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COMPANY REGISTRATION NUMBER: 11619725

Greenstone Noble Limited

Filleted Financial Statements

31 October 2025

Greenstone Noble Limited

Financial Statements

Year ended 31 October 2025

Contents | Page

Consolidated statement of financial position | 1

Company statement of financial position | 3

Consolidated statement of changes in equity | 4

Company statement of changes in equity | 5

Notes to the financial statements | 6

Greenstone Noble Limited

Consolidated Statement of Financial Position

31 October 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 67,579,235 | 66,785,614

Current assets

Debtors | 7 | 2,887,847 |  | 1,831,397
Cash at bank and in hand | 2,533,425 |  | 2,563,167
| ------------ |  | ------------
| 5,421,272 |  | 4,394,564

Creditors: amounts falling due within one year | 8 | 3,526,121 |  | 3,992,796
| ------------ |  | ------------
Net current assets |  | 1,895,151 | 401,768
|  | ------------- | -------------
Total assets less current liabilities |  | 69,474,386 | 67,187,382

Creditors: amounts falling due after more than one year | 9 |  | 60,446,217 | 58,636,158

Provisions

Taxation including deferred tax |  | 1,653,293 | 1,557,424
|  | ------------- | -------------
Net assets |  | 7,374,876 | 6,993,800
|  | ------------- | -------------

Capital and reserves

Called up share capital |  | 3,591,892 | 3,401,560
Share premium account |  | 671,644 | 441,774
Reserve for own shares |  | ( 236,604) | –
Other reserves |  | ( 119,239) | ( 160,620)
Profit and loss account |  | 3,467,183 | 3,311,086
|  | ------------ | ------------
Shareholders funds |  | 7,374,876 | 6,993,800
|  | ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Greenstone Noble Limited

Consolidated Statement of Financial Position (continued)

31 October 2025
These financial statements were approved by the board of directors and authorised for issue on 22 April 2026 , and are signed on behalf of the board by:

Mr A D L Price
Director

Company registration number: 11619725

Greenstone Noble Limited

Company Statement of Financial Position

31 October 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Investments | 6 |  | 6,741,486 | 6,896,192

Current assets

Debtors | 7 | 29,763,727 |  | 28,499,762
Cash at bank and in hand | 971,525 |  | 1,324,182
| ------------- |  | -------------
| 30,735,252 |  | 29,823,944

Creditors: amounts falling due within one year | 8 | 2,239,694 |  | 2,300,606
| ------------- |  | -------------
Net current assets |  | 28,495,558 | 27,523,338
|  | ------------- | -------------
Total assets less current liabilities |  | 35,237,044 | 34,419,530

Creditors: amounts falling due after more than one year | 9 |  | 32,327,028 | 30,614,040
|  | ------------- | -------------
Net assets |  | 2,910,016 | 3,805,490
|  | ------------- | -------------

Capital and reserves

Called up share capital |  | 3,591,892 | 3,401,560
Share premium account |  | 671,644 | 441,774
Reserve for own shares |  | ( 236,604) | –
Other reserves |  | ( 1,246,865) | ( 1,246,865)
Profit and loss account |  | 129,949 | 1,209,021
|  | ------------ | ------------
Shareholders funds |  | 2,910,016 | 3,805,490
|  | ------------ | ------------

The loss for the financial year of the parent company was £ 135,244 (2024: £ 502,749 profit).
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 22 April 2026 , and are signed on behalf of the board by:

Mr A D L Price
Director

Company registration number: 11619725

Greenstone Noble Limited

Consolidated Statement of Changes in Equity

Year ended 31 October 2025

| Called up share capital | Share premium account | Reserve for own shares | Other reserves | Profit and loss account | Total
| £ | £ | £ | £ | £ | £
At 1 November 2023 | 2,981,652 | 262,986 | – | ( 1,344,883) | 2,339,025 | 4,238,780
Profit for the year |  |  |  |  | 2,820,467 | 2,820,467
Other comprehensive income for the year: |  |  |  |  |  |
| Non-distributable reserves movement | – | – | – | 1,184,263 | ( 1,184,263) | –
| ------------ | --------- | ---- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | 1,184,263 | 1,636,204 | 2,820,467
Issue of shares | 419,908 | 178,788 | – | – | – | 598,696
Dividends paid and payable | – | – | – | – | ( 664,143) | ( 664,143)
| ------------ | --------- | ---- | ------------ | ------------ | ------------
Total investments by and distributions to owners | 419,908 | 178,788 | – | – | ( 664,143) | ( 65,447)
At 31 October 2024 | 3,401,560 | 441,774 | – | ( 160,620) | 3,311,086 | 6,993,800
Profit for the year |  |  |  |  | 1,141,306 | 1,141,306
Other comprehensive income for the year: |  |  |  |  |  |
| Non-distributable reserves movement | – | – | – | 41,381 | ( 41,381) | –
| ------------ | --------- | ---- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | 41,381 | 1,099,925 | 1,141,306
Issue of shares | 190,332 | 229,870 | – | – | – | 420,202
Dividends paid and payable | – | – | – | – | ( 943,828) | ( 943,828)
Purchase of treasury shares | – | – | ( 236,604) | – | – | ( 236,604)
| --------- | --------- | --------- | ---- | --------- | ---------
Total investments by and distributions to owners | 190,332 | 229,870 | ( 236,604) | – | ( 943,828) | ( 760,230)
| ------------ | --------- | --------- | --------- | ------------ | ------------
At 31 October 2025 | 3,591,892 | 671,644 | ( 236,604) | ( 119,239) | 3,467,183 | 7,374,876
| ------------ | --------- | --------- | --------- | ------------ | ------------

Greenstone Noble Limited

Company Statement of Changes in Equity

Year ended 31 October 2025

| Called up share capital | Share premium account | Reserve for own shares | Other reserves | Profit and loss account | Total
| £ | £ | £ | £ | £ | £
At 1 November 2023 | 2,981,652 | 262,986 | – | ( 569,492) | 693,042 | 3,368,188
Profit for the year |  |  |  |  | 502,749 | 502,749
Other comprehensive income for the year: |  |  |  |  |  |
| Non-distributable reserves movement | – | – | – | ( 677,373) | 677,373 | –
| ------------ | --------- | ---- | --------- | ------------ | ------------
Total comprehensive income for the year | – | – | – | ( 677,373) | 1,180,122 | 502,749
Issue of shares | 419,908 | 178,788 | – | – | – | 598,696
Dividends paid and payable | – | – | – | – | ( 664,143) | ( 664,143)
| ------------ | --------- | ---- | --------- | ------------ | ------------
Total investments by and distributions to owners | 419,908 | 178,788 | – | – | ( 664,143) | ( 65,447)
At 31 October 2024 | 3,401,560 | 441,774 | – | ( 1,246,865) | 1,209,021 | 3,805,490
Loss for the year |  |  |  |  | ( 135,244) | ( 135,244)
| ------------ | --------- | ---- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | – | ( 135,244) | ( 135,244)
Issue of shares | 190,332 | 229,870 | – | – | – | 420,202
Dividends paid and payable | – | – | – | – | ( 943,828) | ( 943,828)
Purchase of treasury shares | – | – | ( 236,604) | – | – | ( 236,604)
| --------- | --------- | --------- | ---- | --------- | ---------
Total investments by and distributions to owners | 190,332 | 229,870 | ( 236,604) | – | ( 943,828) | ( 760,230)
| ------------ | --------- | --------- | ------------ | --------- | ------------
At 31 October 2025 | 3,591,892 | 671,644 | ( 236,604) | ( 1,246,865) | 129,949 | 2,910,016
| ------------ | --------- | --------- | ------------ | --------- | ------------

Greenstone Noble Limited

Notes to the Financial Statements

Year ended 31 October 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradstowe House, 35 Middle Wall, Whitstable, Kent, CT5 1BJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Greenstone Noble Limited and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of investment property in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax,returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 10% straight line
| Fixtures and fittings | - | 5% straight line
| Property Improvements | - | 15 year straight line/ In line with the lease term

Property improvements are in respect of costs incurred by the company to fit out the investment property that their tenants are leasing. These are deemed to have an expected life of 15 years/ in line with the lease term with the tenant.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).
5. Tangible assets

Group | Land and buildings | Plant and machinery | Fixtures and fittings | Property Improvements | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 November 2024 | 66,141,321 | 3,750 | 187,195 | 1,240,000 | 67,572,266
Additions | 315,851 | – | 51,929 | 369,620 | 737,400
Revaluations | 177,892 | – | – | – | 177,892
| ------------- | ------- | --------- | ------------ | -------------
At 31 October 2025 | 66,635,064 | 3,750 | 239,124 | 1,609,620 | 68,487,558
| ------------- | ------- | --------- | ------------ | -------------
Depreciation |  |  |  |  |
At 1 November 2024 | – | 24 | 1,107 | 785,521 | 786,652
Charge for the year | – | 375 | 20,933 | 100,363 | 121,671
| ------------- | ------- | --------- | ------------ | -------------
At 31 October 2025 | – | 399 | 22,040 | 885,884 | 908,323
| ------------- | ------- | --------- | ------------ | -------------
Carrying amount |  |  |  |  |
At 31 October 2025 | 66,635,064 | 3,351 | 217,084 | 723,736 | 67,579,235
| ------------- | ------- | --------- | ------------ | -------------
At 31 October 2024 | 66,141,321 | 3,726 | 186,088 | 454,479 | 66,785,614
| ------------- | ------- | --------- | ------------ | -------------

The company has no tangible assets.
The investment property is measured at fair value in accordance with FRS 102. The property was revalued at the year end by Allsop LLP and Savills (UK) Limited, independent chartered surveyors regulated by RICS.
6. Investments
The group has no investments.

Company | Shares in group undertakings
| £
Cost |
At 1 November 2024 | 6,896,192
Disposals | ( 154,706)
| ------------
At 31 October 2025 | 6,741,486
| ------------
Impairment |
At 1 November 2024 and 31 October 2025 | –
| ------------

Carrying amount |
At 31 October 2025 | 6,741,486
| ------------
At 31 October 2024 | 6,896,192
| ------------

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Redrock Glasgow Limited | Ordinary | 100
Greenstone Noble Devco 1 Limited | Ordinary | 100
Greenstone Noble Propco 1 Ltd | Ordinary | 100
Greenstone Noble Propco 2 Ltd | Ordinary | 100
Greenstone Noble Resco Limited | Ordinary | 100
Greenstone Glasgow Limited | Ordinary | 100

7. Debtors

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Trade debtors | 125,215 | 53,296 | 5,600 | 3,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest | – | – | 28,265,934 | 28,476,280
Other debtors | 2,762,632 | 1,778,101 | 1,492,193 | 20,482
| ------------ | ------------ | ------------- | -------------
| 2,887,847 | 1,831,397 | 29,763,727 | 28,499,762
| ------------ | ------------ | ------------- | -------------

8. Creditors: amounts falling due within one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Bank loans and overdrafts | 4,591 | 207,533 | – | –
Trade creditors | 271,342 | 615,997 | 44,119 | 43,023
Corporation tax | 151,824 | 303,424 | – | –
Social security and other taxes | 234,978 | 24,499 | – | –
Other creditors | 2,863,386 | 2,841,343 | 2,195,575 | 2,257,583
| ------------ | ------------ | ------------ | ------------
| 3,526,121 | 3,992,796 | 2,239,694 | 2,300,606
| ------------ | ------------ | ------------ | ------------

The bank holds a fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Bank loans and overdrafts | 28,022,660 | 28,022,118 | – | –
Other creditors | 32,423,557 | 30,614,040 | 32,327,028 | 30,614,040
| ------------- | ------------- | ------------- | -------------
| 60,446,217 | 58,636,158 | 32,327,028 | 30,614,040
| ------------- | ------------- | ------------- | -------------

The bank holds a fixed and floating charge over the assets of the company.
10. Financial instruments
The existing interest rate swap agreement, designated as a derivative financial instrument held at fair value through profit or loss, on a nominal amount of £21,150,000 to reduce variable interest rate risk. This swap aims to mitigate the exposure to fair value losses arising from adverse movements in interest rates. At the year end, the swap had a fair value of £78,914 liability (2024: £106,014 asset). Hedge accounting has not been adopted for the above derivative, the loss for the year on the instrument of £184,928 has been recognised in the statement of profit or loss during the year. The second interest rate swap agreement, also designated as a derivative financial instrument held at fair value through profit or loss, on a nominal amount of £3,500,000 to reduce variable interest rate risk. This swap aims to mitigate the exposure to fair value losses arising from adverse movements in interest rates. At the year end, the swap had a fair value of £17,615 liability (2024: £8,769 asset). Hedge accounting has not been adopted for the above derivative, and so the full loss of £26,384 has been recognised in the statement of profit or loss during the year.
11. Investment units
Investment Units comprise of shares and a linked loan. A share and its linked loan can only be dealt with together as an Investment Unit as outlined in the Articles of Association. A share and a linked loan cannot be dealt with separately. The original cost of an Investment Unit in the company was £10 split as £1 Ordinary Share and £9 of linked loans. A total of 3,591,892 (2024: 3,401,560) units have been issued as at the date of these financial statements. At the balance sheet date, the pro-rata book value of an Investment Unit was £11.05 (2024: £11.06). This value is based on the company's balance sheet value excluding the shareholder loans that make up an Investment Unit.

|  | 2025 | 2024
|  | £ | £
| Net Asset Value | 7,374,876 | 6,993,800
| Shareholder Loans | 32,327,028 | 30,614,040
| Book Value of Investment Units at Balance Sheet date | 39,701,904 | 37,607,840
| Value per Investment Unit | 11 | 11

12. Summary audit opinion
The auditor's report dated 7 May 2026 was unqualified .
The senior statutory auditor was Stuart Harris ACA , for and on behalf of Burgess Hodgson Audit Limited .
13. Related party transactions
Company
The Group has taken advantage of the exemption for disclosure requirements with wholly owned subsidiaries.