Company Registration Number 01217177 (England and Wales)
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr M E T Ankers
Mr S S Rawlings
Mr B W Rawlings
Mr S L Rawlings
Mr T Ankers
Secretary
Mr S L Rawlings
Company number
01217177
Registered office
22 Ringwood Road
Longham
Ferndown
Dorset
BH22 9AN
Auditor
Alliott Wingham Limited
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB
Business address
22 Ringwood Road
Longham
Ferndown
Dorset
BH22 9AN
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 38
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025.

Review of the business

The results for the year and the financial position were considered satisfactory by the directors who expected continued growth for the foreseeable future.

The group is solvent at the year end despite reserves decreasing by £9,202,559.

As at the year end, the directors are aware and continue to monitor the UK's economic position and the rising international tensions which could have an indirect impact on the company. Given the level of rental income received from its various properties within the portfolio, any risk arising from these issues is considered low.

Principal risks and uncertainties

The directors believe that there are no further principal risks and uncertainties facing the group apart from general business risks such as inflation affecting interest rates.

Development and performance

The directors consider that the group is in a stable position at the year end, which will enable them to continue the results shown to date.

Key performance indicators

The business review is consistent with the Key Performance Indicators the group adopts. The gross profit % for the year has increased from 49.0% to 50.5%. This illustrates that the group's margin achieved has increased mainly due to an decrease in development sales compared to rental income. Rental income during the year, represents 68.8% (2024 - 56.7%) of total sales income whilst sales of developments account for 20.7% (2024 - 32.9%) o f sales income.

Overall, income has decreased i n the year due to an decrease in development sales, with turnover overall decreasing by 10.5% (2024 2 2.1%). The net profit after tax margin has decreased from 23.2% in 2024 to 5.4% in 2025. This is due to a reduction in the fair value of investment properties in the current year.

The group still feels the ratios adopted are improving and are dependent on the split of the activities. They are all still within manageable levels.

Further detail is shown in the group profit and loss account and explanations are provided within the notes to these financial statements.

On behalf of the board

Mr S L Rawlings
Director
12 February 2026
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 2 -

The directors present their group annual report and financial statements for the year ended 31 July 2025 for the company and it's subsidiary undertakings.

Principal activities

The principal activity of the group continued to be that of developers of industrial properties and investors in and managers of land and property.

Branches

All operations are UK based.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £459,561. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M E T Ankers
Mr S S Rawlings
Mr B W Rawlings
Mr S L Rawlings
Mr J Ankers
(Resigned 29 October 2024)
Mr T Ankers
Auditor

The auditor, Alliott Wingham Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, 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 and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 3 -
Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principle risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the group is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr S L Rawlings
Director
12 February 2026
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Ankers and Rawlings Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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 FRS 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 the parent company's affairs as at 31 July 2025 and of the group's profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed at Company and significant component levels to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involved deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, review of board meeting minutes, enquiries with management, enquiries of external legal advisors and review of correspondence with external legal advisors.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in their significant accounting estimates.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
- 6 -

In relation to the audit of the group as a whole, our responsibilities are to obtain sufficient appropriate audit evidence regarding the financial information of the entities within the group, in order to express an opinion on the group financial statements. As group auditors we are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for the opinion formed on the group financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nolan FCA (Senior Statutory Auditor)
For and on behalf of Alliott Wingham Limited, Statutory Auditor
Chartered Accountants
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB
12 February 2026
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
13,905,323
15,531,588
Cost of sales
(6,882,646)
(7,919,193)
Gross profit
7,022,677
7,612,395
Administrative expenses
(3,882,180)
(4,040,432)
Operating profit
4
3,140,497
3,571,963
Interest receivable and similar income
7
81,480
551,542
Interest payable and similar expenses
8
(1,671,122)
(885,477)
Fair value gains and losses on investment properties
13
(416,488)
1,589,985
Profit before taxation
1,134,367
4,828,013
Tax on profit
9
(383,041)
(1,230,040)
Profit for the financial year
28
751,326
3,597,973
Profit for the financial year is all attributable to the owners of the parent company.
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
2025
2024
£
£
Profit for the year
751,326
3,597,973
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
751,326
3,597,973
Total comprehensive income for the year is all attributable to the owners of the parent company.
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
(200)
(270)
Total intangible assets
(200)
(270)
Tangible assets
12
870,775
1,069,893
Investment property
13
123,415,262
122,636,000
124,285,837
123,705,623
Current assets
Stocks
16
6,221,334
8,644,154
Debtors
17
9,061,507
7,677,165
Cash at bank and in hand
5,532,623
7,439,516
20,815,464
23,760,835
Creditors: amounts falling due within one year
18
(6,462,680)
(15,579,136)
Net current assets
14,352,784
8,181,699
Total assets less current liabilities
138,638,621
131,887,322
Creditors: amounts falling due after more than one year
19
(23,450,000)
(7,504,635)
Provisions for liabilities
Deferred tax liability
22
12,193,861
12,185,368
(12,193,861)
(12,185,368)
Net assets
102,994,760
112,197,319
Capital and reserves
Called up share capital
24
72,374
82,428
Share premium account
25
5,016,292
5,016,292
Capital redemption reserve
26
22,952
12,898
Other reserves
52,546,903
52,687,670
Profit and loss reserves
28
45,336,239
54,398,031
Total equity
102,994,760
112,197,319
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2025
31 July 2025
2025
2024
Notes
£
£
£
£
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
12 February 2026
Mr B W Rawlings
Mr S L Rawlings
Director
Director
Company registration number 01217177 (England and Wales)
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
870,775
1,069,893
Investment property
13
110,455,262
110,991,000
Investments
14
100
100
111,326,137
112,060,993
Current assets
Stocks
16
4,421,334
6,644,154
Debtors
17
11,166,779
10,133,791
Cash at bank and in hand
5,377,296
7,287,280
20,965,409
24,065,225
Creditors: amounts falling due within one year
18
(6,255,418)
(15,239,296)
Net current assets
14,709,991
8,825,929
Total assets less current liabilities
126,036,128
120,886,922
Creditors: amounts falling due after more than one year
19
(23,450,000)
(7,504,635)
Provisions for liabilities
Deferred tax liability
22
11,063,880
11,333,634
(11,063,880)
(11,333,634)
Net assets
91,522,248
102,048,653
Capital and reserves
Called up share capital
24
72,374
82,428
Share premium account
25
5,016,292
5,016,292
Capital redemption reserve
26
22,952
12,898
Other reserves
47,303,522
48,279,032
Profit and loss reserves
28
39,107,108
48,658,003
Total equity
91,522,248
102,048,653
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2025
31 July 2025
- 12 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £572,521 (2024 - £3,237,735 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
12 February 2026
Mr B W Rawlings
Mr S L Rawlings
Director
Director
Company registration number 01217177 (England and Wales)
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 August 2023
82,428
5,016,292
12,898
51,813,517
52,101,794
109,026,929
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
-
3,597,973
3,597,973
Dividends
10
-
-
-
-
(427,583)
(427,583)
Transfers
-
-
-
874,153
(874,153)
-
Balance at 31 July 2024
82,428
5,016,292
12,898
52,687,670
54,398,031
112,197,319
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
-
-
751,326
751,326
Dividends
10
-
-
-
-
(459,561)
(459,561)
Own shares acquired
-
-
-
-
(9,494,324)
(9,494,324)
Redemption of shares
24
(10,054)
-
10,054
-
-
-
0
Transfers
-
-
-
(140,767)
140,767
-
Balance at 31 July 2025
72,374
5,016,292
22,952
52,546,903
45,336,239
102,994,760
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 August 2023
82,428
5,016,292
12,898
47,404,879
46,722,004
99,238,501
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
-
-
3,237,735
3,237,735
Dividends
10
-
-
-
-
(427,583)
(427,583)
Transfers
-
-
-
874,153
(874,153)
-
Balance at 31 July 2024
82,428
5,016,292
12,898
48,279,032
48,658,003
102,048,653
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
-
-
(572,520)
(572,520)
Dividends
10
-
-
-
-
(459,561)
(459,561)
Own shares acquired
-
-
-
-
(9,494,324)
(9,494,324)
Redemption of shares
24
(10,054)
-
10,054
-
-
-
0
Transfers
-
-
-
(975,510)
975,510
-
Balance at 31 July 2025
72,374
5,016,292
22,952
47,303,522
39,107,108
91,522,248
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
34
(4,574,835)
5,410,157
Interest paid
(1,671,122)
(885,477)
Income taxes paid
(758,993)
(1,539,267)
Net cash (outflow)/inflow from operating activities
(7,004,950)
2,985,413
Investing activities
Purchase of tangible fixed assets
(154,500)
(120,816)
Proceeds from disposal of tangible fixed assets
188,784
38,945
Purchase of investment property
(1,195,750)
(6,511,067)
Proceeds from disposal of investment property
147,947
572,964
Interest received
71,907
551,542
Net cash used in investing activities
(941,612)
(5,468,432)
Financing activities
Purchase of treasury shares
(9,494,324)
-
0
Proceeds from new bank loans
16,550,000
-
Repayment of bank loans
(600,000)
(600,000)
Payment of finance leases obligations
(30,821)
(32,901)
Dividends paid to equity shareholders
(385,186)
(427,583)
Net cash generated from/(used in) financing activities
6,039,669
(1,060,484)
Net decrease in cash and cash equivalents
(1,906,893)
(3,543,503)
Cash and cash equivalents at beginning of year
7,439,516
10,983,019
Cash and cash equivalents at end of year
5,532,623
7,439,516
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 16 -
1
Accounting policies
Company information

Ankers and Rawlings Developments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22 Ringwood Road, Longham, Ferndown, Dorset, BH22 9AN.

The group consists of Ankers and Rawlings Developments Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Ankers and Rawlings Developments Limited (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 July 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue represents amounts receivable for sales of developments, rental income and general related services, the ordinary activities of the group, net of VAT and trade discounts.

Sales of developments are recognised as turnover on completion of sale when the significant risks and rewards of ownership of the goods have passed to the buyer. Rental income and other services are recognised on an accruals basis, with an adjustment for any rental income relating to future years.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
4% straight line
Plant and machinery
20% reducing balance & 33.3% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 18 -
1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for as an investment property.

Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

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

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 21 -
1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 22 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible assets

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Work in progress

Work in progress is valued at costs to date less net costs of units / residential property sold. Calculation of these figures rely upon judgement of when profit will be realised and that of an external consultant.

Work in progress at the year end was £6,221,334 (202 4: £8,644,154 ).

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property, Plant and equipment

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The net book value of property, plant & equipment is £870,775 (202 4: £1,069,893) at the reporting date,

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Revaluation of investment properties

The Group carries its investment properties at fair value, with changes in fair value being recognised in the Statement of Income and Retained Earnings. A third party valuation has been carried out by Lambert Smith Hampton Chartered Surveyors. The valuation conforms to International Valuation Standards and has specifically been assessed in accordance with the Current Royal Institute of Chartered Surveyors (“RICS”) Valuation – Professional Standards.

The total valuation of the properties is £123,415,262 (2024 - £122,636,000).

The Directors are of the opinion that there are no other critical accounting judgements or key sources of estimation uncertainty during the current or preceding year.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of developments and development work
2,875,543
5,108,642
Rental income received
9,572,834
8,792,239
Service Charges
886,654
941,372
Other income
570,292
689,335
13,905,323
15,531,588
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
13,905,323
15,531,588
2025
2024
£
£
Other revenue
Interest income
81,480
551,542
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
22,900
21,510
Depreciation of tangible fixed assets
230,332
251,930
Profit on disposal of tangible fixed assets
(65,498)
(19,012)
(Profit)/loss on disposal of investment property
(147,947)
307,036
Amortisation of intangible assets
(70)
(70)
Operating lease charges
259,369
193,564
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Office and management
12
13
12
13
Direct labour
24
24
24
24
Total
36
37
36
37

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,233,855
1,335,742
1,233,855
1,335,742
Social security costs
133,179
122,192
133,179
122,192
Pension costs
96,581
111,066
96,581
111,066
1,463,615
1,569,000
1,463,615
1,569,000
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
66,024
58,076
Company pension contributions to defined contribution schemes
37,013
43,200
103,037
101,276

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
68,751
473,360
Other interest income
12,729
78,182
Total income
81,480
551,542
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
7
Interest receivable and similar income
(Continued)
- 25 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
68,751
473,360
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,582,245
791,957
Other finance costs:
Interest on finance leases and hire purchase contracts
2,893
3,081
Other interest
85,984
90,439
Total finance costs
1,671,122
885,477
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
374,547
790,719
Deferred tax
Origination and reversal of timing differences
8,494
439,321
Total tax charge
383,041
1,230,040

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,134,367
4,828,013
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
283,592
1,207,003
Tax effect of expenses that are not deductible in determining taxable profit
354
650
Permanent capital allowances in excess of depreciation
(11,023)
-
0
Amortisation on assets not qualifying for tax allowances
(18)
(17)
Deferred tax
110,136
22,404
Taxation charge
383,041
1,230,040
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 26 -
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
459,561
427,583
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2024 and 31 July 2025
(1,390)
Amortisation and impairment
At 1 August 2024
(1,120)
Amortisation charged for the year
(70)
At 31 July 2025
(1,190)
Carrying amount
At 31 July 2025
(200)
At 31 July 2024
(270)
The company had no intangible fixed assets at 31 July 2025 or 31 July 2024.
12
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2024
343,022
1,169,514
744,174
2,256,710
Additions
-
0
25,500
129,000
154,500
Disposals
-
0
(240,598)
(118,043)
(358,641)
At 31 July 2025
343,022
954,416
755,131
2,052,569
Depreciation and impairment
At 1 August 2024
109,768
632,674
444,375
1,186,817
Depreciation charged in the year
13,721
109,958
106,653
230,332
Eliminated in respect of disposals
-
0
(137,216)
(98,139)
(235,355)
At 31 July 2025
123,489
605,416
452,889
1,181,794
Carrying amount
At 31 July 2025
219,533
349,000
302,242
870,775
At 31 July 2024
233,254
536,840
299,799
1,069,893
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
12
Tangible fixed assets
(Continued)
- 27 -
Company
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2024
343,022
1,169,514
744,174
2,256,710
Additions
-
0
25,500
129,000
154,500
Disposals
-
0
(240,598)
(118,043)
(358,641)
At 31 July 2025
343,022
954,416
755,131
2,052,569
Depreciation and impairment
At 1 August 2024
109,768
632,674
444,375
1,186,817
Depreciation charged in the year
13,721
109,958
106,653
230,332
Eliminated in respect of disposals
-
0
(137,216)
(98,139)
(235,355)
At 31 July 2025
123,489
605,416
452,889
1,181,794
Carrying amount
At 31 July 2025
219,533
349,000
302,242
870,775
At 31 July 2024
233,254
536,840
299,799
1,069,893

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
16,272
75,814
16,272
75,814
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 August 2024
122,636,000
110,991,000
Additions through external acquisition
1,195,750
993,740
Net gains or losses through fair value adjustments
(416,488)
(1,529,478)
At 31 July 2025
123,415,262
110,455,262

Investment property comprises of commercial and residential property worth £1 2 3,415,262. The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors at the year end, paying particular attention to valuations carried out by Lambert Smith Hamptons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are confident that they represent a true market value.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 28 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2024 and 31 July 2025
100
Carrying amount
At 31 July 2025
100
At 31 July 2024
100
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Gapcontrol Limited
England and Wales
Ordinary
100.00
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
6,221,334
8,644,154
4,421,334
6,644,154
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 29 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,599,255
5,010,615
4,567,521
4,963,431
Corporation tax recoverable
119,386
-
0
282,376
-
0
Amounts owed by group undertakings
-
-
2,122,645
2,648,048
Other debtors
3,994,376
2,235,475
3,845,747
2,091,237
Prepayments and accrued income
348,490
321,877
348,490
321,877
9,061,507
7,567,967
11,166,779
10,024,593
Amounts falling due after more than one year:
Other debtors
-
0
109,198
-
0
109,198
Total debtors
9,061,507
7,677,165
11,166,779
10,133,791
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
600,000
600,000
600,000
600,000
Obligations under finance leases
21
4,635
30,821
4,635
30,821
Trade creditors
730,107
916,776
687,234
854,400
Corporation tax payable
-
0
274,632
-
0
154,576
Other taxation and social security
329,721
279,680
329,721
279,680
Other creditors
3,179,460
12,001,328
3,020,071
11,848,920
Accruals and deferred income
1,618,757
1,475,899
1,613,757
1,470,899
6,462,680
15,579,136
6,255,418
15,239,296
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
23,450,000
7,500,000
23,450,000
7,500,000
Obligations under finance leases
21
-
0
4,635
-
0
4,635
23,450,000
7,504,635
23,450,000
7,504,635
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 30 -
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
24,050,000
8,100,000
24,050,000
8,100,000
Payable within one year
600,000
600,000
600,000
600,000
Payable after one year
23,450,000
7,500,000
23,450,000
7,500,000

The long-term loans are secured by fixed charges over the total assets of the group.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
4,635
30,821
4,635
30,821
Non-current liabilities
-
0
4,635
-
0
4,635
4,635
35,456
4,635
35,456
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,635
30,821
4,635
30,821
In two to five years
-
0
4,635
-
0
4,635
4,635
35,456
4,635
35,456

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance leases are secured on the assets to which they relate.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 31 -
22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
(14,373)
(16,852)
Investment property
12,208,234
12,202,220
12,193,861
12,185,368
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
(14,373)
(16,852)
Investment property
11,078,253
11,350,486
11,063,880
11,333,634
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 August 2024
12,185,368
11,333,634
Charge/(credit) to profit or loss
8,493
(269,754)
Liability at 31 July 2025
12,193,861
11,063,880

The deferred tax asset and liabilities set out above are not expected to fully reverse within 12 months as they relate to capital allowances timing differences and provisions on fair value gains. These are only expected to partially reverse within the next 12 months.

The deferred tax in relation to investment property shall only reverse when the properties are sold.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,581
111,066

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 32 -
24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
39,721
47,663
39,721
47,663
Ordinary B shares of £1 each
22,096
22,096
22,096
22,096
Ordinary C shares of £1 each
5,360
6,433
5,360
6,433
Ordinary D shares of £1 each
3,833
4,600
3,833
4,600
Ordinary E shares of £1 each
211
253
211
253
Ordinary F shares of £1 each
1,153
1,383
1,153
1,383
72,374
82,428
72,374
82,428

Each share class have the same rights to vote and receive dividends and are ranked pari passu.

25
Share premium account
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
5,016,292
5,016,292
5,016,292
5,016,292

The share premium account represents the excess of issue price over the par value on shares issued, less transaction costs arising on issue.

26
Capital redemption reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
12,898
12,898
12,898
12,898
Transfers
10,054
-
10,054
-
At the end of the year
22,952
12,898
22,952
12,898

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

27
Other reserves
2025
2024
Group
£
£
At the beginning of the year
52,687,670
51,813,517
Additions
(140,767)
874,153
At the end of the year
52,546,903
52,687,670
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
27
Other reserves
(Continued)
- 33 -
2025
2024
Company
£
£
At the beginning of the year
48,279,032
47,404,879
Additions
(975,510)
874,153
At the end of the year
47,303,522
48,279,032

The above represents the fair value increase in respect of investment properties held by the group.

28
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
54,398,031
52,101,794
48,658,003
46,722,004
Profit/(loss) for the year
751,326
3,597,973
(572,520)
3,237,735
Dividends
(459,561)
(427,583)
(459,561)
(427,583)
Transfer to reserves
140,767
(874,153)
975,510
(874,153)
Own shares acquired
(9,494,324)
-
(9,494,324)
-
At the end of the year
45,336,239
54,398,031
39,107,108
48,658,003

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.

29
Security

The group has agreed to provide a fixed charge over its Investment Properties and all other group assets and by a unlimited multilateral agreement which has been given by the parent company and other group companies over the debts of the parent company.

30
Operating leases

The operating leases represent leases of residential and commercial property to third parties. The leases are negotiated over various lease terms and rentals are fixed for several years, however there are rent reviews built into longer leases. Rent reviews are completed according to prevailing market conditions at the time.

31
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
103,037
101,276
ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
31
Related party transactions
(Continued)
- 34 -
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Group
Other related parties
2,308,203
5,271,528
100,000
-
Company
Other related parties
2,308,203
5,271,528
100,000
-
Services received
Services provided
2025
2024
2025
2024
£
£
£
£
Group
Key management personnel
312,702
262,410
-
-
Other related parties
587,362
898,360
2,189,757
5,258,983
Company
Key management personnel
312,702
262,410
-
-
Other related parties
587,362
898,360
2,189,757
5,258,983

Services received

Mr S L Rawlings is a director of SLR Property Solutions Limited, a related undertaking. During the year the company provided services to Ankers and Rawlings Developments Limited of £66,818 (2024: £42,656). The transactions were in the normal course of business and at values equivalent to arms length. £25,300 (2024: £Nil) remained owing at the year end.

Mr B W Rawlings is a director of BWR Plant and Commercials Limited, a related undertaking. During the year the company provided services to Ankers and Rawlings Developments Limited of £95,616 (2024: £42,813). The transactions were in the normal course of business and at values equivalent to arms length. £26,500 (2024: £Nil) remained owing at the year end.

Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are directors of The Waste Group Limited, a related undertaking. During the year the company provided goods and services to Ankers and Rawlings Developments Limited of £276,964 (2024: £642,385), of which £31,56 0 (202 4: £16,562) were outstanding at the year end. The transactions were in the normal course of business and at values equivalent to arms length.

Mr S L Rawlings is also a director of Parley Green Limited. During the year the company provided services to Ankers and Rawlings Limited of £Nil (2024: £36,729) of which £Nil (202 4: £44,075) were outstanding at the year end. The transactions were in the normal course of business and at values equivalent to arms length.

The directors are also members of Longham Property Investments LLP. During the year services were provided equal to £80,000 (202 4: £80,000), of which £Nil (202 4: £24,000) was outstanding at the year end. The transactions were in the normal course of business and at values equivalent to arms length.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
31
Related party transactions
(Continued)
- 35 -

Mr T Ankers is a director of Lilliput Investments Ltd. During the year, the company has provided consultancy services to Ankers & Rawlings Developments Ltd to the value of £67,9 64 (202 4: £51,9 02). The transactions were in the normal course of business and at values equivalent to arms. £36,369 (2024: £Nil) remained owing at the year end.

Mr K Rawlings & Mr B Ward, member s of the key management personnel, provided consultancy services of £2 8 9,940 and £22,762 respectively (202 4: £239,710 and £22,700 respectively) du ring the year. £50,000 (2024: £Nil) remained owing at the year end to Mr K Rawlings. The transactions were in the normal course of business and at values equivalent to arms length.

Purchases

The group purchased £100,000 (2024: £Nil) of land from A&R Properties (Longham) Ltd, a related undertaking in the year. This amount is considered to be market value. No balance was owed at the year end.

Sales of goods and services

Mr B W Rawlings is a director of BWR Plant and Commercials Limited, a related undertaking. During the year the company received goods from Ankers and Rawlings Developments Limited of £94,076 (2024: £13,445). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.

Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are directors of The Waste Group Limited, a related undertaking. During the year the company received services from Ankers and Rawlings Limited of £210,262 (2024: £1 41,449). The transactions were in the normal course of business and at values equivalent to arms length. £6,000 (2024: £Nil) remained owed at the year end.

Mr T Ankers, Mr S L Rawlings and Mr B W Rawlings are directors of A&R Properties (Longham) Limited, a related undertaking. During the year sales were made to the company totalling £Nil (2024: £733,711). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.

The directors are also directors of companies who are members of Woolsbridge Estates LLP. During the year sales were made to the LLP totalling £1,078,396 (2024: £3,272,866). The balance owing to the company at the year end was £4,161,754 (202 4: £4,238,906). The transactions were in the normal course of business and at values equivalent to arms length.

Mr S L Rawlings is also a director of Parley Green Limited. During the year the company received services from Ankers and Rawlings Limited of £5 0,000 (2024: £40,000) The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.

The directors are also members of Longham Property Investments LLP. During the year the company received services from Ankers and Rawlings Limited of £Nil (202 4: £194,269). The amount outstanding at the year end amounted to £Nil (20 24: £233,123). The transactions were in the normal course of business and at values equivalent to arms length.

Mr B W Rawlings and Mr S L Rawlings are directors of Woolsbridge Futures Limited. During the year management fees were charged to the company totalling £Nil (202 4: £9,653). The transactions were valued equivalent to arms length and were fully received at the year end.

The group provided £Nil (202 4: £900) of services towards the directors pension plan. The balance owing to the company at the year end was £1,080 (202 4: £1,080). The transactions were in the normal course of business and at values equivalent to arms length.

The group provided £890 (2024: £Nil) of services to Central Point Portsmouth Management Company Limited, a related undertaking. At the reporting date, £1,068 (2024: £Nil) was owed to the group. The transactions were in the normal course of business and at values equivalent to arms length.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
31
Related party transactions
(Continued)
- 36 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
171,689
8,664,347
Company
Other related parties
169,729
8,660,087

Mr T Ankers, Mr S L Rawlings and Mr B W Rawlings are directors of A&R Properties (Longham) Limited, a related undertaking. The balance owed by the group at the year end was £Nil (2024: £8,575,450).

The directors are also members of Longham Properties Investments LLP, a related undertaking. The balance owing to the group at the year end was £1,960 (2024: £4260).

The group owed £169,729 (202 4: £84,637) at the reporting date to related parties in respect of goods and services received in the year. These have been disclosed above.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
7,561,650
6,344,546
Company
Entities over which the company has control, joint control or significant influence
2,122,645
2,648,048
Other related parties
7,561,650
6,344,546

Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are directors of The Waste Group Limited, a related undertaking. The balance owing to the group, excluding trade debtors and creditors, at the year end was £874,176 (2024: £1,073,128). No interest has been charged on this balance.

Ideal Skip Hire (Southern) Limited, a subsidiary of The Waste Group Limited owed the group £30,000 (2024: £Nil) at the reporting date. No interest has been charged on this balance.

Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are also directors of companies who are members of Hines Pitt LLP. The amount outstanding at the year end amounted to £31,5 7 1 (2024: £31,571). No interest has been charged on this balance.

The directors are also members of Longham Property Investments LLP. The amount outstanding at the year end, excluding trade debtors and creditors, amounted to £2,251 (202 4: £1 19,081). Interest was charged during the year of £687 (202 4: £4,2 95).

Mr B W Rawlings and Mr S L Rawlings are directors of Woolsbridge Futures Limited. The amount outstanding at the year end amounted to £1,463,040 (2024: £600,000). No interest has been charged on this balance.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
31
Related party transactions
(Continued)
- 37 -

Mr B W Rawlings and Mr S L Rawlings are directors of Lewis William Investments Limited. The amount outstanding at the year end amounted to £2,478 (2024: £Nil). No interest has been charged on this balance.

The group was owed £100,496 (202 4: £33,748) by the directors pension plan. No interest has been charged on this balance.

Mr J Ankers, Mr M E T Ankers and Mr T Ankers are directors of Ankers Investments (Poole) Ltd. At the reporting date, £886,031 (2024: £2,204) was owing to Ankers & Rawlings Developments Ltd. No interest has been charged on this balance.

Mr S L Rawlings, Mr B W Rawlings and Mr S S Rawlings are directors of Rawlings Investments (Poole) Ltd. At the reporting date, £1,704 (202 4: £1,704) was owing to Ankers & Rawlings Developments Ltd. No interest has been charged on this balance.

The group was also owed £4,169,902 (202 4: £4,473,110) at the reporting date by related parties in respect of goods and services provided in the year. These have been disclosed above.

Other information

The company has taken advantage of the exemptions under FRS 102 Section.33.1A whereby disclosures need not be given of transactions entered into 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.

Balances o utstanding at year end include any VAT charged whereas the amount shown for goods and services provided is net of VAT where applicable.

32
Directors' transactions

Loans have been granted to the group by its directors as follows:

Loans
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr M E T Ankers -
6.00
233,500
-
25,680
(60,680)
198,500
Mr S S Rawlings -
6.00
85,000
473,500
25,680
(385,680)
198,500
Mr B W Rawlings -
-
500,000
-
-
-
500,000
Mr S L Rawlings -
-
500,000
-
-
(50,294)
449,706
Mr T Ankers -
-
500,000
-
-
-
500,000
Mr J Ankers -
-
500,000
-
-
(500,000)
-
2,318,500
473,500
51,360
(996,654)
1,846,706
33
Controlling party

There is no ultimate controlling party.

ANKERS AND RAWLINGS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 38 -
34
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Profit after taxation
751,326
3,597,973
Adjustments for:
Taxation charged
383,041
1,230,040
Finance costs
1,671,122
885,477
Investment income
(81,480)
(551,542)
Gain on disposal of tangible fixed assets
(65,498)
(19,012)
(Gain)/loss on disposal of investment property
(147,947)
307,036
Fair value loss/(gain) on investment properties
416,488
(1,589,985)
Amortisation and impairment of intangible assets
(70)
(70)
Depreciation and impairment of tangible fixed assets
230,332
251,930
Movements in working capital:
Decrease/(increase) in stocks
2,422,820
(2,351,703)
Increase in debtors
(1,264,956)
(2,290,148)
(Decrease)/increase in creditors
(8,890,013)
5,940,161
Cash (absorbed by)/generated from operations
(4,574,835)
5,410,157
35
Analysis of changes in net debt - group
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
7,439,516
(1,906,893)
5,532,623
Borrowings excluding overdrafts
(8,100,000)
(15,950,000)
(24,050,000)
Obligations under finance leases
(35,456)
30,821
(4,635)
(695,940)
(17,826,072)
(18,522,012)
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