ACCOUNTS - Final Accounts

Operating loss

The operating loss is stated after charging:

Registered number: 00873761

CLAUDE FENTON LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

CLAUDE FENTON LIMITED

COMPANY INFORMATION

Directors	M R P Fenton
	P R Fenton
	P Hawker
	C Rayns (appointed 1 January 2025)
	A J Harper


Company secretary	M R P Fenton


Registered number	00873761


Registered office	Unit 1 Kennet Weir Business Park
	Arrowhead Road
	Theale
	Reading
	Berkshire
	RG7 4AE


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX

CLAUDE FENTON LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 5
Statement of Comprehensive Income	6
Balance Sheet	7
Notes to the Financial Statements	8 - 15

CLAUDE FENTON LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors

The directors who served during the year were:

M R P Fenton

P R Fenton

P Hawker

C Rayns (appointed 1 January 2025)

A J Harper

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

CLAUDE FENTON LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

M R P Fenton

Director

Date: 9 March 2026

Page 2

CLAUDE FENTON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLAUDE FENTON LIMITED

Opinion

We have audited the financial statements of Claude Fenton Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of 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 Company's affairs as at 30 September 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.

Page 3

CLAUDE FENTON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLAUDE FENTON LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 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 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.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 4

CLAUDE FENTON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLAUDE FENTON LIMITED (CONTINUED)

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of 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.

Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

Date: 9 March 2026

Page 5

CLAUDE FENTON LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£


Turnover		23,766	30,674
Cost of sales		(253,321)	(34,188)
Gross loss		(229,555)	(3,514)
Administrative expenses		(84,509)	(114,721)
Other operating income		18,555	18,555
Operating loss	3	(295,509)	(99,680)
Interest receivable and similar income		-	98
Interest payable and similar expenses		-	(1,055)
Loss before tax		(295,509)	(100,637)
Tax on loss		(7,712)	(2,948)
Loss for the financial year		(303,221)	(103,585)

Total comprehensive income for the year

(303,221)

(103,585)

The notes on pages 8 to 15 form part of these financial statements.

Page 6

CLAUDE FENTON LIMITED

REGISTERED NUMBER: 00873761

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		30,062		-
Investment property	6		150,000		150,000
			180,062		150,000
Current assets
Stocks	7	5,472,015		2,340,466
Debtors	8	25,664		16,142
Cash at bank and in hand	9	6,292		455,200
		5,503,971		2,811,808
Creditors: amounts falling due within one year	10	(3,326,420)		(1,533,684)
Net current assets			2,177,551		1,278,124
Total assets less current liabilities			2,357,613		1,428,124
Creditors: amounts falling due after more than one year	11		(1,225,000)		-
Provisions for liabilities
Deferred tax	12	(42,665)		(34,953)
			(42,665)		(34,953)
Net assets			1,089,948		1,393,171

Capital and reserves
Called up share capital	13	187,392	187,392
Profit and loss account		902,556	1,205,779
		1,089,948	1,393,171

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M R P Fenton

Director

Date: 9 March 2026

The notes on pages 8 to 15 form part of these financial statements.

Page 7

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Claude Fenton Limited is a private company, limited by shares, incorporated in England and Wales (registration number 00873761). The address of its registered office is Unit 1 Kennet Weir Business Park. Theale, Reading, Berkshire, RG7 4AE.

The principal activities of the company have continued to be the operation of property development and contracting business in Reading and the surrounding district.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Claude Fenton (Holdings) Limited as at 30 September 2024 and these financial statements may be obtained from Claude Fenton (Holdings) Limited.

2.3

Turnover

Turnover represents amounts receivable during the year for goods and services provided net of value added tax and trade discounts. Turnover for developments sold represent the contractually agreed price and is recognised when an unconditional binding contract has been exchanged.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 8

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Motor vehicles	-	20-50% on a straight line basis
				Fixtures and fittings	-	10-33% on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Investment property

Investment property is carried at fair value determined annually by the directors, and periodically by external valuers. Fair value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 9

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 10

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Pension cost	5,528	6,197
Depreciation	6,011	-
Audit fee	8,400	8,400

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Production	2	2
Management	1	1

	3	3

Page 11

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 October 2024	22,414	4,965	27,379
Additions	36,073	-	36,073
Disposals	(7,028)	(2,206)	(9,234)
At 30 September 2025	51,459	2,759	54,218
Depreciation
At 1 October 2024	22,414	4,965	27,379
Charge for the year on owned assets	6,011	-	6,011
Disposals	(7,028)	(2,206)	(9,234)
At 30 September 2025	21,397	2,759	24,156
Net book value
At 30 September 2025	30,062	-	30,062
At 30 September 2024	-	-	-

6.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 October 2024	150,000
	At 30 September 2025	150,000

The 2025 valuations were made by the directors, on an open market value basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost

110,539

Page 12

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7.	Stocks
		2025	2024
		£	£

	Long-term contract balances	5,472,015	2,340,466

Debtors

					2025	2024
					£	£



Trade debtors	6,210	472
Other debtors	19,454	15,670
	25,664	16,142

9.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	6,292	455,200

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	16,942	56,780
Amounts owed to group undertakings	3,062,620	1,213,630
Other taxation and social security	3,647	3,314
Other creditors	243,211	259,960
	3,326,420	1,533,684

The net amounts owed to group undertakings include various loans which have no fixed repayment date and are considered to mature in one year. Bank loans in the parent company are secured by a fixed and floating charge over the assets of the group and the company, specific charges on book debts, and a composite unlimited guarantee by group undertakings, and various rights of set off.

11.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

	Amounts owed to group undertakings	1,225,000	-

Page 13

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

12.	Deferred taxation

		2025
		£

	At beginning of year	(34,953)
	Charged to profit or loss	(7,712)
	At end of year	(42,665)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Capital gains	(35,864)	(35,865)
Fixed asset timing difference	(6,801)	912
	(42,665)	(34,953)

13.	Share capital
		2025	2024
		£	£

Authorised

200,000 (2024 - 200,000) Ordinary shares of £1.00 each	200,000	200,000

Allotted, called up and fully paid

187,392 (2024 - 187,392) Ordinary shares of £1.00 each	187,392	187,392

14.	Contingencies

As at 30 September 2025 there exist contingent liabilities and guarantees in respect of the following:

a) a composite unlimited guarantee and right of set off on all group bank overdrafts which amounted to £1,217,84 (2024 - £1,010,41).

b) a composite guarantee and right of set off on all group bank loans which amounted to £2,100,000 (2024 - £600,000).

c) a guarantee for value added tax due by all group undertakings under the group election amounting to £291,000 (2024 - £262,205).

d) Ten year guarantees under NHBC and ICW, the costs are accounted for as and when they arise, as the amounts cannot be quantified. The guarantees are insured.

In respect of (a) and (b) above the company's bankers hold a mortgage debenture creating a specific

charge over all company assets, a fixed charge over its book debts and floating charge over all other assets.

Page 14

CLAUDE FENTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15.	Controlling party

The company is a wholly owned subsidiary of Claude Fenton (Holdings) Limited (registered number 00474108) which is regarded by the directors as the company's immediate controlling party and ultimate controlling party. The company is incorporated in England and Wales and is the smallest and largest group into which the results of the company are consolidated.

Page 15