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Esteban Investments Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 08721972

Esteban Investments Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 7

Esteban Investments Limited

Balance Sheet

30 June 2025

| Note | 30 June 2025 £ | 30 June 2024 £
Fixed assets |  |  |
Investment property | 6 | 15,797,470 | 15,554,836
Current assets |  |  |
Stocks | 7 | 11,908,030 | 11,686,800
Debtors | 8 | 623,337 | 311,839
Cash at bank and in hand |  | 1,092,828 | 326,425
|  | 13,624,195 | 12,325,064
Creditors: Amounts falling due within one year | 9 | (22,797,737) | (22,846,336)
Net current liabilities |  | (9,173,542) | (10,521,272)
Total assets less current liabilities |  | 6,623,928 | 5,033,564
Deferred income | 9 | (1,804,047) | (21,855)
Net assets |  | 4,819,881 | 5,011,709
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account |  | 4,819,781 | 5,011,609
Shareholders' funds |  | 4,819,881 | 5,011,709

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:

....................................
M W Griffiths

Director

Company Registration Number: 08721972

Esteban Investments Limited

Notes to the Financial Statements

Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ashton Gate Stadium
Ashton Road
Bristol
BS3 2EJ

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Notwithstanding the net current liabilities of £9,173,542 (2024 - £10,521,272) at the year end, the directors are satisfied that the going concern basis of preparation remains appropriate. Included within creditors due within one year is £21,429,271 (2024 - £21,429,271) due to the immediate parent company. The directors have obtained confirmation from the parent company that it is their intention not to call in this loan in the short term. Having considered all necessary factors and made all necessary enquiries (including in respect of the immediate parent company) the directors are satisfied that the company will continue to meet its liabilities as they fall due and will continue to trade for the foreseeable future, being no less than twelve months from the date of approval of these financial statements.
In forming their opinion as to the going concern status the directors have also considered the uncertain economic environment and inflationary pressures, especially in the UK construction sector. The directors are satisfied that, whilst there can be no certainty as to the specific implications for each property or project, there are no material uncertainties in respect of the going concern status of the company.

Esteban Investments Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to account estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgement which has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.
The key estimates that have a significant effect on the amounts recognised in the financial statements are:
Investment properties - as described within the accounting policies, investment properties are held at the balance sheet date at their current market value. The directors have made estimates surrounding the current and expected future rental yields and have considered both the condition of the properties and alternative purposes, in order to assess the current market value. Whilst outline plans have been determined regarding future development of the existing site held, no construction had commenced as at 30 June 2025 and accordingly no hope value has been factored into the fair value determined. In the opinion of the directors the market value as at 30 June 2025 remains equivalent to the historic cost of these assets. The carrying amount is £15,797,470 (2024 - £15,554,836).

Stock of development land for resale - as described within the accounting policies, stock of development land for resale is carried at the lower of cost and net realisable value, which required estimation as to the recoverable value of the asset. The directors use their knowledge of the market and the position of the land in order to assess the recoverable value. The carrying amount is £11,908,030 (2024 - £11,686,800).

Revenue recognition

Turnover comprises the fair value of the rent and other income receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Rents received in advance are deferred against the period to which they relate.

Tax

Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The company receives tax losses from fellow group companies via group relief. It makes payment for these losses at the average rate of tax for the financial period in which the losses are relieved.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Esteban Investments Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Depreciation

Depreciation is provided on tangible fixed assets to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Investment properties | Not depreciated
Plant and machinery | 50% straight line

Investment property

Investment properties are carried at fair value, which is derived from the current market prices for comparable real estate and is assessed annually. The value is based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.
No depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stock

Stock of development land for resale is stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. At each reporting date, stock is assessed for impairment. Any impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Short term other borrowings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Esteban Investments Limited

Notes to the Financial Statements

Year Ended 30 June 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4 | Exceptional other operating income

In the prior year there was exceptional other operating income of £792,897 relating to compensation received in respect of a land-related deed of release. In the current year there is other operating income of £65,508 relating to reimbursement of legal fees.

5 | Tangible assets

| Plant and machinery £ | Total £
Cost or valuation
At 1 July 2024 | 2 | 2
At 30 June 2025 | 2 | 2
Depreciation
At 1 July 2024 | 2 | 2
At 30 June 2025 | 2 | 2
Carrying amount
At 30 June 2025 | - | -
At 30 June 2024 | - | -

6 | Investment properties

| 30 June 2025 £
At 1 July 2024 | 15,554,836
Additions | 242,634
At 30 June 2025 | 15,797,470

At 30 June 2025 the directors deemed that the carrying value of the properties was equivalent to open market value and therefore no revaluation is necessary. Carrying fair value remains equivalent to the historic cost at the date of acquisition.

Esteban Investments Limited

Notes to the Financial Statements

Year Ended 30 June 2025

7 | Stock

| 30 June 2025 £ | 30 June 2024 £
Stock of development land for sale | 11,908,030 | 11,686,800

8 | Debtors

| 30 June 2025 £ | 30 June 2024 £
Trade debtors | 357,200 | 49,461
Amounts due from group undertakings | - | 29,824
Other debtors | - | 2,329
Prepayments | 266,137 | 230,225
| 623,337 | 311,839

Esteban Investments Limited

Notes to the Financial Statements

Year Ended 30 June 2025

9 | Creditors

| Note | 30 June 2025 £ | 30 June 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 21,429,271 | 21,429,271
Trade creditors |  | 393,738 | 317,903
Amounts due to group undertakings |  | 627,152 | 1,079,214
Taxation and social security |  | 332,825 | -
Accrued expenses |  | 14,751 | 19,948
|  | 22,797,737 | 22,846,336

10 | Loans and borrowings

| 30 June 2025 £ | 30 June 2024 £
Current loans and borrowings |  |
Other borrowings | 21,429,271 | 21,429,271

11 | Non adjusting events after the financial period

In July 2025, the sale of the Longmoor land (held as stock on the balance sheet) with a cost of £11.9m completed for proceeds of £23m. A deposit of £1.8m was recieved pre year end, proceeds of £13.7m were received on completion and the final payment of £7.5m will be received in July 2026.

12 | Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Michael Hall, who signed for and on behalf of PKF Francis Clark on 5 December 2025.