The directors present the strategic report for the period ended 5 April 2025.true

The company’s objectives are to grow its core business through continued improvements, efficiencies and good practices; aligning our processes to match the requirements of our major clients. The company continues to strive to be the South East’s leading mixed-use developer.

The company’s principal activities remain consistent with prior years. Activities include securing planning permissions on land and progressing schemes with landowners to either a sales position or a build programme.

The financial position remains strong and in line with the directors' expectations. Net assets have increased from £6,672,015 as of 31 March 2024 to £7,371,164 as at 31 March 2025. Gross profit margin has increased from 13.3% in 2024 to 30.6% in 2025 even though some of the projects are yet to reach maturity.

The directors consider the year’s results and financial position satisfactory and expect continued growth in the foreseeable future.

Project-related risks

During the year, the company continued to progress multiple strategic sites and large-scale planning applications, with all associated costs funded by Quinn Estates Kent Ltd. Promotion agreements remain in place, under which funds are due to be received back along with a promoter’s fee when planning success is achieved.

Deferred payments relating to major projects continue to be expected in 2026. These payments remain subject to conditions within the respective agreements:

Wises Lane: Deferred payments and later-phase receipts are subject to put and call options and clawback mechanisms. The final values are dependent on conditions that may or may not be met.

Conningbrook: The phase 2 payment and deferred payments remain conditional on achieving the necessary consents (NCs) for the bridge over the HS1 railway. Progress continues to be made, but several consents are still required from multiple statutory bodies. Additional smaller conditions remain relating to the Bowls Club and other obligations.

Operational risks

Quinn Estates Kent Ltd faces operational risk arising from reliance on external planning consultants as this may impact project timeline. The company is exposed to planning policy changes, stakeholder challenges, and regulatory uncertainty that can affect long-term development delivery. Robust consultant management, early stakeholder engagement, and flexible programme planning are critical to mitigating risks. Ongoing monitoring, contingency planning, and governance oversight support resilience across the company’s long-term development pipeline.

Cyclical property market movements

The company is exposed to normal market cycles within the UK property sector. Senior management has extensive sector experience, supplemented by specialist external advisers where appropriate, enabling informed commercial decisions based on current market conditions.

Operational complexity

There are inherent complexities in planning, developing and delivering mixed-use schemes. The business mitigates this risk through its long-standing focus on the South East, where strong local knowledge and established relationships support delivery.

Competition

The business operates in a competitive property development market. The company seeks to mitigate commercial risks by maintaining high standards of delivery across a varied project portfolio.

Liquidity risk

Liquidity is actively managed through the preparation and monitoring of budgets, cash flow forecasts and regular management accounts.

We consider the key financial performance indicators of the group to be turnover and the gross profit margin. Turnover on our core business has reduced from £12.2m in 2024 to £7.9m in 2025, however this is due to many of the projects still being in the planning phase, and is in line with the directors’ expectations. The overall gross profit margin has increased from 13.3% in 2024 to 30.6% in 2025 even though some of the projects are yet to reach maturity.

On behalf of the board

The directors present their annual report and financial statements for the period ended 5 April 2025.

The principal activity of the company and group continued to be that of property development.

The results for the period are set out on page 9.

No interim dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors have adopted the going concern basis in preparing these financial statements.

The company is a property development entity that holds investments in subsidiaries, joint ventures and associates, and as such the going concern is dependant on the Group. The directors based on detailed financial projections, are of the opinion that the Group has adequate working capital to continue as a going concern for a period of at least 12 months from approval of these financial statements. The cashflow projections have been prepared on a prudent basis given the uncertain timing of certain income streams of the Group. Given the levels of market demand, as well as contracts with key funding partners, the directors are confident that the company and group will be able to meet all liabilities as they fall due.

We have audited the financial statements of Quinn Estates Kent Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 5 April 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 5 April 2025 and of the group's profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 2 'Judgements and key sources of estimation uncertainty' where the directors explain that included in work in progress on the balance sheet of the group and company is costs incurred on development projects which are being promoted for planning permission. Projects are at different stages in the application process for obtaining planning permission from the local authority, and there is some uncertainty over whether planning permission will be granted. Where planning permission cannot be obtained, the projects will not be able to proceed in the manner originally envisaged, and therefore the recovery of costs already spent becomes uncertain, even where other plans are put into action and new contracts are entered into.

Included in work in progress on the balance sheet at 5 April 2025 is £6.6m of costs associated with two planning applications which were called in by the Secretary of State in November 2024. Following the calling in of the applications a public inquiry was held between March 2025 and October 2025. The resulting decision for each planning application is expected at the earliest in February 2026. As a Secretary of State call in decision there is no right of appeal to the decision, should one or both applications be refused. The directors are confident that one or both of the applications will be granted. However there is at the point of approving the financial statements uncertainty over the outcome of the public inquiry. The directors note that in the event that both planning applications are refused, the associated development loans of £3.7m included in long term creditors at 5 April 2025 are not required to be repaid, and will be written off at the same time as the associated planning costs carried in work in progress on the balance sheet. Our opinion is not qualified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• Ttruehe information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £111,949 (2024 - £136,465 profit).

Quinn Estates Kent Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Cow Shed, Highland Court Farm, Bridge, Canterbury, Kent, United Kingdom, CT4 5HW.

The group consists of Quinn Estates Kent Limited and all of its subsidiaries.

These financial statements have been prepared for a period of 12 months and 5 days and therefore amounts presented in these financial statements (including the related notes) are not entirely comparable.

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.

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 with investment property measured at fair value at each reporting date. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Quinn Estates Kent Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 5 April 2025 or adjusted where needed. Some joint venture companies have different year end dates to that of Quinn Estates Kent Limited. Where this is the case, management accounts up to 5 April 2025 have been prepared as required. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

The directors have adopted the going concern basis in preparing these financial statements.true

The company is a property development entity that holds investments in subsidiaries, joint ventures and associates, and as such the going concern is dependant on the Group. The directors based on detailed financial projections, are of the opinion that the Group has adequate working capital to continue as a going concern for a period of at least 12 months from approval of these financial statements. The cashflow projections have been prepared on a prudent basis given the uncertain timing of certain income streams of the Group. Given the levels of market demand, as well as contracts with key funding partners, the directors are confident that the company and group will be able to meet all liabilities as they fall due.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 recognised in the profit and loss account.

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.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount 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 amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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 current liabilities.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its 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.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the group’s accounting policies, the directors are 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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Included in work in progress on the balance sheet is costs incurred on development projects which are being promoted for planning permission. Projects are at different stages in the application process for obtaining planning permission from the local authority, and there is some uncertainty over whether planning permission will be granted. Where planning permission cannot be obtained, the projects will not be able to proceed in the manner originally envisaged, and therefore the recovery of costs already spent becomes uncertain, even where other plans are put into action and new contracts are entered into.

Included in work in progress on the balance sheet of the group and company at 5 April 2025 is £6.6m of costs associated with two planning applications which were called in by the Secretary of State in November 2024. Following the calling in of the applications a public inquiry was held between March 2025 and October 2025. The resulting decision for each planning application is expected at the earliest in February 2026. As a Secretary of State call in decision there is no right of appeal to the decision, should one or both applications be refused. The directors are confident that one or both of the applications will be granted, and the resulting promotion agreements will be highly profitable for the company. However there is at the point of approving the financial statements uncertainty over the outcome of the public inquiry. The directors note that in the event that both planning applications are refused, the associated development loans of £3.7m included in long term creditors at 5 April 2025 are not required to be repaid, and will be written off at the same time as the associated planning costs carried in work in progress on the balance sheet.

A key area of judgement is the valuation of land and buildings held for investment purposes. The investment property is measured at fair value and has been arrived at on the basis of a valuation made on an open market value basis at the date of purchase. In the opinion of the directors, the fair value has since not changed and therefore no further valuation has been conducted for the financial statements to give a true and fair view.

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

Their aggregate remuneration comprised:

The actual charge/(credit) for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

Goodwill of £183,835 arose on the 100% acquisition of Quinn Estates Betteshanger Limited during the year. This represents the excess of the consideration paid over the fair value of the identifiable net assets acquired at the acquisition date.

Investment property comprises of Almond House in Betteshanger. The investment property is carried at fair value, being open market value as assessed by the directors with reference to an external valuation that was carried out in May 2024. Changes in fair value are recognised in profit or loss.

Quinn Estates Betteshanger Limited has a different reporting date to Quinn Estates Kent Limited, being 31 December 2024. Management accounts for the period ended 5 April 2025 were prepared to align the company's year end with the group upon consolidation.

Details of the company's subsidiaries at 5 April 2025 are as follows:

Quinn Estates (Sittingbourne) Limited, a wholly owned subdiary of the company, was dissolved on 17 December 2024. The company ceased to control the entity from that date. The dissolution had no material impact on the group's results or net assets for the year.

Details of associates at 5 April 2025 are as follows:

Details of joint ventures at 5 April 2025 are as follows:

Some Joint Venture Companies have a different financial year end dates to that of Quinn Estates Kent Limited. Where this is the case, management accounts up to 5 April 2025 have been prepared as required.    

Loans of £573k (2024: £nil) are secured by a debenture which holds fixed and floating charges over the registered property known as Betteshanger Business Park in favour of The Kent County Council. The debenture loan is subject to a variable interest rate.

Bank loans of £4,890k (2024: £2,202k) are secured by a fixed and floating charge over the land and associated interests that is included in work in progress.

Bank loans of £14k (2024: £23k) relates to a Bounce Back Loan advanced to Quinn Estates Kent Limited in 2021 and remains outstanding at the year end. Interest is fixed at 2.5% per annum.

Bank loans of £13k (2024: £nil) relates to a Bounce Back Loan advanced to Quinn Estates Betteshanger Limited in 2021 and remains outstanding at the year end. Interest is fixed at 2.5% per annum.

Other loans of £3,740k (2024: £2,500k) are secured by a fixed and floating charge over the freehold property and land known as Highsted Park North and Highsted Park South dated 5 June 2020. Interest is fixed at 7.5% per annum.

Other loans of £773k (2024: £773k) are secured by a fixed and floating charge over the freehold property and land known as Merton Park. Interest is fixed at 4% per annum.

Other loans of £4,896k (2024: £7,542k) are secured by a fixed and floating charge over the freehold property and land known as Albert Road.

Other loans of £4,483k (2024: 4,483k) are secured by a fixed and floating charge over the freehold property and land known as Brokehill Golf Club.

Other loans for £781k (2024: £nil) are secured by a fixed and floating charge over the freehold property and land known as Conningbrook.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Mark Quinn is a director and controlling shareholder of Quinn Estates Kent Limited.

Mark Quinn is also a director and controlling shareholder of Quinn Investments Limited. Included in debtors is an amount due from Quinn Investments Limited of £1,505,499 (2024: £1,566,158).

Mark Quinn is also a director and controlling shareholder of Quinn Homes Limited. Included in debtors is an amount due from Quinn Homes Limited of £3,984,035 (2024: £4,712,135) due to an income received by that company on behalf of Quinn Estates Kent Limited.

Mark Quinn is also a director of Quinn Estates Limited, which is wholly owned by Quinn Investments Limited. During the year, Quinn Estates Kent Limited made purchases from Quinn Estates Limited of £2,719,577 (2024: £97,871). During the year, Quinn Estates Kent Limited made sales to Quinn Estates Limited of £153,822 (2024: £nil). Included within creditors is an amount due to Quinn Estates Ltd of £5,020,013 (2024: £1,268,810).

Quinn Estates Kent Limited has numerous joint venture arrangements with third parties in relation to various development projects. Included within debtors is an amount due from these joint ventures of £19,251 (2024: £nil). Included within creditors is an amount due to these joint ventures of £1,700,814 (2024: £1,577,679).

Quinn Estates Kent Limited has numerous associate investments with third parties in relation to various development projects. During the year, Quinn Estates Kent Limited made sales to these third parties of £125,729 (2024: £90,468). Included within debtors is an amount due from these associates of £59,884 (2024: £17,019). Included within creditors is an amount due to these associates of £nil (2024: £950).

Mark Quinn is also a director of Downriver Properties Limited, an associate of Quinn Estates Limited. Included within debtors is an amount due from Downriver Properties Limited of £30,271 (2024: £30,271).

Quinn Estates Betteshanger Limited is a subsidiary of Quinn Estates Kent Limited. Quinn Estates Kent Limited has amounts owing within debtors from Quinn Estates Betteshanger Limited of £439,785.

Quinn Patel Estates (1) Limited (QPE) is a subsidiary of Quinn Estates Kent Limited. During the year QPE was provided with working capital funding totalling £4,896,059 (2024: £7,542,165) and was charged interest of £353,894 (2024: £435,681) from Roniks Limited. Roniks Limited is a shareholder of QPE and KN Patel is a director in QPE and Roniks Limited.

During the year under review QPE received services amounting to £4,665,402 (2024: £6,344,208 ) from Quinn Estates Limited. At the balance sheet date the amount owing to Quinn Estates Limited amounted to £430,345 (2024: £1,443,331 ). The company also owed Quinn Estates Limited £189,442 (2024: £164,442 ) in respect of monies advances to the company.

At the balance sheet date, Quinn Estates Kent Limited was owed £54,860 (2024: £54,860) by QPE in respect monies advanced to the company. Quinn Estates Kent Limited and Quinn Patel Estates (1) Limited have a director in common.

At the balance sheet date, Quinn Investments Limited was owed £46,490 (2024: £Nil) by QPE in respect of monies advanced to the company. Quinn Investments Limited and Quinn Patel Estates (1) Limited have a director in common.