Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Limanex Properties Limited
for the Year Ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Limanex Properties Limited for the year ended 31 December 2025 which comprise the statement of comprehensive income, balance sheet and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Limanex Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Limanex Properties Limited. You consider that Limanex Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Limanex Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Limanex Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Limanex Properties Limited and state those matters that we have agreed to state to the Board of Directors of Limanex Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Limanex Properties Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

17 June 2026

Limanex Properties Limited

(Registration number: 02123185)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed asset
Tangible assets	4	2,313	3,039
Investment property	5	1,850,400	2,056,000
		1,852,713	2,059,039
Current assets
Debtors	6	138,054	29,499
Cash at bank and in hand		217,269	297,171
		355,323	326,670
Creditors: Amounts falling due within one year	7	(62,768)	(65,517)
Net current assets		292,555	261,153
Total assets less current liabilities		2,145,268	2,320,192
Provision for liabilities	8	(433)	(583)
Net assets		2,144,835	2,319,609
Capital and reserves
Called up share capital	9	50,000	50,000
Fair value reserve		743,962	949,562
Profit and loss account		1,350,873	1,320,047
Shareholders' funds		2,144,835	2,319,609

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 16 June 2026 and signed on its behalf by :

.........................................

B Chandaria
Director

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital and incorporated in England. The registered office address is shown on page 1.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.

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

Judgements in applying accounting policies

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

The directors have made an assumption in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is described further in note 5 together with the valuation of the property at the reporting date.

There were no other significant judgements.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover consists of rent receivable from the letting of an investment property in the United Kingdom. Rental income is measured at the fair value of rent receivable for the year.

Tax

The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

2	Accounting policies (continued)

Deferred tax is 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 suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their expected useful lives as follows:

Asset class	Depreciation rate and method
Plant & machinery	15% reducing balance
Fixtures & fittings	15% reducing balance
Computer equipment	33.33% straight line basis

Investment property

Investment property is carried at its fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Cash at bank and in hand

This comprises cash at bank.

Trade debtors

Trade debtors are amounts due from tenants for facilities provided in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, trade and other debtors and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

Operating leases

Annual rentals receivable under operating leases are credited to profit or loss on a straight line basis over the term of the lease.

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

2	Accounting policies (continued)

Pensions

Contributions payable by the company to private pension schemes of its directors are charged to profit or loss in the year to which they relate.

3	Employees and directors information

The company had no employees (2024 - none) and 2 directors (2024- 2) during the year.

4	Tangible assets

	Fixtures & fittings  £	Plant & machinery £	Computer equipment  £	Total £
Cost
At 1 January 2025	4,728	53,523	1,323	59,574
At 31 December 2025	4,728	53,523	1,323	59,574
Depreciation
At 1 January 2025	4,639	51,712	184	56,535
Charge for the year	13	272	441	726
At 31 December 2025	4,652	51,984	625	57,261
Carrying amount
At 31 December 2025	76	1,539	698	2,313
At 31 December 2024	89	1,811	1,139	3,039

5	Investment property

Valuation	£
At 1 January 2025	2,056,000
Fair value adjustments during the year	(205,600)
At 31 December 2025	1,850,400

The investment property was valued at 31 December 2025 by B Chandaria, a director of the company, at fair value. The valuation was arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around its location on a vacant possession basis and also takes into account the director's assessment of the state of the rental market around the area where the property is situated as at the reporting date.

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6

Debtors

	2025 £	2024 £
Trade debtors	35,259	29,288
Loan	100,000	-
Prepayments	1,768	211
Accrued income	1,027	-
	138,054	29,499

Loan includes £100,000 (2024 - £nil) due after more than one year.

7	Creditors: amounts due within one year

	Note	2025 £	2024 £
Director's current account	10	826	341
Accruals and deferred income		49,812	45,310
Taxation and social security		2,555	2,420
Corporation tax payable		9,575	17,446
		62,768	65,517

8	Provision for liabilities

	Deferred tax £
At 1 January 2025	583
Decrease in existing provision	(150)
At 31 December 2025	433

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	50,000	50,000	50,000	50,000

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

10	Related party transactions

Loan from director

2025	£
At start of year	341
Advanced during the year	826
Repaid during the year	(341)
At end of year	826

2024	£
At start of year	-
Advanced during the year	341
At end of year	341

Terms of loans from director

Loan from director is unsecured, interest free and repayable on demand.
 

11	Controlling party

There is no controlling party as no shareholder has more than 50% beneficial holding in the company .