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REGISTERED NUMBER: 14771446 (England and Wales)

S&D23 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2025

| S&D23 LIMITED (REGISTERED NUMBER: 14771446) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Chartered Accountants' Report | 5 |

| S&D23 LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

| DIRECTORS: | Miss S M Bush

| D Murphy

| REGISTERED OFFICE: | 8 Dowty Park

| Thornton Road

| Milford Haven

| Pembrokeshire

| SA73 2RS

| REGISTERED NUMBER: | 14771446 (England and Wales)

| ACCOUNTANTS: | Bevan Buckland LLP

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

| S&D23 LIMITED (REGISTERED NUMBER: 14771446) |

BALANCE SHEET

31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 201,000 |  | 201,000 |  |

CURRENT ASSETS

Cash in hand | 100 |  | 100 |  |

CREDITORS

Amounts falling due within one year | 5 | 122,439 |  | 102,439 |  |

NET CURRENT LIABILITIES | (122,339 | ) | (102,339 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 78,661 |  | 98,661 |  |

CREDITORS

Amounts falling due after more than one year | 6 | 56,538 |  | 96,538 |  |

NET ASSETS | 22,123 |  | 2,123 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 22,023 |  | 2,023 |  |

22,123 |  | 2,123 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

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

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

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2026 and were signed on its behalf by:

Miss S M Bush - Director

| S&D23 LIMITED (REGISTERED NUMBER: 14771446) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| S&D23 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Creditors and provisions

| Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

| Financial instruments

| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

| Presentational and functional currency

| The presentational and functional currency is £ sterling.

| Going Concern

| The company continues to adopt the going concern basis in preparing its financial statements.

3. | EMPLOYEES AND DIRECTORS

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

| S&D23 LIMITED (REGISTERED NUMBER: 14771446) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 201,000 |  |

| NET BOOK VALUE

| At 31 October 2025 | 201,000 |  |

| At 31 October 2024 | 201,000 |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 82,440 |  | 62,440 |  |

| Other creditors | 39,999 |  | 39,999 |  |

122,439 |  | 102,439 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 56,538 |  | 96,538 |  |

7. | RELATED PARTY DISCLOSURES

| S&D23 Limited owes a balance of £82,440 (2024: £62,440) .to the group undertaking, Evan Rees (Dyfed) Limited.

| No interest has been charged in relation to this balance.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

S&D23 LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S&D23 Limited for the year ended 31 October 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of S&D23 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of S&D23 Limited and state those matters that we have agreed to state to the Board of Directors of S&D23 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S&D23 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that S&D23 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S&D23 Limited. You consider that S&D23 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of S&D23 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

19 February 2026