Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Wincey Developments Limited
for the Year Ended 31 October 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 Wincey Developments Limited for the year ended 31 October 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 Wincey Developments 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 Wincey Developments Limited. You consider that Wincey Developments 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 Wincey Developments 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 Wincey Developments 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 Wincey Developments Limited and state those matters that we have agreed to state to the Board of Directors of Wincey Developments 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 Wincey Developments 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

6 July 2026

Wincey Developments Limited

(Registration number: 13885277)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	750	10,552
Investment property	5	1,556,212	1,556,212
		1,556,962	1,566,764
Current assets
Stocks	6	5,153,854	5,748,195
Debtors	7	33,269	52,635
Cash at bank and in hand		73,342	52,379
		5,260,465	5,853,209
Creditors: Amounts falling due within one year	8	(1,162,708)	(779,894)
Net current assets		4,097,757	5,073,315
Total assets less current liabilities		5,654,719	6,640,079
Creditors: Amounts falling due after more than one year	8	(7,019,253)	(7,376,120)
Net liabilities		(1,364,534)	(736,041)
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		(1,364,634)	(736,141)
Shareholders' deficit		(1,364,534)	(736,041)

For the financial year ended 31 October 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 3 July 2026 and signed on its behalf by:

......................................... J N Stewart Director

Wincey Developments Limited

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

1	General information

The company is a private company limited by share capital, 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 the 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 and key sources of estimation uncertainty

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 the 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 estimate 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 further described in note 5 together with the valuation of the property at the reporting date.

There were no other significant judgements or areas of estimation uncertainty.

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 periods presented.

Wincey Developments Limited

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

2	Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis. As set out in the statement of directors' responsibilities, the directors are required to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors have considered in detail the company's forecast performance as well as its capital and liquidity resources. On this basis the directors have a reasonable expectation that despite uncertain market conditions, the company has sufficient funding and liquidity facilities to ensure that the company will meet its liabilities as they fall due for the foreseeable future being a period of at least 12 months from the date on which these financial statements are approved.

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover consists of proceeds from sale of developed residential properties and in the prior year rent receivable from the letting of an investment property in the United Kingdom. Rental income, in the prior year, is measured at the fair value of rent receivable for the period.

Tax

The tax expense for the year, if any, 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.

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 end of 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 cost, less any subsequent accumulated depreciation and subsequent accumulated 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 estimated useful economic life as follows:

Asset class	Depreciation method and asset life
Furniture, fittings and equipment	Straight line basis over 3 years
Plant and machinery	Straight line basis over 3 years

Wincey Developments Limited

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

2	Accounting policies (continued)

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 differences 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.

Stocks

Stocks consist of land, property and work in progress and are valued at the lower of cost and net realisable value. Cost includes the acquisition costs, construction costs, legal and professional fees, rates and insurance. Net realisable value is estimated based upon the future expected selling price, less estimated costs of completion and estimated costs to sell.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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, other debtors, trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

3	Employees and directors information

The company had no employees (2024 - none) and 2 directors (2024 - 2) during the year. The directors did not receive any remuneration during the year (2024 - £nil).

Wincey Developments Limited

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

4	Tangible assets

	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost
At 1 November 2024	2,173	32,060	34,233
Disposals during the year	-	(26,000)	(26,000)
At 31 October 2025	2,173	6,060	8,233
Depreciation
At 1 November 2024	1,569	22,112	23,681
Charge for the year	604	1,976	2,580
Eliminated on disposal	-	(18,778)	(18,778)
At 31 October 2025	2,173	5,310	7,483
Carrying amount
At 31 October 2025	-	750	750
At 31 October 2024	604	9,948	10,552

5	Investment property

	2025 £
At 1 November 2024	1,556,212
At 31 October 2025	1,556,212

The investment property was valued at 31 October 2025 by J N Stewart, 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 takes into account the directors' assessment of the state of the rental market where the property is situated as at the reporting date.

Wincey Developments Limited

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

6

Stocks

	2025 £	2024 £
Development properties acquisition costs	2,297,553	2,553,376
Development properties construction costs	2,768,326	3,116,374
Development properties other costs	87,975	78,445
	5,153,854	5,748,195

7

Debtors

	2025 £	2024 £
VAT refund due	11,283	13,745
Other debtors	6,791	5,562
Prepayments	15,195	33,328
	33,269	52,635

8

Creditors

Amounts falling due within one year

	2025 £	2024 £
Trade creditors	2,314	27,541
Amounts due to parent undertaking	1,113,154	712,754
Accruals	47,240	39,599
	1,162,708	779,894

Amounts falling due after more than one year

	2025 £	2024 £
Loan from parent undertaking	7,019,253	7,376,120