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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Rajan Trading Co. Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01129421 and its registered office address is The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.

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 company has lease agreements in place with its current tenants in the short term and therefore the directors expect a similar level of income and profit in the new accounting year. The directors have considered the business risks and believe that the company is well placed to manage these risks successfully despite the current uncertain economic outlook. As a result the directors consider the going concern basis of preparation appropriate.

Rental income is recognised on a straight line basis over the term of the lease. Lease incentives are recognised as a reduction to the income over the term of the lease.

Investment properties are recognised at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

In the application of the company's accounting policies, the directors are required to make estimates and judgements.

The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

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

Valuation of investment properties

As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation performed by the directors. The company also uses the services of a professional valuer to confirm market values with the last professional valuation being completed in 2023.

The average monthly number of persons (including directors) employed by the company during the year was:

The above investment properties comprise various long leasehold and freehold land and buildings and are included at fair value. The properties were last revalued by an independent valuer in 2023, using the basis of Market Value. The directors have taken this valuation into account when considering the fair value of the properties at 31 March 2025.

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.

The auditor's report is unqualified and includes the following:

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 profit 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.

The company has provided unlimited guarantees to Barclays Bank plc in respect of fellow group undertakings, Brave Soul Limited, Whispering Smith Group plc, Whispering Smith Properties Limited and Rajan Trading Co. Limited.

At 31 March 2025 there were contingent liabilities in respect of guarantees and outstanding documentary credits totalling $5,887,468 (2024: $4,320,952).

Entities over which the entity has control, joint control or significant influence

Fellow subsidiary undertakings

During the year the company charged rent totalling £160,000 (2024: £160,000) to a fellow subsidiary undertaking in respect of the property occupied by that company. The company was also recharged expenses totalling £1,828 (2024: £2,851) by the fellow subsidiary undertaking in respect of administrative expenses paid on the company's behalf.

At the year end and included within debtors due in one year is an amount of £280,000 (2024: £119,998) due from fellow subsidiary undertakings.

Included within creditors due within one year is an amount of £61,156 (2024: £91,820) due to fellow subsidiary undertakings in respect of group relief surrendered. This amount is unsecured, interest free, and repayable on demand.

The immediate and ultimate parent company is Whispering Smith Group plc, a company registered in England and Wales. The results of the company are included within the consolidated financial statements of Whispering Smith Group plc, copies of which can be obtained from the company's registered office, The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.