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Company No: 15253114 (England and Wales)

# LTFF LIMITED

### Unaudited Financial Statements
For the financial period from 01 November 2023 to 31 March 2025
Pages for filing with the registrar

LTFF LIMITED

## Unaudited Financial Statements

For the financial period from 01 November 2023 to 31 March 2025

Contents

LTFF LIMITED

## BALANCE SHEET

As at 31 March 2025
LTFF LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 31.03.2025
|  | £
Fixed assets |  |
Investments | 3 | 50,296,927
|  | 50,296,927
Current assets |  |
Debtors | 4 | 5,177,614
Cash at bank and in hand |  | 2,279
|  | 5,179,893
Creditors: amounts falling due within one year | 5 | ( 22,632,691)
Net current liabilities |  | (17,452,798)
Total assets less current liabilities |  | 32,844,129
Net assets |  | 32,844,129
Capital and reserves |  |
Called-up share capital | 6 | 999,907
Share premium account |  | 31,539,728
Profit and loss account |  | 304,494
Total shareholders' funds |  | 32,844,129

For the financial period ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial period 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 LTFF Limited (registered number: 15253114) were approved and authorised for issue by the Board of Directors on 23 October 2025. They were signed on its behalf by:

Albemarle John Cator Director |

LTFF LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2023 to 31 March 2025
LTFF LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2023 to 31 March 2025

##### 1. Accounting policies

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

##### General information and basis of accounting

LTFF 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 The Estate Office, Longleat, Warminster, BA12 7NW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of LTFF Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

##### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### 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.

##### Fixed asset investments

Investments are recognised initially at cost 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

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.

#### 2. Employees

| Period from 01.11.2023 to 31.03.2025
| Number
Monthly average number of persons employed by the Company during the period, including directors | 0

#### 3. Fixed asset investments

Investments in subsidiaries

| 31.03.2025
| £
Cost |
At 01 November 2023 | 0
Additions | 32,539,635
Disposals | ( 32,539,635)
At 31 March 2025 | 0
Carrying value at 31 March 2025 | 0

During the period, the company acquired a 100% holding in an Investment Company (The Norton Fund), for the cost of £32,539,635. The Company was liquidated during the period.

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 November 2023 | 0 |  | 0
Additions | 52,766,458 |  | 52,766,458
Disposals | ( 1,480,485) |  | ( 1,480,485)
Movement in fair value | ( 989,046) |  | ( 989,046)
At 31 March 2025 | 50,296,927 |  | 50,296,927
Carrying value at 31 March 2025 | 50,296,927 |  | 50,296,927

#### 4. Debtors

| 31.03.2025
| £
Deferred tax asset | 247,261
Other debtors | 4,930,353
| 5,177,614

#### 5. Creditors: amounts falling due within one year

| 31.03.2025
| £
Taxation and social security | 395,799
Other creditors | 22,236,892
| 22,632,691

#### 6. Called-up share capital

| 31.03.2025
| £
Allotted, called-up and fully-paid |
999,907 Ordinary shares of £ 1.00 each | 999,907

During the period 999,907 £1 ordinary shares were issued with a premium of £31,539,728 paid for these shares.

#### 7. Related party transactions

Included within other creditors is a £22,197,292 loan from a trust that benefits one of the directors.