Company registration number 00190946 (England and Wales)
THE LUDGATE ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
THE LUDGATE ESTATES LIMITED
COMPANY INFORMATION
Directors
Mark G. Williams MRICS (Chairman)
Nigel J. Anderton BSc, Dip.Prop.Invest, FRICS
Alan G. Bennett BA, FCA
Ian J. Davies BSc, MRICS
Andrew Mills BSc, Dip.Prop.Invest, MRICS
Quentin Smye LLB
Secretary
Mrs J Joshua
Company number
00190946
Registered office
2 Friarsgate
Grosvenor Street
Chester
Cheshire
United Kingdom
CH1 1XG
Auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
THE LUDGATE ESTATES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9 - 10
Notes to the financial statements
11 - 15
THE LUDGATE ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of investment in commercial and residential properties.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mark G. Williams MRICS (Chairman)
Nigel J. Anderton BSc, Dip.Prop.Invest, FRICS
Alan G. Bennett BA, FCA
Ian J. Davies BSc, MRICS
Andrew Mills BSc, Dip.Prop.Invest, MRICS
Quentin Smye LLB
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

THE LUDGATE ESTATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
On behalf of the board
Ian J. Davies BSc, MRICS
Andrew Mills BSc, Dip.Prop.Invest, MRICS
Director
Director
20 November 2025
THE LUDGATE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LUDGATE ESTATES LIMITED
- 3 -
Opinion

We have audited the financial statements of The Ludgate Estates Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 30 June 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

THE LUDGATE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LUDGATE ESTATES LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

THE LUDGATE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LUDGATE ESTATES LIMITED (CONTINUED)
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management and directors of their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the company's Statement of Comprehensive Income and (ii) the company's accounting policy for revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, and GDPR legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection Regulations.

THE LUDGATE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LUDGATE ESTATES LIMITED (CONTINUED)
- 6 -

Audit response to risks identified

As a result of performing the above, we identified revenue recognition and adherence to laws and regulations as the key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management and directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Robert Hall
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
20 November 2025
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
THE LUDGATE ESTATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
1,606,561
1,477,179
Cost of sales
(126,970)
(136,309)
Gross profit
1,479,591
1,340,870
Administrative expenses including profit/(loss) on sale of investment properties
(173,235)
(142,678)
Operating profit
1,306,356
1,198,192
Interest receivable and similar income
8,229
8,090
Interest payable and similar expenses
(101,478)
(112,403)
Revaluation of investment properties
4
141,908
750,860
Profit before taxation
1,355,015
1,844,739
Tax on profit
(409,866)
(388,688)
Profit for the financial year
945,149
1,456,051
Other comprehensive income
Cash flow hedges loss arising in the year
(43,658)
(87,533)
Tax relating to other comprehensive income
7,458
18,427
Total comprehensive income for the year
908,949
1,386,945

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THE LUDGATE ESTATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
6
22,418,250
21,958,000
Current assets
Debtors
7
251,062
356,817
Cash at bank and in hand
544,473
460,403
795,535
817,220
Creditors: amounts falling due within one year
8
(587,104)
(794,962)
Net current assets
208,431
22,258
Total assets less current liabilities
22,626,681
21,980,258
Creditors: amounts falling due after more than one year
9
(2,750,000)
(2,700,000)
Provisions for liabilities
(343,009)
(246,400)
Net assets
19,533,672
19,033,858
Capital and reserves
Called up share capital
8,705
8,705
Revaluation reserve
2,312,185
2,656,217
Hedging reserve
(41,000)
(4,800)
Capital redemption reserve
195
195
Profit and loss reserves
17,253,587
16,373,541
Total equity
19,533,672
19,033,858

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

The financial statements were approved by the board of directors and authorised for issue on 20 November 2025 and are signed on its behalf by:
Ian J. Davies BSc, MRICS
Andrew Mills BSc, Dip.Prop.Invest, MRICS
Director
Director
Company registration number 00190946 (England and Wales)
THE LUDGATE ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
Share capital
Revaluation reserve
Hedging reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2023
8,705
2,021,646
64,306
195
15,943,786
18,038,638
Year ended 30 June 2024:
Profit
-
-
-
-
1,456,051
1,456,051
Other comprehensive income:
Cash flow hedges gains
-
-
(87,533)
-
-
(87,533)
Tax relating to other comprehensive income
-
-
0
18,427
-
-
0
18,427
Total comprehensive income
-
-
(69,106)
-
1,456,051
1,386,945
Dividends
5
-
-
-
-
(391,725)
(391,725)
Transfers
-
634,571
-
-
(634,571)
-
Balance at 30 June 2024
8,705
2,656,217
(4,800)
195
16,373,541
19,033,858
THE LUDGATE ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Share capital
Revaluation reserve
Hedging reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 10 -
Year ended 30 June 2025:
Profit
-
-
-
-
945,149
945,149
Other comprehensive income:
Cash flow hedges gains
-
-
(43,658)
-
-
(43,658)
Tax relating to other comprehensive income
-
-
0
7,458
-
-
0
7,458
Total comprehensive income
-
-
(36,200)
-
945,149
908,949
Dividends
5
-
-
-
-
(409,135)
(409,135)
Transfers
-
(344,032)
-
-
344,032
-
Balance at 30 June 2025
8,705
2,312,185
(41,000)
195
17,253,587
19,533,672
THE LUDGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Accounting policies
Company information

The Ludgate Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Friarsgate, Grosvenor Street, Chester, Cheshire, United Kingdom, CH1 1XG.

1.1
Basis of preparation

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income for the year, excluding VAT. Rental income is adjusted to exclude rents invoiced for future periods. Lease incentives to tenants are allocated evenly over the length of the lease.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

1.6
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.

THE LUDGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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.

1.7
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.

1.8
Hedge accounting

The company applies hedge accounting for transactions entered into to manage cash flow exposures of borrowing. Interest rate caps are held to manage the interest rate exposures and are designed as cash flow hedges of floating rate borrowings.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured to fair value at each balance sheet date. Fair value gains and losses are recognised in profit and loss account unless hedge accounting is applied and the hedge is a cash flow hedge.

The gains and losses recognised in the statement of other comprehensive income are recorded as a separate component of equity, the cash flow hedge reserve. The accumulated gains or losses in the cash flow hedge reserve are classified to the profit and loss accounts when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer probable, the hedged instrument is derecognised or the hedging instrument is terminated.

The fair value of the interest rate caps is included in debtors.

1.9
Taxation

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

THE LUDGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
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.

3
Employees

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

2025
2024
Number
Number
Total
6
6
THE LUDGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
4
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses)
Gain on investment properties
141,908
750,860
5
Dividends
2025
2024
£
£
Final paid
409,135
391,725
6
Investment property
2025
£
Fair value
At 1 July 2024
21,958,000
Additions
1,228,342
Disposals
(910,000)
Revaluations
141,908
At 30 June 2025
22,418,250

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 3 0 June 202 5 by Ian J. Davies MRICS, a Director of the Company, on the basis of market value in accordance with the RICS Valuation Global Standards 2022 including the International Valuation Standards. No allowances has been made for expenses of realisation or for any taxation which might arise and the valuation is expressed exclusive of any Value Added Tax that may become chargeable.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
19,554,049
19,283,726
Accumulated depreciation
-
-
Carrying amount
19,554,049
19,283,726
THE LUDGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
198,439
206,841
Other debtors
52,623
149,976
251,062
356,817
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
336
-
0
Corporation tax
170,214
272,454
Other taxation and social security
64,080
67,757
Other creditors
352,474
454,751
587,104
794,962
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,750,000
2,700,000

The bank loan is secured by a fixed and floating charge over all the assets of the company and is wholly repayable on 28 January 2026.

10
Related party transactions
Transactions with related parties

During the year the company paid for general property management and accounting services amounting to £120,948 (202 4: £113,697 ) provided by the subsidiary of a company considered to be related through common directors. Amounts payable to Smith Nicholas (Property Consultants) Limited at the year end amounted to £23,400 (202 4: £14,000 ).

11
Financial instruments

The company uses interest rate caps to manage its exposure to interest rate movements on its bank borrowings. At the balance sheet date the fair value of the interest rate cap was £13,144 (202 4: £56,802 ). A loss of £36,200 (2024; £69,106) net of related deferred tax was recognised in other comprehensive income. The hedged cash flows are expected to occur and to affect profit or loss over the period to maturity of the interest rate cap.

2025-06-30 2024-07-01 false false false CCH Software CCH Accounts Production 2025.200 Mark G. Williams MRICS (Chairman)Nigel J. Anderton BSc, Dip.Prop.Invest, FRICS Alan G. Bennett BA, FCA Ian J. Davies BSc, MRICS Andrew Mills BSc, Dip.Prop.Invest, MRICS Quentin Smye LLB Mrs J Joshua 00190946 2024-07-01 2025-06-30 00190946 bus:Director1 2024-07-01 2025-06-30 00190946 bus:Director2 2024-07-01 2025-06-30 00190946 bus:Director3 2024-07-01 2025-06-30 00190946 bus:Director4 2024-07-01 2025-06-30 00190946 bus:Director5 2024-07-01 2025-06-30 00190946 bus:Director6 2024-07-01 2025-06-30 00190946 bus:CompanySecretary1 2024-07-01 2025-06-30 00190946 bus:RegisteredOffice 2024-07-01 2025-06-30 00190946 2025-06-30 00190946 2023-07-01 2024-06-30 00190946 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 00190946 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 00190946 core:HedgingReserve 2024-07-01 2025-06-30 00190946 core:HedgingReserve 2023-07-01 2024-06-30 00190946 core:RevaluationReserve 2023-07-01 2024-06-30 00190946 core:RevenueReservesInvestmentFundsOnly 2023-07-01 2024-06-30 00190946 core:RevaluationReserve 2024-07-01 2025-06-30 00190946 2024-06-30 00190946 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 00190946 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00190946 core:ShareCapital 2025-06-30 00190946 core:ShareCapital 2024-06-30 00190946 core:RevaluationReserve 2025-06-30 00190946 core:RevaluationReserve 2024-06-30 00190946 core:HedgingReserve 2025-06-30 00190946 core:HedgingReserve 2024-06-30 00190946 core:CapitalRedemptionReserve 2025-06-30 00190946 core:CapitalRedemptionReserve 2024-06-30 00190946 core:RetainedEarningsAccumulatedLosses 2025-06-30 00190946 core:RetainedEarningsAccumulatedLosses 2024-06-30 00190946 core:ShareCapital 2023-06-30 00190946 core:RevaluationReserve 2023-06-30 00190946 core:HedgingReserve 2023-06-30 00190946 core:CapitalRedemptionReserve 2023-06-30 00190946 core:RetainedEarningsAccumulatedLosses 2023-06-30 00190946 2024-06-30 00190946 core:CurrentFinancialInstruments 2025-06-30 00190946 core:CurrentFinancialInstruments 2024-06-30 00190946 core:WithinOneYear 2025-06-30 00190946 core:WithinOneYear 2024-06-30 00190946 core:Non-currentFinancialInstruments 2025-06-30 00190946 core:Non-currentFinancialInstruments 2024-06-30 00190946 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 00190946 bus:FRS102 2024-07-01 2025-06-30 00190946 bus:Audited 2024-07-01 2025-06-30 00190946 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP