The directors present the strategic report for the year ended 31 December 2024.

Natural Assets Investments Limited is a parent company whose subsidiaries' principle focus is on ownership of holiday lettings properties, land ownership, property development and the provision of associated retail services. Despite the residual impacts of the COVID-19 pandemic the board considers the business had a positive year of trading and looking ahead looks to continue to benefit in the from increased demand from UK holidays and holiday properties.

The group operating loss before interest, tax, depreciation, amortisation and one-off gains of losses on disposals of assets for the reported period is £582,160 (2023: £705,891), the reduced loss reflects a reduction in administrative expenses arising principally from effective cost control at site level. Income has increased during the year but gross profit has remained stable, reflecting a higher cost of sales. There are plans to continue to grow income while improving cost control with a view to reducing overall losses further in 2025.

Other factors that are relevant to the business review are as follows:

• The group has continued to have holiday homes for sale at its Trewhiddle, Llyn Peninsular and Yorkshire Dales locations but there has been a sustained fall in demand reflecting higher interest rates and other macroeconomic conditions. A decision has been made to reduce the carrying cost of assets at Llyn in particular to reflect these market conditions.

• There have been no loan repayments made during the year to the principle shareholder. Interest is accrued on these loans with £6.1m charged during the year (£5.3m charged in 2023).

• Total assets less current liabilities (TALCL) has decreased by £0.8m. The most material movements on the statement of financial position contributing to this are as follow:

• Decrease in value of investment property, following revaluation - £1.3m decrease to TALCL

• Increase in creditors due within 12 months - £0.5m decrease to TALCL

Strategy

The strategy of the group is to focus on growing sustainable profitability and shareholder return through a focus on the core business of developing, renting and selling self-catering holiday accommodation within the United Kingdom.

The principal strategic objectives of the group are:

• To drive sustainable profitability and shareholder return on all activities and to eliminate loss making activities.

• To selectively pursue strategic land and property investment opportunities that meet the group's investment criteria for risk and return.

• To deliver outstanding products and services that anticipate the market and exceed the expectations of guests and clients.

The group finances its operations through operational returns on its assets together with the sale of some properties, it is further supported when required by shareholder's loans and, where necessary to fund improvement activities and capital expenditure programmes, through bank and other borrowings.

The management's financial risk management objectives are to:

• retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due;

• minimise the group's exposure to fluctuating interest rates; and

• match the repayment schedule of any external borrowings or overdrafts with the expected future cash expected to arise from the group's trading activities.

The directors have assessed the main risks facing the group as being:

• Interest rate movements

• Competitive pressures

• Payment default by customers/guests

• Controlling and managing construction costs

• Falling property values

• Maintaining shareholder funding

• Shift in the popularity of areas for UK Holidays which may have a direct impact on areas where development projects are planned

Interest rate movements are monitored frequently. Exposure to fluctuations in interest rates affecting long terms borrowings is largely eliminated by entering into fixed rate loans where this is possible and economically viable. The group has also made the reduction in value of its third party bank borrowing a priority and significant progress was made on this during the year.

The group establishes long term partnership arrangements with suppliers with whom they work to manage raw material price volatility.

The risk from competitive pressures is managed by building strong partnerships with customers/guests and providing them with the highest standards of quality and service.

The group works closely with its customers to mitigate potential payment defaults and, where it is available, ensures payments are made in advance.

The directors also regularly monitor and asses the risks posed by changes to general economic activity, government policies, tax legislation and environmental requirements and amend their strategy as appropriate.

The group operates and monitors a range of KPIs covering all the key aspects of its operations including the following:

• Activity level - measured by turnover growth, occupancy levels and ADR's

• Turnover, increase year on year is 17% - this was increased due to a combination of increased pricing and demand at key sites.

• Profitability - measured by Gross Profit as a percentage of turnover decreased from 36.0% in 2023 to 28.6% in 2024, continued pressure on pricing to maintain demand dampened gross profit.

• The group's cash balance increased slightly during the year reflecting a higher year end cash on hand figure than the prior year and the group did not require an overdraft.

The directors monitor performance through the use of detailed annual budgets and forecasts that cover all the trading divisions in the group and the monitoring of actual performance against these budgets.

The directors are satisfied with the performance of the businesses in the light of market conditions during the year.

Future development

The directors feel the group is well placed for the future having completed the development of its last active site and remains tightly focused on renting and selling properties while maintaining a strict focus on cost control and its core activities. The group continues to divest itself of historic non-core activities. As a result the group expects to benefit from increased rental yields and future property sales income.

It is the intention of the directors to focus on driving profitability and asset sales at the group's sites to repay the existing third party bank debt and also potentially to reinvest some of these funds to develop and expand other existing sites within the group.

COVID-19

During the year the COVID-19 pandemic continued to have significant impacts both positive and negative on the group and its business.

The directors have considered the impact of the COVID-19 pandemic and while they recognise that they cannot be expected to predict what will happen in the future with COVID-19, the directors have taken all possible steps to mitigate any risks to the business as a result of this.

The group has taken advantage, and will continue to do so, of all appropriate financial support packages made available by the Government.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of a holding company.

The principal activities of the subsidiary entities are holiday lettings, land ownership, and property development.

No dividends will be distributed for the year ended 31 December 2024.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

The directors are responsible for preparing the Annual Report 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 group and company, 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 UK 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 group and company will continue in business.

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

In accordance with s414C(11) of the Companies Act, all other applicable disclosure requirements, which would otherwise be required by Schedule 7 of the ‘Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008’ to be contained in the directors’ report, have been included in the strategic report.

We have audited the financial statements of Natural Assets Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 2024 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 our audit:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

• We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged material fraud. The group did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Fire Precautions Act 1974, Employment Act 2008, and General Data Protection Regulations (GDPR).

• We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the group, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of investment property, the classification of properties, the useful economic life of goodwill and the appropriateness of the going concern basis.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the group's ability to continue in operation.

• Testing key revenue lines for evidence of management bias.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant related party and consolidated balances and transactions.

• Reviewing documentation such as the group board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

• Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £8,039,148 (2023 - £5,718,151 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Natural Assets Investments Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 07541643 and its registered office address is Suites 2g6, 2g8, 2g9, Glasshouse Alderley Park, Congleton Road, Nether Alderley, Macclesfield, England, SK10 4TG.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The consolidated financial statements incorporate the results of Natural Assets Investments Limited and all of its material subsidiary undertakings as at 31 December 2024 using the acquisition method of accounting. The results of subsidiary undertakings are included from the date of acquisition.

A subsidiary is no longer consolidated when control is lost. The difference between any disposal proceeds and the carrying amount of the subsidiary's net assets (including related goodwill) is recognised in the income statement as a gain or loss on disposal.

As part of its going concern review the board has prepared financial forecasts. In drawing up these forecasts the board has made assumptions based upon its view of the current and future economic conditions that will prevail over the forecast period. For the forecasted period, the Board took account of the support of the loan holder, the probability of bank facilities being renewed and an indicative view of trading performance, for their going concern review.

The group has support from the loan holder who is also the main shareholder. He is considered to have adequate capabilities to provide support as required and has formally confirmed that he will support the group for at least the next 12 months from the date of approval of the financial statements.

The current cash funding requirements prepared by management have given the directors a reasonable expectation that the group will have sufficient resources available to continue in operational existence for the foreseeable future, with the confirmed continued support of the loan holder as noted above. For these reasons, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for accommodation lettings, and food and drink sales to external customers in the normal course of business. The fair value of consideration takes into account settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.

Turnover from the sale of services is recognised as those services are provided. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on transfer of the goods.

Goodwill is capitalised and written off evenly over 6 to 8 years, as in the opinion of the directors, this represents the period over which goodwill is expected to give rise to economic benefits.

Negative goodwill arises when the cost of a business combination is less that the fair value of the identifiable assets, liabilities and contingent liabilities acquired. The amount up to the fair value of the non-monetary assets acquired is credited to profit or loss in the period in which those non-monetary assets are recovered. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to profit or loss in the periods expected to benefit of 20 years.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises

Investment properties are recognised at fair value. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments are stated at cost less any permanent diminuation in value.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is derived from purchase price. Net realisable value is based on estimated selling price less attributable costs of disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 group after deducting all of its 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.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

Making judgement on the valuation of investment properties.

Making judgement on the classification of properties.

Assessing the appropriateness of the going concern basis.

Estimating the useful economic life of goodwill.

All turnover has been generated within the United Kingdom in the current and prior year.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Deferred tax is not recognised in respect of losses of £23,307,923 (2023: £22,551,455).

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

Group

Investment properties have been valued at open market value by the directors at 31 December 2024. The historic cost of investment properties is £17,022,292 (2023: £17,180,549).

The group is required to remit 50% of the sales proceeds received from the sale of any investment properties directly to HSBC in repayment of the outstanding loan.

Details of the company's subsidiaries at 31 December 2024 are as follows:

NL3 Cottages Management Limited, Natural Land 3 Management Limited, TW Management Ltd and YD Management Ltd are not consolidated within these financial statements on the grounds of materiality.

Note 1: Suites 2g6, 2g8, 2g9, Glasshouse Alderley Park, Congleton Road, Nether Alderley, Macclesfield,

England, SK10 4TG

Details of joint ventures at 31 December 2024 are as follows:

Note 2: 5th Floor 88 Church Street, Liverpool, England, L1 3HD

Amounts owed to group undertakings have no fixed terms of repayment but a minimum of twelve months notice will be given.

Company

An impairment of £1,785,625 (2023: £165,989 reversal) was recognised during the year against amounts due from group undertakings.

Interest is charged on the bank loans at various rates ranging from 2.5% to 4.5% above the base rate.

Government grants relate to a development grant received from Highlands and Islands Enterprise for development costs at John O'Groats, Scotland. The grant is repayable if any property is sold within 10 years from the date of the last payment.

The secured debts are included within creditors are:

Bank loans of £3,601,885 (2023 - £3,889,309)

Other loans of £4,786,839 (2023 - £4,421,071)

Bank loans are secured by way of a fixed charge over investment properties.

Other loans are secured by way of a debenture over the assets of a subsidiary, Jog Highlands LLP.

Group

The following describes the nature and purpose of each reserve within equity:

Retained earnings - All other net gains and losses and transactions with owners not recognised elsewhere.

Merger reserve - The difference between the value of shares issued by the parent company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries.

Other reserves - The non distributable portion of retained earnings in respect of revaluations on

investment properties.

Company

The following describes the nature and purpose of each reserve within equity:

Retained earnings - All other net gains and losses and transactions with owners not recognised elsewhere.

Merger reserve - The difference between the value of shares issued by the company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The Company's A and B ordinary shares, which carry no right to fixed income, are ranked equally and each carry the right to one vote at general meetings of the company.

Natural Assets Investments Limited has entered into a composite company unlimited multilateral guarantee with the following group companies: Trewhiddle Village Limited, Yorkshire Dales Limited, John O'Groats Highlands Limited, Natural Land 3 Limited, NA Lews Castle Limited and Natural Outfitters Limited. At 31 December 2023 the total borrowings covered by the guarantee amounted to £3,601,885 (2023: £3,889,309).

Natural Assets Investments Limited has given a guarantee under section 479C of the Companies act 2006. The following subsidiaries included in these consolidated accounts, are therefore, exempt from the requirements of this Act relating to the audit of individual accounts by virtue of Section 479A: JOG 2 Limited.

Other related parties

D Gorton

D Gorton is the majority shareholder of the group, the ultimate controlling party and a director.

Included within creditors falling due within one year is an amount of £3,100,000 (2023: £3,100,000) loaned to Natural Land 3 Limited from D Gorton. This loan is unsecured, interest free and repayable on demand.

Included within creditors falling due within one year is an amount of £4,786,839 (2023: £4,421,071) loaned to JOG Highlands LLP from D Gorton. This loan is secured by way of debenture over the assets of the LLP and interest was charged during the year at 2.95% plus base rate. The loan is repayable on demand.

Included within creditors due after one year is an amount of £76,477,647 (2023: £68,763,829) loaned to Natural Assets Investments Limited from D Gorton. This loan is unsecured and interest is charged at various rates between 0% and 10%. The loan has an indeterminate repayment date, with a minimum of 12 months notice required for repayment.

During the year interest amounting to £6,099,585 (2023: £5,339,449) was charged by D Gorton.

The was no key management personnel compensation during the year.

The ultimate controlling party is D Gorton, the majority shareholder of the company.