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REGISTERED NUMBER: 03536231 (England and Wales)


















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 January 2025

for

Elizabeth Holdings plc

Elizabeth Holdings plc (Registered number: 03536231)






Contents of the Consolidated Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Elizabeth Holdings plc

Company Information
for the Year Ended 31 January 2025







DIRECTORS: R W Cattermole
A L Carter
R W Lang



REGISTERED OFFICE: Merchant House
33 Fore Street
Ipswich
Suffolk
IP4 1JL



REGISTERED NUMBER: 03536231 (England and Wales)



SENIOR STATUTORY AUDITOR: Jeffrey Stanley BSc(Econ) FCA



AUDITORS: Xeinadin Audit Limited
Statutory Auditor
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billerciay
Essex
CM12 0EQ

Elizabeth Holdings plc (Registered number: 03536231)

Group Strategic Report
for the Year Ended 31 January 2025

The directors present their strategic report of the company and the group for the year ended 31 January 2025.

REVIEW OF BUSINESS
The Residential rental sector (low risk) is expected to remain strong, with the impact of higher interest rates, inflation and reduction of disposable income, affecting affordability for private buyers.

The overall size and diversity of the portfolio has given stability and protection from changes in market values and rents received.

Public Houses / Commercial properties are leased (not managed) which has given us protection from the recruitment challenges experienced in many sectors.

Commercial properties may have to be adapted in some instances i.e., large office buildings, due to the continuing expectation of some for working from home.

The cost-of-living crisis (energy costs etc) has encouraged a generally less transient lifestyle amongst tenants & this has therefore had a positive effect on turnover.

The Directors therefore are confident in anticipating increased levels of activity in the forthcoming year, returning sizeable profits despite ongoing investment and that the Balance sheet net asset position therefore is well protected.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal risks and uncertainties are:

- The general economic climate and the ability of tenants to maintain rental agreements.

- Operational risks associated with technology & high profile cyberattacks/ransomware software.

- Recruitment challenges posed in an uncertain employment market.


Elizabeth Holdings plc (Registered number: 03536231)

Group Strategic Report
for the Year Ended 31 January 2025

SECTION 172(1) STATEMENT
The Elizabeth Group Board have considered the requirements of Section 172 (1) reporting in the preparation of these financial statements. In making any key decision, the Board will always take into consideration the following factors (amongst others):

a) the likely consequences of any decision in the short, mid, and long term,
b) the interests of the company's employees are measured and considered

c) the need to foster the company's business relationships with suppliers, customers, and any interaction with third party
business partners,
d) the impact of the company's operations on the local community and the general environment,

e) the desirability of the company and its officers maintaining a strong reputation for high standards of business conduct and
ethics,
f) the need to act fairly and without favour, and to be seen to do so, with all employees within the Group of companies.

The Board consider key decisions in the context of the above areas and record how these decisions have been made. Key decisions are defined as those listed as principal Agenda items, at a Board meeting, held from time to time.

The Board meet regularly throughout the year, both in person when appropriate, but also by 'Teams Meeting'. Therefore, all decisions are discussed in depth and considerations and conclusions recorded in the minutes. These decisions are also referenced against the business' codes of conduct and ethics, and in line with the industry recognised Trade Body's guidelines (in accordance with current EU and UK requirements), thus enabling the Directors to comply with their duties under S172 of the Companies Act 2006.

Our People
Our team are critical to the delivery of a positive customer experience across all aspects of our business. This has been recognised for a long period of time but has been brought more into focus because of the pandemic.

The business has significantly increased engagement with team members, through multiple communication channels including adopting new technology platforms to allow staff feedback via the Group HR system that all employees have access to, as well as frequent business updates and regular team meetings. Wherein not only are business decisions influenced, but where the contribution of each team member is recognised and encouraged.

The cascading of business plans and initiatives are tabled, and the increased value of 'listening sessions' are at the forefront to focus on increased health and wellbeing support for team members.

The Group encourages where possible, internal promotions and for staff to move between resorts, which increases an employee's responsibilities and experience alongside enhancing their career.

Our Customers
We recognise that our rental customers have made a substantial financial commitment during their tenure, and we encourage their feedback through exit surveys and online review platforms.

Our Directors
Our Directors have been the owners of the Group and business for over 10 years and their experience and industry knowledge are critical to shaping the future direction of their company. Their views are paramount of importance and value in all decision making. Their initiatives and considerations are tabled to the Board and create the backbone for all future strategic and directional decision making.

Our Suppliers
Our suppliers play a key part in enabling us to deliver a leading level of product and service to our customers. We seek to choose the best products and services to meet our requirements, and then develop effective, long-term relationships with the suppliers to create strong and enduring value over time. We review supplier performance regularly and have a formal cycle of re-tendering key supply contracts in place to ensure that products and services continue to be delivered in line with expectations for both our business and our customers.

We also ensure that all suppliers are engaged in discussing their own corporate and social responsibilities with our management team, on a regular basis, and we seek synergy in their outlook and future planning. We seek to acquire local produce and materials, and have local supplier preference to national contracts, albeit that can in turn mean at a greater cost.

The Broader Community & Environment
The Board and management are committed to ensuring that our operations are an integral part of the communities in which they are sited. We recognise our responsibilities in that regard and seek to ensure that we also support the community by sourcing produce locally and supporting local businesses and charities where appropriate with the general management team encouraged to engage directly with local community needs and local authorities.


Elizabeth Holdings plc (Registered number: 03536231)

Group Strategic Report
for the Year Ended 31 January 2025

The Board are also committed to ensuring that our business closely considers its impact on the environment in all its operations and continues to work closely with local planning authorities as well as environmental agencies and service providers in this regard.

The Board believes culture and ethos to be key in achieving long-term success and growth. Our high standards of business conduct are the direct result of a culture that focuses not only on achieving high levels of performance and maximising efficiency but doing so in a way that is sustainable and reflects our Directors' family values.

FINANCIAL KEY PERFORMANCE INDICATORS
The key financial performance indicators used by the directors are rents received of £2,454,148 (2024: £2,428,509), profit before tax of £530,484 (2024: £555,103) and valuation of investment properties at £37,882,450 (2024: £36,887,700).

ON BEHALF OF THE BOARD:





R W Lang - Director


21 July 2025

Elizabeth Holdings plc (Registered number: 03536231)

Report of the Directors
for the Year Ended 31 January 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of holding investment property.

DIVIDENDS
An interim dividend of £360,000 per share on the Ordinary A £0.10 shares was paid on 31 January 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £0.10 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 January 2025 will be £ 360,000 .

DIRECTORS
A L Carter has held office during the whole of the period from 1 February 2024 to the date of this report.

Other changes in directors holding office are as follows:

R W Cattermole - appointed 13 January 2025
J Freeman - resigned 11 October 2024
H R Dunnett - appointed 1 September 2024 - resigned 13 January 2025
R W Lang - appointed 11 October 2024

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company aims to minimise financial risk in its operations by the identification and mitigation of key risk areas. The key areas of risk identified by the directors are interest rate risk and liquidity risk.

Where appropriate the directors will consider the fixing of interest rates, otherwise floating rate facilitates are generally used.

Liquidity is monitored on a weekly basis by reference to the level of rental income. Periodically the directors prepare profit and cashflow forecasts.

EMPLOYEE INVOLVEMENT
The group continued its practice of keeping employees informed of matters affecting them as employees and the financial economic factors affecting the performance of the group.

This is achieved through consultations with employees and a newsletter.

DISABLED EMPLOYEES
Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of an employee becoming disabled, every effort is given to retrain them in order that their employment within the group may continue. It is the policy of the group that training, career development and promotion opportunities should be available to all employees.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Elizabeth Holdings plc (Registered number: 03536231)

Report of the Directors
for the Year Ended 31 January 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R W Lang - Director


21 July 2025

Report of the Independent Auditors to the Members of
Elizabeth Holdings plc

Opinion
We have audited the financial statements of Elizabeth Holdings plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2025 and of the group's 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Elizabeth Holdings plc


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and
claims;
- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- reviewing minutes of meetings of those charged with governance;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and
regulations;
- performing audit work over the risk of management override of controls, including testing of journal entries and other
adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of
business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Elizabeth Holdings plc


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeffrey Stanley BSc(Econ) FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Statutory Auditor
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billerciay
Essex
CM12 0EQ

21 July 2025

Elizabeth Holdings plc (Registered number: 03536231)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 January 2025

31.1.25 31.1.24
Notes £    £   

TURNOVER 2,632,445 2,697,328

Cost of sales 591,292 367,142
GROSS PROFIT 2,041,153 2,330,186

Administrative expenses 1,715,760 1,393,486
325,393 936,700

Other operating income 61,849 -
OPERATING PROFIT 4 387,242 936,700

Interest receivable and similar income 6 118,165 126,752
505,407 1,063,452
Amounts written off investments 7 (794 ) -
Gain/loss on revaluation of assets (284,750 ) 258,400
(285,544 ) 258,400
790,951 805,052

Interest payable and similar expenses 8 260,465 249,949
PROFIT BEFORE TAXATION 530,486 555,103

Tax on profit 9 164,275 173,457
PROFIT FOR THE FINANCIAL YEAR 366,211 381,646

Elizabeth Holdings plc (Registered number: 03536231)

Consolidated Balance Sheet
31 January 2025

31.1.25 31.1.24
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 1,299,553 2,125,191
Investments 13 2,605 1,811
Investment property 14 37,882,450 36,887,700
39,184,608 39,014,702

CURRENT ASSETS
Debtors 15 8,190,406 8,347,902
Cash at bank and in hand 1,231,784 1,403,624
9,422,190 9,751,526
CREDITORS
Amounts falling due within one year 16 1,403,252 1,340,298
NET CURRENT ASSETS 8,018,938 8,411,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,203,546

47,425,930

CREDITORS
Amounts falling due after more than one year 17 (6,337,242 ) (6,597,852 )

PROVISIONS FOR LIABILITIES 21 (4,690,597 ) (4,658,582 )
NET ASSETS 36,175,707 36,169,496

CAPITAL AND RESERVES
Called up share capital 22 2,809,322 2,809,322
Merger reserve 23 52,627 52,627
Revaluation reserve 23 706,933 892,497
Fair value reserve 23 22,097,570 21,464,859
Retained earnings 23 10,509,255 10,950,191
SHAREHOLDERS' FUNDS 36,175,707 36,169,496

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





R W Lang - Director


Elizabeth Holdings plc (Registered number: 03536231)

Company Balance Sheet
31 January 2025

31.1.25 31.1.24
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 - -
Investments 13 3,033,166 3,033,168
Investment property 14 - -
3,033,166 3,033,168

CURRENT ASSETS
Debtors 15 128,563 128,563

CREDITORS
Amounts falling due within one year 16 352,407 352,409
NET CURRENT LIABILITIES (223,844 ) (223,846 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,809,322

2,809,322

CAPITAL AND RESERVES
Called up share capital 22 2,809,322 2,809,322
SHAREHOLDERS' FUNDS 2,809,322 2,809,322

Company's profit for the financial year 360,000 360,000

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





R W Lang - Director


Elizabeth Holdings plc (Registered number: 03536231)

Consolidated Statement of Changes in Equity
for the Year Ended 31 January 2025

Called up
share Retained Merger
capital earnings reserve
£    £    £   
Balance at 1 February 2023 2,809,322 10,582,509 52,627

Changes in equity
Dividends - (360,000 ) -
Total comprehensive income - 727,682 -
Balance at 31 January 2024 2,809,322 10,950,191 52,627

Changes in equity
Dividends - (360,000 ) -
Total comprehensive income - (80,936 ) -
Balance at 31 January 2025 2,809,322 10,509,255 52,627
Fair
Revaluation value Total
reserve reserve equity
£    £    £   
Balance at 1 February 2023 1,078,779 21,624,613 36,147,850

Changes in equity
Dividends - - (360,000 )
Total comprehensive income (186,282 ) (159,754 ) 381,646
Balance at 31 January 2024 892,497 21,464,859 36,169,496

Changes in equity
Dividends - - (360,000 )
Total comprehensive income (185,564 ) 632,711 366,211
Balance at 31 January 2025 706,933 22,097,570 36,175,707

Elizabeth Holdings plc (Registered number: 03536231)

Company Statement of Changes in Equity
for the Year Ended 31 January 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2023 2,809,322 - 2,809,322

Changes in equity
Dividends - (360,000 ) (360,000 )
Total comprehensive income - 360,000 360,000
Balance at 31 January 2024 2,809,322 - 2,809,322

Changes in equity
Dividends - (360,000 ) (360,000 )
Total comprehensive income - 360,000 360,000
Balance at 31 January 2025 2,809,322 - 2,809,322

Elizabeth Holdings plc (Registered number: 03536231)

Consolidated Cash Flow Statement
for the Year Ended 31 January 2025

31.1.25 31.1.24
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 899,835 740,159
Interest paid (260,465 ) (249,949 )
Government grants 61,849 -
Tax paid (342,448 ) (236,251 )
Net cash from operating activities 358,771 253,959

Cash flows from investing activities
Purchase of tangible fixed assets (18,164 ) (4,602 )
Purchase of investment property (130,000 ) -
Sale of tangible fixed assets - 262
Sale of investment property 120,000 162,750
Interest received 118,165 126,752
Net cash from investing activities 90,001 285,162

Cash flows from financing activities
Loan repayments in year (260,612 ) (260,612 )
Equity dividends paid (360,000 ) (360,000 )
Net cash from financing activities (620,612 ) (620,612 )

Decrease in cash and cash equivalents (171,840 ) (81,491 )
Cash and cash equivalents at beginning of year 2 1,403,624 1,485,115

Cash and cash equivalents at end of year 2 1,231,784 1,403,624

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 January 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.1.25 31.1.24
£    £   
Profit before taxation 530,486 555,103
Depreciation charges 43,802 44,012
Loss on disposal of fixed assets 100,000 88,107
(Gain)/loss on revaluation of fixed assets (284,750 ) 258,400
Impairment of investments (794 ) -
Government grants (61,849 ) -
Finance costs 260,465 249,949
Finance income (118,165 ) (126,752 )
469,195 1,068,819
Decrease/(increase) in trade and other debtors 152,748 (300,879 )
Increase/(decrease) in trade and other creditors 277,892 (27,781 )
Cash generated from operations 899,835 740,159

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2025
31.1.25 1.2.24
£    £   
Cash and cash equivalents 1,231,784 1,403,624
Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 1,403,624 1,485,115


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.24 Cash flow At 31.1.25
£    £    £   
Net cash
Cash at bank and in hand 1,403,624 (171,840 ) 1,231,784
1,403,624 (171,840 ) 1,231,784
Debt
Debts falling due within 1 year (260,612 ) 1 (260,611 )
Debts falling due after 1 year (6,589,852 ) 260,610 (6,329,242 )
(6,850,464 ) 260,611 (6,589,853 )
Total (5,446,840 ) 88,771 (5,358,069 )

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Elizabeth Holdings plc is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The financial statements consolidate the accounts of Elizabeth Holdings plc and all of its subsidiary undertakings.

When the group was restructured, so that Elizabeth Holdings plc became the new ultimate parent undertaking of the group after acquiring the whole of the issued share capital of Ryan Elizabeth Holdings plc by a share for share exchange, the transaction was accounted for using merger accounting. All previous acquisitions by the group have been accounted for using acquisition accounting.

Elizabeth Inns Limited and Q Ball Lease Company Limited are only 50% owned by Elizabeth Holdings plc. Given the other 50% is owned by the ultimate controlling party, the subsidiary is fully consolidated.

All the subsidiary undertakings' year ends are coterminous and uniform accounting policies are applied throughout the group.

Turnover
Turnover is measured at the fair value of the rent and services consideration received or receivable net of VAT and trade discounts.

Where a premium is charged on the granting of a lease such income is taken to the profit and loss account over the expected length of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance and 10% to 25% on reducing balance
Motor vehicles - 10% to 25% on reducing balance
Computer equipment - 10% to 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any revaluation gains or losses are recognised in other comprehensive income. Revaluations shall be made with sufficiently regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.


Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS
31.1.25 31.1.24
£    £   
Wages and salaries 440,552 392,218
Social security costs 42,305 34,067
Other pension costs 8,809 7,559
491,666 433,844

The average number of employees during the year was as follows:
31.1.25 31.1.24

Administration 14 14

The average number of employees by undertakings that were proportionately consolidated during the year was 14 (2024 - 14 ) .

31.1.25 31.1.24
£    £   
Directors' remuneration 145,129 116,851

Other pension costs relate to the defined contribution scheme run by the group.

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

4. OPERATING PROFIT

The operating profit is stated after charging:

31.1.25 31.1.24
£    £   
Depreciation - owned assets 43,802 44,013
Loss on disposal of fixed assets 100,000 88,107

5. AUDITORS' REMUNERATION
31.1.25 31.1.24
£    £   
Fees payable to the company's auditors and their associates for the audit of the
company's financial statements

35,000

49,500

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.1.25 31.1.24
£    £   
Deposit account interest 1,069 881
Mortgage interest 77,406 75,090
Interest on participators loan 39,690 50,781
118,165 126,752

Mortgage interest, interest on participator loans and loan interest receivable relate to financial assets recognised at amortised cost.

7. AMOUNTS WRITTEN OFF INVESTMENTS
31.1.25 31.1.24
£    £   
Impairment of investments (794 ) -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.25 31.1.24
£    £   
Bank loan interest 241,048 249,906
Interest on overdue tax 19,417 43
260,465 249,949

Bank loan interest paid relates to financial liabilities recognised at amortised cost.

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.25 31.1.24
£    £   
Current tax:
UK corporation tax 132,260 230,028

Deferred tax 32,015 (56,571 )
Tax on profit 164,275 173,457

UK corporation tax was charged at 24.03 %) in 2024.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.25 31.1.24
£    £   
Profit before tax 530,486 555,103
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 -
24.030 %)

132,622

133,391

Effects of:
Expenses not deductible for tax purposes 39,692 2,802
Capital allowances in excess of depreciation (8,039 ) -
Depreciation in excess of capital allowances - 37,264
rate on deferred gains
Total tax charge 164,275 173,457

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
31.1.25 31.1.24
£    £   
Ordinary A share of £0.10
Interim 360,000 360,000

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 February 2024 2,250,000 76,123 37,812 90,625 2,454,560
Additions - 13,850 - 4,314 18,164
Reclassification/transfer (800,000 ) - - - (800,000 )
At 31 January 2025 1,450,000 89,973 37,812 94,939 1,672,724
DEPRECIATION
At 1 February 2024 149,322 71,474 23,683 84,890 329,369
Charge for year 37,357 1,452 2,826 2,167 43,802
At 31 January 2025 186,679 72,926 26,509 87,057 373,171
NET BOOK VALUE
At 31 January 2025 1,263,321 17,047 11,303 7,882 1,299,553
At 31 January 2024 2,100,678 4,649 14,129 5,735 2,125,191

Cost or valuation at 31 January 2025 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2025 1,450,000 - - - 1,450,000
Cost - 89,973 37,812 94,939 222,724
1,450,000 89,973 37,812 94,939 1,672,724

If freehold properties had not been revalued they would have been included at the following historical cost:

31.1.25 31.1.24
£    £   
Cost 293,144 453,144
Aggregate depreciation 117,257 111,395

The freehold properties were revalued on a fair value basis as at 31 January 2023 by Countrywide, Chartered Surveyors. In the opinion of the directors that value is not materially different as at the balance sheet date.


Revaluation losses of £Nil (2024: £100,000) have been included in profit and loss for the year and subsequently transferred to the revaluation reserve.

During the year, an investment property with a carrying amount of £800,000, previously classified as freehold property, was reclassified to investment property. As a result of this reclassification, a fair value uplift of £183,139 was recognised and transferred from the Revaluation Reserve to the Fair Value Reserve.

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

13. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST OR VALUATION
At 1 February 2024 1,811
Revaluations 794
At 31 January 2025 2,605
NET BOOK VALUE
At 31 January 2025 2,605
At 31 January 2024 1,811

Cost or valuation at 31 January 2025 is represented by:

Listed
investments
£   
Valuation in 2025 2,605

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.1.25 31.1.24
£    £   
Cost 1,558 1,558
Aggregate provisions (520 ) (520 )

Fixed asset investments were valued on a fair value basis on 31 January 2025 by A L Carter, a group director .
Company
Shares in
group
undertakings
£   
COST
At 1 February 2024 3,033,168
Impairments (2 )
At 31 January 2025 3,033,166
NET BOOK VALUE
At 31 January 2025 3,033,166
At 31 January 2024 3,033,168


Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 February 2024 36,887,700
Additions 130,000
Disposals (220,000 )
Revaluations 284,750
Reclassification/transfer 800,000
At 31 January 2025 37,882,450
NET BOOK VALUE
At 31 January 2025 37,882,450
At 31 January 2024 36,887,700

Investment properties of £23,010,000 (2024: £22,875,000) are pledged as security for liabilities.

Fair value at 31 January 2025 is represented by:
£   
Valuation in 2025 37,882,450

If investment properties had not been revalued they would have been included at the following historical cost:

31.1.25 31.1.24
£    £   
Cost 10,013,942 9,723,942

The investment properties were revalued on a fair value basis by Countrywide, Chartered Surveyors. Approximately one third of properties are revalued as at each balance sheet date. Thus all investment properties are revalued at least once in any three year period. At the year end the director assesses those properties valued in prior years to ensure the value shown has not materially changed.

Revaluation gains of £284,750 (2024: losses £158,400) have been included in profit and loss for the year and subsequently transferred to the fair value reserve.

15. DEBTORS

Group Company
31.1.25 31.1.24 31.1.25 31.1.24
£    £    £    £   
Amounts falling due within one year:
Trade debtors 568,023 550,297 - -
Amounts owed by group undertakings - - 128,563 128,563
Amounts owed by related party 3,610,250 3,702,605 - -
Loans owed by participators 2,205,866 2,324,976 - -
Tax 709,153 749,353 - -
Prepayments and accrued income 150,483 215,723 - -
7,243,775 7,542,954 128,563 128,563

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

15. DEBTORS - continued

Group Company
31.1.25 31.1.24 31.1.25 31.1.24
£    £    £    £   
Amounts falling due after more than one year:
Mortgages 946,631 804,948 - -

Aggregate amounts 8,190,406 8,347,902 128,563 128,563

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.1.25 31.1.24 31.1.25 31.1.24
£    £    £    £   
Bank loans and overdrafts (see note 18) 260,611 260,612 - -
Trade creditors 260,775 239,066 - -
Amounts owed to group undertakings - - 352,407 352,409
Tax 23,278 273,663 - -
Social security and other taxes 11,491 10,515 - -
VAT 14,522 20,645 - -
Other creditors 9,480 9,629 - -
Amounts owed to related party 372,343 314,403 - -
Accruals and deferred income 450,752 211,765 - -
1,403,252 1,340,298 352,407 352,409

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.1.25 31.1.24
£    £   
Bank loans (see note 18) 6,329,242 6,589,852
Other creditors 8,000 8,000
6,337,242 6,597,852

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.1.25 31.1.24
£    £   
Amounts falling due within one year or on demand:
Bank loans 260,611 260,612
Amounts falling due between one and two years:
Bank loans - 1-2 years 6,329,242 260,612
Amounts falling due between two and five years:
Bank loans - 2-5 years - 6,329,240

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

18. LOANS - continued

The group currently owes two loan balances.

Loan 1 has a total balance due at the balance sheet date of £2,676,987 (2024: £2,778,967). The loan term is five years with a maturity date of 29 April 2026. The interest rate applied to the loan is at a margin of 3% fixed for a fixed rate period, changing to a floating rate at the end of this period. The loan is interest only with interest payments made quarterly and a capital repayable at the end of the term. Interest in the year on this loan amounted to £96,935 (2024: £100,509).

Loan 2 has a total balance due at the balance sheet date of £3,912,866 (2023: £4,071,497). The loan term is five years with a maturity date of 29 April 2026. The interest rate applied to the loan is at a margin of 3% fixed for a fixed rate period, changing to a floating rate at the end of this period. The loan is interest only with interest payments made quarterly and a capital repayable at the end of the term. Interest in the year on this loan amounted to £144,113 (202: £149,397).

Both loans are part of the same financial covenants group.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.1.25 31.1.24
£    £   
Bank loans 6,589,853 6,850,464

All bank loans and overdrafts are secured on the group's investment properties as indicated on note 14.

20. FINANCIAL INSTRUMENTS

31.1.25 31.1.24
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 6,697,686 6,793,601
Equity instrument measured at fair value through profit and loss 2,605 1,811
Carrying amount of financial liabilities
Debt instruments measured at amortised cost 6,979,840 7,160,950

Financial assets measured at amortised cost comprise trade and other receivables, loans and amounts receivable from related undertakings.

Financial assets measured at fair value through profit and loss comprise of other listed investments.

Financial liabilities measured at amortised cost comprise long term loans, trade and other creditors and amounts payable to related undertakings.

21. PROVISIONS FOR LIABILITIES

Group
31.1.25 31.1.24
£    £   
Deferred tax 4,690,597 4,658,582

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 February 2024 4,658,582
Charge to Statement of Comprehensive Income during year 32,015
Balance at 31 January 2025 4,690,597

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.25 31.1.24
value: £    £   
1 Ordinary A £0.10 - -
28,093,219 Ordinary B £0.10 2,809,322 2,809,322
2,809,322 2,809,322

23. RESERVES

Group
Fair
Retained Merger Revaluation value
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 February 2024 10,950,191 52,627 892,497 21,464,859 33,360,174
Profit for the year 366,211 366,211
Dividends (360,000 ) (360,000 )
Transfer (447,147 ) - (2,425 ) 449,572 -
Reclassification - - (183,139 ) 183,139 -
At 31 January 2025 10,509,255 52,627 706,933 22,097,570 33,366,385

Company
Retained
earnings
£   

Profit for the year 360,000
Dividends (360,000 )
At 31 January 2025 -

Fair value reserve relates to investment property and fixed asset investment revaluations, shown net of deferred tax.

24. CONTINGENT LIABILITIES

Within the group, there are various cross guarantees of bank liabilities which are in effect eliminated on a group basis.

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

25. RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Other related parties
31.1.25 31.1.24
£    £   
Amount due from related parties 3,610,250 3,702,605
Amount due to related parties 372,343 314,403

In addition to the above, included within debtors due within one year is £2,205,866 (2024: £2,324,976) due from the ultimate beneficial owner. The loan is unsecured, interest-bearing at the HMRC-approved rate, and has no formal repayment terms.

During the year, a total of key management personnel compensation of £ 167,962 (2024 - £ 134,803 ) was paid.

26. ULTIMATE CONTROLLING PARTY

The controlling party is R W Cattermole.

Elizabeth Holdings plc (Registered number: 03536231)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2025

27. PRINCIPAL SUBSIDIARIES

The following UK incorporated companies are fully owned by Elizabeth Holdings plc and can be classified as property investment companies:

Ryan Elizabeth Holdings plc
Elizabeth Estates (NWB) Limited
Elizabeth Estates plc
Central Garages (Lowestoft) Limited
Elizabeth Securities Limited
Ryan Elizabeth (Ipswich) Limited

The following UK incorporated company is 50% owned by Elizabeth Holdings plc and can be classified as a property investment company:

Q Ball Lease Company Limited

The following UK incorporated company is 50% owned by Elizabeth Holdings plc and can be classified as a public house management company:

Elizabeth Inns Limited

The following UK incorporated companies are fully owned by Elizabeth Holdings plc and can be classified as dormant companies:

Elizabeth Estates (RBS) Limited
Elizabeth Enterprises Limited
Elizabeth Estates (MB) Limited

The following UK-incorporated subsidiaries, which were wholly owned by Elizabeth Holdings plc, were formally dissolved during the year:

Cablemanor Limited
Elizabeth Estates (NBS) Limited
Elizabeth Estates (YB) Limited
Westerfield Hotels Limited
Elizabeth Estates (BB) Limited
Ryan Properties (Ipswich) Limited