Caseware UK (AP4) 2025.0.111 2025.0.111 false false true false 2025-03-25 investor developer and trader in the general and commercial property sector in London 6 6 07706133 2025-03-25 2026-03-24 07706133 2024-03-25 2025-03-24 07706133 2026-03-24 07706133 2025-03-24 07706133 2024-03-25 07706133 1 2025-03-25 2026-03-24 07706133 1 2024-03-25 2025-03-24 07706133 2 2025-03-25 2026-03-24 07706133 d:Director1 2025-03-25 2026-03-24 07706133 d:Director1 2026-03-24 07706133 d:Director2 2025-03-25 2026-03-24 07706133 d:Director2 2026-03-24 07706133 d:Director3 2025-03-25 2026-03-24 07706133 d:Director4 2025-03-25 2026-03-24 07706133 d:Director5 2025-03-25 2026-03-24 07706133 d:Director6 2025-03-25 2026-03-24 07706133 e:FreeholdInvestmentProperty 2026-03-24 07706133 e:FreeholdInvestmentProperty 2025-03-24 07706133 e:CurrentFinancialInstruments 2026-03-24 07706133 e:CurrentFinancialInstruments 2025-03-24 07706133 e:Non-currentFinancialInstruments 2026-03-24 07706133 e:Non-currentFinancialInstruments 2025-03-24 07706133 e:CurrentFinancialInstruments e:WithinOneYear 2026-03-24 07706133 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-24 07706133 e:Non-currentFinancialInstruments e:AfterOneYear 2026-03-24 07706133 e:Non-currentFinancialInstruments e:AfterOneYear 2025-03-24 07706133 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2026-03-24 07706133 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2025-03-24 07706133 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2026-03-24 07706133 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2025-03-24 07706133 e:UKTax 2025-03-25 2026-03-24 07706133 e:UKTax 2024-03-25 2025-03-24 07706133 e:ShareCapital 2026-03-24 07706133 e:ShareCapital 2025-03-24 07706133 e:ShareCapital 2024-03-25 07706133 e:RevaluationReserve 2025-03-25 2026-03-24 07706133 e:RevaluationReserve 2026-03-24 07706133 e:RevaluationReserve 2025-03-24 07706133 e:RevaluationReserve 2024-03-25 07706133 e:RevaluationReserve 8 2024-03-25 2025-03-24 07706133 e:RetainedEarningsAccumulatedLosses 2025-03-25 2026-03-24 07706133 e:RetainedEarningsAccumulatedLosses 2026-03-24 07706133 e:RetainedEarningsAccumulatedLosses 2 2025-03-25 2026-03-24 07706133 e:RetainedEarningsAccumulatedLosses 2024-03-25 2025-03-24 07706133 e:RetainedEarningsAccumulatedLosses 2025-03-24 07706133 e:RetainedEarningsAccumulatedLosses 2024-03-25 07706133 e:RetainedEarningsAccumulatedLosses 1 2024-03-25 2025-03-24 07706133 d:OrdinaryShareClass1 2025-03-25 2026-03-24 07706133 d:OrdinaryShareClass1 2026-03-24 07706133 d:OrdinaryShareClass1 2025-03-24 07706133 d:FRS102 2025-03-25 2026-03-24 07706133 d:Audited 2025-03-25 2026-03-24 07706133 d:FullAccounts 2025-03-25 2026-03-24 07706133 d:PrivateLimitedCompanyLtd 2025-03-25 2026-03-24 07706133 e:RevaluationReserve 2 2025-03-25 2026-03-24 07706133 e:WithinOneYear 2026-03-24 07706133 e:WithinOneYear 2025-03-24 07706133 e:BetweenOneFiveYears 2026-03-24 07706133 e:BetweenOneFiveYears 2025-03-24 07706133 e:MoreThanFiveYears 2026-03-24 07706133 e:MoreThanFiveYears 2025-03-24 07706133 e:AcceleratedTaxDepreciationDeferredTax 2026-03-24 07706133 e:AcceleratedTaxDepreciationDeferredTax 2025-03-24 07706133 e:OtherDeferredTax 2026-03-24 07706133 e:OtherDeferredTax 2025-03-24 07706133 2 2025-03-25 2026-03-24 07706133 e:ShareCapital 2 2025-03-25 2026-03-24 07706133 e:ShareCapital 1 2024-03-25 2025-03-24 07706133 f:PoundSterling 2025-03-25 2026-03-24 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07706133 PHILPOT HOUSE LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS For the year ended 24 March 2026
PHILPOT HOUSE LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of comprehensive income | 7
Balance sheet | 8
Statement of changes in equity | 9
Notes to the financial statements | 10 - 19
PHILPOT HOUSE LIMITED DIRECTORS' REPORT For the year ended 24 March 2026 The directors present their report and the financial statements for the year ended 24 March 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the 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 directors 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; ∙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 to 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.
Directors
The directors who served during the year were:
Mr R F Wickens (resigned 13 June 2026)
Mrs J J Wickens (resigned 13 June 2026)
Ms S F Wickens BSc
Mr G N Hawkins FCA
Mr P M A Rowland BSc (Hons) MCIOB
Mr R D Moyler BSc (Hons) MRICS
Page 1
PHILPOT HOUSE LIMITED DIRECTORS' REPORT (CONTINUED) For the year ended 24 March 2026
Change of control
The lenders to the company have provisions within the borrowing facility agreements which restrict the ability of the shareholders to transfer their shares in the ultimate parent company. Transfers of shares, other than those permitted by the lending agreements, could lead to a call from the lenders for the outstanding borrowings and any break costs to be repaid on demand.
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 director is 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.
Auditors
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 29 July 2026 and signed on its behalf.
G N Hawkins Director
Page 2
PHILPOT HOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHILPOT HOUSE LIMITED
Opinion
We have audited the financial statements of Philpot House Limited (the 'company') for the year ended 24 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 24 March 2026 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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. 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. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard. Page 3
PHILPOT HOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHILPOT HOUSE LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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. Page 4
PHILPOT HOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHILPOT HOUSE LIMITED (CONTINUED)
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: • The Company is subject to laws and regulations that directly affect the financial statements including The Companies Act 2006, UK taxation legislation, financial reporting legislation and general regulations such as occupational health and safety and General Data Protection. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. • We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of documentation. • The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. • We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; o Challenging assumptions and judgments made by management in its significant accounting estimates; o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and o Review of legal and professional expenditure and supporting documentation. • As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: o Posting of unusual journals and complex transactions; o Recognising investment property disposals in an incorrect period; and o Manipulation of amounts subject to significant judgment or estimate. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. Page 5
PHILPOT HOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHILPOT HOUSE LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Hadfield FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 29 July 2026 Page 6
PHILPOT HOUSE LIMITED STATEMENT OF COMPREHENSIVE INCOME For the year ended 24 March 2026
| 2026 | 2025
Note | £ | £
Turnover |  | 1,279,028 | 1,220,953
Property expenditure |  | (235,403) | (235,638)
Net income from property |  | 1,043,625 | 985,315
Administrative expenses |  | (2,582) | (2,442)
Operating profit |  | 1,041,043 | 982,873
Interest receivable and similar income |  | 227 | -
Interest payable and similar expenses | 5 | (314,456) | (321,982)
Fair value movements - investment property |  | - | (215,000)
Profit before tax |  | 726,814 | 445,891
Tax on profit | 6 | (181,703) | (111,473)
Profit for the financial year |  | 545,111 | 334,418
There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 10 to 19 form part of these financial statements.
Page 7
PHILPOT HOUSE LIMITED Registered number: 07706133 BALANCE SHEET As at 24 March 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 7 |  | 21,285,000 |  | 21,285,000
Cash at bank and in hand |  | 16,665 |  | 6,565 |
|  | 16,665 |  | 6,565 |
Creditors: amounts falling due within one year | 8 | (1,860,234) |  | (2,233,341) |
Net current liabilities |  |  | (1,843,569) |  | (2,226,776)
Total assets less current liabilities |  |  | 19,441,431 |  | 19,058,224
Creditors: amounts falling due after more than one year | 9 |  | (9,807,609) |  | (9,983,349)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 |  | (1,800,621) |  | (1,786,785)
Net assets |  |  | 7,833,201 |  | 7,288,090
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 85 |  | 85
Revaluation reserve | 13 |  | 4,729,911 |  | 4,729,911
Profit and loss account | 13 |  | 3,103,205 |  | 2,558,094
|  |  | 7,833,201 |  | 7,288,090
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.
S F Wickens
Director
The notes on pages 10 to 19 form part of these financial statements. Page 8
PHILPOT HOUSE LIMITED STATEMENT OF CHANGES IN EQUITY For the year ended 24 March 2026
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 25 March 2025 | 85 | 4,729,911 | 2,558,094 | 7,288,090
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 545,111 | 545,111
Transfer between reserves | - | - | - | -
At 24 March 2026 | 85 | 4,729,911 | 3,103,205 | 7,833,201
| The notes on pages 10 to 19 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY For the year ended 24 March 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 25 March 2024 | 85 | 4,891,161 | 2,062,426 | 6,953,672
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 334,418 | 334,418
Transfer between reserves | - | (161,250) | 161,250 | -
At 24 March 2025 | 85 | 4,729,911 | 2,558,094 | 7,288,090
| The notes on pages 10 to 19 form part of these financial statements.
| The transfer between reserves comprises:
|  | 2026 | 2025
|  | £ | £
| Investment property revaluation gains | - | (215,000)
| Deferred taxation on investment property revaluation gains | - | 53,750
|  | - | (161,250)
Page 9
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
1. | General information
Philpot House Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is at Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA. The company's principal activity is that of an investor, developer and trader in the general and commercial property sectors in London. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical 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 and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Turnover comprises the gross rental charges, adjusted for lease incentives, together with third party sales of trading stock receivable during the year, excluding VAT and arising wholly within the United Kingdom. Lease incentives granted to tenants are recognised as an integral part of the net consideration for the leased property and amortised on a straight line basis over the term of the lease. Turnover excludes service charges and other costs directly recoverable from tenants. Turnover and indexed rents are recognised as turnover in the periods in which they are earned. Rent reviews are recognised when the review memorandum has been agreed with the tenant. Surrender and other premiums received in the period from tenants are included in other operating income.
| 2.3 | Expenditure
Irrecoverable running costs directly attributable to specific properties are charged to the profit and loss account on an accruals basis. Costs incurred on the maintenance or refurbishment of the property portfolio which, in the opinion of the directors, are not of a capital nature are written off to the profit and loss account on an accruals basis. Costs not directly attributable to individual properties are charged to the profit and loss account as administrative expenditure.
| 2.4 | Operating leases: the company as lessor
The company has entered into commercial property leases as a lessor on its investment property portfolio. Rental income from operating leases is recognised as stated in the Revenue policy noted above. Page 10
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.5 | Investment property
Investment property is carried at fair value determined annually by professionally qualified 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. Additions to investment properties comprise the acquisition price and associated costs together with other costs of a capital nature, such as redevelopment costs that are directly attributable to that property. Where the company redevelops an existing investment property for continued use as an investment property, the property remains an investment property measured at annual valuation. Disposals are recognised in the accounts if an unconditional contract is exchanged at the balance sheet date provided that, if exchange is conditional, all material conditions have been satisfied and there are no foreseeable circumstances which might prevent completion of contracts occurring. The profit or loss arising is calculated by reference to the carrying value of the asset at the beginning of the year, adjusted for subsequent capital expenditure, and stated after deduction of selling costs. Changes in fair value are recognised in the Statement of Comprehensive Income after Operating profit and are non-distributable until realised by a disposal of the property. In such cases, the company accounts for the revaluation gain, net of deferred tax, as a movement on reserves with the total net revaluation gains forming the Revaluation Reserve on the Balance Sheet. Movements are analysed in the Statement of Changes in Equity. Upon the disposal of a previously revalued property, any previously unrealised gain becomes realised and is released from the Revaluation Reserve and transferred to the Profit and Loss Account reserve within the Statement of Changes in Equity and becomes distributable.
| 2.6 | Financial instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment. Other financial assets Other financial assets, which includes loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial liabilities Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing Page 11
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.6 | Financial instruments (continued)
transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Loans which are refinanced are assessed by management against the conditions set out in FRS102 11.37 and if the modifications are deemed non-substantial from both a qualitative and a quantitative perspective the refinancing is considered not to give rise to the extinguishment of the original financial liability and the recognition of a new financial liability. Derecognition of financial instruments Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 12
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.9 | Current and deferred 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 of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
| 2.10 | Going concern
Future cashflow and working capital liquidity requirements are documented at a group level where detailed forecasts are scrutinised by the directors. The methodology adopted is appraised and amended in response to changing economic conditions and the actual outcome is routinely assessed against previous forecasts. The most recently prepared forecasts demonstrate that the company and the group have the resources to readily meet all liabilities as they fall due. Lender covenants are evaluated and tested for future sensitivities to highlight any areas where mitigating action can be planned for. All current projections give the directors confidence that the company will continue to perform ahead of its financial covenant thresholds. The directors understand that the company will not be required to repay the balance of £1.3m due on the parent company loan in full in the foreseeable future and the bank loan is repayable by instalments until December 2029 when the final redemption amount becomes payable. In their judgment, the directors conclude that these financial statements may validly be prepared on the going concern basis. Page 13
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements requires the directors to make judgments and estimates that affect reported amounts of assets and liabilities. These judgments and estimates are based on experience and knowledge of the detailed facts but inevitably the actual outcome will differ with any variance, which may be material, being reflected in the accounting records once it becomes apparent. In preparing these financial statements, the judgments that have the most significant risk of material variation is the fair value of reported investment properties. Evidence for investment yields are provided by third party chartered surveyors and also obtained from any reports prepared for the lender. The directors apply those yields based on their judgment of the individual property asset. The requirement for high energy efficiency ratings on commercial properties has become vital to secure long-term tenants. Whilst this is a factor incorporated into the current valuations, the full extent of the future cost of compliance with regulations remains uncertain. The valuation at 24 March 2026 was prepared in consultation with the directors by Mr D J Dempsey, a director of the parent company and a professionally qualified and experienced Chartered Surveyor but nevertheless, the conclusions arrived at for fair value of the investment property portfolio is inherently subjective and dependent on the exercise of judgment. Judgments and estimates have also been necessary in the following key areas: -all loans have judged to be basic in accordance with the definitions of FRS102.
4. | Employees
| The company has no employees other than the directors, who did not receive any remuneration (2025 - £NIL).
5. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank interest payable | 290,782 | 294,386
| Other loan charges payable | 23,674 | 27,596
|  | 314,456 | 321,982
Page 14
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
6. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 167,867 | 149,956
| Total current tax | 167,867 | 149,956
| Deferred tax |  |
| Origination and reversal of timing differences | 13,836 | 15,267
| Investment property revaluation gains/(losses) | - | (53,750)
| Total deferred tax | 13,836 | (38,483)
| Tax on profit | 181,703 | 111,473
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2025 - the same as) the standard rate of corporation tax in the UK of 25% (2025 - 25%) as set out below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 726,814 | 445,891
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 181,703 | 111,473
| Total tax charge for the year | 181,703 | 111,473
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 15
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
7. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 25 March 2025 | 21,285,000
| At 24 March 2026 | 21,285,000
The 2026 valuations were made by a professionally qualified surveyor who is a director of the parent company in accordance with the Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors, on an open market value basis. Details on the assumptions made and key sources of estimation uncertainty are given in note 3. The investment properties are pledged as security for the company's bank loan.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Historic cost | 15,228,456 | 15,228,456
| The investment properties are held for operating lease purposes.
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 175,740 | 166,330
| Trade creditors | 9,000 | 8,450
| Amounts owed to group undertakings | 1,300,000 | 1,700,000
| Corporation tax | 87,867 | 75,956
| Accruals and deferred income | 287,627 | 282,605
|  | 1,860,234 | 2,233,341
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 9,807,609 | 9,983,349
Page 16
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 175,740 | 166,330
| Amounts falling due 1-2 years |  |
| Bank loans | 185,381 | 175,740
| Amounts falling due 2-5 years |  |
| Bank loans | 9,622,228 | 9,807,609
|  | 9,983,349 | 10,149,679
| The bank loan is secured by a specific fixed charge over investment properties and a floating charge over all the assets of the company. Interest on the loan is charged at a fixed rate and repayable by instalments to December 2029. The lenders to the company have provisions within the borrowing facility agreements which restrict the ability of the shareholders to transfer their shares in the ultimate parent company. Transfers of shares, other than those permitted by the lending agreements, could lead to a call from the lenders for the outstanding borrowings and any break costs to be repaid on demand.
11. | Deferred taxation
|  | 2026 | 2025
|  | £ | £
| At beginning of year | (1,786,785) | (1,825,268)
| Charged to profit or loss | (13,836) | 38,483
| At end of year | (1,800,621) | (1,786,785)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (473,988) | (460,152)
| Investment property revaluation gains | (1,326,633) | (1,326,633)
|  | (1,800,621) | (1,786,785)
Page 17
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
12. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 85 (2025 - 85) Ordinary shares of £1.00 each | 85 | 85
| The ordinary shares carry full voting and dividend rights to the shareholders.
13. | Reserves
Revaluation reserve Unrealised gains arising on the revaluation of investment properties, less the related provision for deferred taxation, is transferred from Profit and loss account to a Revaluation Reserve. As this reserve comprises unrealised profits it is not distributable. Profit and loss account The balance on the Profit and loss account comprises current and prior year distributable profits.
14. | Contingent liabilities
The company is jointly and severally liable with its immediate parent company Store Property Investments Limited for borrowings of £30,342,379 as at 24 March 2026 (2025: £30,900,148) of which £20,329,394 (2025: £20,703,099) was owed by Store Property Investments Limited and is therefore a contingent liability of the company.
15. | Operating leases as a lessor
| At 24 March 2026 the company had future minimum lease rentals receivable under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 1,289,000 | 1,289,000
| Later than 1 year and not later than 5 years | 4,986,959 | 5,086,959
| Later than 5 years | 3,834,118 | 5,023,118
|  | 10,110,077 | 11,399,077
Page 18
PHILPOT HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
16. | Ultimate parent undertaking and controlling party
The company's parent undertaking is Store Property Investments Limited. The ultimate parent undertaking is Store Property Holdings Limited, a company registered in England and Wales whose registered office is Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA. Store Property Holdings Limited is also the parent company of the largest and smallest group of which the company is a member and for which group accounts are drawn up. Copies of the accounts are available from Companies House. The directors do not consider there to be a single ultimate controlling party. The company is a wholly owned subsidiary and has taken advantage of the exemption in FRS 102 not to disclose transactions with the parent company and other wholly-owned members of the group.
Page 19