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REGISTERED NUMBER: 00755076 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Milton Pipes Limited |

Milton Pipes Limited (Registered number: 00755076)

Contents of the Financial Statements

for the Year Ended 30 September 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Milton Pipes Limited

Company Information

for the Year Ended 30 September 2025

| DIRECTOR: | A R Hampton

| SECRETARY: | Mrs A S Gadd

| REGISTERED OFFICE: | Church Marsh

| Off Gas Road

| Sittingbourne

| Kent

| ME10 2QF

| REGISTERED NUMBER: | 00755076 (England and Wales)

| ACCOUNTANTS: | A C Mole LLP

| Chartered Accountants

| Stafford House

| Blackbrook Park Avenue

| Taunton

| Somerset

| TA1 2PX

Milton Pipes Limited (Registered number: 00755076)

Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investment property | 5 | 5,860,000 |  | 5,043,938 |  |

CURRENT ASSETS

Debtors | 6 | 3,361,831 |  | 3,105,090 |  |

Cash at bank | 772,336 |  | 622,243 |  |

4,134,167 |  | 3,727,333 |  |

CREDITORS

Amounts falling due within one year | 7 | 40,079 |  | 179,361 |  |

NET CURRENT ASSETS | 4,094,088 |  | 3,547,972 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,954,088 |  | 8,591,910 |  |

PROVISIONS FOR LIABILITIES | (649,000 | ) | (404,000 | ) |

NET ASSETS | 9,305,088 |  | 8,187,910 |  |

CAPITAL AND RESERVES

Called up share capital | 110,000 |  | 110,000 |  |

Share premium | 64,836 |  | 64,836 |  |

Non-distributable reserves | 9 | 4,812,324 |  | 4,241,262 |  |

Other reserves | 4,478 |  | 4,478 |  |

Retained earnings | 4,313,450 |  | 3,767,334 |  |

SHAREHOLDERS' FUNDS | 9,305,088 |  | 8,187,910 |  |

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 director acknowledges his 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 director and authorised for issue on 14 April 2026 and were signed by:

A R Hampton - Director

Milton Pipes Limited (Registered number: 00755076)

Notes to the Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| Milton Pipes 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. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparation

| The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, and certain financial assets and liabilities measured at fair value through the profit and loss account.

| Investment property

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

| 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

| 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.

Milton Pipes Limited (Registered number: 00755076)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

3. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme and a defined benefit pension scheme.

| Defined contribution pension plan

| (a) The company operates a defined contribution plan for previous employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

| Defined benefit pension plan

| (b) The company operates a defined benefit plan for certain previous employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

| The asset/(liability) recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of the plan assets at the reporting date.

| The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of future payments (discount rate).

| The fair value of plan assets is measured in accordance with FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

| Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to the statement of comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as "Remeasurement gains/losses on pension".

| The cost of the defined benefit plan, recognised in the profit or loss as employee costs, except where included in the cost of an asset, comprises:

| i) The increase in pension benefit liability arising from employee service during the period; and

| ii) The cost of plan introductions, benefit changes, curtailments and settlements.

| The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. The cost is recognised in profit or loss as a finance expense.

| Where remeasurement results in a pension scheme asset, the value is capped at nil on the grounds that such an asset is highly unlikely to be recoverable by the company.

| Other income

| Other income represents rental income receivable and utility recharges excluding Value Added Tax. Rental is recognised in the period in which it falls due and recharges are included based on invoice date. Rents received in advance are included within deferred income in short term liabilities.

| Share capital

| Ordinary shares are classified as equity, unless any component creates a financial liability when they are presented as a liability in the balance sheet.

Milton Pipes Limited (Registered number: 00755076)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

3. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents includes cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Financial instruments

| i) Financial assets

| Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

| At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

| ii) Financial liabilities

| Basic financial liabilities, including trade and other payables are initially recognised at transaction price and subsequently measured at amortised cost.

| Critical accounting judgements and estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below:

| i) Valuation of investment property

| The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The company engaged independent valuation specialists to determine fair value at 14 March 2025 and the directors considered the valuation at the balance sheet date to determine if they are still appropriate. The key assumptions used to determine the fair value of investment property are further explained in note 7.

| (ii) Recognition of deferred tax assets/(liabilities)

| Management estimation is required to determine the amount of deferred tax assets/(liabilities) that can be recognised, based upon likely timing and level of future taxable profits and gains against which the reversal of temporary differences can be deducted. Significant items on which the company has exercised this judgement includes recognition of a deferred tax asset/(liability) in relation to the defined benefit pension scheme, where future pension scheme contributions are expected to be offset against future taxable profits or gains. The amounts recognised represents management's best estimate of these assets/(liabilities).

| iii) Defined benefit pension scheme

| The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depends on a number of factors, including; life expectancy, salary increases, assets valuations and the discount rate on corporate bonds. Management uses an actuary to estimate these factors in determining the net pension obligations in the balance sheet. The assumptions reflect historical experience and current trends. In preparing their report the actuary has relied upon the latest full actuarial valuation undertaken at 1 January 2023 which has been updated to 30 September 2025.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 3 ) .

Milton Pipes Limited (Registered number: 00755076)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 5,043,938 |  |

| Revaluations | 816,062 |  |

| At 30 September 2025 | 5,860,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 5,860,000 |  |

| At 30 September 2024 | 5,043,938 |  |

| Restrictions on realisability

| The Trustees of the Milton Pipes Limited Pension and Life Assurance Scheme hold a legal charge by way of a mortgage over the property for all present and future obligations of the company to make payments to the scheme. As such the company's rights to any proceeds from disposal of this property is restricted by these charges.

| This investment property was valued by an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, R Mackay FRICS on behalf of Alder King Property Consultants at 14 March 2025, on the basis of open market value in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors. The directors consider this value to be appropriate at 30 September 2025

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Other debtors | 240,819 |  | 294,323 |  |

| VAT | 8,639 |  | 5,199 |  |

| Prepayments and accrued income | 7,652 |  | 1,581 |  |

257,110 |  | 301,103 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 3,104,721 |  | 2,803,987 |  |

| Aggregate amounts | 3,361,831 |  | 3,105,090 |  |

| Amounts owed by group undertakings are unsecured and repayable on demand.

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

2025 | 2024 |

£ | £ |

| Trade creditors | 4,831 |  | 29,714 |  |

| Social security and other taxes | 142 |  | 1,080 |  |

| Accruals and deferred income | 35,106 |  | 148,567 |  |

40,079 |  | 179,361 |  |

Milton Pipes Limited (Registered number: 00755076)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

8. | FINANCIAL INSTRUMENTS

| The company has the following financial instruments:

|  | Notes |  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Financial assets that are debt instruments measured at amortised cost |  |

| Trade debtors |  | 6 |  | - |  |  | - |

| Amounts owed by related party |  | 6 |  | 3,104,721 |  |  | 2,803,987 |

|  | 2,803,987 |  |  | 2,803,987 |

| Financial liabilities measured at amortised cost |  |

| Other loans |  | 7 |  | - |  |  | - |

| Trade creditors |  | 7 |  | 4,831 |  |  | 29,714 |

|  | 4,831 |  |  | 29,714 |

9. | RESERVES

| Non-distributable

| reserves

£ |

| At 1 October 2024 | 4,241,262 |  |

| Deferred tax | (245,000 | ) |

| Revaluation of investments

| property | 816,062 |  |

| At 30 September 2025 | 4,812,324 |  |

10. | RELATED PARTY DISCLOSURES

| 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 group companies where those companies are wholly owned.

11. | DEFINED BENEFIT PENSION SCHEME ASSETS AND LIABILITIES

| The company operates a defined benefit pension plan. The plan assets and liabilities are valued by an actuary each year. The scheme assets and liabilities at the year end were valued as follows;

| £ |  |

| Pension Scheme Liability |  | (15,144,000 | ) |

| Fair Value of Scheme Assets |  | 19,273,000 |  |

| Pension Scheme Net Asset per actuarial report |  | 4,129,000 |  |

| The actuary has confirmed that the the Net Asset, is unlikely to be recoverable from the Pension fund and therefore the Net Asset has been restricted to nil.

| The pension scheme obligations are secured by a legal charge by way of a mortgage over the investment properties for all present and future obligations of the company to make payments to the pension scheme.