REGISTERED NUMBER: 07904899 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 30 September 2025

for

Ivor King Properties Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

S M King

I King

A J King

REGISTERED OFFICE:

Haunchwood Park Industrial Estate

Galley Common

Nuneaton

CV10 9SP

REGISTERED NUMBER:

07904899 (England and Wales)

AUDITORS:

Gopsall Audit Services Limited

Chartered Accountants

Statutory Auditor

First Floor

7 Marina Court

Maple Drive

Hinckley

Leicestershire

LE10 3BF

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property management.

DIRECTORS

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

S M King

I King

A J King

DIRECTORS’ INDEMNITIES

As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to the date of approval of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S M King - Director

4 June 2026

Opinion

We have audited the financial statements of Ivor King Properties Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 30 September 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property and rental sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 4 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators such as the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Peter White (Senior Statutory Auditor)

for and on behalf of Gopsall Audit Services Limited

Chartered Accountants

Statutory Auditor

First Floor

7 Marina Court

Maple Drive

Hinckley

Leicestershire

LE10 3BF

4 June 2026

TURNOVER

5

518,325

513,805

Administrative expenses

289,003

299,839

OPERATING PROFIT

7

229,322

213,966

Gain/(loss) on revaluation of investment property

(5,000

)

(245,000

)

224,322

(31,034

)

Interest payable and similar expenses

8

103,130

113,695

PROFIT/(LOSS) BEFORE TAXATION

121,192

(144,729

)

Tax on profit/(loss)

9

(1,730

)

(28,730

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

122,922

(115,999

)

PROFIT/(LOSS) FOR THE YEAR

122,922

(115,999

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

122,922

(115,999

)

FIXED ASSETS

Tangible assets

10

4,768,987

4,769,611

Investment property

11

1,400,000

1,405,000

6,168,987

6,174,611

CURRENT ASSETS

Debtors

12

81,625

70,607

Cash at bank

50,296

31,888

131,921

102,495

CREDITORS

Amounts falling due within one year

13

3,109,743

3,077,987

NET CURRENT LIABILITIES

(2,977,822

)

(2,975,492

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,191,165

3,199,119

CREDITORS

Amounts falling due after more than one year

14

(2,244,267

)

(2,373,413

)

PROVISIONS FOR LIABILITIES

18

(236,674

)

(238,404

)

NET ASSETS

710,224

587,302

CAPITAL AND RESERVES

Called up share capital

19

100

100

Revaluation reserve

20

656,045

656,045

Retained earnings

20

54,079

(68,843

)

SHAREHOLDERS' FUNDS

710,224

587,302

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:

S M King - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

100

47,156

656,045

703,301

Changes in equity

Deficit for the year

-

(115,999

)

-

(115,999

)

Total comprehensive income

-

(115,999

)

-

(115,999

)

Balance at 30 September 2024

100

(68,843

)

656,045

587,302

Changes in equity

Profit for the year

-

122,922

-

122,922

Total comprehensive income

-

122,922

-

122,922

Balance at 30 September 2025

100

54,079

656,045

710,224

1.	STATUTORY INFORMATION

Ivor King Properties 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 Company Information page.

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

The financial statements have been rounded to the nearest Pound (£).

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and building and certain financial assets and liabilities measured at fair value through profit or loss.

The preparation of financial statement in conformity with FRS102 requires the use of certain critical accounting estimates. It also required management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statement are disclosed within the notes to the accounts.

Going Concern

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements.

The company has net current liabilities of £3,030,785 (2024: £2,975,492) and net assets of £657,262 (2024: £587,302). Within current liabilities are £2,935,097 (2024: £2,760,907) owed to group undertakings. Other group undertakings have agreed to continue to support the company to meet its liabilities as they fall due.

The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

Related party exemption

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.

Turnover

Revenue from rental income is recognised evenly over the period of rental.

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

-

1% on reducing balance

Improvements to property

-

15% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Depreciation of assets commences once the assets are fit for purpose.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Financial instruments

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

Cash and cash equivalents

These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of

three months or less.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for

estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

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 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.

The tax rates applied in calculating the deferred tax provision are:

Deferred tax on accelerated capital allowances is calculated at 25% (2024 - 25%).

Deferred tax on losses is calculated at 25% (2024 - 25%).

Deferred tax on other timing differences is calculated at 25% (2024 - 25%).

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future event's that are believed to be reasonable under the circumstance.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utlilisation and the physical condition of the asset. The net carrying amount of tangible fixed assets is disclosed in note 10 to the financial statements.

Valuation of investment property

The directors reassess the fair value of investment property annually using either a qualified surveyor or the directors opinion of the properties' fair values. Investment property has been revalued as at balance sheet date in accordance with the valuation prepared in the year as disclosed in note 11. The valuation prepared in the year was prepared in accordance with the RICS Valuation - Global standards 2024, which as with all property valuations, requires the use of professional judgement and professional estimates. Details of the qualifications of the valuers and the carrying value of investment property are disclosed in note 11 to the financial statements.

5.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.9.25

30.9.24

£

£

Rent

518,325

513,805

518,325

513,805

6.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2025 nor for the year ended 30 September 2024.

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

30.9.25

30.9.24

£

£

Directors' remuneration

-

-

7.	OPERATING PROFIT/(LOSS)

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

30.9.25

30.9.24

£

£

Depreciation - owned assets

102,336

96,230

Auditors remuneration is disclosed within the group consolidated financial statements.

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.25

30.9.24

£

£

Bank loan interest

103,130

113,695

9.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

30.9.25

30.9.24

£

£

Deferred tax

(1,730

)

(28,730

)

Tax on profit/(loss)

(1,730

)

(28,730

)

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.25

30.9.24

£

£

Profit/(loss) before tax

121,192

(144,729

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

30,298

(36,182

)

Effects of:

Expenses not deductible for tax purposes

495

661

Depreciation in excess of capital allowances

20,439

21,621

Other timing differences

-

(1,350

)

Group relief

(52,962

)

(13,480

)

Total tax credit

(1,730

)

(28,730

)

Deferred tax is analysed in note 18. The timing of the reversal of deferred tax assets and liabilities is uncertain as it depends on uncertain future events.

10.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

Plant and

and

property

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 October 2024

4,704,081

253,159

46,970

62,784

5,066,994

Additions

-

-

-

101,712

101,712

At 30 September 2025

4,704,081

253,159

46,970

164,496

5,168,706

DEPRECIATION

At 1 October 2024

212,603

54,234

17,256

13,290

297,383

Charge for year

44,915

29,839

5,943

21,639

102,336

At 30 September 2025

257,518

84,073

23,199

34,929

399,719

NET BOOK VALUE

At 30 September 2025

4,446,563

169,086

23,771

129,567

4,768,987

At 30 September 2024

4,491,478

198,925

29,714

49,494

4,769,611

All of the company's Freehold Property is used within the group.

Tangible fixed assets with a net book value of £4,446,563 (2024: £4,491,478) have been pledged as security for liabilities of the company. These assets have restricted titles. Further details are included in note 16.

11.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

1,405,000

Revaluations

(5,000

)

At 30 September 2025

1,400,000

NET BOOK VALUE

At 30 September 2025

1,400,000

At 30 September 2024

1,405,000

All investment property is rented outside of the group.

In the opinion of the directors the Investment property is stated at its fair value. The directors have used an independent professional valuation dated 30 September 2025 by qualified MRICS valuers of BNP Paribas Real Estate with knowledge of the local and national particular property market and prepared in accordance with the RICS Valuation - Global Standards 2024. Details on the assumptions made and the key sources of estimation uncertainty are given in note 4.

The loss on revaluation of Investment property arising of £5,000 (2024: £245,000) has been debited to the profit and loss for the year.

Investment property with a fair value of £1,400,000 (2024: £1,405,000) has been pledged as security for liabilities of the company. Further details are included in note 16.

All other tangible fixed assets are stated at historical cost less depreciation and impairments.

Fair value at 30 September 2025 is represented by:

£

Valuation in 2024

1,405,000

Valuation in 2025

(5,000

)

1,400,000

If investment property had not been revalued, it would have been included at the following historical cost:

Cost - £648,449, Accumulated Depreciation - £78,020, Net Book Value - £570,429.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade debtors

13,080

8,320

Prepayments and accrued income

68,545

62,287

81,625

70,607

Lessor - operating leases

Minimum lease receipts as they fall due:

Non-cancellable operating leases

30.9.25

30.9.24

£

£

Within one year

406,800

441,801

Between one and five years

1,311,100

1,168,300

In more than five years

20,416

296,416

1,738,316

1,876,517

The leases relate to rental of property.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Bank loans and overdrafts (see note 15)

129,155

261,472

Trade creditors

34,003

33,455

Amounts owed to group undertakings

2,935,097

2,760,907

VAT

3,556

14,221

Accruals and deferred income

7,932

7,932

3,109,743

3,077,987

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.25

30.9.24

£

£

Bank loans (see note 15)

2,244,267

2,373,413

15.

LOANS

An analysis of the maturity of loans is given below:

30.9.25

30.9.24

£

£

Amounts falling due within one year or on demand:

Bank loans

129,155

261,472

30.9.25

30.9.24

£

£

Amounts falling due between one and two years:

Bank loans

121,327

129,203

Amounts falling due between two and five years:

Bank loans

395,182

379,577

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,727,758

1,864,633

Loans payable by the company are summarised below:

- As at 30 September 2025 the balance outstanding relating to initial loan borrowings of £700,000 was £12,719 which is repayable in instalments finishing in October 2025. Interest rate is 3.71% fixed until October 2025.

- As at 30 September 2025 the balance outstanding relating to initial loan borrowings of £2,900,000 was £2,379,626 which is repayable in instalments finishing in October 2040. Interest rate is 3.98% fixed until June 2026.

16.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.25

30.9.24

£

£

Bank loans

2,373,422

2,634,885

Further to the disclosures in notes 10 and 11, HSBC UK Bank plc holds various fixed and floating charges over the property and undertakings of the company.

The company is also entered into a cross guarantee in respect of other group companies.

Further information in relation to the cross guarantee and charges can be found at Companies House.

17.	FINANCIAL INSTRUMENTS

Amortised cost

The carrying amount of the company's financial instruments measured at amortised cost are as follows:

30.9.25

30.9.24

£

£

Financial liabilities

- Loans and borrowings (note 16)

2,373,422

2,634,885

The income, expenses, net gains and net losses attributable to the company's financial instruments measured at amortised cost are summarised as follows:

30.9.25

30.9.24

Expense: interest charge

Financial liabilities measured at amortised cost (note 8)

103,130

113,695

Details on the loan interest rates and term, and accordingly the exposure of the company to credit risk and interest rate risk, are included in note 15. Details of the loan security are included in note 16.