Jaspar Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 10863604

Jaspar Holdings Limited

Financial Statements

31 December 2025

Jaspar Holdings Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	5

Independent auditor's report to the member	7

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

Jaspar Holdings Limited

Officers and Professional Advisers

The board of directors	R Pankhania
	S Ladwa

Registered office	173 Cleveland Street
	London
	United Kingdom
	W1T 6QR

Auditor	Chamberlains UK LLP
	Chartered Accountants & Statutory Auditors
	173 Cleveland Street
	London
	UK
	W1T 6QR

Jaspar Holdings Limited

Strategic Report

Year ended 31 December 2025

Introduction The directors present their Strategic Report for Jaspar Holdings Limited and its subsidiaries ("the Group") for the year ended 31 December 2025. The Group operates primarily in the UK residential property development and property investment sectors, focusing on the acquisition, development, management and sale of residential property assets. During the year the Group continued to pursue its strategy of completeness of existing developments whilst maintaining a disciplined approach to risk management and capital allocation. Business review The UK property market during 2025 continued to experience a degree of uncertainty arising from economic conditions, financing costs and changing market sentiment. Despite these challenges, the Group delivered a strong financial performance driven by profitable property disposals, active management of development projects and improvements in operational efficiency. The Group reported turnover of £15.81 million (2024: £19.88 million). Whilst turnover reduced compared with the previous year, margins improved significantly as projects completed during the year generated stronger returns and costs were managed effectively. Gross profit increased to £3.23 million (2024: £1.46 million). Operating profit increased substantially to £2.92 million (2024: £0.65 million), reflecting improved performance from development activities together with a reduction in administrative overheads. After finance costs, fair value movements and taxation, the Group reported a profit after tax of £1.87 million, compared with a loss after tax of £0.99 million in the previous year. During the year the Group continued to manage its investment property portfolio actively, acquiring additional investment properties whilst disposing of certain assets to recycle capital and support future development activities. Investment properties increased to £10.59 million at the year end (2024: £8.07 million). The Group's financial position remained robust, with consolidated net assets increasing to £9.56 million (2024: £7.69 million). Cash balances increased to £0.65 million (2024: £0.22 million) and significant progress was made in reducing external borrowings during the year. Principal risks and uncertainties As with all businesses operating in the property sector, the Group is exposed to a number of risks and uncertainties. The principal risks facing the Group are as follows: - - Property market risk - changes in residential property values, demand levels and market sentiment may affect profitability and asset values; - Development risk - the Group's success depends on identifying and acquiring suitable development opportunities capable of generating acceptable returns; - Planning and regulatory risk - delays in obtaining planning permissions, changes in planning policy or additional regulatory requirements may adversely affect development programmes and profitability; - Construction and supply chain risk - the group remains exposed to increases in labour and material costs, contractor availability and programme delays; - Financing and liquidity risk - property development activities require substantial funding whilst increases in interest rates or reduced availability of finance could impact future investment opportunities and project cash flows. - Valuation risk - investment properties are carried at fair value and are therefore subject to movements in property market valuations which can affect reported results. The directors monitor these risks closely through regular project reviews, detailed appraisals of new opportunities, cash flow forecasting, active treasury management and engagement with professional advisers, lenders and contractors. Key Performance Indicators The directors assess performance using both financial and non-financial measures. Key indicators monitored include the following: - - Internal rate of return on individual projects. - Liquidity and debt headroom monitored against committed bank facilities. - Net asset growth as an indicator of long term shareholder value. - Return on capital employed which measures the efficiency in the use of funds across development projects. For 2025, the Group reported

	2025	2024
	£	£
Turnover	15,806,997	19,876,545
Gross Profit	3,228,567	1,459,865
Operating Profit	2,919,029	645,433
Profit/(Loss) after tax	1,869,601	993,068
Net Assets	9,557,595	7,687,994

Financial risk management The group is exposed to financial risks including credit, liquidity, operational and capital risks. These are actively monitored and managed by the directors as follows: - - Credit risk is minimal as property sales are settled on completion. - Liquidity risk is managed through cash flow forecasting and maintaining sufficient banking facilities. - Operational risk is addressed through governance, oversight and experienced project management. - Capital risk is managed to ensure the group maintains an appropriate balance of debt and equity. Future Outlook The directors remain cautiously optimistic regarding the Group's prospects. Although the wider economic environment continues to present challenges, the underlying demand for housing in the UK remains strong and continues to exceed long-term supply levels. The Group enters 2026 with a strengthened balance sheet, an established property portfolio and a number of potential development opportunities under consideration. The directors will continue to focus on disciplined investment decisions, prudent risk management and the delivery of sustainable long-term value for shareholders. The board believes that the Group is well positioned to benefit from attractive opportunities as market conditions improve and remains confident in the long-term prospects of the business.

This report was approved by the board of directors on 25 August 2026 and signed on behalf of the board by:

R Pankhania	S Ladwa
Director	Director

Registered office:

173 Cleveland Street

London

United Kingdom

W1T 6QR

Jaspar Holdings Limited

Directors' Report

Year ended 31 December 2025

The directors present their report and the financial statements of the group for the year ended 31 December 2025 .

Directors

The directors who served the company during the year were as follows:

R Pankhania
S Ladwa	(Appointed 31 March 2025)
A Pankhania	(Resigned 31 March 2025)

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 25 August 2026 and signed on behalf of the board by:

R Pankhania	S Ladwa
Director	Director

Registered office:

173 Cleveland Street

London

United Kingdom

W1T 6QR

Jaspar Holdings Limited

Independent Auditor's Report to the Member of Jaspar Holdings Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of Jaspar Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, data protection, anti-bribery, anti-money laundering, employment, environmental and health and safety legislation; - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's member, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.

Shammir Shah

(Senior Statutory Auditor)

For and on behalf of

Chamberlains UK LLP

Chartered Accountants & Statutory Auditors

173 Cleveland Street

London

UK

W1T 6QR

25 August 2026

Jaspar Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2025

		2025	2024
Note		£	£
Turnover	4	15,806,997	19,876,545

Cost of sales	12,578,430	18,416,680
	-------------	-------------
Gross profit	3,228,567	1,459,865

Administrative expenses		224,678	814,432
Other operating income/(costs)	5	( 84,860)	–
		------------	------------
Operating profit	6	2,919,029	645,433

Loss on financial assets at fair value through profit or loss		( 385,000)	( 1,320,000)
Other interest receivable and similar income	9	623,068	599,115
Amounts written off investments	10	486,003	–
Interest payable and similar expenses	11	403,643	996,018
		------------	------------
Profit/(loss) before taxation		2,267,451	( 1,071,470)

Tax on profit/(loss)	12	410,550	( 78,402)
		------------	------------
Profit/(loss) for the financial year and total comprehensive income		1,856,901	( 993,068)
		------------	------------

All the activities of the group are from continuing operations.

Jaspar Holdings Limited

Consolidated Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	10,585,000	8,065,000

Current assets

Stocks	16	9,998,581	16,872,245
Debtors	17	21,779,516	18,181,428
Cash at bank and in hand		654,769	216,020
		-------------	-------------
		32,432,866	35,269,693

Creditors: amounts falling due within one year	18	33,472,971	35,646,699
		-------------	-------------
Net current liabilities		1,040,105	377,006
		-------------	------------
Total assets less current liabilities		9,544,895	7,687,994
		------------	------------
Net assets		9,544,895	7,687,994
		------------	------------

Capital and reserves

Called up share capital	20	100	100
Other reserves, including the fair value reserve	21	( 385,000)	( 990,237)
Profit and loss account	21	9,929,795	8,678,131
		------------	------------
Shareholder funds		9,544,895	7,687,994
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 25 August 2026 , and are signed on behalf of the board by:

R Pankhania	S Ladwa
Director	Director

Company registration number: 10863604

Jaspar Holdings Limited

Company Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15	14,117,179	13,808,810

Current assets

Debtors	17	21,112,452	13,656,778
Cash at bank and in hand		96,735	2,736
		-------------	-------------
		21,209,187	13,659,514

Creditors: amounts falling due within one year	18	26,626,897	19,522,267
		-------------	-------------
Net current liabilities		5,417,710	5,862,753
		-------------	-------------
Total assets less current liabilities		8,699,469	7,946,057
		------------	------------
Net assets		8,699,469	7,946,057
		------------	------------

Capital and reserves

Called up share capital	20	100	100
Profit and loss account	21	8,699,369	7,945,957
		------------	------------
Shareholder funds		8,699,469	7,946,057
		------------	------------

The profit for the financial year of the parent company was £ 753,412 (2024: £ 3,246,429 ).

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

These financial statements were approved by the board of directors and authorised for issue on 25 August 2026 , and are signed on behalf of the board by:

R Pankhania	S Ladwa
Director	Director

Company registration number: 10863604

Jaspar Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2025

		Called up share capital	Other reserves, including the fair value reserve	Profit and loss account	Total
		£	£	£	£
At 1 January 2024		100	247,322	8,433,640	8,681,062

Loss for the year				( 993,068)	( 993,068)
Other comprehensive income for the year:
	Reclassification from fair value reserve to profit and loss account	–	( 1,237,559)	1,237,559	–
		----	------------	------------	------------
Total comprehensive income for the year		–	( 1,237,559)	244,491	( 993,068)

At 31 December 2024		100	( 990,237)	8,678,131	7,687,994

Profit for the year				1,856,901	1,856,901
Other comprehensive income for the year:
	Reclassification from fair value reserve to profit and loss account	–	605,237	( 605,237)	–
		----	------------	------------	------------
Total comprehensive income for the year		–	605,237	1,251,664	1,856,901

		----	------------	------------	------------
At 31 December 2025		100	( 385,000)	9,929,795	9,544,895
		----	------------	------------	------------

Jaspar Holdings Limited

Company Statement of Changes in Equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2024	100	4,699,528	4,699,628

Profit for the year		3,246,429	3,246,429
	----	------------	------------
Total comprehensive income for the year	–	3,246,429	3,246,429

At 31 December 2024	100	7,945,957	7,946,057

Profit for the year		753,412	753,412
	----	------------	------------
Total comprehensive income for the year	–	753,412	753,412

	----	------------	------------
At 31 December 2025	100	8,699,369	8,699,469
	----	------------	------------

Jaspar Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	1,856,901	( 993,068)

Adjustments for:
Loss on financial assets at fair value through profit or loss	385,000	1,320,000
Other interest receivable and similar income	( 623,068)	( 599,115)
Interest payable and similar expenses	403,643	996,018
Tax on profit	410,550	( 78,402)
Accrued (income)/expenses	( 5,829,493)	5,960,087

Changes in:
Stocks	6,873,664	15,597,101
Trade and other debtors	( 3,578,368)	( 6,178,221)
Trade and other creditors	5,700,298	( 351,584)
	------------	-------------
Cash generated from operations	5,599,127	15,672,816

Interest paid	( 403,643)	( 996,018)
Interest received	623,068	599,115
Tax paid	–	( 188,382)
	------------	-------------
Net cash from operating activities	5,818,552	15,087,531
	------------	-------------

Cash flows from investing activities

Purchase of tangible assets	( 7,585,000)	–
Proceeds from sale of tangible assets	4,680,000	–
	------------	-------------
Net cash used in investing activities	( 2,905,000)	–
	------------	-------------

Cash flows from financing activities

Reduction in borrowings	( 8,819,221)	( 3,405,279)
Proceeds from loans from group undertakings	6,344,418	( 12,534,828)
	------------	-------------
Net cash used in financing activities	( 2,474,803)	( 15,940,107)
	------------	-------------

Net increase/(decrease) in cash and cash equivalents	438,749	( 852,576)
Cash and cash equivalents at beginning of year	216,020	1,068,596
	---------	------------
Cash and cash equivalents at end of year	654,769	216,020
	---------	------------

Jaspar Holdings Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 173 Cleveland Street, London, W1T 6QR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors believe that due to the availability of reserves, there are no material uncertainties about the groups ability to continue for at least the next 12 months from the date of this report.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Jaspar Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumption Fair value of property - the revaluation model has been adopted. This requires the fair value of each property to be established, and the gain or loss in each period to be taken through the income statement if it is designated as an investment property, or through other comprehensive income if designated property plant and equipment. The fair value has been established by management through the use of property experts where necessary. Impairment of inventories - the company makes an estimate of the recoverable value of inventories. When assessing the impairment of inventories, management considers factors including the cost of completing the project and anticipated sales revenues. Impairment of debtors - the company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.

Revenue recognition

Turnover of the group comprises of proceeds from property sales, rental income, and other fees receivable and is stated net of value added tax where appropriate. Revenue relating to property sales is recognised when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, when completion has taken place prior to the date on which the financial statements are approved. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Investment properties are properties held to earn rentals and / or for capital appreciation. Investment properties are initially measured at cost, which includes the purchase price and any directly attributable expenditure. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in property, plant and equipment at cost less accumulated depreciation and accumulated impairment losses.

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks which comprises of development properties are valued at the lower of cost and estimated net realisable value. Stock includes principally the property cost, construction costs, project management costs and all associated costs incurred during the course of development. Net realisable value is the price at which the stock can be realised in the normal course of business, less further costs to completion of sale. Interest and loan arrangement fees payable to acquire and develop properties for resale is written off as incurred.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Property sales	15,328,000	19,321,603
Rental income	427,288	477,354
Ground rent	15,106	24,160
Insurance income	7,603	54,340
Other income	6,500	( 912)
Reservation deposits retained	22,500	–
	-------------	-------------
	15,806,997	19,876,545
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income/(costs)

	2025	2024
	£	£
Gain/(Loss) on disposal of investment property	(84,860)	–
	--------	----

6. Operating profit/(loss)

Operating profit or loss is stated after crediting:

	2025	2024
	£	£
Impairment of trade debtors	(611,687)	(3,119)
	---------	-------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	30,480	39,317
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Number of directors	2	2
	----	----

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	592,690	547,803
Interest on cash and cash equivalents	–	2,214
Other interest receivable and similar income	30,378	49,098
	---------	---------
	623,068	599,115
	---------	---------

10. Amounts written back to investments

	2025	2024
	£	£
Amounts written off current asset investments	486,003	–
	---------	----

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	403,643	996,018
	---------	---------

12. Tax on profit

Major components of tax expense/(income)

	2025	2024
	£	£

Current tax:

UK current tax income	410,550	–
Adjustments in respect of prior periods	–	4,039
	---------	-------
Total current tax	410,550	4,039
	---------	-------

Deferred tax:

Origination and reversal of timing differences	–	( 82,441)
	---------	--------
Tax on profit	410,550	( 78,402)
	---------	--------

Reconciliation of tax expense/(income)

The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit/(loss) on ordinary activities before taxation	2,267,451	( 1,071,470)
	------------	------------
Profit/(loss) on ordinary activities by rate of tax	711,088	–
Group and consortium relief	( 300,538)	–
Other tax adjustment to increase/(decrease) tax liability	–	( 78,402)
	------------	------------
Tax on profit	410,550	( 78,402)
	------------	------------

13. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2).

14. Tangible assets

Group	Investment property
	£
Valuation
At 1 January 2025	8,065,000
Additions	7,585,000
Disposals	( 4,680,000)
Revaluations	( 385,000)
	-------------
At 31 December 2025	10,585,000
	-------------
Depreciation
At 1 January 2025 and 31 December 2025	–
	-------------
Carrying amount
At 31 December 2025	10,585,000
	-------------
At 31 December 2024	8,065,000
	-------------

The company has no tangible assets.

At the balance sheet date, the historic cost of the properties amounted to £10,946,538 (2024: £9,055,237). No depreciation or amortisation is provided in respect of the investment properties.

15. Investments

The group has no investments.

Company	Shares in group undertakings	Loans to group undertakings	Total
	£	£	£
Cost
At 1 January 2025	1,100	13,807,710	13,808,810
Additions	–	6,087,915	6,087,915
Disposals	( 200)	( 6,338,540)	( 6,338,740)
Other movements	–	559,194	559,194
	-------	-------------	-------------
At 31 December 2025	900	14,116,279	14,117,179
	-------	-------------	-------------
Impairment
At 1 January 2025 and 31 December 2025	–	–	–
	-------	-------------	-------------

Carrying amount
At 31 December 2025	900	14,116,279	14,117,179
	-------	-------------	-------------
At 31 December 2024	1,100	13,807,710	13,808,810
	-------	-------------	-------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Buckingham House Limited	Ordinary	100

Stanmore Property Developments Limited	Ordinary	100
Slough Property 2 Limited	Ordinary	100
Tonbridge 76 Limited	Ordinary	100
Luddington Wood Limited	Ordinary	100
Haslemere 20 Limited	Ordinary	100
Finchley 21 Limited	Ordinary	100
Medburn 22 Limited	Ordinary	100
Slough (Radstock House) Limited	Ordinary	100

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Closing stock of development properties	9,998,581	16,872,245	–	–
	------------	-------------	----	----

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	8,581	198	–	–
Prepayments and accrued income	109,543	97,625	–	–
Other debtors	21,661,392	18,083,605	21,112,452	13,656,778
	-------------	-------------	-------------	-------------
	21,779,516	18,181,428	21,112,452	13,656,778
	-------------	-------------	-------------	-------------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other debtors	–	150,000	–	–
	----	---------	----	----

18. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	–	8,819,221	–	–
Trade creditors	5,918,838	258,229	417,557	–
Amounts owed to group undertakings	25,716,354	19,371,936	25,716,354	19,432,936
Accruals and deferred income	1,413,325	7,091,824	492,986	89,331
Corporation tax	410,550	–	–	–
Social security and other taxes	–	18,489	–	–
Other creditors	13,904	87,000	–	–
	-------------	-------------	-------------	-------------
	33,472,971	35,646,699	26,626,897	19,522,267
	-------------	-------------	-------------	-------------

The bank loans are secured by a first legal charge over some of the development properties of the group together with other security offered being debentures over assets of the borrowing companies, a charge over cash deposits, rental assignments and personal guarantees from the directors.

20. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

21. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

22. Fair value reserve

The following movements on the fair value reserve are included within other reserves, including the fair value reserve in the statement of changes in equity:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
At start of year	( 990,237)	247,322	–	–
Reclassification from fair value reserve to profit and loss account	605,237	(1,237,559)	–	–
	---------	------------	----	----
At end of year	( 385,000)	( 990,237)	–	–
	---------	------------	----	----

23. Analysis of changes in net debt

	At 1 Jan 2025	Cash flows	At 31 Dec 2025
	£	£	£
Cash at bank and in hand	216,020	438,749	654,769
Debt due within one year	(28,191,157)	2,474,803	(25,716,354)
	-------------	------------	-------------
	( 27,975,137)	2,913,552	( 25,061,585)
	-------------	------------	-------------

Jaspar Holdings Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2025

24. Related party transactions

Company

Group Transactions between the company and its subsidiaries which are related parties have been eliminated on consolidation and are not disclosed in this note. During the year, the group incurred the following costs from Jaspar Management Limited, a company in which a close family member of the directors, has a controlling interest: -

	2025	2024
	£	£
Construction costs and recharges	5,082,572	2,054,066
Senior management and director fees	260,000	308,000
Other fees	759,873	1,248,916
	------------	------------
	6,102,445	3,610,982
	------------	------------

At the balance sheet date, the amount owed to Jaspar Management Limited was £417,556 (2024: £125,718). At the balance sheet date, the amount owed from Jaspar Management Limited was £6,888,827 (2024: £797,239). The directors have provided personal guarantees over borrowings in some of the group companies totalling £Nil (2024: £1,300,000). Company As the company is a wholly owned subsidiary of Bencameron Limited, the company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group. During the year, the company has continued to provide an interest bearing loan to Parkview Homes Limited, a company in which both R Pankhania and S Ladwa are directors. At the balance sheet date, the amount outstanding to be repaid amounts to £5,191,368 (2024: £5,025,853) which included an interest charge of £182,394 (2024: £311,914). During the year, the company has continued to provide an interest bearing loan to Leatherhead 26 Limited (formally Fawkham 21 Limited), a company in which R Pankhania , S Ladwa are the directors. At the balance sheet date, the amount outstanding to be repaid amounts to £3,251,559 (2024: £3,134,033) which includes an interest charge of £117,526 (2024: £235,889). During the year, the company has provided an interest bearing loan to Greenslade Properties Limited, a company in which R Pankhania and C Pankhania are the directors. At the balance sheet date, the amount outstanding to be repaid amounts to £5,749,471 (2024: £4,659,471) which includes an interest charge of £292,770 (2024: £Nil). During the year, the company has continued to provide an interest free loan to Stroud Road 22 Limited, a company in which R Pankhania and S Ladwa are the directors. At the balance sheet date, the amount outstanding to be repaid amounts to £3,726 (2024: £3,182). During the year, the company has provided an interest free loan to Jaspar Management Limited, a company in which R Pankhania and S Ladwa are the directors. At the balance sheet date, the amount outstanding to be repaid amounts to £6,888,827 (2024: (£797,239).

25. Ultimate controlling party

The company's and group's immediate and ultimate parent company is Bencameron Limited , a company incorporated in the British Virgin Islands (and registered in the UK). The ultimate controlling party is the Jaspar Trust .