REGISTERED NUMBER: 00519939 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 July 2025

for

Taylor Lindsey Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

J R S Taylor

R C S Taylor

REGISTERED OFFICE:

98 Searby Road

Lincoln

LN2 4DT

REGISTERED NUMBER:

00519939 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The directors present their strategic report for the year ended 31 July 2025.

REVIEW OF BUSINESS

The company continues to develop residential properties in a sustainable manner. It is a strategy of the company to focus on house building in Lincolnshire and, where possible, to maintain a consistent level of building activity. Sales of new houses increased in this financial year due to slightly more favourable mortgage rates for purchasers. This has had a positive impact on the market as a whole.

We continue to add to our stock of leased properties, which are a mix of residential and commercial properties. A number of new commercial and residential developments were undertaken during the year with further ongoing projects at the year end.

Overall, the turnover of the company increased in the year to £19.85m, compared to £18.3m at the 2024 year end.

The company's profit before taxation for the year, excluding the fair value adjustment, was £5.49m (2024: £3.29m), added to which was a minor decrease in the value of properties held by the company. The company saw its overall net assets increase from £111.00m at the 2024 year end to £114.90m at the 2025 year end.

The strength of the company's balance sheet means it is well placed to continue with its activities into the future. The company also has strong liquidity; at the year end the company had cash reserves of £11.57m, which are sufficient to fund its working capital requirements and planned property development.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors regularly review any risks facing the business and put in place appropriate measures to mitigate them.

A risk endemic in many sectors, including ours, relates to the supply of materials and labour. We have mitigated material supply risks by making sure our stock levels are sufficiently high and that we have in place more than one supplier for all of our key materials. We have mitigated the risks of labour shortages by paying competitive rates for our workers.

There are always risks relating to fluctuations in the property market, however we manage this risk by maintaining strong liquidity, a good portfolio of leased properties, and a significant land stock which will provide us with a supply of land well into the future.

ON BEHALF OF THE BOARD:

R C S Taylor - Director

27 April 2026

The directors present their report with the financial statements of the company for the year ended 31 July 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of construction and property management.

DIVIDENDS

No dividends will be distributed for the year ended 31 July 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

J R S Taylor

R C S Taylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R C S Taylor - Director

27 April 2026

Opinion

We have audited the financial statements of Taylor Lindsey Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit for the 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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 the directors determine 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 have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Kevin Shaw BSc FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

27 April 2026

TURNOVER

3

19,851,163

18,300,567

Cost of sales

10,625,245

7,384,951

GROSS PROFIT

9,225,918

10,915,616

Administrative expenses

3,836,650

7,511,223

5,389,268

3,404,393

Other operating income

4

21,705

29,526

Gain on revaluation of investment property

(338,539

)

1,555,294

OPERATING PROFIT

7

5,072,434

4,989,213

Interest receivable and similar income

368,221

354,919

5,440,655

5,344,132

Interest payable and similar expenses

8

294,136

502,870

PROFIT BEFORE TAXATION

5,146,519

4,841,262

Tax on profit

9

1,246,400

1,637,236

PROFIT FOR THE FINANCIAL YEAR

3,900,119

3,204,026

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,900,119

3,204,026

FIXED ASSETS

Tangible assets

10

1,553,574

1,703,693

Investments

11

-

-

Investment property

12

91,762,500

89,936,067

93,316,074

91,639,760

CURRENT ASSETS

Stocks

13

29,180,583

27,303,809

Debtors

14

3,532,107

5,348,781

Cash at bank and in hand

11,570,581

9,900,152

44,283,271

42,552,742

CREDITORS

Amounts falling due within one year

15

11,493,816

11,897,898

NET CURRENT ASSETS

32,789,455

30,654,844

TOTAL ASSETS LESS CURRENT LIABILITIES

126,105,529

122,294,604

CREDITORS

Amounts falling due after more than one year

16

(3,948,500

)

(3,948,500

)

PROVISIONS FOR LIABILITIES

18

(7,253,327

)

(7,342,521

)

NET ASSETS

114,903,702

111,003,583

CAPITAL AND RESERVES

Called up share capital

19

26,744

26,744

Share premium

20

2,066,628

2,066,628

Retained earnings

20

112,810,330

108,910,211

SHAREHOLDERS' FUNDS

114,903,702

111,003,583

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2026 and were signed on its behalf by:

J R S Taylor - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 August 2023

26,744

105,706,185

2,066,628

107,799,557

Changes in equity

Total comprehensive income

-

3,204,026

-

3,204,026

Balance at 31 July 2024

26,744

108,910,211

2,066,628

111,003,583

Changes in equity

Total comprehensive income

-

3,900,119

-

3,900,119

Balance at 31 July 2025

26,744

112,810,330

2,066,628

114,903,702

Cash flows from operating activities

Cash generated from operations

1

4,611,887

3,911,795

Interest paid

-

(205,815

)

Finance costs paid

(294,136

)

(297,055

)

Tax paid

(1,400,000

)

(756,065

)

Net cash from operating activities

2,917,751

2,652,860

Cash flows from investing activities

Purchase of tangible fixed assets

(20,645

)

(80,222

)

Purchase of investment property

(2,164,972

)

(1,071,186

)

Sale of tangible fixed assets

-

157,169

Interest received

368,221

354,919

Net cash from investing activities

(1,817,396

)

(639,320

)

Cash flows from financing activities

Amount introduced by directors

618,853

109,153

Amount withdrawn by directors

(48,779

)

(894,824

)

Net cash from financing activities

570,074

(785,671

)

Increase in cash and cash equivalents

1,670,429

1,227,869

Cash and cash equivalents at beginning of year

2

9,900,152

8,672,283

Cash and cash equivalents at end of year

2

11,570,581

9,900,152

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

5,146,519

4,841,262

Depreciation charges

170,765

194,128

Profit on disposal of fixed assets

-

(111,337

)

Loss/(gain) on revaluation of fixed assets

338,539

(1,555,294

)

Finance costs

294,136

502,870

Finance income

(368,221

)

(354,919

)

5,581,738

3,516,710

Increase in stocks

(1,876,774

)

(527,164

)

Decrease/(increase) in trade and other debtors

1,816,673

(763,364

)

(Decrease)/increase in trade and other creditors

(909,750

)

1,685,613

Cash generated from operations

4,611,887

3,911,795

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

11,570,581

9,900,152

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

9,900,152

8,672,283

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

9,900,152

1,670,429

11,570,581

9,900,152

1,670,429

11,570,581

Debt

Debts falling due after 1 year

(3,948,500

)

-

(3,948,500

)

(3,948,500

)

-

(3,948,500

)

Total

5,951,652

1,670,429

7,622,081

1.	STATUTORY INFORMATION

Taylor Lindsey 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" 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 represents the value of land and property sales made and rental income from investment properties during the year, excluding value added tax.

Turnover from land and property sales is recognised at the date of completion. Rental income received from investment properties is recognised in advance at the start of each month/quarter. An adjustment is made at the year end to defer any rental income not relating to the current period.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

Stocks

Land on hand and work in progress have been valued at the lower of cost and net realisable value with due allowance for obsolete or slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads apart from land on hand where cost includes only direct expenditure.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Current and deferred taxation

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.

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its 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 in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Land and property sales

11,653,138

10,530,314

Rent and service charges

8,197,489

7,769,995

Contract income

536

258

19,851,163

18,300,567

The Company's entire turnover is to customers in the United Kingdom.

4.	OTHER OPERATING INCOME

2025

2024

£

£

Administration recharge

18,613

21,083

Other income

392

236

Insurance claims

2,700

8,207

21,705

29,526

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,259,591

6,943,794

Social security costs

471,127

986,788

Other pension costs

-

464,000

4,730,718

8,394,582

The average number of employees during the year was as follows:

2025

2024

Administration & professional

24

21

Site

14

15

Director

2

2

40

38

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

2,500,000

5,184,254

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

1,250,000

2,631,954

7.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

170,764

194,128

Profit on disposal of fixed assets

-

(111,337

)

Auditors' remuneration

17,500

16,250

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Settlement interest

-

205,815

Dividend - series 1 variable rate preference shares

110,995

112,097

Dividend - series 2 variable rate preference shares

55,497

56,048

Dividend - series 3 variable rate preference shares

55,497

56,048

Dividend - series 4 variable rate preference shares

22,199

22,419

Dividend - series 5 variable

rate preference shares

22,199

22,419

Dividend - series 6 variable

rate preference shares

27,749

28,024

294,136

502,870

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

1,358,660

1,198,004

Over provision from previous

year

(23,066

)

-

Total current tax

1,335,594

1,198,004

Deferred tax:

Accelerated capital allowances

(32,497

)

8,712

Unrealised gain on properties

(56,697

)

430,520

Total deferred tax

(89,194

)

439,232

Tax on profit

1,246,400

1,637,236

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

5,146,519

4,841,262

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,286,630

1,210,316

Effects of:

Expenses not deductible for tax purposes

3,088

2,111

Capital allowances in excess of depreciation

(31,301

)

-

Depreciation in excess of capital allowances

-

6,184

Profit on disposal of fixed assets

-

(27,835

)

fixed assets

Preference dividends

73,534

74,264

General provisions

188

(3,375

)

Land remediation

(2,258

)

(3,632

)

Structures and Buildings Allowance

(55,856

)

(39,600

)

(Gain)/Loss on fair value adjustment

84,635

(388,824

)

Deferred tax

(89,194

)

439,232

Prior year over provision

(23,066

)

-

Enquiry settlement

-

368,395

Total tax charge

1,246,400

1,637,236