Company registration number 10459732 (England and Wales)
CRAB HILL DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
CRAB HILL DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr D Castle
Mr R Castle
Mr R Smith
Mr S Smith
Company number
10459732
Registered office
New Farm Office
Elms Farm
Grove
Wantage
Oxfordshire
OX12 7PD
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
CRAB HILL DEVELOPMENTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
CRAB HILL DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Fair review of the business

Sales were £6.8 million for the year ended 30 November 2025 (2024: £15.4m) which is a 56% decrease on the previous financial year. The company continues to progress with the numerous phases of the development and sale of land to a range of house builders.

A view has been taken that a reliable estimate of the overall development profit cannot yet be made, therefore costs equalling the £6.8 million revenue have been included so that a profit is not yet realised on the development project.

The company reported an overall loss of £59,000 (2024: £555,000), largely brought about by the choice to expense the interest charged in the development account held with Revantage Real Estate in 2024 and interest being nil this year. These losses are expected to obtain tax relief in the future once profits are realised as they can be carried forward indefinitely.

The company’s balance sheet holds a work in progress asset of £12.2 million (2024: £11.4m) in relation to the development project, which includes the land and construction costs and alongside a related liability of the net amount owed to Revantage Real Estate, being £5.8 million (2024: £4.8m) . There is also a long term creditor owing to the Crab Hill Partnership of £9.3 million (2024: £9.3m) for the purchase of land to be used in the development project.

Future developments

The next anticipated distribution to the landowners is not until 2026. The development project will continue over the proceeding years whilst the farming element of the company has now ceased trading.

Principal risks and uncertainties

The management of the company and the execution of the company’s strategy are subject to a number of risks.

Key risks and mitigations are as follows:

The development project holds a key risk in the inability to reliably forecast the overall profit on the project. For this reason, and to mitigate the risk of recognising an incorrect profit, no profit has yet been realised on the development project.

Business environment is a key risk as the company operates in the development and farming sectors and therefore, like all companies, performance is partially linked to the wider macro-economic environment.

Key performance indicators

| 2025 | 2024
Sales | £6.8m | £15.4m
Amount of work in progress at year end | £12.26 | £11.4m
Amount owed to Revantage Real Estate at year end | £5.8m | £4.8m

On behalf of the board

Mr R Castle
Director
3 June 2026
CRAB HILL DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

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

Principal activities

The principal activity of the company continued to be that of land development.

Results and dividends

The results for the year are set out on page 7. No ordinary dividends were paid.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr D Castle
Mr R Castle
Mr R Smith
Mr S Smith
Auditor

Ellacotts Audit Services Limited were appointed as auditor to the company 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 directors' responsibilities

The directors are responsible for preparing the annual 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 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 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 and then apply them consistently;

- make judgements 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 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.

CRAB HILL DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr R Castle
Director
3 June 2026
CRAB HILL DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAB HILL DEVELOPMENTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Crab Hill Developments Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 November 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 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 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:

- the 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.

CRAB HILL DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAB HILL DEVELOPMENTS LIMITED
- 5 -
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 or 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.

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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the following procedures:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

CRAB HILL DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAB HILL DEVELOPMENTS LIMITED
- 6 -

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 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.

Charlotte McIntyre BSc FCA
Senior Statutory Auditor
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Statutory Auditor
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
3 June 2026
CRAB HILL DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
4
6,812,434
15,427,702
Cost of sales
(6,813,959)
(15,429,595)
Gross loss
(1,525)
(1,893)
Administrative expenses
(83,422)
(81,613)
Other operating income
24,780
25,540
Operating loss
3
(60,167)
(57,966)
Interest receivable and similar income
5
1,335
692
Interest payable and similar expenses
7
-
(497,924)
Loss before taxation
(58,832)
(555,198)
Tax on loss
8
-
0
-
0
Loss for the financial year
(58,832)
(555,198)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CRAB HILL DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
30
40
Current assets
Stocks
10
12,261,128
11,430,400
Debtors
11
3,062,118
5,819
Cash at bank and in hand
31,542
2,970,963
15,354,788
14,407,182
Creditors: amounts falling due within one year
13
(8,829,972)
(7,823,544)
Net current assets
6,524,816
6,583,638
Total assets less current liabilities
6,524,846
6,583,678
Creditors: amounts falling due after more than one year
14
(9,321,347)
(9,321,347)
Net liabilities
(2,796,501)
(2,737,669)
Capital and reserves
Called up share capital
15
10,000
10,000
Profit and loss reserves
(2,806,501)
(2,747,669)
Total equity
(2,796,501)
(2,737,669)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 June 2026 and are signed on its behalf by:
Mr R Castle
Director
Company registration number 10459732 (England and Wales)
CRAB HILL DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2023
10,000
(2,192,471)
(2,182,471)
Year ended 30 November 2024:
Loss and total comprehensive income
-
(555,198)
(555,198)
Balance at 30 November 2024
10,000
(2,747,669)
(2,737,669)
Year ended 30 November 2025:
Loss and total comprehensive income
-
(58,832)
(58,832)
Balance at 30 November 2025
10,000
(2,806,501)
(2,796,501)
CRAB HILL DEVELOPMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
18
(2,940,756)
3,437,129
Interest paid
-
0
(497,924)
Net cash (outflow)/inflow from operating activities
(2,940,756)
2,939,205
Investing activities
Interest received
1,335
692
Net cash generated from investing activities
1,335
692
Net (decrease)/increase in cash and cash equivalents
(2,939,421)
2,939,897
Cash and cash equivalents at beginning of year
2,970,963
31,066
Cash and cash equivalents at end of year
31,542
2,970,963
CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
1
Accounting policies
Company information

Crab Hill Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Farm Office, Elms Farm, Grove, Wantage, Oxfordshire, OX12 7PD.

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 company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

These financial statements are prepared on the going concern basis. Although the company is in a net liability position, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future for the reasons set out below.

Included in other long term creditors was amounts owed to Crab Hill Partnership of £9,321,347, a partnership that is under common control with the directors and shareholders of Crab Hill Developments Limited. The amount relates to land purchased by the company to carry out farming and development activities. The loan is interest free and will not fall due until the long term construction contract is complete.

Also included in other creditors was amounts owed to Revantage Real Estate of £5,857,083, a company that is contracted to carry out construction contracts on behalf of the company. As set out in the signed agreement, the amounts due to Revantage Real Estate do not fall due until sales receipts are received from the construction contract, and as such the company is not immediately liable for the amount owed of £5,857,083.

As the directors are satisfied that the long term construction contract will be profitable and the liabilities in relation to the construction do not fall due until sale receipts are received, the directors are satisfied that the company will meets its liabilities as they fall due.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of long term construction contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Entitlements
10% Straight line
CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
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:

Implements
25% reducing balance

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.

1.6
Borrowing costs

The company has adopted a policy of not capitalising borrowing costs. All borrowing costs are expensed to the Profit and Loss Account in the period they are incurred.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

1.9
Cash at bank and in hand

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.

CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
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 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 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.

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 assets, other than those held at fair value through profit and loss, 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

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.

CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
2
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.

Critical judgements

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

Recognition of profit on long term contracts

Revenue from the provision of long term construction contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

3
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,760
9,300
Depreciation of tangible fixed assets
10
14
4
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Land development
6,812,434
15,427,702
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
5
692
Other interest income
1,330
-
0
Total income
1,335
692
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5
692
CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
6
Employees

There were no employees of the company during the year or in the prior year.

7
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Other interest
-
0
497,924

No finance costs were incurred during the year, as the company did not utilise any interest‑bearing borrowings and maintained a net credit position with the third‑party development company.

8
Taxation

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

2025
2024
£
£
Loss before taxation
(58,832)
(555,198)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(14,708)
(138,800)
Unutilised tax losses carried forward
14,708
138,800
Taxation charge for the year
-
-
9
Tangible fixed assets
Implements
£
Cost
At 1 December 2024 and 30 November 2025
350
Depreciation and impairment
At 1 December 2024
310
Depreciation charged in the year
10
At 30 November 2025
320
Carrying amount
At 30 November 2025
30
At 30 November 2024
40
CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
10
Stocks
2025
2024
£
£
Work in progress
12,261,128
11,430,400
12,261,128
11,430,400
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,061,130
4,801
Prepayments and accrued income
988
1,018
3,062,118
5,819
12
Construction contracts
2025
2024
£
£
Contract costs recognised as work in progress
Contract costs incurred
12,261,128
11,430,400
At 30 November 2025, contract costs incurred are held in stock on the balance sheet. As the project spans over a number of years, the directors believe the outcome of the contract cannot currently be estimated reliably as at 30 November 2025 and as such revenue can only be recognised to the extent of costs incurred.

13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
185,175
35,972
Taxation and social security
2,773,508
2,946,811
Other creditors
5,857,083
4,826,355
Accruals and deferred income
14,206
14,406
8,829,972
7,823,544

Other creditors is made up construction costs owed to a building contractor. An agreement is in place that the liabilities will not fall due until receipts are received from the long term construction contract. A land sale is expected to be received within one year.

CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
14
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
9,321,347
9,321,347

Other creditors is made up of land purchased by the company. An agreement is in place that the liabilities will not fall due until receipts are received from the long term construction contract.

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.1p each
10,000,000
10,000,000
10,000
10,000
16
Financial commitments, guarantees and contingent liabilities

The company has entered into an long term commitment with Revantage Real Estate to prepare land for property sales. As part of the agreement Crab Hill Developments are responsible to repay all development costs incurred by Revantage Real Estate. The amounts owed to Revantage Real Estate as at 30 November 2025 is recorded in other creditors.

17
Related party transactions

Included in other creditors was amounts owed to Crab Hill Partnership of £9,321,347, a partnership that is under common control with the directors and shareholders of Crab Hill Developments Limited. The amount relates to land purchased by the company to carry out farming and development activities. The loan is interest free and will not fall due until all receipts are received from the long term construction contract.

During the year the company incurred management charges of £70,920 in relation to the directors and to a company that is related by virtue of director common control.

There are no other related party transactions during the year that require disclosure under FRS 102.

CRAB HILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
18
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(58,832)
(555,198)
Adjustments for:
Finance costs
-
0
497,924
Investment income
(1,335)
(692)
Depreciation and impairment of tangible fixed assets
10
14
Movements in working capital:
(Increase)/decrease in stocks
(830,728)
4,482,301
(Increase)/decrease in debtors
(3,056,299)
2,923
Increase/(decrease) in creditors
1,006,428
(990,143)
Cash (absorbed by)/generated from operations
(2,940,756)
3,437,129
19
Analysis of changes in net funds
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
2,970,963
(2,939,421)
31,542
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