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REGISTERED NUMBER: 04216699 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

SWANSTON HOLDINGS PLC

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Consolidated Income Statement | 8 |

| Consolidated Other Comprehensive Income | 9 |

| Consolidated Statement of Financial Position | 10 |

| Company Statement of Financial Position | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Statement of Cash Flows | 14 |

| Notes to the Consolidated Statement of Cash Flows | 15 |

| Notes to the Consolidated Financial Statements | 16 |

| SWANSTON HOLDINGS PLC |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | Mrs P C Grant

| N L Grant

| A L Grant

| SECRETARY: | N L Grant

| REGISTERED OFFICE: | 34 Waterloo Road

| Wolverhampton

| WV1 4DG

| REGISTERED NUMBER: | 04216699 (England and Wales)

| AUDITORS: | Crombies Accountants Limited

| Chartered Accountants and Statutory Auditor

| 34 Waterloo Road

| Wolverhampton

| West Midlands

| WV1 4DG

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

The directors present their strategic report of the company and the group for the year ended 31 May 2025.

REVIEW OF BUSINESS

The company continues to own a portfolio of commercial investment properties and to benefit from rental income from substantial tenants, most of whom are in the retail sector.The majority of leases are in excess of ten years.

Rental and associated income has increased by approximately 2% from the previous year. The company has undertaken a program of significant refurbishment of properties during any void periods to ensure that the portfolio remains attractive to potential tenants, and this has resulted in a good level of re-letting on attractive terms.

The wholly owned subsidiary Cubberley Estates Limited continues to own a portfolio of residential properties in Ross-on-Wye which are let on a short term basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The company derives most of its income from well known high street retailers whose financial performance fluctuated over the last year. The risk is mitigated by the overall financial strength of these tenants whose cash flows are robust.

Whilst the directors acknowledge there are greater challenges facing the UK retail sector, they consider that the varied nature of the existing tenants spreads that risk so that income streams can be maintained in the future.

Future changes in interest rates could adversely affect the company's liquidity. Cash resources however remain good and external borrowing levels represent less than 30% of the value of the property portfolio and it is therefore envisaged that any potential increase in interest rates can be absorbed without difficulty

FUTURE DEVELOPMENTS

The group will continue to manage it's property portfolio and refurbish properties as necessary to ensure that they remain competitive and attractive to potential tenants.

ON BEHALF OF THE BOARD:

N L Grant - Director

27 October 2025

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MAY 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 May 2025 will be £ 23,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

Mrs P C Grant

N L Grant

A L Grant

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 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 company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N L Grant - Director

27 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWANSTON HOLDINGS PLC

Opinion

We have audited the financial statements of Swanston Holdings PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 31 May 2025 and of the group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWANSTON HOLDINGS PLC

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWANSTON HOLDINGS PLC

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property rental sector

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWANSTON HOLDINGS PLC

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 a Report of the Auditors 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.

Ian Cattell FCA (Senior Statutory Auditor)

for and on behalf of Crombies Accountants Limited

Chartered Accountants and Statutory Auditor

34 Waterloo Road

Wolverhampton

West Midlands

WV1 4DG

27 October 2025

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 885,855 |  | 865,569 |  |

Administrative expenses | 486,998 |  | 448,086 |  |

OPERATING PROFIT | 4 | 398,857 |  | 417,483 |  |

Interest receivable and similar income | 31 |  | 36 |  |

398,888 |  | 417,519 |  |

Interest payable and similar expenses | 5 | 356,159 |  | 329,619 |  |

PROFIT BEFORE TAXATION | 42,729 |  | 87,900 |  |

Tax on profit | 6 | 23,500 |  | 28,579 |  |

PROFIT FOR THE FINANCIAL YEAR | 19,229 |  | 59,321 |  |

Profit attributable to:

Owners of the parent | 19,229 |  | 59,321 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 19,229 |  | 59,321 |  |

OTHER COMPREHENSIVE INCOME |

Fair value adjustment | - |  | (270,000 | ) |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | (270,000 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 19,229 |  | (210,679 | ) |

Total comprehensive income attributable to:

Owners of the parent | 19,229 |  | (210,679 | ) |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 368,870 |  | 389,204 |  |

Investments | 10 | - |  | 40,755 |  |

Investment property | 11 | 19,265,919 |  | 19,265,919 |  |

19,634,789 |  | 19,695,878 |  |

CURRENT ASSETS

Debtors | 12 | 60,280 |  | 130,486 |  |

Cash at bank | 99,287 |  | 230,013 |  |

159,567 |  | 360,499 |  |

CREDITORS

Amounts falling due within one year | 13 | 216,065 |  | 144,914 |  |

NET CURRENT (LIABILITIES)/ASSETS | (56,498 | ) | 215,585 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,578,291 |  | 19,911,463 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (5,309,852 | ) | (5,639,253 | ) |

PROVISIONS FOR LIABILITIES | 16 | (28,700 | ) | (28,700 | ) |

NET ASSETS | 14,239,739 |  | 14,243,510 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 51,355 |  | 51,355 |  |

Share premium | 18 | 359,075 |  | 359,075 |  |

Fair value reserve | 18 | 2,519,394 |  | 2,497,076 |  |

Retained earnings | 18 | 11,309,915 |  | 11,336,004 |  |

SHAREHOLDERS' FUNDS | 14,239,739 |  | 14,243,510 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

N L Grant - Director

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

COMPANY STATEMENT OF FINANCIAL POSITION

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 368,280 |  | 388,467 |  |

Investments | 10 | 360,430 |  | 401,185 |  |

Investment property | 11 | 18,330,920 |  | 18,330,920 |  |

19,059,630 |  | 19,120,572 |  |

CURRENT ASSETS

Debtors | 12 | 253,934 |  | 130,486 |  |

Cash at bank | 97,499 |  | 229,550 |  |

351,433 |  | 360,036 |  |

CREDITORS

Amounts falling due within one year | 13 | 199,589 |  | 129,991 |  |

NET CURRENT ASSETS | 151,844 |  | 230,045 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,211,474 |  | 19,350,617 |  |

CREDITORS

Amounts falling due after more than one year | 14 | 5,054,677 |  | 5,148,237 |  |

NET ASSETS | 14,156,797 |  | 14,202,380 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 51,355 |  | 51,355 |  |

Share premium | 18 | 359,075 |  | 359,075 |  |

Fair value reserve | 18 | 2,289,683 |  | 2,289,683 |  |

Retained earnings | 18 | 11,456,684 |  | 11,502,267 |  |

SHAREHOLDERS' FUNDS | 14,156,797 |  | 14,202,380 |  |

Company's (loss)/profit for the financial year | (22,583 | ) | 63,563 |  |

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:

N L Grant - Director

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

| Called up |  | Fair |

| share |  | Retained |  | Share |  | value |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 June 2023 | 51,355 |  | 11,407,683 |  | 359,075 |  | 2,767,076 |  | 14,585,189 |  |

Changes in equity

Dividends | - |  | (131,000 | ) | - |  | - |  | (131,000 | ) |

Total comprehensive income | - |  | 59,321 |  | - |  | (270,000 | ) | (210,679 | ) |

Balance at 31 May 2024 | 51,355 |  | 11,336,004 |  | 359,075 |  | 2,497,076 |  | 14,243,510 |  |

Changes in equity

Dividends | - |  | (23,000 | ) | - |  | - |  | (23,000 | ) |

Total comprehensive income | - |  | (3,089 | ) | - |  | 22,318 |  | 19,229 |  |

Balance at 31 May 2025 | 51,355 |  | 11,309,915 |  | 359,075 |  | 2,519,394 |  | 14,239,739 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

| Called up |  | Fair |

| share |  | Retained |  | Share |  | value |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 June 2023 | 51,355 |  | 11,569,704 |  | 359,075 |  | 2,559,683 |  | 14,539,817 |  |

Changes in equity

Dividends | - |  | (131,000 | ) | - |  | - |  | (131,000 | ) |

Total comprehensive income | - |  | 63,563 |  | - |  | (270,000 | ) | (206,437 | ) |

Balance at 31 May 2024 | 51,355 |  | 11,502,267 |  | 359,075 |  | 2,289,683 |  | 14,202,380 |  |

Changes in equity

Dividends | - |  | (23,000 | ) | - |  | - |  | (23,000 | ) |

Total comprehensive income | - |  | (22,583 | ) | - |  | - |  | (22,583 | ) |

Balance at 31 May 2025 | 51,355 |  | 11,456,684 |  | 359,075 |  | 2,289,683 |  | 14,156,797 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 608,405 |  | 478,312 |  |

Interest paid | (356,159 | ) | (329,619 | ) |

Tax paid | (29,286 | ) | (53,798 | ) |

Net cash from operating activities | 222,960 |  | 94,895 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,316 | ) | (1,970 | ) |

Sale of investment property | - |  | 2,552 |  |

Interest received | 31 |  | 36 |  |

Net cash from investing activities | (1,285 | ) | 618 |  |

Cash flows from financing activities

New loans in year | - |  | 137,049 |  |

Amount withdrawn by directors | (329,401 | ) | (314,430 | ) |

Equity dividends paid | (23,000 | ) | (131,000 | ) |

Net cash from financing activities | (352,401 | ) | (308,381 | ) |

Decrease in cash and cash equivalents | (130,726 | ) | (212,868 | ) |

Cash and cash equivalents at beginning of year | 2 | 230,013 |  | 442,881 |  |

Cash and cash equivalents at end of year | 2 | 99,287 |  | 230,013 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MAY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 42,729 |  | 87,900 |  |

| Depreciation charges | 21,650 |  | 22,259 |  |

| Loss on disposal of fixed assets | 40,755 |  | - |  |

| Finance costs | 356,159 |  | 329,619 |  |

| Finance income | (31 | ) | (36 | ) |

461,262 |  | 439,742 |  |

| Decrease in trade and other debtors | 70,206 |  | 35,033 |  |

| Increase in trade and other creditors | 76,937 |  | 3,537 |  |

| Cash generated from operations | 608,405 |  | 478,312 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 May 2025

| 31.5.25 |  | 1.6.24

£ | £ |

| Cash and cash equivalents | 99,287 |  | 230,013 |  |

| Year ended 31 May 2024

| 31.5.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 230,013 |  | 442,881 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.6.24 | Cash flow | At 31.5.25

£ | £ | £ |

| Net cash |

| Cash at bank | 230,013 |  | (130,726 | ) | 99,287 |  |

230,013 |  | (130,726 | ) | 99,287 |  |

| Debt

| Debts falling due after 1 year | (4,500,000 | ) | - |  | (4,500,000 | ) |

(4,500,000 | ) | - |  | (4,500,000 | ) |

| Total | (4,269,987 | ) | (130,726 | ) | (4,400,713 | ) |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

| Swanston Holdings PLC is a public unquoted company, registered in England and Wales and whose shareholders' liability is limited by shares. 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" 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Significant judgements and estimates

| In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure.

| The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have significant risk of material adjustments to carrying amount of assets and liabilities are:

| Tangible fixed assets

| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

| Bad debt provision

| The company has recognised provisions against specific trade debtor balances. The judgements and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debt balances and the assessed recoverability.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined by which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

| The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.

| 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.

| No depreciation is charged on investment property as the directors consider the valuation to reflect its fair value at the balance sheet date.

| Taxation

| 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

| 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.

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

| Impairment

| The group assesses the impairment of assets subject to amortisation or depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Such assessments are carried out annually or more frequently if considered necessary. Factors considered important that could trigger an impairment review of assets include the following:

| -Significant underperformance relative to historical or projected future operating results

| -Significant changes in the manner of the use of the assets or the strategy for the overall business and

| -Significant negative industry or economic trends

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 9,096 |  | 9,096 |  |

| Social security costs | 189 |  | - |  |

9,285 |  | 9,096 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Administration staff | 3 |  | 3 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 9,096 |  | 9,096 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 21,650 |  | 22,259 |  |

| Loss on disposal of fixed assets | 40,755 |  | - |  |

| Auditors' remuneration | 14,100 |  | 14,040 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Loan interest | 41,169 |  | 24,195 |  |

| Mortgage interest | 314,990 |  | 305,424 |  |

356,159 |  | 329,619 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 23,500 |  | 28,579 |  |

| Tax on profit | 23,500 |  | 28,579 |  |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 31 May 2025.

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Fair value adjustment | (270,000 | ) | - |  | (270,000 | ) |

7. | INDIVIDUAL INCOME STATEMENT

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

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary B shares of £1 each |

| Interim | 23,000 |  | 131,000 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

9. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Short |  | to |  | Plant and

| leasehold |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 June 2024 | 300,000 |  | 273,043 |  | 60,511 |  |

| Additions | - |  | - |  | - |  |

| Disposals | - |  | - |  | - |  |

| At 31 May 2025 | 300,000 |  | 273,043 |  | 60,511 |  |

| DEPRECIATION

| At 1 June 2024 | 127,706 |  | 76,452 |  | 43,772 |  |

| Charge for year | 6,522 |  | 10,922 |  | 3,348 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 May 2025 | 134,228 |  | 87,374 |  | 47,120 |  |

| NET BOOK VALUE

| At 31 May 2025 | 165,772 |  | 185,669 |  | 13,391 |  |

| At 31 May 2024 | 172,294 |  | 196,591 |  | 16,739 |  |

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024 | 43,688 |  | 1,246 |  | 678,488 |  |

| Additions | 1,316 |  | - |  | 1,316 |  |

| Disposals | - |  | (1,246 | ) | (1,246 | ) |

| At 31 May 2025 | 45,004 |  | - |  | 678,558 |  |

| DEPRECIATION

| At 1 June 2024 | 40,108 |  | 1,246 |  | 289,284 |  |

| Charge for year | 858 |  | - |  | 21,650 |  |

| Eliminated on disposal | - |  | (1,246 | ) | (1,246 | ) |

| At 31 May 2025 | 40,966 |  | - |  | 309,688 |  |

| NET BOOK VALUE

| At 31 May 2025 | 4,038 |  | - |  | 368,870 |  |

| At 31 May 2024 | 3,580 |  | - |  | 389,204 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

9. | TANGIBLE FIXED ASSETS - continued

| Company

| Improvements |  | Fixtures |

| Short |  | to |  | Plant and |  | and |

| leasehold |  | property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 June 2024 | 300,000 |  | 273,043 |  | 60,511 |  | 32,688 |  | 666,242 |  |

| Additions | - |  | - |  | - |  | 1,316 |  | 1,316 |  |

| At 31 May 2025 | 300,000 |  | 273,043 |  | 60,511 |  | 34,004 |  | 667,558 |  |

| DEPRECIATION

| At 1 June 2024 | 127,706 |  | 76,452 |  | 43,772 |  | 29,845 |  | 277,775 |  |

| Charge for year | 6,522 |  | 10,922 |  | 3,348 |  | 711 |  | 21,503 |  |

| At 31 May 2025 | 134,228 |  | 87,374 |  | 47,120 |  | 30,556 |  | 299,278 |  |

| NET BOOK VALUE

| At 31 May 2025 | 165,772 |  | 185,669 |  | 13,391 |  | 3,448 |  | 368,280 |  |

| At 31 May 2024 | 172,294 |  | 196,591 |  | 16,739 |  | 2,843 |  | 388,467 |  |

10. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| At 1 June 2024 | 40,755 |  |

| Disposals | (40,755 | ) |

| At 31 May 2025 | - |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  |

| At 31 May 2024 | 40,755 |  |

| Company

| Unlisted

| investments

£ |

| COST

| At 1 June 2024 | 401,185 |  |

| Disposals | (40,755 | ) |

| At 31 May 2025 | 360,430 |  |

| NET BOOK VALUE

| At 31 May 2025 | 360,430 |  |

| At 31 May 2024 | 401,185 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

11. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 June 2024

| and 31 May 2025 | 19,265,919 |  |

| NET BOOK VALUE

| At 31 May 2025 | 19,265,919 |  |

| At 31 May 2024 | 19,265,919 |  |

| Fair value at 31 May 2025 is represented by:

£ |

| Valuation in 2015 | 4,321,599 |  |

| Valuation in 2017 | 227,968 |  |

| Valuation in 2018 | 371,412 |  |

| Valuation in 2019 | (1,855,022 | ) |

| Valuation in 2020 | (8,259 | ) |

| Valuation in 2021 | 263,043 |  |

| Cost | 15,945,178 |  |

19,265,919 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1 June 2024

| and 31 May 2025 | 18,330,920 |  |

| NET BOOK VALUE

| At 31 May 2025 | 18,330,920 |  |

| At 31 May 2024 | 18,330,920 |  |

| Fair value at 31 May 2025 is represented by:

£ |

| Valuation in 2015 | 4,321,599 |  |

| Valuation in 2018 | 371,412 |  |

| Valuation in 2019 | (1,805,022 | ) |

| Valuation in 2021 | 203,043 |  |

| Valuation in 2022 | (20,137 | ) |

| Cost | 15,260,025 |  |

18,330,920 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 60,280 |  | 130,486 |  | 60,280 |  | 130,486 |  |

| Amounts owed by group undertakings | - |  | - |  | 193,654 |  | - |  |

60,280 |  | 130,486 |  | 253,934 |  | 130,486 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 1 |  | 1,162 |  | 2 |  | 1,163 |  |

| Tax | 23,500 |  | 29,286 |  | 10,923 |  | 18,262 |  |

| Social security and other taxes | 62,072 |  | 38,902 |  | 62,072 |  | 38,902 |  |

| Other creditors | 324 |  | 3,135 |  | 324 |  | 3,135 |  |

| Rent received in advance | 62,256 |  | 58,329 |  | 62,256 |  | 58,329 |  |

| Accruals & deferred income | 67,912 |  | 14,100 |  | 64,012 |  | 10,200 |  |

216,065 |  | 144,914 |  | 199,589 |  | 129,991 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 15) | 4,500,000 |  | 4,500,000 |  | 4,500,000 |  | 4,500,000 |  |

| Other loans | 246,003 |  | 246,003 |  | - |  | - |  |

| Directors' loan accounts | 563,849 |  | 893,250 |  | 554,677 |  | 648,237 |  |

5,309,852 |  | 5,639,253 |  | 5,054,677 |  | 5,148,237 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 4,500,000 |  | 4,500,000 |  | 4,500,000 |  | 4,500,000 |  |

16. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 28,700 |  | 28,700 |  |

| SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 28,700 |  |

| Balance at 31 May 2025 | 28,700 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 50,055 | Ordinary A | £1 | 50,055 |  | 50,055 |  |

| 650 | Ordinary B | £1 | 650 |  | 650 |  |

| 650 | Ordinary C | £1 | 650 |  | 650 |  |

51,355 |  | 51,355 |  |

18. | RESERVES

| Group

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 June 2024 | 11,336,004 |  | 359,075 |  | 2,497,076 |  | 14,192,155 |  |

| Profit for the year | 19,229 |  | 19,229 |  |

| Dividends | (23,000 | ) | (23,000 | ) |

| Gain/loss on revaluation | (22,318 | ) | - |  | 22,318 |  | - |  |

| At 31 May 2025 | 11,309,915 |  | 359,075 |  | 2,519,394 |  | 14,188,384 |  |

| Company

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 June 2024 | 11,502,267 |  | 359,075 |  | 2,289,683 |  | 14,151,025 |  |

| Deficit for the year | (22,583 | ) | (22,583 | ) |

| Dividends | (23,000 | ) | (23,000 | ) |

| At 31 May 2025 | 11,456,684 |  | 359,075 |  | 2,289,683 |  | 14,105,442 |  |