Company No: 00523416 (England and Wales)

Contents

• Company Information
• Directors' Report
• Accountants' Report
• Profit and Loss Account
• Balance Sheet
• Statement of Changes in Equity
• Notes to the Financial Statements

DIRECTORS	L A Fry
	E A Holloway (Appointed 01 October 2025)
	A H Holloway
	A D Mann

SECRETARY

A D Mann

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

00523416 (England and Wales)

CHARTERED ACCOUNTANTS	Dixon Wilson
	22 Chancery Lane
	London
	WC2A 1LS

BANKERS	C. Hoare & Co
	37 Fleet Street
	London
	EC4P 4DQ

SOLICITORS	Knights Plc
	The Brampton
	Newcastle-Under-Lyme
	Staffordshire
	ST5 0QW

The directors present their annual report and the unaudited financial statements of the company for the financial year ended 31 March 2026.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

L A Fry
E A Holloway	(Appointed 01 October 2025)
A H Holloway
A D Mann

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

A D Mann Company secretary and director

17 September 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frys Properties Limited for the financial year ended 31 March 2026 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 11 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

This report is made solely to the Board of Directors of Frys Properties Limited, as a body, in accordance with the terms of our engagement letter dated 30 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Frys Properties Limited and state those matters that we have agreed to state to the Board of Directors of Frys Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frys Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Frys Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frys Properties Limited. You consider that Frys Properties Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Frys Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dixon Wilson
Chartered Accountants

22 Chancery Lane
London
WC2A 1LS

17 September 2026

	Note	2026		2025
		£		£
Turnover		1,396,205		1,148,449
Administrative expenses		( 925,304)		( 788,265)
Other operating income/(loss)		2,409		( 1,668)
Operating profit		473,310		358,516
Income from other fixed asset investments		60,082		49,223
Other non-operating income/(loss)		1,440,441		( 57,528)
Profit before interest and taxation		1,973,833		350,211
Interest receivable and similar income		16,616		19,378
Interest payable and similar expenses		( 15,630)		( 18,363)
Profit before taxation		1,974,819		351,226
Tax on profit		( 486,135)		( 48,727)
Profit for the financial year		1,488,684		302,499

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	1,433		1,910
Investment property	5	19,664,619		18,462,087
Investments	6	2,438,470		2,346,556
		22,104,522		20,810,553
Current assets
Debtors	7	296,390		143,549
Cash at bank and in hand		1,158,285		1,084,925
		1,454,675		1,228,474
Creditors: amounts falling due within one year	8	( 838,553)		( 716,008)
Net current assets		616,122		512,466
Total assets less current liabilities		22,720,644		21,323,019
Provision for liabilities	9	( 1,095,805)		( 737,652)
Net assets		21,624,839		20,585,367
Capital and reserves
Called-up share capital		55,000		55,000
Capital redemption reserve		90,344		90,344
Profit and loss account		21,479,495		20,440,023
Total shareholders' funds		21,624,839		20,585,367

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.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A – small entities.

The financial statements of Frys Properties Limited (registered number: 00523416) were approved and authorised for issue by the Board of Directors on 17 September 2026. They were signed on its behalf by:

A D Mann Company secretary and director

	Called-up share capital		Capital redemption reserve		Profit and loss account		Total
	£		£		£		£
At 01 April 2024	55,000		90,344		20,536,824		20,682,168
Profit for the financial year	0		0		302,499		302,499
Total comprehensive income	0		0		302,499		302,499
Dividends paid on equity shares	0		0		( 399,300)		( 399,300)
At 31 March 2025	55,000		90,344		20,440,023		20,585,367
At 01 April 2025	55,000		90,344		20,440,023		20,585,367
Profit for the financial year	0		0		1,488,684		1,488,684
Total comprehensive income	0		0		1,488,684		1,488,684
Dividends paid on equity shares	0		0		( 449,212)		( 449,212)
At 31 March 2026	55,000		90,344		21,479,495		21,624,839

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frys Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

As at the date of the approval of these financial statements, the directors have prepared the financial statements on a going concern basis as the underlying rental property business of the company is profitable and future revenues are expected to exceed costs.

Turnover

Turnover represents rental income receivable during the year from investment properties, exclusive of value added tax. Income is recognised evenly over the terms of the lease, on a straight line basis.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of all tangible fixed assets, other than investment property, over their expected useful lives, as follows:

Plant and machinery	25 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

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 over the period of the relevant borrowing.

Interest expense is recognised on a daily basis 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 at the reporting date.

Investment property

Investment property is carried at fair value, which the valuers derive annually from the current market prices of comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of a specific asset. Revaluation surpluses and deficits are recognised in the Profit and Loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss.

Interest income on debt securities, where applicable, is recognised in income. Dividends on equity securities are recognised in income when receivable.

Other investments is made up of a collection of artwork which is measured at cost.

2. Employees

	2026		2025
	Number		Number
The average number of persons employed by the Company during the year, including directors	4		3

3. Tax on profit

	2026		2025
	£		£
Current tax on profit
UK corporation tax	125,990		85,275
Tax attributable to investment income	1,992		2,743
Total current tax	127,982		88,018
Deferred tax
Origination and reversal of timing differences	358,153		( 39,291)
Total deferred tax	358,153		( 39,291)
Total tax on profit	486,135		48,727

4. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2025	17,948		142,410		160,358
At 31 March 2026	17,948		142,410		160,358
Accumulated depreciation
At 01 April 2025	17,948		140,500		158,448
Charge for the financial year	0		477		477
At 31 March 2026	17,948		140,977		158,925
Net book value
At 31 March 2026	0		1,433		1,433
At 31 March 2025	0		1,910		1,910

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	18,462,087
Additions	48,528
Fair value movement	1,154,004
As at 31 March 2026	19,664,619

The investment properties have been revalued to £19,664,619 (2025 - £18,462,087). Part of the investment property class was revalued at January 2020 by independent valuers who hold recognised and relevant professional qualifications and have recent experience in the location and class of property. This class of investment properties has a current value of £1,270,000 (2025 - £1,270,000).

During the year, a further class of investment properties was revalued by independent valuers possessing equivalent professional qualifications and relevant experience in the location and class of property, and has a current value of £3,000,000 (2025: £1,700,000).

The remaining class of properties is not based on a valuation by an independent valuer and the directors consider this to be market value, based on market research of comparable properties.

The historical cost of the properties is £12,148,194 (2025 - £12,099,665)

6. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2025	2,295,555		51,001		2,346,556
Additions	629,321		0		629,321
Disposals	( 809,257)		0		( 809,257)
Movement in fair value	271,850		0		271,850
At 31 March 2026	2,387,469		51,001		2,438,470
Carrying value at 31 March 2026	2,387,469		51,001		2,438,470
Carrying value at 31 March 2025	2,295,555		51,001		2,346,556

Other investments is made up of a collection of artwork owned by the company.

7. Debtors

	2026		2025
	£		£
Trade debtors	103,738		69,600
Prepayments and accrued income	170,856		46,729
Other debtors	21,796		27,220
	296,390		143,549

8. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	129,066		35,426
Amounts owed to directors (note 10)	334,011		320,845
Accruals and deferred income	175,813		157,204
Taxation and social security	158,823		109,012
Other creditors	40,840		93,521
	838,553		716,008

9. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 737,652)		( 776,943)
(Charged)/credited to the Profit and Loss Account	( 358,153)		39,291
At the end of financial year	( 1,095,805)		( 737,652)

10. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2026		2025
	£		£
At start of period	320,845		305,483
Repaid in the year	0		0
Interest transactions	13,166		15,362
	334,011		320,845

Terms of loans from related parties
The company has loans from its directors on which interest was due from 1 April 2025 to 31 March 2026 at a rate equal to the base rate. The loans are repayable on demand and the carrying amount of the loans at the year-end was £334,011 (2025 - £320,845).

11. Ultimate controlling party

The ultimate controlling party is the directors.