FREP 4 (KENSINGTON) LIMITED

• ⚠

  Material uncertainty over going concern

  The Group's underlying subsidiary, FREP 4 (Kensington) Propco Limited ("Propco"), has a loan facility of £79.7m as noted in the Post balance sheet events note 27, which following an extension in July 2025 is due for payment on 31 July 2026. The lender, if it chose, has the right not to extend the facility and could demand the repayment of the loan on 31 July 2026 which would be within 12 months of the approval of this annual report and financial statements, and therefore within the going concern period. If the repayment of the loan were demanded, due to the current economic conditions, the directors of Propco might not be able to obtain a new facility or extend the existing facility. If this were to occur, the Group's parent entities may withdraw their support and the Group and Parent Company may not be able to continue as a going concern. Having therefore considered these circumstances, the directors consider there is a material uncertainty related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, at this time, these circumstances are not anticipated, and the directors' have a reasonable expectation that, through discussion with lenders, they will either be able to extend the current facility or obtain a new facility and that the Group has adequate resources to continue in business for at least 12 months from the date of approval of these financial statements. For these reasons, they continue to prepare the Group financial statements on a going concern basis.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Forvis Mazars LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Group's underlying subsidiary, FREP 4 (Kensington) Propco Limited ("Propco"), has a loan facility of £79.7m as noted in the Post balance sheet events note 27, which following an extension in July 2025 is due for payment on 31 July 2026. The lender, if it chose, has the right not to extend the facility and could demand the repayment of the loan on 31 July 2026 which would be within 12 months of the approval of this annual report and financial statements, and therefore within the going concern period. If the repayment of the loan were demanded, due to the current economic conditions, the directors of Propco might not be able to obtain a new facility or extend the existing facility. If this were to occur, the Group's parent entities may withdraw their support and the Group and Parent Company may not be able to continue as a going concern. Having therefore considered these circumstances, the directors consider there is a material uncertainty related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, at this time, these circumstances are not anticipated, and the directors' have a reasonable expectation that, through discussion with lenders, they will either be able to extend the current facility or obtain a new facility and that the Group has adequate resources to continue in business for at least 12 months from the date of approval of these financial statements. For these reasons, they continue to prepare the Group financial statements on a going concern basis.”

Group structure

1. FREP 4 (KENSINGTON) LIMITED · parent
   1. FREP 4 (Kensington) Propco Limited 100% · United Kingdom
   2. FREP 4 (Kensington) Opco Limited 100% · United Kingdom

Significant events

• “In July 2025, the Company's subsidiary, FREP 4 (Kensington) Propco Limited, formally extended the repayment date of the loan facility to 31 July 2026. The facility was also increased from £79.7m to £82.7m.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +2.6%

  £17,759,386 → £18,229,182

• Cash

  -0.5%

  £3,929,804 → £3,908,394

• Net assets

  +79.3%

  £10,099,416 → £18,109,139

• Employees

  +20.7%

  121 → 146

• Operating profit

  +620.1%

  -£2,809,800 → £14,614,566

• Profit before tax

  +189.4%

  -£8,961,717 → £8,009,723

• Wages

  +3.8%

  £3,035,256 → £3,151,061

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers