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Company No: 01657518 (England and Wales)

# TOLLARD ROYAL ENTERPRISES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

TOLLARD ROYAL ENTERPRISES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

TOLLARD ROYAL ENTERPRISES LIMITED

## BALANCE SHEET

As at 31 March 2025
TOLLARD ROYAL ENTERPRISES LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 4,117 |  | 0
Tangible assets | 4 | 1,724,685 |  | 428,224
Investment property | 5 | 965,000 |  | 970,000
Investments | 6 | 1,441,639 |  | 101,002
|  | 4,135,441 |  | 1,499,226
Current assets |  |  |  |
Stocks |  | 731,486 |  | 5,606
Debtors | 7 | 914,061 |  | 525,431
Cash at bank and in hand |  | 434,783 |  | 29,337
|  | 2,080,330 |  | 560,374
Creditors: amounts falling due within one year | 8 | ( 4,153,531) |  | ( 282,090)
Net current (liabilities)/assets |  | (2,073,201) |  | 278,284
Total assets less current liabilities |  | 2,062,240 |  | 1,777,510
Creditors: amounts falling due after more than one year | 9 | ( 123,132) |  | ( 18,724)
Provision for liabilities |  | ( 438,281) |  | ( 163,823)
Net assets |  | 1,500,827 |  | 1,594,963
Capital and reserves |  |  |  |
Called-up share capital |  | 266,061 |  | 266,061
Revaluation reserve |  | 612,494 |  | 616,244
Profit and loss account |  | 622,272 |  | 712,658
Total shareholder's funds |  | 1,500,827 |  | 1,594,963

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Tollard Royal Enterprises Limited (registered number: 01657518) were approved and authorised for issue by the Board of Directors on 12 March 2026. They were signed on its behalf by:

P J Gready Director |

TOLLARD ROYAL ENTERPRISES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
TOLLARD ROYAL ENTERPRISES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Tollard Royal Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rushmore Estate Office, Tollard Royal, Salisbury, Wiltshire, SP5 5PT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
On 31 March 2025, net assets with a net book value of £184,481 (comprising intangible assets of £4,117, tangible assets of £854,461, cash at hand of £54,370 and creditors of £-728,467) were transferred to Tollard Royal Enterprises Limited by Larmer Tree Limited, a subsidiary company, and net assets with a net book value of £2,753,761 (comprising tangible assets of £418,852, investments of £1,179,446, stock of £725,486, debtors of £1,004,558, cash at hand of £213,491 and creditors of £-788,072) were transferred by Rushmore Farms Limited, another subsidiary company. The amounts owed to these subsidiaries in exchange for these net assets are included within note 8.

##### Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue from rental income which is recognised in accordance with the relevant rental agreements, from golf course membership fees which is recognised on an accrual basis, and from the provision of associated goods and services.

##### Taxation

Current tax
The tax expense represents the sum of the tax currently payable and any deferred tax.
The current tax charge is based on the 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 company’s liability for current tax is calculated using tax rates 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the profit and loss account.

##### Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill | 5 years straight line
Computer software | 5 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset, less their estimated residual value, over its estimated useful life:

Land and buildings | 10 years straight line
Plant and machinery | 25 % reducing balance
| 10 years straight line
Vehicles | 25 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

##### Investment property

Investment property is carried at fair value determined annually by professional valuers and derived from the current market rents and investment property yields for comparable real estate. No depreciation is provided. Changes in fair value are recognised in the profit and loss account and then subsequently transferred to the revaluation reserve through the statement of changes in equity.

##### Fixed asset investments

Investments in unlisted company shares, whose market value cannot be reliably determined, are stated at cost less any accumulated impairment losses.

Listed investments are included at mid-market value at the balance sheet date with any revaluation during the year being included in the profit and loss account and then subsequently transferred to the revaluation reserve through the
statement of changes in equity.

##### Stocks

Stocks are stated at the lower of cost and net realisable value.

##### Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

##### Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 18 |  | 21

#### 3. Intangible assets

| Goodwill |  | Computer software |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 April 2024 | 0 |  | 0 |  | 0
Transfers in | 1 |  | 4,116 |  | 4,117
At 31 March 2025 | 1 |  | 4,116 |  | 4,117
Accumulated amortisation |  |  |  |  |
At 01 April 2024 | 0 |  | 0 |  | 0
At 31 March 2025 | 0 |  | 0 |  | 0
Net book value |  |  |  |  |
At 31 March 2025 | 1 |  | 4,116 |  | 4,117
At 31 March 2024 | 0 |  | 0 |  | 0

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 368,505 |  | 345,151 |  | 99,826 |  | 813,482
Additions | 6,658 |  | 128,722 |  | 0 |  | 135,380
Disposals | 0 |  | 0 |  | ( 12,000) |  | ( 12,000)
Transferred in from Larmer Tree Limited | 806,248 |  | 48,195 |  | 18 |  | 854,461
Transferred in from Rushmore Farms Limited | 370,547 |  | 20,663 |  | 27,642 |  | 418,852
At 31 March 2025 | 1,551,958 |  | 542,731 |  | 115,486 |  | 2,210,175
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 169,709 |  | 161,273 |  | 54,276 |  | 385,258
Charge for the financial year | 35,966 |  | 62,565 |  | 10,616 |  | 109,147
Disposals | 0 |  | 0 |  | ( 8,915) |  | ( 8,915)
At 31 March 2025 | 205,675 |  | 223,838 |  | 55,977 |  | 485,490
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 1,346,283 |  | 318,893 |  | 59,509 |  | 1,724,685
At 31 March 2024 | 198,796 |  | 183,878 |  | 45,550 |  | 428,224

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 970,000
Fair value movement | (5,000)
As at 31 March 2025 | 965,000

Valuation

The valuations were made by Savills (UK) Limited, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 195,959 |  | 195,959

#### 6. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 April 2024 | 101,002
Additions | 161,191
At 31 March 2025 | 262,193
Carrying value at 31 March 2025 | 262,193
Carrying value at 31 March 2024 | 101,002

The company owns 100% of the issued share capital in Rushmore Farms Limited, a company registered in England and Wales. During the year, it acquired 100% of the issued share capital of Larmer Tree Limited, a company registered in England and Wales, at par for £161,191.

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 April 2024 | 0 |  | 0
Transferred in from Rushmore Farms Limited | 1,179,446 |  | 1,179,446
At 31 March 2025 | 1,179,446 |  | 1,179,446
Carrying value at 31 March 2025 | 1,179,446 |  | 1,179,446
Carrying value at 31 March 2024 | 0 |  | 0

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 780 |  | 0
Amounts owed by connected persons | 306,704 |  | 0
Prepayments | 561,799 |  | 520,236
VAT recoverable | 44,778 |  | 5,195
| 914,061 |  | 525,431

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank overdrafts | 588,107 |  | 0
Trade creditors | 126,779 |  | 46,696
Amounts owed to Group undertakings | 2,938,242 |  | 0
Accruals | 152,664 |  | 8,959
Taxation and social security | 19,927 |  | 0
Obligations under finance leases and hire purchase contracts | 59,167 |  | 88,027
Other creditors | 268,645 |  | 138,408
| 4,153,531 |  | 282,090

#### 9. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Obligations under finance leases and hire purchase contracts | 123,132 |  | 18,724

#### 10. Related party transactions

At the balance sheet date, £2,753,761 was due to Rushmore Farms Limited (2024: £100,000) and £184,481 was due to Larmer Tree Limited (2024: £nil), both subsidiary companies of Tollard Royal Enterprises Limited.
At the balance sheet date, £300,000 was due from The Trustees of the M A L F Pitt Rivers No.3 Discretionary Settlement (2024: £nil) and £6,704 was due from the W J Gronow Davis Legacy Settlement (2024: £nil).