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REGISTERED NUMBER: 07887371 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MOUNT'S BAY TRADING LTD

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| MOUNT'S BAY TRADING LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | W D Radmore

| Mrs S P Radmore

| SECRETARY: | Mrs S P Radmore

| REGISTERED OFFICE: | PZ360

| St Mary's Terrace

| PENZANCE

| Cornwall

| TR18 4DZ

| REGISTERED NUMBER: | 07887371 (England and Wales)

| ACCOUNTANT: | Catherine Bennett Ltd

| Chartered Accountant

| Wheal Harmony House

| Solomon Road

| Redruth

| Cornwall

| TR15 1FD

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

BALANCE SHEET

31 MARCH 2025

| 31/3/25 | 31/3/24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 426 |  | 852 |  |

Investment property | 5 | 2,500,000 |  | 2,250,000 |  |

2,500,426 |  | 2,250,852 |  |

CURRENT ASSETS

Debtors | 6 | 106,637 |  | 44,822 |  |

Cash at bank | 61,877 |  | 38,957 |  |

168,514 |  | 83,779 |  |

CREDITORS

Amounts falling due within one year | 7 | 975,355 |  | 937,049 |  |

NET CURRENT LIABILITIES | (806,841 | ) | (853,270 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,693,585 |  | 1,397,582 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 1,346,560 |  | 1,356,991 |  |

NET ASSETS | 347,025 |  | 40,591 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 10 | 346,925 |  | 40,491 |  |

SHAREHOLDERS' FUNDS | 347,025 |  | 40,591 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

BALANCE SHEET - continued

31 MARCH 2025

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

W D Radmore - Director

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Mount's Bay Trading Ltd 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

| Turnover

| Turnover represents net invoiced sales of services and the value of rents receivable during the year, excluding value added tax.

| Tangible fixed assets

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

| Fixtures and fittings | - | 20% on cost

| Computer equipment | - | 33% on cost

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Grants

| Capital grants received in respect of the cost of tangible fixed assets are treated as deferred income and recognised in the profit and loss account over the useful economic life of those assets.

| Going concern

| At 31 March 2025 the directors remain confident in the company meeting its ongoing trading obligations going forward, with an annual rental cover at +76% over fixed loan repayments which is anticipated to marginally improve over 2025/26 as rent reviews fall due.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 13,727 |  | 12,968 |  | 26,695 |  |

| DEPRECIATION

| At 1 April 2024 | 13,417 |  | 12,426 |  | 25,843 |  |

| Charge for year | 155 |  | 271 |  | 426 |  |

| At 31 March 2025 | 13,572 |  | 12,697 |  | 26,269 |  |

| NET BOOK VALUE

| At 31 March 2025 | 155 |  | 271 |  | 426 |  |

| At 31 March 2024 | 310 |  | 542 |  | 852 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 2,250,000 |  |

| Revaluations | 250,000 |  |

| At 31 March 2025 | 2,500,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,500,000 |  |

| At 31 March 2024 | 2,250,000 |  |

| Residential build costs of £2,155,197 included within investment property in 2023 have been transferred into purchases within the profit and loss as they relate to properties that were developed with the intention of resale and sold within the year ended 31 March 2024.

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | INVESTMENT PROPERTY - continued

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2013 | 397,129 |  |

| Valuation in 2013 | 161,563 |  |

| Valuation in 2016 | 238,227 |  |

| Valuation in 2019 | 382,864 |  |

| Valuation in 2022 | (1,142,096 | ) |

| Valuation in 2023 | (437,968 | ) |

| Valuation in 2024 | 1,030,560 |  |

| Valuation in 2025 | 250,000 |  |

| Cost | 1,619,721 |  |

2,500,000 |  |

| If the investment property had not been revalued it would have been included at the following historical cost:

| 31/3/25 |  | 31/3/24

£ | £ |

| Cost | 1,619,721 |  | 1,619,721 |  |

| Investment property was valued on a fair value basis on 31 March 2025 by the director W Radmore .

| The valuation was carried out by the director W Radmore, who is a chartered surveyor and based on the valuations of Savills prepared 28 February 2023.

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Trade debtors | 22,070 |  | - |  |

| Other debtors | 77,153 |  | 35,466 |  |

| Prepayments and accrued income | 7,414 |  | 9,356 |  |

106,637 |  | 44,822 |  |

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Other loans | 10,186 |  | 9,940 |  |

| Trade creditors | 8,923 |  | 22,155 |  |

| Tax | 13,776 |  | - |  |

| Social security and other taxes | 2,176 |  | 2,015 |  |

| VAT | 8,729 |  | 5,159 |  |

| Other creditors | - |  | 1,423 |  |

| Directors' current accounts | 760,794 |  | 731,793 |  |

| Accruals and deferred income | 170,771 |  | 164,564 |  |

975,355 |  | 937,049 |  |

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Bank loans more 5 yr by instal | 1,343,663 |  | 1,343,663 |  |

| Other loans - 1-2 years | 2,897 |  | 10,648 |  |

| Other loans - 2-5 years | - |  | 2,680 |  |

1,346,560 |  | 1,356,991 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 1,343,663 |  | 1,343,663 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31/3/25 |  | 31/3/24

£ | £ |

| Bank loans | 1,343,663 |  | 1,343,663 |  |

| The loan of £1,343,663 is secured in favour of Allica Bank with a fixed charge and negative pledge over PZ360.

10. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 40,491 |  |

| Profit for the year | 306,434 |  |

| At 31 March 2025 | 346,925 |  |

| The reserves are defined as:

|  | 31/3/25 |  | 31/3/24 |  |

|  | £ |  | £ |  |

| Distributable |  | (533,354) |  | (589,788) |  |

| Non-distributable |  | 880,279 |  | 630,279 |  |

| Total |  | 346,925 |  | 40,491 |  |

| MOUNT'S BAY TRADING LTD (REGISTERED NUMBER: 07887371) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | RELATED PARTY DISCLOSURES

| At the 31 March 2025 the company owed the directors Mr W Radmore and Mrs S Radmore the amounts shown below which are included within Creditors.

|  | 31/3/25 |  | 31/3/24 |  |

|  | £ |  | £ |  |

| Mr W Radmore |  | 361,892 |  | 347,662 |  |

| Mrs S Radmore |  | 398,902 |  | 384,131 |  |

| At the 31 March 2025 no interest is payable or accrued on the loans from Mr W Radmore or Mrs S Radmore.