Company No: 07096115 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	106,142		106,236
Investment property	4	1,009,641		1,009,641
Investments	5	1		1
		1,115,784		1,115,878
Current assets
Stocks		22,407,105		20,016,176
Debtors	6	4,864,243		5,456,747
Cash at bank and in hand		37,522		12,242
		27,308,870		25,485,165
Creditors: amounts falling due within one year	7	( 23,645,475)		( 22,272,897)
Net current assets		3,663,395		3,212,268
Total assets less current liabilities		4,779,179		4,328,146
Net assets		4,779,179		4,328,146
Capital and reserves
Called-up share capital		1,000		1,000
Share premium account		2,395,567		2,395,567
Profit and loss account		2,382,612		1,931,579
Total shareholder's funds		4,779,179		4,328,146

For the financial year ending 30 November 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;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Fitzalan Estates Limited (registered number: 07096115) were approved and authorised for issue by the Board of Directors on 01 May 2026. They were signed on its behalf by:

Henry Miles Fitzalan Howard, Earl of Arundel Director

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

Fitzalan Estates 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 Company's registered office is The Norfolk Estate Office, 1 London Road, Arundel, BN18 9BH, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Group accounts exemption

Group accounts exemption s399
The statutory accounts contain information about Fitzalan Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 398 of the Companies Act 2006 from the requirement to prepare consolidated statutory accounts as the group it heads qualifies as a small group.

Turnover

Turnover relates to the sale of residential properties and associated customer extras. Turnover is stated net of VAT and any trade discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

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

Land and buildings	not depreciated
Plant and machinery	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 the statement of income and retained earnings.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Work in progress comprises costs incurred in the course of the development of land. No element of profit is included in the valuation of work in progress. Provision is made for any foreseeable losses where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 December 2024	105,860		950		106,810
At 30 November 2025	105,860		950		106,810
Accumulated depreciation
At 01 December 2024	0		574		574
Charge for the financial year	0		94		94
At 30 November 2025	0		668		668
Net book value
At 30 November 2025	105,860		282		106,142
At 30 November 2024	105,860		376		106,236

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	1,009,641
As at 30 November 2025	1,009,641

The directors are of the opinion that there has been no material movement in the fair value of the existing investment property at the year end.

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 December 2024	1
At 30 November 2025	1
Carrying value at 30 November 2025	1
Carrying value at 30 November 2024	1

The aggregate of the share capital and reserves as at 30 November 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Arundel Gate Finance Limited
Aggregate of share capital and reserves £289,348
Profit/(loss) - £95,341

6. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	1,009,252		1,465,120
Deferred tax asset	107,937		290,554
VAT recoverable	16,430		36,213
Other debtors	3,730,624		3,664,860
	4,864,243		5,456,747

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	962,652		1,397,888
Amounts owed to Group undertakings	10,734,296		8,630,439
Other creditors	11,948,527		12,244,570
	23,645,475		22,272,897

8. Related party transactions

Included within debtors due within one year is £1,009,252 (2024: £1,465,120) due from Smithy Wood Business Parks Development LLP. This company is a partner in this LLP.

Included within other creditors due within one year is a loan from one of the directors totalling £11,810,000 (2024: £12,070,000). The loan is unsecured, interest free and is repayable on demand.