Company No: 11092999 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	P J Cvetkovic
	P Cvetkovic

REGISTERED OFFICE	22 Wycombe End
	Beaconsfield
	HP9 1NB
	United Kingdom

COMPANY NUMBER

11092999 (England and Wales)

ACCOUNTANT	S&W Partners (Thames Valley) Limited
	22 Wycombe End
	Beaconsfield
	Buckinghamshire
	HP9 1NB

	Note	2025		2024
		£		£
				Restated
Fixed assets
Tangible assets	4	4,938		49,474
Investment property	5	9,065,000		9,065,000
Investments	6	1,001,000		1,001,000
		10,070,938		10,115,474
Current assets
Debtors	7	441,097		557,210
Cash at bank and in hand		386,770		174,074
		827,867		731,284
Creditors: amounts falling due within one year	8	( 10,584,274)		( 10,890,517)
Net current liabilities		(9,756,407)		(10,159,233)
Total assets less current liabilities		314,531		(43,759)
Net assets/(liabilities)		314,531		( 43,759)
Capital and reserves
Called-up share capital	9	1,000		1,000
Profit and loss account		313,531		( 44,759 )
Total shareholders' funds/(deficit)		314,531		( 43,759)

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; 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 Welford Investments Limited (registered number: 11092999) were approved and authorised for issue by the Board of Directors on 15 July 2026. They were signed on its behalf by:

P Cvetkovic Director

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

Welford Investments 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 22 Wycombe End, Beaconsfield, HP9 1NB, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Welford Investments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements for the year ended 31 December 2025 are the first financial statements of Welford Investments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The company’s date of transition to FRS 102 is 1 January 2024. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note below.

These financial statements are separate financial statements.

Turnover

Turnover represents rents receivable, excluding VAT from tenants. Rental income from investment properties is recognised in the Statement of Comprehensive income on a straight-line basis over the term of the lease.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 Balance Sheet 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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	4 years straight line
Fixtures and fittings	4 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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.

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 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.
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.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 December 2025 and has restated the comparative year amounts.

Reconciliation of equity

	Note	01.01.2024		31.12.2024
		£		£
Capital and reserves (as previously stated)		879,489		1,124,965
Fair value gain/(loss) on investment properties		0		(1,558,299)
Deferred tax movement		0		389,575
Capital and reserves (as restated)		879,489		(43,759)

Reconciliation of profit or loss

	Note			31.12.2024
				£
Profit for the year (as previously stated)				250,476
Fair value gain/(loss) on investment properties				(1,558,299)
Deferred tax thereon				389,575
Loss for the year (as restated)				(918,248)

Notes to the reconciliations

(i)	Fair value movement on investment properties
	Following the adoption of FRS 102, the investment properties were revalued in accordance with the accounting policies and deferred tax was provided.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

4. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2025	56,099		3,200		16,882		76,181
Additions	0		0		4,295		4,295
Disposals	( 56,099)		0		( 13,835)		( 69,934)
At 31 December 2025	0		3,200		7,342		10,542
Accumulated depreciation
At 01 January 2025	9,350		3,200		14,157		26,707
Charge for the financial year	4,675		0		2,082		6,757
Disposals	( 14,025)		0		( 13,835)		( 27,860)
At 31 December 2025	0		3,200		2,404		5,604
Net book value
At 31 December 2025	0		0		4,938		4,938
At 31 December 2024	46,749		0		2,725		49,474

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	9,065,000
As at 31 December 2025	9,065,000

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out at the Balance sheet date by AP Investments, an independent commercial property agent . In carrying out their review, they have made assumptions in relation to rental yields and estimated future achievable rents.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	10,623,299		10,623,299

6. Fixed asset investments

	2025		2024
	£		£
Other investments and loans	1,001,000		1,001,000

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	1,001,000		1,001,000
At 31 December 2025	1,001,000		1,001,000
Carrying value at 31 December 2025	1,001,000		1,001,000
Carrying value at 31 December 2024	1,001,000		1,001,000

7. Debtors

	2025		2024
	£		£
Trade debtors	0		64,924
Deferred tax asset	389,575		389,575
Other debtors	51,522		102,711
	441,097		557,210

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	43,378		115,008
Amounts owed to own subsidiaries	1,000		1,000
Taxation and social security	192,416		117,438
Other creditors	10,347,480		10,657,071
	10,584,274		10,890,517

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
700 Ordinary A shares of £ 1.00 each	700		700
200 Ordinary B shares of £ 1.00 each	200		200
100 Ordinary C shares of £ 1.00 each	100		100
	1,000		1,000

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
Within one year	9,551		0
Between one and five years	8,157		0
Total future minimum lease payments under non-cancellable operating leases	17,708		0