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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

James Elliman Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Observatory House, 25 Windsor Road, Slough, Berkshire, United Kingdom, SL1 2EL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of tangible fixed assets and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company incurred a net loss of £692,849 (2024 restated: £1,683,112) and net liabilities of £1,603,919 (2024 restated: £911,070), which includes a net property revaluation of £1,302,383 (2024 restated: £553,833). The director has prepared financial forecasts for the period to March 2027, which indicate that the company is expected to continue to incur losses. The company’s existing loan facilities for £51.7m provided by its parent undertaking, Slough Borough Council (SBC), mature between 2028 and 2030.true

SBC has confirmed its intention to continue to provide limited financial support to the company and has provided a letter of support covering a period of at least 24 months from the date of approval of these financial statements. The letter of support states that SBC will take such steps as are necessary to ensure that the company is able to meet its liabilities as they fall due.

The director has prepared a business plan which was approved by the shareholders Slough Borough Council (SBC) Cabinet in June 2026. Cabinet recommended proceeding to a detailed business case that considers two options. Option 1 being a gradual wind down of the company and option 2 to repurpose the company as a temporary accommodation vehicle. In the absence of a decision in this regard, there is a material uncertainty relating to going concern.

In view of existing financial support, the director concludes it is appropriate for these financial statements to be prepared on a going concern basis.

Turnover represents the actual rental income received from property lettings in the normal course of business at gross value.

Land and buildings

Land and buildings are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materiality from that which would be determined using fair value at the Statement of Financial Position date.

Fair values are determined from market based evidence undertaken by professional qualified valuers.

The value reflects the value of the properties in their existing use (EUV), which is in line with Slough Borough Council's valuation methodology under the Code of Accounting Practice for operational assets, EUV is the same as market value for these purposes.

Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Changes in fair value (stamp duty, land reg. and legal fees) are recognised in the Statement of Comprehensive Income.

Depreciation is calculated on a straight line allocation over the useful life of the buildings as estimated by the valuer on the following bases:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Interest payable

Interest payable is the interest chargeable on the loans drawdown during the year based upon the terms detailed in the loan facility agreements with Slough Borough Council.

Interest payable costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Reserves

The company's reserves are as follows:

• Called up share capital reserve represents the nominal value of the shares issued.

• Profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

• Revaluation reserve represents cumulative unrealised gains or losses in respect of tangible fixed assets.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

As set out in note 4, the properties were valued at the year end by external valuers registered with the Royal Institute of Chartered Surveyors (RICS). The valuation used relied upon assumptions and information provided by management.

If the assumptions and information differs notably from expectations, the fair value of the properties could require a significant adjustment in future periods.

The average monthly number of persons employed by the company during the year was:

The land and buildings were valued at £54,424,700 at the year end by external valuers, Wilks Head & Eve LLP, in accordance with the appropriate sections of the Royal Institution of Chartered Surveyors (RICS) Valuation - Global Standards (issued November 2021 and effective 31 January 2022) and the RICS Valuation – Global Standards: UK National Supplement 2023 edition (issued October 2023 and effective 1 May 2024).

Other creditors due after more than one year represents loan notes due to its parent undertaking, Slough Borough Council. The loans mature between 2028 and 2030 and interest is payable quarterly on 60% of the loan at 5% commencing on the drawdown date. The loan interest is included in other creditors due within one year.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

Material uncertainty related to going concern

We draw your attention to Note 1.2 of the financial statements, which indicates that the company incurred a net loss of £692,849 (2024 restated: £1,683,112) and net liabilities of £1,603,919 (2024 restated: £911,070), which includes a net property revaluation of £1,302,383 (2024 restated: £553,833). These events or conditions, along with other matters set forth in Note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Emphasis of Matter - Correction of prior period errors

We draw attention to Note 15 of the financial statements, which describes the effects of the correction of prior periods. Our opinion is not modified in respect of this matter.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its 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.

A building currently under the company's ownership may require remedial works to ensure compliance with the Building Regulations.

There is no liability owed by the company arising out of this claim, rather a liability is owed to the company by the original developer and/or their associated company. However should there be no recovery from the liable parties then the company may have to initially pay for the cost of the remedial works.

At the date of these financial statements, the company is unable to reliably estimate the costs of the potential remedial works as the matter is subject to the ongoing court case, and the final determination of liability is dependent on the resolution of this issue, which is uncertain at present.

The potential cost of remedial works, if required, could be material, but no provision has been made in the financial statements, as the obligation is contingent upon the outcome of the court case and the determination of whether remedial works are necessary.

The company continues to monitor developments regarding the building’s compliance and will disclose any material changes in its financial position in future reports.

The company, in conjunction with its parent undertaking, is currently reviewing its asset portfolio and future strategy.

In October 2017, the company entered into a lease for Pendeen Court and a lease for 81-83 High Street with Slough Borough Council, the parent undertaking. The leases are for 30 years with an annual rent payment of £1 from SBC. In return for use of the properties as accommodation for homeless people under licences. The minimum lease payments under this non-cancellable operating lease amount to £34 (2024: £36).

In January 2018, the company entered into an agreement for a 125 year lease on 6 'social' housing apartments in Stoke Road, Slough. The lease has no rent but there was a premium of £820k paid on completion which was included in tangible fixed assets.

In 2019, the company entered into five leases with JLA Total Care Ltd for the provision of laundry and oven equipment for Pendeen Court and 81-83 High Street for 8 years at an annual cost of £18,950. The minimum lease payments under these non-cancellable operating leases amount to £26,285 (2024: £45,238). These costs are fully recharged to Slough Borough Council under the lease agreement.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

On 12 May 2025, loan notes totalling £51,700,000 due to the parent undertaking, Slough Borough Council were secured by way of debenture. The debenture holds a fixed and floating charge over all properties and undertakings of the company, including a negative pledge.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent undertaking, Slough Borough Council, or those deemed to have been transacted under normal market conditions.

During the reporting period, the ultimate controlling party and parent undertaking was Slough Borough Council by virtue of its 100% shareholding.

During the year ended 31 March 2025, as part of the validation of transactions and balances relating to properties owned or managed in conjunction with Slough Borough Council (SBC), a full reconciliation of transactions and balances and intercompany transactions between both parties has been completed, this has resulted in a correction of errors in relation to the prior periods.

In accordance with FRS 102 Section 10.21–10.24, the company has restated its opening balances as at 1 April 2023 and comparative figures for the year ended 31 March 2024 to reflect the correction of these errors. The restatement period covers seven financial years, from 2017/18 through to 2023/24. All income and costs relating to Pendeen Court and High Street have been removed from the accounts, as these should have been recognised by SBC. The associated debtor and creditor balances, including accruals, have also been rectified.