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REGISTERED NUMBER: 04543733 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

| FOR |

| BETHELL PROPERTY SERVICES LIMITED |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Notes to the Financial Statements | 13 |

| BETHELL PROPERTY SERVICES LIMITED |

COMPANY INFORMATION

for the Year Ended 30 September 2025

| DIRECTORS: | T A Kilroe

| Mrs C M Kilroe

| C M Morley

| N Hopkins-Coman

| SECRETARY: | N Hopkins-Coman

| REGISTERED OFFICE: | Dane House

| Europa Park

| Kearsley

| Manchester

| Greater Manchester

| M26 1GG

| REGISTERED NUMBER: | 04543733 (England and Wales)

| AUDITORS: | Fairhurst Audit Services Ltd

| Statutory Auditor

| Chartered Accountants

| Douglas Bank House

| Wigan Lane

| Wigan

| Lancashire

| WN1 2TB

| BANKERS: | Lloyds

| 42-46 Market Street

| Manchester

| M1 1PW

| BANK 2: | Investec

| 3 Hardman Street

| Spinningfields

| Manchester

| M3 3HF

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

STRATEGIC REPORT

for the Year Ended 30 September 2025

The directors present their strategic report for 2025. The results for the year are shown on page 9.

BUSINESS REVIEW

The Company has traded satisfactorily during the year. Property agents have continued to manage the Company's property portfolio in Sale, Manchester and continue to deal with flat maintenance issues and re-lettings.

Potential realisation values for the apartments in the Sale development continue to be monitored but are currently regarded to be below the level required to allow target profits to be achieved. The Company therefore continues to temporarily rent out these units pending further capital appreciation.

The Company acquired a second investment property in the year, land at Heathfield Farm in Wilmslow, Greater Manchester, from a related undertaking Heathfield Farm (Guernsey) Ltd.

PRINCIPAL RISKS AND UNCERTAINTIES

In common with similar business the Company faces a number of risks and uncertainties and the directors believe that the key business risk is in respect of UK property prices. However, with Bank of England interest base rates now on a downward trajectory and a widely reported national shortage of residential property available for purchase the demand for housing is expected to strengthen, at least in the medium term. These factors should help to mitigate this risk.

SECTION 172(1) STATEMENT

Under the Companies Act 2006 s172, the directors of the company have a duty to promote the success of the company for the benefits of the members as a whole.

The directors of the company consider the key stakeholders of the business to be its customers, suppliers, and employees - including those of its subsidiary undertakings. The company has a number of long-standing relationships with customers and suppliers which the directors consider key to the company's continued success. The directors and employees put great emphasis on continuing to foster these relationships with a view to ensuring the long-term success of the business.

When making decisions, the directors take into account the potential long-term implications of those decisions. Long-term stability and growth rather than short-term gain ensures that decisions focus on positive benefit for the company and its stakeholders. This is a core component of our strategic planning process.

The company continually reviews its financing facilities to ensure they are adequate for its needs.

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain competitive. The Directors of the Company continue to explore further property opportunities in the North West of England for refurbishment or redevelopment.

FINANCIAL INSTRUMENTS

The Company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The Company does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:

C M Morley - Director

18 December 2025

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

REPORT OF THE DIRECTORS

for the Year Ended 30 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of property construction for resale together with temporary property letting activities.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

T A Kilroe

Mrs C M Kilroe

C M Morley

N Hopkins-Coman

STREAMLINED ENERGY AND CARBON REPORTING

The company is exempt from disclosing this information, being part of a group which prepares this information on a consolidated basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

REPORT OF THE DIRECTORS

for the Year Ended 30 September 2025

AUDITORS

The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C M Morley - Director

18 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BETHELL PROPERTY SERVICES LIMITED

Opinion

We have audited the financial statements of Bethell Property Services Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 company's affairs as at 30 September 2025 and of its profit for the year 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BETHELL PROPERTY SERVICES LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BETHELL PROPERTY SERVICES LIMITED

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect in the determination of material amounts and disclosures in the financial statement, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatements of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- |  | The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. As a result of these procedures we consider that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. |

- |  | We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing minutes of meetings and inspecting legal correspondence. |

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

- |  | We gained an understanding of the controls that management have in place to prevent and detect fraud. |

- |  | We enquired of management about any instances of fraud that had taken place during the year. |

To address the risk of fraud through management bias and override of controls;

- |  | We performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | We tested journal entries to identify unusual transactions; and |

- |  | We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BETHELL PROPERTY SERVICES LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Louise Webster BSc BFP ACA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

18 December 2025

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

INCOME STATEMENT

for the Year Ended 30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 159,415 |  | 153,251 |  |

Cost of sales | 62,571 |  | 46,356 |  |

GROSS PROFIT | 96,844 |  | 106,895 |  |

Administrative expenses | 83,798 |  | 64,236 |  |

OPERATING PROFIT | 5 | 13,046 |  | 42,659 |  |

Income from shares in group undertakings | 2,052,115 |  | 1,483,693 |  |

Interest receivable and similar income | 90,350 |  | 76,238 |  |

|  | 2,142,465 |  |  |  | 1,559,931 |  |

2,155,511 |  | 1,602,590 |  |

Interest payable and similar expenses | 6 | 102,725 |  | 117,421 |  |

PROFIT BEFORE TAXATION | 2,052,786 |  | 1,485,169 |  |

Tax on profit | 7 | 275 |  | (1,511 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,052,511 |  | 1,486,680 |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

OTHER COMPREHENSIVE INCOME

for the Year Ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,052,511 |  | 1,486,680 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,052,511 |  | 1,486,680 |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

BALANCE SHEET

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 58,596 |  | - |  |

Investments | 9 | 845,774 |  | 845,774 |  |

904,370 |  | 845,774 |  |

CURRENT ASSETS

Stocks | 10 | 2,457,780 |  | 2,304,883 |  |

Debtors | 11 | 1,939,593 |  | 1,331,405 |  |

Cash at bank | 1,556,394 |  | 306,274 |  |

5,953,767 |  | 3,942,562 |  |

CREDITORS

Amounts falling due within one year | 12 | 120,359 |  | 74,199 |  |

NET CURRENT ASSETS | 5,833,408 |  | 3,868,363 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,737,778 |  | 4,714,137 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (1,408,500 | ) | (1,439,000 | ) |

PROVISIONS FOR LIABILITIES | 16 | (1,630 | ) | - |  |

NET ASSETS | 5,327,648 |  | 3,275,137 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 1,700,100 |  | 1,700,100 |  |

Retained earnings | 18 | 3,627,548 |  | 1,575,037 |  |

SHAREHOLDERS' FUNDS | 5,327,648 |  | 3,275,137 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

T A Kilroe - Director

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

STATEMENT OF CHANGES IN EQUITY

for the Year Ended 30 September 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 October 2023 | 1,700,100 |  | 88,357 |  | 1,788,457 |  |

Changes in equity

Total comprehensive income | - |  | 1,486,680 |  | 1,486,680 |  |

Balance at 30 September 2024 | 1,700,100 |  | 1,575,037 |  | 3,275,137 |  |

Changes in equity

Total comprehensive income | - |  | 2,052,511 |  | 2,052,511 |  |

Balance at 30 September 2025 | 1,700,100 |  | 3,627,548 |  | 5,327,648 |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| Bethell Property Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Preparation of consolidated financial statements

| The financial statements contain information about Bethell Property Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Bethell Group Holdings Ltd, a company incorporated in England and Wales.

| Turnover

| Turnover is based on the invoiced value of all properties sold and the rentals receivable in the period, excluding VAT together with exempt land sales and other sales-based taxes and net of trade discounts. The turnover and pre-tax (loss)/profit, all of which arises in the United Kingdom, is attributable to the principal activity of the company.

| Tangible fixed assets

| Tangible fixed assets are stated at historical cost. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided on cost in equal installments over the estimated useful lives of the assets. The rates of depreciation are as follows:

| Leasehold improvements |  | over the lease term |  |

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stock comprise of properties held for resale, or in the course of development and are valued at the lower of cost and net realisable value. Cost includes materials, direct labour and overhead. It is the intention of the Directors to retain the properties until such time as their expectations on net realisable value are met.

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. | TURNOVER

| Turnover is based on the invoiced value of all properties sold and the rentals receivable in the period, excluding VAT together with exempt land sales and other sales-based taxes and net of trade discounts. The turnover and pre-tax (loss)/profit, all of which arises in the United Kingdom, is attributable to the principal activity of the company.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 80,000 |  | - |  |

| The average number of employees during the year was NIL (2024 - NIL).

| During the current year, the Company had no direct employed staff, staff costs represent recharges for employees from other group companies.

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 936 |  | - |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 102,725 |  | 117,421 |  |

7. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | (1,267 | ) | 369 |  |

| Under (over) provision in prior year | (88 | ) | (1,880 | ) |

| Total current tax | (1,355 | ) | (1,511 | ) |

| Deferred tax | 1,630 |  | - |  |

| Tax on profit | 275 |  | (1,511 | ) |

| UK corporation tax was charged at 25%) in 2024.

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,052,786 |  | 1,485,169 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 513,197 |  | 371,292 |  |

| Effects of:

| Expenses not deductible for tax purposes | (58 | ) | - |  |

| Income not taxable for tax purposes | (513,029 | ) | (370,923 | ) |

| Depreciation in excess of capital allowances | 253 |  | - |  |

| Adjustments to tax charge in respect of previous periods | (88 | ) | (1,880 | ) |

| Total tax charge/(credit) | 275 |  | (1,511 | ) |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

8. | TANGIBLE FIXED ASSETS

| Leasehold

| improvements

£ |

| COST

| Additions | 59,532 |  |

| At 30 September 2025 | 59,532 |  |

| DEPRECIATION

| Charge for year | 936 |  |

| At 30 September 2025 | 936 |  |

| NET BOOK VALUE

| At 30 September 2025 | 58,596 |  |

9. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 845,774 |  |

| NET BOOK VALUE

| At 30 September 2025 | 845,774 |  |

| At 30 September 2024 | 845,774 |  |

| The Company has ownership of share capital as described in the following subsidiary undertakings, all of which are incorporated in England and Wales with registered offices at the same address as the Company:

| - |  | Bethell Plant Services Ltd - 100% of the entire issued share capital. The Company owns 500,002 £1 ordinary shares. |  |

| - |  | Bethell Intermediate Ltd - 10,530 A Ordinary Shares and 351 B Shares giving an entitlement to 81.5% of the dividends and 77.5% of the voting rights over the issued share capital. BIL is an intermediate holding company which owns 100% of Bethell Construction Ltd, a trading company engaged in civil engineering and construction related activities; and |  |

| - |  | Bethell Utility Service Ltd - 800 10p Shares giving an entitlement to 80% of the dividends and 80% of the voting rights. BUSL is a trading company engaged in multi-utility connections and related activities. |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 2,457,780 |  | 2,304,883 |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 3,884 |  | 1,644 |  |

| Amounts owed by group undertakings | 555,013 |  | 554,069 |  |

| Other debtors | 1,369,249 |  | 763,995 |  |

| Tax | 1,267 |  | - |  |

| Prepayments | 10,180 |  | 11,697 |  |

1,939,593 |  | 1,331,405 |  |

| Included in other debtors is £1,350,000 owed from a related party which is expected to be repaid after more than 1 year (2024: £750,000)

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 30,500 |  | 30,500 |  |

| Trade creditors | 41,945 |  | - |  |

| Amounts owed to group undertakings | 13,004 |  | 7,053 |  |

| Tax | - |  | 369 |  |

| Accruals and deferred income | 34,910 |  | 36,277 |  |

120,359 |  | 74,199 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 14) | 1,408,500 |  | 1,439,000 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 30,500 |  | 30,500 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 30,500 |  | 30,500 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 1,378,000 |  | 1,408,500 |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

14. | LOANS - continued

| The secured bank loan was taken from Investec Bank (Guernsey) Ltd during 2023 and is secured by a first legal charge over the Charlton Drive development and a rental deposit account of £46,000. The loan attracts interest at 2.5% over bank base rate with £30,500 due within one year and the balance due by April 2028. Bethell Group Holdings Limited also provides an inter-company guarantee to Investec for this loan.

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 215,000 |  | - |  |

| Between one and five years | 860,000 |  | - |  |

| In more than five years | 3,126,630 |  | - |  |

4,201,630 |  | - |  |

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 1,630 |  | - |  |

| Deferred |

| tax |

£ |

| Provided during year | 1,630 |  |

| Balance at 30 September 2025 | 1,630 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 1,700,100 |  | 1,700,100 |  |

18. | RESERVES

| Retained

| earnings

£ |

| At 1 October 2024 | 1,575,037 |  |

| Profit for the year | 2,052,511 |  |

| At 30 September 2025 | 3,627,548 |  |

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

19. | CONTINGENT LIABILITIES

| The Company's banker, Lloyds Bank holds an unlimited cross guarantee dated 17th August 2021 between certain members of the Bethell group of companies. There is also a supplemental fixed charge on book debts and other debts. At the year-end the Company had a contingent liability under this cross guarantee amounting to £Nil (2024: £Nil).

20. | FINANCIAL COMMITMENTS

| The Company has no financial commitments (2024: £Nil) not disclosed elsewhere in these financial statements.

21. | RELATED PARTY DISCLOSURES

| In the year to 2023 the Company made a loan to Bethell Utility Services Ltd ("BUSL") which is a related party being a member of the Bethell Group Holdings Ltd group of companies, this remains the same in 2025. Details are as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Balance outstanding at year end included within debtors |  | 553,047 |  | 554,069 |  |

| During the year the Company transacted cost recharges from Bethell Group plc ("BGP") which is a related party being a member of the Bethell Group Holdings Ltd group of companies. Details are as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Cost recharges |  | 35,000 |  | 16,320 |  |

| The costs recharged are for management services levied and certain professional fee recharges.

| The amounts owing to BGP at the year end was £Nil (2024: £6,000).

| During the year the Company transacted with Heathfield Farm (Guernsey) Limited ("HFGL") which is a related party of means of common ownership through T Kilroe Life Interest Settlement which is a trust whose principal beneficiary is T Kilroe, as follows:

| 2025 |  |

| £ |  |

| Purchase of land |  | 153,453 |  |

| The amounts owing to HFGL at year end was £Nil (2024: £Nil).

| During the year the Company transacted with Catford & Langford and its subsidiaries ("CLL") which are a related party by means of common ownership as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Loan (repayments) / advance |  | 1,350,000 |  | 750,000 |  |

| Loan interest paid |  | 30,835 |  | 21.582 |  |

| The amounts owing to CLL at year end was £1,350,000 (2024: £750,000).

BETHELL PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 04543733) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 September 2025

22. | ULTIMATE CONTROLLING PARTY

| The shares of the Company are owned by Bethell Group Holdings Ltd with the "Ultimate Person of Significant Control" remaining as the T Kilroe life Interest Settlement, which is a trust whose principal beneficiary is T Kilroe.