Company No: 14260464 (England and Wales)

Contents

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

DIRECTORS	Mr D Holland
	Mrs W Holland

REGISTERED OFFICE	Westgate House
	44 Hale Road
	Altrincham
	WA14 2EX
	United Kingdom

COMPANY NUMBER

14260464 (England and Wales)

CHARTERED ACCOUNTANTS	PM+M Solutions for Business LLP
	New Century House
	Greenbank Technology Park
	Challenge Way
	Blackburn
	BB1 5QB

	Note	2025		2024
		£		£
Fixed assets
Investments	4	10,443,362		14,251,960
		10,443,362		14,251,960
Current assets
Debtors	5	26,478,013		13,597,642
Investments	6	12,534,247		7,763,641
Cash at bank and in hand		1,564,219		12,499,167
		40,576,479		33,860,450
Creditors: amounts falling due within one year	7	( 46,833,395)		( 44,676,009)
Net current liabilities		(6,256,916)		(10,815,559)
Total assets less current liabilities		4,186,446		3,436,401
Provision for liabilities		( 154,157)		( 171,192)
Net assets		4,032,289		3,265,209
Capital and reserves
Called-up share capital		100		100
Fair value reserve		973,419		940,361
Profit and loss account		3,058,770		2,324,748
Total shareholders' funds		4,032,289		3,265,209

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 Statement of Comprehensive Income has not been delivered.

The financial statements of DWH Family Investco Limited (registered number: 14260464) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

Mr D Holland 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

DWH Family Investco 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 Westgate House, 44 Hale Road, Altrincham, WA14 2EX, 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 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the 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 Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 current 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.

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 Statement of Comprehensive Income as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are
recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Comprehensive Income immediately.

The Company does not apply hedge accounting.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

	2025		2024
	£		£
Subsidiary undertakings	400		200
Participating interests	472,321		472,321
Other investments and loans	9,970,641		13,779,439
	10,443,362		14,251,960

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	200
Additions	200
At 31 March 2025	400
Carrying value at 31 March 2025	400
Carrying value at 31 March 2024	200

	Listed investments		Investments in joint ventures		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	13,779,439		472,321		14,251,760
Additions	9,214,958		0		9,214,958
Disposals	( 13,281,397)		0		( 13,281,397)
Movement in fair value	248,391		0		248,391
Accrued interest	9,250		0		9,250
At 31 March 2025	9,970,641		472,321		10,442,962
Carrying value at 31 March 2025	9,970,641		472,321		10,442,962
Carrying value at 31 March 2024	13,779,439		472,321		14,251,760

5. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	25,895,108		13,586,255
Amounts owed by directors	3,440		0
Accrued income	0		11,387
Derivative financial instruments	13,371		0
Corporation tax	400,000		0
Other debtors	166,094		0
	26,478,013		13,597,642

6. Current asset investments

	2025		2024
	£		£
Other investments	12,534,247		7,763,641
Assets held for sale	166,034		0
	12,700,281		7,763,641

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	13,228		0
Amounts owed to Group undertakings	46,645,203		44,030,462
Accruals	13,448		11,169
Taxation and social security	161,516		634,378
	46,833,395		44,676,009

8. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

	2025		2024
	£		£
Financial assets at fair value
Investments in listed equity instruments	9,970,641		13,779,439
Derivative financial assets due within one year (note 9)	13,371		0

9. Derivative financial instruments

	Due within one year			Due after one year
	2025		2024		2025		2024
	£		£		£		£
Financial assets included at fair value (included in debtors)
Forward contracts	13,371		0		0		0

The company enters into forward foreign currency contracts to mitigate the future exchange rate risk. At 31 March 2025, the outstanding contracts all mature within 4 months (2024: 3 months) of the year end.

The company is committed to buy US$942,000 at a fixed sterling amount.

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for GBP:USD.

10. Related party transactions

The Holland 2022 Discretionary Settlement

Included within creditors is an amount owed to the ultimate beneficial owner at 31 March 2025 of £44,027,504 (2024: £44,030,449). This amount is interest free and repayable on demand.

DWH Residential Property Limited

A company which is a subsidiary of DWH Family Investco Limited. Included within debtors is an amount owed to the subsidiary at 31 March 2025 of £2,053,980 (2024: (£350,586). This amount is interest free and repayable on demand.

DWH Commercial Property Limited

A company which is a subsidiary of DWH Family Investco Limited. Included within debtors is an amount owed to the subsidiary at 31 March 2025 of £8,248,750 (2024: £8,248,750). This amount is interest free and repayable on demand.

DWH Finance Limited

A company of which Mr D Holland and Mrs W Holland are directors. Included within debtors is an amount due from the related party at 31 March 2025 of £15,006,819 (2024: £4,986,919). The amount is interest free and repayable on demand.

DWH FIC Limited

A company of which Mr D Holland and Mrs W Holland are directors. Included within creditors is an amount due from the related party at 31 March 2025 of £2,617,500 (2024: £13). The amount is interest free and repayable on demand.

DWH Novo Holdco Limited

A company which is a subsidiary of DWH Family Investco Limited. Included within creditors is an amount due from the related party at 31 March 2025 of £100 (2024: £Nil). The amount is interest free and repayable on demand.

11. Ultimate controlling party

Parent Company:

The Holland 2022 Discretionary Settlement

Westgate House 44 Hale Road Altrincham WA14 2EX