Frank Truman Ltd

Contents
	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Profit and Loss Account	9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11—12
Company Balance Sheet	13—14
Consolidated Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Consolidated Statement of Cash Flows	17
Notes to the Financial Statements	18—26

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Frank Truman Ltd

Strategic Report

For The Year Ended 31 December 2025

Strategic Report

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

Review of the Business

In 2025, the UK hospitality industry continued to recover from the severe disruptions caused by the COVID-19 pandemic, but it faced new challenges, including inflation, labour shortages, and rising energy costs. The year was marked by resilience, innovation, and adaptation as businesses sought to navigate these hurdles.

In 2025, the turnover of the business in both the consultancy arm of the business and the revenue from trading of the hotel business, was slightly below the previous year. Inflation in the UK was a major concern throughout 2025, with rising food, beverage, and energy costs putting pressure on businesses' profit margins. The cost-of-living crisis also impacted consumer spending, making it more difficult for some consumers to afford discretionary spending on dining, travel, and leisure activities. The hospitality industry continued to face significant labour shortages, partly due to Brexit and pandemic-related disruptions. The shortage of skilled workers led to increased wages, adding further cost pressure on businesses. Despite the challenges, there was steady demand for hospitality services, particularly in leisure and tourism, as people sought to resume travel and social activities. The business related to the provision of houses to the South Ayrshire Council was in line with forecasts with minimal impact of the macro-economic factors discussed earlier.

Principal Risks and Uncertainties

Inflation, tightening credit environment and rising energy costs, war in Ukraine & Iran are likely to persist into 2026, meaning that businesses will need to find ways to mitigate these expenses, possibly through price increases, energy-efficient technologies, or operational efficiency improvements.

In such constrained macro environment, the forecast for 2026 reflects a prudent approach to projected trading levels to ensure that working capital requirements are not understated. The directors reasonably expect that the company has sufficient resources to maintain operations for the foreseeable future.

The group has completed a range of forecasts including sensitivity analysis to assess the impact of the macro-economic and supply chain challenges on the group’s liquidity and ability to continue as a going concern. The directors acknowledge that there is significant uncertainty in the outlook for the hospitality sector. The directors intend to mitigate economic risks with flexible pricing and value-driven offers, address labour shortages with automation and retention strategies and monitor regulatory changes, especially related to sustainability and employment.

Based on the forecasts, the directors are confident that the actions and strategies in place will enable the business to emerge stronger when conditions improve. If necessary, the company also has the option to seek funding from within the broader group.

The company's management maintains regular communication with employees on general topics and takes proactive measures to keep staff informed about the factors influencing business performance.

Market sentiment remains very weak for businesses, particularly in the hotel industry and in regions outside major cities.

On behalf of the board

Mr H L Jaffer

Director

24 September 2026

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Frank Truman Ltd

Company No. 987006

Directors' Report For The Year Ended 31 December 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal Activity

The group's principal activity continues to be that of management agency.

Directors

The directors who held office during the year were as follows:

Mr H L Jaffer
Ms S Jaffer
Mr M S Jetha	Resigned	01/04/2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Frank Truman Ltd

Directors' Report (continued)

For The Year Ended 31 December 2025

Independent Auditors

The auditors, Fairman Harris, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr H L Jaffer

Director

24 September 2026

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Independent Auditor's Report

to the Members of

Frank Truman Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Frank Truman Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit/(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.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Frank Truman Ltd

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 3—4, 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 is 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Frank Truman Ltd

Auditor's 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 an auditor's report 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:

● the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

● we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry.

● we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-money-laundering, employment, environmental and health and safety legislation;

● we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

● identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

● making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

● considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

● performed analytical procedures to identify any unusual or unexpected relationships;

● tested journal entries to identify unusual transactions;

● assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and

● investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

● agreeing financial statement disclosures to underlying supporting documentation;

● reading the minutes of meetings of those charged with governance;

● enquiring of management as to actual and potential litigation and claims; and

● reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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 that we are required to state to them in an auditor's report 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.

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Independent Auditor's Report (continued)

to the Members of

Frank Truman Ltd

F Meghani (Senior Statutory Auditor)

for and on behalf of Fairman Harris , Statutory Auditor

24 September 2026

Fairman Harris

1 Landor Road

London

SW9 9RX

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Frank Truman Ltd

Consolidated Profit and Loss Account

For The Year Ended 31 December 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		13,832,448	14,008,950
Cost of sales		(4,546,895 )	(4,429,084 )

GROSS PROFIT		9,285,553	9,579,866

Administrative expenses		(6,732,587 )	(7,394,040 )
Other operating income		10,932	6,172
Fair value gains on investment properties		300,000	-

OPERATING PROFIT	3	2,863,898	2,191,998
Loss on revaluation of investment property		(16,645 )	-
Profit on disposal of fixed asset investments		24,086	-
Other interest receivable and similar income	8	264,743	1,271,908
Interest payable and similar charges	9	(4,351,720 )	(2,332,240 )

(LOSS)/PROFIT BEFORE TAXATION		(1,215,638 )	1,131,666
Tax on (Loss)/profit		155,841	(497,919 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(1,059,797 )	633,747


(Loss)/profit attributable to:
Owners of the parent		(953,056)	504,491
Non-controlling interest		(106,741)	129,256

		(1,059,797 )	633,747

The notes on pages 17 to 26 form part of these financial statements.

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Frank Truman Ltd

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
(Loss)/profit for the financial year	(1,059,797 )	633,747

Other comprehensive income for the year	-	-

Total comprehensive income for the year	(1,059,797 )	633,747


Total comprehensive income attributable to:
Owners of the parent	(953,056)	504,491
Non-controlling interest	(106,741)	129,256

	(1,059,797 )	633,747

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Frank Truman Ltd

Consolidated Balance Sheet

As At 31 December 2025

Consolidated Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	10		32,952		39,542
Tangible Assets	11		28,638,622		28,891,628

			28,671,574		28,931,170
CURRENT ASSETS
Stocks	13	64,516		63,206
Debtors	14	6,145,877		26,795,255
Cash at bank and in hand		525,044		214,362

		6,735,437		27,072,823
Creditors: Amounts Falling Due Within One Year	15	(20,039,796 )		(33,206,081 )

NET CURRENT ASSETS (LIABILITIES)			(13,304,359 )		(6,133,258 )

TOTAL ASSETS LESS CURRENT LIABILITIES			15,367,215		22,797,912

Creditors: Amounts Falling Due After More Than One Year	16		(14,222,784 )		(20,668,684 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(374,036 )		(299,036 )

NET ASSETS			770,395		1,830,192

CAPITAL AND RESERVES
Called up share capital	19		30,100		30,100
Other reserves			438,919		438,919
Profit and Loss Account			(16,142 )		936,914

Equity attributable to owners of the parent			452,877		1,405,933
Non-controlling interest			317,518		424,259

TOTAL EQUITY			770,395		1,830,192

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Frank Truman Ltd

Consolidated Balance Sheet (continued)

As At 31 December 2025

On behalf of the board

Mr H L Jaffer

Director

24 September 2026

The notes on pages 17 to 26 form part of these financial statements.

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Frank Truman Ltd

Company Balance Sheet

As At 31 December 2025

Company Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		360,977		543,055
Investments	12		604		604

			361,581		543,659
CURRENT ASSETS
Debtors	14	17,839,774		30,617,116
Cash at bank and in hand		6,610		59,406

		17,846,384		30,676,522
Creditors: Amounts Falling Due Within One Year	15	(9,775,321 )		(22,422,486 )

NET CURRENT ASSETS (LIABILITIES)			8,071,063		8,254,036

TOTAL ASSETS LESS CURRENT LIABILITIES			8,432,644		8,797,695

Creditors: Amounts Falling Due After More Than One Year	16		(174,584 )		(366,084 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(26,036 )		(26,036 )

NET ASSETS			8,232,024		8,405,575

CAPITAL AND RESERVES
Called up share capital	19		30,100		30,100
Profit and Loss Account			8,201,924		8,375,475

SHAREHOLDERS' FUNDS			8,232,024		8,405,575

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Frank Truman Ltd

Company Balance Sheet (continued)

As At 31 December 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's (loss)/profit for the year was £(173,551 ) (2024: £ 1,799,604 profit).

For the year ending 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr H L Jaffer

Director

24 September 2026

The notes on pages 17 to 26 form part of these financial statements.

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Frank Truman Ltd

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2025

Consolidated Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total Attributable to Parent
	£	£	£	£
As at 1 January 2024	30,100	438,919	432,423	901,442
Profit for the year and total comprehensive income	-	-	504,491	504,491

As at 31 December 2024 and 1 January 2025	30,100	438,919	936,914	1,405,933


Loss for the year and total comprehensive income	-	-	(953,056 )	(953,056 )

As at 31 December 2025	30,100	438,919	(16,142 )	452,877

	Non-controlling interest	Total
	£	£
As at 1 January 2024	295,003	1,196,445
Profit for the year and total comprehensive income	129,256	633,747

As at 31 December 2024 and 1 January 2025	424,259	1,830,192


Loss for the year and total comprehensive income	(106,741 )	(1,059,797)

As at 31 December 2025	317,518	770,395

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Frank Truman Ltd

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,778,798	17,694,738
Interest paid		(4,351,720 )	(2,332,240 )
Tax paid		(42,069 )	(84,348 )

Net cash (used in)/generated from operating activities		(614,991 )	15,278,150

Cash flows from investing activities
Purchase of tangible assets		(732,752 )	(120,249 )
Proceeds from disposal of tangible assets		239,459	41
Proceeds from disposal of other fixed asset investments		24,086	(171,290 )
Interest received		264,743	1,271,908

Net cash (used in)/generated from investing activities		(204,464 )	980,410

Cash flows from financing activities
Proceeds from new bank borrowings		1,129,100	-
Repayment of bank borrowings		-	(595,152 )
Repayment of other loans		-	(15,675,334)

Net cash generated from/(used in) financing activities		1,129,100	(16,270,486 )



Increase/(decrease) in cash and cash equivalents		309,645	(11,926 )
Cash and cash equivalents at beginning of year	2	116,991	128,917

Cash and cash equivalents at end of year	2	426,636	116,991

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Frank Truman Ltd

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

	2025	2024
	£	£
(Loss)/profit for the financial year	(1,059,797 )	633,747
Adjustments for:
Tax on (loss)/profit	(155,841 )	497,919
Interest expense	4,351,720	2,332,240
Interest income	(281,176 )	(1,271,908 )
Amortisation of intangible assets	6,590	6,590
Depreciation of tangible assets	1,046,299	1,243,976
Impairment of tangible assets	-	171,290
Profit on disposal of fixed asset investments	(24,086)	-
Loss on revaluation of fixed assets	16,645	-
Net fair value gains recognised in profit or loss	(300,000)	-
Movements in working capital:
Increase in stocks	(1,310 )	(12,143 )
Decrease in trade and other debtors	20,649,378	5,600,495
(Decrease)/increase in trade and other creditors	(20,469,624 )	8,492,532

Net cash generated from operations	3,778,798	17,694,738

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	525,044	214,362
Overdraft facilities repayable on demand	(98,408 )	(97,371 )

Cash and cash equivalents as stated in the Statement of Cash Flows	426,636	116,991

3. Analysis of changes in net debt

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	214,362	310,682	525,044
Overdraft facilities repayable on demand	(97,371)	(1,037)	(98,408)

Cash and cash equivalents	116,991	309,645	426,636
Debts falling due within one year	(244,400 )	-	(244,400 )
Debts falling due after more than one year	(13,093,684)	(1,129,100)	(14,222,784)

	(13,221,093)	(819,455)	(14,040,548)

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Frank Truman Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

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

1.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

1.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

1.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be .... years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

1.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Over the lease term
Plant & Machinery	15% reducing balance
Fixtures & Fittings	20-25% reducing balance
Computer Equipment	25% reducing balance

1.7. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

1.8. Investments

1.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

1.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

1.11. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2. Other Operating Income

	2025	2024
	£	£
Other operating income	10,932	6,172

	10,932	6,172

3. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	1,046,299	1,243,976
Amortisation of intangible fixed assets	6,590	6,590

4. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	40,105	47,568

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	3,266,536	3,127,979	142,792	154,109
Social security costs	124,474	172,363	20,415	22,677
Other pension costs	39,147	37,884	4,266	3,996

	3,430,157	3,338,226	167,473	180,782

6. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows: 148 (2024: 145)

Company

Average number of employees, including directors, during the year was: 4 (2024: 4)

7. Directors' remuneration

	2025	2024
	£	£
Emoluments	23,860	32,000

	23,860	32,000

8. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	76,110	993,081
Other interest receivable type A	188,633	278,827

	264,743	1,271,908

9. Interest Payable

	2025	2024
	£	£
Bank loans and overdrafts	997,313	1,207,824
Interest payable on other loans	72,746	162,093
Other finance charges	3,281,661	962,323

	4,351,720	2,332,240

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 January 2025	65,902

As at 31 December 2025	65,902

Amortisation
As at 1 January 2025	26,360
Provided during the period	6,590

As at 31 December 2025	32,950

Net Book Value
As at 31 December 2025	32,952

As at 1 January 2025	39,542

Company

The company had no intangible fixed assets as at 31 December 2025 or 31 December 2024.

11. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Investment Properties	Plant & Machinery
	£	£	£	£
Cost or Valuation
As at 1 January 2025	20,155,533	372,333	6,578,190	8,621,413
Additions	598,973	-	-	24,126
Disposals	-	-	(239,459 )	-
Revaluation	-	-	300,000	-

As at 31 December 2025	20,754,506	372,333	6,638,731	8,645,539

Depreciation
As at 1 January 2025	1,220,486	311,447	-	5,831,540
Provided during the period	281,932	6,204	-	660,720

As at 31 December 2025	1,502,418	317,651	-	6,492,260

Net Book Value
As at 31 December 2025	19,252,088	54,682	6,638,731	2,153,279

As at 1 January 2025	18,935,047	60,886	6,578,190	2,789,873


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost or Valuation
As at 1 January 2025	1,432,511	7,111	37,167,091
Additions	107,466	2,187	732,752

...CONTINUED

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Disposals	-	-	(239,459 )
Revaluation	-	-	300,000

As at 31 December 2025	1,539,977	9,298	37,960,384

Depreciation
As at 1 January 2025	906,511	5,479	8,275,463
Provided during the period	92,810	4,633	1,046,299

As at 31 December 2025	999,321	10,112	9,321,762

Net Book Value
As at 31 December 2025	540,656	(814 )	28,638,622

As at 1 January 2025	526,000	1,632	28,891,628

Company

	Investment Properties	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2025	519,394	5,610	133,216	658,220
Additions	-	-	5,130	5,130
Disposals	(180,663 )	-	-	(180,663 )

As at 31 December 2025	338,731	5,610	138,346	482,687

Depreciation
As at 1 January 2025	-	7,655	107,510	115,165
Provided during the period	-	-	6,545	6,545

As at 31 December 2025	-	7,655	114,055	121,710

Net Book Value
As at 31 December 2025	338,731	(2,045 )	24,291	360,977

As at 1 January 2025	519,394	(2,045 )	25,706	543,055

12. Investments

Group

	Unlisted
	£
Cost
As at 1 January 2025	171,290

As at 31 December 2025	171,290

Provision
As at 1 January 2025	171,290

As at 31 December 2025	171,290

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	-

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Company

	Unlisted
	£
Cost
As at 1 January 2025	171,894

As at 31 December 2025	171,894

Provision
As at 1 January 2025	171,290

As at 31 December 2025	171,290

Net Book Value
As at 31 December 2025	604

As at 1 January 2025	604

13. Stocks

	2025	2024
	£	£
Finished goods	64,516	63,206

14. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	101,979	208,995	32,082	64,307
Prepayments and accrued income	230,299	424,184	276	92,410
Other debtors	2,234,003	18,201,369	1,488,723	14,055,666
VAT	-	-	45,731	-
Amounts owed by group undertakings	3,579,596	385,707	16,272,962	16,404,733

	6,145,877	19,220,255	17,839,774	30,617,116
Due after more than one year
Other debtors	-	7,575,000	-	-

	-	7,575,000	-	-

	6,145,877	26,795,255	17,839,774	30,617,116

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

15. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	1,620,714	2,631,282	403,833	1,516,070
Bank loans and overdrafts	342,808	341,771	65,000	65,000
Corporation tax	254,665	527,363	251,310	524,008
Other taxes and social security	242,417	307,278	-	-
VAT	287,741	396,737	-	48,715
Net wages	15,578	77,351	-	-
Other creditors	13,940,948	25,712,732	8,762,547	18,814,980
Other creditors (1)	2,799,900	2,799,900	-	-
Accruals and deferred income	535,025	411,667	292,631	10,000
Amounts owed to group undertakings	-	-	-	1,443,713

	20,039,796	33,206,081	9,775,321	22,422,486

16. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans	14,222,784	13,093,684	174,584	366,084
Other creditors (1)	-	7,575,000	-	-

	14,222,784	20,668,684	174,584	366,084

17. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	244,400	244,400	65,000	65,000

	244,400	244,400	65,000	65,000

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	14,222,784	13,093,684	174,584	366,084

	14,222,784	13,093,684	174,584	366,084

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Frank Truman Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Deferred Tax	374,036	299,036	26,036	26,036

19. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 30,100.000 each	30,100	30,100

20. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £16,706 (2024: £17,872).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

21. Related Party Disclosures

The amounts due from related parties at the balance sheet date, as noted above, exclude group debtors as advantage has been taken of the exemption under FRS 102 not to disclose transactions with other wholly owned companies within the Frank Truman group.

The group advanced monies to related parties during the period in the main to provide funding for investment opportunities. These sums totalled £18,625553 (2024: £18,625,553), do not attract interest and are repayable on demand.

The group had outstanding loan balances at the year end due to related parties in the main in respect of investment funding provided. These sums totalled £28,589,983 (2024: £28,589,983), do not attract inteest and are repayable on demand.

22. General Information

Frank Truman Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 987006 . The registered office is Kirkland House, 11-15 Peterborough Road, Harrow, HA1 2AX.

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