REGISTERED NUMBER: 07879170 (England and Wales)

FUW PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D T Miles

SECRETARY:

S A Longworth FCA

REGISTERED OFFICE:

Llys Amaeth

Plas Gogerddan

Ceredigion

SY23 3BT

REGISTERED NUMBER:

07879170 (England and Wales)

AUDITORS:

Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

365,787

334,024

Investment property

5

102,000

102,000

467,787

436,024

CURRENT ASSETS

Debtors

6

4,086

3,612

Cash at bank

1,906

3,434

5,992

7,046

CREDITORS

Amounts falling due within one year

7

1,713

2,678

NET CURRENT ASSETS

4,279

4,368

TOTAL ASSETS LESS CURRENT LIABILITIES

472,066

440,392

CREDITORS

Amounts falling due after more than one year

8

468,224

466,908

NET ASSETS/(LIABILITIES)

3,842

(26,516

)

CAPITAL AND RESERVES

Called up share capital

1

1

Revaluation reserve

11

37,404

-

Retained earnings

(33,563

)

(26,517

)

3,842

(26,516

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2026 and were signed by:

D T Miles - Director

1.	STATUTORY INFORMATION

FUW Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The company's principal source of financing is a loan from its parent company, UAC CYF. FUW LTD., which is subordinated beneath any third-party creditors. The director of the company has received a letter of support from the parent company to confirm that it will not seek repayment of this loan until such time as the properties held by FUW Properties Ltd are sold, or are transferred to the parent, and has agreed not to do so for a period of at least 12 months from the date of approval of these financial statements.

The Board has considered the company's financial position, including this continuing financial support from the parent company, together with the company's principal risks and uncertainties, for a period of at least 12 months from the date of approval of these financial statements. Based on this assessment, the Board is not aware of any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

Accordingly, the financial statements have been prepared on a going concern basis.

Related party exemption

The company has taken advantage of the exemption available under paragraph 33.1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose transactions with other members of the group that are wholly owned by UAC Cyf. FUW Ltd.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

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 and in any future periods affected.

Significant management judgements

The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

Depreciation

Tangible fixed assets, other than investment properties, are depreciated over their useful economic lives based on various internal and external factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset.

Trade debtors

Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Creditors

Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentational currency is pounds sterling.

Turnover

Rental income arising from leases is accounted for on a straight line basis over the lease term.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

2% on valuation

Plant and machinery etc

-

Straight line over 5 to 10 years

Land and buildings are stated at valuation less accumulated depreciation. All other tangible fixed assets are stated at cost less accumulated depreciation.

It is the Company's policy to revalue land and buildings with sufficient regularity to ensure the carrying amount does not differ materially from fair value at the reporting date. Any revaluation surplus is credited to the revaluation reserve, except to the extent that it reverses a revaluation decrease on the same asset previously recognised in profit or loss, in which case the increase is recognised in profit or loss. A revaluation deficit is recognised in profit or loss, except to the extent that it reverses a revaluation surplus on the same asset previously recognised in the revaluation reserve, in which case it is charged to the revaluation reserve.

Change in accounting policy

During the year, the Company changed its accounting policy for land and buildings from the cost model to the revaluation model, as this provides more relevant and reliable information to users of the financial statements by reflecting the property's current market value. This change has been applied prospectively from the date of revaluation and does not require restatement of prior period figures.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial assets are derecognised when the rights to receive benefits have expired or been transferred, and the company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation is extinguished.

Financial assets, comprising trade and other debtors, amounts owed by group undertakings, and cash and cash equivalents, are initially recognised at transaction price and subsequently measured at cost, less any impairment.

Cash and cash equivalents comprise cash in hand and at bank.

Financial liabilities, comprising trade and other creditors and amounts owed to group undertakings, are initially recognised at transaction price and subsequently measured at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2025

570,557

46,995

617,552

Additions

-

2,085

2,085

Elimination of accumulated

depreciation on revaluation

(154,109

)

-

(154,109

)

Surplus on revaluation

37,404

-

37,404

At 31 March 2026

453,852

49,080

502,932

DEPRECIATION

At 1 April 2025

236,533

46,995

283,528

Charge for year

7,506

220

7,726

Elimination of accumulated

depreciation on revaluation

(154,109

)

-

(154,109

)

At 31 March 2026

89,930

47,215

137,145

NET BOOK VALUE

At 31 March 2026

363,922

1,865

365,787

At 31 March 2025

334,024

-

334,024

The Company's freehold property was revalued during the year, resulting in a surplus of £37,404 being credited to the revaluation reserve. Further details of the revaluation are provided below.

The Company's freehold property was valued on 7 May 2026 by Dafydd Hardy Estate Agents & Chartered Surveyors, an independent RICS-qualified valuer, on an open market value basis.

Although this valuation was carried out after the balance sheet date, the directors are satisfied that there has been no material change in the value of the property between 31 March 2026 and the date of valuation, and accordingly consider the valuation to be representative of the property's fair value at the balance sheet date.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

102,000

NET BOOK VALUE

At 31 March 2026

102,000

At 31 March 2025

102,000

The investment property represents the let element of the Company's freehold building disclosed in note 6, apportioned from the owner-occupied element on the basis of floor space.

At the last valuation date of 14 July 2023, the freehold building was valued at £177,500 in total, of which £102,000 was attributed to the investment property element on this basis.

The freehold building was subsequently revalued on 7 May 2026 (see note 6). The director reviewed the May 2026 valuation and concluded that any consequential change to the investment property element was not material.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Amounts owed by group undertakings

1,400

1,800

Other debtors

2,686

1,812

4,086

3,612

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

63

63

Taxation and social security

-

285

Other creditors

1,650

2,330

1,713

2,678

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Amounts owed to group undertakings

468,224

466,908

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

14,500

14,500

Between one and five years

43,500

43,500

In more than five years

503,875

518,375

561,875

576,375

10.	SECURED DEBTS

The Company's banker Barclays Bank Plc and Barclays Security Trustee Limited hold the following security: - A legal mortgage and by way of first fixed charge on the Property CYM564262

11.

RESERVES

Revaluation

reserve

£

Revaluation Reserve

37,404

At 31 March 2026

37,404

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd

13.	ULTIMATE CONTROLLING PARTY

The controlling party is The Grand Council of the Farmers' Union of Wales.

The Members control the immediate parent company UAC CYF. FUW LTD., which is limited by guarantee.