REGISTERED NUMBER: 01541386 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CARDINAL INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J Pope

J G P Campling

S C Saville

REGISTERED OFFICE:

Ridge Court

The Ridge

Epsom

Surrey

KT18 7EP

REGISTERED NUMBER:

01541386 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Investments

4

293

292

Investment property

5

601,028

586,408

601,321

586,700

CURRENT ASSETS

Debtors: amounts falling due within one year

6

2,368

1,848

Debtors: amounts falling due after more than one year

6

8,346,184

6,829,331

Cash at bank

55,218

32,581

8,403,770

6,863,760

CREDITORS

Amounts falling due within one year

7

51,119

69,759

NET CURRENT ASSETS

8,352,651

6,794,001

TOTAL ASSETS LESS CURRENT LIABILITIES

8,953,972

7,380,701

CREDITORS

Amounts falling due after more than one year

8

9,443,229

7,729,266

NET LIABILITIES

(489,257

)

(348,565

)

CAPITAL AND RESERVES

Called up share capital

1,526,851

1,526,851

Share premium

738,000

738,000

Capital redemption reserve

295,000

295,000

Capital contribution reserve

283,297

231,878

Retained earnings

(3,332,405

)

(3,140,294

)

SHAREHOLDER FUNDS

(489,257

)

(348,565

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

S J Pope - Director

1.	STATUTORY INFORMATION

Cardinal International Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01541386 and its registered office is Ridge Court, The Ridge, Epsom, Surrey, KT18 7EP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Preparation of consolidated financial statements

The financial statements contain information about Cardinal International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is the valuation of investment property. Investment property is stated at fair value estimated by the directors.

Revenue

Revenue represents income receivable, recognised on a time basis, for management charges, excluding value added tax.

Investments in subsidiaries

Fixed asset investments are stated at their cost less provision for permanent diminution in value.

Investment property

In accordance with FRS 102 Section 16, properties held for long-term investment are included in the balance sheet at fair value. The surpluses or deficits on such properties are recognised on the income statement. Depreciation is not provided in respect of such freehold investment properties.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Going concern

The financial statements have been prepared on the going concern basis. The company's immediate parent undertaking CRBF Private Equity Limited has confirmed that it has no intention of withdrawing or demanding repayment of the loan facilities that it has provided to the company, within twelve months of the date of approval of these financial statements. Based on this undertaking, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

292

Additions

1

At 31 March 2025

293

NET BOOK VALUE

At 31 March 2025

293

At 31 March 2024

292

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

586,408

Additions

14,620

At 31 March 2025

601,028

NET BOOK VALUE

At 31 March 2025

601,028

At 31 March 2024

586,408

The investment property has been valued by the directors at fair value. This is the same as historical cost. The directors have considered the likely proceeds of realisation for the investment property with reference to the current market conditions.

No tax liability would fall due if the property had been sold at the year end.

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Other debtors

2,368

1,848

Amounts falling due after more than one year:

Amounts owed by group undertakings

8,346,184

6,829,331

Aggregate amounts

8,348,552

6,831,179

Amounts owed by group undertakings includes £8,636,732 (2024: £6,829,331) due from group undertakings less a provision of £290,548 (2024: £Nil).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,203

2,400

Taxation and social security

6,469

5,368

Other creditors

42,447

61,991

51,119

69,759

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

9,443,229

7,729,266

The loan is interest free with no fixed repayment term and is secured on all the assets of the company under the terms of a debenture dated 8 September 1995. Imputed interest has been recognised as a cost and a capital contribution at 3% (2024: 3%).

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

10.	POST BALANCE SHEET EVENTS

On 27 May 2025 the company disposed of 100% of the share capital of Mosaic (Woolavington) Ltd (previously known as CIL (Woolavington) Ltd) for nil consideration, and acquired 100% of the share capital of CIL (Exeter) Ltd (previously known as Mosaic (Exeter) Ltd) for nil consideration.

Both share transfers were with another entity within the same group, resulting in no change to the ultimate beneficiaries.