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REGISTERED NUMBER: 00321529 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

BENGUELA COVE INVESTMENTS LIMITED

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

BENGUELA COVE INVESTMENTS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | B Anderson

| P M W Rea

| P M Streeter

| SECRETARY: | N Patel

| REGISTERED OFFICE: | 92-96 Lind Road

| Sutton

| Surrey

| SM1 4PL

| REGISTERED NUMBER: | 00321529 (England and Wales)

| AUDITORS: | Belluzzo Audit Limited

| Chartered Accountants and Statutory Auditors

| 38 Craven Street

| London

| WC2N 5NG

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

BALANCE SHEET

30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 6,151,312 |  | 6,236,990 |  |

CURRENT ASSETS

Stocks | 1,896,824 |  | 1,296,151 |  |

Debtors | 5 | 252,856 |  | 302,664 |  |

Cash at bank | - |  | 5,299 |  |

2,149,680 |  | 1,604,114 |  |

CREDITORS

Amounts falling due within one year | 6 | (9,757,806 | ) | (8,821,973 | ) |

NET CURRENT LIABILITIES | (7,608,126 | ) | (7,217,859 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,456,814 | ) | (980,869 | ) |

CAPITAL AND RESERVES

Called up share capital | 2,980,974 |  | 2,980,974 |  |

Retained earnings | (4,437,788 | ) | (3,961,843 | ) |

(1,456,814 | ) | (980,869 | ) |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2026 and were signed on its behalf by:

P M Streeter - Director

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Benguela Cove Investments 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Monetary amounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Membership subscriptions paid in advance are held as deferred income and are recognised over the period to which they relate. Food and beverage sales provided in the normal course of business are recognised net of trade discounts, VAT and other sales related taxes at the point at which goods and services are delivered to the customer.

| Tangible fixed assets

| Depreciation is recognised so as to write off the cost of assets less their residual values over their useful

| lives on the following bases:

| Plant and equipment 12.5% straight line

| Fixtures and fittings 20% straight line

| Motor vehicles 12.5% straight line

| Biological assets 5% straight line

| Freehold buildings are maintained to ensure that their value does not diminish over time, and maintenance costs are charged to the profit and loss account in the period incurred. In the directors' opinion, the high level of maintenance ensures that the residual value of the buildings is such that depreciation would be immaterial and consequently has not been changed.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

| 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.

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| 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.

| Taxation

| The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss.

| Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

| Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

| Deferred tax

| Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

| Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Going concern

| During the year, and since the balance sheet date, the company has traded at a loss. To assess the going concern assumption, the directors have considered likely trading for the period covering at least 12 months from the date of approval of these financial statements.

| The company has an express statement of support from its parent company and the directors are confident that, even if there are matters which affect the position, the parent company can and will provide such financial support as may be required for at least twelve months from the date of approval of these financial statements.

| Therefore, the directors consider that the company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and have thus prepared the financial statements on a going concern basis.

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

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

| Basic financial assets and liabilities 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 financial instrument is measured as the present value of the future cash flows discounted at a market rate of interest.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 53 (2024 - 46 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024 | 3,877,657 |  | 5,601,910 |  | 9,479,567 |  |

| Additions | 16,144 |  | 292,782 |  | 308,926 |  |

| Disposals | - |  | (74,240 | ) | (74,240 | ) |

| At 30 June 2025 | 3,893,801 |  | 5,820,452 |  | 9,714,253 |  |

| DEPRECIATION

| At 1 July 2024 | - |  | 3,242,577 |  | 3,242,577 |  |

| Charge for year | - |  | 380,051 |  | 380,051 |  |

| Eliminated on disposal | - |  | (59,687 | ) | (59,687 | ) |

| At 30 June 2025 | - |  | 3,562,941 |  | 3,562,941 |  |

| NET BOOK VALUE

| At 30 June 2025 | 3,893,801 |  | 2,257,511 |  | 6,151,312 |  |

| At 30 June 2024 | 3,877,657 |  | 2,359,333 |  | 6,236,990 |  |

| Included in the value of land and buildings above is freehold land of £891,500 (2024 : £891,500) which is not depreciated.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 5,007 |  | 29,359 |  |

| Amounts owed by participating interests | 89,681 |  | 59,967 |  |

| Other debtors | 158,168 |  | 213,338 |  |

252,856 |  | 302,664 |  |

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 109,824 |  | 161,564 |  |

| Amounts owed to group undertakings | 8,178,602 |  | 7,297,654 |  |

| Taxation and social security | 69,308 |  | 21,505 |  |

| Other creditors | 1,400,072 |  | 1,341,250 |  |

9,757,806 |  | 8,821,973 |  |

7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Tony Castagnetti (Senior Statutory Auditor)

| for and on behalf of Belluzzo Audit Limited

8. | ULTIMATE CONTROLLING PARTY

| The controlling party is A24 Group Limited.

| The ultimate controlling party is P.M. Streeter.

| A24 Group Limited is parent undertaking of the smallest and largest group of which the company is a member for which group accounts are prepared. The Financial Statements of A24 Group Limited can be obtained from Companies House.