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Company Registration Number: 09330004

Spears Property Limited

Directors' Report and Unaudited Financial Statements

for the financial year ended 31 March 2026

Spears Property Limited

DIRECTORS AND OTHER INFORMATION

Directors | Mr Satwinder Singh Khatter
| Mrs Pooja Khatter
Company Registration Number | 09330004
Registered Office | 6 South Drive
| Sonning
| Reading
| Berkshire
| RG4 6GB
| United Kingdom
Accountants | McGlone Wardzynski Ltd
| The Halo Centre
| Progress Way
| Coventry
| CV3 2NT
| United Kingdom

Spears Property Limited

DIRECTORS' REPORT

for the financial year ended 31 March 2026

The directors present their report and the unaudited financial statements for the financial year ended 31 March 2026.

Directors

The directors who served during the financial year are as follows:

Mr Satwinder Singh Khatter

Mrs Pooja Khatter

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________ | ___________________________
Mr Satwinder Singh Khatter | Mrs Pooja Khatter
Director | Director
12 August 2026 | 12 August 2026

Spears Property Limited

Company Registration Number: 09330004

BALANCE SHEET

as at 31 March 2026

|  |  | 2026 |  | 2025
|  | Notes | £ |  | £
Fixed Assets

Tangible assets |  | 5 | 3,313,548 |  | 3,314,130
|  |  | ───────── |  | ─────────
Current Assets

Debtors |  | 6 | - |  | 40
Cash and cash equivalents |  |  | 113,658 |  | 156,892
|  |  | ───────── |  | ─────────
|  |  | 113,658 |  | 156,932
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 7 | (1,011,999) |  | (1,105,898)
|  |  | ───────── |  | ─────────
Net Current Liabilities |  |  | (898,341) |  | (948,966)
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 2,415,207 |  | 2,365,164
Creditors:

amounts falling due after more than one year |  | 8 | (1,656,108) |  | (1,717,022)
Provisions for liabilities |  | 10 | (49,316) |  | (45,977)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 709,783 |  | 602,165
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 100 |  | 100
Revaluation reserve |  |  | 230,888 |  | 230,888
Other reserves |  |  | (49,316) |  | (45,977)
Retained earnings |  |  | 528,111 |  | 417,154
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 709,783 |  | 602,165
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account.

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 12 August 2026 and signed on its behalf by

________________________________ |  |  | ________________________________
Mr Satwinder Singh Khatter |  |  | Mrs Pooja Khatter
Director |  |  | Director

Spears Property Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2026

1. | General Information
| Spears Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 South Drive, Sonning, Reading, Berkshire, United Kingdom, RG4 6GB.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the financial year ended 31 March 2026 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Turnover
| Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation. When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
| Impairment of fixed assets
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
| Equity instuments
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
| Tangible assets and depreciation
| Tangible assets are stated at cost or at valuation, less accumulated depreciation. Cost comprises purchase price and other directly attributable costs. Freehold land is stated at cost and is not depreciated. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
|  | Freehold land and buildings | - | No depreciation
|  | Plant and equipment | - | 15% Reducing Balance
|  | Computers | - | 3 years straight line
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
| Cash and cash equivalents
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
| Taxation and deferred taxation
| The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
| Financial Instruments
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
| Classification of financial liabilities
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
| Basic financial liabilities
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. | Employees
| The average monthly number of employees, including directors, during the financial year was 2, (2025 - 2).
|  | 2026 | 2025
|  | Number | Number
| Total | 2 | 2
|  | ═════════ | ═════════

4. | Dividends | 2026 | 2025
|  | £ | £
| Dividends on equity shares:
| Ordinary share capital - Interim paid | 500 | 500
|  | ═════════ | ═════════

5. | Tangible assets
|  | Freehold | Plant and | Computers | Total
|  | land and | equipment |  |
|  | buildings |  |  |
|  | £ | £ | £ | £
| Cost
| At 1 April 2025 | 3,312,193 | 1,300 | 1,983 | 3,315,476
|  | ───────── | ───────── | ───────── | ─────────
| At 31 March 2026 | 3,312,193 | 1,300 | 1,983 | 3,315,476
|  | ───────── | ───────── | ───────── | ─────────
| Depreciation
| At 1 April 2025 | - | 195 | 1,151 | 1,346
| Charge for the financial year | - | 166 | 416 | 582
|  | ───────── | ───────── | ───────── | ─────────
| At 31 March 2026 | - | 361 | 1,567 | 1,928
|  | ───────── | ───────── | ───────── | ─────────
| Net book value
| At 31 March 2026 | 3,312,193 | 939 | 416 | 3,313,548
|  | ═════════ | ═════════ | ═════════ | ═════════
| At 31 March 2025 | 3,312,193 | 1,105 | 832 | 3,314,130
|  | ═════════ | ═════════ | ═════════ | ═════════

6. | Debtors | 2026 | 2025
|  | £ | £
| Other debtors | - | 40
|  | ═════════ | ═════════

7. | Creditors | 2026 | 2025
| Amounts falling due within one year | £ | £
| Bank loan | 114,445 | 83,989
| Taxation (Note 9) | 37,783 | 27,371
| Directors' current accounts | 755,830 | 798,182
| Other creditors | 35,556 | 143,586
| Accruals | 68,385 | 52,770
|  | ───────── | ─────────
|  | 1,011,999 | 1,105,898
|  | ═════════ | ═════════

8. | Creditors | 2026 | 2025
| Amounts falling due after more than one year | £ | £
| Bank loan | 1,656,108 | 1,717,022
|  | ═════════ | ═════════
| Loans
| Repayable in one year or less, or on demand (Note 7) | 114,445 | 83,989
| Repayable between two and five years | 457,784 | 335,954
| Repayable in five years or more | 1,198,324 | 1,381,068
|  | ───────── | ─────────
|  | 1,770,553 | 1,801,011
|  | ═════════ | ═════════

9. | Taxation | 2026 | 2025
|  | £ | £
| Creditors:
| Corporation tax | 37,783 | 27,371
|  | ═════════ | ═════════

10. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Total | Total
|  | allowances |  |
|  |  | 2026 | 2025
|  | £ | £ | £
| At financial year start | 45,977 | 45,977 | 45,977
| Charged to profit and loss | 3,339 | 3,339 | -
|  | ───────── | ───────── | ─────────
| At financial year end | 49,316 | 49,316 | 45,977
|  | ═════════ | ═════════ | ═════════