Company No: 02797834 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mrs S Matthews
	Mrs S Price
	Mr J Trezise

SECRETARY

Mrs S Price

REGISTERED OFFICE	25 St Thomas Street
	Winchester
	United Kingdom

COMPANY NUMBER

02797834 (England and Wales)

ACCOUNTANT	Martin and Company Accountants Limited
	25 St Thomas Street
	Winchester
	SO23 9HJ

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	17,099,584		17,099,584
Investments	4	5,619,377		5,351,126
		22,718,961		22,450,710
Current assets
Debtors
- due within one year	5	3,182,521		2,599,822
- due after more than one year	5	591,731		1,199,064
Cash at bank and in hand		454,588		255,135
		4,228,840		4,054,021
Creditors: amounts falling due within one year	6	( 329,663)		( 339,352)
Net current assets		3,899,177		3,714,669
Total assets less current liabilities		26,618,138		26,165,379
Creditors: amounts falling due after more than one year	7	( 18,657,920)		( 18,658,224)
Provision for liabilities	8	( 1,072,387)		( 1,083,005)
Net assets		6,887,831		6,424,150
Capital and reserves
Called-up share capital	9	112		112
Profit and loss account		6,887,719		6,424,038
Total shareholder's funds		6,887,831		6,424,150

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 Altemont Asset Management Limited (registered number: 02797834) were approved and authorised for issue by the Board of Directors on 09 December 2025. They were signed on its behalf by:

Mrs S Matthews 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

Altemont Asset Management 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 25 St Thomas Street, Winchester, United Kingdom.

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

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rent receivable and management charges, net of VAT.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		3

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	17,099,584
As at 31 March 2025	17,099,584

At the reporting date, retained profits contains £4,202,387 (2024 - £4,202,387) of non-distributable reserves relating to fair value gain on investment properties held by the Company.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	12,897,197		12,897,197

The majority of the investment propertied were valued by Legal & General on behalf of Coutts Bank during the year ended 31 March 2021. The directors have considered that the current market value of the properties at the reporting date, which have been reflected in the valuations above.

4. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	0		225,000
Other investments and loans	5,619,377		5,126,126
	5,619,377		5,351,126

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	225,000
Disposals	( 225,000)
At 31 March 2025	0
Carrying value at 31 March 2025	0
Carrying value at 31 March 2024	225,000

During the year, the Company disposed of the 100% direct shareholding in Direct Cleaning (Fair Oak) Limited.

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	5,126,126		5,126,126
Movement in fair value	493,251		493,251
At 31 March 2025	5,619,377		5,619,377
Carrying value at 31 March 2025	5,619,377		5,619,377
Carrying value at 31 March 2024	5,126,126		5,126,126

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	5,237		932
Other debtors	3,177,284		2,598,890
	3,182,521		2,599,822
Debtors: amounts falling due after more than one year
Other debtors	591,731		1,199,064

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Taxation and social security	231,994		204,509
Other creditors	97,669		134,843
	329,663		339,352

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

	2025		2024
	£		£
Bank loans	3,931,890		3,932,194
Other creditors	14,726,030		14,726,030
	18,657,920		18,658,224

Other creditors contains £177,703 (2024 - £177,703) of redeemable preference shares.

All mortgage loans are secured by way of fixed charges across investment properties owned by the Company.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	1,072,387		1,083,005

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each	50		50
50 Ordinary B shares of £ 1.00 each	50		50
6 Ordinary C shares of £ 1.00 each	6		6
6 Ordinary D shares of £ 1.00 each	6		6
	112		112

10. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	57,753		8,734

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Mrs S L Matthews	9,813		9,813
Mrs S Price	14,548,327		0

At the year end, the Company was owed £9,813 (2024 - £9,813) by Mrs S L Matthews. No repayment terms exist for this loan and no interest is charged.

At the year end, the Company owed £14,548,327 to Mrs S Price. The loan is unsecured and interest free with no specified repayment date.

Other related party transactions

	2025		2024
	£		£
Wykeham Homes Limited	0		1,159,064
Direct Cleaning (Fair Oak) Limited	0		66,500
Beechdean Homes Limited	502,455		0

Mrs S Price is a director and shareholder of Beechdean Homes Limited. During the year, the Company made a loan of £500,000 to Beechdean Homes Limited at an interest rate of 7% per annum with no repayment terms. At the year end the Company was owed £502,455 (2024 - £Nil) by Beechdean Homes Limited.