Company No: 11789636 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	554,044		579,570
		554,044		579,570
Current assets
Stocks		1,342,953		1,090,064
Debtors	5	272,895		378,680
Cash at bank and in hand		27,214		248,173
		1,643,062		1,716,917
Creditors: amounts falling due within one year	6	( 1,498,507)		( 901,393)
Net current assets		144,555		815,524
Total assets less current liabilities		698,599		1,395,094
Provision for liabilities		( 7,800)		( 9,600)
Net assets		690,799		1,385,494
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		690,699		1,385,394
Total shareholder's funds		690,799		1,385,494

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

Directors' responsibilities:

• The member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Belvedere Properties Limited (registered number: 11789636) were approved and authorised for issue by the Board of Directors on 26 October 2026. They were signed on its behalf by:

Mr W C Laird Director

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

Belvedere 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 The Courtyard Long Row, Newark On Trent, Nottinghamshire, NG24 1RW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of properties is recognised when the properties become the legal property of the buyers.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	33 years straight line
Plant and machinery	20 % reducing balance
Office equipment	4 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

Prior year balances have been restated to correct an overstatement of closing stock, with the below amendments to the 2025 accounts. The corresponding opening balances in 2026 have been restated accordingly.

		As previously reported		Adjustment		As restated
Year ended 31 January 2025		£		£		£
Closing Stock		1,187,326		(97,262)		1,090,064
Profit before Tax		607,334		(97,262)		510,072
Retained earnings at the end for the financial year		1,458,523		(73,129)		1,385,394
Tax on profit		156,400		(24,133)		132,267

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	18		7

4. Tangible assets

	Land and buildings		Plant and machinery		Office equipment		Total
	£		£		£		£
Cost
At 01 February 2025	613,818		60,372		5,593		679,783
Additions	0		1,630		0		1,630
At 31 January 2026	613,818		62,002		5,593		681,413
Accumulated depreciation
At 01 February 2025	72,853		25,910		1,450		100,213
Charge for the financial year	18,601		7,219		1,336		27,156
At 31 January 2026	91,454		33,129		2,786		127,369
Net book value
At 31 January 2026	522,364		28,873		2,807		554,044
At 31 January 2025	540,965		34,462		4,143		579,570

5. Debtors

	2026		2025
	£		£
Trade debtors	207,850		349,738
Amounts owed by connected companies	154		0
Corporation tax	1,915		0
Other debtors	62,976		28,942
	272,895		378,680

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	326,350		307,157
Amounts owed to Parent undertakings	1,028,055		248,192
Corporation tax	0		132,867
Other taxation and social security	5,161		4,664
Other creditors	138,941		208,513
	1,498,507		901,393

7. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	26,682		17,602
Between one and five years	6,783		8,667
	33,465		26,269

Future lease payments relate to a variety of motor vehicles on 24 month contracts.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2026		2025
	£		£
Amounts b/f owed to parent company	(248,192)		(555,893)
Amounts paid to parent company during the year	534,693		765,998
Amounts received from parent company during the year	(1,314,556)		(458,296)
Amounts c/f owed to the parent company	(1,028,055)		(248,192)

Amounts owed to Laird Estates Group Holdings Limited (100% owner) are repayable on demand and attract no interest.

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed from/(to) director 1	(997)		(4,685)
Amounts owed from/(to) director 2	(611)		(3,298)
Amounts owed from/(to) director 3	(1,986)		(19,756)
Amounts owed from/(to) director 4	(88,471)		(148,159)

Transactions between the company and the directors are repayable on demand.

10. Ultimate controlling party

Parent Company:

Laird Estates Group Holdings Limited

The Courtyard Long Row Newark On Trent Nottinghamshire NG24 1RW United Kingdom

Laird Estates Group Holdings Limited is the 100% shareholder of the company and jointly owned by the directors of Belvedere Properties Limited.