Company No: 12319425 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Anna Garnett
	George Garnett
	Linda Garnett
	Dr Stephen Garnett

REGISTERED OFFICE	25 St Thomas Street
	Winchester
	SO23 9HJ
	United Kingdom

COMPANY NUMBER

12319425 (England and Wales)

ACCOUNTANT	Martin and Company
	25 St Thomas Street
	Winchester
	Hampshire
	SO23 9HJ

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	25,639		32,048
Investment property	4	17,474,934		17,429,942
		17,500,573		17,461,990
Current assets
Debtors	5	30,722		40,920
Cash at bank and in hand		61,146		257,695
		91,868		298,615
Creditors: amounts falling due within one year	6	( 17,467,178)		( 17,647,056)
Net current liabilities		(17,375,310)		(17,348,441)
Total assets less current liabilities		125,263		113,549
Provision for liabilities		( 6,410)		( 8,012)
Net assets		118,853		105,537
Capital and reserves
Called-up share capital	7	200		200
Profit and loss account		118,653		105,337
Total shareholders' funds		118,853		105,537

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 members have 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 Formosa Estates Ltd (registered number: 12319425) were approved and authorised for issue by the Board of Directors on 28 August 2026. They were signed on its behalf by:

Dr Stephen Garnett 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

Formosa Estates 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 25 St Thomas Street, Winchester, SO23 9HJ, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

20 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 December 2024	40,598		40,598
At 30 November 2025	40,598		40,598
Accumulated depreciation
At 01 December 2024	8,550		8,550
Charge for the financial year	6,409		6,409
At 30 November 2025	14,959		14,959
Net book value
At 30 November 2025	25,639		25,639
At 30 November 2024	32,048		32,048

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	17,429,942
Additions	44,992
As at 30 November 2025	17,474,934

5. Debtors

	2025		2024
	£		£
Trade debtors	15,513		11,073
Prepayments and accrued income	8,785		21,626
VAT recoverable	1,415		3,212
Other debtors	5,009		5,009
	30,722		40,920

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	1,952		4,027
Amounts owed to directors	17,425,207		17,586,297
Accruals and deferred income	25,891		22,646
Taxation and social security	4,252		24,210
Other creditors	9,876		9,876
	17,467,178		17,647,056

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each	200		200