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REGISTERED NUMBER: 00015002 (England and Wales)

| GLAMORGAN INVESTMENTS LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 JUNE 2025 |

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Chairman's Report | 2 |

Balance Sheet | 3 |

Notes to the Financial Statements | 5 |

GLAMORGAN INVESTMENTS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | G E C Rogers

| P B Kelly

| S P Thorpe

| SECRETARY: | G E C Rogers

| REGISTERED OFFICE: | 2nd Floor Office Suite

| Agincourt House

| Agincourt Square

| MONMOUTH

| Monmouthshire

| NP25 3BT

| REGISTERED NUMBER: | 00015002 (England and Wales)

| ACCOUNTANTS: | MHA (trading name of MHA Advisory Ltd)

| Elfed House

| Oak Tree Court

| Cardiff Gate Business Park

| CARDIFF

| County of Cardiff

| CF23 8RS

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

CHAIRMAN'S REPORT

FOR THE YEAR ENDED 30 JUNE 2025

I have the pleasure, on behalf of your Board of Directors, in presenting the financial statements of the company for the year ended 30 June 2025 and upon which I make the following comments:

Results

The operating profit of £130,562 was reduced from £157,213 in the previous year. As the selling of properties continues, rental income will inevitably fall. Further impacting the results was a revaluation of the remaining portfolio, down by £575,000, leading to a pre-tax loss of £357,696. After further adjustment in the deferred tax liability related to the reduction in the value of the investment properties, a net loss of £260,769 was recorded.

Cardiff Exchange, the subsidiary company reported a revaluation loss of £26,000 and a loss on disposal of an unlettable property of £64,000 leading to a net loss of £81,398.

Valuations have been revised downwards reflecting current market conditions.

Income

Domestic rents have inevitably fallen on account of properties vacant in readiness for sale and sales completed; commercial rents were stable.

Establishment costs

The increase in legal and professional fees was mainly attributable to selling costs incurred by the breakup and disposal programme.

Administrative costs

Again, the selling programme has resulted in further costs of managing the process.

Property performance

Comparable market evidence led to the revaluation loss which, with the fall in rental income, impacted the total return at -5.8%.

Fixed assets

There were three property disposals made in the year which resulted in a gain on disposal of £27,500. There were no property additions however a revaluation loss of £575,000 was reported. Fixtures and fittings saw additions of £1,063 and disposals which cost £9,578,. Depreciation of £4,502 has been charged for the year. Fixed asset investments saw no change in the balance sheet carrying value.

Current assets

Such assets have increased in the year by £783,827, the majority of which is reflected in the increased bank balance of £1,323,621, as well as a decrease in prepayments and accrued income of £3,073.

Creditors

Overall, there has been an increase in creditors of £55,950, mainly resulting from an increase in corporation tax following the sale of the property.

Provisions

The decreased provision results from the loss on the revaluation of the investment properties.

Shareholders' funds

These stand at £6,351,347, suffering from a revaluation loss of £575,000.

Dividends

Having begun the controlled sale of assets, the Company's cash balance reflects the proceeds. A final dividend of 30p per share (2024 - 24.5p) is declared which together with the interim of 5p (2024 - 5p) makes a total of 35p (2024 - 29.5p). A further special dividend is planned for early in the next financial year.

S P Thorpe

Chairman

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

BALANCE SHEET

30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 5,663 |  | 9,377 |  |

Investments | 5 | 97,670 |  | 97,670 |  |

Investment property | 6 | 5,102,000 |  | 6,462,000 |  |

5,205,333 |  | 6,569,047 |  |

CURRENT ASSETS

Debtors | 7 | 490,501 |  | 240,484 |  |

Cash at bank | 1,323,161 |  | 774,351 |  |

1,813,662 |  | 1,014,835 |  |

CREDITORS

Amounts falling due within one year | 8 | (252,148 | ) | (189,570 | ) |

NET CURRENT ASSETS | 1,561,514 |  | 825,265 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,766,847 |  | 7,394,312 |  |

PROVISIONS FOR LIABILITIES | 9 | (415,500 | ) | (675,996 | ) |

NET ASSETS | 6,351,347 |  | 6,718,316 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 360,000 |  | 360,000 |  |

Non-distributable reserve | 11 | 1,921,683 |  | 2,920,279 |  |

Capital reserve | 11 | 2,020,406 |  | 1,431,623 |  |

Retained earnings | 11 | 2,049,258 |  | 2,006,414 |  |

SHAREHOLDERS' FUNDS | 6,351,347 |  | 6,718,316 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

BALANCE SHEET - continued

30 JUNE 2025

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2026 and were signed on its behalf by:

S P Thorpe - Director

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

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

| The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| There have been no material departures from Financial Reporting Standard 102 1A.

| Preparation of consolidated financial statements

| The financial statements contain information about Glamorgan Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 399 of the Companies Act 2006 not to prepare consolidated financial statements.

| Turnover

| The turnover shown in the profit and loss account represents gross rent receivable for the year.

| Tangible fixed assets

| Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

| Furniture, fixtures and fittings |  | 20% / 33% straight line |  |

| Investments

| Investments are recorded at cost less any provision required for diminution in value.

| Investment property

| Investment properties are carried at fair value determined annually by independent professional valuers. Revaluation surpluses and deficits are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold, or the deferred tax liability is settled, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Current tax

| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at 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 where transactions or events that have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

| Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

| Deferred tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

| Pension costs and other post-retirement benefits

| The company operates a money purchase pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

| Employee benefits

| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2024 - 4 ) .

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

4. | TANGIBLE FIXED ASSETS

| Furniture,

| Fixtures

| and

| Fittings

£ |

| COST

| At 1 July 2024 | 90,574 |  |

| Additions | 1,063 |  |

| Disposals | (9,578 | ) |

| At 30 June 2025 | 82,059 |  |

| DEPRECIATION

| At 1 July 2024 | 81,197 |  |

| Charge for year | 4,502 |  |

| Eliminated on disposal | (9,303 | ) |

| At 30 June 2025 | 76,396 |  |

| NET BOOK VALUE

| At 30 June 2025 | 5,663 |  |

| At 30 June 2024 | 9,377 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Participating |

| undertakings |  | interests |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024

| and 30 June 2025 | 40,010 |  | 57,660 |  | 97,670 |  |

| NET BOOK VALUE

| At 30 June 2025 | 40,010 |  | 57,660 |  | 97,670 |  |

| At 30 June 2024 | 40,010 |  | 57,660 |  | 97,670 |  |

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

5. | FIXED ASSET INVESTMENTS - continued

| The investments consist wholly of equity share capital in unquoted companies incorporated in England and Wales as follows:

| Company |  | Cost of shares |  | Size of |  | Year end of |  | Capital & |  | Profit/(loss) for |  |

|  | holding (%) |  | latest accounts |  | Reserves |  | year |  |

| Group undertakings - |  | £ |  |  | £ |  | £ |  |

| The Cardiff Exchange and |  |

| Office Company Limited |  | 10,010 |  | 55.9% |  | 30.06.25 |  | 787,704 |  | (81,398 | ) |

| Letmart Properties Limited* |  | 30,000 |  | 100.0% |  | 30.06.25 |  | 30,000 |  | - |  |

| Participating interests - |  |

| Barry Island Cottage |  |

| Company Limited |  | 21,128 |  | 26.4% |  | 31.12.24 |  | 4,910,504 |  | 188,623 |  |

| The Cathays Cottage |  |

| Company Limited |  | 36,532 |  | 41.3% |  | 31.03.25 |  | 3,491,792 |  | 134,556 |  |

| * Dormant

| Except for the dormant company, the above companies all undertook similar activities to Glamorgan Investments Limited.

| The Cardiff Exchange and Office Company Limited owns 100% of the shares of Abergavenny Exchange Properties Limited. At the year end, Abergavenny Exchange Properties Limited had capital and reserves of £100 and showed a profit for the year of £Nil.

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 July 2024 | 6,462,000 |  |

| Disposals | (785,000 | ) |

| Revaluations | (575,000 | ) |

| At 30 June 2025 | 5,102,000 |  |

| NET BOOK VALUE

| At 30 June 2025 | 5,102,000 |  |

| At 30 June 2024 | 6,462,000 |  |

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

6. | INVESTMENT PROPERTY - continued

| Investment property held at 30 June 2025 is included at its independent professional valuation at that date. The valuations have been carried out by Westbury Real Estate Ltd, Chartered Surveyors on an income basis in accordance with The RICS Valuation Global Standards Manual 2020 (Red Book Global Standards). The historic cost equivalent of these assets is £2,358,020 (2024: £2,721,899).

| The methods and significant assumptions used to ascertain the fair values are as follows:

| - |  | Recent rental and sales prices of comparative properties in similar areas |  |

| - |  | Properties have been valued on an individual stand alone basis and not on the basis of a sale as part of a portfolio |  |

| Revaluation losses of £575,000 (2024: gain of £315,000) have been recognised in the profit and loss account.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 3,641 |  | 2,541 |  |

| Amounts owed by group undertakings | 166,515 |  | 143,324 |  |

| Other debtors | 235,020 |  | 6,221 |  |

| Prepayments and accrued income | 85,325 |  | 88,398 |  |

490,501 |  | 240,484 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 11,429 |  | 1,574 |  |

| Amounts owed to group undertakings | 36,628 |  | 30,000 |  |

| Corporation tax | 163,597 |  | 105,682 |  |

| Other creditors | 13,601 |  | 13,351 |  |

| Tenants property bonds | 5,000 |  | 5,000 |  |

| Accruals and deferred income | 21,893 |  | 33,963 |  |

252,148 |  | 189,570 |  |

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 415,500 |  | 675,996 |  |

| Deferred |

| tax |

£ |

| Balance at 1 July 2024 | 675,996 |  |

| Credit to Profit and loss account during year | (260,496 | ) |

| Balance at 30 June 2025 | 415,500 |  |

| The deferred tax liability has arisen due to fixed asset timing differences.

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 360,000 | Ordinary | £1 | 360,000 |  | 360,000 |  |

11. | RESERVES

| Retained |  | Non-distributable |  | Capital |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 July 2024 | 2,006,414 |  | 2,920,279 |  | 1,431,623 |  | 6,358,316 |  |

| Deficit for the year | (260,769 | ) | - |  | - |  | (260,769 | ) |

| Dividends | (106,200 | ) | - |  | - |  | (106,200 | ) |

| Revaluation of investment properties | 575,000 |  | (575,000 | ) | - |  | - |  |

| Deferred tax on investment properties | (262,996 | ) | 262,996 |  | - |  | - |  |

| Transfer to capital reserve on disposal | 97,809 |  | (686,592 | ) | 588,783 |  | - |  |

| At 30 June 2025 | 2,049,258 |  | 1,921,683 |  | 2,020,406 |  | 5,991,347 |  |

| The profit reported in the profit and loss account on disposal of fixed assets of £27,500 relates entirely to profits on disposal of investment properties. This amount arises on comparison of the disposal proceeds (£812,500) and the cumulative values of the properties disposed of £785,000.

| The transfer between the profit and loss account and the capital reserve is a net amount of £97,809, being the profit of £27,500 and the corporation tax of £125,309 attributable to the gain.

| The transfer between the capital reserve and the revaluation reserve of £686,592 arises on a comparison of the value of the properties disposed of £785,000 and the cost of the properties (£98,408).

GLAMORGAN INVESTMENTS LIMITED (REGISTERED NUMBER: 00015002)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

12. | RELATED PARTY DISCLOSURES

| Details of the company's related parties, where there were transactions during the year such as require disclosure under Financial Reporting Standard 102 1A are:

| Name |  | Nature of relationship |  |

| Letmart Properties Limited |  | Entity over which the company has control |  |

| The Cardiff Exchange and Office Company Limited |  | Entity over which the company has control |  |

| The Cathays Cottage Company Limited |  | Company has significant influence over the entity |  |

| Barry Island Cottage Company Limited |  | Company has significant influence over the entity |  |

| During the year the company entered into transactions, in the ordinary course of business, with its related parties. Transactions entered into, and balances outstanding at the year end, are as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  | £ |  |

| Entities over which the company has control |  |

| Loan debtor |  |  | 151,749 |  |  | 143,324 |  |

| Loan creditor |  |  | 30,000 |  |  | 30,000 |  |

| Accrued income |  |  | 2,115 |  |  | 3,385 |  |

| Entities over which the company has significant influence |  |

| Dividends received |  |  | 54,292 |  |  | 32,123 |  |

| Dividends paid |  |  | 11,866 |  |  | 9,748 |  |

| Accrued income |  |  | 13,022 |  |  | 18,971 |  |

| Key management personnel |  |

| Dividends paid |  |  | 10,159 |  |  | 9,132 |  |