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REGISTERED NUMBER: 02911549 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| CHESTNUT DEVELOPMENT CO LIMITED |

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

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 |

| CHESTNUT DEVELOPMENT CO LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | Ms P D S Blencowe

| Ms N K Blencowe

| Mr M C T Blencowe

| M Blencowe

| SECRETARY: | M Blencowe

| REGISTERED OFFICE: | 10 Prince Albert Street

| Brighton

| BN1 1HE

| REGISTERED NUMBER: | 02911549 (England and Wales)

| ACCOUNTANTS: | Galloways Accounting (Hove) Limited

| 15 West Street

| Brighton

| East Sussex

| BN1 2RL

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Investments | 4 | 400 |  | 402 |  |

Investment property | 5 | 17,875,600 |  | 16,720,849 |  |

17,876,000 |  | 16,721,251 |  |

CURRENT ASSETS

Stocks | 6 | 21,544,428 |  | 22,047,558 |  |

Debtors | 7 | 10,734,305 |  | 1,669,569 |  |

Cash at bank | 7,328,077 |  | 6,879,172 |  |

39,606,810 |  | 30,596,299 |  |

CREDITORS

Amounts falling due within one year | 8 | (12,314,080 | ) | (8,957,089 | ) |

NET CURRENT ASSETS | 27,292,730 |  | 21,639,210 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 45,168,730 |  | 38,360,461 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (19,390,718 | ) | (19,546,853 | ) |

PROVISIONS FOR LIABILITIES | (2,052,911 | ) | (1,704,279 | ) |

NET ASSETS | 23,725,101 |  | 17,109,329 |  |

CAPITAL AND RESERVES

Called up share capital | 504 |  | 504 |  |

Non-distributable reserve | 11 | 7,382,032 |  | 5,947,783 |  |

Retained earnings | 16,342,565 |  | 11,161,042 |  |

23,725,101 |  | 17,109,329 |  |

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.

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2025 and were signed on its behalf by:

Ms N K Blencowe - Director

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Chestnut Development Co 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 as modified by the revaluation of certain assets.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover represents sales of services and is recognised at the point the customer is entitled to consideration.

| 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.

| Stocks

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

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2024 - 3 ) .

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | FIXED ASSET INVESTMENTS

| Other

| investment

£ |

| COST

| At 1 April 2024 | 402 |  |

| Disposals | (2 | ) |

| At 31 March 2025 | 400 |  |

| NET BOOK VALUE

| At 31 March 2025 | 400 |  |

| At 31 March 2024 | 402 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 16,720,849 |  |

| Revaluations | 1,154,751 |  |

| At 31 March 2025 | 17,875,600 |  |

| NET BOOK VALUE

| At 31 March 2025 | 17,875,600 |  |

| At 31 March 2024 | 16,720,849 |  |

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2023 | 911,116 |  |

| Valuation in 2025 | 1,154,751 |  |

| Cost | 15,809,733 |  |

17,875,600 |  |

6. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 21,544,428 |  | 22,047,558 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 157,698 |  | 127,429 |  |

| Other debtors | 10,550,002 |  | 1,510,634 |  |

| Prepayments | 26,605 |  | 31,506 |  |

10,734,305 |  | 1,669,569 |  |

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 200,000 |  | 200,000 |  |

| Trade creditors | 47,923 |  | 83,152 |  |

| Amounts owed to group undertakings | 7,047,287 |  | 5,844,186 |  |

| Tax | 136,503 |  | 45,560 |  |

| VAT | 23,994 |  | 9,985 |  |

| Other creditors | 1,773,768 |  | 1,698,620 |  |

| Directors' current accounts | 2,518,153 |  | 561,495 |  |

| Accruals and deferred income | 258,070 |  | 222,673 |  |

| Accrued expenses | 308,382 |  | 291,418 |  |

12,314,080 |  | 8,957,089 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 200,000 |  | 200,000 |  |

| Bank loans - 2-5 years | 19,190,718 |  | 19,346,853 |  |

19,390,718 |  | 19,546,853 |  |

10. | SECURED DEBTS

| Bank borrowing is secured by way of a legal charge over the investment and stock properties owned by the company.

11. | RESERVES

| Non-distrib

| reserve

£ |

| At 1 April 2024 | 5,947,783 |  |

| Movement on non distributable

| reserve | 1,434,249 |  |

| At 31 March 2025 | 7,382,032 |  |

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| During the year, the directors increased their loan to the company. As at 31 March 2025 the company owed them £2,518,153 (2024: £561,495). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

CHESTNUT DEVELOPMENT CO LIMITED (REGISTERED NUMBER: 02911549) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | RELATED PARTY DISCLOSURES

| Companies under common control |  |  | Amount due from |  |  | Amount due to |

|  | £ |  |  | £ |

| Opening balance |  |  | 1,500,000 |  |  | - |

| Amounts advanced |  |  | 10,550,002 |  |  | - |

| Amounts repaid |  |  | -1,500,000 |  |  | - |

| Closing balance |  |  | 10,550,002 |  |  | - |

| These balances are included in debtors and creditors respectively.

14. | ULTIMATE CONTROLLING PARTY

| The controlling party is Ms N K Blencowe.

| This was by virtue of her 100% holding of the issued share capital.