Fomo Property Management Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Fomo Property Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 16166551 . The registered office is 1 Derwent Business Centre , Clarke Street, Derby, DE1 2BU.

2. Accounting Policies

2.1. 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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company has reported a loss for the period and after recognising an unrealised fair value loss on investment property the balance sheet shows net liabilities at the reporting date.

The directors have assessed the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements, taking into account the following factors:

(a) The reported loss is predominantly non-cash in nature, arising from the unrealised fair value adjustment to the carrying amount of the investment properties under FRS 102 Section 16. The underlying rental and property management activities generated positive operating cash flows during the period;

(b) The three investment properties are financed by interest-only mortgages with an original 20-year term expiring April 2045. No capital repayments are scheduled during the next 60 months, and the mortgages are secured against the properties for which the directors consider market value substantially exceeds the loan balances;

(c) Rental income from the three HMO properties is expected to continue uninterrupted. Tenancies are currently in place and the directors have begun securing deposits for the 2026/27 academic year, giving good visibility of rental cash flows into the next period;

(d) Subsequent to the balance sheet date, the agency arrangement with Marlin Communications under which the company provided property management services was terminated. Management fees from this source (approximately £46,100 in the current period) will not recur. Direct costs attributable to this activity were minimal and the company's cost base has adjusted accordingly;

(e) The company's directors have provided loans totalling £461,725 at the reporting date. These loans are unsecured, interest-free and formally repayable on demand. The directors have confirmed their intention not to call for repayment of these loans for at least 12 months from the date of approval of the financial statements, and in any event not before the company has sufficient available cash reserves to effect repayment without impairing its ability to continue trading;

(f) The directors have prepared cash flow forecasts covering the 12 months to 30 September 2027 which indicate the company will be able to meet its ongoing liabilities as they fall due, including mortgage interest, operating costs and corporation tax.

On the basis of these considerations and in particular the ongoing financial support confirmed by the directors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.

The company acts as agent for its property management clients. Turnover from property management represents commission fees receivable and does not include gross rentals collected on behalf of principals.

2.4. 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:

Fixtures & Fittings	20% Straight Line Method
Computer Equipment	20% Straight Line Method

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Fomo Property Management Ltd

Notes to the Financial Statements (continued)

For the Period 6 January 2025 to 31 January 2026

2.5. 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. The fair value of property is based on director's valuations and has not been based on a valuation by an independent valuer with a professional qualification. No depreciation is provided for.

Changes in fair value are recognised in the profit and loss account.

2.6. 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 company'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 period, 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.

2.7. Related Party Transactions

Loans received from directors who are also shareholders of the company, or from close family members of those directors, are basic financial instruments. The company has taken advantage of the exemption permitted by FRS 102 paragraph 11.13A and measures these loans initially at transaction price (the net amount received, less transaction costs) and subsequently at amortised cost.

Loans from any other connected parties are recognised initially at the present value of future payments discounted at a market rate of interest for an equivalent loan, and subsequently measured at amortised cost using the effective interest method.

2.8. Loans and Borrowings

Interest-bearing loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method. Mortgage arrangement fees added to the loan balance at drawdown are amortised to the profit and loss account as finance costs over the expected term of the loan.

2.9. Deferred Income

Income received in advance of the period to which it relates is recognised as deferred income within creditors and released to the profit and loss account over the period to which the income relates.

2.10. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

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Fomo Property Management Ltd

Notes to the Financial Statements (continued)

For the Period 6 January 2025 to 31 January 2026

3. Average Number of Employees

Average number of employees, including directors, during the period was: 2

4. Tangible Assets

	Computer Equipment
	£
Cost or Valuation
As at 6 January 2025	-
Additions	986

As at 31 January 2026	986

Depreciation
As at 6 January 2025	-
Provided during the period	130

As at 31 January 2026	130

Net Book Value
As at 31 January 2026	856

As at 6 January 2025	-

5. Investment Property

	31 January 2026
	£
Fair Value
As at 6 January 2025	-
Additions	1,308,620
Fair value adjustments	(98,928 )

As at 31 January 2026	1,209,692

The directors' valuation at 31 January 2026 reflects the arm's length purchase prices paid in April 2025. The fair value adjustment reflects non-recoverable transaction costs (SDLT, legal, surveys, initial pre-let refurbishment) that would not be recouped on sale.

6. Debtors

	31 January 2026
	£
Due within one year
Other debtors	46,907

Other debtors comprises prepayments of £42,657 relating to unamortised mortgage arrangement and product fees, which are being amortised to the profit and loss account over the expected term of the related loans; and £4,250 held by the Deposit Protection Service in respect of tenant deposits in the three HMO properties, a corresponding liability for which is included in creditors falling due within one year.

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Fomo Property Management Ltd

Notes to the Financial Statements (continued)

For the Period 6 January 2025 to 31 January 2026

7. Creditors: Amounts Falling Due Within One Year

	31 January 2026
	£
Other creditors	484,878
Taxation and social security	874

	485,752

Other creditors of £484,879 comprises directors' loan accounts of £461,725, accruals and deferred income of £18,904 (of which £17,609 represents management fees and rents received in advance of the periods to which they relate and £1,295 represents accrued expenses), and tenant deposit liabilities of £4,250. Taxation and social security comprises corporation tax of £773 payable in respect of the period and employer's Class 1A National Insurance of £101.

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

	31 January 2026
	£
Bank loans	933,304

Of the creditors falling due after more than one year, £933,304 is secured by fixed legal charges over the investment properties held at 11 Tewkesbury Street, Cardiff; 52 Monthermer Road, Cardiff; and 119 Lisvane Street, Cardiff.

The bank loans comprise three interest-only mortgages with an original term of 20 years commencing 10 April 2025 and expiring April 2045. Interest is charged at a fixed rate of 3.94% per annum until 10 April 2027, reverting thereafter to the lender's variable rate.

The amount of bank loans repayable by instalments, any of which fall due for payment after more than five years from the balance sheet date, is £933,304. No capital repayments are scheduled during the term of the mortgages as all three loans are interest-only.

9. Deferred Taxation

The company has an unrecognised deferred tax asset of approximately £24,732 arising from the unrealised fair value loss on investment property of £98,928 (at the main rate of 25% expected on disposal). The deferred tax asset has not been recognised at the reporting date on the grounds that it is not probable that sufficient future taxable capital gains will arise against which the loss can be relieved. The deferred tax asset will be reassessed at each reporting date and recognised if and when recovery becomes probable.

10. Share Capital

	31 January 2026
	£
Allotted, Called up and fully paid	200

11. Post Balance Sheet Events

Subsequent to the balance sheet date, the agency arrangement with Marlin Communications under which the company provided property management services was terminated. Management fees from Marlin Communications represented approximately £46,100 (38% of turnover) in the current period. The company will not generate turnover from this source in the next accounting period.

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Fomo Property Management Ltd

Notes to the Financial Statements (continued)

For the Period 6 January 2025 to 31 January 2026

12. Related Party Transactions

The directors named below are also shareholders of the company. Loans from those directors qualify as basic financial instruments and have been measured at transaction price, as permitted by FRS 102 paragraph 11.13A.

Elliot Howard Mace

Director and Shareholder

During the period the company received advances of £255,125 and made repayments of £76,100. Balance owed at the year end: £179,025.

Samantha Emma Jayne Mace

Director and Shareholder

During the period the company received advances of £282,800 and made repayments of £100. Balance owed at the year end: £282,700.

At the balance sheet date, the aggregate amount owed to the directors was £461,725. The loans are unsecured, interest-free, and repayable on demand. Accordingly, they are included within creditors falling due within one year.

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		31 January 2026
	Notes	£	£
FIXED ASSETS
Tangible Assets	4		856
Investment Properties	5		1,209,692

			1,210,548
CURRENT ASSETS
Debtors	6	46,907
Cash at bank and in hand		64,680

		111,587
Creditors: Amounts Falling Due Within One Year	7	(485,752 )

NET CURRENT ASSETS (LIABILITIES)			(374,165 )

TOTAL ASSETS LESS CURRENT LIABILITIES			836,383

Creditors: Amounts Falling Due After More Than One Year	8		(933,304 )

NET LIABILITIES			(96,921 )

CAPITAL AND RESERVES
Called up share capital	10		200
Profit and Loss Account			(97,121 )

SHAREHOLDERS' FUNDS			(96,921)