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Registration number: 13961957

Bede House Limited
Filleted Financial Statements
for the Year Ended 31 December 2025

Bede House Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 8

Bede House Limited

Company Information

Directors | N P Patel F Ashiq M R Mitchelson

Registered office | Bede House Belmont Business Park Durham DH1 1TW

Auditors | Carbon Accountancy Limited Chartered Accountants and Statutory Auditor 80-83 Long Lane London EC1A 9ET

Bede House Limited

(Registration number: 13961957)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 59,143 | -
Investment property | 5 | 2,975,000 | 2,975,000
|  | 3,034,143 | 2,975,000
Current assets |  |  |
Debtors | 6 | 658,692 | 603,967
Cash at bank and in hand |  | 1,058 | 77,325
|  | 659,750 | 681,292
Creditors: Amounts falling due within one year | 7 | (3,535,752) | (3,682,900)
Net current liabilities |  | (2,876,002) | (3,001,608)
Total assets less current liabilities |  | 158,141 | (26,608)
Creditors: Amounts falling due after more than one year | 7 | (51,000) | (47,311)
Net assets/(liabilities) |  | 107,141 | (73,919)
Capital and reserves |  |  |
Called up share capital | 8 | 1 | 1
Retained earnings |  | 107,140 | (73,920)
Shareholders' funds/(deficit) |  | 107,141 | (73,919)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2026 and signed on its behalf by:

......................................... M R Mitchelson Director

Bede House Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Bede House
Belmont Business Park
Durham
DH1 1TW

These financial statements were authorised for issue by the Board on 17 June 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At 31 December 2025, while the company had net assets of £107,141 (2024 – net liabilities of £73,919), it nonetheless had net current liabilities of £2,876,002 (2024 - £3,001,608). This working capital deficit included a balance due to parent and associated undertakings totalling £3,297,470 (2024 - ,406,581) and the financial statements have been prepared on a going concern basis dependent on the continued support of these entities.
The parent and associated entities have confirmed that they will continue to provide financial support in order for the company to meet its ongoing obligations and that it will not seek repayment of the amounts due until such time that the company’s cash flow permits.

Prior year adjustments

Loans from controlling entity National Federation of Retail Newsagents (£2,499,000) and associated entity NFRN Charitable Funds (£700,000) previously classified as due after more than one year, have been re-stated as due in less than one year, on the basis that there is no formal loan agreement in place, and therefore the loans are considered ‘repayable on demand’. Additionally, balances held by the property managing agent amounting to £123,474 previously treated as cash are now more appropriately treated as other debtors. Finally, tenants' deposits amounting to £47,311 not deemed repayable within one year have been treated as amounts payable after more than one year. The comparatives have been restated accordingly.

Revenue recognition

Turnover comprises rental and service charge income plus the recovery of utilities and insurance costs and is shown net of value added tax, rebates and discounts.

Bede House Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixture and fittings | 10 % Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Bede House Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
Additions | 60,659 | 60,659
At 31 December 2025 | 60,659 | 60,659
Depreciation
Charge for the year | 1,516 | 1,516
At 31 December 2025 | 1,516 | 1,516
Carrying amount
At 31 December 2025 | 59,143 | 59,143

Bede House Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

5 | Investment property

| 2025 £
At 1 January | 2,975,000
At 31 December | 2,975,000

The historical cost value of the investment property was £3,507,000 (2023 - £3,507,000).

The directors have valued the property with reference to an assessment of market value undertaken shortly after the period end by managing agents Carter Towler, Chartered Surveyors.

6 | Debtors

| Note | 2025 £ | (As restated) 2024 £
Trade debtors |  | 75,434 | 119,923
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 9 | 228,897 | 202,429
Prepayments |  | 6,551 | 516
Other debtors |  | 347,810 | 281,099
|  | 658,692 | 603,967
Less non-current portion |  | (133,001) | (133,001)
|  | 525,691 | 470,966

Details of non-current other receivables

£133,001 (2024 - £133,001) of deferred tax asset is classified as non current.

The company has recognized a deferred tax asset of £133,001 (2024 - £133,001) relating to the fair value adjustment on investment properties, which is measured using the tax rate of 25% (2024 - 25%).

Bede House Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | (As restated) 2024 £
Due within one year |  |  |
Trade creditors |  | - | 1,340
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 9 | 3,297,470 | 3,406,581
Taxation and social security |  | 64,466 | 81,928
Accruals and deferred income |  | 124,843 | 123,974
Other creditors |  | 48,973 | 69,077
|  | 3,535,752 | 3,682,900

Other creditors comprise £Nil (2024 - £69,077) in loans secured against the company's investment property.

Creditors: amounts falling due after more than one year

| 2025 £ | (As restated) 2024 £
Due after one year |  |
Other creditors | 51,000 | 47,311

Other creditors represents tenants' rental deposits not expected to be repayable within one year.

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

Bede House Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

9 | Related party transactions

Included in current assets is £228,897 (2024 - £202,429) due from the National Federation of Retail Newsagents (NFRN) General Fund. The loan is interest free and repayable on demand.
Included in current liabilities are amounts comprising interest bearing loans at 3% (NFRN Charitable Funds - 4%) per annum from the following entities:
NFRN Benefits Fund - £2,337,720 (2024 - £2,419,808)
NFRN Carl Bridgewater Fund - £164,800 (2024: £171,272)
NFRN Ratcliffe Benevolent Fund - £66,950 (2024: £69,589)
NFRN Charitable Funds - £728,000 (2024: £745,912)
The loans are repayable on demand in the absence of formal loan facilities in place though it is expected that repayment will be made when funds permit.

10 | Parent and ultimate parent undertaking

The company's immediate parent is NFRN Holdings Limited, incorporated in England.
The ultimate parent is the National Federation of Retail Newsagents. Its registered office is Bede House, Belmont Business Park, Durham DH1 1TW.

11 | Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The Independent Auditor's Report was unqualified.
The name of the Senior Statutory Auditor who signed the audit report on 17 June 2026 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.