Company Registration No. 11380836 (England and Wales)
WELLINGTON ESTATES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
WELLINGTON ESTATES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
The Earl of Mornington
Miss H Williams
Company number
11380836
Registered office
The Estate Office
Stratfield Saye
Hampshire
United Kingdom
RG7 2BT
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
WELLINGTON ESTATES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

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

Review of the business

The group has had a successful year of trading, Turnover increased marginally to £4,562,956 (2024: £4,374,041). EBITDA decreased to £147,185 (2024: £475,612). This is a significant improvement on last year but not back to the levels of 2022. Pupil numbers remain strong for the 2024-25 Academic Year but the introduction of VAT on private school fees will have in impact in 2025-26. There are no bad debts. Expenditure of £156,997 (2024: £138,292) was incurred to maintain the school in good condition.

The pupils are all now settled into the new buildings and benefitting from improved facilities indoors and outdoors.

Principal risks and uncertainties

The board considers the matters described below to be the principal risks and uncertainties the business faces and were not considered to be significant at the balance sheet date.

Recession

The impact of a global recession could hit pupil numbers and payment of fees

Change in Fiscal Policy

The introduction of VAT on private school fees will undoubtedly hit the sector at a time in which family budgets are already been squeezed by rising cost of living expenses. This could make private schooling unaffordable for some families, leading to a reduction in pupil numbers.

Loss of Key Staff

The teaching, support and management staff at the school are integral to its success and culture. Loss of key members of staff could impact pupil experience and consequently pupil numbers.

Poor Facilities

The facilities are integral to the pupil experience. If not kept up to date, this could also impact pupil numbers

Key performance indicators

The company uses several key performance indicators ('KPIsi) to manage and direct the performance of the

business to consistently deliver a service which exceeds parent expectations.

Fee income £4,330,069 (202 4: £4,133,184)

Cost of Sales Salary costs £2,527,223 (58% of fee income) (202 4: £2,416,114 (5 8% of fee income))

Non-financial key performance indicators used are:

Pupil numbers – 297 by the Summer term (202 4: 291)

Scholarships and special accolades awarded — 8 in the year (202 4: 9).

30 (202 4: 41) places were gained to the following schools after success at Common Entrance (or scholarship exams): Wellington College, St Mary's Calne, Lord Wandsworth College, Pangbourne College, Yateley School, Sherborne Girls, Sherborne St Edwards, Oxford, Sherfield School, Farnborough Hill, Bradfield College and St Swithun's.

Future plans

The company is focusing on an improvement in IT to improve the education provision and is investing in the building of a new Drama studio.

WELLINGTON ESTATES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

On behalf of the board

Miss H Williams
Director
8 May 2026
WELLINGTON ESTATES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

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). 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WELLINGTON ESTATES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group is the provision of education.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid in the year amounting to £nil (2024: £nil). The directors do not recommend a further payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The Earl of Mornington
Miss H Williams
Auditor

The auditor, Shaw Gibbs (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future plans and principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Miss H Williams
Director
8 May 2026
WELLINGTON ESTATES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WELLINGTON ESTATES HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Wellington Estates Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 August 2025 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WELLINGTON ESTATES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WELLINGTON ESTATES HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 directors' r esponsibilities s tatement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws regulations. This helps us to plan appropriate risk assessments.

2. During the audit we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.

3. We assess the risk of material misstatement in the financial statements including as a result of fraud and undertake procedures including:

a. Reviewing the controls set in place by management;

b. Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist;

c. Challenging management assumptions with regard to accounting estimates;

d. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.

WELLINGTON ESTATES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WELLINGTON ESTATES HOLDINGS LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Mark Dickinson Senior Statutory Auditor
For and on behalf of Shaw Gibbs (Audit) Limited
11 May 2026
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
WELLINGTON ESTATES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
4,562,956
4,374,041
Cost of sales
(2,907,811)
(2,844,029)
Gross profit
1,655,145
1,530,012
Administrative expenses
(2,147,678)
(1,965,051)
Other operating income
98,122
112,340
Operating loss
5
(394,411)
(322,699)
Interest payable and similar expenses
7
(305,753)
(319,664)
Loss before taxation
(700,164)
(642,363)
Tax on loss
8
3,606
(295,838)
Loss for the financial year
22
(696,558)
(938,201)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WELLINGTON ESTATES HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
31 August 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
1,206,589
1,608,666
Tangible assets
10
6,743,461
6,871,402
7,950,050
8,480,068
Current assets
Stocks
13
3,403
5,075
Debtors
14
1,331,119
1,669,454
Cash at bank and in hand
83,509
140,268
1,418,031
1,814,797
Creditors: amounts falling due within one year
15
(2,847,580)
(3,071,930)
Net current liabilities
(1,429,549)
(1,257,133)
Total assets less current liabilities
6,520,501
7,222,935
Creditors: amounts falling due after more than one year
16
(8,973,211)
(8,957,598)
Provisions for liabilities
Deferred tax liability
18
35,046
38,652
(35,046)
(38,652)
Net liabilities
(2,487,756)
(1,773,315)
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
22
(2,487,757)
(1,773,316)
Total equity
(2,487,756)
(1,773,315)
The financial statements were approved by the board of directors and authorised for issue on 8 May 2026 and are signed on its behalf by:
08 May 2026
Miss H Williams
Director
Company registration number 11380836 (England and Wales)
WELLINGTON ESTATES HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
31 August 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
5
5
Current assets
Debtors
14
1
1
Creditors: amounts falling due within one year
15
(5)
(5)
Net current liabilities
(4)
(4)
Net assets
1
1
Capital and reserves
Called up share capital
21
1
1

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £nil (202 4 - £nil)

The financial statements were approved by the board of directors and authorised for issue on 8 May 2026 and are signed on its behalf by:
08 May 2026
Miss H Williams
Director
Company registration number 11380836 (England and Wales)
WELLINGTON ESTATES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2023
1
(779,649)
(779,648)
Year ended 31 August 2024:
Loss and total comprehensive income
-
(938,201)
(938,201)
Dividends
-
(36,769)
(36,769)
Capital contributions
-
(18,697)
(18,697)
Balance at 31 August 2024
1
(1,773,316)
(1,773,315)
Year ended 31 August 2025:
Loss and total comprehensive income
-
(696,558)
(696,558)
Capital contributions
-
(17,883)
(17,883)
Balance at 31 August 2025
1
(2,487,757)
(2,487,756)
WELLINGTON ESTATES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
Share capital
£
Balance at 1 September 2023
1
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
Balance at 31 August 2024
1
Year ended 31 August 2025:
Profit and total comprehensive income
-
Balance at 31 August 2025
1
WELLINGTON ESTATES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(92,557)
711,478
Interest paid
(143,658)
(147,549)
Net cash (outflow)/inflow from operating activities
(236,215)
563,929
Investing activities
Purchase of tangible fixed assets
(256,109)
(21,879)
Proceeds from disposal of tangible fixed assets
-
45,309
Net cash (used in)/generated from investing activities
(256,109)
23,430
Financing activities
Proceeds from borrowings
849,931
-
Repayment of borrowings
(295,000)
(445,000)
Repayment of bank loans
(119,366)
(115,285)
Net cash generated from/(used in) financing activities
435,565
(560,285)
Net (decrease)/increase in cash and cash equivalents
(56,759)
27,074
Cash and cash equivalents at beginning of year
140,268
113,194
Cash and cash equivalents at end of year
83,509
140,268
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
1
Accounting policies
Company information

Wellington Estates Holdings Limited (“the company”) is a private limited company registered and incorporated in England and Wales. The registered office is The Estate Office, Stratfield Saye, Reading, Berkshire, RG7 2BT.

The group consists of Wellington Estates Holdings Limited and all of its subsidiaries.

The company's and the group's principal activities and nature of its operations are disclosed in the Directors' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 'Statement of Cash Flows' — Presentation of a statement of cash flow and related notes and disclosures; and

- Section 11 'Basic Financial instruments' and Section 12 Other Financial instrument Issues' —Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values.

WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Wellington Estates Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 August 202 5 except Daneshill School Limited, whose financial year ends on 31 March. As Daneshill School Limited is a dormant company no significant transactions or events occured in the period between 31 March and 31 August so no adjustments have been necessary to align their results with the rest of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The results of Wellesley Estates Education Limited (formally Wellesley Prep School Limited) Wellesley Prep School Limited and Daneshill School Limited have not been consolidated into the group financial statements on the grounds of immateriality in accordance with Companies Act 2006 section 405 paragraph 2.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

1.3
Going concern

As at 31 August 202 5, the group had net current liabilities of £1,379,560 (202 4: £1,257,133) and net liabilities of £2,419,884 (202 3: £1,773,315). The group also reported a loss after taxation for the year of £656,569 (202 4: £938,201). The group continues to be supported by its related parties, therefore the financial statements have been prepared on a going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in thenormal course of business

.

Fees receivable and charges for services are accounted for in the period in which the service is provided.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Leasehold improvements
5% straight line and 10% straight line
Fixtures and fittings
20% straight line
Computers
33.33% straight line

Assets in the course of construction are not depreciated.

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.

1.7
Fixed asset investments

In the separate financial statements of the company interests in subsidiaries are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and amount due to fellow group companies, 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 paymen ts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the fair value of proceeds received, net of transaction costs.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense,

1.14
Retirement benefits
For definied contribution schemes the ammount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
Teaching staff of the school accrued retirement benefits from the Teachers' Pension Scheme ('TPS') until 31 August 2020 when the company left the TPS and joined the Aviva Pension Trust for Independent Schools.
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. if part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

During the current year amounts totalling £66,458 (202 4: £6 6,458) were received in relation to early years funding.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have considered whether any critical estimates or judgements have been made in the preparation of these financial statements and they believe there are none to note.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Fees from educational services
4,562,956
4,374,041
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
4,562,956
4,374,041
2025
2024
£
£
Other revenue
Sundry income
102,652
112,340
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Teachers and teaching assistances
53
51
-
-
Maintenance
4
4
-
-
Administration
5
5
-
-
Domestic
7
7
-
-
Specialist coaches
3
3
-
-
Total
72
70
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,482,689
2,294,396
-
0
-
0
Social security costs
229,598
216,741
-
-
Pension costs
223,342
227,005
-
0
-
0
2,935,629
2,738,142
-
0
-
0
5
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
384,050
396,234
Amortisation of intangible assets
402,077
402,077
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,015
6,930
Audit of the financial statements of the company's subsidiaries
10,535
10,400
17,550
17,330
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
143,658
147,549
Unwinding or discount on loan from other related party
162,095
172,115
305,753
319,664
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(3,606)
295,838

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(700,164)
(642,363)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(175,041)
(160,591)
Tax effect of expenses that are not deductible in determining taxable profit
102,283
148,227
Unutilised tax losses carried forward
29,379
(75,060)
Permanent capital allowances in excess of depreciation
43,379
80,239
Deferred tax
(3,606)
303,050
Timing difference
-
0
(27)
Taxation (credit)/charge
(3,606)
295,838
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2024 and 31 August 2025
4,020,769
Amortisation and impairment
At 1 September 2024
2,412,103
Amortisation charged for the year
402,077
At 31 August 2025
2,814,180
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
9
Intangible fixed assets
(Continued)
- 21 -
Carrying amount
At 31 August 2025
1,206,589
At 31 August 2024
1,608,666
The company had no intangible fixed assets at 31 August 2025 or 31 August 2024.

The amortisation charge for the year is included in administrative expenses.

10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Assets under construction
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 September 2024
3,410,380
4,081,802
603,946
210,764
114,264
8,421,156
Additions
-
0
-
0
256,109
-
0
-
0
256,109
At 31 August 2025
3,410,380
4,081,802
860,055
210,764
114,264
8,677,265
Depreciation and impairment
At 1 September 2024
818,490
461,984
-
0
164,604
104,676
1,549,754
Depreciation charged in the year
136,415
215,532
-
0
22,866
9,237
384,050
At 31 August 2025
954,905
677,516
-
0
187,470
113,913
1,933,804
Carrying amount
At 31 August 2025
2,455,475
3,404,286
860,055
23,294
351
6,743,461
At 31 August 2024
2,591,890
3,619,818
603,946
46,160
9,588
6,871,402
The company had no tangible fixed assets at 31 August 2025 or 31 August 2024.
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
5
5
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
11
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024 and 31 August 2025
5
Carrying amount
At 31 August 2025
5
At 31 August 2024
5
12
Subsidiaries

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Wellesley Prep School Limited
a)
Providing education
Ordinary
100.00
Wellington Education Property Limited
a)
Property letting
Ordinary
100.00
Wellington Estates Education Limited
a)
Dormant company
Ordinary
100.00
Daneshill School Limited
a)
Dormant company
Ordinary
100.00
Wellington Education Property 2 Limited
a)
Dormant company
Ordinary
100.00

a) The Estate Office, Stratfield Saye, Hampshire, United Kingdom, RG7 2BT,

13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
3,403
5,075
-
0
-
0
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,195,214
939,025
-
0
-
0
Unpaid share capital
1
1
1
1
Loans owed from connected companies
-
0
599,931
-
0
-
0
Prepayments and accrued income
115,425
110,018
-
0
-
0
1,310,640
1,648,975
1
1
Deferred tax asset (note 18)
20,479
20,479
-
0
-
0
1,331,119
1,669,454
1
1
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
106,844
106,845
-
0
-
0
Trade creditors
148,965
116,785
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
5
5
Other taxation and social security
207,009
46,506
-
0
-
0
Loans owed to connected companies
367,069
310,000
-
0
-
0
Other creditors
168,699
99,537
-
0
-
0
Accruals and deferred income
1,848,994
2,392,257
-
0
-
0
2,847,580
3,071,930
5
5

Loans owed to connected companies are interest free and payable on demand.

WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
4,280,748
4,400,113
-
0
-
0
Other borrowings
17
4,692,463
4,557,485
-
0
-
0
8,973,211
8,957,598
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
(3,853,368)
(3,972,735)
-
-
(3,853,368)
(3,972,735)
-
-
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
4,387,592
4,506,958
-
0
-
0
Loans from related parties
4,692,463
4,557,485
-
0
-
0
Loans owed to connected company
367,069
310,000
-
0
-
0
9,390,055
9,363,512
-
-
Payable within one year
473,913
416,845
-
0
-
0
Payable after one year
8,916,142
8,957,598
-
0
-
0

The bank loan of £106,845 (202 4: £106,845) due within one year and £4,2 80,748 (202 4: £4,400,113) after one year is secured by The Trustees of the Wellington Resettled Estate by way of fixed charges, of which at the year end 25 years and 1 month was remaining. Interest at the rates of 3.07% and 3.50% is charged on the loan.

The loan from related parties of £4,692,463 (202 4: £4,557,4 85) is due for repayment on 9 August 2028 and no interest is charged.

WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
35,046
38,652
16,883
16,883
Spare 1
-
-
3,596
3,596
35,046
38,652
20,479
20,479
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 September 2024
18,173
-
Credit to profit or loss
(3,606)
-
Liability at 31 August 2025
14,567
-
19
Teachers' Pension Scheme

Aviva Pension Trust

The company joined the Aviva Pension Trust for independent schools on 1 September 2020. The pension charge for the year includes contributions payable to the Aviva Pension Trust of £203,321 (202 4: £2 1 6,69 0) and at the year-end £18,739 (202 4: £16,843) was accrued in respect of contributions to this scheme.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
223,342
227,005

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end the group had contributions payable included within creditors of £31,317 (202 4: £3 9,842).

WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary share of £1 each
1
1
1
1

The Ordinary share capital above is issued but not fully paid at the year end.

The Ordinary share entitles the holder to voting, dividend and distribution rights for winding up.

22
Reserves
Profit and loss reserves

Cumulative profit and loss net of distributions to owners. (Nil distributions in 202 5 and 202 4).

23
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
40,599
40,599
-
-
Between two and five years
-
40,599
-
-
40,599
81,198
-
-
24
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Loss after taxation
(696,558)
(938,201)
Adjustments for:
Taxation (credited)/charged
(3,606)
295,838
Finance costs
305,753
319,664
Amortisation and impairment of intangible assets
402,077
402,077
Depreciation and impairment of tangible fixed assets
384,050
396,234
Movements in working capital:
Decrease/(increase) in stocks
1,672
(2,454)
(Increase)/decrease in debtors
(261,596)
51,850
(Decrease)/increase in creditors
(224,349)
186,470
Cash (absorbed by)/generated from operations
(92,557)
711,478
WELLINGTON ESTATES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
25
Analysis of changes in net debt - group
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
140,268
(56,759)
83,509
Borrowings excluding overdrafts
(9,363,512)
(15,612)
(9,379,124)
(9,223,244)
(72,371)
(9,295,615)
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent charges
Rent charges
Purchases
Purchases
2025
2022
2025
2024
£
£
£
£
Group
Entities under common ownership/management
(45,073)
(42,189)
-
(532)
Net loan movements
Cost recharged
2025
2024
2025
2024
£
£
£
£
Group
Entities under common ownership/management
(407,884)
393,443
(84,984)
(4,240)

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities under common ownership/management
5,041,649
4,557,485
27
Controlling party

The ultimate controlling party is The Wellington Resettled Estate whose registered office is: The Estate Office, Stratfield Saye, Hampshire, RG7 2BT.

This is the smallest and largest group to prepare consolidated financial statements which include this entity.

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