Company No: 09138032 (England and Wales)

Contents

• Company Information
• Directors' Report
• Directors' Responsibilities Statement
• Accountants' Report
• Consolidated Statement of Comprehensive Income
• Consolidated Statement of Financial Position
• Company Statement of Financial Position
• Consolidated Statement of Changes in Equity
• Company Statement of Changes in Equity
• Notes to the Consolidated Financial Statements

DIRECTORS	R B Gershon
	G D Thwaites

REGISTERED OFFICE	35 Ballards Lane
	London
	N3 1XW
	United Kingdom

COMPANY NUMBER

09138032 (England and Wales)

ACCOUNTANTS	Berg Kaprow Lewis LLP
	35 Ballards Lane
	London
	N3 1XW

The directors present their annual report on the affairs of the company and the group, together with the financial statements, for the financial year ended 31 July 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company are those of the development of building projects and providing bridging loan finance. The group's principal activities are the origination and administration of short to medium-term bridging finance loans in the UK property sector, as well as the acquisition, development, refurbishment, sale and letting of residential housing in mainland UK.

GOING CONCERN

The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

R B Gershon
G D Thwaites

Approved by the Board of Directors and signed on its behalf by:

R B Gershon Director

27 April 2026

The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 group and of the profit or loss of the group for that financial 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;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

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

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tranos (UK) Limited for the financial year ended 31 July 2025 which comprise the Statement of Financial Position and the related notes 1 to 13 from the group’s accounting records and from information and explanations you have given us.

We comply with the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Tranos (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tranos (UK) Limited. You consider that Tranos (UK) Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Tranos (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Tranos (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tranos (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Tranos (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tranos (UK) Limited and its Board of Directors as a body for our work or for this report.

Berg Kaprow Lewis LLP
Accountants

35 Ballards Lane
London
N3 1XW

28 April 2026

		2025		2024
		£		£
Turnover		6,204,473		4,939,727
Cost of sales		( 5,363,328)		( 3,813,091)
Gross profit		841,145		1,126,636
Administrative expenses		( 3,549,807)		( 2,898,955)
Other operating income		2,699,185		2,119,387
Operating (loss)/profit		( 9,477)		347,068
Other non-operating income		50		0
(Loss)/profit before interest and taxation		(9,427)		347,068
Interest receivable and similar income		( 8,309)		88,385
Interest payable and similar expenses		( 2,446,942)		( 1,733,809)
Loss before taxation		( 2,464,678)		( 1,298,356)
Tax on loss		0		0
Loss for the financial year		( 2,464,678)		( 1,298,356)
Other comprehensive income		0		0
Total comprehensive loss		( 2,464,678)		( 1,298,356)
Total comprehensive loss attributable to:
Owners of the parent		( 1,796,633)		( 1,132,792)
Non-controlling interests		( 668,045)		( 165,564)
		(2,464,678)		(1,298,356)

All amounts relate to continuing operations.

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Statement of Comprehensive Income, accordingly no Statement of Comprehensive Income is presented.

	Note	2025		2024
		£		£
Fixed assets
Investments	4	300,840		300,745
		300,840		300,745
Current assets
Stocks	5	50,918,785		45,555,995
Debtors	6	5,172,426		5,115,837
Investments	7	4,889,579		6,687,382
Cash at bank and in hand		93,602		705,110
		61,074,392		58,064,324
Creditors: amounts falling due within one year	8	( 59,955,757)		( 53,686,898)
Net current assets		1,118,635		4,377,426
Total assets less current liabilities		1,419,475		4,678,171
Creditors: amounts falling due after more than one year	9	( 18,095,222)		( 18,889,288)
Net liabilities		(16,675,747)		(14,211,117)
Capital and reserves	10
Called-up share capital		4,000,100		4,000,100
Profit and loss account		( 19,802,432)		( 18,005,799)
Equity attributable to owners of the parent company		(15,802,332)		(14,005,699)
Non-controlling interests		( 873,415)		( 205,418)
		(16,675,747)		(14,211,117)

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476; and
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
• The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

The financial statements of Tranos (UK) Limited (registered number: 09138032) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R B Gershon Director

27 April 2026

	Note	2025		2024
		£		£
Fixed assets
Investments	4	3,972,763		3,972,813
		3,972,763		3,972,813
Current assets
Stocks	5	20,991		20,648
Debtors	6	30,161,288		27,490,931
Investments	7	4,889,579		6,687,382
Cash at bank and in hand		93,000		546,392
		35,164,858		34,745,353
Creditors: amounts falling due within one year	8	( 53,820,566)		( 53,899,792)
Net current liabilities		(18,655,708)		(19,154,439)
Total assets less current liabilities		(14,682,945)		(15,181,626)
Net liabilities		(14,682,945)		(15,181,626)
Capital and reserves	10
Called-up share capital		4,000,100		4,000,100
Profit and loss account		( 18,683,045)		( 19,181,726)
Total shareholder's deficit		(14,682,945)		(15,181,626)

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit of the parent company was £498,681 (2024: profit of £989,937).

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476; and
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
• The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

The financial statements of Tranos (UK) Limited (registered number: 09138032) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R B Gershon Director

27 April 2026

	Called-up share capital		Profit and loss account		Equity attributable to owners of parent company		Non-controlling interests		Total
	£		£		£		£		£
At 01 August 2023	4,000,100		( 16,873,007)		( 12,872,907)		( 39,952)		( 12,912,859)
Loss for the financial year	0		( 1,132,792)		( 1,132,792)		( 165,564)		( 1,298,356)
	0		0		0		0		0
Total comprehensive loss	0		( 1,132,792)		( 1,132,792)		( 165,564)		( 1,298,356)
Other movement	0		0		0		98		98
At 31 July 2024	4,000,100		( 18,005,799)		( 14,005,699)		( 205,418)		( 14,211,117)
At 01 August 2024	4,000,100		( 18,005,799)		( 14,005,699)		( 205,418)		( 14,211,117)
Loss for the financial year	0		( 1,796,633)		( 1,796,633)		( 668,045)		( 2,464,678)
Total comprehensive loss	0		( 1,796,633)		( 1,796,633)		( 668,045)		( 2,464,678)
Other movement	0		0		0		48		48
At 31 July 2025	4,000,100		( 19,802,432)		( 15,802,332)		( 873,415)		( 16,675,747)

	Called-up share capital		Profit and loss account		Total
	£		£		£
At 01 August 2023	4,000,100		( 20,171,663)		( 16,171,563)
Profit for the financial year	0		989,937		989,937
Total comprehensive income	0		989,937		989,937
At 31 July 2024	4,000,100		( 19,181,726)		( 15,181,626)
At 01 August 2024	4,000,100		( 19,181,726)		( 15,181,626)
Profit for the financial year	0		498,681		498,681
Total comprehensive income	0		498,681		498,681
At 31 July 2025	4,000,100		( 18,683,045)		( 14,682,945)

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tranos (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the group's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activities of the company are those of the development of building projects and providing bridging loan finance. The group's principal activities are the origination and administration of short to medium-term bridging finance loans in the UK property sector, as well as the acquisition, development, refurbishment, sale and letting of residential housing in mainland UK.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The Group has chosen to voluntarily prepare consolidated financial statements. These consolidated financial statements are not required under the Companies Act 2006, as the Group qualifies as small, but have been prepared to present the financial position and performance of the Group as a whole.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.

The Group made a loss of £2,464,678 during the year and had net liabilities at the year end of £16,675,747.

The Group is reliant on the ongoing support from its shareholder which has confirmed its intention and ability to provide this support.

As a result, the directors are confident that the Group's support from the parent entity is sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover represents the sale proceeds of property sales completed in the year and interest received on the provision of bridging loan finance.

Turnover on the sale of property is recognised on each completed sale by recognising the proportional cost of the property sold in the profit and loss account at the date of completion.

Interest on the provision of bridging loan finance is recognised in the period to which it relates.

Other operating income is recognised in the period to which it relates

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under
which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Investments
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate.

The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

Any premium on acquisition is dealt with in accordance with the goodwill policy.

Provisions

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Associates and

2. Staff number and costs

	Group		Group		Company		Company
	2025		2024		2025		2024
	Number		Number		Number		Number
The average monthly number of employees (including directors) was:
Directors	2		2		2		2
Employees	2		2		2		2
	4		4		4		4

Their aggregate remuneration comprised:

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Wages and salaries	187,765		274,828		187,765		274,828
Social security costs	15,640		29,234		15,640		29,234
Other retirement benefit costs	2,355		3,354		2,355		3,354
	205,760		307,416		205,760		307,416

3. Tangible assets

Group

	Computer equipment		Total
	£		£
Cost
At 01 August 2024	699		699
At 31 July 2025	699		699
Accumulated depreciation
At 01 August 2024	699		699
At 31 July 2025	699		699
Net book value
At 31 July 2025	0		0
At 31 July 2024	0		0

Company

	Computer equipment		Total
	£		£
Cost
At 01 August 2024	699		699
At 31 July 2025	699		699
Accumulated depreciation
At 01 August 2024	699		699
At 31 July 2025	699		699
Net book value
At 31 July 2025	0		0
At 31 July 2024	0		0

4. Fixed asset investments

Group

	Investments in associates		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 August 2024	50		300,695		300,745
Additions	0		195		195
Disposals	0		( 100)		( 100)
At 31 July 2025	50		300,790		300,840
Carrying value at 31 July 2025	50		300,790		300,840
Carrying value at 31 July 2024	50		300,695		300,745

Company

	Investments in subsidiaries		Investments in associates		Other investments		Total
	£		£		£		£
Cost or valuation before impairment
At 01 August 2024	3,672,068		50		300,695		3,972,813
Disposals	0		( 50)		0		( 50)
At 31 July 2025	3,672,068		0		300,695		3,972,763
Carrying value at 31 July 2025	3,672,068		0		300,695		3,972,763
Carrying value at 31 July 2024	3,672,068		50		300,695		3,972,813

Investments in subsidiaries

The following were subsidiary undertakings of the company:

Name of entity	Registered office	Class of shares	Ownership 31.07.2025	Ownership 31.07.2024	Held
19-21 Bell Street Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	51.00%	Direct
28 High Street Guildford Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	51.00%	Direct
361 Hammersmith (Commercial) Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	51.00%	Indirect
361 Hammersmith Ltd	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	51.00%	Direct
361 Hammersmith (Residential) Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	0.00%	Indirect
47 RW Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	51.00%	Direct
50-52 Calverley Road Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	51.00%	Direct
AA Subco Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	100.00%	100.00%	Indirect
Alton Aylesbury Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	100.00%	100.00%	Direct
Belmont Crawley Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	100.00%	100.00%	Direct
Claremont Grimsby Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	100.00%	100.00%	Direct
Maiden Park Residence Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	100.00%	100.00%	Direct
MPR Subco Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	100.00%	100.00%	Indirect
47 RW Subco Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	0.00%	Indirect
50-52 CR Subco Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	51.00%	0.00%	Indirect
The Curve (Grimsby) Management Company Limited	35 Ballards Lane, London, England, N3 1XW	Ordinary	82.00%	82.00%	Direct

5. Stocks

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Stocks	50,918,785		45,555,995		20,991		20,648

6. Debtors

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Trade debtors	746,752		776,309		696,030		635,583
Amounts owed by group undertakings (note 12)	0		0		25,680,723		23,765,689
VAT recoverable	81,066		0		26,268		0
Corporation tax	52,132		52,132		52,132		52,132
Other debtors	3,966,050		3,916,988		3,696,406		3,017,813
Prepayments and accrued income	326,426		370,408		9,729		19,714
	5,172,426		5,115,837		30,161,288		27,490,931

7. Current asset investments

	2025		2024
	£		£
Bridging loans	4,889,579		6,687,382

8. Creditors: amounts falling due within one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	2,869,298		4,373,309		1,000,000		1,000,519
Other loans (secured)	11,958,795		3,493,821		5,243,821		3,493,821
Trade creditors	276,612		301,969		9,113		214,385
Amounts owed to group undertakings (note 12)	43,575,265		43,700,000		47,392,879		48,267,818
VAT	29,572		117,114		0		112,690
Accruals and deferred income	561,089		511,021		49,988		50,869
Other creditors	685,126		1,189,664		124,765		759,690
	59,955,757		53,686,898		53,820,566		53,899,792

The above bank loans and other loans secured include facilities held by the Company and its subsidiary undertakings which are secured by charges over properties, stock and other assets of subsidiary companies. Certain facilities are further supported by debentures over company assets, personal guarantees provided by directors, and also includes a negative pledge.

9. Creditors: amounts falling due after more than one year

	Group		Group
	2025		2024
	£		£
Bank loans and overdrafts (secured)	16,698,126		17,492,192
Other loans (secured)	1,397,096		1,397,096
	18,095,222		18,889,288

The above bank loans and other loans secured include facilities held by the Company and its subsidiary undertakings which are secured by charges over properties, stock and other assets of subsidiary companies. Certain facilities are further supported by debentures over company assets, personal guarantees provided by directors, and also includes a negative pledge.

Bank loans
	Group		Group
	2025		2024
	£		£
Between one and two years	12,953,180		12,953,180
Between two and five years	3,744,946		4,539,012
After five years	0		0
	16,698,126		17,492,192
On demand or within one year	2,869,298		4,373,309
	19,567,424		21,865,501

10. Called-up share capital and reserves

	2025		2024
	£		£
Allotted, called-up and fully-paid
4,000,100 Ordinary shares of £ 1.00 each	4,000,100		4,000,100
Presented as follows:
Called-up share capital presented as equity	4,000,100		4,000,100

11. Financial commitments

Pensions

The group operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Unpaid contributions due to the fund (inc. in other creditors)	587		745		587		745

12. Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

Management fee income of £450,000 (2024: £100,278) and interest income of £472,035 (2024: £209,739 ) was received from associated companies. Balances of £7,472,182 (2024: £5,889,559) was due from these associated companies at year end.

A commercial loan of £100,000 (2024: £100,000), incurring interest at 10% annually is due to an other related party. The loan is repayable on demand.

Consulting fees of £50,000 (2024: £90,000) has been paid to an other related party.

13. Controlling party

The immediate parent undertaking is Kadimot Limited, a company registered in Guernsey. The registered office is Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 1GR.

The ultimate parent undertaking is Kenarba LLP, a limited liability partnership registered in Guernsey. The registered office is Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 1GR.