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REGISTERED NUMBER: 04160471 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 30 November 2025 |

| for |

| JA Property Limited |

| JA Property Limited (Registered number: 04160471) |

Contents of the Financial Statements

for the Year Ended 30 November 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| JA Property Limited |

Company Information

for the Year Ended 30 November 2025

| DIRECTOR: | J R Adamson

| SECRETARY: | R E Morson

| REGISTERED OFFICE: | The Barn Rift Farm

| Pittington Lane

| Durham

| Co Durham

| DH6 1BN

| REGISTERED NUMBER: | 04160471 (England and Wales)

| ACCOUNTANTS: | Clive Owen LLP

| Chartered Accountants

| Kepier House

| Belmont Business Park

| Durham

| DH1 1TW

| JA Property Limited (Registered number: 04160471) |

Balance Sheet

30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 22,384 |  | 31,331 |  |

Investment property | 5 | 8,468,850 |  | 8,823,551 |  |

8,491,234 |  | 8,854,882 |  |

CURRENT ASSETS

Debtors | 6 | 115,041 |  | 119,617 |  |

Cash at bank | 1,329,711 |  | 563,551 |  |

1,444,752 |  | 683,168 |  |

CREDITORS

Amounts falling due within one year | 7 | (3,713,309 | ) | (693,691 | ) |

NET CURRENT LIABILITIES | (2,268,557 | ) | (10,523 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,222,677 |  | 8,844,359 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (3,258,695 | ) |

PROVISIONS FOR LIABILITIES | 10 | (308,532 | ) | (293,234 | ) |

NET ASSETS | 5,914,145 |  | 5,292,430 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 1 |  | 1 |  |

Investment property

revaluations | 1,012,237 |  | 1,012,237 |  |

Retained earnings | 4,901,907 |  | 4,280,192 |  |

SHAREHOLDERS' FUNDS | 5,914,145 |  | 5,292,430 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

| JA Property Limited (Registered number: 04160471) |

Balance Sheet - continued

30 November 2025

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 March 2026 and were signed by:

J R Adamson - Director

| JA Property Limited (Registered number: 04160471) |

Notes to the Financial Statements

for the Year Ended 30 November 2025

1. | STATUTORY INFORMATION

| JA Property 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 the provisions of Section 1A 'Small Entities' of 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 assets.

| There were no material departures from that standard.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| Turnover

| Turnover represents net invoiced rents received on investment properties, excluding value added tax.

| Income recognition

| Rental income is recognised in accordance with the contractual terms of the lease.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| Tangible fixed assets are included at cost less accumulated depreciation and impairments.

| Investment property

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

| Financial instruments

| Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

| JA Property Limited (Registered number: 04160471) |

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024

| and 30 November 2025 | 12,717 |  | 42,540 |  | 4,449 |  | 59,706 |  |

| DEPRECIATION

| At 1 December 2024 | 5,315 |  | 18,611 |  | 4,449 |  | 28,375 |  |

| Charge for year | 2,965 |  | 5,982 |  | - |  | 8,947 |  |

| At 30 November 2025 | 8,280 |  | 24,593 |  | 4,449 |  | 37,322 |  |

| NET BOOK VALUE

| At 30 November 2025 | 4,437 |  | 17,947 |  | - |  | 22,384 |  |

| At 30 November 2024 | 7,402 |  | 23,929 |  | - |  | 31,331 |  |

| JA Property Limited (Registered number: 04160471) |

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 December 2024 | 8,823,551 |  |

| Additions | 275,138 |  |

| Disposals | (629,839 | ) |

| At 30 November 2025 | 8,468,850 |  |

| NET BOOK VALUE

| At 30 November 2025 | 8,468,850 |  |

| At 30 November 2024 | 8,823,551 |  |

| Investment property was valued on an open market basis by the director on 30 November 2025. The director considers that open market value has not changed significantly.

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 77,278 |  | 98,481 |  |

| Directors current account | 14,000 |  | - |  |

| Prepayments and accrued income | 23,763 |  | 21,136 |  |

115,041 |  | 119,617 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 3,199,111 |  | 348,346 |  |

| Trade creditors | 10,436 |  | 4,140 |  |

| Taxation and social security | 356,126 |  | 175,791 |  |

| Accruals and deferred income | 147,636 |  | 165,414 |  |

3,713,309 |  | 693,691 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | - |  | 3,199,112 |  |

| Accruals and deferred income | - |  | 59,583 |  |

- |  | 3,258,695 |  |

| JA Property Limited (Registered number: 04160471) |

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 3,199,111 |  | 3,547,458 |  |

| Bank loans are secured by the way of a fixed and floating charge over all property and undertakings of the company.

10. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 308,532 |  | 293,234 |  |

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 293,234 |  |

| Accelerated capital allowances | 15,298 |  |

| Balance at 30 November 2025 | 308,532 |  |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1 | Ordinary | £1 | 1 |  | 1 |  |

12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 November 2025 and 30 November 2024:

2025 | 2024 |

£ | £ |

| J R Adamson

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 14,000 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 14,000 |  | - |  |

| JA Property Limited (Registered number: 04160471) |

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

13. | RELATED PARTY DISCLOSURES

| 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 or those at a market rate.

| There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Amounts due from director |  | 14,000 |  |  | - |

| No interest has been charged.