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REGISTERED NUMBER: 06366392 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

LOUSADA DEVELOPMENT LIMITED

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| LOUSADA DEVELOPMENT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | S C Lousada

| Mrs S J Lousada

| SECRETARY: | S C Lousada

| REGISTERED OFFICE: | Oakley House

| Church Lane

| Oakley

| Bedfordshire

| MK43 7ST

| REGISTERED NUMBER: | 06366392 (England and Wales)

| ACCOUNTANTS: | Rawlinson Pryde Limited

| Chartered Accountants

| Argent House

| 5 Goldington Road

| Bedford

| Bedfordshire

| MK40 3JY

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

BALANCE SHEET

30 SEPTEMBER 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | - |  |

Investments | 5 | 5,000 |  | 5,000 |  |

Investment property | 6 | 3,055,000 |  | 2,875,504 |  |

3,060,000 |  | 2,880,504 |  |

CURRENT ASSETS

Debtors: amounts falling due within one year | 7 | 62,723 |  | 273,029 |  |

Prepayments and accrued income | 5,811 |  | 10,991 |  |

Cash at bank | 94,595 |  | 31,242 |  |

163,129 |  | 315,262 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,983,204 |  | 1,661,518 |  |

NET CURRENT LIABILITIES | (1,820,075 | ) | (1,346,256 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,239,925 |  | 1,534,248 |  |

PROVISIONS FOR LIABILITIES | 9 | 169,303 |  | 124,335 |  |

CAPITAL AND RESERVES

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

Fair value reserve | 11 | 609,710 |  | 475,087 |  |

Retained earnings | 450,912 |  | 924,826 |  |

SHAREHOLDERS' FUNDS | 1,070,622 |  | 1,409,913 |  |

1,239,925 |  | 1,534,248 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

BALANCE SHEET - continued

30 SEPTEMBER 2025

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2026 and were signed on its behalf by:

S C Lousada - Director

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Lousada Development 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Going concern

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

| The directors consider the use of the going concern basis of accounting appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The directors have agreed to support the company through Lousada Plc (a company which the directors of Lousada Development Limited are also directors of) to ensure it has adequate financial resources to continue in operational existence for the foreseeable future.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover represents net rents receivable and sales of materials and labour, excluding value added tax.

| Rent receivable is recognised on a straight-line basis over the term of the relevant rental period.

| Reimbursed expenses recharged are recognised in the period they relate on a straight line basis to offset the expense incurred.

| Tangible fixed assets

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

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Computer equipment | - | 33% on cost

| Investments in associates

| Investments in associate undertakings are recognised at cost.

| Investment property

| Investment property is shown at most recent valuation. Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss in the period in which they arise. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

| Investment property is subject to periodic valuation by the directors or by independent chartered surveyors, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets.

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences residual interest in the assets of the company after deduction any liabilities.

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

| 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.

| Operating lease income

| Rental income is recognised by reference to gross rents receivable in the period. Expenses incurred in earning rental income are charged separately to the profit and loss account.

| Impairment

| At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account for the period.

| If the recoverable amount of a tangible fixed asset subsequently increases as a result of a change in economic conditions or in the expected use of the asset, the net book amount shall be written back to the lower of recoverable amount and the amount at which the asset would have been recorded had the original write-down not been made. A reversal of an impairment loss is recognised in the profit and loss account for the period.

3. | EMPLOYEES AND DIRECTORS

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

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024

| and 30 September 2025 | 1,554 |  | 155 |  | 4,719 |  | 6,428 |  |

| DEPRECIATION

| At 1 October 2024

| and 30 September 2025 | 1,554 |  | 155 |  | 4,719 |  | 6,428 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | - |  | - |  | - |  |

| At 30 September 2024 | - |  | - |  | - |  | - |  |

5. | FIXED ASSET INVESTMENTS

| Interest

| in

| associate

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 5,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 5,000 |  |

| At 30 September 2024 | 5,000 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 2,875,504 |  |

| Revaluations | 179,496 |  |

| At 30 September 2025 | 3,055,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 3,055,000 |  |

| At 30 September 2024 | 2,875,504 |  |

| Included within the investment property values above is an amount of £202,780 (2024: £202,780) which has been separately identifiable as fixed plant and machinery and integral features. Also included within investment property is an amount of £25,011 (2024: £25,011) for works which have been claimed under the structural buildings allowance.

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. | INVESTMENT PROPERTY - continued

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2020 | 241,664 |  |

| Valuation in 2022 | 358,452 |  |

| Valuation in 2025 | 179,496 |  |

| Cost | 2,275,388 |  |

3,055,000 |  |

| If investment properties had not been revalued they would have been included at the following historical cost:

| 30.9.25 |  | 30.9.24

£ | £ |

| Cost | 2,250,376 |  | 2,275,388 |  |

| Investment properties were valued on an open market basis on 30 September 2025 by Vail Williams Property Consultants .

| The cost of £2,275,388 consists of acquisition cost and additions of £2,250,377 and structural buildings allowances of £25,011.

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Trade debtors | 42,691 |  | 16,854 |  |

| Other debtors | 32 |  | 32 |  |

| Loan - Lousada Investments Ltd | - |  | 236,143 |  |

| Loan - Chris Izzard | 20,000 |  | 20,000 |  |

62,723 |  | 273,029 |  |

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Trade creditors | 1,775 |  | 81 |  |

| Tax | 7,815 |  | 1,845 |  |

| VAT | 15,490 |  | 14,443 |  |

| Other creditors | 7,028 |  | 7,028 |  |

| Loan - Lousada plc | 1,674,006 |  | 1,610,239 |  |

| Loan - Lousada Investments Limited | 248,857 |  | - |  |

| Deferred income | 25,599 |  | 25,298 |  |

| Accrued expenses | 2,634 |  | 2,584 |  |

1,983,204 |  | 1,661,518 |  |

9. | PROVISIONS FOR LIABILITIES

| 30.9.25 |  | 30.9.24

£ | £ |

| Deferred tax | 169,303 |  | 124,335 |  |

LOUSADA DEVELOPMENT LIMITED (REGISTERED NUMBER: 06366392) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 124,335 |  |

| Charge to Income Statement during year | 44,968 |  |

| Balance at 30 September 2025 | 169,303 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

11. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 October 2024 | 475,087 |  |

| Non-distributable reserves

| transfer | 134,623 |  |

| At 30 September 2025 | 609,710 |  |

| The non-distributable fair value reserve relates to a fair value gain on the investment properties of £779,613 net of deferred tax of £169,904.