For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question 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.

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

Brennan Commercial Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Summit, Littleborough, Lancashire, OL15 0LR.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover represents rent and service charges receivable during the year, exclusive of Value Added Tax.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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 current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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 fair value of the investment properties is determined by either a professional valuation or the directors' valuation at each year end. The valuations take account of similar properties in similar locations and in similar conditions together with other knowledge of the valuer.

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

The company's investment properties were acquired from various related parties. Prior to their acquisition by the company, on 2 July 2018, four of the company's properties were valued by Lambert Smith Hampton Chartered Surveyors on an open market basis, at £7,210,000. A further property was acquired from a third party at a similar time to the above revaluation, hence the directors consider the historic cost of this property to be equivalent to fair value.

In the directors' opinion the above stated value remains indicative of the fair value of all investment properties as at the balance sheet date.

Bank loans are secured by fixed charges over the investment properties to which they relate.

Included within profit and loss reserves of £8,613,746 (2024; £8,083,306) is a non-distributable amount of £672,202 (2024: £672,202) relating to the fair value uplift on investment properties held net of deferred tax.

During the year, advances totalling £5,741 (2024: £19,239) were made to the company from Brennan Surveying Ltd, a company related by common ultimate control, Brennan Properties Limited paid £45,627 (£2024: £Nil) to Brennan Surveying Ltd on behalf of the company in order to clear the intercompany balance. At the balance sheet date, the company owed £Nil (2024: £39,886) to Brennan Surveying Ltd. The balance is unsecured, interest free and repayable on demand.

During the year, advances totalling £50,000 (2024: £113,000) were made to the company and payments of £100 (2024: £2,700) were made from the company to Brennan Property Holdings Ltd the parent company. At the balance sheet date, the company owed £160,100 (2024: £110,200) to Brennan Property Holding Ltd and owed £45,627 (2024: £Nil) to Brennan Properties Limited. These balances are unsecured, interest free and repayable on demand.