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 member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Toogoods Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 The Clarendon Centre, Dairy Meadow Lane, Salisbury, SP1 2TJ.

These financial statements have been 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Revenue comprises rental income and other property-related income derived from the company’s investment property portfolio.

Rental income from operating leases is recognised on a straight-line basis over the term of the lease, in accordance with Section 23 of FRS 102. Lease incentives granted, including rent-free periods and other tenant incentives, are recognised as an integral part of the net consideration agreed for the use of the property and are amortised over the lease term.

Service charge income is recognised in the period in which the services are provided, matching the recognition of the associated costs, with any surplus or deficit reflected in the income statement in accordance with the terms of the lease agreements.

Other income, including surrender premiums and dilapidations, is recognised when the right to receive payment has been established and collection is considered probable.

Where the company undertakes property development activities, costs incurred are held as Work in progress as part of property under development until the property is complete and capable of being occupied. Upon practical completion and commencement of letting, the property is transferred to investment property and measured at fair value in accordance with Section 16 of FRS 102.

Rental income arising from developed properties is recognised from the date that the property is available for lease and occupancy by tenants, and a lease agreement has been entered into. No revenue is recognised during the development phase prior to the property being available for use.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Investment properties are properties held to earn rentals and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes.   Investment properties are initially recognised at cost, including purchase price and directly attributable expenditure such as legal fees, property transfer taxes and other transaction costs. Subsequently, investment properties are measured at fair value at each reporting date in accordance with Section 16 of FRS 102, with changes in fair value recognised in profit or loss in the period in which they arise.  Fair value is determined by reference to market-based evidence, including comparable transaction prices, capitalisation of rental income and, where appropriate, discounted cash flow methodologies.

Investment properties under development are measured at cost until such time as fair value can be reliably determined or until completion, at which point they are transferred to completed investment property and subsequently measured at fair value.

Transfers into or out of investment property are made when there is a change in use, evidenced by the commencement or cessation of use as an investment property.

Investment properties are not depreciated. Gains or losses arising from changes in fair value are recognised in the profit and loss account and are not distributable to shareholders until realised.

Where the company holds mixed-use properties, the elements attributable to investment property are accounted for separately where those components can be measured reliably; otherwise the entire property is accounted for in accordance with the applicable standard.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Inventories comprise properties held for development prior to their classification as investment property. Development properties are initially recognised at cost, including purchase price and directly attributable expenditure such as construction costs, professional fees and other costs incurred in bringing the asset to the condition necessary for its intended use. These costs are capitalised as work in progress until the property is substantially complete and capable of operating as an investment property. No rental income is recognised during the development phase prior to the property being available for use.  Upon practical completion, or when the property becomes available for letting, the asset is transferred from inventories to investment property. At that point, the property is remeasured to fair value in accordance with Section 16 of FRS 102, with any resulting gain or loss recognised in profit or loss in the period of transfer.

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell at each reporting date in accordance with applicable accounting standards. Where the net realisable value of development property is lower than its carrying amount, an impairment loss is recognised in profit or loss.  Any subsequent reversal of a previously recognised impairment loss is also recognised in profit or loss, to the extent of the original impairment.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date, including those arising on investment properties measured at fair value.  Timing differences represent differences between the taxable profits and accounting profits that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.  Deferred tax liabilities are recognised in full for all taxable timing differences. 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.

In respect of investment properties measured at fair value, deferred tax is recognised on the difference between the carrying amount of the properties and their tax base. Deferred tax is measured using the tax rates and allowances that have been enacted or substantively enacted at the reporting date and that are expected to apply when the underlying asset is realised. The measurement reflects the presumption that the carrying amount of investment property will be recovered through sale, unless this presumption is rebutted.

Deferred tax is not recognised on permanent differences, or on timing differences arising from the initial recognition of goodwill or from the initial recognition of assets and liabilities in a transaction that is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit.

The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to reflect the latest assessment of the probability of recovery, taking into account future taxable profit forecasts.  Deferred tax assets and liabilities are offset only when there is a legally enforceable right to offset current tax balances and the deferred tax balances relate to taxes levied by the same tax authority.

Deferred tax is recognised in profit or loss, and movements are apportioned between realised and non-realised reserves as appropriate.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not 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 recognised in the period in which the estimate 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.

The average monthly number of persons (including directors) employed by the company during the year was:

Investment properties are measured at fair value in accordance with Section 16 of FRS 102, with changes in fair value recognised in profit or loss in the period in which they arise.

The fair value of the investment property portfolio at 31 December 2025 has been determined by the directors. In forming their assessment, the directors have considered recent formal valuations prepared for lending purposes, together with subsequent movements in market conditions, including changes in rental yields, transactional evidence and wider economic and environmental factors affecting the property sector.  The directors undertake a rolling programme of property valuations, whereby individual properties are subject to periodic external or third‑party valuation, supplemented by internal reviews at each reporting date to ensure that carrying values reflect current market conditions.

Valuations are prepared on an open market value basis, consistent with the principles of fair value under FRS 102, being the estimated price for the property in an orderly transaction between market participants at the reporting date. The valuation techniques applied include reference to observable market transactions for similar properties, capitalisation of rental income using appropriate yields and, where relevant, discounted cash flow methodologies.

Whilst external valuations are not obtained for all properties at each reporting date, the directors consider that the combination of recent independent valuations and updated internal assessments provides a reliable basis for determining fair value as at the year end.

On transition to FRS 102, the company elected to apply the exemption available under Section 35 to use fair value as deemed cost for its investment property portfolio.

Loans with Lloyds Bank PLC, totalling £11,647,434, have been secured with fixed and floating charges over the assets of the company.