Company No: 10775661 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	J V Newman (Appointed 02 January 2026)
	C L A Slade

Registered office	Springfield House
	Springfield Road
	Horsham
	West Sussex
	United Kingdom
	RH12 2RG
	United Kingdom

Company number

10775661 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jalet Property Services Ltd for the financial period ended 31 July 2025 which comprise the Balance Sheet and the related notes 1 to 11 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 www.icaew.com/regulation.

This report is made solely to the Board of Directors of Jalet Property Services Ltd, as a body, in accordance with the terms of our engagement letter dated 17 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Jalet Property Services Ltd and state those matters that we have agreed to state to the Board of Directors of Jalet Property Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jalet Property Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Jalet Property Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jalet Property Services Ltd. You consider that Jalet Property Services Ltd is exempt from the statutory audit requirement for the financial period.

We have not been instructed to carry out an audit or a review of the financial statements of Jalet Property Services Ltd. 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 financial statements.

Kreston Reeves LLP

Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG

21 July 2026

	Note	31.07.2025		31.05.2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	13,624		20,185
Investment property	5	14,731,276		14,731,276
Investments	6	301,111		1
		15,046,011		14,751,462
Current assets
Debtors	7	5,200,053		4,681,927
Cash at bank and in hand		767,445		899,326
		5,967,498		5,581,253
Creditors: amounts falling due within one year	8	( 825,776)		( 693,087)
Net current assets		5,141,722		4,888,166
Total assets less current liabilities		20,187,733		19,639,628
Provision for liabilities	9	( 1,752,097)		( 1,752,702)
Net assets		18,435,636		17,886,926
Capital and reserves
Called-up share capital		2		2
Share premium account		6,699,999		6,699,999
Revaluation reserve		5,261,085		5,258,105
Profit and loss account		6,474,550		5,928,820
Total shareholder's funds		18,435,636		17,886,926

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

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial period 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 Profit and Loss Account has not been delivered.

The financial statements of Jalet Property Services Ltd (registered number: 10775661) were approved and authorised for issue by the Board of Directors on 21 July 2026. They were signed on its behalf by:

C L A Slade Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jalet Property Services Ltd (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 Springfield House, Springfield Road, Horsham, West Sussex, United Kingdom, RH12 2RG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Reporting period length

The company’s reporting date has been changed from 31 May to 31 July. As a result, the current financial statements cover an extended reporting period of 14 months, from 1 June 2024 to 31 July 2025. The comparative figures relate to the previous financial year, which covered the 12‑month period ended 31 May 2024 and are not entirely comparable.

Prior period adjustment

Prior year adjustments arise from the correction of material errors in the financial statements of prior periods. Material errors include the effects of mathematical mistakes, mistakes in applying accounting policies, oversights, or misinterpretations of facts that existed at the time the financial statements were approved.

Prior year adjustments do not include changes in accounting estimates or changes in accounting policies, which are accounted for prospectively unless otherwise required.

Where a material prior year error is identified, the company will:
- Restate the comparative amounts for the prior period presented in which the error occurred; or
- If the error occurred before the earliest prior period presented, restate the opening balances of assets, liabilities, and equity for the earliest period presented.

The correction of a prior year error is recognised through the adjustment of opening reserves for the earliest comparative period presented.

Full disclosure of the nature of the prior year adjustment and its financial impact on prior periods will be provided in the notes to the financial statements.

Turnover

Revenue is recognised in the period in which the rental services are provided to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established, provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

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 current 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.

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	5 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	5 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 the directors, on an open market value for existing use basis.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior period adjustment

During the year, the directors identified several errors arising from the preparation of financial statements in prior periods. These primarily related to:
- Incorrect accounting for intercompany and related party balances, including errors in the reconciliation between entities with differing year ends;
- Recognition of revaluation of investment properties, and the respective deferred taxation on the unrealised gains; and
- Misclassification of certain transactions within the financial statements.

As a result of the above, along with several other matters, corrections have been made to prior period balances. The corrections have been accounted for as prior period adjustments and comparative figures have been restated accordingly. The effect of these adjustments is summarised below:

		As previously reported		Adjustment		As restated
Period ended 31 May 2024		£		£		£
Investment properties		7,720,469		7,010,807		14,731,276
Amounts owed by group undertakings and related parties		4,257,401		(777,504)		3,479,897
Amounts owed (to)/by directors		(3,573,896)		4,215,839		641,943
Trade and other debtors		122,453		168,677		291,130
Cash at bank		896,392		2,934		899,326
Trade and other creditors		(117,852)		18,026		(99,826)
Corporation tax liability		(70,938)		(253,366)		(324,304)
Deferred tax liability		0		(1,752,702)		(1,752,702)
Profit and loss account		(2,554,214)		(3,374,606)		(5,928,820)
Revaluation reserve		0		(5,258,105)		(5,258,105)
Cost of sales and administration expenses		339,265		(9,208)		330,057
Other interest payable		23,194		(4,203)		18,991
Corporation tax charge		128,257		36,710		164,967

3. Employees

	Period from 01.06.2024 to 31.07.2025		Year ended 31.05.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	1		1

4. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 June 2024	30,000		9,010		4,631		43,641
At 31 July 2025	30,000		9,010		4,631		43,641
Accumulated depreciation
At 01 June 2024	12,000		10,530		926		23,456
Charge for the financial period	7,000		( 1,520)		1,081		6,561
At 31 July 2025	19,000		9,010		2,007		30,017
Net book value
At 31 July 2025	11,000		0		2,624		13,624
At 31 May 2024	18,000		(1,520)		3,705		20,185

5. Investment property

	Investment property
	£
Valuation
As at 01 June 2024	14,731,276
As at 31 July 2025	14,731,276

The 2025 valuations were made by the Directors on an open market value for existing use basis.

Historic cost

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

	31.07.2025		31.05.2024
	£		£
Historic cost	7,720,469		7,720,469

6. Fixed asset investments

Investments in subsidiaries

	31.07.2025
	£
Cost
At 01 June 2024	1
At 31 July 2025	1
Carrying value at 31 July 2025	1
Carrying value at 31 May 2024	1

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 June 2024	0		0		0
Additions	421,496		0		421,496
Disposals	( 130,857)		0		( 130,857)
Movement in fair value	( 531)		0		( 531)
Cash movement on investment capital account	0		11,002		11,002
At 31 July 2025	290,108		11,002		301,110
Carrying value at 31 July 2025	290,108		11,002		301,110
Carrying value at 31 May 2024	0		0		0

Other investments comprise the capital cash held within the investment fund.

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £287,528.

7. Debtors

	31.07.2025		31.05.2024
	£		£
Trade debtors	44,041		14,671
Amounts owed by Group undertakings (note 10)	1,748,660		1,348,727
Amounts owed by related parties (note 10)	2,402,980		2,400,127
Amounts owed by directors (note 10)	659,551		641,943
Prepayments and accrued income	32,407		0
Other taxation and social security	6,484		0
Other debtors	305,930		276,459
	5,200,053		4,681,927

Amounts owed by Group undertakings and other related parties are repayable on demand and do not bear interest.

8. Creditors: amounts falling due within one year

	31.07.2025		31.05.2024
	£		£
Trade creditors	20,423		8,574
Amounts owed to Group undertakings (note 10)	100		0
Amounts owed to related parties (note 10)	268,957		268,957
Accruals and deferred income	84,025		40,162
Corporation tax	377,043		324,304
Other creditors	75,228		51,090
	825,776		693,087

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

9. Deferred tax

	31.07.2025		31.05.2024
	£		£
At the beginning of financial period/year	( 1,752,702)		( 1,752,702)
Credited to the Profit and Loss Account	605		0
At the end of financial period/year	( 1,752,097)		( 1,752,702)

The deferred taxation balance is made up as follows:

	31.07.2025		31.05.2024
	£		£
Accelerated capital allowances	605		0
Revaluation of investment property	( 1,752,702)		( 1,752,702)
	( 1,752,097)		( 1,752,702)

10. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

Transactions with related parties or connected persons

Amounts owed by related parties

	31.07.2025		31.05.2024
	£		£
White Ridge Estate Ltd	2,381,976		2,379,849
Hungers Field Ltd	16,278		16,278
The Hungers Field Trust	4,726		4,000
	2,402,980		2,400,127

All of the above loans are repayable on demand, and bear no interest.

Amounts owed to related parties

	31.07.2025		31.05.2024
	£		£
Bare Trust	220,000		220,000
Towerstile Ltd	48,957		48,957
	268,957		268,957

The loan due to the Bare Trust, of which the children of C L A Slade (a director) are beneficiaries, charges interest at a rate of 3% above the bank base rate per annum. The loan is repayable on demand, and the interest is due to be paid on settlement of the loan. At 31 July 2025, interest of £54,896 was included within accruals (31 May 2024 - £35,058).

The loan due to Towerstile Ltd does not bear interest and is repayable on demand.

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

	31.07.2025		31.05.2024
	£		£
C L A Slade	659,551		641,943

During the year the company continued to provide a loan to the director. The loan is repayable on demand and bears no interest. At the year end the balance due to the company was £659,551 (2024 - £641,943).

11. Ultimate controlling party

The company is controlled by Jalet Estates Limited, the Parent company, who own 100% of the called up share capital. The ultimate controlling party is C L A Slade.