REGISTERED NUMBER: 01467107 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

Spincrest Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A H Trevellyan

Mr L J P Trevellyan

Mr L D Trevellyan

SECRETARY:

Mr L J P Trevellyan

REGISTERED OFFICE:

Estate Management Office

Greenhills Estate

Tilford Road, Tilford

Farnham

Surrey

GU10 2DZ

REGISTERED NUMBER:

01467107 (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

FIXED ASSETS

Tangible assets

6

88,522

82,119

Investments

7

100

100

Investment property

8

84,985,749

87,159,653

85,074,371

87,241,872

CURRENT ASSETS

Debtors

9

1,366,737

1,508,852

Cash at bank and in hand

221,996

87,685

1,588,733

1,596,537

CREDITORS

Amounts falling due within one year

10

(35,211,946

)

(26,442,226

)

NET CURRENT LIABILITIES

(33,623,213

)

(24,845,689

)

TOTAL ASSETS LESS CURRENT LIABILITIES

51,451,158

62,396,183

PROVISIONS FOR LIABILITIES

(9,032,461

)

(9,249,721

)

NET ASSETS

42,418,697

53,146,462

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

30,510,170

31,797,227

Retained earnings

11,908,427

21,349,135

SHAREHOLDERS' FUNDS

42,418,697

53,146,462

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

1.	STATUTORY INFORMATION

Spincrest Limited is a private company limited by shares, registered in England and Wales. The Company's registered office and principal place of business is Greenhills Estate Office, Greenhills Estate, Tilford Road, Tilford, Farnham, Surrey GU10 2DZ.

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

2.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	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.

Preparation of consolidated financial statements

The financial statements contain information about Spincrest Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trevellyan Developments Limited, .

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, Investment property is 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

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, net of value added tax and discounts.

Revenue from property-related activities is recognised when control of the goods or services has transferred to the customer. Revenue from the sale of properties is recognised on legal completion of the sale. Rental income is recognised on a straight-line basis over the period of the lease. Other property management and related service income is recognised in the accounting period in which the services are provided.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance and Straight line over 25 years

Fixtures and fittings includes solar panels which have been treated as long life fixtures and fittings assets which are being depreciated over 25 years (equivalent to 4% straight line).

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are measured at fair value at the balance sheet date. Gains or losses arising from changes in fair value since the prior reporting date, or from the date of acquisition where applicable, are recognised in the profit and loss account for the period.

Deferred tax is recognised in respect of revaluation gains on investment properties at the tax rates expected to apply on disposal of the properties, based on legislation enacted or substantively enacted at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 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 payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

Lease incentives received are recognised as an integral part of the total lease expense over the lease term.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 13 ) .

5.	AUDITORS' REMUNERATION

31.7.25

31.7.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

9,030

9,030

Total audit fees

9,030

9,030

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 August 2024

60,687

180,784

241,471

Additions

9,000

8,695

17,695

At 31 July 2025

69,687

189,479

259,166

DEPRECIATION

At 1 August 2024

59,650

99,702

159,352

Charge for year

2,041

9,251

11,292

At 31 July 2025

61,691

108,953

170,644

NET BOOK VALUE

At 31 July 2025

7,996

80,526

88,522

At 31 July 2024

1,037

81,082

82,119

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2024

and 31 July 2025

100

NET BOOK VALUE

At 31 July 2025

100

At 31 July 2024

100

Investments in subsidiary undertakings are stated at cost less impairment. The Company holds 100% of the issued share capital of Refuel & Go Limited, a company incorporated in England and Wales.

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2024

87,159,653

Additions

1,446,867

Disposals

(3,800,771

)

Revaluations

180,000

At 31 July 2025

84,985,749

NET BOOK VALUE

At 31 July 2025

84,985,749

At 31 July 2024

87,159,653

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.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Trade debtors

313,050

563,667

Amounts owed by group undertakings

358,263

213,975

Other debtors

695,424

731,210

1,366,737

1,508,852

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Amounts owed to group undertakings

33,109,261

23,668,634

Taxation and social security

248,470

1,016,463

Other creditors

1,854,215

1,757,129

35,211,946

26,442,226

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.25

31.7.24

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

value

reserve

£

At 1 August 2024

31,797,227

Transfer to P&L on Realisation

(1,287,057

)

At 31 July 2025

30,510,170

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Laxton FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

14.	PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account in the period to which they relate.

The Company has no further pension liabilities other than the contributions payable for the relevant accounting period.

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

An option to purchase standing timber surrounding the Greenhills Estate exists from LJP Trevellyan for £550,000 (2024: £550,000). The option has not been exercised to date and the payment represents a returnable deposit against the forward sale.

The director and close family members have shared equity investments in the company, the value in the company's balance sheet at 31 July 2025 is £1,946,224 (2024 - £1,744,526).

16.	ULTIMATE CONTROLLING PARTY

The controlling party is Trevellyan Developments Limited.

The ultimate controlling party is Mr L J P Trevellyan.

17.	CASH AT BANK IN TRUST FOR LESSEES

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

18.	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.

19.	OPERATING LEASES

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease.

Lease payments represent amounts payable to third parties in respect of property occupied by the Company for operational purposes. The Company has no finance lease commitments.

Any lease incentives received are recognised in the profit and loss account over the lease term on a straight-line basis.

20.	CHARGES AND SECURITIES

The company’s banking facilities are secured by fixed and floating charges over certain freehold and leasehold properties of the company together with debentures and inter-company guarantees from fellow group undertakings.

The securities include legal charges over a number of investment and development properties together with cross-guarantees provided by companies within the Trevellyan group.