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

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

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

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.

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.

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

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.

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.

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

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.

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.

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

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

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

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

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

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

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

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