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REGISTERED NUMBER: 13459764 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

FORMATION PROPERTY LIMITED

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| FORMATION PROPERTY LIMITED |

COMPANY INFORMATION

for the year ended 31 December 2025

| DIRECTORS: | A C Barber

| A C Jolliffe

| REGISTERED OFFICE: | Unit 1 Evercreech Way

| Highbridge

| TA9 4AR

| REGISTERED NUMBER: | 13459764 (England and Wales)

| ACCOUNTANTS: | Dafferns LLP

| One Eastwood

| Harry Weston Road

| Binley Business Park

| Coventry

| CV3 2UB

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

BALANCE SHEET

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 591,663 |  | 74,437 |  |

Investment property | 6 | 2,452,999 |  | 2,452,999 |  |

3,044,662 |  | 2,527,436 |  |

CURRENT ASSETS

Debtors | 7 | - |  | 2,889 |  |

Cash at bank and in hand | 37,659 |  | 90,849 |  |

37,659 |  | 93,738 |  |

CREDITORS

Amounts falling due within one year | 8 | 597,208 |  | 186,576 |  |

NET CURRENT LIABILITIES | (559,549 | ) | (92,838 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,485,113 |  | 2,434,598 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (1,349,801 | ) | (1,384,080 | ) |

PROVISIONS FOR LIABILITIES | (93,000 | ) | (84,100 | ) |

NET ASSETS | 1,042,312 |  | 966,418 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 100 |  | 100 |  |

Investment property reserve | 11 | 244,875 |  | 244,875 |  |

Retained earnings | 797,337 |  | 721,443 |  |

SHAREHOLDERS' FUNDS | 1,042,312 |  | 966,418 |  |

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 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.

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

BALANCE SHEET - continued

31 December 2025

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 9 June 2026 and were signed on its behalf by:

A C Barber - Director

A C Jolliffe - Director

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Formation Property Limited is a private limited 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.

| The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest £1.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historic cost convention.

| Tangible fixed assets

| Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

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

| Improvements to property |  | - straight line over 10 years |  |

| Motor vehicles |  | - 25% reducing balance |  |

| Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

| Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the year that the disposal takes place.

| Investment property

| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the Income Statement.

| Financial instruments

| Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses.

| Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

5. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Motor |

| property |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 74,606 |  | - |  | 74,606 |  |

| Additions | 50,493 |  | 557,919 |  | 608,412 |  |

| At 31 December 2025 | 125,099 |  | 557,919 |  | 683,018 |  |

| DEPRECIATION

| At 1 January 2025 | 169 |  | - |  | 169 |  |

| Charge for year | 10,698 |  | 80,488 |  | 91,186 |  |

| At 31 December 2025 | 10,867 |  | 80,488 |  | 91,355 |  |

| NET BOOK VALUE

| At 31 December 2025 | 114,232 |  | 477,431 |  | 591,663 |  |

| At 31 December 2024 | 74,437 |  | - |  | 74,437 |  |

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 2,452,999 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,452,999 |  |

| At 31 December 2024 | 2,452,999 |  |

| The Company holds two investment properties.

| The property purchased in 2022 has been revalued and therefore held at fair value. The revaluation was recognised in the year ended 31 December 2023. The revaluation was conducted by Aitchison Raffety, who has no association to the Company. The historical cost of this property is £673,500 (2024: £673,500). The property purchased in 2024 has been presented at fair value not equal to cost.

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2021 | 21,500 |  |

| Valuation in 2023 | 305,000 |  |

| Cost | 2,126,499 |  |

2,452,999 |  |

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

2025 | 2024 |

£ | £ |

| VAT | - |  | 2,889 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 57,233 |  | 52,984 |  |

| Hire purchase contracts | 408,902 |  | - |  |

| Trade creditors | - |  | 15,107 |  |

| Tax | 21,873 |  | 14,413 |  |

| Social security and other taxes | 2,002 |  | 2,002 |  |

| VAT | 4,142 |  | - |  |

| Directors' loan accounts | 94,941 |  | 92,941 |  |

| Accruals and deferred income | 8,115 |  | 9,129 |  |

597,208 |  | 186,576 |  |

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Creditors include the following secured liabilities:

| Amounts owing in respect of Bank loans and overdrafts totalling £57,233 (2024: £52,984) are secured using assets held within the Company.

| Amounts owing in respect of Hire Purchase agreements totalling £408,902 (2024: £nil) which are secured against the assets acquired.

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 60,645 |  | 55,594 |  |

| Bank loans - 2-5 years | 213,081 |  | 195,331 |  |

| Bank loans more than 5 years | 969,499 |  | 1,054,579 |  |

| Other creditors | 106,576 |  | 78,576 |  |

1,349,801 |  | 1,384,080 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more than 5 years | 969,499 |  | 1,054,579 |  |

| Bank loans and overdrafts are secured using assets held within the Company.

10. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | 10p | 100 |  | 100 |  |

11. | RESERVES

| Investment

| property

| reserve

£ |

| At 1 January 2025

| and 31 December 2025 | 244,875 |  |

12. | OTHER FINANCIAL COMMITMENTS

| At 31 December 2025, the Company had total commitments under non-cancellable operating leases over the remaining life of those leases of £26,710 (2024: £nil).

FORMATION PROPERTY LIMITED (REGISTERED NUMBER: 13459764) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

13. | RELATED PARTY DISCLOSURES

| At the year end, a loan owed by the Company to a company under common control, amounted to £106,576 (2024: £78,576). No interest has been charged on this balance (2024: £nil).

| Rental income was received by the Company from a company under common control, totalling £380,000 (2024: £240,000).

| All of these transactions were at an arms length basis.

14. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties are A C Barber and A C Joliffe.