REGISTERED NUMBER: 00092438 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BRITISH AND FOREIGN WHARF COMPANY

LIMITED(THE)

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

G S Pitt

J B Leathers

S E Ward

T C Leathers

N N Pitt

R J Booth

REGISTERED OFFICE:

43 Ormside Way

Holmthorpe Industrial Estate

Redhill

Surrey

RH1 2LG

REGISTERED NUMBER:

00092438 (England and Wales)

AUDITORS:

Collards, Chartered Accountants

Registered Auditors

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activities of the Company continues to be work on the potential development of the Company's share in the Quadrilateral site in Southwark and the management of the trading companies of the Group and of the management of freehold and leasehold properties owned by the Group. The trading companies of the group include Stocksigns Limited (sign manufacturers and distributors), Messagemaker Displays Limited (sellers and designers of LED signage) and Burnham Signs Limited (sign suppliers).

The group also has an investment in Pocket App Limited, a seller and developer of mobile phone applications.

2025

2024

£

£

Profit for the year before taxation

2,043,677

1,567,502

Corporation Tax

(524,030

)

(540,555

)

Profit for the year after taxation

1,519,647

1,026,947

Retained profit brought forward

21,570,509

20,782,528

Dividends

(338,290

)

(238,966

)

Retained profit carried forward

22,751,866

21,570,509

In 2025 the turnover of Stocksigns decreased by 16% whilst Messagemaker's sales remained static. The focus on exceptional personal service continues to provide high customer satisfaction with a 5 star Trust pilot score. Stocksigns produced a profit of £28,070 (2024 - £132,073) and Messagemaker produced profits of £20,803 (2024 - £84,107).

Burnham Signs sales increased by 70% and its profit increased to £14,656 (2024 - £7,838).

British and Foreign Wharf Company Limited has continued to successfully rent out its commercial property portfolio and all tenants are now up to date with their payments. Its subsidiary B&F Wharf Developments Limited successfully completed the acquisition of additional freehold properties within the Quadrilateral site in Southwark which will improve the potential development opportunities for the site.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board is responsible for carrying out an assessment of the principle risks affecting the British and Foreign Group in order to preserve the value, assets and reputation of the company. The key risks are set out below:

1. Economic Risk

The Group is exposed to uncertainties in the economy in the UK. This may have a negative impact on the overall condition and performance of the company's investments, customers, suppliers and loans.

The Group has mitigated this risk by having a spread of investments and trading businesses in a number of different markets to reduce its reliance on one particular activity.

1. Stocksigns Limited, a wholly owned subsidiary, manufactures and sells a broad range of signage.

2. Messagemaker Displays Limited, a wholly owned subsidiary, designs, manufactures and sells electronic message displays and LED traffic signs.

3. Pocket App Limited, an associate, designs and develops applications for mobile phone technology.

4.The Group has a portfolio of commercial properties (See 3 below).

5. The Group holds a portfolio of investments in early stage growing businesses.

This diversity allows the Group to manage changes in economic activity and the business cycle.

2. Customer Risk

Competitive pressures mean that customers are searching for lowest cost suppliers making the market across all businesses highly competitive and price driven.

The Group continues to invest in new production equipment and product development across our trading companies to allow us to remain competitive in the market.

3. Property Risk

Market values of property and rental yield can vary as a result of economic conditions.

The property portfolio held by the Group is based in the South East of England with a number of properties in London. It is diverse with a number of different types of freehold commercial properties with leases to tenants of different lengths.

4. Financial Risk

The Group has low debt and maintains cash reserves for working capital and to enable it to consider further suitable investments.

ON BEHALF OF THE BOARD:

G S Pitt - Director

28 April 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

A first interim dividend of 60p per share totalling £114,648 (2024 - £114,402) was paid on 2nd May 2025, a further interim dividend of 52p per share totalling £99,592 (2024 - £nil) was paid on 11th August 2025 and a further interim dividend of 65p per share totalling £124,050 (2024 - £124,564) was paid on 15th October 2025. The total dividends paid in the year were therefore £338,290 (2024 - £238,966).

DIRECTORS

The Directors who served during the year and their interests in the company's share capital were:

2025

2024

G S Pitt

43,856

43,856

J B Leathers

6,397

12,397

S E Ward

1,700

1,700

T C Leathers

3,919

1,919

N N Pitt

3,511

3,511

R J Booth

1,669

1,669

Directors, as shareholders received dividends on their shareholding as shown. Related party shareholdings combined with their individual holdings totalled 68,262 (2024 - 68,262) for G S Pitt and 34,984 (2024 - 34,984) for J B Leathers.

FINANCIAL INSTRUMENTS

The Group is controlled through timely monthly management accounts. The Group's cash and short term investments are managed so that sums required for the group and available for deposit are deposited with due regard for security rather than the ultimate return available.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Collards, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G S Pitt - Director

28 April 2026

Opinion

We have audited the financial statements of British and Foreign Wharf Company Limited(The) (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. We made enquiries of the Directors to obtain further understanding of risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;

- enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;

- review of minutes of the Board meetings throughout the year; and

- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and where non-compliance with laws and regulations is removed from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Julian Brigstocke FCA (Senior Statutory Auditor)

for and on behalf of Collards, Chartered Accountants

Registered Auditors

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

28 April 2026

TURNOVER

3,394,204

3,694,305

Cost of sales

2,042,939

2,116,127

GROSS PROFIT

1,351,265

1,578,178

Distribution costs

583,615

639,217

Administrative expenses

1,523,184

1,843,551

2,106,799

2,482,768

(755,534

)

(904,590

)

Other operating income

2,665,462

2,095,882

GROUP OPERATING PROFIT

4

1,909,928

1,191,292

Share of operating (loss)/profit in

Associates

(571

)

2,316

Interest receivable and similar income

134,320

373,894

PROFIT BEFORE TAXATION

2,043,677

1,567,502

Tax on profit

5

524,030

540,555

PROFIT FOR THE FINANCIAL YEAR

1,519,647

1,026,947

OTHER COMPREHENSIVE INCOME

Revaluation of property

-

1,572,674

Income tax relating to other comprehensive income

-

(393,168

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

1,179,506

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,519,647

2,206,453

Profit attributable to:

Owners of the parent

1,519,647

1,026,947

Total comprehensive income attributable to:

Owners of the parent

1,519,647

2,206,453

FIXED ASSETS

Intangible assets

8

10,231

-

Tangible assets

9

34,419,507

31,187,446

Investments

10

Interest in associate

58,413

23,418

Other investments

286,044

394,780

34,774,195

31,605,644

CURRENT ASSETS

Stocks

11

1,151,997

1,088,616

Debtors

12

2,026,908

8,247,561

Cash at bank

13

7,385,311

2,932,206

10,564,216

12,268,383

CREDITORS

Amounts falling due within one year

14

2,229,181

1,924,274

NET CURRENT ASSETS

8,335,035

10,344,109

TOTAL ASSETS LESS CURRENT LIABILITIES

43,109,230

41,949,753

PROVISIONS FOR LIABILITIES

15

3,768,388

3,790,268

NET ASSETS

39,340,842

38,159,485

CAPITAL AND RESERVES

Called up share capital

16

191,451

191,451

Share premium

17

251,875

251,875

Revaluation reserve

17

4,763,974

4,763,974

Capital redemption reserve

17

134,991

134,991

Other reserves

17

428,167

428,167

Fair Value reserve

17

10,818,518

10,818,518

Retained earnings

17

22,751,866

21,570,509

SHAREHOLDERS' FUNDS

39,340,842

38,159,485

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

G S Pitt - Director

S E Ward - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

25,816,042

25,876,129

Investments

10

4,184,868

4,260,730

30,000,910

30,136,859

CURRENT ASSETS

Stocks

11

691,494

671,366

Debtors

12

8,556,787

7,951,690

Cash at bank

13

4,988,045

4,320,599

14,236,326

12,943,655

CREDITORS

Amounts falling due within one year

14

2,746,932

2,675,696

NET CURRENT ASSETS

11,489,394

10,267,959

TOTAL ASSETS LESS CURRENT LIABILITIES

41,490,304

40,404,818

PROVISIONS FOR LIABILITIES

15

3,215,594

3,224,885

NET ASSETS

38,274,710

37,179,933

CAPITAL AND RESERVES

Called up share capital

16

191,451

191,451

Share premium

17

251,875

251,875

Revaluation reserve

17

4,763,974

4,763,974

Capital redemption reserve

17

25,000

25,000

Other reserves

17

428,167

428,167

Fair Value reserve

17

8,622,677

8,622,677

Retained earnings

17

23,991,566

22,896,789

SHAREHOLDERS' FUNDS

38,274,710

37,179,933

Company's profit for the financial year

1,433,067

853,717

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

G S Pitt - Director

S E Ward - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 January 2024

191,451

20,782,528

229,741

4,763,974

Changes in equity

Issue of share capital

-

-

22,134

-

Dividends

-

(238,966

)

-

-

Total comprehensive income

-

1,026,947

-

-

Balance at 31 December 2024

191,451

21,570,509

251,875

4,763,974

Changes in equity

Dividends

-

(338,290

)

-

-

Total comprehensive income

-

1,519,647

-

-

Balance at 31 December 2025

191,451

22,751,866

251,875

4,763,974

Capital

Fair

redemption

Other

Value

Total

reserve

reserves

reserve

equity

£

£

£

£

Balance at 1 January 2024

134,991

428,167

9,639,012

36,169,864

Changes in equity

Issue of share capital

-

-

-

22,134

Dividends

-

-

-

(238,966

)

Total comprehensive income

-

-

1,179,506

2,206,453

Balance at 31 December 2024

134,991

428,167

10,818,518

38,159,485

Changes in equity

Dividends

-

-

-

(338,290

)

Total comprehensive income

-

-

-

1,519,647

Balance at 31 December 2025

134,991

428,167

10,818,518

39,340,842

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 January 2024

191,451

22,282,038

229,741

4,763,974

Changes in equity

Issue of share capital

-

-

22,134

-

Dividends

-

(238,966

)

-

-

Total comprehensive income

-

853,717

-

-

Balance at 31 December 2024

191,451

22,896,789

251,875

4,763,974

Changes in equity

Dividends

-

(338,290

)

-

-

Total comprehensive income

-

1,433,067

-

-

Balance at 31 December 2025

191,451

23,991,566

251,875

4,763,974

Capital

Fair

redemption

Other

Value

Total

reserve

reserves

reserve

equity

£

£

£

£

Balance at 1 January 2024

25,000

428,167

8,622,677

36,543,048

Changes in equity

Issue of share capital

-

-

-

22,134

Dividends

-

-

-

(238,966

)

Total comprehensive income

-

-

-

853,717

Balance at 31 December 2024

25,000

428,167

8,622,677

37,179,933

Changes in equity

Dividends

-

-

-

(338,290

)

Total comprehensive income

-

-

-

1,433,067

Balance at 31 December 2025

25,000

428,167

8,622,677

38,274,710

Cash flows from operating activities

Cash generated from operations

1

8,628,073

(4,985,112

)

Tax paid

(519,527

)

(253,533

)

Net cash from operating activities

8,108,546

(5,238,645

)

Cash flows from investing activities

Purchase of intangible fixed assets

(12,497

)

-

Purchase of tangible fixed assets

(6,914,002

)

(142,960

)

Purchase of fixed asset investments

-

(87,150

)

Sale of tangible fixed assets

3,475,028

(34,917

)

Sale of fixed asset investments

-

2,596,783

Interest received

134,320

373,894

Net cash from investing activities

(3,317,151

)

2,705,650

Cash flows from financing activities

Equity dividends paid

(338,290

)

(238,966

)

Net cash from financing activities

(338,290

)

(238,966

)

Increase/(decrease) in cash and cash equivalents

4,453,105

(2,771,961

)

Cash and cash equivalents at beginning of year

2

2,932,206

5,704,167

Cash and cash equivalents at end of year

2

7,385,311

2,932,206