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Registered number: 05312903 CRACKNORE INVESTMENT LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
CRACKNORE INVESTMENT LIMITED CONTENTS
| Page
Balance sheet | 1 - 2
Statement of changes in equity | 3
Notes to the financial statements | 4 - 13
CRACKNORE INVESTMENT LIMITED REGISTERED NUMBER: 05312903 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 936 |  | 1,397
Investments | 6 |  | 13,232 |  | 13,232
Investment property | 7 |  | 19,000,000 |  | 19,000,000
|  |  | 19,014,168 |  | 19,014,629
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 6,027,584 |  | 6,356,558 |
Cash at bank and in hand | 9 | 103,592 |  | 334,260 |
|  | 6,131,176 |  | 6,690,818 |
Creditors: amounts falling due within one year | 10 | (442,083) |  | (434,251) |
Net current assets |  |  | 5,689,093 |  | 6,256,567
Total assets less current liabilities |  |  | 24,703,261 |  | 25,271,196
Creditors: amounts falling due after more than one year | 11 |  | (8,405,000) |  | (8,850,000)
Provisions for liabilities |  |  |  |  |
Deferred tax | 13 | (4,466,374) |  | (4,466,374) |
|  |  | (4,466,374) |  | (4,466,374)
Net assets |  |  | 11,831,887 |  | 11,954,822
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1,010 |  | 1,010
Other reserves | 14 |  | 9,528,626 |  | 9,528,626
Profit and loss account | 14 |  | 2,302,251 |  | 2,425,186
|  |  | 11,831,887 |  | 11,954,822
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. Page 1
CRACKNORE INVESTMENT LIMITED REGISTERED NUMBER: 05312903 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 November 2025.
Ian Steer
Director
The notes on pages 4 to 13 form part of these financial statements. Page 2
CRACKNORE INVESTMENT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 1,010 | 10,278,626 | 3,612,444 | 13,892,080
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (1,737,258) | (1,737,258)
Dividends: Equity capital | - | - | (200,000) | (200,000)
Fair value transfer | - | (1,000,000) | 1,000,000 | -
Deferred tax transfer | - | 250,000 | (250,000) | -
At 1 April 2024 | 1,010 | 9,528,626 | 2,425,186 | 11,954,822
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (122,935) | (122,935)
At 31 March 2025 | 1,010 | 9,528,626 | 2,302,251 | 11,831,887
| The notes on pages 4 to 13 form part of these financial statements.
Page 3
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Cracknore Investment Limited is a private company limited by share capital, incorporated in England & Wales, registration number 05312903. The address of the registered is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 4
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.5 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours Page 5
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 6
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.12 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2023 to continue to be charged over the period to the first market rent review rather than the term of the lease.
| 2.13 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 7
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.15 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.18 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment. Page 8
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, 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.
4. | Employees
| The average monthly number of employees, including directors, during the year was 5 (2024 - 5).
5. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 April 2024 | 20,297
| At 31 March 2025 | 20,297
| Depreciation |
| At 1 April 2024 | 18,900
| Charge for the year on owned assets | 461
| At 31 March 2025 | 19,361
| Net book value |
| At 31 March 2025 | 936
| At 31 March 2024 | 1,397
Page 9
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Fixed asset investments
|  | Investments in subsidiary companies | Investments in associates | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 13,207 | 25 | 13,232
| At 31 March 2025 | 13,207 | 25 | 13,232
7. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 19,000,000
| At 31 March 2025 | 19,000,000
A valuation of the company's freehold property was carried out at 11 January 2024 by Gerald Eve LLP. The historic cost of the property is £5,005,000
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 10,261 | 15,724
| Amounts owed by group undertakings | 4,565,373 | 5,065,374
| Other debtors | 1,437,086 | 1,237,129
| Prepayments and accrued income | 14,864 | 38,331
|  | 6,027,584 | 6,356,558
Page 10
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 103,592 | 334,260
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 18,836 | 32,039
| Other taxation and social security | 32,546 | 66,050
| Other creditors | 476 | 476
| Accruals and deferred income | 390,225 | 335,686
|  | 442,083 | 434,251
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 8,000,000 | 8,000,000
| Other loans | 405,000 | 850,000
|  | 8,405,000 | 8,850,000
12. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 1-2 years |  |
| Other loans | 405,000 | 850,000
| Amounts falling due 2-5 years |  |
| Bank loans | 8,000,000 | 8,000,000
|  | 8,405,000 | 8,850,000
| The bank loan is secured over the Company's investment property.
Page 11
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (4,466,374)
| At end of year | (4,466,374)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value movement | (4,466,374) | (4,466,374)
14. | Reserves
Other reserves Other reserves are made up of unrealised gains on investment property less deferred tax arising thereon. The unrealised gain is transferred from the profit and loss reserve to other reserves in the year the gain arises. Profit and loss account The Profit and loss reserve is made up of accumulated profit less dividends paid.
15. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 11,000 | 11,000
| Later than 1 year and not later than 5 years | 3,486 | 3,486
|  | 14,486 | 14,486
Page 12
CRACKNORE INVESTMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 17 November 2025 by Nicholas Weller FCCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.
Page 13