Company No: 10320040 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,474		2,503
Investment property	5	3,590,000		3,684,354
Investments	6	2		1
		3,591,476		3,686,858
Current assets
Debtors	7	171,499		59,628
Cash at bank and in hand		32,017		28,037
		203,516		87,665
Creditors: amounts falling due within one year	8	( 397,773)		( 40,467)
Net current (liabilities)/assets		(194,257)		47,198
Total assets less current liabilities		3,397,219		3,734,056
Creditors: amounts falling due after more than one year	9	( 2,186,176)		( 2,585,346)
Provision for liabilities		( 196,099)		( 214,436)
Net assets		1,014,944		934,274
Capital and reserves
Called-up share capital	10	2		2
Fair value reserve		1,002,153		766,345
Profit and loss account		12,789		167,927
Total shareholders' funds		1,014,944		934,274

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Incolo Limited (registered number: 10320040) were approved and authorised for issue by the Board of Directors on 29 May 2026. They were signed on its behalf by:

Mr M Stimpson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Incolo Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

Prior year values have been restated to adjust for an omitted dividend received from a subsidiary in the 2024 accounts.

More detail behind the restatement can be found in note 2 to the Financial Statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the tenants.

Revenue is recognised for rental income in the period to which the occupation occurs.

Taxation

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

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

Tangible fixed assets

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

Plant and machinery etc.

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

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

Financial instruments

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

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

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

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

An error relating to dividend income from a subsidiary in the 2024 accounts has been identified. As a result, an adjustment has been made to remove the creditor and and recognise the dividend income.

		As previously reported		Adjustment		As restated
Year ended 31 August 2024		£		£		£
Other operating income		117,161		175,000		292,161
Creditors: amounts falling due after more than one year		(2,760,346)		175,000		(2,585,346)
Profit and loss account		(7,073)		175,000		167,927

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 September 2024	3,510		3,510
At 31 August 2025	3,510		3,510
Accumulated depreciation
At 01 September 2024	1,007		1,007
Charge for the financial year	1,029		1,029
At 31 August 2025	2,036		2,036
Net book value
At 31 August 2025	1,474		1,474
At 31 August 2024	2,503		2,503

5. Investment property

	Investment property
	£
Valuation
As at 01 September 2024	3,684,354
Fair value movement	(89,354)
Disposals	(5,000)
As at 31 August 2025	3,590,000

The Investment properties were valued by the directors at 31 August to show the fair value.

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 September 2024	1		1
Additions	1		1
At 31 August 2025	2		2
Carrying value at 31 August 2025	2		2
Carrying value at 31 August 2024	1		1

7. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	45,227		40,227
Other debtors	126,272		19,401
	171,499		59,628

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		4,522
Other creditors	397,773		35,945
	397,773		40,467

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	2,186,176		2,231,895
Other creditors	0		353,451
	2,186,176		2,585,346

The bank loans are secured by way of fixed and floating charges over all assets of the company, together with a legal charge over all of the investment properties.

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
498 Ordinary A shares of £ 0.002 each (2024: nil shares)	1		0
498 Ordinary B shares of £ 0.002 each (2024: nil shares)	1		0
Nil Ordinary shares (2024: 2 shares of £ 1.00 each)	0		2
	2		2

In the financial year 2025 there was a share reclassification from the 2 ordinary shares to the following:
Ordinary A shares with aggregate nominal value of £0.996
Ordinary B shares with aggregate nominal value of £0.996
Ordinary C shares with aggregate nominal value of £0.002
Ordinary D shares with aggregate nominal value of £0.002
Ordinary E shares with aggregate nominal value of £0.002
Ordinary F shares with aggregate nominal value of £0.002