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REGISTERED NUMBER: 01480424 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

Trevellyan Developments Limited

| Trevellyan Developments Limited (Registered number: 01480424) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 31 July 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 8 |

| Consolidated Income Statement | 11 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Balance Sheet | 13 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Financial Statements | 18 |

| Trevellyan Developments Limited |

COMPANY INFORMATION

for the Year Ended 31 July 2025

| DIRECTORS: | Mr L J P Trevellyan

| Mrs A H Trevellyan

| Mr L D Trevellyan

| Mrs S A Bradbury

| Mr G A Trevellyan

| Miss R K Trevellyan

| SECRETARY: | Mr L J P Trevellyan

| REGISTERED OFFICE: | Estate Management Office

| Greenhills Estate

| Tilford Road, Tilford

| Farnham

| Surrey

| GU10 2DZ

| REGISTERED NUMBER: | 01480424 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Paul Laxton FCCA

| AUDITORS: | Xeinadin Audit Limited

| Level 5 A

| Maple House

| 149 Tottenham Court Road

| London

| W1T 7NF

| BANKERS: | Natwest plc

| Moorgate Branch

| PO Box 712

| 94 Moorgate

| London

| EC2M 6XT

| Trevellyan Developments Limited (Registered number: 01480424) |

GROUP STRATEGIC REPORT

for the Year Ended 31 July 2025

The directors present their strategic report of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS

We are pleased to report Group Key Performance Indicators as follows:

Despite trading income increasing 15.9% to £4,423,235 (2024 £3,816,528), due to a reduction in property investment values, the loss pre-tax was £2,516,582 (2024 £5,045,267 profit), overall the group produced profit after tax £592,130 (2024 £144,409) and total comprehensive income increased by 114% to £5,386,619 (2024 £2,521,016)

Net worth increased by 5.7% to £100,300,818 (2024 £94,914,199 as restated)

Turnover increased 2.2% to £54,057,117 (2024 £52,903,385)

The group deferred tax provision is now £16,596,426 (2024 £18,610,693)

Total unused bank facilities amounted to £5,090,000 which combine with year-end cash balances of £2,439,799 to make total funds available of £7,529,799

Total fixed assets grew to £157,436,673 (2024 £157,012,903)

Interest costs fell by 16.4% to £2,867,067 (2024 £3,430,018) due to lower interest rates on our floating rate debt

KEY SUBSIDIARY PERFORMANCE

PETROL RETAILING

We are pleased to report a 2.74% increase in turnover to £46,288,043 (2024 - £45,057,839) with a 6.9% increase in gross profit to £6,200,866 (2024 - £5,801,476). In the year, the Company continued to invest in its employees by improving on its market leading remuneration packages and incurred additional non-recurring repairs and maintenance expenses. Despite a background of continued economic uncertainty and persistent inflation pressures the Company was able to mitigate the impact of increased expenses in the period and deliver a 3.8% increase in pre-tax profits for the 12-month period of £2,169,946 (2024 - £2,091,173). The Company's operating performance produced a post-tax comprehensive income for the 12-month period of £6,588,478 (2024 £3,717,257) and net worth grew year on year by 18.4% following a restatement of prior year retained earnings.

PROPERTY INVESTMENT

Our property investment company Spincrest Limited turnover reduced by 3.86% to £4,684,203 (2024 £4,872,142). Whilst profit pre-tax decreased by 28.26% to £2,673,538 (2024 £3,726,500), post tax profit for the year was up to £2,772,235 (2024 £705,925) an increase of 293%. The company achieved net worth of £42,418,697 (2024 £53,146,462) after paying a £13,500,000 dividend. Prior to this dividend payment net worth increased by 5.2%. Ever conscious of the need to maintain our investment property in good marketable condition, our annual repair and maintenance program represented 1.1% of investment value (2024 2.14%).

CHARITY

Donations and fundraising activity amounting to £21,559 (2024 - £27,758) continued throughout the period, with staff organising a number of successful fundraising activities that have benefitted both local and international charitable causes. Notably, our Founder and Chairman, Mr Lance Trevellyan, continues to support the British Heart Foundation and is a member of the "fund the future club" which finances talented BHF researchers across the UK.

"Going Home UK" for Teenage Cancer Trust and "Going Home USA" for Teen Cancer America, titles of fine art prints produced at CCA's Worton Hall Studios, London continue to be sold to support the aims of these teenage cancer organisations both in the UK and the USA.

STRATEGY

The company continues to develop its portfolio of operating assets used in the business and seeks to acquire reasonably priced opportunities with a view to increasing its long-term holdings in and around London and the South East of England. Having focused mainly on the UK property sector for over 40 years, the group seeks to diversify into different sectors and country risks. Recent focus has been in the hotel sector.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review. Compliance with regulation and legal and ethical standards, including respect and dignity at work policies, are a very high priority for the Board.

| Trevellyan Developments Limited (Registered number: 01480424) |

GROUP STRATEGIC REPORT

for the Year Ended 31 July 2025

In the property investment operation, the need to constantly improve EPC ratings for existing buildings and, whenever possible, to construct new carbon zero sustainable buildings has become a key objective.

In the petrol retail operation, the most challenging risk category is how to adapt and make ready the provision of services for the EV and possibly hydrogen cell vehicles.

Interest rates have continued to rise from their previous all-time historic lows to their 18 year high achieved last year. The current year has seen interest rates fall in line with inflation expectations moving closer to the Bank of England's 2% target. The board frequently considers interest rate protection measures, modelling cost versus risk in relation to the groups funding criteria and existing banking covenants. We have an interest hedging policy in place and when medium-term rates fall to our 'strike' level, we will act swiftly. We have recently contracted a £10 million 3 year swap at favourable rates.

FUNDING

As at 31st July 2025 the group's committed facility loans were £56,746,353 of which a loan committed facility of £50,000,000 expires on 24th May 2028. Both reflect the benefit of improved margins over Bank of England base rates and SONIA. The £6,746,353 loan has a repayment profile of 15 years, whereas the loan drawn under the £50,000,000 facility has a bullet repayment at 24th May 2028. In addition, the group has an overdraft facility of £590,000 within the parent company. As at 31st July 2025, the group's unused bank facilities amounted to £5,090,000 and group cash balances were £2,439,799 making total funds available of £7,529,799 (2024 £11,250,357).

GOVERNANCE STATEMENT

The Directors of the Company are required, under Section 172 of the Companies Act 2006, to act in a way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing so, the Directors have regard, amongst other matters, to:

* the likely consequences of any decision in the long term;

* the interests of the Company's employees;

* the need to foster the Company's business relationships with suppliers, customers and others;

* the impact of the Company's operations on the community and environment;

* the desirability of the Company maintaining a reputation for high standards of business conduct; and

* the need to act fairly between shareholders of the Company.

The Board recognises that effective engagement with shareholders is essential to the long-term success of the business. The Directors regularly consider the interests of employees, customers, suppliers and other stakeholders in key decision-making processes:

- The Directors seek to ensure that employees are informed of matters affecting the Company and are encouraged to provide feedback and contribute to the ongoing development of the business.

- The Directors monitor service standards, payment practices and operational performance to support sustainable and mutually beneficial business relationships.

- As reviewed under our environmental impact section, the Directors are mindful of the environmental impact of the Company's activities and seek to operate responsibly and efficiently wherever practicable.

The Company also considers its wider responsibilities to the local community in conducting its operations.

During the year, the Directors considered the interests of shareholders when making significant business decisions, including operational planning, investment decisions and financial management activities. The Directors believe that these actions support the long-term success and sustainability of the Company. In the performance of their duties, the Directors are committed to maintaining high standards of integrity and business conduct in all dealings and decision-making activities, in compliance with ongoing legal and regulatory requirements.

OUR TEAM

As a group we are proud of our staff retention record and very low staff turnover rates. We recognise that the continued success of the business is built upon the loyalty and hard work of our employees. We would like to record our sincere gratitude for the dedicated team effort of both management and staff alike, whose support, loyalty and professionalism is essential in maintaining our performance and achieving our goals. These goals are not exclusively financial as greater emphasis is placed on our environmental objectives throughout each area of our operations. The Board remains confident it has the funding, experience and human resources within the group to meet market opportunities presented as and when they arise. Our ongoing staff training and development ensures the opportunity for personal advancement within the company is available to those who seek it.

| Trevellyan Developments Limited (Registered number: 01480424) |

GROUP STRATEGIC REPORT

for the Year Ended 31 July 2025

The current economic outlook is challenging with the prospect of higher inflation leading to higher interest rates than those we had previously forecast for the coming year. These increasing cost pressures must refocus our efforts on continuing to strive to deliver the very best customer service standards. Each of us must remember that our customers, whether they be forecourt shoppers, motorists, tenants of commercial or residential buildings or buyers of fine art need to be impressed with our customer service levels each and every day. As always, we must remember that ultimately it is our customers who pay our wages and provide the confidence for our banks to help to fund our growth aspirations.

I am confident that our entire team together with the collaborative approach across different businesses provide a solid foundation for managing future uncertainties and that we are extremely well-placed to cope with the economic challenges ahead.

ON BEHALF OF THE BOARD:

Mr L J P Trevellyan - Secretary

4 June 2026

| Trevellyan Developments Limited (Registered number: 01480424) |

REPORT OF THE DIRECTORS

for the Year Ended 31 July 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review is that of petrol retailing, fine art printing, production, publication and sale of artworks, retail of wood products, property construction and development, and investment in property assets and artworks.

DIVIDENDS

No dividends will be distributed for the year ended 31 July 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

Mr L J P Trevellyan

Mrs A H Trevellyan

Mr L D Trevellyan

Mrs S A Bradbury

Other changes in directors holding office are as follows:

Mr G A Trevellyan - appointed 15 January 2025

Miss R K Trevellyan - appointed 21 July 2025

POLITICAL DONATIONS AND EXPENDITURE

During the year donations were made of £21,559 (2024: £27,758) to charities or environmental causes, the major ones being

Cornwall Wildlife |  | £1,000 |

IOS Wildlife Trust |  | £1,000 |

Enthuse |  | £1,000 |

London Wildlife Trust |  | £1,000 |

Kent Wildlife Trust |  | £1,000 |

The Princess Alexandra Hospital |  | £1,000 |

Kingston University |  | £2,000 |

ENVIRONMENTAL IMPACT

As in prior periods, continuing our efforts to reduce our environmental impact has been an important task for the group throughout the period. Previous initiatives continued during this period include: increasing recycling rates, switching electricity supply contracts to be 100% renewably sourced where possible, upgrading refrigeration to increase consumption efficiencies, upgrading to LED lighting and our company pool car policy favours hybrid or electric vehicles. The group has in the past years subscribed to a tree planting and carbon offsetting scheme to offset the carbon footprint of all employees with a specialist environment and sustainability company, creating our own virtual forest which has funded the planting of over 68,000 trees to date, almost all of which were planted overseas. One further initiative to help us achieve the goal of becoming carbon neutral is to switch tree-planting from overseas to the UK. Tree Huggers Limited, a subsidiary company, has taken control of our own tree planting on land already owned or specifically acquired for this purpose. So far, we have planted just over 790 trees in Surrey and 320 trees in Jersey (Channel Islands) since the move away from overseas planting.

We have continued to improve our EPC grades across the property portfolio. We are continually reviewing solar-generated power on a site-by-site basis as the recent significant increase in energy costs have improved the prospects of viable PV installations. The group now has fourteen fully-operational PV solar panel installations and fifteen EV charge points. At our Greenhills Estate headquarters, our rural conservation activities have increased and the spaces previously set aside for tree planting, wildflower meadow planting and bee colonies are all developing well and as expected, some of which are now operated under the principles of a DEFRA Countryside Stewardship Scheme. We believe our most significant contribution to the environment in this period has been as the majority financier for a short film called Plastic Surgery. This film has been written and directed by Guy Trevellyan and focuses on the proliferation of plastics in everyday use and the dangers of migration of plastic compounds into the human body via the food we eat, liquids we drink and the air we breathe. Guy Trevellyan has recently been appointed a Director of Trevellyan Developments Limited. Plastic Surgery has been an international success, winning a Hollywood Film category of Best Thriller at Hollyshorts, the outright winning award for film, Best Narrative Short Film at Cinequest, and other awards such as at CineEco in Portugal and several other key festivals.

The methodology used to calculate emissions is based on the UK Government Environmental Reporting Guidelines and the applicable greenhouse gas conversion factors published by the Department for Energy Security and Net Zero.

| Trevellyan Developments Limited (Registered number: 01480424) |

REPORT OF THE DIRECTORS

for the Year Ended 31 July 2025

Turning to the specific consumption of energy during the period, the categories maintained are:

- General operating activities

- Business transport and travel

- Heat and light for our offices and business premises

The Companies and Limited Liability Partnership (Energy and Carbon Report) Regulations 2018 requires the group to disclose annual energy consumption and emissions. The company reports its energy and carbon information in accordance with Streamline Energy and Carbon Reporting. Energy consumption and emissions reports are categorised across our activities as follows:

Scope 1

- Natural gas used in offices and workshops

- Petrol and diesel consumed by company-owned vehicles

Scope 2

- Purchased electricity used for powering construction and farming equipment, company vehicles, lighting, refrigeration, petrol pump operation, print-production machinery, workshop equipment, office systems, night shift operations. Net energy generated from on-site solar PV systems is either consumed on site or sold back to the grid

Both figures have been excluded from the following calculations: solar generated on site is approximately 55,000 kwh and we believe around 60% of our electricity is sourced from renewable energy.

Key SECR stats are as follows:

Metric (KwH) |  | 2025 |

Electricity consumed |  | 907,337 |

Gas consumed |  | 77,536 |

Transport fuel consumed |  | 158,600 |

Scope 1 emissions |  | 236,136 |

Scope 2 emissions |  | 907,337 |

Total gross emissions |  | 1,143,473 |

Total Co2 per employee (total 116) |  | 9.86 tonnes |

We believe the actions taken regarding to tree planting and our environmental-themed film Plastic Surgery have more than offset this Co2 emission per employee.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

| Trevellyan Developments Limited (Registered number: 01480424) |

REPORT OF THE DIRECTORS

for the Year Ended 31 July 2025

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr L J P Trevellyan - Secretary

4 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TREVELLYAN DEVELOPMENTS LIMITED

Opinion

We have audited the financial statements of Trevellyan Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TREVELLYAN DEVELOPMENTS LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 the 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 the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

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

o Reviewing minutes of meetings of those charged with governance;

o Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

o Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, money laundering, employment law compliance, environmental protection and fuel storage regulations, petroleum licencing requirements, consumer protection, trading standards and fire safety recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TREVELLYAN DEVELOPMENTS LIMITED

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 a Report of the Auditors 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.

Paul Laxton FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5 A

Maple House

149 Tottenham Court Road

London

W1T 7NF

4 June 2026

| Trevellyan Developments Limited (Registered number: 01480424) |

CONSOLIDATED

INCOME STATEMENT

for the Year Ended 31 July 2025

| 31.7.25 |  | 31.7.24

| Restated

| Notes | £ | £ |

TURNOVER | 5 | 54,057,117 |  | 52,903,385 |  |

Cost of sales | (42,345,137 | ) | (42,283,767 | ) |

GROSS PROFIT | 11,711,980 |  | 10,619,618 |  |

Distribution costs | (51,760 | ) | (57,128 | ) |

Administrative expenses | (7,572,617 | ) | (7,109,965 | ) |

4,087,603 |  | 3,452,525 |  |

Other operating income | 335,632 |  | 364,003 |  |

Gain/loss on revaluation of assets | (4,826,822 | ) | 4,643,215 |  |

OPERATING (LOSS)/PROFIT | 7 | (403,587 | ) | 8,459,743 |  |

Profit/loss on sale of investment | 8 | 252,975 |  | (292,235 | ) |

(150,612 | ) | 8,167,508 |  |

Interest receivable and similar income | 501,097 |  | 307,777 |  |

350,485 |  | 8,475,285 |  |

Interest payable and similar expenses | 9 | (2,867,067 | ) | (3,430,018 | ) |

(LOSS)/PROFIT BEFORE TAXATION | (2,516,582 | ) | 5,045,267 |  |

Tax on (loss)/profit | 10 | 3,108,712 |  | (4,900,858 | ) |

PROFIT FOR THE FINANCIAL YEAR | 592,130 |  | 144,409 |  |

Profit attributable to:

Owners of the parent | 592,130 |  | 144,409 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

for the Year Ended 31 July 2025

| 31.7.25 |  | 31.7.24

| Restated

| Notes | £ | £ |

PROFIT FOR THE YEAR | 592,130 |  | 144,409 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of fixed assets | 6,387,741 |  | 3,168,809 |  |

Income tax relating to other comprehensive income | (1,593,252 | ) | (792,202 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 4,794,489 |  | 2,376,607 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 5,386,619 |  | 2,521,016 |  |

Total comprehensive income attributable to:

Owners of the parent | 5,386,619 |  | 2,521,016 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

CONSOLIDATED BALANCE SHEET

31 July 2025

| 31.7.25 |  | 31.7.24

| Restated

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 12 | 319,206 |  | 314,256 |  |

Tangible assets | 13 | 23,789,604 |  | 17,662,675 |  |

Investments | 14 | 3,825,904 |  | 3,299,973 |  |

Investment property | 15 | 129,501,959 |  | 135,735,999 |  |

157,436,673 |  | 157,012,903 |  |

CURRENT ASSETS

Stocks | 16 | 1,528,946 |  | 1,302,407 |  |

Debtors | 17 | 9,159,769 |  | 4,617,030 |  |

Investments | 18 | 330 |  | 330 |  |

Cash at bank and in hand | 2,439,799 |  | 1,660,257 |  |

13,128,844 |  | 7,580,024 |  |

CREDITORS

Amounts falling due within one year | 19 | (8,682,358 | ) | (8,710,723 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 4,446,486 |  | (1,130,699 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 161,883,159 |  | 155,882,204 |  |

CREDITORS

Amounts falling due after more than one year | 20 | (44,985,915 | ) | (42,357,312 | ) |

PROVISIONS FOR LIABILITIES | 23 | (16,596,426 | ) | (18,610,693 | ) |

NET ASSETS | 100,300,818 |  | 94,914,199 |  |

CAPITAL AND RESERVES

Called up share capital | 24 | 125,100 |  | 125,100 |  |

Pre acquisition reserves | 25 | 3,187 |  | 3,187 |  |

Fair value reserve | 25 | 57,010,037 |  | 54,523,023 |  |

Retained earnings | 25 | 43,162,494 |  | 40,262,889 |  |

SHAREHOLDERS' FUNDS | 100,300,818 |  | 94,914,199 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

Mr L J P Trevellyan - Director

| Trevellyan Developments Limited (Registered number: 01480424) |

COMPANY BALANCE SHEET

31 July 2025

| 31.7.25 |  | 31.7.24

| Restated

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 12 | 4,950 |  | - |  |

Tangible assets | 13 | 352,365 |  | 438,356 |  |

Investments | 14 | 69,632,419 |  | 76,744,635 |  |

Investment property | 15 | 43,196,346 |  | 48,576,346 |  |

113,186,080 |  | 125,759,337 |  |

CURRENT ASSETS

Debtors | 17 | 43,741,441 |  | 26,445,394 |  |

Cash at bank | 1,219,304 |  | 754,507 |  |

44,960,745 |  | 27,199,901 |  |

CREDITORS

Amounts falling due within one year | 19 | (15,995,175 | ) | (14,237,461 | ) |

NET CURRENT ASSETS | 28,965,570 |  | 12,962,440 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 142,151,650 |  | 138,721,777 |  |

CREDITORS

Amounts falling due after more than one year | 20 | (38,716,054 | ) | (37,281,617 | ) |

PROVISIONS FOR LIABILITIES | 23 | (2,730,905 | ) | (4,075,905 | ) |

NET ASSETS | 100,704,691 |  | 97,364,255 |  |

CAPITAL AND RESERVES

Called up share capital | 24 | 125,100 |  | 125,100 |  |

Fair value reserve | 25 | 76,873,209 |  | 83,985,425 |  |

Retained earnings | 25 | 23,706,382 |  | 13,253,730 |  |

SHAREHOLDERS' FUNDS | 100,704,691 |  | 97,364,255 |  |

Company's profit for the financial year | 10,452,652 |  | 588,525 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

Mr L J P Trevellyan - Director

| Trevellyan Developments Limited (Registered number: 01480424) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 July 2025

| Called up |  | Pre |  | Fair |

| share |  | Retained |  | acquisition |  | value |  | Total

| capital |  | earnings |  | reserves |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 August 2023 | 125,100 |  | 40,118,480 |  | 3,187 |  | 52,146,416 |  | 92,393,183 |  |

Changes in equity

Total comprehensive income | - |  | 144,409 |  | - |  | 2,376,607 |  | 2,521,016 |  |

Balance at 31 July 2024 | 125,100 |  | 40,262,889 |  | 3,187 |  | 54,523,023 |  | 94,914,199 |  |

Changes in equity

Total comprehensive income | - |  | 592,130 |  | - |  | 4,794,489 |  | 5,386,619 |  |

Transfer of realised profit | - |  | 2,307,475 |  | - |  | (2,307,475 | ) | - |  |

Balance at 31 July 2025 | 125,100 |  | 43,162,494 |  | 3,187 |  | 57,010,037 |  | 100,300,818 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

COMPANY STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 July 2025

| Called up |  | Fair |

| share |  | Retained |  | value |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 125,100 |  | 12,665,205 |  | 82,052,833 |  | 94,843,138 |  |

Changes in equity

Total comprehensive income | - |  | 588,525 |  | 1,932,592 |  | 2,521,117 |  |

Balance at 31 July 2024 | 125,100 |  | 13,253,730 |  | 83,985,425 |  | 97,364,255 |  |

Changes in equity

Total comprehensive income | - |  | 10,452,652 |  | (7,112,216 | ) | 3,340,436 |  |

Balance at 31 July 2025 | 125,100 |  | 23,706,382 |  | 76,873,209 |  | 100,704,691 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 31 July 2025

| 31.7.25 |  | 31.7.24

| Restated

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 30 | 991,084 |  | 4,952,629 |  |

Interest paid | (2,867,067 | ) | (3,430,018 | ) |

Tax paid | (1,302,081 | ) | (244,331 | ) |

Net cash from operating activities | (3,178,064 | ) | 1,278,280 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (4,950 | ) | - |  |

Purchase of tangible fixed assets | (142,898 | ) | (1,619,370 | ) |

Purchase of fixed asset investments | (152,753 | ) | (50,250 | ) |

Purchase of investment property | (2,766,731 | ) | (720,760 | ) |

Sale of tangible fixed assets | 27,390 |  | 1,667 |  |

Sale of fixed asset investments | - |  | (292,235 | ) |

Sale of investment property | 3,800,771 |  | 6,442,255 |  |

Interest received | 501,097 |  | 307,777 |  |

Net cash from investing activities | 1,261,926 |  | 4,069,084 |  |

Cash flows from financing activities

New bank loans in year | 6,000,000 |  | 800,000 |  |

Bank loan repayments in year | (2,938,551 | ) | (6,760,181 | ) |

Net movement on directors' balances | (188,065 | ) | 28,232 |  |

Amount withdrawn by directors | (20,282 | ) | - |  |

Net Movement on other loans | (157,422 | ) | 258,735 |  |

Net cash from financing activities | 2,695,680 |  | (5,673,214 | ) |

Increase/(decrease) in cash and cash equivalents | 779,542 |  | (325,850 | ) |

Cash and cash equivalents at beginning of year | 31 | 1,660,257 |  | 1,986,107 |  |

Cash and cash equivalents at end of year | 31 | 2,439,799 |  | 1,660,257 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 31 July 2025

1. | PRINCIPAL PLACE OF BUSINESS

| The principal place of business of the company is Estate Management Office, Greenhills Estate, Tilford Road, Tilford, Surrey GU10 2DZ.

2. | STATUTORY INFORMATION

| Trevellyan Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

3. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

4. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| The preparation of the financial statements involves management making judgements and estimates that affect the reported amounts of assets, liabilities, income, and expenses. These estimates are based on historical experience and other factors believed to be reasonable under the circumstances. Actual results may differ from these estimates, and management regularly reviews and updates them as needed.

| Property Valuations

| As part of these judgements, Freehold property is measured at fair value under the revaluation model. Revaluation gains and losses are recognised in revaluation reserves, except to the extent that they reverse a previous revaluation loss recognised in profit or loss. Fair value is assessed by management with reference to property and agent valuations, market evidence and the current use of the property. Property valuations involve inherent estimation uncertainty due to changes in market conditions.

| As part of these judgements, Investment property is also measured at fair value under the revaluation model. Revaluation gains and losses are recognised in the profit and loss and split out into revaluation reserves. Fair value is assessed by management with reference to property valuations, market evidence and the current use of the property. Property valuations involve inherent estimation uncertainty due to changes in market conditions.

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be measured reliably. Turnover is measured at the fair value of the consideration received or receivable, net of trade discounts, rebates, value added tax and other sales taxes.

| Turnover comprises amounts receivable from the retail sale of petroleum and related products, sale of timber and wood products, horticultural and nursery sales, construction and development services, fine art printing and publication activities, and rental income from investment properties.

| Sale of goods

| Turnover from the sale of goods is recognised when control of the goods has transferred to the customer, being the point at which the goods are delivered to and accepted by the customer.

| Rendering of services

| Turnover from construction, development and other service contracts is recognised in the accounting period in which the services are rendered, by reference to the stage of completion of the contract, when the outcome can be estimated reliably.

| Rental income

| Rental income arising from investment properties is recognised on a straight-line basis over the term of the lease.

| All turnover is recognised when the Group has satisfied its performance obligations under the relevant contractual arrangements.

| Intangible assets

| Cryptocurrency investments are stated at cost less impairment.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

4. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on cost

| Improvements to property | - | 25% on reducing balance and Straight line over 3 years

| Plant and machinery | - | 33% on cost, 25% on reducing balance and Straight line over 20 years

| Fixtures and fittings | - | 25% on reducing balance and Straight line over 25 years

| Computer equipment | - | 33% on cost, 25% on reducing balance and Straight line over 3 years

| Tangible Fixed Assets Revaluations:

| Petrol station freehold properties are measured at fair value, determined from periodic professional valuations, less subsequent depreciation where applicable.

| Revaluations are undertaken with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the reporting date.

| Revaluation gains and losses are recognised in accordance with applicable accounting standards.

| Other tangible fixed assets are stated at cost less accumulated depreciation and impairment.

| Depreciation is charged on a straight-line basis over the estimated useful economic lives of the assets.

| Investment property

| Investment Properties are valued at their fair value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

4. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

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

| Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

| Basic financial liabilities, including trade and other creditors, bank loans and loans from related parties, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires.

| Operating leases

| Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| Artwork investments

| Artwork held for investment purposes is stated at 50% of the retail price. Valuations are reviewed periodically by the directors with reference to market evidence and conditions.

5. | TURNOVER

| Turnover represents amounts receivable by the Group in respect of goods supplied and services provided during the year, excluding value added tax, trade discounts and intra-group transactions.

| Revenue is recognised to the extent that it is probable that the economic benefits associated with the transaction will flow to the Group and the amount of revenue can be measured reliably.

| Revenue is recognised as follows:

| - Revenue from the retail sale of petroleum products, convenience store goods, timber and horticultural products is recognised at the point of sale when control passes to the customer;

| -Revenue from construction and development activities is recognised by reference to the stage of completion of the contract at the reporting date where the outcome can be estimated reliably;

| -Rental income arising from investment properties is recognised on a straight-line basis over the term of the lease;

| -Revenue from fine art printing, publishing and related services is recognised upon completion of the service and transfer of control to the customer.

| Turnover also includes notional rental income attributable to properties occupied by Group trading subsidiaries where disclosed for management reporting purposes, although such amounts are eliminated on consolidation.

| An analysis of turnover by class of business is as follows:

|  | 2025 |  | 2024 |  |

| Fuel sales, shop, car wash and commission income |  | £46,288,043 |  | £45,057,839 |  |

| Rental Income |  | £6,897,104 |  | £7,032,178 |  |

| Other Group companies income |  | £871,970 |  | £813,368 |  |

| Total Group Turnover |  | £54,057,117 |  | £52,903,385 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

6. | EMPLOYEES AND DIRECTORS

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Wages and salaries | 3,028,654 |  | 2,901,031 |  |

| Social security costs | 305,101 |  | 260,090 |  |

| Other pension costs | 218,569 |  | 212,041 |  |

3,552,324 |  | 3,373,162 |  |

| The average number of employees during the year was as follows:

| 31.7.25 |  | 31.7.24

| Restated

| Directors | 4 |  | 4 |  |

| Admin | 26 |  | 25 |  |

| Management | 6 |  | 6 |  |

| Clerical | 7 |  | 7 |  |

| Retail | 73 |  | 73 |  |

116 |  | 115 |  |

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Directors' remuneration | 199,054 |  | 193,010 |  |

| Directors' pension contributions to money purchase schemes | 154,000 |  | 153,952 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 4 |  | 4 |  |

7. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Hire of plant and machinery | 5,102 |  | 4,961 |  |

| Depreciation - owned assets | 403,416 |  | 374,100 |  |

| Profit on disposal of fixed assets | (861 | ) | (1,532 | ) |

| Auditors' remuneration | 72,058 |  | 78,203 |  |

8. | EXCEPTIONAL ITEMS

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Profit/loss on sale of investment | 252,975 |  | (292,235 | ) |

9. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Bank interest | 2,663,344 |  | 3,109,383 |  |

| Other interest payable | 203,723 |  | 320,635 |  |

2,867,067 |  | 3,430,018 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

10. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Current tax:

| UK corporation tax | 498,807 |  | 1,270,852 |  |

| Deferred tax | (3,607,519 | ) | 3,630,006 |  |

| Tax on (loss)/profit | (3,108,712 | ) | 4,900,858 |  |

| UK corporation tax has been charged at 25 % .

| Tax effects relating to effects of other comprehensive income |

| 31.7.25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of fixed assets | 6,387,741 |  | (1,593,252 | ) | 4,794,489 |  |

| 31.7.24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of fixed assets | 3,168,809 |  | (792,202 | ) | 2,376,607 |  |

11. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

12. | INTANGIBLE FIXED ASSETS

| Group

| Cryptocurrency |

| Goodwill |  | Investment |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024 | 314,256 |  | - |  | 314,256 |  |

| Additions | - |  | 4,950 |  | 4,950 |  |

| At 31 July 2025 | 314,256 |  | 4,950 |  | 319,206 |  |

| NET BOOK VALUE

| At 31 July 2025 | 314,256 |  | 4,950 |  | 319,206 |  |

| At 31 July 2024 | 314,256 |  | - |  | 314,256 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

12. | INTANGIBLE FIXED ASSETS - continued

| Company

| Cryptocurrency

| Investment

£ |

| COST

| Additions | 4,950 |  |

| At 31 July 2025 | 4,950 |  |

| NET BOOK VALUE

| At 31 July 2025 | 4,950 |  |

13. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST OR VALUATION

| At 1 August 2024 | 16,159,182 |  | - |  | 3,283,699 |  |

| Additions | - |  | 13,563 |  | 43,121 |  |

| Disposals | - |  | - |  | (27,390 | ) |

| Revaluations | 6,387,741 |  | - |  | - |  |

| At 31 July 2025 | 22,546,923 |  | 13,563 |  | 3,299,430 |  |

| DEPRECIATION

| At 1 August 2024 | 165,512 |  | - |  | 2,190,329 |  |

| Charge for year | 14,737 |  | 2,133 |  | 234,272 |  |

| Eliminated on disposal | - |  | - |  | (27,096 | ) |

| At 31 July 2025 | 180,249 |  | 2,133 |  | 2,397,505 |  |

| NET BOOK VALUE

| At 31 July 2025 | 22,366,674 |  | 11,430 |  | 901,925 |  |

| At 31 July 2024 | 15,993,670 |  | - |  | 1,093,370 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

13. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 August 2024 | 1,286,131 |  | 234,985 |  | 20,963,997 |  |

| Additions | 81,710 |  | 4,504 |  | 142,898 |  |

| Disposals | - |  | - |  | (27,390 | ) |

| Revaluations | - |  | - |  | 6,387,741 |  |

| At 31 July 2025 | 1,367,841 |  | 239,489 |  | 27,467,246 |  |

| DEPRECIATION

| At 1 August 2024 | 768,265 |  | 177,216 |  | 3,301,322 |  |

| Charge for year | 128,651 |  | 23,623 |  | 403,416 |  |

| Eliminated on disposal | - |  | - |  | (27,096 | ) |

| At 31 July 2025 | 896,916 |  | 200,839 |  | 3,677,642 |  |

| NET BOOK VALUE

| At 31 July 2025 | 470,925 |  | 38,650 |  | 23,789,604 |  |

| At 31 July 2024 | 517,866 |  | 57,769 |  | 17,662,675 |  |

| Included in cost or valuation of land and buildings is freehold land of £15,420,785 (2024 - £15,420,785) which is not depreciated.

| Cost or valuation at 31 July 2025 is represented by:

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| Valuation in 2025 | 6,387,741 |  | - |  | - |  |

| Cost | 16,159,182 |  | 13,563 |  | 3,299,430 |  |

22,546,923 |  | 13,563 |  | 3,299,430 |  |

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| Valuation in 2025 | - |  | - |  | 6,387,741 |  |

| Cost | 1,367,841 |  | 239,489 |  | 21,079,505 |  |

1,367,841 |  | 239,489 |  | 27,467,246 |  |

| The freehold property cost figure of £16,159,182 above includes historical valuation movements and other movements.

| PETROL GROUP

| Five of our six operating sites were professionally valued by Avison Young (UK) Limited in January 2022. The Rivenhall site was purchased in September 2023 and professionally revalued in August 2025 by Sanderson Weatherall. The Directors have reviewed these professional red book valuations in light of current trading performances, interest rates and specialist agent opinions as to the current market values. Significantly, following the Labour government’s review of the A12 road widening proposals, the scheme was cancelled in July 2025. This scheme directly affected our Rivenhall site and indirectly affected our Bradwell site. We have therefore been able to remove any element of impairment previously factored into both these valuations.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

13. | TANGIBLE FIXED ASSETS - continued

| Company

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 August 2024 | 1,650,855 |  |

| Additions | 25,566 |  |

| Disposals | (27,390 | ) |

| At 31 July 2025 | 1,649,031 |  |

| DEPRECIATION

| At 1 August 2024 | 1,212,499 |  |

| Charge for year | 111,263 |  |

| Eliminated on disposal | (27,096 | ) |

| At 31 July 2025 | 1,296,666 |  |

| NET BOOK VALUE

| At 31 July 2025 | 352,365 |  |

| At 31 July 2024 | 438,356 |  |

14. | FIXED ASSET INVESTMENTS

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

| Restated |  | Restated

£ | £ | £ | £ |

| Shares in group undertakings | - |  | - |  | 69,632,419 |  | 76,744,635 |  |

| Participating interests | 84,250 |  | 84,250 |  | - |  | - |  |

| Investment in art works | 3,741,654 |  | 3,215,723 |  | - |  | - |  |

3,825,904 |  | 3,299,973 |  | 69,632,419 |  | 76,744,635 |  |

| Additional information is as follows:

| Group

| Property

| portfolio

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 84,250 |  |

| NET BOOK VALUE

| At 31 July 2025 | 84,250 |  |

| At 31 July 2024 | 84,250 |  |

| CCA Galleries Limited

| The Art bus has been included at the Directors valuation of £420,000.

| The Directors have revalued the Art Hotel Investment based on the current proposals at £892,000.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

14. | FIXED ASSET INVESTMENTS - continued

| Group

| Investments (neither listed nor unlisted) were as follows:

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| Investments in art works, art hotel and CCA Art Bus | 3,741,654 |  | 3,215,723 |  |

| Company

| Shares in

| group

| undertakings

£ |

| COST OR VALUATION

| At 1 August 2024 | 76,744,635 |  |

| Share of profit/(loss) | 2,799,306 |  |

| Revaluations | 6,588,478 |  |

| Dividends received | (16,500,000 | ) |

| At 31 July 2025 | 69,632,419 |  |

| NET BOOK VALUE

| At 31 July 2025 | 69,632,419 |  |

| At 31 July 2024 | 76,744,635 |  |

| CCA Galleries Limited |  | 710,000 |  | 35p Ordinary Shares |  | 33.3% |  | 1,014,434 |  |

| Christies Contemporary Art Ltd |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 100 |  |

| Coriander Ltd |  | 13,850 |  | £1 Ordinary Shares |  | 100% |  | 40,594 |  |

| Gallery Online Limited |  | 99 |  | £1 Ordinary Shares |  | 100% |  | 99 |  |

| Tree Huggers Ltd |  | 160,500 |  | £1 Ordinary Shares |  | 100% |  | 163,500 |  |

| Nice Guy Pictures Ltd |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 373 |  |

| Harvest Wood Fuels Ltd |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 956 |  |

| Harvest Wood Products Ltd |  | 70,005 |  | £1 Ordinary Shares |  | 100% |  | 584,907 |  |

| Longevity Medical Clinic Ltd |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 100 |  |

| Sectorsure Ltd |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 23,331,052 |  |

| Spincrest Ltd |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 42,418,697 |  |

| Tracs Contracting Services Ltd |  | 10,000 |  | £1 Ordinary Shares |  | 100% |  | 100 |  |

| TT Construction Solutions Limited |  | 100 |  | £1 Ordinary Shares |  | 100% |  | 195,593 |  |

| Investments are stated at the underlying net asset value at 31st July 2025.

| The remaining 66.7% of the issued share capital of CCA Galleries Ltd (£1,881,914) is owned through the intermediate holding company Tree Huggers Ltd.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

15. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 August 2024 | 135,735,999 |  |

| Additions | 2,766,731 |  |

| Disposals | (3,800,771 | ) |

| Revaluations | (5,200,000 | ) |

| At 31 July 2025 | 129,501,959 |  |

| NET BOOK VALUE

| At 31 July 2025 | 129,501,959 |  |

| At 31 July 2024 | 135,735,999 |  |

| Trevellyan Developments Limited

| The investment property portfolio within Trevellyan Developments Ltd was valued on an open market basis, based upon valuations in March 2022 by Savills PLC (Fulham Road), Jones Lang LaSalle Ltd (Cricklewood Broadway and Goldhawk Road) and Avison Young (UK) Ltd (Grange and Holborough). The directors have reviewed these valuations which have all been adjusted downwards to reflect significantly higher interest rates, increasing property yields and the introduction of the Renters Rights Act on May 1st 2026. Subsequent to the year end, the company sold its freehold interest in 517-523 Fulham Road and the valuation was decreased at 31st July 2025 to reflect this sale price.

| The Hampstead site was transferred to the holding company in 2023. The Hampstead site had increased in value by £3,574,000 to reflect its redevelopment value in excess of its current-use value, following the London Borough of Camden planning committee approval in July 2024. Following an updated assessment of the scheme’s viability to reflect the increasing cost of construction and the falling value of newly-built flats in the location, the current year’s accounts reflect a decrease in value of £2m with the applicable reduction in deferred tax.

| Spincrest Limited

| During the 12-month period to 31st July 2025, Spincrest Limited has continued to improve and redevelop new properties which have been stated at Director’s assessment of market values. The overall basis of valuation at 31st July 2025 has been to adopt professional valuations carried out for the entire portfolio by a combination of Knight Frank LLP (March 2022), Savills PLC (March 2022), Vail Williams LLP (April 2022), South East Leasehold Ltd (May 2022) and Stiles Harold Williams Partnership LLP (March 2022). The Directors have adopted these professional red book valuations as they consider them to be indicative of valuations at 31st July 2025.

| The investment property cost figure of £134,881,959 below includes historical valuation movements and other movements.

| Fair value at 31 July 2025 is represented by:

£ |

| Valuation in 2025 | (5,380,000 | ) |

| Cost | 134,881,959 |  |

129,501,959 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

15. | INVESTMENT PROPERTY - continued

| Company

| Total

£ |

| FAIR VALUE

| At 1 August 2024 | 48,576,346 |  |

| Revaluations | (5,380,000 | ) |

| At 31 July 2025 | 43,196,346 |  |

| NET BOOK VALUE

| At 31 July 2025 | 43,196,346 |  |

| At 31 July 2024 | 48,576,346 |  |

| The investment property portfolio within Trevellyan Developments Ltd was valued on an open market basis, based upon valuations in March 2022 by Savills PLC (Fulham Road), Jones Lang LaSalle Ltd (Cricklewood Broadway and Goldhawk Road) and Avison Young (UK) Ltd (Grange and Holborough). The directors have reviewed these valuations which have all been adjusted downwards to reflect significantly higher interest rates, increasing property yields and the introduction of the Renters Rights Act on May 1st 2026. Subsequent to the year end, the company sold its freehold interest in 517-523 Fulham Road and the valuation was decreased at 31st July 2025 to reflect this sale price.

| The Hampstead site was transferred to the holding company in 2023. The Hampstead site had increased in value by £3,574,000 to reflect its redevelopment value in excess of its current-use value, following the London Borough of Camden planning committee approval in July 2024. Following an updated assessment of the scheme’s viability to reflect the increasing cost of construction and the falling value of newly-built flats in the location, the current year’s accounts reflect a decrease in value of £2m with the applicable reduction in deferred tax.

| The investment property cost figure of £48,576,346 above includes historical valuation movements and other movements.

16. | STOCKS

| Group |

| 31.7.25 |  | 31.7.24 |

| Restated |

£ | £ |

| Stocks | 1,528,946 |  | 1,302,407 |  |

17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

| Restated |  | Restated

£ | £ | £ | £ |

| Trade debtors | 1,053,659 |  | 1,465,697 |  | 66,425 |  | 156,104 |  |

| Amounts owed by group undertakings | - |  | - |  | 36,846,885 |  | 24,308,160 |  |

| Other debtors | 7,593,979 |  | 2,849,377 |  | 6,602,778 |  | 1,826,160 |  |

| Prepayments and accrued income | 512,131 |  | 301,956 |  | 225,353 |  | 154,970 |  |

9,159,769 |  | 4,617,030 |  | 43,741,441 |  | 26,445,394 |  |

18. | CURRENT ASSET INVESTMENTS

| Group |

| 31.7.25 |  | 31.7.24 |

| Restated |

£ | £ |

| Other | 330 |  | 330 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

| Restated |  | Restated

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 21) | 269,313 |  | 222,522 |  | - |  | - |  |

| Payments on account | 8,469 |  | 8,469 |  | - |  | - |  |

| Trade creditors | 3,644,954 |  | 3,267,796 |  | 275,045 |  | 287,202 |  |

| Amounts owed to group undertakings | - |  | - |  | 14,457,775 |  | 12,692,653 |  |

| Corporation Tax | 533,625 |  | 1,336,899 |  | - |  | - |  |

| Social security and other taxes | 530,519 |  | 591,225 |  | 103,685 |  | 64,981 |  |

| Other creditors | 2,821,433 |  | 2,443,532 |  | 588,838 |  | 592,608 |  |

| Directors' current accounts | 20,286 |  | - |  | 20,286 |  | - |  |

| Accruals and deferred income | 853,759 |  | 840,280 |  | 549,546 |  | 600,017 |  |

8,682,358 |  | 8,710,723 |  | 15,995,175 |  | 14,237,461 |  |

20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

| Restated |  | Restated

£ | £ | £ | £ |

| Bank loans (see note 21) | 42,761,876 |  | 39,747,218 |  | 36,284,836 |  | 34,464,344 |  |

| Other loans (see note 21) | 1,792,841 |  | 1,950,263 |  | 1,792,841 |  | 1,950,263 |  |

| Amounts owed to group undertakings | - |  | - |  | 222,558 |  | 222,558 |  |

| Other creditors >1 year | 15,379 |  | 15,379 |  | - |  | - |  |

| Directors' loan accounts | 415,819 |  | 644,452 |  | 415,819 |  | 644,452 |  |

44,985,915 |  | 42,357,312 |  | 38,716,054 |  | 37,281,617 |  |

21. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

| Restated |  | Restated

£ | £ | £ | £ |

| Amounts falling due within one year or on demand: |

| Bank loans | 269,313 |  | 222,522 |  | - |  | - |  |

| Amounts falling due between one and two years: |

| Bank loans - 1-2 years | 538,626 |  | 445,044 |  | - |  | - |  |

| Other creditors | 1,792,841 |  | 1,950,263 |  | 1,792,841 |  | 1,950,263 |  |

2,331,467 |  | 2,395,307 |  | 1,792,841 |  | 1,950,263 |  |

| Amounts falling due between two and five years: |

| Bank loans - 2-5 years | 42,223,250 |  | 39,302,174 |  | 36,284,836 |  | 34,464,344 |  |

| The bank loans and overdrafts are secured by way of a fixed and floating charge over the group's assets.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

22. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Rentals payable under operating leases are charged to the consolidated profit and loss account on a straight-line basis over the lease term, even if the payments are not made on such a basis, unless another systematic basis is more representative of the time pattern of the Group’s benefit.

| Benefits received and receivable as an incentive to enter into an operating lease are recognised as a reduction of rental expense over the lease term on a straight-line basis.

| Rental income receivable under operating leases from investment properties is recognised on a straight-line basis over the period of the lease. Initial direct costs incurred in negotiating and arranging operating leases are added to the carrying amount of the leased asset and recognised as an expense over the lease term on the same basis as the lease income.

| Lease payments receivable and payable under cancellable and non-cancellable operating lease agreements are disclosed in the notes to the financial statements in accordance with contractual commitments existing at the reporting date.

23. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

| Restated |  | Restated

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 211,369 |  | 211,369 |  | - |  | - |  |

| Other timing differences | 16,385,057 |  | 18,399,324 |  | 2,730,905 |  | 4,075,905 |  |

16,596,426 |  | 18,610,693 |  | 2,730,905 |  | 4,075,905 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 18,610,693 |  |

| Provided during year | (2,014,267 | ) |

| Balance at 31 July 2025 | 16,596,426 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 4,075,905 |  |

| Provided during year | (1,345,000 | ) |

| Balance at 31 July 2025 | 2,730,905 |  |

24. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.7.25 |  | 31.7.24

| value: | £ | £ |

| 100 | Ordinary shares | £1 | 100 |  | 100 |  |

| 15,000 | Preference A | £1 | 15,000 |  | 15,000 |  |

| 110,000 | Preference B | £1 | 110,000 |  | 110,000 |  |

125,100 |  | 125,100 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

25. | RESERVES

| Group

| Pre |  | Fair |

| Retained |  | acquisition |  | value |

| earnings |  | reserves |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 August 2024 | 40,262,889 |  | 3,187 |  | 54,523,023 |  | 94,789,099 |  |

| Profit for the year | 592,130 |  | 592,130 |  |

| Realisation | - |  | - |  | 4,794,489 |  | 4,794,489 |  |

| Transfer of realised profit | 2,307,475 |  | - |  | (2,307,475 | ) | - |  |

| At 31 July 2025 | 43,162,494 |  | 3,187 |  | 57,010,037 |  | 100,175,718 |  |

| Company

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 August 2024 | 13,253,730 |  | 83,985,425 |  | 97,239,155 |  |

| Profit for the year | 10,452,652 |  | 10,452,652 |  |

| Realisation | - |  | (7,112,216 | ) | (7,112,216 | ) |

| At 31 July 2025 | 23,706,382 |  | 76,873,209 |  | 100,579,591 |  |

26. | PENSION COMMITMENTS

| The Group operates defined contribution pension schemes for eligible employees.

| Contributions payable by the Group are charged to the consolidated profit and loss account in the period to which they relate.

| Differences between contributions payable during the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

| The Group has no further payment obligations once the contributions have been paid. No assets or liabilities, other than those relating to unpaid contributions at the reporting date, are recognised in respect of the schemes.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

27. | RELATED PARTY DISCLOSURES

| During the year the Group entered into transactions with related parties in the normal course of business.

| The Group has taken advantage of the exemption available under Section 33 of FRS 102 not to disclose transactions entered into between wholly owned members of the Group.

| At 31 July 2025, the Group had the following balances with related parties and connected persons:

| Mr L J P Trevellyan

| Director

| During the period the company rented boardroom and storage facilities for £36,000 (2024 - £36,000).

| Amount due to related party at the balance sheet date |  | 31.07.2025 |  | 31.07.2024 |  |

| Lance Trevellyan |  | £233,381 |  | £453,998 |  |

| Alex Trevellyan |  | £182,437 |  | £170,170 |  |

| Amounts due to related undertakings |  | 31.07.2025 |  | 31.07.2024 |  |

| Trevellyan Properties Limited |  | £475,953 |  | £409,393 |  |

| Amounts due from related undertakings |  | 31.07.2025 |  | 31.07.2024 |  |

| CCA Galleries International Limited |  | £2,401,490 |  | £1,964,445 |  |

| Trevellyan Operations Limited |  | £2,584,608 |  | £0 |  |

| Trevellyan Investments Limited |  | £1,588,234 |  | £0 |  |

| Long-term balances |  | 31.07.2025 |  | 31.07.2024 |  |

| Trevellyan Group Pension Fund |  | £1,792,841 |  | £1,950,263 |  |

| During the period CCA Galleries International Ltd charged the group management and consultancy fees of £1,015,869 (2024 £1,089,976) as follows:

|  | 31.07.2025 |  | 31.07.2024 |  |

| Trevellyan Developments Ltd |  | £475,400 |  | £550,400 |  |

| Spincrest Ltd |  | £274,510 |  | £246,320 |  |

| Sectorsure No 10 Ltd |  | £173,209 |  | £196,480 |  |

| TT Construction Solutions Ltd |  | £92,750 |  | £96,776 |  |

| The group received interest on loans outstanding amounting to £474,943 (2024 £277,200) from;

|  | 31.07.2025 |  | 31.07.2024 |  |

| CCA Galleries International Ltd |  | £366,898 |  | £277,200 |  |

| Trevellyan Operations Ltd |  | £64,431 |  | £0 |  |

| Trevellyan Investments Ltd |  | £43,614 |  | £0 |  |

| The group paid interest amounting to £192,531 (2024 £308,893) to;

|  | 31.07.2025 |  | 31.07.2024 |  |

| CCA Galleries International Ltd |  | £100,176 |  | £170,413 |  |

| Trevellyan Properties Ltd |  | £27,281 |  | £23,182 |  |

| Trevellyan Pension Scheme |  | £65,074 |  | £115,298 |  |

| The Group also held equity investments of £1,946,224 (2024 £1,744,526), together with deposits of £550,000 (2024 £550,000) relating to options over standing timber and £100,000 (2024 £100,000) in respect of options to acquire long leasehold interests.

| All related party transactions (property, construction, systems, accounting, art, outsourcing, management and consultancy) were undertaken on normal commercial terms and no guarantees were given or received in respect of these balances.

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

28. | POST BALANCE SHEET EVENTS

| The petrol station group company Sectorsure Ltd and its subsidiaries was demerged from Trevellyan Developments Limited on 9th March 2026 and now trades under its new holding company Driving Retail Holdings Limited. HMRC clearance for the demerger was granted, following which all staff, accounting, VAT and other tax, regulatory and business compliance requirements have been actioned and complied with.

29. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr L J P Trevellyan.

30. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.7.25 |  | 31.7.24

| Restated

£ | £ |

| (Loss)/profit before taxation | (2,516,582 | ) | 5,045,267 |  |

| Depreciation charges | 403,417 |  | 374,100 |  |

| Profit on disposal of fixed assets | (861 | ) | (682 | ) |

| Loss/(gain) on revaluation of fixed assets | 4,826,822 |  | (4,350,980 | ) |

| Sale of Tangible Fixed assets | (26,235 | ) | - |  |

| Finance costs | 2,867,067 |  | 3,430,018 |  |

| Finance income | (501,097 | ) | (307,777 | ) |

5,052,531 |  | 4,189,946 |  |

| (Increase)/decrease in stocks | (226,539 | ) | 185,138 |  |

| Increase in trade and other debtors | (4,542,740 | ) | (705,319 | ) |

| Increase in trade and other creditors | 707,832 |  | 1,282,864 |  |

| Cash generated from operations | 991,084 |  | 4,952,629 |  |

31. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 2,439,799 |  | 1,660,257 |  |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

| Restated |

£ | £ |

| Cash and cash equivalents | 1,660,257 |  | 1,986,107 |  |

| Trevellyan Developments Limited (Registered number: 01480424) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 July 2025

32. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,660,257 |  | 779,542 |  | 2,439,799 |  |

1,660,257 |  | 779,542 |  | 2,439,799 |  |

| Liquid resources |

| Current asset investments | 330 |  | - |  | 330 |  |

330 |  | - |  | 330 |  |

| Debt

| Debts falling due within 1 year | (222,522 | ) | (46,791 | ) | (269,313 | ) |

| Debts falling due after 1 year | (41,697,481 | ) | (2,857,236 | ) | (44,554,717 | ) |

(41,920,003 | ) | (2,904,027 | ) | (44,824,030 | ) |

| Total | (40,259,416 | ) | (2,124,485 | ) | (42,383,901 | ) |

33. | CASH AT BANK IN TRUST FOR LESSEES

| The group holds £18,680 (2024 - £18,449) as trustees for tenants for the investment properties, being for the management and maintenance of the properties.

34. | UNUSED COMMITTED BANK FACILITIES

| As at 31st July 2025 the company had access to the group's unused bank facilities amounting to £5,090,000 under a facility which is cross guaranteed between the holding company and fellow subsidiaries. In addition, group cash balances at 31st July 2025 were £2,439,799 making total funds available of £7,529,799.

35. | SECURITY FOR BANK BORROWINGS

| Sectorsure No 10 Limited’s banking facilities with Barclays Bank PLC are secured by fixed charges over certain company properties together with a debenture in favour of Barclays Bank PLC. The facilities are additionally supported by an unlimited guarantee provided by Sectorsure Limited.

36. | PRIOR YEAR ADJUSTMENT

| On 24 May 2023, Sectorsure No. 10 Ltd disposed of its BP-branded freehold petrol station at Cambridge Heath Road, London, to its parent company, Trevellyan Developments Limited.

| Following a subsequent review, a prior period adjustment of £12,049,500 has been recognised to reflect the lapse of a previously granted development planning consent and to ensure that the property was recorded on transfer at its appropriate investment value, consistent with the accounting policies applied within Trevellyan Developments Limited.

| This adjustment has resulted in a reduction in investment property and a corresponding reduction in amounts due to group undertakings.

| The adjustment has been treated as a prior period adjustment in accordance with FRS 102.