REGISTERED NUMBER: 03255378 (England and Wales)

GOUGH SQUARE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R A Sharp

Mrs M J Sharp

SECRETARY:

Mr R A Sharp

REGISTERED OFFICE:

4 Ropers Orchard

Danvers Street

Chelsea

London

SW3 5AX

REGISTERED NUMBER:

03255378 (England and Wales)

ACCOUNTANTS:

Beavis Morgan LLP

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

FIXED ASSETS

Investments

4

1,272

47,551

Investment property

5

4,942,495

2,700,000

4,943,767

2,747,551

CURRENT ASSETS

Debtors

6

1,465,227

1,602,955

Cash at bank

62,736

1,156,239

1,527,963

2,759,194

CREDITORS

Amounts falling due within one year

7

1,112,055

105,153

NET CURRENT ASSETS

415,908

2,654,041

TOTAL ASSETS LESS CURRENT LIABILITIES

5,359,675

5,401,592

CREDITORS

Amounts falling due after more than one year

8

(1,754,998

)

(1,794,998

)

PROVISIONS FOR LIABILITIES

(293,176

)

(286,927

)

NET ASSETS

3,311,501

3,319,667

CAPITAL AND RESERVES

Called up share capital

10

300

300

Non-distributable reserve

11

1,556,533

1,537,783

Retained earnings

1,754,668

1,781,584

SHAREHOLDERS' FUNDS

3,311,501

3,319,667

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

Mr R A Sharp - Director

1.	STATUTORY INFORMATION

Gough Square Investments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Key source of estimation, uncertainty and judgement

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Management's judgement has been made in determining the valuations of investment properties. This has been determined by using rental yield and similiar values of properties in the same geographical areas.

The assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is measured at the fair value of the consideration received or receivable net of trade discounts. The policies adopted for the recognition of rental income are as follows:

When the outcome of a transaction can be estimated reliably, rental income from investment properties is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to lease agreement.

Where the outcome cannot be measured reliably, rental income is recognised only to the extent of the expenses recognised that are recoverable.

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 August 2024

47,551

Additions

78

Disposals

(46,357

)

At 31 July 2025

1,272

NET BOOK VALUE

At 31 July 2025

1,272

At 31 July 2024

47,551

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2024

2,700,000

Additions

2,217,495

Revaluations

25,000

At 31 July 2025

4,942,495

NET BOOK VALUE

At 31 July 2025

4,942,495

At 31 July 2024

2,700,000

The freehold properties are shown at market value at the balance sheet date determined by the director, RA Sharp. The cost of the freehold investment properties was £3,093,593 (2024: £875,291).

Fair value at 31 July 2025 is represented by:

£

Valuation in 2013

494,709

Valuation in 2014

751,000

Valuation in 2015

480,000

Valuation in 2017

470,000

Valuation in 2023

(371,000

)

Valuation in 2025

25,000

Cost

3,092,786

4,942,495

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

1,465,227

1,602,955

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

40,000

40,000

Trade creditors

-

21,903

Taxation and social security

33,138

23,094

Other creditors

1,038,917

20,156

1,112,055

105,153

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

1,754,998

1,794,998

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Secured bank loans

1,794,998

1,834,998

The bank loan totalling £1,794,998 (2024: £1,834,998) is secured by mortgage charges on all of the freehold investment properties owned by Gough Square Investments Limited and the holding company, Realtreat Limited, except for 9 Peregine.

The original bank loan was repayable partially over the period to February 2025 when the balance of £2,260,000 is due for repayment. Interest on the bank loan was at 3.64% pa fixed until February 2025. The maturity date of the loan has been extended to November 2026 and interest is now being charged at a rate of 6.46%. Part of the bank loan was used to clear the existing bank loan of the holding company, and £34,775 (2024: £29,067) of interest has been apportioned and recharged to the holding company in the year end.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

300

Ordinary

£1

300

300

11.

RESERVES

Non-distributable

reserve

£

At 1 August 2024

1,537,783

Movement in year

18,750

At 31 July 2025

1,556,533

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in FRS102 Section 33.1A from the requirement to disclose the transactions between two or more members of the group for all members that are wholly owned subsidiaries of the ultimate parent company.

As at the year end, there was an amount of £1,001,828 owed to a director in Gough Square Investments Limited included in other creditors. The comparative figure for 2024 was that the director owed £1,130 to Gough Square Investments Limited included in other debtors. The amount due is unsecured and interest free.