REGISTERED NUMBER: 00360552 (England and Wales)

Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Oakley Properties (Bedford) Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Consolidated Income Statement

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

Mr T F Wells

Mr R Ashworth

Viscount M W R Slim

Mr C H Wells

Mr N F Wells

SECRETARY:

Mr R Ashworth

REGISTERED OFFICE:

Brewpoint

Fairhill

Bedford

MK41 7FY

REGISTERED NUMBER:

00360552 (England and Wales)

AUDITORS:

GH Audit Limited

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

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

DIRECTORS

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

Mr T F Wells

Mr R Ashworth

Viscount M W R Slim

Mr C H Wells

Mr N F Wells

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr R Ashworth - Director

20 November 2025

Opinion

We have audited the financial statements of Oakley Properties (Bedford) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 March 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

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 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; 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 from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

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:

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:

1. The nature of the industry and sector, control environment and business performance

2. Key drivers for the remuneration policies of Key employee's remuneration, bonus levels and performance targets

3. Enquiries with management about their own identification and assessment of the risks of irregularities.

4. The matters discussed among the audit team regarding how and where fraud might occur and fraud indicators.

As a result of these procedures, we identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to the valuation of Freehold Property . In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. The assessment of the risk of fraud in terms of misappropriation of assets highlighted fraudulent payments as a focus area.

In considering the legal and regulatory framework that the company operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Key laws considered include the UK Companies Act and UK Tax Legislation.

Audit response to risks identified:

Testing was undertaken to confirm the accuracy of the directors' valuation of investment property and unlisted investments. This included enquiries of the board as to the basis of their judgement and what factors had been considered. We sought to corroborate their assertions to general market trends and knowledge of the sector. We assessed the appropriateness of the estimates in light of the audit evidence obtained.

Standard procedures were pursued to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias.

To cover the assessed risks in relation to fraudulent payments, we ensure that transactions are conducted in line with the company's authority matrix, together with a review of expenses in the profit and loss to ensure that they are genuine business expenses. We also perform analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud, these procedures include, but are not limited to variance analysis.

We remained alert to any indications of fraud or non-compliance throughout the entire audit process.

We have nothing to report to you as a result of our work on irregularities.

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.

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.

Colin Airey FCCA (Senior Statutory Auditor)

for and on behalf of GH Audit Limited

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

26 November 2025

TURNOVER

221,551

198,926

Cost of sales

29,651

45,557

GROSS PROFIT

191,900

153,369

Administrative expenses

66,379

63,027

125,521

90,342

Other operating income

9,874

3,030

OPERATING PROFIT

135,395

93,372

Income from fixed asset investments

402,106

373,929

Interest receivable and similar income

45,179

21,584

447,285

395,513

582,680

488,885

Gain/loss on revaluation of investments

838,467

1,374,929

PROFIT BEFORE TAXATION

1,421,147

1,863,814

Tax on profit

5

254,593

372,169

PROFIT FOR THE FINANCIAL YEAR

1,166,554

1,491,645

Profit attributable to:

Owners of the parent

1,166,554

1,491,645

FIXED ASSETS

Investments

7

8,442,396

7,603,553

Investment property

8

3,612,027

3,090,000

12,054,423

10,693,553

CURRENT ASSETS

Debtors

9

708,445

1,182,779

Cash at bank

551,536

350,847

1,259,981

1,533,626

CREDITORS

Amounts falling due within one year

10

100,616

79,742

NET CURRENT ASSETS

1,159,365

1,453,884

TOTAL ASSETS LESS CURRENT LIABILITIES

13,213,788

12,147,437

PROVISIONS FOR LIABILITIES

11

1,970,606

1,760,009

NET ASSETS

11,243,182

10,387,428

CAPITAL AND RESERVES

Called up share capital

18,500

18,500

Fair value reserve

12

6,891,227

6,263,357

Retained earnings

12

4,333,455

4,105,571

SHAREHOLDERS' FUNDS

11,243,182

10,387,428

The 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 were signed on its behalf by:

Mr T F Wells - Director

FIXED ASSETS

Investments

7

8,442,397

7,603,554

Investment property

8

1,175,000

1,175,000

9,617,397

8,778,554

CURRENT ASSETS

Debtors

9

1,464,746

1,497,691

Cash at bank

498,144

321,707

1,962,890

1,819,398

CREDITORS

Amounts falling due within one year

10

35,919

22,375

NET CURRENT ASSETS

1,926,971

1,797,023

TOTAL ASSETS LESS CURRENT LIABILITIES

11,544,368

10,575,577

PROVISIONS FOR LIABILITIES

11

1,857,936

1,647,339

NET ASSETS

9,686,432

8,928,238

CAPITAL AND RESERVES

Called up share capital

18,500

18,500

Fair value reserve

12

6,458,340

5,830,470

Retained earnings

12

3,209,592

3,079,268

SHAREHOLDERS' FUNDS

9,686,432

8,928,238

Company's profit for the financial year

1,068,994

1,405,876

The 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 were signed on its behalf by:

Mr T F Wells - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

18,500

3,944,880

5,232,103

9,195,483

Changes in equity

Total comprehensive income

-

460,391

1,031,254

1,491,645

Dividends

-

(299,700

)

-

(299,700

)

Balance at 31 March 2024

18,500

4,105,571

6,263,357

10,387,428

Changes in equity

Total comprehensive income

-

538,684

627,870

1,166,554

Dividends

-

(310,800

)

-

(310,800

)

Balance at 31 March 2025

18,500

4,333,455

6,891,227

11,243,182

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

18,500

3,004,346

4,799,216

7,822,062

Changes in equity

Total comprehensive income

-

374,622

1,031,254

1,405,876

Dividends

-

(299,700

)

-

(299,700

)

Balance at 31 March 2024

18,500

3,079,268

5,830,470

8,928,238

Changes in equity

Total comprehensive income

-

441,124

627,870

1,068,994

Dividends

-

(310,800

)

-

(310,800

)

Balance at 31 March 2025

18,500

3,209,592

6,458,340

9,686,432

Cash flows from operating activities

Cash generated from operations

1

149,703

101,414

Tax paid

(28,601

)

(26,553

)

Net cash from operating activities

121,102

74,861

Cash flows from investing activities

Purchase of fixed asset investments

(43,285

)

(118,940

)

Purchase of investment property

(522,027

)

-

Sale of fixed asset investments

52,783

117,606

Interest received

810

38

Dividends received

402,106

373,929

Net cash from investing activities

(109,613

)

372,633

Cash flows from financing activities

Loan repayments in year

500,000

-

Equity dividends paid

(310,800

)

(299,700

)

Net cash from financing activities

189,200

(299,700

)

Increase in cash and cash equivalents

200,689

147,794

Cash and cash equivalents at beginning of year

2

350,847

203,053

Cash and cash equivalents at end of year

2

551,536

350,847

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

2025

2024

£

£

Profit before taxation

1,421,147

1,863,814

Profit on disposal of fixed assets

(9,874

)

(3,030

)

Gain on revaluation of fixed assets

(838,467

)

(1,374,929

)

Finance income

(447,285

)

(395,513

)

125,521

90,342

Decrease/(increase) in trade and other debtors

18,703

(1,334

)

Increase in trade and other creditors

5,479

12,406

Cash generated from operations

149,703

101,414

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

551,536

350,847

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

350,847

203,053

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

350,847

200,689

551,536

350,847

200,689

551,536

Total

350,847

200,689

551,536

1.	STATUTORY INFORMATION

Oakley Properties (Bedford) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The directors have used their knowledge and experience to arrive at the fair value of the investment property and of unlisted investments.

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.

The effects of any corresponding deferred tax adjustment is also recognised in the profit or loss.

The directors value Investment Property at each year end. Every third year the directors consider if there is a possibility that the fair value has materially altered since the last professional valuation and, where they consider this possible, the directors appoint an independent professional valuer to revalue the properties.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment income

This comprises dividends and interest received and receivable. Dividends received are shown net of the tax credit attached thereto.

Financial instruments

Loans with group companies are repayable on demand and therefore measured at cost less impairment with no adjustment made to discount future cash flows.

Investments other than property

The group holds substantial investments in both listed and unlisted shares.

Listed shares are valued at the publicly traded fair value at the balance sheet date according to the valuation provided by the professional fund managers.

Unlisted shares are also valued at fair value as it is considered that their value can be measured reliably.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 5 (2024 - 5 ) .

5.

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

43,996

28,494

Deferred tax

210,597

343,675

Tax on profit

254,593

372,169

UK corporation tax was charged at 25 %) in 2024.

Deferred taxation is calculated using a rate of 25%.

6.	INDIVIDUAL INCOME STATEMENT

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

7.	FIXED ASSET INVESTMENTS

Group

Other

investments

£

COST OR VALUATION

At 1 April 2024

7,603,553

Additions

43,285

Disposals

(42,909

)

Revaluations

838,467

At 31 March 2025

8,442,396

NET BOOK VALUE

At 31 March 2025

8,442,396

At 31 March 2024

7,603,553

Cost or valuation at 31 March 2025 is represented by:

Other

investments

£

Valuation in 2016

4,324,089

Valuation in 2017

694,530

Valuation in 2018

(122,047

)

Valuation in 2019

658,618

Valuation in 2020

(364,248

)

Valuation in 2021

(115,325

)

Valuation in 2022

343,630

Valuation in 2023

(19,301

)

Valuation in 2024

1,374,929

Valuation in 2025

838,467

Cost

829,054

8,442,396

Company

Other

investments

£

COST OR VALUATION

At 1 April 2024

7,603,554

Additions

43,285

Disposals

(42,909

)

Revaluations

838,467

At 31 March 2025

8,442,397

NET BOOK VALUE

At 31 March 2025

8,442,397

At 31 March 2024

7,603,554

Cost or valuation at 31 March 2025 is represented by:

Other

investments

£

Valuation in 2016

4,324,089

Valuation in 2017

694,530

Valuation in 2018

(122,047

)

Valuation in 2019

658,618

Valuation in 2020

(364,248

)

Valuation in 2021

(115,325

)

Valuation in 2022

343,630

Valuation in 2023

(19,300

)

Valuation in 2024

1,374,929

Valuation in 2025

838,467

Cost

829,054

8,442,397

Included in unlisted investments of both the group and the company is a holding of 34,811 ordinary shares of £1 in Charles Wells Limited and a holding of 77,223 ordinary shares of £1 in Muntons (Holdings) PLC, both companies are connected with the directors. These investments are valued at their fair value as reliable measurements are available.

Included in the unlisted investments of the company is a holding of £1 in the subsidiary Napier Street (Bedford) Ltd. This investment is valued in the company's financial statements at cost as there is no reliable fair value measurement available.

Consolidated Financial Statements

The consolidated financial statements include the financial results for Napier Street (Bedford) Ltd, registered office; Brewpoint, Fairhill, Bedford, MK41 7FY. The parent company owns 1 Ordinary share in the subsidiary which represents 100% of the subsidiary's issued share capital.

8.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 April 2024

3,090,000

Additions

522,027

At 31 March 2025

3,612,027

NET BOOK VALUE

At 31 March 2025

3,612,027

At 31 March 2024

3,090,000