J AndersB D SheehyM R Fenwick00031 January 20260.000.0000001 February 202501207501207501207501207506666120750120750120750120750At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit’s) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.Investments in subsidiaries are measured at cost less accumulated impairment.Valuation of investmentsAt the date of signing these financial statements, the Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.The Company's functional and presentational currency is the Pound Sterling. The financial statements are rounded to thousands.The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.The principal activity of the Company is that of a holding company.666666The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.The notes on pages 13 to 16 form part of these financial statements.66120744120744120744120744PricewaterhouseCoopers LLPThe Directors are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations.Company law requires the Director to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.In preparing these financial statements, the Directors are required to:select suitable accounting policies for the Company's financial statements and then apply them consistently;make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.Disclosure of information to auditorsEach of the persons who are Directors at the time when this Directors' report is approved has confirmed that:so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware, andthe Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.H M FenwickElswick CourtNorthumberland StreetNewcastle Upon TyneNE99 1AR1260371331 January 2026Annual Report and Financial StatementsFenwick Property Holdings LimitedFinancials UK FRS 1022026.7.0+8770824 April 202624 April 2026Jonathan Greenaway (Senior Statutory Auditor)Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in manipulation of accounting estimates. Audit procedures performed by the engagement team included: * Discussions with management, including consideration of any known or suspected instances of non-compliance with laws and regulation and fraud; * Review of board minutes; * Review of legal expenditure in the year in order to identify potential non-compliance with laws and regulations; and * Challenging assumptions and judgements made by management in their accounting estimates, in particular in relation to impairment of intercompany assets. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.Responsibilities of the directors for the financial statements As explained more fully in the Statement of Directors' responsibilities in respect of the Financial Statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.24 April 2026 12603713 bus:Audited 2025-02-01 2026-01-31 12603713 core:RetainedEarningsAccumulatedLosses 2026-01-31 12603713 core:RetainedEarningsAccumulatedLosses 2025-01-31 12603713 bus:Director2 2025-02-01 2026-01-31 12603713 core:RetainedEarningsAccumulatedLosses 2024-02-01 12603713 bus:Director1 2025-02-01 2026-01-31 12603713 core:CurrentFinancialInstruments 2026-01-31 12603713 bus:Director3 2025-02-01 2026-01-31 12603713 bus:RegisteredOffice 2025-02-01 2026-01-31 12603713 bus:FullAccounts 2025-02-01 2026-01-31 12603713 curr:PoundSterling 2025-02-01 2026-01-31 12603713 core:Non-currentFinancialInstruments 2025-01-31 12603713 bus:CompanySecretary1 2025-02-01 2026-01-31 12603713 2025-02-01 12603713 core:CurrentFinancialInstruments 2025-01-31 12603713 core:Non-currentFinancialInstruments 2026-01-31 12603713 bus:CompanyLimitedByGuarantee 2025-02-01 2026-01-31 12603713 1 2025-02-01 2026-01-31 12603713 bus:FRS102 2025-02-01 2026-01-31 12603713 2025-01-31 12603713 2026-01-31 12603713 2024-02-01 2025-01-31 12603713 2025-02-01 2026-01-31 12603713 2024-02-01 xbrli:pure xbrli:pure iso4217:GBP iso4217:GBP

Registered number: 12603713

Fenwick Property Holdings Limited

​​​​​

Annual Report and ​​Financial Statements

For the year ended 31 January 2026

Fenwick Property Holdings Limited

Company information2
Directors' report3
Statement of Directors' Responsibilities in Respect of the Financial Statements5
Independent auditors' report6
Profit and loss account10
Balance sheet11
Statement of changes in equity12
Notes to the financial statements13

Fenwick Property Holdings Limited

Company information

​Directors

SE Westerman

MR Fenwick

BD Sheehy

HM Fenwick

Company​​ secretary 

J Anders​

Registered number

12603713​

Registered office

​​Elswick Court​
Northumberland Street​
​
Newcastle Upon Tyne​
​
NE99 1AR​

2

Fenwick Property Holdings Limited

Directors' report

For the year ended 31 January 2026

The Directors present​​ their​ report and the financial statements for the year ended 31 January 2026.

Directors

The Directors​ who served during the year and up to the date of approval of the financial statements were:

S E Westerman

M R Fenwick

B D Sheehy

H M Fenwick

Principal activities

The principal activity of the Company is that of a holding company for Fenwick 141 Limited.

Financial risk

The Company's principal risk is its ability to generate and have access to sufficient funds to support the business and invest in future commercial requirements.

Liability limitation cap

The directors have agreed with the group’s auditors that the auditors liability to damages for breach of duty in relation to the audit of the group’s financial statements for the year to 31 January 2026 should be limited to the greater of £5,000,000 or 5 times the auditors fees, and that in any event the auditors liability for damages should be limited to that part of any loss suffered by the group as it just and equitable having regard to the extent to which the auditors, the group and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 21 May 2025.

Disclosure of information to auditors

Each of the persons who are Directors​​​ at the time when this Directors' report​​ is approved has confirmed that:

•so far as the Directors are​​​​​ aware, there is no relevant audit information of which the Company's auditors are unaware, and
•the Director​​​ has taken all the steps that ought to have been taken as a Director​ in order to be aware of any relevant audit information and to establish that the Company​'s auditors​​​​ are​​​ aware of that information.

Independent auditors​
The auditors​, PricewaterhouseCoopers LLP​, have​ indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

3

Fenwick Property Holdings Limited

Directors' report

For the year ended 31 January 2026

Small companies exemption

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. The Company has prepared a reduced directors’ report and has not prepared a strategic report.

This report was approved by order of the board by the secretary of the company on 24 April 2026 signed on its behalf:

J Anders​​​​​​​
Company Secretary​​​

4

Fenwick Property Holdings Limited

Statement of Directors' Responsibilities in Respect of the Financial Statements

For the year ended 31 January 2026

The Directors are​​ responsible for preparing​​ the Annual report and the​ financial statements in accordance with applicable law and regulations.

Company law requires the Director to prepare  financial statements for each financial year. Under that law the Directors have​ elected to prepare the  financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.


In preparing these  financial statements, the Directors are required to:

•select suitable accounting policies for the Company's  financial statements and then apply them consistently;
•make judgements and accounting estimates that are reasonable and prudent;
•state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the  financial statements;
•prepare the  financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the ​ Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company​ and enable them to ensure that the  financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company​ and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

5

Fenwick Property Holdings Limited

Independent auditors' report to the members of Fenwick Property Holdings Limited

Report on the audit of the financial statements

Opinion

In our opinion, Fenwick Property Holdings Limited’s financial statements:

•give a true and fair view of the state of the company’s affairs as at 31 January 2026 and of its result for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
•have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise:

•the Balance sheet as at 31 January 2026;
•the Profit and loss account for the year then ended;
•the Statement of changes in equity for the year then ended; and
•the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

6

Fenwick Property Holdings Limited

Independent auditors' report to the members of Fenwick Property Holdings Limited

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the year ended 31 January 2026 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors' responsibilities in respect of the Financial Statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

7

Fenwick Property Holdings Limited

Independent auditors' report to the members of Fenwick Property Holdings Limited

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in manipulation of accounting estimates. Audit procedures performed by the engagement team included:

•Discussions with management, including consideration of any known or suspected instances of non-compliance with laws and regulation and fraud;
•Review of board minutes;
•Review of legal expenditure in the year in order to identify potential non-compliance with laws and regulations; and
•Challenging assumptions and judgements made by management in their accounting estimates, in particular in relation to impairment of intercompany assets.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

8

Fenwick Property Holdings Limited

Independent auditors' report to the members of Fenwick Property Holdings Limited

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

•we have not obtained all the information and explanations we require for our audit; or
•adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
•certain disclosures of directors’ remuneration specified by law are not made; or
•the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; take advantage of the small companies exemption in preparing the Directors' Report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Jonathan Greenaway (Senior Statutory Auditor)

For and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

Newcastle upon Tyne

Date: 24 April 2026 

​

9

Fenwick Property Holdings Limited

Profit and loss account

For the year ended 31 January 2026

2026
£
000
2025
£
000
Turnover
-
-
Cost of sales
-
-
Gross Profit
-
-
Operating Profit
-
-
Impairment reversal
-
-
Income from fixed asset investments
-
-
Interest receivable and similar income
-
-
Amounts written off investments
-
-
Profit before tax
-
-
Results for the financial year
-
-

The notes on pages 13 to 16 form part of these financial statements.

10

Fenwick Property Holdings Limited

Registered number: 12603713​

Balance sheet ​ As at 31 January 2026

Note
2026
£
000
2025
£
000
Fixed assets
Investments
 6
-
-
Current assets
Debtors: amounts falling due after more than one year
 7
120,750
120,750
Creditors: amounts falling due within one year
 8
(6)
(6)
 
 
 
Net current assets
120,744
120,744
 
 
 
Total assets less current liabilities
120,744
120,744
 
 
 
Creditors: amounts falling due after more than one year
 9
(120,750)
(120,750)
Net liabilities
(6)
(6)
 
 
 
Capital and reserves
Called up share capital
 10
-
-
Retained earnings
(6)
(6)
Total deficit
(6)
(6)

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

The notes on pages 13 to 16 form part of these financial statements.

The financial statements on pages 10 to 12 were approved and authorised for issue by the board on 24 April 2026 and were signed on its behalf:

M R Fenwick​​​​​B D Sheehy​​
DirectorDirector​​​

11

Fenwick Property Holdings Limited

Statement of changes in equity
For the year ended 31 January 2026​

Called up share capital
£
000
Retained earnings
£
000
Total
£
000
At 1 February 2025
-
(6)
(6)
Profit for the year
-
-
-
Other comprehensive income
-
-
-
Total comprehensive income for the year
-
-
-
At 31 January 2026
-
(6)
(6)
Called up share capital
£
000
Retained earnings
£
000
Total
£
000
At 1 February 2024 
-
(6)
(6)
Profit for the year
-
-
-
Other comprehensive income
-
-
-
Total comprehensive income for the year
-
-
-
At 31 January 2025
-
(6)
(6)

The notes on pages 13 to 16 form part of these financial statements.

12

Fenwick Property Holdings Limited

Notes to the financial statements 

For the year ended 31 January 2026

1. General information

Fenwick Property Holdings Limited is a private company limited by shares and is incorporated in United Kingdom. The address of its registered office is Elswick Court​, Northumberland Street​, Newcastle Upon Tyne​, NE99 1AR.

The principal activity of the Company is that of a holding company.

2. Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated.

a. Basis of preparation of financial statements

The  financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The Company's functional and presentational currency is the Pound Sterling. The financial statements are rounded to thousands.

b. Liability limitation cap

The directors have agreed with the group’s auditors that the auditors liability to damages for breach of duty in relation to the audit of the group’s financial statements for the year to 31 January 2026 should be limited to the greater of £5,000,000 or 5 times the auditors fees, and that in any event the auditors liability for damages should be limited to that part of any loss suffered by the group as it just and equitable having regard to the extent to which the auditors, the group and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 21 May 2025.

c. Disclosure exemptions for qualifying entities under FRS 102

The Company has taken advantage of the following disclosure exemptions in preparing its ​​​​financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

•the requirements ofSection 7 Statement of Cash Flows and paragraph 3.17(d).
•the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23 as the Company is a subsidiary and the share-based payment arrangement concerns equity instruments of another group entity.​​​

The information is included in the consolidated financial statements of Fenwick Limited as at 31 January 2026 and these financial statements may be obtained from Elswick Court, Northumberland Street, Newcastle upon Tyne, NE99 1AR.

13

Fenwick Property Holdings Limited

Notes to the financial statements 

For the year ended 31 January 2026

2. Accounting policies continued
d. Exemption from consolidated accounts

The Company is a Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

e. Going concern

At the date of signing these financial statements, the Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.  

f. Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

g. Impairment

At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).

The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit’s) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.

If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

14

Fenwick Property Holdings Limited

Notes to the financial statements 

For the year ended 31 January 2026

3. Judgements

Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Auditors'

Audit remuneration fees amounting to £6k (2025: £6k) are bourne by Fenwick Limited.

5. Employees

The Company has no employees and therefore no remuneration. The directors are not remunerated for their services to the Company.

6. Investments

The cost and carrying value of investments is £1 (2025: £1).

The company holds 100% of the Ordinary shares within Fenwick 141 Limited, a company registered in England and Wales. The registered address of Fenwick 141 Limited is Elswick Court, Northumberland Street, Newcastle upon Tyne, NE99 1AR.

7. Debtors
2026
£
000
2025
£
000
Amounts owed by group undertakings
120,750
120,750

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. The company expects to recover the balance after more than one year.

8. Creditors
2026
£
000
2025
£
000
Accruals and deferred income
6
6

15

Fenwick Property Holdings Limited

Notes to the financial statements 

For the year ended 31 January 2026

9. Creditors
2026
£
000
2025
£
000
Amounts owed to group undertakings
120,750
120,750

Amounts owed to group undertakings are unsecured, interest free and have no fixed date of repayment, although the Company has the unconditional right to defer settlement for at least twelve months from the financial reporting period end.

10. Called up share capital

As at 31 January 2026 and 31 January 2025 there was 1 ordinary share in issue for a value of £1.

11. Ultimate controlling party

The immediate parent undertaking is Fenwick Limited.

The ultimate parent undertaking is Fenwick 1882 Limited. The address of the registered office is Elswick Court, Northumberland Street, Newcastle upon Tyne, NE99 1AR.

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