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REGISTERED NUMBER: 00728574 (England and Wales)

Glen House Estates Limited

Audited Financial Statements for the Year Ended 30th September 2025

Glen House Estates Limited (Registered number: 00728574)

Contents of the Financial Statements

for the Year Ended 30th September 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Glen House Estates Limited

Company Information

for the Year Ended 30th September 2025

| DIRECTORS: | B R Mellstrom LLB

| S C Mellstrom MRICS

| J M Slot

| L J Roberts

| SECRETARY: | W Munday

| REGISTERED OFFICE: | Glen House

| Glen Road

| Grayshott

| Hindhead

| Surrey

| GU26 6NF

| REGISTERED NUMBER: | 00728574 (England and Wales)

| AUDITORS: | Sheen Stickland

| Chartered Accountants

| Statutory Auditors

| 2 Oriel Court

| Omega Park

| Alton

| Hampshire

| GU34 2YT

Glen House Estates Limited (Registered number: 00728574)

Balance Sheet

30th September 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 6 | 671,428 |  | 694,848 |  |

Investments | 7 | 2,833 |  | 2,833 |  |

Investment property | 8 | 136,161,000 |  | 141,215,000 |  |

136,835,261 |  | 141,912,681 |  |

CURRENT ASSETS

Debtors | 9 | 2,203,197 |  | 2,485,865 |  |

Cash at bank and in hand | 9,265,733 |  | 6,795,439 |  |

11,468,930 |  | 9,281,304 |  |

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 10 | (5,906,473 | ) | (5,357,888 | ) |

NET CURRENT ASSETS | 5,562,457 |  | 3,923,416 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 142,397,718 |  | 145,836,097 |  |

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | 11 | (52,703,249 | ) | (52,738,514 | ) |

PROVISIONS FOR LIABILITIES | 13 | (6,147,661 | ) | (7,243,025 | ) |

NET ASSETS | 83,546,808 |  | 85,854,558 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 2,004 |  | 2,004 |  |

Fair value reserve | 15 | 41,911,402 |  | 48,269,676 |  |

Capital redemption reserve | 15 | 230,372 |  | 230,372 |  |

Retained earnings | 15 | 41,403,030 |  | 37,352,506 |  |

SHAREHOLDERS' FUNDS | 83,546,808 |  | 85,854,558 |  |

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 9th January 2026 and were signed on its behalf by:

S C Mellstrom MRICS - Director

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements

for the Year Ended 30th September 2025

1. | STATUTORY INFORMATION

| Glen House Estates 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. | STATEMENT OF COMPLIANCE

| Glen House Estates Limited is a company limited by shares and is incorporated in England and Wales, registration number 00728574. The registered office is Glen House, Glen Road, Grayshott, Hindhead, Surrey GU26 6NF.

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

3. | 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 historical cost convention as modified by the revaluation of certain assets.

| Preparation of consolidated financial statements

| The financial statements contain information about Glen House Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Critical accounting judgements and key sources of estimation uncertainty

| The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

| Provisions against receivables

| Using information available up to the date the financial statements have been approved, the Directors make judgments based on experience regarding the level of provision required to account for potentially uncollectible receivables.

| The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

| Useful life of fixed assets

| Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually.

| Valuation of Investment Properties

| Investment properties are generally held at the most recent valuation. Where there has been no formal valuation carried out at the balance sheet date, the directors will review the current stated values to ensure they appear reasonable. If required the valuation of investment properties would be held at management valuations, based on their knowledge of the market.

| Turnover

| Turnover represents the total rents receivable under operating leases for the year. Rents are included net of VAT on properties where the option to tax has been exercised.

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued

for the Year Ended 30th September 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Freehold land and buildings are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market values is transferred to a revaluation reserve.

| Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

| Land and buildings |  | - Not depreciated / held at valuation |  |

| Plant & machinery etc |  | - 25% on reducing balance |  |

| Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate.The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually.

| Any gain or loss arising on the disposal of an asset is determined by the difference between sale proceeds and carrying value of the asset, and is credited or charged to the profit or loss.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Profit and Loss.

| Investment properties purchased in the year are stated at cost including stamp duty and other purchase costs.

| 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Unlisted investments are stated at cost less any provision for impairment.

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued

for the Year Ended 30th September 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

| Cash and cash equivalents

| These comprise cash at bank.

| Debtors

| Debtors are stated at their nominal value and where balances become overdue interest is charged. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

| Creditors

| Creditors are stated at their nominal value, the only creditors which are interest bearing relate to the bank loans.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 9 (2024 - 9 ) .

5. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 25,910 |  | 24,675 |  |

| Included in auditors remuneration are non audit fees of £10,364 (2024: £9,870).

6. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1st October 2024 | 525,000 |  | 501,074 |  | 1,026,074 |  |

| Additions | - |  | 67,863 |  | 67,863 |  |

| Revaluations | (38,500 | ) | - |  | (38,500 | ) |

| At 30th September 2025 | 486,500 |  | 568,937 |  | 1,055,437 |  |

| DEPRECIATION

| At 1st October 2024 | - |  | 331,226 |  | 331,226 |  |

| Charge for year | - |  | 52,783 |  | 52,783 |  |

| At 30th September 2025 | - |  | 384,009 |  | 384,009 |  |

| NET BOOK VALUE

| At 30th September 2025 | 486,500 |  | 184,928 |  | 671,428 |  |

| At 30th September 2024 | 525,000 |  | 169,848 |  | 694,848 |  |

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued

for the Year Ended 30th September 2025

6. | TANGIBLE FIXED ASSETS - continued

| Freehold land and buildings are held at the most recent valuation.

| No depreciation is charged in respect of the freehold buildings as the directors consider that any depreciation charge would be immaterial, as permitted by Financial Reporting Standard 102 in such circumstances. This depreciation is considered immaterial as the residual value of the property is not materially different from the carrying value.

| Repairs and maintenance costs incurred on the general up keep of the property are charged to the profit and loss account in the year in which they are incurred. An annual impairment review is conducted.

| During the year 2024 a portion of property included in land and buildings, valued at £270,000, was refurbished from office space into a residential investment property. Therefore this amount was reclassified to investment property.

| The cost of freehold land and buildings was £439,458.

| Cost or valuation at 30th September 2025 is represented by:

|  | Land and Buildings |  | Plant and machinery etc |  | Totals |  |

|  | £ |  | £ |  | £ |  |

| Cost |  | 439,458 |  | 568,974 |  | 1,008,432 |  |

| Valuation b/f |  | 160,542 |  | - |  | 160,542 |  |

| Revaluation 2024 |  | (75,000 | ) | - |  | (75,000 | ) |

| Revaluation 2025 |  | (38,500 | ) | - |  | (38,500 | ) |

|  | 486,500 |  | 568,974 |  | 1,055,474 |  |

| Freehold property was revalued during the year.

7. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st October 2024

| and 30th September 2025 | 2,833 |  |

| NET BOOK VALUE

| At 30th September 2025 | 2,833 |  |

| At 30th September 2024 | 2,833 |  |

| The company holds 100% share capital of Glen House Securities Ltd, a non trading company with capital and reserves of £278,087 (2024: £278,087).

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued

for the Year Ended 30th September 2025

8. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1st October 2024 | 141,215,000 |  |

| Additions | 5,037,480 |  |

| Disposals | (4,109,046 | ) |

| Revaluations | (5,982,434 | ) |

| At 30th September 2025 | 136,161,000 |  |

| NET BOOK VALUE

| At 30th September 2025 | 136,161,000 |  |

| At 30th September 2024 | 141,215,000 |  |

| Fair Value at 30th September 2025 is represented by:

| £ |  |

| Cost Bfwd |  |  | 82,718,864 |

| Valuation Bfwd |  |  | 58,496,136 |

| Additions |  |  | 5,037,480 |

| Disposals |  |  | (4,109,046 | )

| Revaluation 2025 |  |  | (5,982,434 | )

|  | 136,161,000 |

| If investment properties had not been revalued they would have been included at the following historical cost:

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Cost |  | 88,110,480 |  | 85,787,841 |  |

| The Directors valued the property portfolio at the year end 30th September 2025. A selection of properties were professionally valued during the year by valuation firms Colliers, CBRE, Miller Commercial and Vail Williams.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 2,320,204 |  | 2,535,958 |  |

| Provision for bad debts | (955,784 | ) | (1,073,636 | ) |

| Other debtors | 838,777 |  | 1,023,543 |  |

2,203,197 |  | 2,485,865 |  |

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued

for the Year Ended 30th September 2025

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts | - |  | 7,531 |  |

| Trade creditors | 476,658 |  | 517,614 |  |

| Amounts owed to group undertakings | 277,291 |  | 277,291 |  |

| Tax | 926,888 |  | 420,922 |  |

| Social security and other taxes | 6,419 |  | 5,431 |  |

| VAT | 483,558 |  | 446,907 |  |

| Other creditors | 3,553,417 |  | 3,412,137 |  |

| Accrued expenses | 182,242 |  | 270,055 |  |

5,906,473 |  | 5,357,888 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 2-5 years | 52,703,249 |  | 52,703,249 |  |

| Hire purchase contracts | - |  | 35,265 |  |

52,703,249 |  | 52,738,514 |  |

12. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 52,703,249 |  | 52,703,249 |  |

| Hire purchase contracts | - |  | 42,796 |  |

52,703,249 |  | 52,746,045 |  |

| The loans and overdrafts are secured by charges on the company's investment properties. Hire purchase contracts are secured against the assets acquired by hire purchase.

| Bank loans bear interest at varying rates above SONIA (formerly LIBOR). Of the total loans outstanding at the balance sheet date, £22,880,000 matures in September 2029 and £29,823,249 in June 2028.

| The loan of £29,823,249 is repayable on the maturity date of June 2028, with interest only repayments until the date of maturity.

| The loan of £22,880,000 is repayable in full on the maturity date of September 2029 with interest only repayments until the date of maturity.

13. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 6,147,661 |  | 7,243,025 |  |

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued

for the Year Ended 30th September 2025

13. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1st October 2024 | 7,243,025 |  |

| Provided during year | (1,095,364 | ) |

| Balance at 30th September 2025 | 6,147,661 |  |

| The movement in deferred tax on the revaluation of investment properties has been transferred to the fair value reserve.

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 2,004 | Ordinary | 1 | 2,004 |  | 2,004 |  |

15. | RESERVES

| Fair |  | Capital |

| Retained |  | value |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1st October 2024 | 37,352,506 |  | 48,269,676 |  | 230,372 |  | 85,852,554 |  |

| Deficit for the year | (1,356,820 | ) | - |  | - |  | (1,356,820 | ) |

| Dividends | (912,430 | ) | - |  | - |  | (912,430 | ) |

| Revaluation in year | - |  | (38,500 | ) | - |  | (38,500 | ) |

| Fair Value Transfer | 7,415,138 |  | (7,415,138 | ) | - |  | - |  |

| Transfer | (1,095,364 | ) | 1,095,364 |  | - |  | - |  |

| At 30th September 2025 | 41,403,030 |  | 41,911,402 |  | 230,372 |  | 83,544,804 |  |

| The movement in deferred tax on the revaluation of investment properties has been transferred to the fair value reserve.

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

| The Report of the Auditors was unqualified.

| David Sanders BA (Hons) FCA BFP (Senior Statutory Auditor)

| for and on behalf of Sheen Stickland

17. | OTHER FINANCIAL COMMITMENTS

| The companies minimum operating lease commitments as at 30th September 2025 were £3,611 (2024: £5,333). Of which £1,722 (2024: £1,722) is due within 12 months of the balance sheet date.