In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cromwell Property Investments Limited for the year ended 31 March 2025 set out on pages 2 to 6 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Cromwell Property Investments Limited, as a body, in accordance with the terms of our engagement letter dated 18 January 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Cromwell Property Investments Limited and state those matters that we have agreed to state to the board of directors of Cromwell Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cromwell Property Investments Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Cromwell Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cromwell Property Investments Limited. You consider that Cromwell Property Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cromwell Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Cromwell Property Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Camelot, Church Road, Gaydon, Warwick, Warwickshire, CV35 0EZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Cromwell Property Investments Limited is a wholly owned subsidiary of K.B. Benfield Group Holdings Limited and the results of both companies are available from the registered office.

Turnover comprises rent receivable from properties held by the company, exclusive of VAT and trade discounts.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interest bearing loans advanced to purchasers of properties under an equity linked mortgage scheme are initially measured at cost and subsequently measured at fair value and discounted.

The recoverable amount of these loans is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amounts of the loans are estimated to be less than their carrying amounts, the carrying amounts of the assets are reduced to their recoverable amounts. An impairment loss is recognised immediately in profit or loss, unless the relevant assets are carried at revalued amounts, in which case the impairment loss is treated as a revaluation decrease.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

Other investments comprise interest free loans that the company has advanced to the purchasers of some of its properties under an equity linked mortgage scheme. The loans are secured on the properties and are repayable to the company at the earlier of 10 years or on disposal of the properties. On disposal of the properties the company is entitled to the greater of 20-25% of the disposal proceeds or the sum advanced. Interest is only payable on loans if they are unpaid after the expiry of 10 years.

The director considers at each period end whether or not an impairment provision against the outstanding loans is appropriate.

Investment property comprises of a residential property. The fair value of the property has been determined by the directors based on open market value, having regard to recent market transactions for similar properties.

The company is part of a cross guarantee with a connected company as part of group lending.

The following amounts were outstanding at the reporting end date:

The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions within the group.