Company registration number 01722942 (England and Wales)
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
COMPANY INFORMATION
Directors
J M Chamberlain
P Wayte
Miss V Chambury
C Bugden
O Flack
Secretary
C Bugden
Company number
01722942
Registered office
Houghton Hall
The Green
Houghton Regis
Dunstable
Beds
LU5 5DY
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The Director s present the S trategic R eport for the year ended 31 December 2025.

Principal activity

The Group continued its principal activity throughout the current year being property investment, development, management and maintenance.

Financial performance during the year

As reported in the Group's Consolidated Statement of Comprehensive Income, total turnover for the year was £3,275,53 3 (2024: £3,240,855) and an operating loss of £53 6,328 (2024: profit £271,728). Profit before tax was £10,918,503 (2024: £4,839,835).

The Consolidated Balance Sheet shows that the Group's net assets at the year-end have increased by £1 1,143,233 being the net profit for the year (2024 - increase £78,925). Net assets amount to £105,463,712 (202 4 - £94,320,479). This is largely due to the gain on disposal of land to a major house builder.

In January 2025 the Group sold land to a major house builder for consideration of £39.1m. £25.4m of the consideration is deferred for between one and three years. The profit on disposal, after adjusting for the fair value of the deferred consideration was £9.98m. The tax on the disposal was crystallised in the 2024 accounts and equated to £9.2m. The tax provision relating to the land sale was over-provided by £0.9m in the 2024 accounts and this has been released in the 2025 accounts. £3.75m of the proceeds was used to pay down bank debt.

Key performance indicators

The Directors monitor the performance of the Group through its property occupation levels, property yields, its cash availability (including access to funding), condition of its real estate, the Group’s trading results and year-end property valuations.

Management information is produced on a quarterly basis which consists of a Profit and Loss Account, Balance Sheet and Cash Flow. This is used to monitor the performance of the business and manage the Group's assets.

After adjusting for the fair value of the deferred consideration, property sales contributed £10.0m to profits (2024: £0.3m) and year-end property valuations increased by £0.7m (2024: increase of £5.6m).

Principal risks and uncertainties

Management monitor the key risks facing the Group together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the Group are as follows:

Valuations

The Group owns a mixed property portfolio. Each property or property type carries its own risk of fluctuations in value in response to many factors including wider economic/ market conditions or changes in occupation, these movements in value can be significant.

Competitor pressure

The market in which the Group operates is considered to be relatively competitive and therefore competitor pressure could result in loss of income to competitors. The Group manages this risk by providing a quality service and properties and maintaining strong relationships with its key tenants.

Interest rate risk

The Group is exposed to interest rate risk on its variable rate borrowings and cash flow interest rate risk on floating rate deposits.

Energy prices

Where market conditions allow, the Group negotiates fixed price anergy contracts across its portfolio. The Group currently has fixed price energy contracts which expire in September 2027.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Future developments

The Group will continue to manage its portfolio over the forthcoming year. It is planned that more of the Group’s properties will be sold during the next 24 months and the proceeds used to pay down bank debt. If opportunities arise and if appropriate, then the Group may also invest in further properties.

On behalf of the Board

C Bugden
Director
28 May 2026
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The Directors present their Annual Report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the Company and Group continued to be that of letting its own investment properties.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid during the year. The Directors are currently considering whether to propose a dividend, and no decision has been made at the date of approval of these financial statements.

During the year, the Company received £14,500,000 from its subsidiary undertakings.

Directors

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

J M Chamberlain
P Wayte
Miss V Chambury
C Bugden
S Charlton
(Resigned 25 March 2025)
O Flack
Qualifying third party indemnity provisions

The Company has granted an indemnity to each of its Directors against liability proceedings brought by third parties, subject to conditions set out in the Companies Act 2006. Such qualifying third party indemnity provisions remain in force as at the date of the Directors' Report. A Directors and Officers insurance policy is maintained by the Company on behalf of the Group's Directors to cover this indemnity.

Disabled persons

It is the Group's policy to give full consideration to applications for employment from disabled persons. Opportunities exist for employees of the Group who become disabled to continue in their employment or to be trained for other positions within the Group.

Post reporting date events

There have been no significant events affecting the Group since the year end.

Auditor

Mercer & Hole LLP were appointed as Auditor to the Group and in accordance with Section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to Auditor

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

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Matters covered in the group strategic report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors Report have been omitted as they are included in the Group Strategic Report instead. These matters relate to financial performance during the year, key performance indicators, principal risks and uncertainties and future developments.

On behalf of the Board
C Bugden
Director
28 May 2026
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the Group and Parent Company 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 Parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

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

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
- 6 -
Opinion

We have audited the financial statements of Chamberlain Holdings Public Limited Company (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 December 2025 and of the group's profit 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.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
- 7 -
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 identifie d material misstatements in the strategic report and 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, 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 take advantage of the small companies exemption from the requirement to prepare a strategic report.

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 group's and 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 group or 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the company and the industry, we identified that there were no specific laws or regulations that were critical to the operation of the business. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to understate revenue or overstate expenditure, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;

- evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ross Lane (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
72 London Road
St Albans
Hertfordshire
AL1 1NS
28 May 2026
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
3,275,533
3,240,855
Property management expenses
(879,419)
(1,029,274)
Administrative expenses
(3,016,254)
(2,045,981)
Other operating income
83,812
106,128
Operating (loss)/profit
4
(536,328)
271,728
Interest receivable and similar income
8
140,017
62,785
Interest payable and similar expenses
9
(1,014,057)
(1,502,278)
Profit on disposal of investment properties
9,976,524
372,053
Loss on disposal of other investments
-
(14,783)
Unwinding of receivable
1,629,811
-
Profit on revaluation of listed investments
18,701
3,568
Fair value gains and losses on investment properties
12
703,835
5,646,762
Profit before taxation
10,918,503
4,839,835
Tax on profit
10
224,730
(4,760,910)
Profit for the financial year
23
11,143,233
78,925
Profit for the financial year, which equals total comprehensive income, is fully attributable to the owners of the Parent Company.

The notes on pages 15 to 31 form part of these financial statements.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
11
1,437,645
1,462,040
Investment property
12
104,840,000
128,970,000
Investments
13
2,126,335
2,107,634
108,403,980
132,539,674
Current assets
Debtors falling due after more than one year
15
17,490,176
-
0
Debtors falling due within one year
15
6,400,897
679,738
Cash at bank and in hand
2,250,898
7,498,667
26,141,971
8,178,405
Creditors: amounts falling due within one year
16
(3,972,170)
(18,184,657)
Net current assets/(liabilities)
22,169,801
(10,006,252)
Total assets less current liabilities
130,573,781
122,533,422
Creditors: amounts falling due after more than one year
17
(15,000,000)
(18,750,000)
Provisions for liabilities
Deferred tax liability
19
10,110,069
9,462,943
(10,110,069)
(9,462,943)
Net assets
105,463,712
94,320,479
Capital and reserves
Called up share capital
22
1,281,749
1,281,749
Merger reserve
23
(1,471,471)
(1,471,471)
Profit and loss reserves
23
105,653,434
94,510,201
Total equity
105,463,712
94,320,479

The notes on pages 15 to 31 form part of these financial statements.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and are signed on its behalf by:
28 May 2026
J M Chamberlain
C Bugden
Director
Director
Company registration number 01722942 (England and Wales)
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,412,212
1,437,922
Investment property
12
55,950,000
79,460,000
Investments
13
6,788,432
6,769,731
64,150,644
87,667,653
Current assets
Debtors falling due after more than one year
15
23,973,388
13,815,145
Debtors falling due within one year
15
17,665,522
11,499,457
Cash at bank and in hand
1,844,560
7,045,135
43,483,470
32,359,737
Creditors: amounts falling due within one year
16
(13,702,370)
(49,867,808)
Net current assets/(liabilities)
29,781,100
(17,508,071)
Total assets less current liabilities
93,931,744
70,159,582
Creditors: amounts falling due after more than one year
17
(15,000,000)
(18,750,000)
Provisions for liabilities
Deferred tax liability
19
6,164,444
5,777,283
(6,164,444)
(5,777,283)
Net assets
72,767,300
45,632,299
Capital and reserves
Called up share capital
22
1,281,749
1,281,749
Profit and loss reserves
23
71,485,551
44,350,550
Total equity
72,767,300
45,632,299

The notes on pages 15 to 31 form part of these financial statements.

As permitted by S 408 Companies Act 2006, the C ompany has not presented its own Statement of Comprehensive Income and related notes. The C ompany’s profit for the year was £27,135,001 (2024 - £1,298,019 profit).

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and are signed on its behalf by:
28 May 2026
J M Chamberlain
C Bugden
Director
Director
Company registration number 01722942 (England and Wales)
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Merger reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,281,749
(1,471,471)
94,431,276
94,241,554
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
78,925
78,925
Balance at 31 December 2024
1,281,749
(1,471,471)
94,510,201
94,320,479
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
11,143,233
11,143,233
Balance at 31 December 2025
1,281,749
(1,471,471)
105,653,434
105,463,712

The notes on pages 15 to 31 form part of these financial statements.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
1,281,749
43,052,531
44,334,280
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,298,019
1,298,019
Balance at 31 December 2024
1,281,749
44,350,550
45,632,299
Year ended 31 December 2025:
Profit and total comprehensive income
-
27,135,001
27,135,001
Balance at 31 December 2025
1,281,749
71,485,551
72,767,300

The notes on pages 15 to 31 form part of these financial statements.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(1,239,249)
5,603,447
Interest paid
(1,014,057)
(1,502,278)
Corporation taxes paid
(7,482,975)
(96,244)
Net cash (outflow)/inflow from operating activities
(9,736,281)
4,004,925
Investing activities
Purchase of tangible fixed assets
(61,397)
(30,040)
Proceeds from disposal of tangible fixed assets
16,135
-
Purchase of investment property and property improvements
(166,165)
(1,563,238)
Proceeds from disposal of investment property
8,363,712
14,572,053
Proceeds from disposal of investments
-
4,000
Interest received
138,838
61,656
Dividends received
1,179
1,129
Net cash generated from investing activities
8,292,302
13,045,560
Financing activities
Repayment of other borrowings
(53,790)
(330,745)
Repayment of bank loans
(3,750,000)
(11,385,000)
Net cash used in financing activities
(3,803,790)
(11,715,745)
Net (decrease)/increase in cash and cash equivalents
(5,247,769)
5,334,740
Cash and cash equivalents at beginning of year
7,498,667
2,163,927
Cash and cash equivalents at end of year
2,250,898
7,498,667

The notes on pages 15 to 31 form part of these financial statements.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Chamberlain Holdings Public Limited Company (“the company”) is a Public L imited C ompany domiciled and incorporated in England and Wales. The registered office is Houghton Hall, The Green, Houghton Regis, Dunstable, Beds, LU5 5DY.

The Group consists of Chamberlain Holdings Public Limited Company and all of its subsidiaries.

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.

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

1.2
Basis of consolidation

The consolidated G roup financial statements consist of the financial statements of the parent company Chamberlain Holdings Public Limited Company together with all entities controlled by the parent company (its subsidiaries) and the G roup’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the G roup.

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

Subsidiaries are consolidated in the G roup’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the Director s have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the Director s continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Maintenance services income represents amounts invoiced (excluding VAT) in respect of services provided for repair work carried out on behalf of third parties.

1.5
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis which is charged to administrative expenses in the Statement of Comprehensive Income over its useful economic life.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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
2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line

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 recognised in the Statement of Comprehensive Income.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.

Other investments comprise motor vehicles held for their investment potential and are shown at cost less provision for impairment.

1.9
Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.

1.10
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.

1.11
Financial instruments

The G roup 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 G roup's Balance Sheet when the G roup 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.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Basic financial assets

Basic financial assets, which include 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial asset s, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including creditors, and bank loans, 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. Amounts 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.

Derecognition of financial liabilities

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

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 profit as reported in the Statement of Comprehensive Income 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.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
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 Statement of Comprehensive Income, 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
Pensions

Defined Contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

1.14

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.

1.15

Interest Income

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

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property valuations

The 2025 valuations were agreed by the Board being informed by a RICS registered valuer, who is a Director of the Company, acting as an internal expert, on the basis of fair value and through income and market approaches (comparative and investment methods), by capitalising present and future rental income streams, adopting rents, yields and capital values and comparing the properties with similar assets for which rental and sale information is available.

On occasion, external valuations are obtained from an independent external RICS registered valuer, acting on behalf of the bank, and these are considered as part of the valuation process.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rent receivable
3,115,931
3,093,553
Maintenance services
159,602
147,302
3,275,533
3,240,855
2025
2024
£
£
Other revenue
Interest income
138,838
61,656
Dividends received
1,179
1,129
140,017
62,785

All turnover arose within the United Kingdom.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
4
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
74,990
85,680
(Profit)/loss on disposal of tangible fixed assets
(5,333)
2,329
Operating lease charges
2,614
2,620
5
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
19,100
16,000
Audit of the financial statements of the Company's subsidiaries
37,800
39,000
56,900
55,000
For other services
Audit-related assurance services
3,017
3,500
Taxation compliance services
30,945
20,000
All other non-audit services
30,555
15,000
64,517
38,500
6
Employees

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

2025
2024
Number
Number
Management
5
6
Administration
8
8
Maintenance
4
4
Total
17
18
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,230,117
1,408,158
Social security costs
308,607
171,110
Pension costs
115,326
99,735
2,654,050
1,679,003
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,873,045
1,069,717
Company pension contributions to defined contribution schemes
69,242
56,412
1,942,287
1,126,129

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
1,057,091
510,000
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
138,838
61,656
Other income from investments
Dividends received
1,179
1,129
Total income
140,017
62,785
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
1,014,057
1,502,278
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
50,606
10,195,722
Adjustments in respect of prior periods
(922,462)
-
0
Total current tax
(871,856)
10,195,722
Deferred tax
Origination and reversal of timing differences
647,126
(5,434,812)
Total tax (credit)/charge
(224,730)
4,760,910

From 1 April 2023, the rate of Corporation Tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profit rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applied as profits increase. Deferred tax is provided for at 25% as that is the rate temporary timing differences are expected to unwind.

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

2025
2024
£
£
Profit before taxation
10,918,503
4,839,835
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,729,626
1,209,959
Tax effect of expenses that are not deductible in determining taxable profit
(1,590)
35,974
Tax effect of income not taxable in determining taxable profit
(2,849,885)
(3,576)
Impact of fair movement on tax
434,362
(1,605,905)
Adjustments in respect of prior years
(922,462)
-
0
Depreciation on assets not qualifying for tax allowances
3,517
3,588
Other permanent differences
-
0
(655)
Tax at marginal rate
(333)
(666)
Chargeable gains
382,035
5,122,191
Taxation (credit)/charge
(224,730)
4,760,910
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
1,879,340
102,342
208,066
578,036
2,767,784
Additions
-
0
38,417
22,980
-
0
61,397
Disposals
-
0
-
0
(17,125)
(105,296)
(122,421)
At 31 December 2025
1,879,340
140,759
213,921
472,740
2,706,760
Depreciation
At 1 January 2025
676,038
85,179
143,084
401,443
1,305,744
Depreciation charged in the year
14,068
3,339
15,215
42,368
74,990
Eliminated in respect of disposals
-
0
-
0
(16,613)
(95,006)
(111,619)
At 31 December 2025
690,106
88,518
141,686
348,805
1,269,115
Carrying amount
At 31 December 2025
1,189,234
52,241
72,235
123,935
1,437,645
At 31 December 2024
1,203,302
17,163
64,982
176,593
1,462,040
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
1,879,340
25,083
186,414
484,723
2,575,560
Additions
-
0
32,471
22,980
-
0
55,451
Disposals
-
0
-
0
(17,125)
(105,296)
(122,421)
At 31 December 2025
1,879,340
57,554
192,269
379,427
2,508,590
Depreciation
At 1 January 2025
676,038
22,600
121,586
317,414
1,137,638
Depreciation charged in the year
14,068
1,061
15,184
40,046
70,359
Eliminated in respect of disposals
-
0
-
0
(16,613)
(95,006)
(111,619)
At 31 December 2025
690,106
23,661
120,157
262,454
1,096,378
Carrying amount
At 31 December 2025
1,189,234
33,893
72,112
116,973
1,412,212
At 31 December 2024
1,203,302
2,483
64,828
167,309
1,437,922

The cost of land, which is not depreciated, which is included above is £500,000 (2024 - £500,000).

The land and buildings consist of the Group's head office and the land upon which it is situated. The Directors believe that its open market value is considerably more than the book value shown above.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
12
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025
128,970,000
79,460,000
Additions and property improvements
166,165
86,863
Disposals
(25,000,000)
(25,000,000)
Net gains or losses through fair value adjustments
703,835
1,403,137
At 31 December 2025
104,840,000
55,950,000

Please see details in notes 1.8 and 2 for more information regarding the basis of valuation.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
55,566,972
55,400,807
25,774,144
25,687,281
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
4,799,594
4,799,594
Listed investments
50,088
31,387
50,088
31,387
Other investments
2,076,247
2,076,247
1,938,750
1,938,750
2,126,335
2,107,634
6,788,432
6,769,731
Fixed asset investments revalued

Investments in listed company shares are remeasured to market value at each balance sheet date.

All other investments are held at cost. See note 1.9 for details.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2025
2,107,634
Valuation changes
18,701
At 31 December 2025
2,126,335
Carrying amount
At 31 December 2025
2,126,335
At 31 December 2024
2,107,634
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2025
4,799,594
1,970,137
6,769,731
Valuation changes
-
18,701
18,701
At 31 December 2025
4,799,594
1,988,838
6,788,432
Carrying amount
At 31 December 2025
4,799,594
1,988,838
6,788,432
At 31 December 2024
4,799,594
1,970,137
6,769,731
14
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
E M Chamberlain Limited
1
Ordinary
100.00
Landchief Limited
1
Ordinary
100.00
E M Chamberlain Group Limited
1
Ordinary
100.00
E M Chamberlain Estates Limited
1
Ordinary
100.00
Home Counties Estates Limited
1
Ordinary
100.00
East Anglia Estates Limited
1
Ordinary
100.00
Offley Chase Estates Limited
1
Ordinary
100.00
Home Counties Investments Limited
1
Ordinary
100.00
Britannia Estates (Luton) Limited ^
1
Ordinary
100.00
Let Direct Limited ^
1
Ordinary
100.00
Four Seasons Farming Limited ^
1
Ordinary
100.00
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Subsidiaries
(Continued)
- 26 -

Registered office addresses (all UK unless otherwise indicated):

1
Houghton Hall, The Green, Houghton Regis, Dunstable, Bedfordshire LU5 5DY

^ These entities are dormant.

The principal activity of all of the trading subsidiary undertakings was that of the letting of their own investment properties.

15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,005,211
125,508
5,902,671
44,111
Amounts owed by group undertakings
-
0
-
0
11,651,072
11,357,408
Other debtors
40,892
266,174
15,951
14,066
Prepayments and accrued income
354,794
288,056
95,828
83,872
6,400,897
679,738
17,665,522
11,499,457
Amounts falling due after more than one year:
Trade debtors
17,490,176
-
0
17,490,176
-
0
Amounts owed by group undertakings
-
0
-
0
6,483,212
13,815,145
17,490,176
-
23,973,388
13,815,145
Total debtors
23,891,073
679,738
41,638,910
25,314,602

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
-
0
53,790
-
0
53,790
Trade creditors
91,419
222,786
40,782
76,198
Amounts owed to group undertakings
-
0
-
0
10,789,141
33,332,640
Corporation tax payable
1,840,891
10,195,722
1,831,898
9,567,525
Other taxation and social security
328,697
1,264,991
279,276
1,182,909
Deferred income
20
593,156
5,431,742
194,841
5,085,065
Other creditors
886,604
746,418
478,075
454,243
Accruals
231,403
269,208
88,357
115,438
3,972,170
18,184,657
13,702,370
49,867,808
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
15,000,000
18,750,000
15,000,000
18,750,000
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
15,000,000
18,750,000
15,000,000
18,750,000
Other loans
-
0
53,790
-
0
53,790
15,000,000
18,803,790
15,000,000
18,803,790
Payable within one year
-
0
53,790
-
0
53,790
Payable after one year
15,000,000
18,750,000
15,000,000
18,750,000

The bank loans are secured by fixed charges over certain of the Group's properties and floating charges over the remainder of the Group's assets.

During 2021, the loan agreement was re-negotiated, and an Amendment and Restatement Deed was signed on 15 December 2021. The terms of the Amended and Restated Facility Agreement are that interest is linked to compounded SONIA plus 1.86% (2024 - SONIA plus 1.86%) and the initial term is five years ending on 14 December 2026. The loan is capable of being extended by two further years via optional extensions at the end of year one and year two respectively. The loan was not extended at the end of year one. The option to extend by one year at the end of year two was deferred by two years to the end of year three. In January 2025, the loan was extended by one year and the loan facility now expires 15 December 2027.

Other loans comprises a loan from Mr J M Chamberlain (Group Chairman), which is unsecured and interest free.

19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
13,019
8,982
Capital gains on revalued property
10,098,529
9,455,364
Retirement benefit obligations
(1,479)
-
Provisions
-
(1,403)
10,110,069
9,462,943
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
6,660
2,953
Capital gains on revalued property
6,159,263
5,775,734
Retirement benefit obligations
(1,479)
-
Provisions
-
(1,404)
6,164,444
5,777,283
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
9,462,943
5,777,283
Charge to profit or loss
647,126
387,161
Liability at 31 December 2025
10,110,069
6,164,444

T he deferred tax liability set out above is not expected to reverse within 12 months.

20
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
593,156
5,431,742
194,841
5,085,065
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to the Statement of Comprehensive Income in respect of defined contribution schemes
115,326
99,735

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.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,281,749
1,281,749
1,281,749
1,281,749
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
23
Reserves
Merger reserve

This reserve represents the difference between the carrying value of the investment when acquired by the holding Company and the nominal value of the shares issued when the Group was formed. The Directors have considered it more appropriate to present this in a separate merger reserve.

Profit and loss reserves

Profit and loss reserves represents cumulative profits and losses of the Group after the payment of dividends and revaluation surpluses.

24
Operating lease commitments

At the reporting end date the Group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
Future amounts receivable:
£
£
£
£
Within 1 year
2,506,964
2,305,748
891,735
655,452
Years 2-5
5,908,099
5,982,145
2,208,827
1,602,251
After 5 years
4,598,935
5,416,934
29,441
294,448
13,013,998
13,704,827
3,130,003
2,552,151
25
Events after the reporting date

There have been no significant events affecting the Group since the year end.

CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
26
Related party transactions
Transactions with related parties

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

Rent receivable
2025
2024
£
£
Group
Other related parties
24,300
17,450

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
-
53,790
Other information

The Company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 not to disclose transactions entered into between two or more members of the Chamberlain Holdings Plc group.

27
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Profit after taxation
11,143,233
78,925
Adjustments for:
Taxation (credited)/charged
(224,730)
4,760,910
Finance costs
1,014,057
1,502,278
Investment income
(140,017)
(62,785)
(Gain)/loss on disposal of tangible fixed assets
(5,333)
2,329
Fair value gain on investment properties
(703,835)
(5,646,762)
Depreciation and impairment of tangible fixed assets
74,990
85,680
Other gains and losses
(18,701)
11,215
Profit on disposal of Investment property
(9,976,524)
(372,053)
Profit on fair value adjustments
(1,629,811)
-
Movements in working capital:
Decrease in debtors
143,786
160,256
(Decrease)/increase in creditors
(965,278)
453,478
Increase in deferred income
48,914
4,629,976
Cash (absorbed by)/generated from operations
(1,239,249)
5,603,447
CHAMBERLAIN HOLDINGS PUBLIC LIMITED COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
28
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
7,498,667
(5,247,769)
2,250,898
Borrowings excluding overdrafts
(18,803,790)
3,803,790
(15,000,000)
(11,305,123)
(1,443,979)
(12,749,102)
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