For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

During the year, the directors identified a material prior period error relating to the accounting treatment of an investment property acquired in November 2024.

The investment property was initially recognised at £31,207 instead of its full acquisition cost of £99,142. As a result, the carrying value of the investment property was understated and the subsequent revaluation gain recognised on the property was overstated.

In addition, legal fees were incorrectly capitalised as part of the property's cost rather than being recognised as an expense in the profit and loss account. A further adjustment was made in respect of mortgage interest. Collectively, these adjustments increased the loss for the year ended 31 March 2025 by £1,032. There was no corporation tax impact as the company had brought forward tax losses and incurred a tax loss in the year.

Deferred tax had also not been recognised in respect of the cumulative revaluation gains arising on the investment properties. A deferred tax liability of £2,443 has therefore been recognised.

The errors has been corrected in accordance with Section 10 of FRS 102, Accounting Policies, Estimates and Errors, by restating the comparative figures. As a result of the restatement, the loss for the year ended 31 March 2025 increased by £1,032 and the revaluation reserve at that date decreased by £70,378.

The comparative figures presented in these financial statements have been restated accordingly.

Revenue recognition

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

There has been no valuation of investment property by an independent valuer.