Company No: 12311197 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investments	4	10,030,373		9,817,851
		10,030,373		9,817,851
Current assets
Cash at bank and in hand		110,875		88,750
		110,875		88,750
Creditors: amounts falling due within one year	5	( 5,104,982)		( 9,064,611)
Net current liabilities		(4,994,107)		(8,975,861)
Total assets less current liabilities		5,036,266		841,990
Creditors: amounts falling due after more than one year	6	( 4,856,026)		( 805,936)
Provision for liabilities	7	( 195,238)		( 186,840)
Net liabilities		( 14,998)		( 150,786)
Capital and reserves
Called-up share capital		500		500
Profit and loss account		( 15,498 )		( 151,286 )
Total shareholders' deficit		( 14,998)		( 150,786)

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 members have 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 King's Cairn Investments Limited (registered number: 12311197) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

J S McGibbon 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

King's Cairn Investments 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 Level 1 Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, TN4 8BS, 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 King's Cairn Investments 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.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

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

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective 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 in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

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.

2. Prior year adjustment

The comparative figures on the profit or loss account have been restated. Specifically, amounts included in fair value movement have been reclassified to income from other fixed asset investments, for presentational and comparative purposes.
This adjustment affects the presentation of income categories only and does not impact total profit for the year or net assets.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Fair value gains on financial instruments		1,162,052		(127,582)		1,034,470
Income From Other Fixed Asset Investments		0		15,569		15,569
Dividends Received - Listed Investments		0		112,013		112,013

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	9,814,231		3,620		9,817,851
Additions	421,840		0		421,840
Disposals	( 241,460)		( 3,620)		( 245,080)
Movement in fair value	35,762		0		35,762
At 31 March 2025	10,030,373		0		10,030,373
Carrying value at 31 March 2025	10,030,373		0		10,030,373
Carrying value at 31 March 2024	9,814,231		3,620		9,817,851

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	5,808		0
Amounts owed to directors	5,093,066		9,059,052
Accruals	6,108		5,559
	5,104,982		9,064,611

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	4,856,026		805,936

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 186,840)		0
Charged to the Profit and Loss Account	( 8,398)		( 186,840)
At the end of financial year	( 195,238)		( 186,840)

8. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Loans made to the Company by the director	3,010,798		1,122,400
Repayments made to the director by the Company	(2,995,735)		(180,000)
Interest accrued on loans	69,042		16,525

During the year, the Company entered into transactions with its directors and their close family members. On 28 October 2024, the directors gifted to three close family members the outstanding balance of an unsecured loan of £4,000,000 previously provided to the Company.

On 23 January 2025, the directors loan balance was formalised under a loan agreement with the Company. It is an unsecured revolving loan facility of a total principal amount of £20,000,000; the facility bears interest at a rate of 2% per annum on balances drawn down, compounding annually and payable on demand.
On the same date, three close family members of the directors provided loan facilities to the Company. Each is an unsecured revolving loan facility of a principal amount of £10,000,000; the facility bears interest at a rate of 2% per annum on balances drawn down, compounding annually and payable on demand.

At the year end, the Company owed the directors £9,949,093 (2024 - £9,864,988).
This balance comprises two elements:

£4,856,026 (2024 - £805,936), which is held by the directors as bare trustees on behalf of their children. This amount is interest-bearing at a rate of 2% per annum and has a maturity date of 1 January 2030. It is included within other creditors due in more than one year.

£5,093,066 (2024 - £9,059,052), which is held by the director and is unsecured, bears interest at a rate of 2% per annum, compounding annually and repayable on demand. This amount is included within other creditors falling due within one year.