BrightAccountsProduction v1.0.0 v1.0.0 2024-04-06 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the rental of residential and commercial property in the United Kingdom. The directors have no plans to change the activities and operations of the company in the foreseeable future and will continue to strive to maximise both rental and capital returns. 24 March 2026 0 0 03824727 2025-04-05 03824727 2024-04-05 03824727 2023-04-05 03824727 2024-04-06 2025-04-05 03824727 2023-04-06 2024-04-05 03824727 uk-bus:PrivateLimitedCompanyLtd 2024-04-06 2025-04-05 03824727 uk-curr:PoundSterling 2024-04-06 2025-04-05 03824727 uk-bus:SmallCompaniesRegimeForAccounts 2024-04-06 2025-04-05 03824727 uk-bus:FullAccounts 2024-04-06 2025-04-05 03824727 uk-bus:Audited 2024-04-06 2025-04-05 03824727 uk-core:ShareCapital 2025-04-05 03824727 uk-core:ShareCapital 2024-04-05 03824727 uk-core:RetainedEarningsAccumulatedLosses 2025-04-05 03824727 uk-core:RetainedEarningsAccumulatedLosses 2024-04-05 03824727 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2025-04-05 03824727 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-04-05 03824727 uk-bus:FRS102 2024-04-06 2025-04-05 03824727 uk-core:CurrentFinancialInstruments 2025-04-05 03824727 uk-core:CurrentFinancialInstruments 2024-04-05 03824727 uk-core:CurrentFinancialInstruments 2025-04-05 03824727 uk-core:CurrentFinancialInstruments 2024-04-05 03824727 uk-core:WithinOneYear 2025-04-05 03824727 uk-core:WithinOneYear 2024-04-05 03824727 uk-core:ParentEntities 2024-04-06 2025-04-05 03824727 uk-core:UltimateParent 2024-04-06 2025-04-05 03824727 2024-04-06 2025-04-05 03824727 uk-bus:CompanySecretaryDirector1 2024-04-06 2025-04-05 xbrli:pure iso4217:GBP xbrli:shares

Company Registration Number: 03824727

Surfpipe Limited

Financial Statements

for the financial year ended 5 April 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Surfpipe Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Surfpipe Limited ('the company') for the financial year ended 5 April 2025 which comprise the Balance Sheet and the related notes to the financial statements, including significant accounting policies set out in note . 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” Section 1A (Small Entities).

In our opinion the financial statements: -give a true and fair view of the state of the company's affairs as at 5 April 2025 and of its loss for the financial 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 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 company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- | the financial statements are not in agreement with the accounting records and returns; or
- | certain disclosures of directors' remuneration specified by law are not made; or
- | we have not received all the information and explanations we require for our audit; or
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

Responsibilities of directors for the financial statements

As explained more fully in the Statement of Directors' Responsibilities set out on page , 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 they 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 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 company or to cease operations, or has 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit plan we identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. As part of our audit work, we obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. Among the laws and regulations we considered in this context were Laws regulating leases and licences, Dilapidations Protocol, legislative guidance in relation to rent arrears and disputes, Companies Act 2006,and UK and Irish Tax Legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company for fraud. The laws and regulations considered in this context would include, Health and Safety Requirements and Building and Environmental legislation which is in place to ensure that premises are well maintained, safe and healthy places to work. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Our audit procedures to respond to risks include enquiries of management, sample testing, reviewing accounting estimates, reviewing minutes of management meetings. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Trevor McKenna (Senior Statutory Auditor)

for and on behalf of

CSG PROFESSIONAL SERVICES UK LIMITED

Chartered Certified Accountants & Statutory Auditors

3 Day Place

Tralee

Kerry

V92P6HC

Ireland

24 March 2026

Surfpipe Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Surfpipe Limited

Company Registration Number: 03824727

BALANCE SHEET

as at 5 April 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Fixed Assets

Investment properties |  | 8 | 7,715,000 |  | 9,200,000
|  |  | ───────── |  | ─────────
Current Assets

Debtors |  | 9 | 777,468 |  | 1,046,824
Cash and cash equivalents |  |  | 106,008 |  | 429,480
|  |  | ───────── |  | ─────────
|  |  | 883,476 |  | 1,476,304
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 10 | (799,176) |  | (1,135,293)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 84,300 |  | 341,011
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 7,799,300 |  | 9,541,011
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 100 |  | 100
Retained earnings |  | 12 | (1,387,714) |  | 353,997
Subordinated loan |  | 13 | 9,186,914 |  | 9,186,914
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 7,799,300 |  | 9,541,011
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

Approved by the Board and authorised for issue on 24 March 2026 and signed on its behalf by

Patrick Tobin |  |  |  |  |
Director |  |  |  |  |

Surfpipe Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 5 April 2025

1. | General Information
| Surfpipe Limited is a company limited by shares incorporated in the United Kingdom and is registered in England. The address of its registered office is Dene Park, Stratford Road, Wellesbourne, Warwick, Warwickshire, CV35 9RY. The company registration number is 03824727. Surfpipe Limited is involved in property investment and the letting of these properties.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the year ended 5 April 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Revenue
| Rental income Turnover represents the gross amounts derived from the rental of investment properties during the period and arises from those activities which fall within the ordinary activities of the company. Rental income is recognised in the income statement on an accruals basis. Any lease incentives granted are recognised as an integral part of the total rental income. The company is not VAT registered.
| Related party transactions
| The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with its' parent or with members of the same group that are wholly owned.
| Interest
| Interest income is recognised in the income statement on an accruals basis when it is probable that the income will be received and the amount can be measured reliably. Interest payable is recognised as an expense in the period in which it is incurred.
| Going concern
| The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors have indicated that due to the financial support of its parent company it will be able to meet its obligations as they fall due, covering a period of not less than 12 months from the date of approval of the financial statements. In forming their view, the directors have taken into consideration the future financial requirements of the company, existing cash position and the financial support from its parent company. For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements.
| Investment properties
| Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Cash and cash equivalents
| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. 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 have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Dividends
| Dividend distribution to the company's shareholders is recognised as a liability in the company's financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.
| Foreign currencies
| (i) Functional and presentation currency The company's functional and presentation currency is the pound sterling. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
| Financial Instruments
| The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
| i. Financial assets
| Basic financial instruments, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.
| ii. Financial liabilities
| Basic financial liabilities, including trade and other payables, bank loans and loans from Group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest method.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | Significant accounting judgements and key sources of estimation uncertainty
| In the application of the company'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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The main judgements applied in preparing these financial statements concern the carrying value of the company's investment properties. The company carries its investment properties at fair value, with changes in the fair value being recognised in the profit and loss account. The basis on which these items have been reflected in these financial statements is set out in note 8.

4. | Going concern
| The company incurred a net loss before taxation of £1,385,061 (2024:(£783,708)) in the year. This loss was arrived at after the deduction of expenses which includes an impairment charge of £1,485,000 (2024: £1,190,180) relating to a reduction in the fair value of its investment property portfolio. Company rentals remain strong and it has substantial net assets. It is also part of a large profitable group with the option of support from its parent company if required. On this basis the directors are satisfied that it will be able to meet its obligations as they fall due, covering a period of not less than 12 months from the date of approval of the financial statements. Therefore the directors consider it appropriate to continue to adopt the going concern basis in the preparation of the financial statements.

5. | Employees
| The company has no employees (2024:0).

6. | Reclassification of comparative expense
| Comparative figures have been reclassified in order to present the reduction in the fair value movement on the investment property portfolio of £1,190,180 in the prior year, within other gains and losses rather than within administrative expenses. This change affects presentation only and does not impact the results or net assets of the prior year.

7. | Dividends | 2025 | 2024
|  | £ | £
| Dividends on equity shares:
| Ordinary shares - Final paid | 400,000 | 530,000
|  | ═════════ | ═════════

8. | Investment Properties
|  | Investment
|  | properties
|  | £
| Cost
| At 5 April 2025 | 9,200,000
|  | ─────────
| Impairments
| Charge for the financial year | 1,485,000
|  | ─────────
| At 5 April 2025 | 1,485,000
|  | ─────────
| Carrying amount
| At 5 April 2025 | 7,715,000
|  | ═════════
| At 5 April 2024 | 9,200,000
|  | ═════════
| Investment properties are included in the balance sheet at fair value. The properties have been valued on an open market value basis by the directors of the company with the assistance of the company's independent commercial property advisors and taking into account general market indicators. The directors involved in the valuation of these assets, have an in-depth and extensive knowledge of the UK property market and of the geographical location and category of properties to be valued. The investment method of valuation has been adopted taking into account existing or expected lease rentals and terms, property location and the use of equivalent yields and consideration of such factors as risk, capital appreciation, security of income, ease of sale and management of property. Following a detailed assessment and review, the directors are of the opinion that the fair value of the overall portfolio is £7,715,000 (2024:£9,200,000). The historical cost of the investment properties is £12,059,801 (2024:£12,059,801).

9. | Debtors | 2025 | 2024
|  | £ | £
| Trade debtors | 64,373 | 35,256
| Amounts owed by group undertakings | 463,500 | 764,820
| Taxation | 138,945 | -
| Prepayments and accrued income | 110,650 | 246,748
|  | ───────── | ─────────
|  | 777,468 | 1,046,824
|  | ═════════ | ═════════
| All debtor amounts are due within one year. Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Prepayments and accrued income are based on underlying contracts.

10. | Creditors | 2025 | 2024
| Amounts falling due within one year | £ | £
| Trade creditors | 3,279 | -
| Amounts owed to group undertakings | 546,659 | 517,777
| Amounts owed to related parties (Note 15) | 119,728 | 401,850
| Taxation | - | 67,169
| Accruals | 129,510 | 148,497
|  | ───────── | ─────────
|  | 799,176 | 1,135,293
|  | ═════════ | ═════════
| The repayment terms of trade creditors varies in accordance with the company's normal credit terms with it's suppliers. Amounts included within creditors, including amounts owing to both group companies and related parties, which are not covered by specific note disclosures are unsecured, interest free and repayable on demand. Taxation is subject to the terms of the relevant legislation and interest accrues on late payment. During the year, the comparative creditor balances were reclassified for consistency with the current year. A sum of £12,223 was in the prior year set against the amounts owed to related parties but should have been set against amounts owed to group undertakings. This amount has now been reclassified to amounts owed to group undertakings. This reclassification affects presentation only and has no impact on the prior year's results or net assets. The terms of the accruals are based on underlying contracts.

11. | Bank charges
| The Company previously had bank borrowings which were secured by legal charge over its property. These bank loans have been fully repaid and no amounts were outstanding at the year end. The legal charges remain registered at Companies House pending formal satisfaction.

12. | Income Statement
|  | 2025 | 2024
|  | £ | £
| At 6 April 2024 | 353,997 | 1,729,738
| Loss for the financial year | (1,341,711) | (845,741)
| Payment of dividends | (400,000) | (530,000)
|  | ───────── | ─────────
| At 5 April 2025 | (1,387,714) | 353,997
|  | ═════════ | ═════════

13. | Subordinated Loan | Balance at | Movement | Balance at
|  | 05/04/25 | in financial year | 05/04/24
|  | £ | £ | £
| Subordinated loan
| Likeford Unlimited Company | 9,186,914 | - | 9,186,914
|  | ═════════ | ═════════ | ═════════
| The subordinated loan was provided by the company's former parent company - Likeford Unlimited Company. It is perpetual, unsecured and interest free and not repayable at the discretion of the lender.

14. | Capital commitments
| The company had no material capital commitments at the financial year ended 5 April 2025.

15. | Related party transactions
| The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
| Revenue includes the sum of £22,800 (2024: £22,800) for rent received from a related party. There was no amount receivable from that related party at the year end (2024: £0). Management expenses include the sum of £17,428 (2024: £16,794) for management services recharged by a related party. At the year end, an amount of £1,321 (2024:£-) was outstanding and payable to the related party. Included within creditors is the sum of £119,728 (2024:£107,505) payable to the Company's former parent company Likeford Unlimited Company. Also as outlined in Note 12, a subordinated loan is payable to Likeford Unlimited Company of £9,186,914 (2024: £9,186,914). It is perpetual, unsecured and interest free and not repayable at the discretion of the lender.

16. | Parent and ultimate parent company
| The company regards Aglish Holdings as its parent company.
| The companys ultimate parent undertaking is Aglish One.
| Both Aglish Holdings and Aglish One are Isle of Man registered companies with an address at 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB. The ultimate controlling party of the company is considered to be the directors of Aglish One.

17. | Post-Balance Sheet Events
| There have been no significant events affecting the company since the financial year end.

18. | Comparative amounts
| Comparative amounts have been reclassified where necessary so as to facilitate presentation on the same basis as those for the current year.