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| Unaudited Financial Statements |

| for the Year Ended 31 July 2025 |

| for |

| Meadfleet Limited |

| Meadfleet Limited (Registered number: 03022583) |

Contents of the Financial Statements

for the Year Ended 31 July 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Meadfleet Limited |

Company Information

for the Year Ended 31 July 2025

| DIRECTORS: | S E Carter

| G Hunt

| P G Miller

| D B S King

| REGISTERED OFFICE: | Unit 2 Meadway Court

| Meadway Technology Park

| Rutherford Close

| Stevenage

| Hertfordshire

| SG1 2EF

| REGISTERED NUMBER: | 03022583 (England and Wales)

| ACCOUNTANTS: | Williams & Co Epsom LLP

| Chartered Accountants

| 8-10 South Street

| Epsom

| Surrey

| KT18 7PF

| Meadfleet Limited (Registered number: 03022583) |

Balance Sheet

31 July 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 10,074,629 |  | 9,892,412 |  |

CURRENT ASSETS

Stocks | 5 | 2,379,653 |  | 2,347,196 |  |

Debtors | 6 | 853,788 |  | 785,037 |  |

Cash at bank | 466,136 |  | 467,208 |  |

3,699,577 |  | 3,599,441 |  |

CREDITORS

Amounts falling due within one year | 7 | 3,141,233 |  | 2,968,448 |  |

NET CURRENT ASSETS | 558,344 |  | 630,993 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,632,973 |  | 10,523,405 |  |

PROVISIONS FOR LIABILITIES | 9 | 2,640,721 |  | 2,639,075 |  |

NET ASSETS | 7,992,252 |  | 7,884,330 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 1,000 |  | 1,000 |  |

Fair value reserve | 11 | 7,477,442 |  | 7,317,303 |  |

Retained earnings | 513,810 |  | 566,027 |  |

SHAREHOLDERS' FUNDS | 7,992,252 |  | 7,884,330 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Statement of Comprehensive Income 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:

P G Miller - Director

| Meadfleet Limited (Registered number: 03022583) |

Notes to the Financial Statements

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

| Meadfleet 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.

| Turnover is made up of charges to plot holders for site work carried out together with unit transfer fees.

| Tangible fixed assets

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

| Controlled land | - | not provided

| Motor vehicles | - | Straight line over 3 years and Straight line over 4 years

| Computer equipment | - | Straight line over 3 years and Straight line over 5 years

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Financial instruments

| The company receives deposits on all plots managed. These deposits are held until a plot is sold when it is refunded and a new deposit received from the incoming owner. Under FRS102 Financial Instruments these deposits are recorded in the books at the discounted cashflow value of the deposit which unlikely to be repaid in the foreseeable future. The company has used a discount period of 125 years and 5%. These parameters are reviewed annually by the directors. The gross value of the deposits is disclosed separately in the accounts.

| 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.

| Deferred tax on potential gains on Land Controlled is provided in full and offset against the fair value Reserve

| Meadfleet Limited (Registered number: 03022583) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 28 (2024 - 32 ) .

4. | TANGIBLE FIXED ASSETS

| Controlled |  | Motor |  | Computer |

| land |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 August 2024 | 9,748,060 |  | 202,019 |  | 325,337 |  | 10,275,416 |  |

| Additions | - |  | 61,597 |  | 6,879 |  | 68,476 |  |

| Disposals | - |  | (43,549 | ) | (6,181 | ) | (49,730 | ) |

| Valuation | 195,460 |  | - |  | - |  | 195,460 |  |

| At 31 July 2025 | 9,943,520 |  | 220,067 |  | 326,035 |  | 10,489,622 |  |

| DEPRECIATION

| At 1 August 2024 | - |  | 134,426 |  | 248,578 |  | 383,004 |  |

| Charge for year | - |  | 48,517 |  | 33,202 |  | 81,719 |  |

| Eliminated on disposal | - |  | (43,549 | ) | (6,181 | ) | (49,730 | ) |

| At 31 July 2025 | - |  | 139,394 |  | 275,599 |  | 414,993 |  |

| NET BOOK VALUE

| At 31 July 2025 | 9,943,520 |  | 80,673 |  | 50,436 |  | 10,074,629 |  |

| At 31 July 2024 | 9,748,060 |  | 67,593 |  | 76,759 |  | 9,892,412 |  |

| The land was valued by the directors during the year at £290 per unit (2024: £290 per unit), being the unit transfer fee based on a total of 34,228 (2024: 32,642) units of land.

| The historic value of the units of land was £Nil (2024: £Nil).

| Cost or valuation at 31 July 2025 is represented by:

| Controlled |  | Motor |  | Computer |

| land |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2016 | 4,522,260 |  | - |  | - |  | 4,522,260 |  |

| Valuation in 2017 | 702,090 |  | - |  | - |  | 702,090 |  |

| Valuation in 2018 | 722,680 |  | - |  | - |  | 722,680 |  |

| Valuation in 2019 | 698,610 |  | - |  | - |  | 698,610 |  |

| Valuation in 2020 | 709,050 |  | - |  | - |  | 709,050 |  |

| Valuation in 2021 | 734,280 |  | - |  | - |  | 734,280 |  |

| Valuation in 2022 | 599,720 |  | - |  | - |  | 599,720 |  |

| Valuation in 2023 | 652,790 |  | - |  | - |  | 652,790 |  |

| Valuation in 2024 | 406,580 |  | - |  | - |  | 406,580 |  |

| Valuation in 2025 | 195,460 |  | - |  | - |  | 195,460 |  |

| Cost | - |  | 220,067 |  | 326,035 |  | 546,102 |  |

9,943,520 |  | 220,067 |  | 326,035 |  | 10,489,622 |  |

5. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 2,954,003 |  | 2,830,308 |  |

| Payments on account | (574,350 | ) | (483,112 | ) |

2,379,653 |  | 2,347,196 |  |

| Meadfleet Limited (Registered number: 03022583) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 780,860 |  | 692,785 |  |

| Other debtors | 72,928 |  | 92,252 |  |

853,788 |  | 785,037 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 584,527 |  | 706,471 |  |

| Taxation and social security | 321,665 |  | 292,108 |  |

| Other creditors | 2,235,041 |  | 1,969,869 |  |

3,141,233 |  | 2,968,448 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 44,631 |  | 32,639 |  |

| Between one and five years | 178,524 |  | - |  |

223,155 |  | 32,639 |  |

| During the period, the company's lease ended and a new lease agreement, for the office space located at Unit 2, Meadway Court, Stevenage, SG1 2EF. The lease term is 5 years, commencing on 30 July 2025.

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 2,476,498 |  | 2,441,177 |  |

| Other provisions

| Dowry & commuted fund | 47,100 |  | 47,100 |  |

| Security deposit fund at NPV | 6,930 |  | 6,869 |  |

| Reserve fund | 110,193 |  | 143,929 |  |

164,223 |  | 197,898 |  |

| Aggregate amounts | 2,640,721 |  | 2,639,075 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 August 2024 | 2,441,177 |  | 197,898 |  |

| Provided during year | 35,321 |  | - |  |

| Balance at 31 July 2025 | 2,476,498 |  | 197,898 |  |

| Security deposits are shown at their Net Present Value (NPV). The gross amount due is £5,079,168 (2024 - £4,773,412)

| Meadfleet Limited (Registered number: 03022583) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  | Class: |  | Nominal |  |  | 2023 |  | 2022 |  |

|  | value: |  |  | £ |  | £ |  |

| 81,100 |  | Ordinary |  | £0.01 |  |  | 811.00 |  | 811.00 |  |

| 9,450 |  | Preference |  | £0.01 |  |  | 94.50 |  | 94.50 |  |

| 9,450 |  | Preference B |  | £0.01 |  |  | 94.50 |  | 94.50 |  |

|  | 1,000 |  | 1,000 |  |

11. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 August 2024 | 7,317,303 |  |

| Deferred tax movement | (35,321 | ) |

| Fair value transfer | 195,460 |  |

| At 31 July 2025 | 7,477,442 |  |

| The deferred tax movement against the fair value reserve represents tax not yet incurred on the uplifted value of the controlled land, at 25% (2024: 25%).

12. | ULTIMATE CONTROLLING PARTY

| The company was controlled throughout the year by the Land Management Holdings Limited.