Company Registration No. 06343874 (England and Wales)
Cygnet Industries Limited
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Cygnet Industries Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Cygnet Industries Limited
Balance sheet
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
5
65,012,885
63,810,802
Current assets
Debtors
418
2,906
Cash at bank and in hand
1,113,528
1,425,552
1,113,946
1,428,458
Creditors: amounts falling due within one year
(5,102,732)
(120,373)
Net current (liabilities)/assets
(3,988,786)
1,308,085
Total assets less current liabilities
61,024,099
65,118,887
Creditors: amounts falling due after more than one year
(4,850,000)
(7,850,000)
Provisions for liabilities
(5,091,776)
(6,382,655)
Net assets
51,082,323
50,886,232
Capital and reserves
Called up share capital
19,794,835
19,794,835
Other reserves
24,432,559
24,538,538
Profit and loss reserves
6,854,929
6,552,859
Total equity
51,082,323
50,886,232

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Cygnet Industries Limited
Balance sheet (continued)
As at 31 March 2025
2
The financial statements were approved by the board of directors and authorised for issue on 17 September 2025 and are signed on its behalf by:
The Hon Charlotte Townshend DL
Director
Company Registration No. 06343874
Cygnet Industries Limited
Statement of changes in equity
For the year ended 31 March 2025
3
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 March 2023
19,794,835
21,587,371
5,571,247
46,953,453
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
3,932,779
3,932,779
Transfers
-
2,951,167
(2,951,167)
-
Balance at 31 March 2024
19,794,835
24,538,538
6,552,859
50,886,232
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
196,091
196,091
Transfers
-
(105,979)
105,979
-
Balance at 31 March 2025
19,794,835
24,432,559
6,854,929
51,082,323
Cygnet Industries Limited
Notes to the financial statements
For the year ended 31 March 2025
4
1
Accounting policies
Company information

Cygnet Industries Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Melbury Sampford, Dorchester, Dorset, DT2 0LF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Cygnet Industries Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
5
Fair value measurement of financial instruments
Other financial assets, includinf investments in equity instruments which are not subsidaries, 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 the profit or loss, except that instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost.
Basic financial assets

Basic financial assets, which include debtors, 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

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.

Classification of financial liabilities

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.

Basic financial 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 paymen ts 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. A m ounts 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cygnet Industries Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Cygnet Industries Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
3
Employees

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

2025
2024
Number
Number
Total
-
0
-
0
4
Property development partnership
Balances at 1 April 2024
Additions
Repayments
Share of profit
Balances at 31 March 2025
£
£
£
£
£
Blake Street Venture
131,828
-
-
2,854
134,682
131,828
-
-
2,854
134,682
Partnership entity
Proportion held
Net assets at 31 March 2025
Profit for the year
£
£
Blake Street Venture
14.30%
1,007,909
19,952
The principal activity of the partnership is property development.
5
Fixed asset investments
2025
2024
£
£
Listed investments
64,878,203
63,678,974
Unlisted investments
134,682
131,828
65,012,885
63,810,802

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £35,739,414 (2024: £32,757,782).

Unlisted investments represents interests in property development partnerships. Further details of these have been included within note 4.

Cygnet Industries Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
5
Fixed asset investments (continued)
8
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
63,810,802
Additions
3,048,441
Valuation changes
(1,782,400)
Profit share
2,854
Capital distribution
(66,812)
At 31 March 2025
65,012,885
Carrying amount
At 31 March 2025
65,012,885
At 31 March 2024
63,810,802
6
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Investments
5,091,776
6,382,655
2025
Movements in the year:
£
Liability at 1 April 2024
6,382,655
Credit to profit or loss
(1,290,879)
Liability at 31 March 2025
5,091,776
7
Related party transactions

Transactions with related parties have been identified, as the transactions are conducted under normal market conditions disclosures have been excluded from the financial statements.

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