Company No: 10121009 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	6,773,734		4,311,452
		6,773,734		4,311,452
Current assets
Debtors	4	445,047		578,718
Cash at bank and in hand		2		5
		445,049		578,723
Creditors: amounts falling due within one year	5	( 2,117,747)		( 1,327,625)
Net current liabilities		(1,672,698)		(748,902)
Total assets less current liabilities		5,101,036		3,562,550
Creditors: amounts falling due after more than one year	6	( 6,047,894)		( 3,921,650)
Net liabilities		( 946,858)		( 359,100)
Capital and reserves
Called-up share capital		2		2
Profit and loss account		( 946,860 )		( 359,102 )
Total shareholder's deficit		( 946,858)		( 359,100)

For the financial year ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Firepool Lock Development Ltd (registered number: 10121009) were approved and authorised for issue by the Board of Directors on 28 August 2026. They were signed on its behalf by:

M P Thomas Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Firepool Lock Development Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 Kingston House 1 Kingston Road, Taunton, TA2 7ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.
The Company has net current liabilities of £1,672,698 and net liabilities of £946,858 at the balance sheet date. Included within creditors are amounts of £1,886,489 owed to fellow group companies and other companies under the control of M P Thomas (director).
The directors have received confirmation that these entities will continue to provide financial support and will not seek repayment of amounts owed where such repayment would jeopardise the Company's ability to continue trading for a period of at least twelve months from the date of approval of these financial statements89

Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	4,311,452
Additions	2,462,282
As at 30 November 2025	6,773,734

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	6,773,734		4,311,452

4. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	4,819		4,819
Other debtors	440,228		573,899
	445,047		578,718

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,000		10,000
Trade creditors	20,058		1,260
Amounts owed to Group undertakings	826,485		826,485
Other creditors	1,261,204		489,880
	2,117,747		1,327,625

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured £ 6,044,561)	6,047,894		3,921,650

Bank loans totalling £6,044,561 are secured by way of fixed and floating charges and a negative pledge over investment property.

7. Related party transactions

During the year, the company entered into a number of transactions with fellow group companies. At the year-end, there are amounts owed by group undertakings of £4,819 (2024 - £4,819) and amounts owed to group undertakings of £826,485 (2024 - £826,485) in connection with these transactions.
During the year, the company entered into a number of transactions with other companies which are under the control of Mr M P Thomas (director). At the year-end, there are amounts included in other debtors of £439,283 (2024 - £573,899) and other creditors of £1,060,003 (2024 - £388,679) in connection with these transactions.

The balances due to and from related parties are unsecured, interest free and repayable on demand.