The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activities of the company were that of property developers and investment. The company also manages and maintains properties for clients and other 'Gallagher' entities.

No ordinary dividends were paid. The directors do not recommend the payment of a final dividend.

The directors who held office during the year were as follows:

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The Company's operations have not been subject to the risk of interest fluctuations, as the Bank loan are at fixed rates of interest. Loans from related parties are interest free.

Funding

Subsequent to the year end, the Company has put in place a loan facility with a related party. The Company had drawn down £1m as of 17th November 2025 to fund the development of Eclipse Park Plots 7 & 8. The Company also expects to draw down further funds to enable repayment of the secured loan (£1.8m as at 31 March 2025) which is due for repayment by 2nd March 2026.

The strategy of the company in the year to 31 March 2025 was to continue to focus on developing and selling sites, mostly for commercial development, from within the existing 'stock' portfolio.

Having been successful in securing planning permission on vacant land at Eclipse Park for a commercial development comprising a "coffee drive thru" and light industrial units on Plots 6 & 7, the directors are pleased to report that these developments will be completed during the year ended 31 March 2026. The final plot, Plot 8, did not achieve planning. The board agreed to allow the promotor of this site to pursue an appeal following the planning refusal. Should the appeal be unsuccessful, the board will consider its position. Given the planned transaction did not proceed, the Company has secured additional funds to complete the development of Plots 7 & 8 in the form of a loan facility with a related party.

The directors continue to consider acquisitions, but as of 31 March 2025 had not been successful in securing any new development properties. Following the restructure, the company changed its borrowing strategy given the revised property portfolio so it is taking longer than anticipated to secure the necessary finance. The ongoing intention is to develop and sell the vacant land at Eclipse Park. External finance may be required to conclude the build or fund future acquisitions.

We have continued to manage the retained investment portfolio well, including the continued management of those assets which were distributed to Gallagher Holdings (Kent) Limited.

Our quality of service remains as important as ever, in this competitive and changing marketplace, but our attention to detail, flexibility and ability to react quickly to changes in customers' needs puts us in a commercially strong position. The Company engaged with a Facilities Management company as planned, however opted to instead further develop our own in-house resources.

The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption, except for the additional information included under financial instruments and future developments.

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 profit and loss account within the financial statements.true

Gallagher Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leitrim House, Little Preston, Coldharbour Lane, Aylesford, Maidstone, Kent, ME20 7NS.

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 investment properties. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover has a number of constituent parts which are accounted for as follows:

Turnover from the sale of completed development properties is recognised on legal exchange.

Rental income is recognised in the period to which the lease relates.

Service charges are recognised in the period to which the lease relates.

Property management services are recognised in the period the works are carried out.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives 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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Development properties are defined as those properties in respect of which construction and development have not been completed at the balance sheet date and are classified as work in progress within stocks until sold.

Development properties are recognised at the point of legal exchange, and are stated at the lower of cost and net realisable value where cost consists of the purchase price of the land or property and direct expenditure incurred in developing the property.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

In the application of the company’s accounting policies, the directors are 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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Management regularly review the current market value, rental market and rental yields of the Investment property.

The value of Work in progress relating to properties and land under development is valued at the lower cost and net realisable value. Management regularly review each development project regularly to determine whether the carrying amount of WIP is recoverable.

The average monthly number of persons (including directors) employed under contracts of service agreements in the year was:

The company has no direct employees, all labour was supplied by Gallagher Resources Limited, including those paid under contract of service agreements.

The remaining Investment properties amounted to £11,130,000 at the year end. Sibley Pares carried out an external valuation of the properties in March 2023. Sibley Pares is not connected to the company. The directors have valued the properties at March 2025 and, based on their knowledge of the local property market, believe that there has been no material movement in the value of the investment property.

No depreciation is provided in respect of these properties.

The amounts owed by subsidiary undertakings and other related parties (included in other debtors) are interest free, with no security and no fixed repayment terms.

The amounts due to parent company and other related parties (included in other creditors) are interest free, with no security and no fixed repayment terms.

The company has two charges held against the secured loan.

The first is a legal charge over Globe House, Eclipse Park, Maidstone, Kent, ME14 3EN and their associated assets.

The above charge was dated 18th September 2017 and has been partially satisfied on the 2nd March 2021.

The second charge is a legal charge dated 2nd March 2021, over Brooklyn Yard, Chatham Road, Maidstone, Kent, ME14 3AA and its associated assets.

The balance of the secured loan at the year end amounted to £1,841,396 (2024 - £2,011,954).

Included within profit and loss reserves are non-distributable profits, as set out below:

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 holds both investment properties and development properties for rental purposes at the year end. Rental income earned during the year for these properties was £1,183,099. The properties are expected to generate average yields of 6-7 per cent on an ongoing basis. All of the properties have committed tenants between 6 months and 10 years. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the property at the expiry of the lease period.

The following amounts were outstanding at the reporting end date:

The ultimate parent company is Gallagher Holdings (Kent) II Limited. Their registered office is Leitrim House, Little Preston, Aylesford, Kent ME20 7NS.