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REGISTERED NUMBER: 04071644 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 AUGUST 2025 |

| FOR |

| CAPFERN LIMITED |

CAPFERN LIMITED (REGISTERED NUMBER: 04071644)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

CAPFERN LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | D S Eddy

| Mrs M I Eddy

| S D Eddy

| SECRETARY: | D S Eddy

| REGISTERED OFFICE: | Bryndon House

| 5/7 Berry Road

| Newquay

| Cornwall

| TR7 1AD

| REGISTERED NUMBER: | 04071644 (England and Wales)

| ACCOUNTANTS: | Whitakers

| Chartered Accountants

| Bryndon House

| 5/7 Berry Road

| Newquay

| Cornwall

| TR7 1AD

CAPFERN LIMITED (REGISTERED NUMBER: 04071644)

BALANCE SHEET

31 AUGUST 2025

| 31.8.25 | 31.8.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 4,239,138 |  | 3,216,523 |  |

CURRENT ASSETS

Debtors | 5 | 233,796 |  | 233,278 |  |

Cash at bank | 180,204 |  | 145,893 |  |

414,000 |  | 379,171 |  |

CREDITORS

Amounts falling due within one year | 6 | 66,413 |  | 70,265 |  |

NET CURRENT ASSETS | 347,587 |  | 308,906 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,586,725 |  | 3,525,429 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (1,589,210 | ) | (1,608,380 | ) |

PROVISIONS FOR LIABILITIES | (370,422 | ) | (114,708 | ) |

NET ASSETS | 2,627,093 |  | 1,802,341 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 2,626,993 |  | 1,802,241 |  |

SHAREHOLDERS' FUNDS | 2,627,093 |  | 1,802,341 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CAPFERN LIMITED (REGISTERED NUMBER: 04071644)

BALANCE SHEET - continued

31 AUGUST 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2026 and were signed on its behalf by:

D S Eddy - Director

CAPFERN LIMITED (REGISTERED NUMBER: 04071644)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. | STATUTORY INFORMATION

| Capfern Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover represents rents receivable. Income is recognised when the rent becomes due, rather than when it is physically received by the company.

| Tangible fixed assets

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

| Freehold investment property | - | not provided

| Fixtures, fittings & equipment | - | 15% on reducing balance

| Computer equipment | - | 33% on cost

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Non-depreciation of freehold investment property

| No depreciation has been charged in respect of the company's freehold investment property. Although this represents a departure from the requirements of the Companies Act 2006, the property has not been depreciated on the grounds that, in the opinion of the directors, with the long term rise in property prices generally, the residual value is likely to at least equate to its historic cost, and any charge for depreciation would therefore be negligible. In the opinion of the directors, the accounting treatment does not therefore depart from the requirement of the accounts to show a true and fair view. The directors also believe that the current open market value of the investment property approximates to the value at which it is stated in the accounts, and that any further revaluation at the balance sheet date would be negligible.

CAPFERN LIMITED (REGISTERED NUMBER: 04071644)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Fixtures, |

| investment |  | fittings |  | Computer |

| property |  | & equipment |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 September 2024 | 3,212,000 |  | 16,530 |  | 9,424 |  | 3,237,954 |  |

| Additions | - |  | 246 |  | 260 |  | 506 |  |

| Revaluations | 1,023,000 |  | - |  | - |  | 1,023,000 |  |

| At 31 August 2025 | 4,235,000 |  | 16,776 |  | 9,684 |  | 4,261,460 |  |

| DEPRECIATION

| At 1 September 2024 | - |  | 12,266 |  | 9,165 |  | 21,431 |  |

| Charge for year | - |  | 677 |  | 214 |  | 891 |  |

| At 31 August 2025 | - |  | 12,943 |  | 9,379 |  | 22,322 |  |

| NET BOOK VALUE

| At 31 August 2025 | 4,235,000 |  | 3,833 |  | 305 |  | 4,239,138 |  |

| At 31 August 2024 | 3,212,000 |  | 4,264 |  | 259 |  | 3,216,523 |  |

| The freehold investment property is subject to a fixed and floating charge as security for the company's bank loans.

| Cost or valuation at 31 August 2025 is represented by:

| Freehold |  | Fixtures, |

| investment |  | fittings |  | Computer |

| property |  | & equipment |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2006 | 1,318,604 |  | - |  | - |  | 1,318,604 |  |

| Valuation in 2009 | 364,059 |  | - |  | - |  | 364,059 |  |

| Valuation in 2014 | (150,540 | ) | - |  | - |  | (150,540 | ) |

| Valuation in 2019 | (795,673 | ) | - |  | - |  | (795,673 | ) |

| Valuation in 2023 | 292,000 |  | - |  | - |  | 292,000 |  |

| Valuation in 2025 | 1,023,000 |  | - |  | - |  | 1,023,000 |  |

| Cost | 2,183,550 |  | 16,776 |  | 9,684 |  | 2,210,010 |  |

4,235,000 |  | 16,776 |  | 9,684 |  | 4,261,460 |  |

| If freehold investment property had not been revalued it would have been included at the following historical cost:

| 31.8.25 |  | 31.8.24

£ | £ |

| Cost | 2,183,550 |  | 2,183,550 |  |

| Freehold investment property was valued on a current market value basis on 20 October 2024 by Douglas Cawley & Associates .

CAPFERN LIMITED (REGISTERED NUMBER: 04071644)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

4. | TANGIBLE FIXED ASSETS - continued

| The directors consider the valuation at which the freehold investment property is currently stated, to be a true and fair reflection of its open market value at the Balance Sheet date.

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade debtors | 5,945 |  | 4,546 |  |

| Other debtors | 225,000 |  | 225,000 |  |

| Prepayments | 2,851 |  | 3,732 |  |

233,796 |  | 233,278 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade creditors | 37,359 |  | 34,103 |  |

| Corporation tax | 18,172 |  | 24,240 |  |

| Social security and other taxes | 52 |  | 52 |  |

| Other creditors | 2,676 |  | 2,676 |  |

| Accrued expenses | 8,154 |  | 9,194 |  |

66,413 |  | 70,265 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Flexible business loan 3-5 yrs | 1,589,210 |  | 1,608,380 |  |

8. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.8.25 |  | 31.8.24

£ | £ |

| Bank loans | 1,589,210 |  | 1,608,380 |  |

| The bank loans are secured by way of a fixed and floating charge over the company's freehold investment property.

9. | RELATED PARTY DISCLOSURES

| Other debtors includes £225,000 (2024 - £225,000) owing from Chy-an-Eglos Limited, a company registered in England and Wales, in which Mr & Mrs D S Eddy are directors and shareholders.

| During the year, the company was controlled by the Eddy family, by virtue of the fact that they own a controlling beneficial interest in the company's issued Ordinary share capital.