Company No: 09959525 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	37,953,400		38,203,400
Investments	4	21,578,425		21,042,510
		59,531,825		59,245,910
Current assets
Debtors	5	13,709,836		10,241,710
Cash at bank and in hand		5,050,368		8,473,758
		18,760,204		18,715,468
Creditors: amounts falling due within one year	6	( 1,982,741)		( 2,256,445)
Net current assets		16,777,463		16,459,023
Total assets less current liabilities		76,309,288		75,704,933
Provision for liabilities		( 457,924)		( 497,214)
Net assets		75,851,364		75,207,719
Capital and reserves
Called-up share capital		32,942,888		32,942,888
Revaluation reserve		504,212		791,348
Fair value reserve		14,975,873		14,941,304
Profit and loss account		27,428,391		26,532,179
Total shareholder's funds		75,851,364		75,207,719

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

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Benacre Properties Company Limited (registered number: 09959525) were approved and authorised for issue by the Board of Directors on 25 November 2025. They were signed on its behalf by:

Mrs L Hutson MVO DL Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Benacre Properties Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Estate and Farms Office, Hall Farm, Benacre, Beccles, Suffolk, NR34 7LJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Benacre Properties Company Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover in the Profit and loss account represents rental income and tenant recharges due for the period. Rental income is recognised net of VAT on an accruals basis in accordance with the relevant rental agreements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established where there is evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost.

Investments

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account.

Operating leases

Rentals payable and receivable under operating leases are charged to the Profit and loss account on a straight line basis over the period of the lease term. Benefits received and receivable as an incentive to enter into an operating lease such as rent free periods are also spread on a straight line basis over the lease term.

Pensions

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 the Profit and loss account 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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	38,203,400
Additions	138,239
Fair value movement	34,569
Disposals	(422,808)
As at 31 March 2025	37,953,400

Investment properties are valued on an annual basis by professional third parties who hold recognised professional qualifications. These valuations were considered by the directors and deemed appropriate in determining the fair value of the investment properties.

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	1
At 31 March 2025	1
Carrying value at 31 March 2025	1
Carrying value at 31 March 2024	1

	Listed investments		Investments in joint ventures		Other investments		Total
	£		£		£		£
Cost or valuation before impairment
At 01 April 2024	11,522,091		0		9,520,418		21,042,509
Additions	5,836,194		5		0		5,836,199
Disposals	( 5,199,019)		0		0		( 5,199,019)
Movement in fair value	( 101,265)		0		0		( 101,265)
At 31 March 2025	12,058,001		5		9,520,418		21,578,424
Carrying value at 31 March 2025	12,058,001		5		9,520,418		21,578,424
Carrying value at 31 March 2024	11,522,091		0		9,520,418		21,042,509

Investments in shares

The following was a subsidiary undertaking of the Company:

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024	Held
Benacre (FB) Limited	The Estate and Farms Office, Hall Farm, Benacre, Beccles, Suffolk, NR34 7LJ	Other letting and operating of own or leased real estate	Ordinary	100.00%	100.00%	Direct

Investments in joint ventures

The following was a joint venture of the Company:

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Held
Station Road Barnsley Limited	Union, 2 - 10 Albert Square, Manchester, M2 6LW	Development of building projects	Ordinary	50.00%	Direct

5. Debtors

	2025		2024
	£		£
Trade debtors	238,762		278,592
Amounts owed by Group undertakings	6,484,532		5,739,832
Amounts owed by joint ventures	2,460,374		0
Prepayments and accrued income	3,895,950		3,982,780
Corporation tax	168,729		56,272
Other debtors	461,489		184,234
	13,709,836		10,241,710

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	125,708		174,554
Accruals and deferred income	721,177		820,027
Other taxation and social security	39,594		38,143
Other creditors	1,096,262		1,223,721
	1,982,741		2,256,445

7. Financial commitments

Commitments

Capital commitments are as follows:

	2025		2024
	£		£
Contracted for but not provided for:
Other	0		50,845

8. Related party transactions

During the year, the Company paid rent to two directors totalling £60,642 (2024: £35,607). There was £16,588 (2024: £15,762) payable to the directors at the year end.