Company registration number 13082944 (England and Wales)
BOUTIQUE PROPCO (SHEPPERTON) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
BOUTIQUE PROPCO (SHEPPERTON) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BOUTIQUE PROPCO (SHEPPERTON) LTD
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,101,665
8,237,705
Current assets
Debtors
5
1,358,674
-
0
Cash at bank and in hand
2,588
118,123
1,361,262
118,123
Creditors: amounts falling due within one year
6
(3,506,554)
(5,567,554)
Net current liabilities
(2,145,292)
(5,449,431)
Total assets less current liabilities
5,956,373
2,788,274
Creditors: amounts falling due after more than one year
7
(5,000,000)
(2,700,000)
Net assets
956,373
88,274
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
956,372
88,273
Total equity
956,373
88,274

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 August 2026
A Kotecha
Director
Company registration number 13082944 (England and Wales)
BOUTIQUE PROPCO (SHEPPERTON) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
1
97,183
97,184
Year ended 31 March 2025:
Profit and total comprehensive income
-
581,090
581,090
Dividends
-
(590,000)
(590,000)
Balance at 31 March 2025
1
88,273
88,274
Year ended 31 March 2026:
Profit and total comprehensive income
-
868,099
868,099
Balance at 31 March 2026
1
956,372
956,373
BOUTIQUE PROPCO (SHEPPERTON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Boutique Propco (Shepperton) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 227 London Road, Romford, Essex, RM7 9BQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have received assurance from the parent company that it will provide adequate funds from the group companies for the foreseeable future of the company to meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of rental income received.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing balance method

The freehold property is depreciated over 50 years, however as it is maintained to a high standard the residual value is considered to be at least carrying value so no depreciation has been charged in the period.

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.

1.5
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.

BOUTIQUE PROPCO (SHEPPERTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -

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.

1.6
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.

1.7
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.

BOUTIQUE PROPCO (SHEPPERTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts 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.

1.8
Equity instruments

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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BOUTIQUE PROPCO (SHEPPERTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Estimated useful lives and residual values of fixed assets deprecation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and will be revised as appropriate.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
1
1
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2025 and 31 March 2026
7,693,546
1,708,064
9,401,610
Depreciation and impairment
At 1 April 2025
-
0
1,163,905
1,163,905
Depreciation charged in the year
-
0
136,040
136,040
At 31 March 2026
-
0
1,299,945
1,299,945
Carrying amount
At 31 March 2026
7,693,546
408,119
8,101,665
At 31 March 2025
7,693,546
544,159
8,237,705
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Corporation tax recoverable
46,250
-
0
Amounts owed by group undertakings
1,312,424
-
0
1,358,674
-
BOUTIQUE PROPCO (SHEPPERTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
6
Creditors: amounts falling due within one year
2026
2025
£
£
Amounts owed to group undertakings
3,506,554
5,442,554
Corporation tax
-
0
125,000
3,506,554
5,567,554
7
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
5,000,000
2,700,000

The bank loan is secured by the bank's standard legal charge over the freehold property at Shepperton and a debenture containing a fixed and floating charge over the assets of Boutique Propco (Shepperton) Limited, Boutique Care Shepperton Limited and Boutique Holdco 1 Limited, with a cross guarantee provided by each of these entities.

The loan is subject to commercial rates of interest.

8
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 auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 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.

Senior Statutory Auditor:
Harsheel Dodhia
Statutory Auditor:
KLSA LLP
Date of audit report:
19 August 2026
9
Financial guarantee

The bank loan is secured by the bank's standard legal charge over the freehold property at Shepperton and a debenture containing a fixed and floating charge over the assets of Boutique Propco (Shepperton) Limited, Boutique Care Shepperton Limited and Boutique Holdco 1 Limited, with a cross guarantee provided by each of these entities.

BOUTIQUE PROPCO (SHEPPERTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
10
Related party transactions

The Company has taken advantage of the exemption available in FRS 102 (Section 33 "Related Party Disclosure") that disclosures need not be given of transactions that have taken place between two or more members of group, provided that any subsidiary which a party to the transaction is wholly owned by such a member.

11
Parent company

T he immediate parent company is Boutique Holdco 1 Ltd and the ultimate parent company is Churchgate Estate s Limited, both registered in England and Wales.

In the opinion of the directors, the company is controlled by RM Trust, a Trust incorporated in United Kingdom which owns 80 per cent of the issued share capital of the ultimate parent company.

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