, during the year was 150 (2024 - 152).
5. | Intangible assets
|  | Customer lists | Development costs | Patents, trademarks & licences | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 (as previously stated) | 4,150,462 | 1,925,881 | 47,380 | 6,123,723
| Prior Year Adjustment | (547,880) | - | - | (547,880)
| At 1 January 2025 (as restated) | 3,602,582 | 1,925,881 | 47,380 | 5,575,843
| Additions | - | 3,741 | - | 3,741
| Disposals | (69,803) | - | - | (69,803)
| At 31 December 2025 | 3,532,779 | 1,929,622 | 47,380 | 5,509,781
| Amortisation |  |  |  |
| At 1 January 2025 (as previously stated) | 2,873,325 | 1,148,832 | 47,380 | 4,069,537
| Prior Year Adjustment | (358,610) | - | - | (358,610)
| At 1 January 2025 (as restated) | 2,514,715 | 1,148,832 | 47,380 | 3,710,927
| Charge for the year | 323,778 | 188,425 | - | 512,203
| On disposals | (69,803) | - | - | (69,803)
| At 31 December 2025 | 2,768,690 | 1,337,257 | 47,380 | 4,153,327
| Net book value |  |  |  |
| At 31 December 2025 | 764,089 | 592,365 | - | 1,356,454
| At 31 December 2024 (as restated) | 1,087,868 | 777,049 | - | 1,864,917
Page 11
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
6. | Tangible fixed assets
|  | Short leasehold property | Plant and machinery | Fixtures, fittings and equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 392,678 | 21,560 | 855,866 | 1,270,104
| Additions | 155,414 | - | 180,796 | 336,210
| Disposals | (391,458) | (21,560) | (642,609) | (1,055,627)
| At 31 December 2025 | 156,634 | - | 394,053 | 550,687
| Depreciation |  |  |  |
| At 1 January 2025 | 388,045 | 21,560 | 815,661 | 1,225,266
| Charge for the year | 25,232 | - | 41,686 | 66,918
| Disposals | (386,826) | (21,560) | (642,609) | (1,050,995)
| At 31 December 2025 | 26,451 | - | 214,738 | 241,189
| Net book value |  |  |  |
| At 31 December 2025 | 130,183 | - | 179,315 | 309,498
| At 31 December 2024 | 4,633 | - | 40,205 | 44,838
| Finance leases
The Company has assets held under finance leases with a net book value at the period end of £223,550 (2024: £Nil). The depreciation charge for the period in respect of assets held under finance leases is £43,804 (2024: £Nil). Page 12
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
7. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 (as previously stated) | 73,626
| Prior Year Adjustment | 477,799
| At 1 January 2025 (as restated) | 551,425
| At 31 December 2025 | 551,425
| Impairment |
| At 1 January 2025 (as previously stated) | 73,626
| Prior Year Adjustment | 477,799
| At 1 January 2025 (as restated) | 551,425
| At 31 December 2025 | 551,425
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 (as restated) | -
Page 13
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |  |
| Other debtors |  | 54,645 | -
|  |  | 54,645 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |  |
| Trade debtors |  | 186,421 | 158,701
| Other debtors |  | 42,794 | 61,898
| Prepayments and accrued income |  | 273,774 | 246,755
| Deferred taxation | 12 | - | 238,983
|  |  | 502,989 | 706,337
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,189,537 | 1,170,678
|  | 1,189,537 | 1,170,678
Page 14
WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 526,600 | 654,208
| Trade creditors | 406,973 | 305,166
| Amounts owed to group undertakings | 1,080 | 2,004,721
| Other taxation and social security | 739,345 | 599,100
| Obligations under finance leases | 73,500 | -
| Other creditors | 67,994 | 143,518
| Accruals and deferred income | 1,152,403 | 1,193,494
|  | 2,967,895 | 4,900,207
| Bank loans are secured by way of a fixed charge over the Company's assets. Obligations under finance leases are secured by way of a fixed charge over the assets provided under the agreements.
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,940,617 | 2,467,218
| Obligations under finance leases | 160,650 | -
|  | 2,101,267 | 2,467,218
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WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
12. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 238,983
| Charged to profit or loss | (241,319)
| At end of year | (2,336)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (16,669) | -
| Tax losses carried forward | 10,277 | 238,983
| Pension surplus | 4,056 | -
|  | (2,336) | 238,983
13. | Provisions
|  | Other provisions
|  | £
| At 1 January 2025 | 145,000
| Charged to profit or loss | 30,000
| Utilised in year | (105,000)
| At 31 December 2025 | 70,000
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WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
14. | Prior year adjustment
The comparative information in these financial statements has been restated from the figures previously reported in the prior year financial statements. Management have identified a prior year adjustment in respect of the recognition of intangibles and investments from 2017 to 2020. Information on restatements has been detailed below. (i) Initial recognition of intangibles and investments Investments were previously recorded as intangibles, under customer lists. The reclassification of the balances has resulted in a decrease in cost of customer lists by £547,880, increase in cost of investments by £477,799 and decrease in brought forward profit and loss account by £70,081. (ii) Subsequent measurement of intangibles and investments Accumulated amortisation in respect of customer lists has decreased by £358,610 to account for the decrease in cost of customer lists. Accumulated impairment in respect of investments has been increased by £477,799 to account for the increase in cost of investments. The net adjustment resulted in a decrease of £119,189 to brought forward profit and loss account.
15. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £193,050 (2024 - £184,036). Contributions totaling £39,039 (2024 - £35,377) were payable to the fund at the balance sheet date and are included in creditors.
16. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 119,404 | 45,016
| Later than 1 year and not later than 5 years | 314,014 | -
|  | 433,418 | 45,016
| On 8 May 2025 the Company's registered office changed and as a result the Company entered into a new lease commitment.
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WARWICK ESTATES PROPERTY MANAGEMENT LTD
Notes to the financial statements For the Year Ended 31 December 2025
17. | Related party transactions
| The Company has taken advantage of the exemption provided under FRS 102 Section 33.1A and has not disclosed transactions or balances with members of the group which are wholly owned by the ultimate parent company whose financial statements are consolidated and publicly available. In previous years the company entered into an agreement with Urang Property Management Limited, a company under common ownership, to provide services. The amount recognised in the current year was £Nil (2024 - £333,333). No amounts were outstanding at the balance sheet date.
18. | Controlling party
The immediate parent undertaking is United Companies Limited, a Company incorporated in the United Kingdom and registered in England and Wales. United Companies Limited owns 100% of the share capital of the Company and provides management services to the Company. The parent undertaking of the smallest group to prepare consolidated accounts is UGH Property Limited, a company incorporated in the United Kingdom and registered in England and Wales. The consolidated accounts of UGH Property Limited can be obtained from 196 New Kings Road, London, SW6 4NF.
19. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 28 May 2026 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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