REGISTERED NUMBER: 00621178 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

T.R.SUTERWALLA & SONS LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Statement of Financial Position

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

F T Suterwalla

H T Suterwalla

S T Suterwalla

M T Suterwalla

I T Suterwalla

SECRETARY:

H T Suterwalla

REGISTERED OFFICE:

29 Welbeck street

London

W1G 8DA

REGISTERED NUMBER:

00621178 (England and Wales)

ACCOUNTANTS:

Ward Divecha Limited

Chartered Accountants &

Statutory Auditors

29 Welbeck Street

London

W1G 8DA

BANKERS:

National Westminster Bank Plc

St James' & Piccadilly Branch

PO Box 2DG

208 Piccadilly

London

W1J 9HE

HOLDING COMPANY:

The Company is a 100% subsidiary of TRS

Group (UK) Limited.

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of letting the properties.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

F T Suterwalla

H T Suterwalla

S T Suterwalla

M T Suterwalla

I T Suterwalla

POLITICAL AND CHARITABLE DONATIONS

During the year, the company has contributed £25,120 (2024: £2,120) to UK registered charities.

INTEREST OF DIRECTORS IN CONTRACTS

During the period ended 31st December 2024 no director had any material interest in any significant contract to which the Company was a party.

TAXATION STATUS

The company is a close company within the provision of Corporation Taxes Act 2010.

.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

H T Suterwalla - Director

2 July 2026

TURNOVER

1,672,744

921,255

Administrative expenses

669,807

811,246

1,002,937

110,009

Other operating income

-

22,000

OPERATING PROFIT

4

1,002,937

132,009

Interest receivable and

similar income

785,870

1,178,990

1,788,807

1,310,999

Interest payable and similar expenses

5

4,367

356

PROFIT BEFORE TAXATION

1,784,440

1,310,643

Tax on profit

6

446,207

323,214

PROFIT FOR THE FINANCIAL YEAR

1,338,233

987,429

FIXED ASSETS

Tangible assets

7

1,161

1,547

Investment property

8

25,025,000

25,025,000

25,026,161

25,026,547

CURRENT ASSETS

Debtors

9

10,065,554

147,541

Cash at bank

5,560,653

24,051,630

15,626,207

24,199,171

CREDITORS

Amounts falling due within one year

10

586,216

10,497,799

NET CURRENT ASSETS

15,039,991

13,701,372

TOTAL ASSETS LESS CURRENT LIABILITIES

40,066,152

38,727,919

PROVISIONS FOR LIABILITIES

11

771,088

771,088

NET ASSETS

39,295,064

37,956,831

CAPITAL AND RESERVES

Called up share capital

12

500,000

500,000

Fair value reserve

13

13,486,551

13,486,551

Retained earnings

25,308,513

23,970,280

SHAREHOLDERS' FUNDS

39,295,064

37,956,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2026 and were signed on its behalf by:

H T Suterwalla - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

500,000

22,982,851

13,486,551

36,969,402

Changes in equity

Total comprehensive income

-

987,429

-

987,429

Balance at 31 December 2024

500,000

23,970,280

13,486,551

37,956,831

Changes in equity

Total comprehensive income

-

1,338,233

-

1,338,233

Balance at 31 December 2025

500,000

25,308,513

13,486,551

39,295,064

1.	STATUTORY INFORMATION

T.R.Suterwalla & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and applicable Accounting Standards in the United Kingdom.

The financial statements are presented in UK Pound Sterling.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the invoiced value of rent receivable in ordinary course of business, net of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant and machinery - 25% straight line basis

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial Instruments

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

Financial instruments are recognised in the company's balance sheet 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 sell 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.

Financial instruments

Basic financial assets

Basic financial assets, which include debtor 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognized 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.

Trade creditors are obligation 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 ar presented as non-current liabilities. Trade creditor are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

250,000

250,000

Social security costs

52,632

41,863

302,632

291,863

The average number of employees during the year was as follows:

2025

2024

Administration

5

5

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

386

516

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

4,367

356

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

446,207

323,214

Tax on profit

446,207

323,214

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,784,440

1,310,643

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

446,110

327,661

Effects of:

Expenses not deductible for tax purposes

-

(119

)

Income not taxable for tax purposes

97

83

Utilisation of tax losses

-

(4,411

)

Total tax charge

446,207

323,214

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2025

and 31 December 2025

2,493

DEPRECIATION

At 1 January 2025

946

Charge for year

386

At 31 December 2025

1,332

NET BOOK VALUE

At 31 December 2025

1,161

At 31 December 2024

1,547

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

and 31 December 2025

25,025,000

NET BOOK VALUE

At 31 December 2025

25,025,000

At 31 December 2024

25,025,000

Fair value at 31 December 2025 is represented by:

£

Valuation in 2020

14,298,609

Valuation in 2023

(900,000

)

Cost

11,626,391

25,025,000

Land and buildings comprise freehold properties. As at 31 December 2025, the Directors assessed the carrying value of these properties and confirms that the value aligns materially with current open market fair values.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,210

33,035

Amounts owed by group undertakings

10,020,800

-

Amounts owed by associates

-

63,951

Other debtors

-

15,224

Prepayments and accrued income

40,544

35,331

10,065,554

147,541

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

-

36,359

Amounts owed to group undertakings

-

10,000,000

Amounts owed to associates

12,435

-

Corporation tax

286,207

192,214

Social security and other taxes

32,965

12,883

VAT

71,220

70,285

Other creditors

-

22,400

Deposit rent

146,388

139,086

Accruals and deferred income

37,001

24,572

586,216

10,497,799

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Revaluation reserve

771,088

771,088

Deferred

tax

£

Balance at 1 January 2025

771,088

Balance at 31 December 2025

771,088

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

500,000

Ordinary shares

£1

500,000

500,000

13.

RESERVES

Fair

value

reserve

£

At 1 January 2025

and 31 December 2025

13,486,551

14.	PARENT COMPANY

TRS Group (UK) Ltd registered in England and Wales is the parent company due to 100% shareholding.