REGISTERED NUMBER: 03900592 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

CONNECT LETTINGS AND MANAGEMENT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

5

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr T Philippou

Mrs O Philippou

Mr H T Philippou

Mr M Philippou

Mr C T Philippou

Mr A T Philippou

REGISTERED OFFICE:

Fourth Floor

Chase House

305 Chase Road

London

N14 6JS

REGISTERED NUMBER:

03900592 (England and Wales)

AUDITORS:

Freemans Partnership LLP

Chartered Certified Accountants

and Statutory Auditors

Solar House

282 Chase Road

London

N14 6NZ

BANKERS:

National Westminster Bank Plc

9 The Town

Enfield

London

Middlesex

EN2 6LH

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity is that of management of real estate on a contractual basis.

REVIEW OF BUSINESS

The results for the period, which are set out in the profit and loss account show turnover of £47,739,795 (2024: £19,631,195) and an operating profit of £2,011,411 (2024: £1,627,255). At 31 December 2025, the company had net assets of £2,816,410 (2024: £1,390,723). The directors consider the performance for the period and the financial position at the period end to be satisfactory.

Given the nature of the business, the directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.

Market Analysis:

Industry Trends: The demand for housing in our sector continues to grow, this will provide Connect Lettings and Management further opportunities to grow.

Competitive Landscape: As we know, this housing sector is highly competitive, with several other companies who offer similar services. However, Connect Lettings and Management Limited offer a unique approach by combining property management alongside tenant support services, which differentiates them from the market.

Economic Factors: There are a variety of factors such as economic instability, supply chains and inflation which will always continue to affect the procurement costs of property. Nonetheless, the demand for housing will always be strong, as our local authorities and charities do recognize the need for quality accomodation solutions.

Strategic Objectives for 2026:

Expand Housing: Scale the provision of social housing assets by securing multi-year lease agreements with primary local authorities. Focus will be directed toward acquiring and converting high-density residential properties to optimise maintenance costs and meet local council volume mandates efficiently.

Diversification: Commercialise and expand our dual-service model by formalizing specialised social support packages. This will allow the company to unlock secondary revenue streams directly funded by local authority social services and healthcare budgets, separate from standard housing benefits.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to ongoing compliance with current and future legislation affecting the sector.

Economic Downturn:

There are a variety of factors such as increases in interest rates, rents payable to landlords and inflation that could affect property maintenance costs and local authorities' affordability. To mitigate this, the company will maintain a flexible financial strategy to ensure we secure any long term funding required.

Regulatory Changes:

We are aware that there will be changes in housing laws, but the company is committed to staying ahead of regulatory developments and ensuring we are compliant across all services provided.

Tenant Support Needs:

The company is aware that there are some tenants who become more complex, and as such there might be a need to increase demand for support services. We have identified this as an opportunity to offer more social support for our tenants.

ON BEHALF OF THE BOARD:

Mr T Philippou - Director

11 September 2026

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

DIVIDENDS

No interim dividends were paid during the year ended 31 December 2025.

The directors recommend final dividends per share as follows:

Ordinary £1 shares

£1,000

B Ordinary £1 shares

NIL

The total distribution of dividends for the year ended 31 December 2025 will be £ 100,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr T Philippou

Mrs O Philippou

Mr H T Philippou

Mr M Philippou

Mr C T Philippou

Mr A T Philippou

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company made charitable donations totalling £61,121 (2024: £100). The directors consider that these donations support the communities in which the company operated and are consistent with the company's corporate social responsibility objectives. The company made no political donations or incurred any political expenditure during the year (2024: £Nil).

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Freemans Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr T Philippou - Director

11 September 2026

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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.

Opinion

We have audited the financial statements of Connect Lettings And Management Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 company's affairs as at 31 December 2025 and of its profit 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 Statement of Directors' Responsibilities set out on page five, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (U.K).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting frameworks (FRS 102 and Companies Act 2006).

We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We enquired of management and those charged with governance, concerning the Company's policies and procedures relating to:

-

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Raju Kalia (Senior Statutory Auditor)

for and on behalf of Freemans Partnership LLP

Chartered Certified Accountants

and Statutory Auditors

Solar House

282 Chase Road

London

N14 6NZ

11 September 2026

TURNOVER

47,739,795

19,631,195

Cost of sales

41,348,650

16,033,415

GROSS PROFIT

6,391,145

3,597,780

Administrative expenses

4,387,907

1,978,170

2,003,238

1,619,610

Other operating income

8,173

7,645

OPERATING PROFIT

4

2,011,411

1,627,255

Interest receivable and similar income

21,281

5,781

2,032,692

1,633,036

Interest payable and similar expenses

5

68,941

38,651

PROFIT BEFORE TAXATION

1,963,751

1,594,385

Tax on profit

6

438,066

373,210

PROFIT FOR THE FINANCIAL YEAR

1,525,685

1,221,175

Retained earnings at beginning of year

1,390,623

269,448

Dividends

7

(100,000

)

(100,000

)

RETAINED EARNINGS AT END OF YEAR

2,816,308

1,390,623

FIXED ASSETS

Tangible assets

8

909,649

218,886

CURRENT ASSETS

Debtors

9

6,803,846

5,810,292

Cash at bank and in hand

830,830

804,024

7,634,676

6,614,316

CREDITORS

Amounts falling due within one year

10

5,651,767

5,340,525

NET CURRENT ASSETS

1,982,909

1,273,791

TOTAL ASSETS LESS CURRENT LIABILITIES

2,892,558

1,492,677

CREDITORS

Amounts falling due after more than one year

11

76,148

101,954

NET ASSETS

2,816,410

1,390,723

CAPITAL AND RESERVES

Called up share capital

14

102

100

Retained earnings

15

2,816,308

1,390,623

SHAREHOLDERS' FUNDS

2,816,410

1,390,723

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2026 and were signed on its behalf by:

Mr T Philippou - Director

Cash flows from operating activities

Cash generated from operations

1

2,021,219

2,207,498

Interest paid

-

(854

)

Interest element of hire purchase payments paid

(68,941

)

(37,797

)

Tax paid

(373,226

)

(77,345

)

Net cash from operating activities

1,579,052

2,091,502

Cash flows from investing activities

Purchase of tangible fixed assets

(884,057

)

(92,894

)

Interest received

21,281

5,781

Net cash from investing activities

(862,776

)

(87,113

)

Cash flows from financing activities

New loans in year

-

800,000

Loan repayments in year

(800,000

)

(24,902

)

Capital repayments in year

(25,806

)

-

Amount introduced by directors

42,941

325,737

Amount withdrawn by directors

(300,000

)

-

Share issue

2

98

Related party loans receivable

(140,018

)

(2,647,976

)

Related party loans payable

633,411

106,444

Equity dividends paid

(100,000

)

(100,000

)

Net cash from financing activities

(689,470

)

(1,540,599

)

Increase in cash and cash equivalents

26,806

463,790

Cash and cash equivalents at beginning of year

2

804,024

340,234

Cash and cash equivalents at end of year

2

830,830

804,024

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

1,963,751

1,594,385

Depreciation charges

177,279

22,138

Loss on disposal of fixed assets

16,014

7,930

Finance costs

68,941

38,651

Finance income

(21,281

)

(5,781

)

2,204,704

1,657,323

Increase in trade and other debtors

(953,535

)

(2,408,949

)

Increase in trade and other creditors

770,050

2,959,124

Cash generated from operations

2,021,219

2,207,498

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

830,830

804,024

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

804,024

340,234

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

804,024

26,806

830,830

804,024

26,806

830,830

Debt

Finance leases

(127,760

)

25,806

(101,954

)

Debts falling due within 1 year

(800,000

)

800,000

-

(927,760

)

825,806

(101,954

)

Total

(123,736

)

852,612

728,876

1.	STATUTORY INFORMATION

Connect Lettings And Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates, it also requires management to exercise judgement in applying the Company's accounting policies.

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

Amounts in these financial statements are rounded to the nearest £.

Going concern

The Directors have prepared budgets for the next 12 months and after making appropriate judgements the Directors have reasonable expectations that the Company has adequate resources to continue operating for the foreseeable future.

The Company has net assets of £2,816,410 at the end of the period, including cash of £830,830. The Directors are satisfied that the Company has sufficient resources to meet its commitments as they fall due for the twelve months following the date of signing of the accounts.

The Directors have therefore prepared the financial statements on a going concern basis.

Significant judgements and estimates

Key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimations and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.

Provisions - (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Critical judgements in applying the entity's accounting policies

There are no critical judgements when applying the accounting policy which materially affect the amounts in the accounts.

Turnover

Turnover represents amounts derived from the provision of services to landlords and customers during the year, and is recognised at the date the service was provided. This is stated after trade discounts, other sales taxes and net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line method

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Plant & Machinery

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

2,015,786

706,788

Social security costs

250,900

74,095

Other pension costs

382,620

367,057

2,649,306

1,147,940

The average number of employees during the year was as follows:

31.12.25

31.12.24

41

28

31.12.25

31.12.24

£

£

Directors' remuneration

485,500

106,750

Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

31.12.25

£

Emoluments etc

99,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.25

31.12.24

£

£

Depreciation - owned assets

177,280

22,138

Loss on disposal of fixed assets

16,014

7,930

Auditors' remuneration

25,000

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

-

509

Interest on tax

-

345

Leasing

68,941

37,797

68,941

38,651

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

438,066

373,210

Tax on profit

438,066

373,210

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

1,963,751

1,594,385

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

490,938

398,596

Effects of:

Expenses not deductible for tax purposes

35,714

20,793

Capital allowances in excess of depreciation

(77,815

)

(48,162

)

Amortisation of intangible fixed assets

(14,775

)

-

Loss on disposal of assets

4,004

1,983

Total tax charge

438,066

373,210

7.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary shares of £1 each

Final

100,000

100,000

8.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Office

leasehold

property

equipment

£

£

£

COST

At 1 January 2025

1,114

22,014

9,494

Additions

395,640

99,247

77,377

Disposals

-

(16,014

)

-

At 31 December 2025

396,754

105,247

86,871

DEPRECIATION

At 1 January 2025

-

-

1,955

Charge for year

59,101

-

18,069

At 31 December 2025

59,101

-

20,024

NET BOOK VALUE

At 31 December 2025

337,653

105,247

66,847

At 31 December 2024

1,114

22,014

7,539

Fixtures

and

Plant &

Computer

fittings

Machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2025

29,998

150,639

31,000

244,259

Additions

216,351

-

95,442

884,057

Disposals

-

-

-

(16,014

)

At 31 December 2025

246,349

150,639

126,442

1,112,302

DEPRECIATION

At 1 January 2025

7,509

11,209

4,700

25,373

Charge for year

48,015

27,886

24,209

177,280

At 31 December 2025

55,524

39,095

28,909

202,653

NET BOOK VALUE

At 31 December 2025

190,825

111,544

97,533

909,649

At 31 December 2024

22,489

139,430

26,300

218,886