Company No: 06697722 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Paula Marie Scott
	Philip Henry Scott

SECRETARY

Paula Marie Scott

REGISTERED OFFICE	Faceby Manor
	Carlton-In-Cleveland
	Middlesbrough
	TS9 7DP
	United Kingdom

COMPANY NUMBER

06697722 (England and Wales)

ACCOUNTANT	Gravita Business Services II Limited
	Aldgate Tower
	2 Leman Street
	London
	E1 8FA
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	21		32
Investment property	4	7,013,927		0
		7,013,948		32
Current assets
Debtors	5	10,059,953		14,823,472
Cash at bank and in hand		710,859		654,298
		10,770,812		15,477,770
Creditors: amounts falling due within one year	6	( 884,416)		( 295,020)
Net current assets		9,886,396		15,182,750
Total assets less current liabilities		16,900,344		15,182,782
Creditors: amounts falling due after more than one year	7	( 2,852,373)		0
Net assets		14,047,971		15,182,782
Capital and reserves
Called-up share capital		1		1
Profit and loss account		14,047,970		15,182,781
Total shareholder's funds		14,047,971		15,182,782

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Sistine Properties (Thetford) Limited (registered number: 06697722) were approved and authorised for issue by the Board of Directors on 03 September 2025. They were signed on its behalf by:

Paula Marie Scott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sistine Properties (Thetford) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Faceby Manor, Carlton-In-Cleveland, Middlesbrough, TS9 7DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the amount receivable in respect of rental income on investment properties and is recognised in line with the period to which it relates. Where payments are received from customers in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.

Rental income from operating leases is recognised in line with the terms of the relevant lease.

All turnover originates from the United Kingdom.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 October 2023	1,885		1,885
At 30 September 2024	1,885		1,885
Accumulated depreciation
At 01 October 2023	1,853		1,853
Charge for the financial year	11		11
At 30 September 2024	1,864		1,864
Net book value
At 30 September 2024	21		21
At 30 September 2023	32		32

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	0
Additions	7,013,927
As at 30 September 2024	7,013,927

Valuation

The Company acquired investment property and land in the year. The directors to not deem there to be a change in the market value to the year end.

5. Debtors

	2024		2023
	£		£
Amounts owed by Parent undertakings	374,335		0
Other debtors	9,685,618		14,823,472
	10,059,953		14,823,472

Other debtors is presented net of an impairment provision of £1,400,188 (2023: £nil).

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	325,000		0
Corporation tax	258,860		49,266
Other taxation and social security	91,905		0
Other creditors	208,651		245,754
	884,416		295,020

There is a fixed and floating charge over the Company assets registered at Companies House.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	2,852,373		0

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	7,425		7,425
between one and five years	2,970		10,395
	10,395		17,820

The Company has taken out an operating lease on behalf of Care Protect Limited, a company related through common directors.

9. Related party transactions

The total aggregate directors remuneration for the year was £Nil (2023: £Nil). At the year end, there were unsecured directors' loans of £8,758 (2023: £4,379) owed to the directors and £Nil (2023: £379,837) owed from the directors. Debit balances included within other debtors incur interest charges at the official rate of interest and credit balances included in other creditors are interest free. The loans are repayable on demand.

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the Group of companies of which the Company is a wholly owned member.

Included within other debtors and other creditors are the following balances with related party entities under common control:

- An unsecured loan of £1,318,832 (2023: £2,386,625) owed by Care Protect Limited. The loan bears an interest rate of 2.25% on the original loan balance of £2,300,000 and does not have a fixed repayment date. Interest income of £51,750 (2023: £51,750) was charged in the year. An impairment provision of £1,400,188 has been made in the year against the gross loan including interest of £2,705,188.

- An unsecured loan of £5,200,000 (2023: £5,400,000) owed by Zest Investment Group Limited. The loan bears an interest rate of 2% and does not have a fixed repayment date. Interest income of £269,863 (2023: £268,138) was charged in the year.

- An unsecured loan of £2,830,000 (2023: £2,386,004) owed by Care (Little Court) Limited. The loan bears an interest rate of 7% and does not have a fixed repayment date. Interest income £259,020 (2023: £227,497) was charged in the year. During the year, an amount of £184,976 was written back (£454,994 written off) and the loan was repaid post year end.

- An unsecured loan of £326,786 owed from (2023: £8,214 owed to) Sistine Properties Limited. The loan is interest free and is repayable on demand.

10. Ultimate controlling party

The directors regard Emlot Limited, a company incorporated in Isle of Man, as being the Company's immediate parent company and Equiom (Isle of Man) Limited, a company incorporated in Isle of Man, as the Company's ultimate parent company.