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REGISTERED NUMBER: 13083844 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Bradfield Project Development Limited

Bradfield Project Development Limited (Registered number: 13083844)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Bradfield Project Development Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | N Pike

| S W L Reader

| REGISTERED OFFICE: | Centenary Chapel

| Chapel Road

| Thurgarton

| Norwich

| NR11 7NP

| REGISTERED NUMBER: | 13083844 (England and Wales)

| ACCOUNTANTS: | Curo Chartered Accountants

| Curo House

| Greenbox

| Westonhall Road

| Bromsgrove

| Worcestershire

| B60 4AL

Bradfield Project Development Limited (Registered number: 13083844)

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 1,309,515 |  | 1,309,415 |  |

CURRENT ASSETS

Debtors | 5 | 11,787,367 |  | 15,792,122 |  |

Cash at bank | 194,692 |  | 13,890 |  |

11,982,059 |  | 15,806,012 |  |

CREDITORS

Amounts falling due within one year | 6 | 291,622 |  | 337,645 |  |

NET CURRENT ASSETS | 11,690,437 |  | 15,468,367 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,999,952 |  | 16,777,782 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 26,766,831 |  | 9,135,701 |  |

NET (LIABILITIES)/ASSETS | (13,766,879 | ) | 7,642,081 |  |

RESERVES

Capital contributions | 42,791 |  | 12,042,791 |  |

Retained earnings | (13,809,670 | ) | (4,400,710 | ) |

SHAREHOLDERS' FUNDS | (13,766,879 | ) | 7,642,081 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Bradfield Project Development Limited (Registered number: 13083844)

Balance Sheet - continued

31 December 2024

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

N Pike - Director

Bradfield Project Development Limited (Registered number: 13083844)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Bradfield Project Development Limited 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The financial statements have been prepared on the going concern basis on the grounds that the directors believe that there is sufficient funding in place to support the business for the next twelve months from the date of approval of the financial statements.

| Turnover

| Turnover is recognised monthly with work in progress invoiced at cost. Certain overheads are also invoiced at cost from time to time.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| 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.

| Debtors

| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price, including any transaction costs, and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Bradfield Project Development Limited (Registered number: 13083844)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Creditors

| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

| Provisions and contingencies

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

| Contingent liabilities are recognised as a provision when the likelihood of economic outflow is assessed as probable. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are not recognised as a provision but are instead disclosed in the financial statements when the likelihood of economic settlement is deemed possible and not probable. Contingent liabilities are not recognised as a disclosure when the probability of an outflow of resources is remote.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2023 - NIL ) .

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024 | 1,309,415 |  |

| Additions | 100 |  |

| At 31 December 2024 | 1,309,515 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,309,515 |  |

| At 31 December 2023 | 1,309,415 |  |

| The addition of shares relates to the acquisition of Siltown Development Ltd's shares in October 2024.

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Amounts owed by group undertakings | 11,176,089 |  | 15,645,867 |  |

| Other debtors | 611,278 |  | 146,255 |  |

11,787,367 |  | 15,792,122 |  |

Bradfield Project Development Limited (Registered number: 13083844)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 123,402 |  | 322,292 |  |

| Amounts owed to group undertakings | 100 |  | - |  |

| Other creditors | 168,120 |  | 15,353 |  |

291,622 |  | 337,645 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Amounts owed to group undertakings | 26,766,831 |  | 9,135,701 |  |

8. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Marinero Investments SARL | 26,766,831 |  | 9,135,701 |  |

| The company charges by way of first fixed charge the intellectual property. This contains both a fixed and floating charge, which covers all of the property or undertaking of the company. The charge also contains a negative pledge.

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 1 | Ordinary | 0.01 | - |  | - |  |

10. | CONTINGENT ASSET

| The company was awarded damages of £1,312,000 after a commercial dispute was ruled in its favour during the year. At the date of these financial statements, £512,000 has been received, and £800,000 remains legally due to the company.

| The directors do expect the remaining £800,000 to be received, however due to the nature of the debtor, the outstanding balance has not been recognised as an asset in the financial statements.

Bradfield Project Development Limited (Registered number: 13083844)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

11. | PROVISION AGAINST PARTNER LOAN

| Amounts due from the company’s subsidiary undertaking include a loan balance relating to the group’s funding of its property development project.

| During the year, the subsidiary reassessed the net realisable value of its development property and recorded a stock write-down of £8,099,320, reducing the carrying value of the development to £11,176,089.

| Management have reviewed the recoverability of the amount due from the subsidiary in light of this development. Based on this assessment, a provision of £8,887,134 has been recognised against the loan receivable, to reflect the portion no longer expected to be recoverable. This has been treated as a group loan provision expense in the profit and loss account.

| The net carrying value of the amount due from the subsidiary at the balance sheet date now reflects the estimated recoverable value of the underlying development.