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REGISTERED NUMBER: 01331546 (England and Wales)

Unaudited Financial Statements

FOR THE PERIOD

1 October 2024 to 26 September 2025

for

Margisal Limited

| Margisal Limited (Registered number: 01331546) |

Contents of the Financial Statements

FOR THE PERIOD 1 OCTOBER 2024 TO 26 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Margisal Limited |

Company Information

FOR THE PERIOD 1 OCTOBER 2024 TO 26 SEPTEMBER 2025

| DIRECTORS: | J Burns

| S Lillywhite

| REGISTERED OFFICE: | Unit 16 Silk Mill Business Park

| Brook Street

| Tring

| Hertfordshire

| HP23 5EF

| REGISTERED NUMBER: | 01331546 (England and Wales)

| ACCOUNTANTS: | Connolly Accountants & Business Advisors Ltd

| Chartered Certified Accountants

| The Stable Yard

| 25-33 Vicarage Road

| Stony Stratford

| Milton Keynes

| Buckinghamshire

| MK11 1BN

| Margisal Limited (Registered number: 01331546) |

Balance Sheet

26 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 9,851 |  | 11,366 |  |

Investment property | 5 | 6,625,000 |  | 6,625,000 |  |

6,634,851 |  | 6,636,366 |  |

CURRENT ASSETS

Debtors | 6 | 97,658 |  | 392,323 |  |

Cash at bank | 194 |  | 1,829 |  |

97,852 |  | 394,152 |  |

CREDITORS

Amounts falling due within one year | 7 | 371,268 |  | 282,515 |  |

NET CURRENT (LIABILITIES)/ASSETS | (273,416 | ) | 111,637 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,361,435 |  | 6,748,003 |  |

PROVISIONS FOR LIABILITIES | 1,343,175 |  | 1,343,175 |  |

NET ASSETS | 5,018,260 |  | 5,404,828 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Revaluation reserve | 8 | 4,488,744 |  | 4,488,744 |  |

Retained earnings | 529,416 |  | 915,984 |  |

5,018,260 |  | 5,404,828 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 September 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 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.

| Margisal Limited (Registered number: 01331546) |

Balance Sheet - continued

26 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2026 and were signed on its behalf by:

J Burns - Director

| Margisal Limited (Registered number: 01331546) |

Notes to the Financial Statements

FOR THE PERIOD 1 OCTOBER 2024 TO 26 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Margisal 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 as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Plant & machinery | - | 25% on cost

| Fixtures and fittings | - | 10% on reducing balance

| Computer equipment | - | 3 years

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Margisal Limited (Registered number: 01331546) |

Notes to the Financial Statements - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 26 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

| Financial assets and liabilities are offset, with 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 costs using the effective interest method 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.

| 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 a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors and loans from related 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 payments 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 costs, 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.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

| Margisal Limited (Registered number: 01331546) |

Notes to the Financial Statements - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 26 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 1 (2024 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant & |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024

| and 26 September 2025 | 5,288 |  | 13,934 |  | 2,717 |  | 21,939 |  |

| DEPRECIATION

| At 1 October 2024 | 5,288 |  | 3,667 |  | 1,618 |  | 10,573 |  |

| Charge for period | - |  | 760 |  | 755 |  | 1,515 |  |

| At 26 September 2025 | 5,288 |  | 4,427 |  | 2,373 |  | 12,088 |  |

| NET BOOK VALUE

| At 26 September 2025 | - |  | 9,507 |  | 344 |  | 9,851 |  |

| At 30 September 2024 | - |  | 10,267 |  | 1,099 |  | 11,366 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024

| and 26 September 2025 | 6,625,000 |  |

| NET BOOK VALUE

| At 26 September 2025 | 6,625,000 |  |

| At 30 September 2024 | 6,625,000 |  |

| Fair value at 26 September 2025 is represented by:

£ |

| Valuation in 1989 | 3,188,669 |  |

| Valuation in 1990 | (2,350,000 | ) |

| Valuation in 1998 | (61,000 | ) |

| Valuation in 2008 | 1,161,000 |  |

| Valuation in 2017 | 2,045,853 |  |

| Valuation in 2018 | 1,257,106 |  |

| Valuation in 2019 | 66,796 |  |

| Valuation in 2021 | 1,015,000 |  |

| Valuation in 2024 | (490,000 | ) |

| Cost | 791,576 |  |

6,625,000 |  |

| Margisal Limited (Registered number: 01331546) |

Notes to the Financial Statements - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 26 SEPTEMBER 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 14,081 |  | 21,596 |  |

| Amounts owed by group undertakings | 13,577 |  | 351,727 |  |

| Other debtors | 70,000 |  | 19,000 |  |

97,658 |  | 392,323 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 8,233 |  | 9,624 |  |

| Taxation and social security | 232,351 |  | 141,335 |  |

| Other creditors | 130,684 |  | 131,556 |  |

371,268 |  | 282,515 |  |

| At the year end, the amount outstanding for corporation tax in respect of the prior year was £139,021. This balance was settled after the reporting date.

| Included within creditors is a liability of £121,861.60 (2024: £123,296) in respect of refundable deposits held on behalf of tenants.

8. | RESERVES

| Revaluation

| reserve

£ |

| At 1 October 2024

| and 26 September 2025 | 4,488,744 |  |

9. | RELATED PARTY DISCLOSURES

| At the reporting date the balance owed from Burns Acquisitions Ltd was £13,577 (2024: £351,727). The loan is interest free and has no set repayment terms.