Company No: 02830103 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Investments	4	4,338,834		3,401,607
		4,338,834		3,401,607
Current assets
Debtors	5	299,181		541,197
Cash at bank and in hand		12,508		67,027
		311,689		608,224
Creditors: amounts falling due within one year	6	( 801,899)		( 42,746)
Net current (liabilities)/assets		(490,210)		565,478
Total assets less current liabilities		3,848,624		3,967,085
Net assets		3,848,624		3,967,085
Capital and reserves
Called-up share capital		100		100
Revaluation reserve		( 50,191 )		43,252
Profit and loss account		3,898,715		3,923,733
Total shareholder's funds		3,848,624		3,967,085

For the financial year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of J.A. Ewing & Co. (London) Limited (registered number: 02830103) were approved and authorised for issue by the Director. They were signed on its behalf by:

R A Ettlinger Director

24 June 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.A. Ewing & Co. (London) Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 100 Marylebone Road, London, NW1 5DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Prior year adjustment

A loan investment of £811,410 was transferred from R A Ettlinger into the company on 16 August 2023. The accounts have been restated to reflect the correct position.

		As previously reported		Adjustment		As restated
Year ended 30 November 2024		£		£		£
Un-Listed Investments		2,119,585		811,410		2,930,995
Directors loan account		949,715		(811,410)		138,305

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	2		2

4. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 December 2024	470,612		2,930,995		3,401,607
Additions	1,181,112		0		1,181,112
Disposals	( 119,294)		0		( 119,294)
Movement in fair value	( 124,591)		0		( 124,591)
At 30 November 2025	1,407,839		2,930,995		4,338,834
Carrying value at 30 November 2025	1,407,839		2,930,995		4,338,834
Carrying value at 30 November 2024	470,612		2,930,995		3,401,607

5. Debtors

	2025		2024
	£		£
Trade debtors	275,600		260,000
Corporation tax	98		0
Other debtors	23,483		281,197
	299,181		541,197

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Corporation tax	0		21,551
Other creditors	801,899		21,195
	801,899		42,746

7. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Other creditors	794,782		(138,305)

Included within other creditors was a loan due to Mr R A Ettlinger. This comprised an opening debit balance of £138,305, advances of £12,707 and repayments of £948,144, leaving a year end credit balance of £794,782. Interest is charged at HMRC's beneficial loan interest rate of 3.75%. This balance is unsecured with no fixed repayment terms.

Other related party transactions

	2025		2024
	£		£
Brentano Suite Elstree Limited	110,000		110,000

The company has made advances to the above companies in which Mr R A Ettlinger has an interest. Where possible, the company has taken advantage of the exemption conferred by FRS 102 section
33.1A from the requirement to disclose transactions with other wholly-owned group undertakings.