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

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

Condo Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winston House, Dollis Park, London, United Kingdom, N3 1HF.

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 amounts 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises acquisition costs, materials and construction costs, where applicable, and any other direct costs incurred ito get the property build complete.

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the company’s accounting policies, the directors are 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Development properties are shown as stock and are stated at the lower of cost and net realisable value.

The determination of net realisable value requires the directors to exercise judgement in estimating the anticipated sales value of completed properties, together with the costs required to complete the developments and the costs necessary to make the sales. These estimates are based on current market conditions, contractual commitments where applicable, recent comparable sales, expected build costs and professional advice.

The valuation of development properties is particularly sensitive where developments remain incomplete at the reporting date, as both the ultimate selling prices and the remaining development costs may differ from those estimated. Changes in market conditions, construction costs, planning requirements, inflation, contractor performance or programme delays could result in material changes to the carrying value of stock and the profit recognised in future periods.

The directors review these estimates at each reporting date and revise them where appropriate as further information becomes available.

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

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:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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.

The company is a wholly owned subsidiary of Cavendish & Gloucester Properties Limited, whose registered office address is at Winston House, Dollis Park, London N3 1HF. The ultimate controlling party was P L Murphy until his demise on 27 January 2025. The new controlling party will be determined when Probate is granted.