Contents

Balance Sheet

As at 31 December 2025

Balance Sheet Continued

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions of the small companies regime applicable to micro-entities.

The accounts were approved by the Board of Directors and authorised for issue on 27 August 2026.

Notes to the Financial Statements

For the Year Ended 31 December 2025

1. Accounting Policies

Turnover

Turnover is recognised when goods are delivered or services are provided.

Taxation

Corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors

Debtors are recognised at the settlement amount due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments.

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event.

Notes to the Financial Statements (continued)

2. Basis of Preparation

These financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

Notes to the Financial Statements (continued)

3. Employee Information

The average number of employees during the year was: 0

Notes to the Financial Statements (continued)

4. Additional Accounting Policies

First-time adoption of FRS 105

The financial statements for the year ended 31 December 2024 were prepared in accordance with FRS 102 Section 1A. This is the first year in which the company has applied FRS 105. The effect of the transition is set out in the following note.

Tangible fixed assets - leasehold property

The company's leasehold apartment at Apartment 405, Lightbox, 63 Earl Street, Sheffield S1 4ZA is held under a lease for a term of 195 years from 1 January 2020 and is stated at cost less accumulated depreciation. Cost comprises the lease premium together with stamp duty land tax, legal fees and other directly attributable costs of acquisition. FRS 105 does not permit investment property to be measured at fair value. Depreciation is provided on a straight line basis so as to write off the cost of the asset over the remaining term of the lease at the date of acquisition, being 192.5 years from completion on 16 June 2022, equivalent to an annual rate of 0.5195 per cent.

Rental income

Rental income is recognised in the period to which it relates and is stated gross of amounts deducted by the managing agent.

Deferred taxation

No deferred tax is recognised. The timing differences that previously gave rise to a deferred tax provision arose solely from the fair value measurement of the apartment, which is no longer applied.

Notes to the Financial Statements (continued)

5. Transition to FRS 105

The company has applied Section 28 of FRS 105 as a first-time adopter. The date of transition is 1 January 2024. Two adjustments arise, both relating to the measurement of the leasehold apartment.

First, the apartment, previously carried as investment property at fair value, is restated to cost less accumulated depreciation. Second, the provision for deferred taxation, which arose solely on the fair value measurement of the apartment, is eliminated, together with the related fair value reserve.

The comparative figures for the year ended 31 December 2024 have been restated accordingly. The accounts for that year as already delivered to the registrar have not been amended or re-delivered. The reconciliation of net assets at 31 December 2024 is set out below.

The adjustment has been recognised in the profit and loss account reserve. The fair value reserve of 5,080.64 previously presented within capital and reserves has been eliminated. There is no effect on the company's liability to corporation tax for any period, since fair value movements on the apartment were excluded from the computation of taxable profits in each period and depreciation is not an allowable deduction.