Fral Properties Limited

	Page
Company Information	1
Balance Sheet	2—3
Notes to the Financial Statements	4—7

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Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 09353549

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,209,000		3,510,000
Investments	5		1		1

			3,209,001		3,510,001
CURRENT ASSETS
Debtors	6	30,410		16,429
Cash at bank and in hand		105,357		95,250

		135,767		111,679
Creditors: Amounts Falling Due Within One Year	7	(3,873,438 )		(3,926,146 )

NET CURRENT ASSETS (LIABILITIES)			(3,737,671 )		(3,814,467 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(528,670 )		(304,466 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	8		(15,000 )		-

NET LIABILITIES			(543,670 )		(304,466 )

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Profit and Loss Account			(544,670 )		(305,466 )

SHAREHOLDERS' FUNDS			(543,670)		(304,466)

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Fral Properties Limited

Balance Sheet (continued)

As At 31 December 2025

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the director and authorized for issue on 18 July 2025 and were signed on its behalf by:

Miss Christine Vaselli

Director

02/05/2026

The notes on pages 4 to 7 form part of these financial statements.

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Fral Properties Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Fral Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09353549 . The registered office is C/O Fidcorp Limited, 3rd Floor Portman House, 2 Portman Street, London, W1H 6DU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

Prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

· Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair

values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognized in

profit or loss and in other comprehensive income;

· Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of

opening and closing number and weighted average exercise price of share options, how the fair value of options

granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments,

explanation of modifications to arrangements;

· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to

adopt the going concern basis of accounting in preparing the financial statements. In the application of the company's accounting policies, the director is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are 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 recognized in the period in which the estimates 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.

2.3. Turnover

The turnover represents rental income derived from the company’s investment properties. Rental income is recognized on an accrual basis in accordance with the terms of the lease agreements in place during the financial year. No other revenue streams are included in turnover.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

2.5. Investment Properties

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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Fral Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognized on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable timing differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognized in profit or loss for the year, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case current and deferred tax are recognized in other comprehensive income or directly in equity respectively.

2.8. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Tangible Assets

	Investment Properties
	£
Cost or Valuation
As at 1 January 2025	3,510,000
Revaluation	(301,000 )

As at 31 December 2025	3,209,000

Net Book Value
As at 31 December 2025	3,209,000

As at 1 January 2025	3,510,000

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Fral Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	1

As at 31 December 2025	1

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	1

As at 1 January 2025	1

The company holds 1 ordinary share of £1 in Artillery Mansions Freehold Limited (registered number 09790728), held at cost of £1, representing 0.95% of the issued share capital. The registered office of that company is 140 Tachbrook Street, London, SW1V 2NE. At 30 June 2025 the aggregate capital and reserves of that company were £1,687,686 and the profit for the year was £15,831.

6. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	30,410	16,429

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	6,119	4,369
Amounts owed to group undertakings	3,802,909	3,853,913
Other creditors	64,510	31,564
Taxation and social security	(100 )	36,300

	3,873,438	3,926,146

8. Provisions for Liabilities


	Other Provisions	Total
	£	£
Additions	15,000	15,000

Balance at 31 December 2025	15,000	15,000

Included within accruals at the balance sheet date is an amount of £15,000 in respect of penalties due under the Annual Tax on Enveloped Dwellings (ATED) regime for prior periods. The liability has been confirmed by HMRC and is expected to be settled within twelve months of the balance sheet date.

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Fral Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,000	1,000

10. Audit Information

The auditor's report on the accounts of Fral Properties Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Tony Castagnetti (Senior Statutory Auditor) for and on behalf of Belluzzo Audit Limited , Statutory Auditor.

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

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Director	Miss Christine Vaselli

Company Number	09353549

Registered Office	C/O Fidcorp Limited, 3rd Floor Portman House
	2 Portman Street
	London
	W1H 6DU

Accountants	FIDCORP LIMITED
	3rd Floor Portman House
	2, Portman Street
	London
	W1H 6DU

Auditors	Belluzzo Audit Limited
	Chartered Accountants and Statutory Auditors
	38 Craven Street
	London
	WC2N 5NG