Registered number: 12606124
Registered number: 12606124 Fenwick 141 LimitedAnnual Report and Financial StatementsFor the year ended 31 January 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited
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Fenwick 141 Limited Company information DirectorsSE Westerman MR Fenwick BD Sheehy HM Fenwick Company secretaryJ Anders Registered number12606124 Registered officeElswick Court 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Directors' report For the year ended 31 January 2026 The Directors present their report and the audited 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 property investment. 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:
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Fenwick 141 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:
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Fenwick 141 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 financial statements in accordance with applicable law and regulations. Company law requires the Directors 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.
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 141 Limited Independent auditors' report to the members of Fenwick 141 Limited Report on the audit of the financial statements Opinion In our opinion, Fenwick 141 Limited’s financial statements:
We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise:
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 141 Limited Independent auditors' report to the members of Fenwick 141 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 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 141 Limited Independent auditors' report to the members of Fenwick 141 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 the posting of inappropriate journal entries in order to improve results or through management bias in manipulation of accounting estimates. Audit procedures performed by the engagement team included:
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. 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Independent auditors' report to the members of Fenwick 141 Limited 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. Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion:
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 141 Limited Profit and loss account For the year ended 31 January 2026
The notes on 13 to 18 form part of these financial statements. 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Registered number: 12606124 Balance sheet As at 31 January 2026
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The notes 13 on to 18 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:
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Fenwick 141 Limited Statement of changes in equity
The notes on 13 to 18 form part of these financial statements. 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Notes to the financial statements For the year ended 31 January 2026 1. General information Fenwick 141 Limited is a private company limited by shares and is incorporated in England. The address of its registered office is Elswick Court, Northumberland Street, Newcastle Upon Tyne, NE99 1AR. The principal activity of the Company is investment. 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. Disclosure exemptions for qualifying entities under FRS 102 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 Companies House. 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 company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned. c. 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. d. Turnover Rental income from assets leased under operating leases is recognised on a straightline basis over the term of the lease. Rent free periods or other incentives are accounted for as a reduction to the rental income and recognised on a straight line basis over the term of the lease. 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Notes to the financial statements For the year ended 31 January 2026 2. Accounting policies continued e. Limitation liability 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. f. Taxation The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. g. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new Ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. h. Investment property Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Notes to the financial statements For the year ended 31 January 2026 2. Accounting policies continued i. Cash at bank and in hand Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'. 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. The 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 are addressed below. Investment properties The Company's investment properties have been valued at fair value at the Balance Sheet date. A full third part valuation was carried out in 2025 to provide management with sufficient basis of the fair value of the assets. 4. Turnover An analysis of turnover by class of business is as follows:
All the income has been derived in the United Kingdom. 5. Auditors' Audit remuneration fees of £6k (2025: £6k) are borne by Fenwick Limited. 6. Employees The Company has no employees (2025: Nil) and therefore no remuneration (2025: £Nil). The directors are not remunerated for their services to the Company. 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Notes to the financial statements For the year ended 31 January 2026 7. interest receivable and similar income
8. Interest payable and similar expenses
9. Tax on Profit
Factors affecting tax charge for the year The tax assessed for the year is £13,296,000 (2025 - £2,797,000) the standard rate of corporation tax in the UK of 25.00% (2025 - 25.00%). The differences are explained below:
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Fenwick 141 Limited Notes to the financial statements For the year ended 31 January 2026 10. Deferred taxation
The deferred tax balance is made up as follows:
11. Investment property
The Company's investment property has been valued at fair value at the balance sheet date. A full external valuation in accordance with the principles of the RICS Valuation - Professional Standards (the "Red Book") as defined within the Red Book was performed in December 2025 by Cushman Wakefield. 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick 141 Limited Notes to the financial statements For the year ended 31 January 2026 12. Debtors
Amounts owed by company 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. 13. Creditors
14. Creditors
Amounts owed to Company 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 12 months from the financial reporting period end. 15. Share capital As at 31 January 2026 and 31 January 2025 there was 1 ordinary share in issue for a value of £1. 16. Parent undertaking The immediate parent undertaking is Fenwick Property Holdings 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. The financial statements can be found at Companies House of England and Wales. 18 |