Caseware UK (AP4) 2023.0.135 2023.0.135 Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor 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 their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law, Environmental Regulations and Health and Safety Laws, 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 Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. 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 manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; challenging assumptions and judgements made by management in their significant accounting estimates, including estimating fair value of investment properties and estimating an allowance for the impairment of trade debtors; and review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments.The directors are of the opinion that the above valuation represents a prudent approximation of the fair value of the property at 31 August 2025. The 2025 valuations were made by the directors, on an open market value for existing use basis.Interest income is recognised in profit or loss using the effective interest method. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.false 2339376 1761957 The principal activity of the Company is the rental of investment property.true 2 true 2024-09-01 2 true false NI623080 2024-09-01 2025-08-31 NI623080 2023-09-01 2024-08-31 NI623080 2025-08-31 NI623080 2024-08-31 NI623080 2023-09-01 NI623080 c:CompanySecretary1 2024-09-01 2025-08-31 NI623080 c:Director1 2024-09-01 2025-08-31 NI623080 c:Director2 2024-09-01 2025-08-31 NI623080 c:RegisteredOffice 2024-09-01 2025-08-31 NI623080 c:Agent1 2024-09-01 2025-08-31 NI623080 c:Agent2 2024-09-01 2025-08-31 NI623080 d:FreeholdInvestmentProperty 2024-09-01 2025-08-31 NI623080 d:FreeholdInvestmentProperty 2025-08-31 NI623080 d:FreeholdInvestmentProperty 2024-08-31 NI623080 d:CurrentFinancialInstruments 2024-09-01 2025-08-31 NI623080 d:CurrentFinancialInstruments 2025-08-31 NI623080 d:CurrentFinancialInstruments 2024-08-31 NI623080 d:Non-currentFinancialInstruments 2024-09-01 2025-08-31 NI623080 d:Non-currentFinancialInstruments 2025-08-31 NI623080 d:Non-currentFinancialInstruments 2024-08-31 NI623080 d:CurrentFinancialInstruments d:WithinOneYear 2025-08-31 NI623080 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 NI623080 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-08-31 NI623080 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 NI623080 d:ShareCapital 2024-09-01 2025-08-31 NI623080 d:ShareCapital 2025-08-31 NI623080 d:ShareCapital 2024-08-31 NI623080 d:ShareCapital 2023-09-01 NI623080 d:RetainedEarningsAccumulatedLosses 2024-09-01 2025-08-31 NI623080 d:RetainedEarningsAccumulatedLosses 2025-08-31 NI623080 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 NI623080 d:RetainedEarningsAccumulatedLosses 2024-08-31 NI623080 d:RetainedEarningsAccumulatedLosses 2023-09-01 NI623080 c:OrdinaryShareClass1 2024-09-01 2025-08-31 NI623080 c:OrdinaryShareClass1 2023-09-01 2024-08-31 NI623080 c:OrdinaryShareClass1 2025-08-31 NI623080 c:FRS102 2024-09-01 2025-08-31 NI623080 c:Audited 2024-09-01 2025-08-31 NI623080 c:FullAccounts 2024-09-01 2025-08-31 NI623080 c:PrivateLimitedCompanyLtd 2024-09-01 2025-08-31 NI623080 1 2024-09-01 2025-08-31 NI623080 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2025-08-31 NI623080 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2024-08-31 NI623080 c:SmallCompaniesRegimeForAccounts 2024-09-01 2025-08-31 NI623080 d:AcceleratedTaxDepreciationDeferredTax 2025-08-31 NI623080 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 NI623080 d:OtherDeferredTax 2025-08-31 NI623080 d:OtherDeferredTax 2024-08-31 NI623080 e:PoundSterling 2024-09-01 2025-08-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements Orby Investment Limited For the year ended 31 August 2025 Registered number: NI623080
Orby Investment Limited
Company information
Directors | Mr D Calvert
| Mr R Calvert
Company secretary | Mr D Calvert
Registered number | NI623080
Registered office | 20 Orby Link
| Belfast
| BT5 5HU
Independent auditors | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditor
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Ulster Bank Limited
| 11 - 16 Donegal Square East
| Belfast
| Antrim
| BT1 5HD
| Danske Bank
| Donegall Square West
| Belfast
| BT1 6JS
Solicitors | Hewitt & Gilpin
| Thomas House
| 14 - 16 James Street South
| Belfast
| BT2 7GA
Orby Investment Limited
Contents
| Page
Independent Auditors' Report | 1 - 4
Balance Sheet | 5 - 6
Statement of Changes in Equity | 7
Notes to the Financial Statements | 8 - 16
Orby Investment Limited
Independent Auditors' Report to the Members of Orby Investment Limited
Opinion
We have audited the financial statements of Orby Investment Limited (the "Company"), which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the year ended 31 August 2025, and the related 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, Orby Investment Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 August 2025 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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 1
Orby Investment Limited
Independent Auditors' Report to the Members of Orby Investment Limited (continued)
Other information
Other information comprises the information included in the annual report, other than the financial statements and our Auditors' Report thereon, including the Directors' Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' Report has 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 Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' Report. Page 2
Orby Investment Limited
Independent Auditors' Report to the Members of Orby Investment Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law, Environmental Regulations and Health and Safety Laws, 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 Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. 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 manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 3
Orby Investment Limited
Independent Auditors' Report to the Members of Orby Investment Limited (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating fair value of investment properties and estimating an allowance for the impairment of trade debtors; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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 auditor’s 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. Louise Kelly FCA (Senior Statutory Auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditor Belfast 5 February 2026 Page 4
Orby Investment Limited Registered number:NI623080
Balance Sheet As at 31 August 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Fixed asset investments | 5 |  | 2,360,154 |  | 1,923,385
Investment property | 6 |  | 62,230,520 |  | 62,230,520
|  |  | 64,590,674 |  | 64,153,905
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 414,950 |  | 428,571 |
Cash at bank and in hand | 8 | 633,247 |  | 535,991 |
|  | 1,048,197 |  | 964,562 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 9 | (2,645,044) |  | (2,321,871) |
Net current liabilities |  |  | (1,596,847) |  | (1,357,309)
Total assets less current liabilities |  |  | 62,993,827 |  | 62,796,596
Creditors: amounts falling due after more than one year | 10 |  | (16,337,425) |  | (17,315,500)
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 |  | (7,028,442) |  | (6,792,512)
Net assets |  |  | 39,627,960 |  | 38,688,584
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 20,100,000 |  | 20,100,000
Profit and loss account | 14 |  | 19,527,960 |  | 18,588,584
Shareholders' funds |  |  | 39,627,960 |  | 38,688,584
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 February 2026. Page 5
Orby Investment Limited Registered number:NI623080
Balance Sheet (continued) As at 31 August 2025
................................................ Mr D Calvert
Director
The notes on pages 8 to 16 form part of these financial statements. Page 6
Orby Investment Limited
Statement of Changes in Equity For the year ended 31 August 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 September 2024 | 20,100,000 | 18,588,584 | 38,688,584
Profit for the year | - | 2,339,376 | 2,339,376
Dividends: Equity capital | - | (1,400,000) | (1,400,000)
At 31 August 2025 | 20,100,000 | 19,527,960 | 39,627,960
Statement of Changes in Equity For the year ended 31 August 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 September 2023 | 20,100,000 | 17,426,627 | 37,526,627
Profit for the year | - | 1,761,957 | 1,761,957
Dividends: Equity capital | - | (600,000) | (600,000)
At 31 August 2024 | 20,100,000 | 18,588,584 | 38,688,584
| The notes on pages 8 to 16 form part of these financial statements.
Page 7
Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025
1. | General information
Orby Investment Limited is a private Company limited by shares and incorporated in Northern Ireland. The registered office is 20 Orby Link, Belfast, BT5 5HU. The principal activity of the Company is the rental of investment property. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 8
Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: −the amount of revenue can be measured reliably; −it is probable that the Company will receive the consideration due under the contract; −the stage of completion of the contract at the end of the reporting period can be measured reliably; and −the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 9
Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025 2.Accounting policies (continued)
| 2.8 | 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 balance sheet date.
| 2.9 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.11 | Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Page 10
Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | 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.
| 2.15 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: ∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; ∙at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Page 11
Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following have significant effects on the financial statements. Valuation of investment properties Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered. Allowance for impairment of trade debtors The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship.
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025
5. | Fixed asset investments
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 September 2024 | 1,923,385
| Additions | 222,076
| Disposals | (274,171)
| Revaluations | 488,864
| At 31 August 2025 | 2,360,154
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 September 2024 | 62,230,520
| At 31 August 2025 | 62,230,520
| The directors are of the opinion that the above valuation represents a prudent approximation of the fair value of the property at 31 August 2025.
The 2025 valuations were made by the directors, on an open market value for existing use basis.
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Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025
7. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 111,838 | 91,171
| Prepayments and accrued income | 303,112 | 337,400
|  | 414,950 | 428,571
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 633,247 | 535,991
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 987,660 | 1,026,000
| Trade creditors | 11,866 | 36,310
| Amounts owed to group undertakings | 372,497 | 372,497
| Corporation tax | 386,678 | 160,666
| Other taxation and social security | 188,137 | 149,546
| Other creditors | 34,920 | -
| Accruals and deferred income | 663,286 | 576,852
|  | 2,645,044 | 2,321,871
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers's usual and customary credit terms. Corporation tax and other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
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Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 16,337,425 | 17,315,500
| The bank loan above is secured by a fixed charge over properties held within the Company.
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 987,660 | 1,026,000
| Amounts falling due 1-2 years |  |
| Bank loans | 16,337,425 | 17,315,500
|  | 17,325,085 | 18,341,500
12. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (6,792,512) | (6,577,069)
| Charged to profit or loss | (235,930) | (215,443)
| At end of year | (7,028,442) | (6,792,512)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Capital gains | (5,646,247) | (5,524,030)
| Fixed asset timing differences | (1,382,195) | (1,268,482)
|  | (7,028,442) | (6,792,512)
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Orby Investment Limited
Notes to the Financial Statements For the Year Ended 31 August 2025
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 20,100,000 Ordinary shares of £1 each | 20,100,000 | 20,100,000
14. | Reserves
Share capital Share capital represents the nominal value of the shares that have been issued. Profit and loss account Includes all current and prior period retained profit and losses.
15. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
16. | Related party transactions
| The Company has availed of the exemption in FRS 102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
17. | Controlling party
The immediate parent undertaking of the Company is Orby Holdings Limited, a company incorporated in Northern Ireland. The ultimate parent undertakings of the Company is Orby Capital Ltd and West Investment Holdings Ltd, companies incorporated in Northern Ireland The largest and smallest group in which the results of Orby Investment Limited are consolidated is that headed by Orby Holdings Limited. Copies of the group financial statements are available from Companies House. The ultimate controlling party are Mr D Calvert and Mr R Calvert.
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