REGISTERED NUMBER: 03788975 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MOSAIC ESTATES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J G P Campling

S J Pope

S C Saville

D P Saville

REGISTERED OFFICE:

Ridge Court

The Ridge

Epsom

Surrey

KT18 7EP

REGISTERED NUMBER:

03788975 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Investments

4

6,057,147

7,077,102

Investment property

5

2,500,000

2,500,000

8,557,147

9,577,102

CURRENT ASSETS

Debtors

6

415

2,797

Cash at bank

104,110

53,440

104,525

56,237

CREDITORS

Amounts falling due within one year

7

2,059,531

3,032,439

NET CURRENT LIABILITIES

(1,955,006

)

(2,976,202

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,602,141

6,600,900

CREDITORS

Amounts falling due after more than one year

8

10,523,212

10,425,481

NET LIABILITIES

(3,921,071

)

(3,824,581

)

CAPITAL AND RESERVES

Called up share capital

2

2

Non- distributable reserve

772,996

772,996

Capital contribution reserve

315,696

312,764

Retained earnings

(5,009,765

)

(4,910,343

)

SHAREHOLDER FUNDS

(3,921,071

)

(3,824,581

)

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

Mosaic Estates Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 03788975 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 as modified by the revaluation of certain assets.

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 Mosaic Estates Ltd 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 based on the valuation performed by an independent professional valuer with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Revenue

Revenue represents income receivable, recognised on a time basis, from the company's property investments, excluding value added tax.

Investments in subsidiaries and associates

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 basis that the company is a going concern. The company's ability to continue as a going concern is dependent upon the support provided by its parent undertaking. The parent undertaking has confirmed that it has no intention of withdrawing its loan facility or of demanding any repayment of the loan within twelve months of the date of signature of these financial statements and that it intends to continue providing financial support for at least twelve months from such date. It is the intention of the directors to make repayments of the loans if there are sufficient cash reserves to do this without detriment to the other creditors.

At the balance sheet date the company had a bank loan facility of £1,984,949 included in creditors due within one year. On 27 May 2025 this loan was renewed with an initial balance of £2,200,00, expiring in May 2028.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

Loans to

group

group

Other

undertakings

undertakings

investments

Totals

£

£

£

£

COST

At 1 April 2024

2,425,008

7,451,751

12,000

9,888,759

Additions

-

345,495

-

345,495

Disposals

(1

)

(1,236,288

)

-

(1,236,289

)

At 31 March 2025

2,425,007

6,560,958

12,000

8,997,965

PROVISIONS

At 1 April 2024

2,275,001

536,656

-

2,811,657

Provision for year

20,000

109,161

-

129,161

At 31 March 2025

2,295,001

645,817

-

2,940,818

NET BOOK VALUE

At 31 March 2025

130,006

5,915,141

12,000

6,057,147

At 31 March 2024

150,007

6,915,095

12,000

7,077,102

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,500,000

NET BOOK VALUE

At 31 March 2025

2,500,000

At 31 March 2024

2,500,000

The investment property includes an office and building plot that was valued by Knight Frank LLP on 5 December 2024 at £2,000,000, and a garden that was valued by Vail Williams LLP on 20 June 2022 at £500,000. It is the opinion of the directors that the value of the investment property did not change between the balance sheet date and the dates of the valuations. The historical cost of the property is £1,727,004 (2024: £1,727,004).

No provision has been made for deferred tax of £79,386 (2024: £79,386) arising on the revaluation. This amount would become chargeable in the event of the property being sold, but there are tax losses within the group sufficient that the tax would not be payable.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2007

(514,437

)

Valuation in 2008

737,433

Valuation in 2009

(200,000

)

Valuation in 2010

(50,000

)

Valuation in 2011

150,000

Valuation in 2014

300,000

Valuation in 2019

270,000

Valuation in 2021

280,000

Valuation in 2022

(250,000

)

Valuation in 2024

50,000

Cost

1,727,004

2,500,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments and accrued income

415

2,797

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,984,949

2,972,500

Trade creditors

12,840

3,000

VAT

7,740

2,938

Net wages creditor

3,506

3,506

Accruals and deferred income

50,496

50,495

2,059,531

3,032,439

After the balance sheet date on 27 May 2025 the bank loan was renewed with an initial balance of £2,200,000. Instalments of £7,500 plus interest at 5.9% are repayable each quarter. The remaining balance is due to be repaid in May 2028. Both the loan at the balance sheet date and the renewed loan are secured by a charge over various properties owned by the company and its subsidiaries and by limited related party guarantees.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Loan from parent undertaking

10,523,212

10,425,481

For the loan from the parent undertaking, the directors have been given assurances that for the next 12 months from the date of approval of these financial statements, repayment will only be requested if Mosaic Estates Ltd has the funds available. No interest was charged in the year on this loan. Imputed interest has been recognised as a cost and capital contribution at 3% (2024: 3%).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

1,984,949

2,972,500

10.	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

11.	CONTINGENT LIABILITIES

The company has provided assurances to the directors of all its subsidiary undertakings that it will provide the finance to allow those companies to meet their external liabilities as they fall due.

There were no other contingent liabilities as at 31 March 2025 and 31 March 2024.

12.	POST BALANCE SHEET EVENTS

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

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