ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 13634030

LONGSHOT III LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

LONGSHOT III LIMITED

COMPANY INFORMATION

Directors	J Cadbury
	M Innes
	A Roberts
	O Vigors


Registered number	13634030


Registered office	5 Albany Courtyard
	Piccadilly
	London
	W1J 0HF


Independent auditors	HaysMac LLP
	10 Queen Street Place
	London
	EC4R 1AG


Solicitors	Macfarlanes LLP
	20 Cursitor Street
	London
	EC4A 1LT

LONGSHOT III LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	11
Company Statement of Financial Position	12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15 - 16
Consolidated Analysis of Net Debt	17
Notes to the Financial Statements	18 - 38

LONGSHOT III LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 MARCH 2025

Introduction

The directors present their Strategic Report of Longshot III Limited ("LSIII") for the year ended 30 March 2025.

Business review

LSIII is a Topco Investment vehicle for the acquisition, diversification and reimagination of Golf Courses in the South of England.
LSIII is presently the owner of four golf courses upon which it plans to deliver its vision for the future of Golf, Sport & Leisure.
During the year ending 30 March 2025 development of our concept for Golf has progressed in earnest, including the completion of Mackenzie’s & Ebert’s 12-hole re-designs at 2 existing sites with a capital investment of £3.7m.
This has inevitably led to a significant amount of trade disruption and closures which are reflected in the profitability of the business. Oak Park remains closed, Farrington Park ceased trading in its acquired form in Sep-24, Teign Valley closed in Oct-24 and Blacknest operated as an events only Business with no Golf Course throughout FY25.
As a result, Total Turnover in the year was £1,915,046 (2024: £2,795,523) and the Group made a net loss of £- (2024: £-).
Total net assets are £19,625,512 (2024:£19,282,796).
In Summer 2024, we partnered with Uncommon to develop the Mad Swans brand identity, name and logo which will be common across all planned site developments.
Full planning consent for Farrington Park (Mad Swans in the Mendips) was passed in Feb-25, followed post year end by Blacknest (Mad Swans in South Downs) in Jul-25, Teign Valley (Mad Swans in Dartmoor) in Aug-25 and Oak Park in Nov-25. We are grateful for the expertise, time and patience of our internal and external teams in achieving these transformational consents.
On 30 March 2025 we employed 45 people. We are very proud this has since grown to more than 100 people and look forward to continuing to create rewarding hospitality jobs in other rural areas of Southern England.
As well investment in our in-house team, LSIII has ongoing partnerships with a number of key suppliers including; Mackenzie & Ebert, Nokken, Greenspan, TSA Riley, Stanlo Construction, Towens, Sustainable Advantage and Digg & Co.
Post year end, in October 2025 we have now fully launched Mad Swans in the Mendips to overwhelmingly positive feedback. Our 2nd site Mad Swans in South Downs scheduled to open in Spring 2026.
During the year a considerable of time and effort has been put into the laying the groundwork for our first opening including, the selection and implementation of new IT systems, website development, menu development, setting operating standards, recruitment, construction management and procurement.
LSIII continues to be an investment asset of the BAE Systems Pension Fund Trustees, managed by Goldman Sachs Asset Management.
We are also, pleased to be working with OakNorth Bank who in October 2024 provided an £8.0m development loan facility to help fund the launch of the first two LSIII sites. This facility has been further extended to £10.0m in October 2025.

Page 1

LONGSHOT III LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 MARCH 2025

Principal risks and uncertainties

The management of the business and execution of the Group’s strategy are subject to a number of risks.

Financial Risk Management

Liquidity risk – The Group manages its day to days operations, investments and cash balances to ensure that the Group has sufficient available funds for its operations. During the year ended 30 March 2025, the OakNorth Bank provided debt facility has been deployed to fund capital development and provide additional liquidity headroom.

Foreign exchange risk – Whilst 100% of income, and the majority of the Group’s expenses, are denominated in sterling, the Group is exposed to some foreign exchange risk in the normal course of business and in particular on the purchase of modular eco cabins from Central Europe. The Group did not use financial instruments in the year to hedge foreign exchange exposure. However, this position is kept constantly under review.

Credit risk – Membership revenues have been collected annually in advance or via monthly direct debit. Deposits are taken for any events bookings. All other payments are committed at the point of transaction.

Interest risk – The Group has interest bearing assets and liabilities. The Group did not use financial instruments in year to hedge interest rate risk. However, this position is kept constantly under review.

Inflation risk – The planned capital development projects represent a key component part of the LSIII Business Plan. These cost assumptions are not immune to inflationary pressures. Where possible the Group has committed, fixed quotes from suppliers for key facilities. The business has also worked closely with quantity surveyors and construction project management firm, TSA Riley to deliver its capital projects efficiently.

Regulatory risk – As well as following all government guidelines, the group has engaged various Health & Safety systems and consultants in order to ensure that it operates safely and legally.

The policies set out by the Board of Directors are implemented by the Group's finance department.

Page 2

LONGSHOT III LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 MARCH 2025

Key performance indicators

The Group measures its performance and progress against its strategy through the following key performance indicators.
Financial key performance indicators
The redevelopment of the Golf Courses has, as anticipated, caused short-term disruption to pre-existing trade. Regular KPIs such as; Number of Golf Rounds, Weekly F&B Sales, Labour as a % of sales are therefore less meaningful, especially relative to previous trading periods.
With that in mind, the year end 30 March 2025 has continued to focus on site acquisition, deployment of capital investment whilst mitigating interim trading losses.
Key KPIs in the year have therefore included; Capex expenditure vs Budget, Daily Cash vs forecast and trading losses vs budget.
Each of which are tracked and reported on a weekly basis for all sites.
Environment
The Group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors’ continued aim is not only to comply, but where practicable exceed all applicable environmental legislation, prevent pollution and reduce waste wherever possible. The Group’s commitment to sustainability is demonstrated by its strategic work with Sustainable Advantage.
Initiatives in the past year include the use of solar powered, autonomous mowers and the production of our own Honey, Horseradish and Elderflower on site to become fully self-sustaining.
Health & Safety
The Group is committed to achieving the highest practical standards in health and safety management and strives to make all sites and offices safe environments to employees and customers alike.
Human Resources
LSIII is committed to creating an enriching workplace that nurtures its team, cultivates long-term careers, priorities wellness, champions diversity and inclusivity, and ignites passion for the hospitality and leisure industry.

This report was approved by the board and signed on its behalf.

................................................

J Cadbury

Director

Date: 24 December 2025

Page 3

LONGSHOT III LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 MARCH 2025

The directors present their report and the financial statements for the year ended 30 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group 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 for the Group's financial statements and then apply them consistently;

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results

The loss for the year, after taxation, amounted to £3,471,462 (2024: loss £2,746,612).

Directors

The directors who served during the year were:

J Cadbury

M Innes

A Roberts

O Vigors

Future developments

The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's Strategic Report; the information relating to future development and financial risk management.

Page 4

LONGSHOT III LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

In October 2025, the Group have fully launched Mad Swans in the Mendips, the golf course held by 360 Maple Limited.
Our second site Mad Swans in South Downs (360 Beech Limited) is scheduled to open in the Spring of 2026.
We have received resolutions to grant planning approval at each of the three remaining sites:
- Blacknest (Mad Swans in South Downs) in July 2025

-Teign Valley (Mad Swans in Dartmoor) in August 2025; and

- Oak Park in November 2025.
Between July 2025 to December 2025 a further £1.75m of equity investment has been committed from a mix of Management and other Strategic Investors.
OakNorth Bank have further increased our existing external debt facility from £8.0m to £10.0m in October 2025.

Auditors

The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

J Cadbury

Director

Date: 24 December 2025

Page 5

LONGSHOT III LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGSHOT III LIMITED

Opinion

We have audited the financial statements of Longshot III Limited (the 'Company') and its subsidiaries (the 'Group') for the year ended 30 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Company's affairs as at 30 March 2025 and of the Group's loss 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or 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.

Page 6

LONGSHOT III LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGSHOT III LIMITED (CONTINUED)

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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.

Page 7

LONGSHOT III LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGSHOT III LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and 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 Group or the Company or to cease operations, or have no realistic alternative but to do so.

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 an Auditors' 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

∙Inspecting correspondence with regulators and tax authorities;

∙Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

∙Evaluating management's controls designed to prevent and detect irregularities;

∙Identifying and testing accounting journal entries, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and

∙Challenging assumptions and judgements made by management in their critical accounting estimates.

Page 8

LONGSHOT III LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGSHOT III LIMITED (CONTINUED)

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

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 Auditors' 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.

Isabelle Shepherd (Senior Statutory Auditor)

for and on behalf of

HaysMac LLP

Statutory Auditors

10 Queen Street Place

London

EC4R 1AG

29 December 2025

Page 9

LONGSHOT III LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	1,915,046	2,795,523
Cost of sales		(1,598,232)	(2,002,247)
Gross profit		316,814	793,276
Administrative expenses		(3,807,586)	(3,741,863)
Exceptional administrative expenses	13	(699,535)	(249,670)
Other operating income	5	174,163	19,881
Operating loss	6	(4,016,144)	(3,178,376)
Interest receivable and similar income	10	12,443	4,944
Interest payable and similar expenses	11	(121,674)	(34,375)
Loss before taxation		(4,125,375)	(3,207,807)
Tax on loss	12	653,913	461,195
Loss for the financial year		(3,471,462)	(2,746,612)

There was no other comprehensive income for 2025 (2024: £nil).

The notes on pages 18 to 38 form part of these financial statements.

Page 10

LONGSHOT III LIMITED

REGISTERED NUMBER: 13634030

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		950,797		1,015,439
Tangible assets	15		18,893,498		13,287,046
			19,844,295		14,302,485
Current assets
Stocks		27,785		100,628
Debtors: amounts falling due within one year	17	316,918		793,662
Cash at bank and in hand	18	4,757,317		6,191,959
		5,102,020		7,086,249
Creditors: amounts falling due within one year	19	(1,325,009)		(1,191,513)
Net current assets			3,777,011		5,894,736
Total assets less current liabilities			23,621,306		20,197,221
Creditors: amounts falling due after more than one year	20		(3,995,794)		(260,512)
Provisions for liabilities
Deferred taxation	23	-		(653,913)
			-		(653,913)
Net assets			19,625,512		19,282,796

Capital and reserves
Called up share capital	24	274,738	236,595
Share premium account	25	27,042,737	23,266,702
Profit and loss account	25	(7,691,963)	(4,220,501)
		19,625,512	19,282,796

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.

................................................

J Cadbury

Director

The notes on pages 18 to 38 form part of these financial statements.

Page 11

LONGSHOT III LIMITED

REGISTERED NUMBER: 13634030

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		38,010		-
Tangible assets	15		4,627		1,036
Investments	16		5		5
			42,642		1,041
Current assets
Debtors: amounts falling due within one year	17	23,429,870		16,221,254
Cash at bank and in hand	18	3,834,716		5,631,769
		27,264,586		21,853,023
Creditors: amounts falling due within one year	19	(288,210)		(124,630)
Net current assets			26,976,376		21,728,393
Total assets less current liabilities			27,019,018		21,729,434

Creditors: amounts falling due after more than one year	20		(3,676,627)		-

Net assets			23,342,391		21,729,434

Capital and reserves
Called up share capital	24		274,738		236,595
Share premium account	25		27,042,737		23,266,702
Profit and loss account brought forward		(1,773,863)		(894,845)
Loss for the year		(2,201,221)		(879,018)
Profit and loss account carried forward			(3,975,084)		(1,773,863)
			23,342,391		21,729,434

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.

................................................

J Cadbury

Director

The notes on pages 18 to 38 form part of these financial statements.

Page 12

LONGSHOT III LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 March 2023	127,553	12,445,654	(1,473,889)	11,099,318

Loss for the year	-	-	(2,746,612)	(2,746,612)
Shares issued during the year	109,042	10,821,048	-	10,930,090

At 31 March 2024	236,595	23,266,702	(4,220,501)	19,282,796

Loss for the year	-	-	(3,471,462)	(3,471,462)
Shares issued during the year	38,143	3,776,035	-	3,814,178
At 30 March 2025	274,738	27,042,737	(7,691,963)	19,625,512

The notes on pages 18 to 38 form part of these financial statements.

Page 13

LONGSHOT III LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 30 March 2023	127,552	12,445,654	(894,845)	11,678,361

Loss for the year	-	-	(879,018)	(879,018)
Shares issued during the year	109,043	10,821,048	-	10,930,091

At 30 March 2024	236,595	23,266,702	(1,773,863)	21,729,434

Loss for the year	-	-	(2,201,221)	(2,201,221)
Shares issued during the year	38,143	3,776,035	-	3,814,178
At 30 March 2025	274,738	27,042,737	(3,975,084)	23,342,391

The notes on pages 18 to 38 form part of these financial statements.

Page 14

LONGSHOT III LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(3,471,462)	(2,746,612)
Adjustments for:
Amortisation of intangible assets	111,381	97,640
Depreciation of tangible assets	919,103	512,904
Loss on disposal of tangible assets	101,325	-
Interest paid	121,674	34,375
Interest received	(12,443)	(4,944)
Taxation charge	(653,913)	(461,195)
Decrease in stocks	72,843	22,758
Decrease in debtors	56,827	34,858
Increase/(decrease) in creditors	155,514	(49,763)
Net cash generated from operating activities	(2,599,151)	(2,559,979)
Cash flows from investing activities
Purchase of intangible fixed assets	(46,739)	-
Purchase of tangible fixed assets	(6,738,090)	(524,365)
Purchase of fixed asset investments	-	(2,791,902)
Interest received	12,443	-
Net cash from investing activities	(6,772,386)	(3,316,267)
Cash flows from financing activities
Issue of ordinary shares	4,327,350	10,386,864
Repayment of/new finance leases	(31,846)	41,644
Interest paid	(121,674)	(34,375)
New loans	3,763,065	-
Net cash used in financing activities	7,936,895	10,394,133

Page 15

LONGSHOT III LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 MARCH 2025

		2025	2024
		£	£


Net (decrease)/increase in cash and cash equivalents	(1,434,642)	4,517,887
Cash and cash equivalents at beginning of year	6,191,959	1,674,072
Cash and cash equivalents at the end of year	4,757,317	6,191,959

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,757,317	6,191,959
	4,757,317	6,191,959

The notes on pages 18 to 38 form part of these financial statements.

Page 16

LONGSHOT III LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 MARCH 2025


At 31 March 2024	Cash flows	At 30 March 2025
£	£	£

Cash at bank and in hand	6,191,959	(1,418,073)	4,773,886
Debt due within 1 year	-	-	-
Debt due after 1 year	-	(3,763,065)	(3,763,065)
Finance leases	(414,871)	(48,021)	(462,892)
	5,777,088	(5,229,159)	547,929

The notes on pages 18 to 38 form part of these financial statements.

Page 17

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

1.	General information

Longshot III Ltd is a limited company (registered number 13634030) incorporated in England and Wales. The registered office address is 5 Albany Courtyard, London, W1J 0HF.
The principal activity of the Group is the development, creation and operation of rural hospitality venues offering a diversified mix of sport and accommodation
The Company's functional and presentational currency is GBP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The Directors have prepared cashflow forecasts for the Group. These model various scenarios taking into account both funding and development plans. The forecasts show the Group has sufficient liquidity to continue to operate for at least 12 months from the date of these financial statements under each scenario. The principal risks to these scenarios relate mostly to levels of future investment expenditure, within Management’s control, and the trading performance of the first two sites where one opened in October 2025 and the other aiming for Spring 2026. The Directors are satisfied that the Group has sufficient liquidity and therefore the financial statements have been prepared on a going concern basis.

Page 18

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is generated from annual dues from golf club members, food and beverage sales in the club house and retail sales in the pro club shop, as well as accommodation provision, other sales connected with the golf courses and from the provision of gym and leisure facilities.

Food & beverage

Revenue from food and beverage is recogneised at the point of sale, as this is the stage at which the economic benefits flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Membership fees

Revenue from annual golf dues is recognised over the period to which it relates. The fees are due either upfront at the start of the membership year, or paid monthly via direct debt. Upfront payment of the annual membership is recognised in deferred income at this stage. The deferred income is then released to revenue over the course of the year to match the period in which the goods or services are provided.

This revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.
The golf courses were closed during the year for renovations and therefore only received membership revenue for part of the year.

Other golf related revenue

Revenue from retail sales, green fees, range fees and cycling/ fitness/ hiking fees are recognised at the point of sale, as this is the stage at which the economic benefits flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Rooms revenue

Revenue from rooms is recognised over the period it relates, being the booking period. Upfront payment of rooms is recognised in deferred income at this stage. The deferred income is then released to revenue over the period of the booking in which the goods or services are provided.

Gym revenue

Gym revenue can be in the form of memberships and daily passes or classes which are paid on arrival. The daily passes are recognised at the point of sale, as this is the stage at which the economic benefits flow to the Group and the revenue can be reliably measured. Gym memberships are recognised over the period to which is relates. The fees are due either upfront at the start of the membership year, or paid monthly via direct debt. Upfront payment of the annual membership is recognised in deferred income at this stage. The deferred income is then released to revenue over the course of the year to match the period in which the goods or services are provided.

Page 19

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

2.Accounting policies (continued)

2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plans

The Group operates a defined contribution plans for its employees. There is a separate defined contribution plan for each Company within the Group, which pays fixed contributions. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, being 10 years.

Page 21

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

2.Accounting policies (continued)

2.11

Intangible assets (continued)

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Computer software	-	5	years
				Goodwill	-	10	years

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	25 years
Plant and machinery	-	3-8 years
Fixtures and fittings	-	3-5 years
Office and computer equipment	-	3-4 years
Assets under construction	-	Not depreciated

At the start of the year, management changed their estimated useful life for freehold property from 50 years to 25 years, using the straight-line method.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 22

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

2.Accounting policies (continued)

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without
penalty on notice of not more than 24 hours.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 23

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.

On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.
The following paragraphs detail the estimates and judgements the company believes to have the most significant impact on the annual results under FRS 102.

Tangible assets

Fixed assets are subject to an impairment review whenever an indicator of impairment is present. If the assumptions that feed into the impairment review differ from the actual events that occur then there could be a material impact on the accounts. An impairment review has been completed at the year end using a third party valuation report for three of the sites. These valuation reports use judgments and assumptions around potential opportunities for the site and recent sales in the area. They use estimates on future trading potential with and appropriate discount rates. No impairment has been identified on these sites. If the future trading expectations or the discount rates used turn out to be incorrect estimates, there could be a material impact on the carrying value of the fixed assets.

For one site a number of valuation reports have been obtained, each covering different uses for the site. The alternate use valuation is materially higher than the current use valuation. Management have concluded that the alternate use valuation is reasonable, as the site could be broken up and sold for the values identified. They have therefore used this value for their impairment review as FRS 102 requires that the higher value is considered the fair value.

Recoverability of amounts owed by group undertakings

Longshot III has lent its subsidiaries amounts that are disclosed as 'amounts owed from group undertakings'. These are the proceeds from the equity and debt raises that have been passed down to acquire the golf courses and redevelop the sites. At each reporting date, the Group evaluates the recoverability of amounts owed by group undertakings based on their current financial position, forecast future financial performance and other factors. In some cases a detail business valuation by a third party has identified the discount future cash flow from the site the subsidiary holds, and in others due to a longer redevelopment timeline this has been done at a higher level placing reliance on the success of the more imminent redevelopments. The key estimates that make up these assessment are discount rates and future operating cash inflows. The actual level of debtors collected in future periods may differ from the estimated levels of recovery based on the Group's judgement, which could impact operating results.

Goodwill impairment

Goodwill is subjective to an annual impairment review whenever an indicator of impairment is present. Goodwill has been generated on the acquisition of companies that previously owned and operated the golf courses. The goodwill has not been impaired on the basis of expected future business valuations for the golf courses post refurbishment. These business valuations include assumptions around the cost of investment, the future trading performance and the most appropriate discount rate. Were the actual costs of redevelopment and future performance to increase and decrease respectively, or the discount rate turn out to be inappropriate, there could be a negative impact on goodwill and impairment would be required.

Page 24

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

Food & Beverage	460,787	843,345
Membership Fees	130,530	728,622
Other Golf Related Revenue	740,298	903,647
Rooms & Events Revenue	439,691	110,466
Gym Revenue	143,740	209,442
	1,915,046	2,795,522

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Esso compensation	-	13,289
Fill income	174,163	-
Insurance claims receivable	-	4,018
Sale of firewood	-	2,574
	174,163	19,881

	Depreciation of tangible fixed assets	919,103	659,880
	Amortisation	111,381	101,707

Page 25

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	51,900	66,000
	Fees payable to the Company's auditor and its associates in respect of non-audit services	33,000	71,784

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,144,107	2,030,224	940,225	677,973
Social security costs	211,270	154,291	117,378	85,306
Cost of defined contribution scheme	37,583	27,186	13,862	2,471
	2,392,960	2,211,701	1,071,465	765,750

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Average number of employees	81	130	11	7

Page 26

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	435,000	375,000
	435,000	375,000

	The highest paid director received remuneration of £215,128 (2024: £212,500).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £nil (2024: £nil).

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	12,443	4,944
		12,443	4,944

11.	Interest payable and similar expenses
		2025	2024
		£	£

Finance leases and hire purchase contracts	23,310	26,765
Other interest payable	-	7,610
Bank interest payable	98,364	-
	121,674	34,375

Page 27

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	(653,913)	(461,195)
Total deferred tax	(653,913)	(461,195)


		(653,913)	(461,195)

Loss on ordinary activities before tax

(4,125,375)

(3,207,808)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(1,031,344)	(783,776)
Effects of:
Fixed asset differences	141,795	59,400
Expenses not deductible for tax purposes	277,598	267,611
Capital allowances for year in excess of depreciation	(1,082)	-
Other adjustments, reliefs and transfers	-	61,780
Remeasurement of deferred tax for changes in tax rates	-	(42,177)
Movement in deferred tax not recognised	223,344	(97,470)
Other movements	(264,224)	73,437
Total tax charge for the year	(653,913)	(461,195)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

13.	Exceptional adminstrative expenses
		2025	2024
		£	£

Planning & development consulting fees

699,535

249,670

14.	Intangible assets
	Group

	Computer software	Goodwill	Total
	£	£	£
Cost
At 31 March 2024	2,701	1,117,495	1,120,196
Additions	46,739	-	46,739
At 30 March 2025	49,440	1,117,495	1,166,935
Amortisation
At 31 March 2024	-	104,757	104,757
Charge for the year	343	111,038	111,381
At 30 March 2025	343	215,795	216,138
Net book value
At 30 March 2025	49,097	901,700	950,797
At 30 March 2024	2,701	1,012,738	1,015,439

Page 29

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

14.Intangible assets (continued)

	Company

		Computer software
		£
	Cost
	Additions	38,353
	At 30 March 2025	38,353
	Amortisation
	Charge for the year	343
	At 30 March 2025	343
	Net book value
	At 30 March 2025	38,010
	At 30 March 2024	-

Page 30

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

15.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Assets under construction	Total
	£	£	£	£	£	£
Cost or valuation
At 31 March 2024	14,364,073	1,241,464	806,889	27,579	-	16,440,005
Additions	139,181	374,504	227,423	24,801	5,972,181	6,738,090
Disposals	-	(290,008)	(90,235)	-	-	(380,243)
At 30 March 2025	14,503,254	1,325,960	944,077	52,380	5,972,181	22,797,852
Depreciation
At 31 March 2024	2,118,404	506,104	521,393	7,058	-	3,152,959
Charge for the year	460,089	348,847	95,287	14,880	-	919,103
Disposals	-	(126,533)	(41,175)	-	-	(167,708)
At 30 March 2025	2,578,493	728,418	575,505	21,938	-	3,904,354
Net book value
At 30 March 2025	11,924,761	597,542	368,572	30,442	5,972,181	18,893,498
At 30 March 2024	12,245,669	735,360	285,496	20,521	-	13,287,046

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	439,614	434,480
	439,614	434,480

Page 31

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

15.Tangible fixed assets (continued)

	Company

		Computer equipment
		£
	Cost
	At 31 March 2024	1,651
	Additions	4,922
	At 30 March 2025	6,573
	Depreciation
	At 31 March 2024	615
	Charge for the year on owned assets	1,331
	At 30 March 2025	1,946
	Net book value
	At 30 March 2025	4,627
	At 30 March 2024	1,036

Page 32

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 30 March 2024	5
	At 30 March 2025	5

	Net book value
	At 30 March 2025	5
	At 30 March 2024	5

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

360 Beech Limited	Ordinary	100%
360 Maple Limited	Ordinary	100%
360 Sycamore Limited	Ordinary	100%
360 Oak Limited	Ordinary	100%
Crondall Properties Limited*	Ordinary	100%
Farrington Golf and Country Club Limited*	Ordinary	100%
Greenbanks Golf Limited*	Ordinary	100%

The above subsidiaries all have the same registered office being 4-5 Albany Courtyard, London, W1J0HF.

*indirect holding

On 9 December 2025, Greenbanks Golf Limited and Farrington Golf and Country Club Limited were dissolved.

All the subsidiaries listed above are exempt from the requirement of individual audits by virtue of Companies Act Section s479A.

Page 33

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

17.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	12,256	23,688	-	-
Amounts owed by group undertakings	-	-	23,261,670	15,160,267
Other debtors	38,089	150,440	35,466	9,540
Called up share capital not paid	30,054	543,226	30,054	543,226
Prepayments and accrued income	143,264	76,308	102,680	29,360
VAT	93,255	-	-	-
Deferred taxation	-	-	-	478,861
	316,918	793,662	23,429,870	16,221,254

Amounts owed to group undertakings are interest free and repayable on demand.

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	4,757,317	6,191,959	3,834,716	5,631,769
	4,757,317	6,191,959	3,834,716	5,631,769

19.	Creditors: amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	721,739	296,022	46,527	20,982
Other taxation and social security	74,636	67,333	58,894	31,249
Obligations under finance lease and hire purchase contracts	143,724	154,358	-	-
Other creditors	151,803	58,111	147,690	43,399
Accruals and deferred income	233,107	615,689	35,099	29,000
	1,325,009	1,191,513	288,210	124,630

Page 34

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

20.	Creditors: amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	3,676,627	-	3,676,627	-
Net obligations under finance leases and hire purchase contracts	319,167	260,512	-	-
	3,995,794	260,512	3,676,627	-

On 29 November 2024, a bank loan was taken out with OakNorth. The facility is split into two tranches, with a total available funds in Tranche A of £6,000,000 and £2,000,000 in Tranche B. £3,763,066 has been drawn down at the year end and this is disclosed net of the loan arrangement fees (£86,438 (2024 - £nil)).
Interest on the loan is charged at 6% per annum plus the base rate (SONA) and the loan is repayable in full on 24 December 2027. The loan is secured over the assets within the Group.

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£



Amounts falling due 2-5 years
Bank loans	3,676,627	-	3,676,627	-

	3,676,627	-	3,676,627	-

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	188,526	155,110
Between 1-5 years	347,400	303,564
	535,926	458,674

Page 35

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(653,913)
	Charged to profit or loss	653,913
	At end of year	-

Company

		2025
		£

	At beginning of year	478,861
	Charged to profit or loss	(478,861)
	At end of year	-

The deferred taxation balance is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Losses and other deductions	1,596,767	829,773	10,371	-
Fixed asset timing differences	(341,668)	(170,957)	(10,371)	(259)
Chargeable losses	-	-	-	479,120
Capital gains	(1,255,099)	(1,312,729)	-	-
	-	(653,913)	-	478,861

At the balance sheet date the Group had trading losses available for carry forward of £8,498,304. Under FRS 102 these losses give rise to a potential deferred tax asset of £2,124,576.

A deferred tax asset has been partially recognised in respect of these losses, to the extent they could offset deferred tax liabilities, to the value of £1,595,685. No further asset has been recognised due to the uncertainty over the timing and extent of future taxable profits against which the losses may be utilised.

Page 36

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,373,685 (2024: 1,182,975) A Shares of £0.01 each	13,737	11,830
24,564,052 (2024: 21,065,575) B1 Shares of £0.01 each	245,641	210,656
1,535,948 (2024: 14,410,948) B2 Shares of £0.01 each	15,359	14,108
100 (2024: 100) Management Shares of £0.01 each	1	1

	274,738	236,595

During the year, 190,710 Ordinary A shares of £0.01 each were issued at a premium of £1.00. A total of 3,498,477 Ordinary B1 shares of £0.01 each were issued at a premium of £1.00. In addition, 125,000 Ordinary B2 share of £0.01 were issued at a premium of £1.00.

25.

Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all profits and losses accumulated in the current and previous periods.

26.	Capital commitments
	At 30 March 2025 the Group and Company had capital commitments as follows:
		Group	Group
		2025	2024
		£	£

	Contracted for but not provided in these financial statements	1,882,941	-
		1,882,941	-

During the year, the Group entered into agreements relating to the renovations of the golf course and other capital expenses. These capital commitments are contracted, but not provided for in the financial statements. The Group is committed to incur capital expenditure in the year ended 31 March 2026. As at year end, the outstanding capital commitments was £1,882,941 (2024: £nil).

Page 37

LONGSHOT III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

27.	Pension commitments

The Group and Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group and Company in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £37,583 (2024: £27,186). Contributions totalling £1,960 (2024:£6,325) were payable to the fund by the Group at the reporting date. Total contributions receivable to the Company by the fund amounted to £1,152 (2024: payable of £2,471).

28.	Related party transactions
	Included in other debtors is £4,396 (2024: other creditors £8,904) due to a company under common control.

29.	Post balance sheet events

In October 2025, the Group have fully launched Mad Swans in the Mendips, the golf course held by 360 Maple Limited.

Our second site Mad Swans in South Downs (360 Beech Limited) is scheduled to open in the Spring of 2026.

We have received resolutions to grant planning approval at each of the three remaining sites:

-Blacknest (Mad Swans in South Downs) in July 2025

-Teign Valley (Mad Swans in Dartmoor) in August 2025; and

- Oak Park in November 2025.

Between July 2025 to December 2025 a further £1.75m of equity investment has been committed from a mix of Management and other Strategic Investors.

OakNorth Bank have further increased our existing external debt facility from £8.0m to £10.0m in October 2025.

30.	Controlling party

The ultimate controlling party is BAE Systems Pension Fund Trustees.

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