Front Sheet

ABC Properties Ltd Financial Projection

Front Sheet

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

1 Disclaimer

Whilst every effort has been made to ensure the accuracy of the contents and calculations contained in this Model, Users of the Model should be aware that it is generally not practicable to test a computer spreadsheet to the extent whereby
it can be assured that all errors have been detected.

Users of the model should be aware that the Model is subject to a number of restrictions and limitations which amongst others include the following. It is always recommended to seek professional advice before making any decisions on
information derived from this model.
- The projection outputs of the Model are based on user-defined input assumptions. It is the responsibility of the Users of the Model to check the reasonableness and accuracy of these assumption;
- The Model has inbuilt controls and checks to flag any key irregularities across inputs, calculations and outputs but does not correct any errors or warnings identified;
- The Model does not provide a comprehensive list of all possible income, expenses, gains, losses, assets, liabilities and equity components that may arise in a business context. It is the responsibility of the User to identify and factor in any
other components not included in the Model;
- The Model does not separately include impacts for prepayments or accruals;
- The Model calculates items such as taxes, fixed assets, borrowings etc. on a simplified basis;
- The Model does not take into consideration any specific Generally Accepted Accounting Principles (‘GAAP’) adjustments applicable to the particular industry in which the business operates
- The presentation of projected financial statements do not take into consideration any specific GAAP presentation requirements

For the avoidance of doubt, the developers of this Model shall not be liable for losses, damages, costs or expenses arising from or in any way connected with your use of the Model.

To use this model, you must agree to these terms.

2 Instructions

2.1 The only tabs that should be populated by the user are the input tabs. The calculation tab uses the user-defined inputs to produce the projection outputs which are presented in the output tabs.

2.2 The user should start off my populating the 'i_Setup' tab followed by the 'i_Actuals' (if applicable) and 'i_Assumptions' tabs.

2.3 The input cells in the input sheets that are required to be populated are formatted as follows:

2.4 The following signage conventions apply throughout the model. Most Input cells contain data validations to help users populate assumption in line with the below conventions
· Revenues (+) and expenses (-)
· Assets (+), Liabilities (-) and Equity (-)
· Cash Inflows (+) and cash outflows (-)

2.5 Most of the reference or input cells contain input messages with details on the particular item or on how the input cell should be populated. Hover over the cells to see the input message

2.6 The projection model contains error checks and warnings throughout the tabs. The workbook and tab checks status are displayed at the top left hand corner of each tab and summarised in the 'sysChecks' tab.
The status bar is set out as follows:

All file checks & alerts OK - No errors or alerts

File: 1 alert - Alert in input cells present
File: 1 error - Errors in input cells present

2.7 To add additional categories for most items (except direct materials, direct staff, fixed assets and borrowings), this can be done by adding rows below the last category and applying this consistently across the
model starting from 'i_Setup' tab and moving right to 'o_Fin Stats'. Please ensure formulas in total rows are also updated to include the additional categories. For other categories, e.g. fixed
assets and borrowings you need to make sure the additional calculations (e.g. inventories, depreciation, interest) are also replicated and linked to the financial statements.

3 Contents

Inputs Calculations Outputs System

i_Setup c_Calculations o_Fin Stats sysCheck

General inputs for Calculation of revenue, Financial Statement Holds the master
timeline, currency, cost and other Income projection outputs check and warnings
business name and Statement and Balance including Income lists
revenue/cost Sheet projections Statement, Balance
categories Sheet and Cash flow
Statement

i_Actuals o_Dashboard
Input tab for latest
Summarised outputs
actuals
and charts

i_Assumptions o_DCF

Input tab for Calculation of

assumptions on discounted cash flow
revenues, costs, taxes, valuation using
dividends and balance projection outputs
sheet items

Property BRRR Model v1 - EFM Page 1 of 10 Printed on: 08/12/2021 22:49

 Front Sheet

ABC Properties Ltd Financial Projection

Front Sheet

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

END OF WORKSHEET

Property BRRR Model v1 - EFM Page 2 of 10 Printed on: 08/12/2021 22:49

 i_Setup

ABC Properties Ltd Financial Projection

i_Setup

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

1 Setup Inputs

1.1 General Inputs

1 Name of company Text ABC Properties Ltd

2 Currency List GBP

3 Timeline Start Year List 2021

4 First Projection Year List 2021

5 First Projection Month List 6

1.2 Naming Inputs

6 Developments
Sales Tax on Rental
Name Existing / New
Income
Development 1 (DEV1) Text / List 20, Tudway Road, London Existing No
Development 2 (DEV2) Text / List 18, Rosebery Ave, London Existing No
Development 3 (DEV3) Text / List 10, Fensbury Street, London New No
Development 4 (DEV4) Text / List 67, Norfolk Street, London New No
Development 5 (DEV5) Text / List
Development 6 (DEV6) Text / List
Development 7 (DEV7) Text / List
Development 8 (DEV8) Text / List
Development 9 (DEV9) Text / List
Development 10 (DEV10) Text / List

7 Variable Costs - % of Rental Income

Name Sales Tax
Variable Cost Category 1 Text / List Management Fee Yes
Variable Cost Category 2 Text / List Payment processing fee Yes
Variable Cost Category 3 Text / List
Variable Cost Category 4 Text / List
Variable Cost Category 5 Text / List

8 Fixed Costs - Per Unit Per Development

Name Sales Tax
Fixed Cost Category 1 Text / List Annual Maintenance Yes
Fixed Cost Category 2 Text / List Insurance Cost Yes
Fixed Cost Category 3 Text / List Utility costs Yes
Fixed Cost Category 4 Text / List
Fixed Cost Category 5 Text / List

9 Fixed Costs - Total Company

Fixed Cost Category 6 Text / List Office rent No
Fixed Cost Category 7 Text / List IT Costs Yes
Fixed Cost Category 8 Text / List Legal Costs Yes
Fixed Cost Category 9 Text / List Audit Costs Yes
Fixed Cost Category 10 Text / List Utilities Yes
Fixed Cost Category 11 Text / List Professional Fees
Fixed Cost Category 12 Text / List
Fixed Cost Category 13 Text / List
Fixed Cost Category 14 Text / List
Fixed Cost Category 15 Text / List

10 Fixed Assets
Name Sales Tax
Fixed Asset 1 Text / List Fixtures and Fittings Yes
Fixed Asset 2 Text / List Appliances Yes
Fixed Asset 3 Text / List
Fixed Asset 4 Text / List
Fixed Asset 5 Text / List

END OF WORKSHEET

Property BRRR Model v1 - EFM Page 3 of 9 Printed on: 08/12/2021 22:49

 i_Actuals

ABC Properties Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23 01-Jun-23 01-Jul-23
i_Actuals End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23 30-Jun-23 31-Jul-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

1 Actuals

1.1 Income Statement

Rental Income
DEV1 - 20, Tudway Road, London GBP - - - - -
DEV2 - 18, Rosebery Ave, London GBP - - - - -
DEV3 - 10, Fensbury Street, London GBP - - - - -
DEV4 - 67, Norfolk Street, London GBP - - - - -
DEV5 - N/A GBP - - - - -
DEV6 - N/A GBP - - - - -
DEV7 - N/A GBP - - - - -
DEV8 - N/A GBP - - - - -
DEV9 - N/A GBP - - - - -
DEV10 - N/A GBP - - - - -
Total Rental Income GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Property Sales Revenue

DEV1 - 20, Tudway Road, London GBP - - - - -
DEV2 - 18, Rosebery Ave, London GBP - - - - -
DEV3 - 10, Fensbury Street, London GBP - - - - -
DEV4 - 67, Norfolk Street, London GBP - - - - -
DEV5 - N/A GBP - - - - -
DEV6 - N/A GBP - - - - -
DEV7 - N/A GBP - - - - -
DEV8 - N/A GBP - - - - -
DEV9 - N/A GBP - - - - -
DEV10 - N/A GBP - - - - -
Total Property Sales Revenue GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Variable Costs
VC1 - Management Fee GBP - - - - -
VC2 - Payment processing fee GBP - - - - -
VC3 - N/A GBP - - - - -
VC4 - N/A GBP - - - - -
VC5 - N/A GBP - - - - -
Total Variable Costs GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Fixed Costs
FC1 - Annual Maintenance GBP - - - - -
FC2 - Insurance Cost GBP - - - - -
FC3 - Utility costs GBP - - - - -
FC4 - N/A GBP - - - - -
FC5 - N/A GBP - - - - -
FC6 - Office rent GBP
FC7 - IT Costs GBP
FC8 - Legal Costs GBP
FC9 - Audit Costs GBP
FC10 - Utilities GBP
FC11 - Professional Fees GBP - - - - -
FC12 - N/A GBP - - - - -
FC13 - N/A GBP - - - - -
FC14 - N/A GBP - - - - -
FC15 - N/A GBP - - - - -
Total Fixed Costs GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Other Income & Expenses

Addition/Disposal Transaction Costs GBP - - - - -
Loan fees GBP - - - - -
Revaluation Gains/(Losses) GBP - - - - -
Total Other Income & Expenses GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

EBITDA GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Depreciation & Interest

Depreciation GBP - - - - -
Financing Costs GBP - - - - -
Total Depreciation & Interest Cost GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Profit Before Tax GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Taxes GBP - - - - -

Total Profit After Tax GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Dividends Paid GBP - - - - -

Total Retained Earnings GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1.2 Balance Sheet

Remaining Useful
Assets
Life (Yrs.)

Fixed Assets
FA1 - Fixtures and Fittings GBP 3.5 - - - - - 100,000
FA2 - Appliances GBP 2.5 - - - - -
FA3 - N/A GBP - - - - -
FA4 - N/A GBP - - - - -
FA5 - N/A GBP - - - - -

Properties
DEV1 - 20, Tudway Road, London GBP - - - - - 1,500,000
DEV2 - 18, Rosebery Ave, London GBP - - - - - 2,000,000
DEV3 - 10, Fensbury Street, London GBP - - - - -
DEV4 - 67, Norfolk Street, London GBP - - - - -
DEV5 - N/A GBP - - - - -
DEV6 - N/A GBP - - - - -
DEV7 - N/A GBP - - - - -
DEV8 - N/A GBP - - - - -
DEV9 - N/A GBP - - - - -
DEV10 - N/A GBP - - - - -

Cash GBP - - - - - 150,000

Tax Asset GBP - - - - - 10,000
Other Assets GBP - - - - - 4,000

Total Assets GBP - - - - - - - - - 3,764,000 - - - - - - - - - - - - - - - - - - - - - - - - - -

Liabilities
Borrowings
DEV1 - 20, Tudway Road, London GBP - - - - - (630,000)
DEV2 - 18, Rosebery Ave, London GBP - - - - - (500,000)
DEV3 - 10, Fensbury Street, London GBP - - - - -
DEV4 - 67, Norfolk Street, London GBP - - - - -
DEV5 - N/A GBP - - - - -
DEV6 - N/A GBP - - - - -
DEV7 - N/A GBP - - - - -
DEV8 - N/A GBP - - - - -
DEV9 - N/A GBP - - - - -
DEV10 - N/A GBP - - - - -

Settlement
(Months)
Sales Tax Liability GBP 6 - - - - - (10,000)
Corporate Tax Liability GBP 12 - - - - - (18,000)
Other Liabilities GBP - - - - - (14,000)

Total Liabilities GBP - - - - - - - - - (1,172,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

Equity

Share Capital GBP - - - - - (2,242,000)

Retained Earnings GBP - - - - - (350,000)

Total Equity GBP - - - - - - - - - (2,592,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Liabilities & Equity GBP - - - - - - - - - (3,764,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

OK Balance Sheet Check ############## ############## ############## ############## ############## ############# ############# ############# ############# ################ ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# ############# #############

Property BRRR Model v1 - EFM Page 4 of 9 Printed on: 08/12/2021 22:49

 i_Assumptions

ABC Properties Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23
i_Assumptions End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

1 Income Statement

1.1 Developments

Development Details
Completion of Valuation at Value
Purchase Units per
Purchase Month Purchase Amount Devopment / First Development Appreciation
Transaction Costs Development
Rent Month Completion p.a.
DEV1 - 20, Tudway Road, London List / GBP Existing Dec-22 1,700,000 5 2.0%
DEV2 - 18, Rosebery Ave, London List / GBP Existing Mar-21 2,000,000 10 3.0%
DEV3 - 10, Fensbury Street, London List / GBP New Aug-21 950,000 (23,750) Nov-22 1,800,000 7 2.5%
DEV4 - 67, Norfolk Street, London List / GBP New Aug-22 1,250,000 (31,250) Nov-23 1,500,000 6 1.8%
DEV5 - N/A List / GBP
DEV6 - N/A List / GBP
DEV7 - N/A List / GBP
DEV8 - N/A List / GBP
DEV9 - N/A List / GBP
DEV10 - N/A List / GBP

Development Costs

DEV1 - 20, Tudway Road, London GBP

DEV2 - 18, Rosebery Ave, London GBP
DEV3 - 10, Fensbury Street, London GBP 5,000 5,000 5,000 5,000 5,000 5,000 5,000
DEV4 - 67, Norfolk Street, London GBP
DEV5 - N/A GBP
DEV6 - N/A GBP
DEV7 - N/A GBP
DEV8 - N/A GBP
DEV9 - N/A GBP
DEV10 - N/A GBP

Units Sold

DEV1 - 20, Tudway Road, London no. 1

DEV2 - 18, Rosebery Ave, London no. 1 1
DEV3 - 10, Fensbury Street, London no.
DEV4 - 67, Norfolk Street, London no.
DEV5 - N/A no.
DEV6 - N/A no.
DEV7 - N/A no.
DEV8 - N/A no.
DEV9 - N/A no.
DEV10 - N/A no.

Transaction Costs as % of Sales Proceeds

DEV1 - 20, Tudway Road, London % 7.5%

DEV2 - 18, Rosebery Ave, London % 7.5%
DEV3 - 10, Fensbury Street, London % 7.5%
DEV4 - 67, Norfolk Street, London % 7.5%
DEV5 - N/A % 7.5%
DEV6 - N/A % 7.5%
DEV7 - N/A % 7.5%
DEV8 - N/A % 7.5%
DEV9 - N/A % 7.5%
DEV10 - N/A % 7.5%

1.2 Borrowings

Loan Details
Refinanced at
Remaining Loan Refinanced Refinanced
Initial Loan Starting Initial Loan Interest Development Refinanced Refinanced
Initial Loan Amount Initial Loan fees Months from Loan Period Loan Interest
Month Rate Per Annum Completion Loan Amount Loan fees
Starting Month (Months) Rate Per Annum
Stage
DEV1 - 20, Tudway Road, London List / GBP Existing Jun-21 120 5.0% Yes 1,530,000 (38,250) 102 2.0%
DEV2 - 18, Rosebery Ave, London List / GBP Existing Jun-21 120 5.5% No
DEV3 - 10, Fensbury Street, London List / GBP New Aug-21 985,000 (19,700) 120 6.0% Yes 1,620,000 (40,500) 102 4.0%
DEV4 - 67, Norfolk Street, London List / GBP New Aug-22 1,250,000 (25,000) 120 6.5% Yes 1,350,000 (33,750) 102 5.0%
DEV5 - N/A List / GBP
DEV6 - N/A List / GBP
DEV7 - N/A List / GBP
DEV8 - N/A List / GBP
DEV9 - N/A List / GBP
DEV10 - N/A List / GBP

Additions / (Repayments)

DEV1 - 20, Tudway Road, London GBP - 200,000 - - - 200,000

DEV2 - 18, Rosebery Ave, London GBP - - - - -
DEV3 - 10, Fensbury Street, London GBP - - - - -
DEV4 - 67, Norfolk Street, London GBP - - - - -
DEV5 - N/A GBP - - - - -
DEV6 - N/A GBP - - - - -
DEV7 - N/A GBP - - - - -
DEV8 - N/A GBP - - - - -
DEV9 - N/A GBP - - - - -
DEV10 - N/A GBP - - - - -

1.3 Rental Income

Average Occupancy Rate per Month

DEV1 - 20, Tudway Road, London % Existing 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0%
DEV2 - 18, Rosebery Ave, London % Existing 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0%
DEV3 - 10, Fensbury Street, London % New 90.0% 90.0% 90.0%
DEV4 - 67, Norfolk Street, London % New
DEV5 - N/A %
DEV6 - N/A %
DEV7 - N/A %
DEV8 - N/A %
DEV9 - N/A %
DEV10 - N/A %

x Rent per Month per Unit

DEV1 - 20, Tudway Road, London GBP Existing 750 788 827 868 912
DEV2 - 18, Rosebery Ave, London GBP Existing 550 578 606 637 669
DEV3 - 10, Fensbury Street, London GBP New 850 893 937 984 1,033
DEV4 - 67, Norfolk Street, London GBP New 600 630 662 695 729
DEV5 - N/A GBP
DEV6 - N/A GBP
DEV7 - N/A GBP
DEV8 - N/A GBP
DEV9 - N/A GBP
DEV10 - N/A GBP

1.4 Variable Costs

Variable Costs - % of Rental Income

VC1 - Management Fee % 2.0% 2.0% 2.0% 2.0% 2.0%

VC2 - Payment processing fee % 0.5% 0.5% 0.5% 0.5% 0.5%
VC3 - N/A %
VC4 - N/A %
VC5 - N/A %

1.5 Fixed Costs

Fixed Costs per Unit per Annum

FC1 - Annual Maintenance GBP (1,500) (1,500) (1,500) (1,500) (1,500)

FC2 - Insurance Cost GBP (800) (800) (800) (800) (800)

Property BRRR Model v1 - EFM Page 5 of 9 Printed on: 08/12/2021 22:49

 i_Assumptions

ABC Properties Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23
i_Assumptions End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

FC3 - Utility costs GBP (3,000) (3,000) (3,000) (3,000) (3,000)

FC4 - N/A GBP
FC5 - N/A GBP

Fixed Costs Total Company

Input:
FC6 - Office rent GBP Annual (3,000) (3,060) (3,121) (3,184) (3,247)
FC7 - IT Costs GBP Monthly (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (175) (175) (175) (175) (175) (175) (175)
FC8 - Legal Costs GBP Monthly (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (138) (138) (138) (138) (138) (138) (138)
FC9 - Audit Costs GBP Annual (1,800) (1,836) (1,873) (1,910) (1,948)
FC10 - Utilities GBP Annual (4,000) (4,080) (4,162) (4,245) (4,330)
FC11 - Professional Fees GBP (3,000) (3,060) (3,121) (3,184) (3,247)
FC12 - N/A GBP
FC13 - N/A GBP
FC14 - N/A GBP
FC15 - N/A GBP

1.6 Taxation

Sales Tax

Sales Tax Rate - Rental Income % 0.0% 0.0% 0.0% 0.0% 0.0%
Sales Tax Rate - Other % 15.0% 15.0% 15.0% 15.0% 15.0%

Payment Month after Quarter-end Months 2

Corporate Tax
2021 2022 2023 2024 2025
Corporate Tax Rate % 20.0% 20.0% 20.0% 20.0% 20.0%

Payment Frequency List Annually

Payment Quarter after Quarter/Year-end Months 6

1.7 Dividends

Calculation Type

Calculation Type List % of Retained Earnings

% of Retained Earnings

Distributable % of Retained Earnings %

Frequency List Annually

Monthly Input

Dividend Amounts per month GBP - 50,000 - - - 50,000

2 Other Balance Sheet

2.1 Fixed Assets

Addition Amounts (Excl. Sales Tax)

FA1 - Fixtures and Fittings GBP - - - - -

FA2 - Appliances GBP - 4,000 - - - 4,000
FA3 - N/A GBP - - - - -
FA4 - N/A GBP - - - - -
FA5 - N/A GBP - - - - -

Useful Life

FA1 - Fixtures and Fittings Years 5

FA2 - Appliances Years 4
FA3 - N/A Years
FA4 - N/A Years
FA5 - N/A Years

2.2 Share Capital

Share Capital

Additions GBP - - - - -

END OF WORKSHEET

Property BRRR Model v1 - EFM Page 6 of 9 Printed on: 08/12/2021 22:49

 o_Fin Stats

ABC Properties Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23
o_Fin Stats End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

1 Income Statement

1.1 Income Statement

Rental Income
DEV1 - 20, Tudway Road, London GBP - 2,953 26,047 15,628 6,837 - - - - - - - - - - - - - - - - - - - - - - - 2,953 2,481 2,481 2,481 2,481 2,481
DEV2 - 18, Rosebery Ave, London GBP 30,855 47,124 43,811 45,460 47,733 - - - - - 4,675 4,675 4,675 4,208 4,208 4,208 4,208 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 4,123 3,608 3,608 3,608 3,608
DEV3 - 10, Fensbury Street, London GBP - 11,246 70,847 74,389 78,108 - - - - - - - - - - - - - - - - - - - - - - 5,623 5,623 5,904 5,904 5,904 5,904 5,904
DEV4 - 67, Norfolk Street, London GBP - - 5,954 37,507 39,382 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV6 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV7 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV8 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV9 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV10 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Rental Income GBP 30,855 61,323 146,657 172,984 172,061 - - - - - 4,675 4,675 4,675 4,208 4,208 4,208 4,208 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 9,550 12,503 12,508 11,992 11,992 11,992 11,992

Property Sales Revenue

DEV1 - 20, Tudway Road, London GBP - - 1,030,178 - 713,349 - - - - - - - - - - - - - - - - - - - - - - - - 340,000 - - - -
DEV2 - 18, Rosebery Ave, London GBP 201,483 203,478 210,100 - - - - - - - - - - 201,483 - - - 203,478 - - - - - - - - - - - - 210,100 - - -
DEV3 - 10, Fensbury Street, London GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV4 - 67, Norfolk Street, London GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV6 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV7 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV8 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV9 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV10 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Property Sales Revenue GBP 201,483 203,478 1,240,278 - 713,349 - - - - - - - - 201,483 - - - 203,478 - - - - - - - - - - - 340,000 210,100 - - -

Variable Costs
VC1 - Management Fee GBP (617) (1,226) (2,933) (3,460) (3,441) - - - - - (94) (94) (94) (84) (84) (84) (84) (79) (79) (79) (79) (79) (79) (79) (79) (79) (79) (191) (250) (250) (240) (240) (240) (240)
VC2 - Payment processing fee GBP (154) (307) (733) (865) (860) - - - - - (23) (23) (23) (21) (21) (21) (21) (20) (20) (20) (20) (20) (20) (20) (20) (20) (20) (48) (63) (63) (60) (60) (60) (60)
VC3 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
VC4 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
VC5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Variable Costs GBP (771) (1,533) (3,666) (4,325) (4,302) - - - - - (117) (117) (117) (105) (105) (105) (105) (98) (98) (98) (98) (98) (98) (98) (98) (98) (98) (239) (313) (313) (300) (300) (300) (300)

Fixed Costs
FC1 - Annual Maintenance GBP (8,250) (14,375) (27,875) (33,000) (31,250) - - - - - (1,250) (1,250) (1,250) (1,125) (1,125) (1,125) (1,125) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,875) (2,500) (2,375) (2,250) (2,250) (2,250) (2,250)
FC2 - Insurance Cost GBP (4,400) (7,667) (14,867) (17,600) (16,667) - - - - - (667) (667) (667) (600) (600) (600) (600) (533) (533) (533) (533) (533) (533) (533) (533) (533) (533) (1,000) (1,333) (1,267) (1,200) (1,200) (1,200) (1,200)
FC3 - Utility costs GBP (16,500) (28,750) (55,750) (66,000) (62,500) - - - - - (2,500) (2,500) (2,500) (2,250) (2,250) (2,250) (2,250) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (3,750) (5,000) (4,750) (4,500) (4,500) (4,500) (4,500)
FC4 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FC5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FC6 - Office rent GBP (1,750) (3,060) (3,121) (3,184) (3,247) - - - - - (250) (250) (250) (250) (250) (250) (250) (255) (255) (255) (255) (255) (255) (255) (255) (255) (255) (255) (255) (260) (260) (260) (260) (260)
FC7 - IT Costs GBP (1,167) (2,050) (2,144) (2,242) (2,344) - - - - - (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (167) (175) (175) (175) (175) (175) (175) (175) (175) (175) (175) (175)
FC8 - Legal Costs GBP (875) (1,575) (1,719) (1,876) (2,046) - - - - - (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (125) (138) (138) (138) (138) (138) (138) (138) (138) (138) (138) (138)
FC9 - Audit Costs GBP (1,050) (1,836) (1,873) (1,910) (1,948) - - - - - (150) (150) (150) (150) (150) (150) (150) (153) (153) (153) (153) (153) (153) (153) (153) (153) (153) (153) (153) (156) (156) (156) (156) (156)
FC10 - Utilities GBP (2,333) (4,080) (4,162) (4,245) (4,330) - - - - - (333) (333) (333) (333) (333) (333) (333) (340) (340) (340) (340) (340) (340) (340) (340) (340) (340) (340) (340) (347) (347) (347) (347) (347)
FC11 - Professional Fees GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FC12 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FC13 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FC14 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FC15 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Fixed Costs GBP (36,325) (63,393) (111,510) (130,056) (124,333) - - - - - (5,442) (5,442) (5,442) (5,000) (5,000) (5,000) (5,000) (4,573) (4,573) (4,573) (4,573) (4,573) (4,573) (4,594) (4,594) (4,594) (4,594) (7,686) (9,894) (9,467) (9,025) (9,025) (9,025) (9,025)

Other Income & Expenses

Addition/Disposal Transaction Costs GBP (38,861) (46,511) (93,021) - (53,501) - - - - - - - (23,750) (15,111) - - - (15,261) - - - - - - (31,250) - - - - (25,500) (15,757) - - -
Loan fees GBP (19,700) (103,750) (33,750) - - - - - - - - - (19,700) - - - - - - - - - - - (25,000) - - (40,500) (38,250) - - - - -
Revaluation Gains/(Losses) GBP 60,145 1,054,255 356,502 131,713 126,693 - - - - - 7,410 7,426 9,399 8,933 8,963 8,992 9,022 8,550 8,578 8,596 8,615 8,633 8,651 8,670 10,497 10,518 10,539 797,981 164,427 11,918 11,424 11,447 11,470 11,493
Total Other Income & Expenses GBP 1,584 903,995 229,731 131,713 73,192 - - - - - 7,410 7,426 (34,051) (6,178) 8,963 8,992 9,022 (6,711) 8,578 8,596 8,615 8,633 8,651 8,670 (45,753) 10,518 10,539 757,481 126,177 (13,582) (4,333) 11,447 11,470 11,493

EBITDA GBP 196,826 1,103,870 1,501,491 170,316 829,968 - - - - - 6,526 6,543 (34,934) 194,408 8,065 8,094 8,124 196,023 7,834 7,852 7,871 7,889 7,907 7,905 (46,518) 9,753 9,774 759,106 128,474 329,146 208,434 14,114 14,137 14,160

Depreciation & Interest

Depreciation GBP (16,667) (28,738) (29,571) (27,190) (1,000) - - - - - (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,381) (2,464) (2,464) (2,464) (2,464) (2,464) (2,464) (2,464)
Financing Costs GBP (55,887) (142,510) (169,811) (135,255) (95,001) - - - - - (4,803) (4,748) (9,488) (9,378) (9,268) (9,157) (9,046) (8,934) (9,636) (9,513) (9,389) (9,264) (9,139) (9,013) (15,464) (15,246) (15,026) (16,166) (15,720) (15,473) (15,226) (14,977) (14,727) (14,477)
Total Depreciation & Interest GBP (72,554) (171,249) (199,382) (162,445) (96,001) - - - - - (7,183) (7,129) (11,869) (11,759) (11,649) (11,538) (11,427) (11,315) (12,017) (11,894) (11,770) (11,645) (11,520) (11,394) (17,845) (17,627) (17,407) (18,630) (18,184) (17,937) (17,690) (17,441) (17,192) (16,941)

Total Profit Before Tax GBP 124,272 932,621 1,302,108 7,871 733,967 - - - - - (657) (586) (46,803) 182,649 (3,584) (3,443) (3,303) 184,708 (4,183) (4,042) (3,899) (3,756) (3,613) (3,489) (64,363) (7,874) (7,633) 740,476 110,290 311,209 190,744 (3,327) (3,054) (2,781)

Taxes GBP (24,854) (186,524) (260,422) (1,574) (146,793) - - - - - 131 117 9,361 (36,530) 717 689 661 (36,942) 837 808 780 751 723 698 12,873 1,575 1,527 (148,095) (22,058) (62,242) (38,149) 665 611 556

Total Profit After Tax GBP 99,418 746,097 1,041,686 6,297 587,174 - - - - - (526) (469) (37,442) 146,119 (2,867) (2,755) (2,642) 147,767 (3,347) (3,233) (3,119) (3,005) (2,890) (2,792) (51,491) (6,299) (6,106) 592,381 88,232 248,967 152,595 (2,661) (2,443) (2,225)

Dividends Paid GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Retained Earnings GBP 99,418 746,097 1,041,686 6,297 587,174 - - - - - (526) (469) (37,442) 146,119 (2,867) (2,755) (2,642) 147,767 (3,347) (3,233) (3,119) (3,005) (2,890) (2,792) (51,491) (6,299) (6,106) 592,381 88,232 248,967 152,595 (2,661) (2,443) (2,225)

2 Balance Sheet

2.1 Assets

Fixed Assets
FA1 - Fixtures and Fittings GBP 83,333 54,762 26,190 (0) (0) - - - - 100,000 97,619 95,238 92,857 90,476 88,095 85,714 83,333 80,952 78,571 76,190 73,810 71,429 69,048 66,667 64,286 61,905 59,524 57,143 54,762 52,381 50,000 47,619 45,238 42,857
FA2 - Appliances GBP - 3,833 2,833 1,833 833 - - - - - - - - - - - - - - - - - - - - - 4,000 3,917 3,833 3,750 3,667 3,583 3,500 3,417
FA3 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FA4 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FA5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Fixed Assets GBP 83,333 58,595 29,024 1,833 833 - - - - 100,000 97,619 95,238 92,857 90,476 88,095 85,714 83,333 80,952 78,571 76,190 73,810 71,429 69,048 66,667 64,286 61,905 63,524 61,060 58,595 56,131 53,667 51,202 48,738 46,274

Properties
DEV1 - 20, Tudway Road, London GBP 1,517,428 1,700,000 693,600 707,472 - - - - - 1,500,000 1,502,477 1,504,959 1,507,444 1,509,934 1,512,428 1,514,926 1,517,428 1,519,934 1,522,444 1,524,959 1,527,477 1,530,000 1,532,527 1,535,058 1,537,593 1,540,133 1,542,676 1,545,224 1,700,000 1,362,246 1,364,496 1,366,750 1,369,007 1,371,268
DEV2 - 18, Rosebery Ave, London GBP 1,831,306 1,676,662 1,511,092 1,556,425 1,603,117 - - - - 2,000,000 2,004,933 2,009,877 2,014,834 1,817,823 1,822,306 1,826,800 1,831,306 1,631,842 1,635,867 1,639,901 1,643,946 1,648,000 1,652,064 1,656,139 1,660,223 1,664,318 1,668,423 1,672,537 1,676,662 1,680,797 1,474,325 1,477,961 1,481,606 1,485,260
DEV3 - 10, Fensbury Street, London GBP 979,928 1,803,708 1,848,800 1,895,020 1,942,396 - - - - - - - 951,957 958,928 965,914 972,913 979,928 986,957 994,000 996,047 998,099 1,000,155 1,002,215 1,004,280 1,006,348 1,008,421 1,010,498 1,800,000 1,803,708 1,807,423 1,811,146 1,814,877 1,818,615 1,822,361
DEV4 - 67, Norfolk Street, London GBP - 1,259,068 1,502,170 1,528,458 1,555,206 - - - - - - - - - - - - - - - - - - - 1,251,808 1,253,620 1,255,433 1,257,250 1,259,068 1,260,890 1,262,714 1,264,541 1,266,371 1,268,203
DEV5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV6 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV7 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV8 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV9 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV10 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Properties GBP 4,328,661 6,439,438 5,555,662 5,687,375 5,100,719 - - - - 3,500,000 3,507,410 3,514,836 4,474,235 4,286,685 4,300,648 4,314,640 4,328,661 4,138,733 4,152,311 4,160,907 4,169,522 4,178,155 4,186,806 4,195,476 5,455,973 5,466,491 5,477,030 6,275,011 6,439,438 6,111,357 5,912,681 5,924,128 5,935,599 5,947,092

Current Assets
Cash GBP 287,266 1,765,797 3,252,552 1,846,559 2,074,993 - - - - 150,000 130,693 111,386 68,360 415,898 375,580 327,583 287,266 838,863 797,532 759,017 720,501 665,973 622,213 583,673 466,862 404,313 337,164 1,033,303 1,765,797 2,330,866 2,649,793 2,560,370 2,470,946 2,385,671
Tax Asset GBP 2,066 - - - - - - - - 10,000 10,131 10,249 19,609 - 717 1,405 2,066 - 837 1,645 2,425 3,176 3,899 4,597 17,469 19,044 20,571 - - - - 665 1,276 1,832
Other Assets GBP 4,000 4,000 4,000 4,000 4,000 - - - - 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Total Current Assets GBP 293,331 1,769,797 3,256,552 1,850,559 2,078,993 - - - - 164,000 144,824 125,634 91,970 419,898 380,297 332,989 293,331 842,863 802,369 764,662 726,926 673,149 630,111 592,270 488,331 427,357 361,734 1,037,303 1,769,797 2,334,866 2,653,793 2,565,035 2,476,223 2,391,503

Total Assets GBP 4,705,326 8,267,831 8,841,239 7,539,768 7,180,546 - - - - 3,764,000 3,749,853 3,735,709 4,659,062 4,797,059 4,769,040 4,733,343 4,705,326 5,062,548 5,033,251 5,001,759 4,970,258 4,922,733 4,885,965 4,854,413 6,008,590 5,955,753 5,902,289 7,373,374 8,267,831 8,502,354 8,620,141 8,540,366 8,460,559 8,384,868

2.2 Liabilities

Borrowings
DEV1 - 20, Tudway Road, London GBP (578,988) (1,504,379) (1,193,611) (876,628) (553,305) - - - - (630,000) (622,801) (615,573) (608,315) (601,028) (593,711) (586,364) (578,988) (771,581) (761,542) (751,462) (741,341) (731,179) (720,975) (710,730) (700,443) (690,114) (679,743) (669,329) (1,504,379) (1,478,716) (1,453,011) (1,427,263) (1,401,473) (1,375,640)
DEV2 - 18, Rosebery Ave, London GBP (460,087) (388,696) (313,378) (233,918) (150,088) - - - - (500,000) (494,374) (488,723) (483,047) (477,345) (471,618) (465,865) (460,087) (454,282) (448,452) (442,596) (436,713) (430,804) (424,869) (418,907) (412,919) (406,903) (400,861) (394,792) (388,696) (382,572) (376,421) (370,243) (364,036) (357,803)
DEV3 - 10, Fensbury Street, London GBP (928,099) (1,569,099) (1,256,608) (931,617) (593,627) - - - - - - - (973,730) (962,405) (951,025) (939,590) (928,099) (916,552) (904,948) (893,289) (881,572) (869,799) (857,968) (846,080) (834,133) (822,129) (810,066) (1,594,591) (1,569,099) (1,543,524) (1,517,865) (1,492,122) (1,466,294) (1,440,383)
DEV4 - 67, Norfolk Street, London GBP - (1,161,917) (1,296,405) (965,517) (618,085) - - - - - - - - - - - - - - - - - - - (1,232,568) (1,215,044) (1,197,428) (1,179,719) (1,161,917) (1,144,021) (1,126,031) (1,107,946) (1,089,767) (1,071,491)
DEV5 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV6 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV7 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV8 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV9 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DEV10 - N/A GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Borrowings GBP (1,967,173) (4,624,091) (4,060,002) (3,007,681) (1,915,105) - - - - (1,130,000) (1,117,175) (1,104,296) (2,065,092) (2,040,778) (2,016,354) (1,991,819) (1,967,173) (2,142,415) (2,114,942) (2,087,346) (2,059,626) (2,031,782) (2,003,812) (1,975,716) (3,180,062) (3,134,190) (3,088,098) (3,838,431) (4,624,091) (4,548,833) (4,473,328) (4,397,574) (4,321,571) (4,245,317)

Other Liabilities
Sales Tax Liability GBP 2,185 3,909 4,632 4,927 4,539 - - - - (10,000) (9,204) (8,407) (8,407) (7,679) (6,951) 1,457 2,185 2,847 1,325 1,987 2,650 1,325 1,987 2,653 1,331 1,997 3,262 2,416 3,909 5,337 2,788 4,148 5,507 2,720
Corporate Tax Liability GBP (34,920) (196,134) (292,667) (37,516) (183,308) - - - - (18,000) (18,000) (18,000) (18,000) (34,920) (34,920) (34,920) (34,920) (69,796) (69,796) (69,796) (69,796) (51,796) (46,551) (46,551) (46,551) (46,551) (46,551) (174,076) (196,134) (258,375) (296,524) (296,524) (296,524) (296,524)
Other Liabilities GBP (14,000) (14,000) (14,000) (14,000) (14,000) - - - - (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000)
Total Other Liabilities GBP (46,736) (206,225) (302,035) (46,589) (192,769) - - - - (42,000) (41,204) (40,407) (40,407) (56,600) (55,871) (47,464) (46,736) (80,949) (82,471) (81,809) (81,146) (64,471) (58,564) (57,898) (59,220) (58,554) (57,289) (185,660) (206,225) (267,039) (307,736) (306,377) (305,017) (307,805)

Total Liabilities GBP (2,013,909) (4,830,316) (4,362,037) (3,054,270) (2,107,874) - - - - (1,172,000) (1,158,379) (1,144,703) (2,105,499) (2,097,378) (2,072,225) (2,039,283) (2,013,909) (2,223,364) (2,197,414) (2,169,155) (2,140,773) (2,096,253) (2,062,376) (2,033,615) (3,239,282) (3,192,744) (3,145,386) (4,024,091) (4,830,316) (4,815,872) (4,781,064) (4,703,951) (4,626,588) (4,553,121)

2.3 Equity

Equity

Share Capital GBP (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) - - - - (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000) (2,242,000)
Retained Earnings GBP (449,418) (1,195,515) (2,237,201) (2,243,498) (2,830,672) - - - - (350,000) (349,474) (349,005) (311,563) (457,682) (454,814) (452,060) (449,418) (597,184) (593,838) (590,604) (587,485) (584,480) (581,590) (578,798) (527,307) (521,009) (514,902) (1,107,283) (1,195,515) (1,444,482) (1,597,077) (1,594,415) (1,591,972) (1,589,747)

Total Equity GBP (2,691,418) (3,437,515) (4,479,201) (4,485,498) (5,072,672) - - - - (2,592,000) (2,591,474) (2,591,005) (2,553,563) (2,699,682) (2,696,814) (2,694,060) (2,691,418) (2,839,184) (2,835,838) (2,832,604) (2,829,485) (2,826,480) (2,823,590) (2,820,798) (2,769,307) (2,763,009) (2,756,902) (3,349,283) (3,437,515) (3,686,482) (3,839,077) (3,836,415) (3,833,972) (3,831,747)

OK Balance Sheet Balances OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK

Property BRRR Model v1 - EFM Page 7 of 9 Printed on: 08/12/2021 22:49

 o_Fin Stats

ABC Properties Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23
o_Fin Stats End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

3 Cash Flow

3.1 Cash Flow Statement

Cash Flows from Operating Activities

Rental Income GBP 30,855 61,323 146,657 172,984 172,061 4,675 4,675 4,675 4,208 4,208 4,208 4,208 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 9,550 12,503 12,508 11,992 11,992 11,992 11,992
Property Sales Revenue GBP 201,483 203,478 1,240,278 - 713,349 - - - 201,483 - - - 203,478 - - - - - - - - - - - 340,000 210,100 - - -
Variable Costs GBP (887) (1,763) (4,216) (4,973) (4,947) (134) (134) (134) (121) (121) (121) (121) (113) (113) (113) (113) (113) (113) (113) (113) (113) (113) (275) (359) (360) (345) (345) (345) (345)
Fixed Costs GBP (41,511) (72,443) (127,768) (149,087) (142,495) (6,220) (6,220) (6,220) (5,713) (5,713) (5,713) (5,713) (5,221) (5,221) (5,221) (5,221) (5,221) (5,221) (5,245) (5,245) (5,245) (5,245) (8,800) (11,340) (10,848) (10,340) (10,340) (10,340) (10,340)
Sales Tax Payments / Refunds GBP (6,883) 8,156 16,084 19,385 19,196 - - 796 - - (7,679) - - 2,185 - - 1,987 - - 1,987 - - 1,997 - - 3,909 - - 4,148
Corporate Tax Payments GBP - (23,245) (163,888) (256,725) (1,001) - - - - - - - - - - - (18,000) (5,245) - - - - - - - - - - -
Total CF from Operating Activities GBP 183,057 175,506 1,107,148 (218,417) 756,163 - - - - - (1,680) (1,680) (884) 199,857 (1,626) (9,305) (1,626) 202,072 778 (1,407) (1,407) (17,419) (6,652) (1,431) 557 (1,431) (1,431) 2,472 804 341,300 215,316 1,307 1,307 5,455

Cash Flows from Investing Activities

Property Additions GBP (950,000) (1,250,000) - - - - - (950,000) - - - - - - - - - - - (1,250,000) - - - - - - - - -
Property Development Costs GBP (20,000) (10,000) - - - - - - (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) - - - - - - - - - - - - - - -
Property Disposals GBP 201,483 203,478 1,240,278 - 713,349 - - - 201,483 - - - 203,478 - - - - - - - - - - - 340,000 210,100 - - -
Transaction Costs GBP (38,861) (46,511) (93,021) - (53,501) - - (23,750) (15,111) - - - (15,261) - - - - - - (31,250) - - - - (25,500) (15,757) - - -
Fixed Asset Additions GBP - (4,600) - - - - - - - - - - - - - - - - - - - (4,600) - - - - - - -
Total CF from Investing Activities GBP (807,378) (1,107,632) 1,147,257 - 659,848 - - - - - - - (973,750) 181,372 (5,000) (5,000) (5,000) 183,218 (5,000) - - - - - (1,281,250) - (4,600) - - 314,500 194,342 - - -

Cash Flows from Financing Activities

Borrowings additional/(repayments) GBP 985,000 3,120,604 371,338 - - - - 985,000 - - - - 200,000 - - - - - - 1,250,000 - - 809,934 860,671 - - - - -
Interest & Principal Payments GBP (203,714) (606,197) (1,105,238) (1,187,577) (1,187,577) (17,627) (17,627) (33,692) (33,692) (33,692) (33,692) (33,692) (33,692) (37,109) (37,109) (37,109) (37,109) (37,109) (37,109) (61,118) (61,118) (61,118) (75,766) (90,731) (90,731) (90,731) (90,731) (90,731) (90,731)
Loan Fees GBP (19,700) (103,750) (33,750) - - - - (19,700) - - - - - - - - - - - (25,000) - - (40,500) (38,250) - - - - -
Dividend Payments GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Share Capital Additions GBP - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total CF from Financing Activities GBP 761,586 2,410,657 (767,650) (1,187,577) (1,187,577) - - - - - (17,627) (17,627) 931,608 (33,692) (33,692) (33,692) (33,692) 166,308 (37,109) (37,109) (37,109) (37,109) (37,109) (37,109) 1,163,882 (61,118) (61,118) 693,668 731,690 (90,731) (90,731) (90,731) (90,731) (90,731)

Cash Balance
Total Net Cash flow movement GBP 137,266 1,478,531 1,486,755 (1,405,993) 228,434 - - - - - (19,307) (19,307) (43,025) 347,538 (40,318) (47,997) (40,318) 551,598 (41,331) (38,515) (38,515) (54,528) (43,761) (38,539) (116,812) (62,549) (67,149) 696,140 732,493 565,069 318,927 (89,423) (89,423) (85,276)
Opening Cash Balance GBP - 287,266 1,765,797 3,252,552 1,846,559 - - - - - 150,000 130,693 111,386 68,360 415,898 375,580 327,583 287,266 838,863 797,532 759,017 720,501 665,973 622,213 583,673 466,862 404,313 337,164 1,033,303 1,765,797 2,330,866 2,649,793 2,560,370 2,470,946
Closing Cash Balance GBP 287,266 1,765,797 3,252,552 1,846,559 2,074,993 - - - - 150,000 130,693 111,386 68,360 415,898 375,580 327,583 287,266 838,863 797,532 759,017 720,501 665,973 622,213 583,673 466,862 404,313 337,164 1,033,303 1,765,797 2,330,866 2,649,793 2,560,370 2,470,946 2,385,671

OK Cash Flow Check OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK

END OF WORKSHEET

Property BRRR Model v1 - EFM Page 8 of 9 Printed on: 08/12/2021 22:49

 o_DCF

ABC Properties Ltd Financial Projection Start date 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Dec-24 01-Jan-25 01-Feb-25 01-Mar-25 01-Apr-25 01-May-25 01-Jun-25 01-Jul-25 01-Aug-25 01-Sep-25 01-Oct-25 01-Nov-25 01-Dec-25 01-Jan-26
o_DCF End date 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 31-Dec-24 31-Jan-25 28-Feb-25 31-Mar-25 30-Apr-25 31-May-25 30-Jun-25 31-Jul-25 31-Aug-25 30-Sep-25 31-Oct-25 30-Nov-25 31-Dec-25 Onwards
Timeline MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MULTIPLE
Tab Check LINK TO FRONT SHEET Year index 1 1 1 1 1 1 1 1 4 5 5 5 5 5 5 5 5 5 5 5 5
OK OK All file checks & alerts OK Relative period 1 2 3 4 5 6 7 8 12 1 2 3 4 5 6 7 8 9 10 11 12
Err Alert Period index 1 2 3 4 5 6 7 8 48 49 50 51 52 53 54 55 56 57 58 59 60
Status Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Terminal Year

1 DCF

1.1 Discount Rate Inputs

General Inputs

Valuation Date Date 31-May-21

Terminal Value Growth Rate % 2.00%
Discount for Lack of Marketability % 1.50%

Cost of Equity Inputs

Risk-Free Rate % 1.25%

Expected Market Return % 2.70%
Average Industry Beta no. 1.40
Small Company Premium % 3.00%

Equity Share % 65.0%

Cost of Debt Inputs

Interest Rate % 7.00%

Corporate Tax Rate % 30.00%

Debt Share % 35.0%

1.2 WACC

WACC

Cost of Equity % 5.23%

Cost of Debt after tax % 4.90%
WACC % 5.11%

1.3 Valuation Calculation

Income Method

Cash Flow from Operating activities GBP (1,680) (1,680) (884) 1,558 2,241 361,333 2,085 2,085 6,887 1,084 2,085 6,819 2,085 360,928 6,632 1,899 63,014
Cash flow from Investing Activities GBP - - (973,750) - - 327,746 - - - - - - - 332,102 - - 54,987
Cash Flow before Terminal Value GBP - - - - - (1,680) (1,680) (974,634) 1,558 2,241 689,079 2,085 2,085 6,887 1,084 2,085 6,819 2,085 693,029 6,632 1,899 118,001

Terminal Value GBP 45,465,106

Cash Flow before Discounting GBP - - - - - (1,680) (1,680) (974,634) 1,558 2,241 689,079 2,085 2,085 6,887 1,084 2,085 6,819 2,085 693,029 6,632 1,899 45,583,106 47,478,659

Discounting Period Months - - - - - 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
Discounting Period Cumulative Months - - - - - 0.08 0.17 0.25 3.58 3.67 3.75 3.83 3.92 4.00 4.08 4.17 4.25 4.33 4.42 4.50 4.58 4.67
Discounting Factor % 5.115% 1.0000 1.0000 1.0000 1.0000 1.0000 0.9959 0.9917 0.9876 0.8363 0.8329 0.8294 0.8260 0.8225 0.8191 0.8157 0.8123 0.8090 0.8056 0.8023 0.7989 0.7956 0.7923

Discounted Cash Flow GBP - - - - - (1,673) (1,666) (962,555) 1,303 1,867 571,523 1,722 1,715 5,642 884 1,694 5,516 1,680 556,000 5,299 1,511 36,116,998 37,631,996

Discount for Lack of Marketability GBP 1.50% (564,480)

Estimated Discounted Cash Flow Valuation GBP 37,067,516
(Enterprise Value)

Ratios

Price / Current EBITDA x. 188.3 x

Price / Forward EBITDA x. 33.6 x

END OF WORKSHEET

Property BRRR Model v1 - EFM Page 9 of 9 Printed on: 08/12/2021 22:49