Company Registration No. 04461761 (England and Wales)
Ninecourt Limited
Unaudited financial statements
for the year ended 30 September 2025
Pages for filing with the registrar
Ninecourt Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Ninecourt Limited
Balance sheet
As at 30 September 2025
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,347,166
14,441,612
Current assets
Debtors
5
161,919
135,427
Cash at bank and in hand
796,253
578,137
Cash held by rental management company
132,859
227,351
1,091,031
940,915
Creditors: amounts falling due within one year
6
(608,309)
(522,958)
Net current assets
482,722
417,957
Total assets less current liabilities
14,829,888
14,859,569
Capital and reserves
Called up share capital
7
13,500,000
13,500,000
Profit and loss reserves
1,329,888
1,359,569
Total equity
14,829,888
14,859,569

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 22 May 2026 and are signed on its behalf by:
Christopher McVitty
Director
Company Registration No. 04461761
1
Ninecourt Limited
Notes to the financial statements
For the year ended 30 September 2025
1
Accounting policies
Company information

Ninecourt Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Offices, Sail Loft C/O Lawson & Partners, Battlesbridge Harbour, Battlesbridge, Essex, SS11 8TR.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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

1.2
Revenue

Turnover is recognised at the fair value of the consideration received from license facility fees and income for other services provided and rental income and associated services and provided in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.3
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:

Land and buildings Freehold
50 years
Land and buildings Leasehold
10 to 20 years
Fixtures, fittings & equipment
5 years
Computer equipment
4 years

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.

1.4
Impairment of fixed assets
2

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Ninecourt Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies (continued)
3

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 debtors, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Ninecourt Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies (continued)
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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 profit and loss account 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 company’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 profit and loss account, 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 when the company has 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.

4
Ninecourt Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies (continued)
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

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

2025
2024
Number
Number
Total
3
3
5
Ninecourt Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2024
18,895,253
33,737
18,928,990
Additions
14,716
-
0
14,716
Transfers
10,296
(10,296)
-
0
At 30 September 2025
18,920,265
23,441
18,943,706
Depreciation and impairment
At 1 October 2024
4,463,937
23,441
4,487,378
Depreciation charged in the year
109,162
-
0
109,162
At 30 September 2025
4,573,099
23,441
4,596,540
Carrying amount
At 30 September 2025
14,347,166
-
0
14,347,166
At 30 September 2024
14,431,316
10,296
14,441,612

Included in Land and Buildings is freehold property at an original cost of £14,828,325 (2024: £14,828,325). The freehold property is used principally in the provision of serviced offices to a wide range of short-term licensees.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,013
43,329
Amounts owed by group undertakings
68,000
-
0
Other debtors
78,974
71,505
153,987
114,834
Deferred tax asset
7,932
20,593
161,919
135,427
6
Ninecourt Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
41,795
23,350
Taxation and social security
38,811
33,225
Other creditors
527,703
466,383
608,309
522,958

Included within other creditors are deposits from licensees amounting to £256,040 (2024: £213,844) which are held as security for their obligations under their licenses.

7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,499,999
13,499,999
13,499,999
13,499,999
Ordinary deferred share of £1 each
1
1
1
1
13,500,000
13,500,000
13,500,000
13,500,000

The Ordinary shares of £1 each have full voting rights and entitlement to dividends. The Ordinary deferred shares have no voting or dividend rights.

The capital rights on a winding up or otherwise are as per the updated Articles of Association.

8
Directors' transactions

During the year the company paid consultancy fees to the directors of the company - these were at arms length and at market value.

9
Ultimate Parent Company and Controlling party

The company regards Fiveteam Limited, a company registered in England and Wales, as the immediate and ultimate parent undertaking. Fiveteam Limited is the parent undertaking of the largest and smallest group of which Ninecourt Limited is a member.

The company regards the ultimate controlling party to be the Trustees of the KDL Beresford Will Trust by virtue of the Trust's shareholding in the parent company.

7
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