REGISTERED NUMBER: 13959955 (England and Wales)

DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

DAVENPORT DEVELOPMENTS (LEICESTER)

LIMITED

Page

Company Information

1

Directors' Report

2

Independent Auditors' Report

3

Statement of Comprehensive Income

6

Statement of Financial Position

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

Mr H P Murphy (Chairman)

Mrs M A Murphy

Mr P H Murphy

Mr J J Murphy

Mrs M A Middleton

Mrs W M Linnett

SECRETARY:

Mr R H Smith FCA

REGISTERED OFFICE:

1 Westmoreland Avenue

Thurmaston

Leicester

LE4 8PH

REGISTERED NUMBER:

13959955 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

SOLICITORS:

Crane & Walton

24 De Montfort Street

Leicester

LE1 7GB

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of property investment and the ownership of hotel property operated by a subsidiary.

DIRECTORS

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

Mr H P Murphy (Chairman)

Mrs M A Murphy

Mr P H Murphy

Mr J J Murphy

Mrs M A Middleton

Mrs W M Linnett

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

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 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 company's auditors are aware of that information.

AUDITORS

Under section 487(2) of the Companies Act 2006, Magma Audit LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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:

Mr R H Smith FCA - Secretary

5 May 2026

Opinion

We have audited the financial statements of Davenport Developments (Leicester) Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 November 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Directors' Report 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 Directors' Report.

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 Directors' Report.

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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the company and the industry, we identified the principal risks of non-compliance with laws and regulations, and we consider the extent to which non-compliance might have a material effect on the financial statements such as Companies Act 2006. We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

-

discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

the valuation of investment property was reviewed with an understanding obtained for the nature of the assets in the portfolio. The valuation approach and assumptions made by the directors was assessed against the market and ensured that this was appropriate and in line with our expectations;

-

where third party data was used to support a valuation, we have reviewed the extent of their input, their independence and ability to provide such assessments;

-

assessed the carrying value of freehold property, ensuring any internal or external indications of impairment were appropriately reflected;

-

challenging assumptions made by management in other significant accounting estimates and judgements formed;

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances in the financial statements, also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through 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 Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ryan Parkin (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

5 May 2026

TURNOVER

4

4,305,861

5,899,505

Property outgoings and cost of

sales

(1,335,422

)

(3,824,741

)

GROSS PROFIT

2,970,439

2,074,764

Other operating charges

(1,871,383

)

(2,207,672

)

1,099,056

(132,908

)

Other operating income

5

813,122

459,914

Fair value movements

(490,361

)

8,578

OPERATING PROFIT

8

1,421,817

335,584

Income from shares in group undertakings

3,000,864

1,000,000

Interest receivable

9

120,490

17,320

Amounts written off investments

10

(2,764,593

)

(173,608

)

PROFIT BEFORE TAXATION

1,778,578

1,179,296

Tax on profit

11

(679,099

)

(327,909

)

PROFIT FOR THE FINANCIAL YEAR

1,099,479

851,387

OTHER COMPREHENSIVE INCOME

Revaluation of freehold land and

buildings

(3,404,946

)

1,659,835

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(3,404,946

)

1,659,835

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,305,467

)

2,511,222

FIXED ASSETS

Tangible assets

13

30,759,605

35,139,204

Investments

14

2,003,063

4,767,761

Investment property

15

20,939,750

22,054,250

53,702,418

61,961,215

CURRENT ASSETS

Stocks

16

-

579,438

Debtors: amounts falling due within one year

17

197,231

2,851,421

Debtors: amounts falling due after more than one year

17

256,267

246,842

Cash at bank and in hand

2,264,250

1,039,369

2,717,748

4,717,070

CREDITORS

Amounts falling due within one year

18

(1,934,232

)

(9,454,301

)

NET CURRENT ASSETS/(LIABILITIES)

783,516

(4,737,231

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,485,934

57,223,984

PROVISIONS FOR LIABILITIES

19

(1,801,716

)

(1,648,889

)

NET ASSETS

52,684,218

55,575,095

CAPITAL AND RESERVES

Called up share capital

20

28,120,588

28,120,588

Fair value reserve

21

(1,240,510

)

2,688,823

Retained earnings

21

25,804,140

24,765,684

SHAREHOLDERS' FUNDS

52,684,218

55,575,095

The financial statements were approved by the Board of Directors and authorised for issue on 5 May 2026 and were signed on its behalf by:

Mr H P Murphy (Chairman) - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

28,120,588

25,212,972

315,723

53,649,283

Changes in equity

Total comprehensive income

-

851,387

1,659,835

2,511,222

Dividends

-

(585,410

)

-

(585,410

)

Transfer to/from retained

earnings

-

(713,265

)

713,265

-

Balance at 30 November 2024

28,120,588

24,765,684

2,688,823

55,575,095

Changes in equity

Total comprehensive income

-

1,099,479

(3,404,946

)

(2,305,467

)

Dividends

-

(585,410

)

-

(585,410

)

Transfer to/from retained

earnings

-

524,387

(524,387

)

-

Balance at 30 November 2025

28,120,588

25,804,140

(1,240,510

)

52,684,218

1.	STATUTORY INFORMATION

Davenport Developments (Leicester) Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 1 Westmoreland Avenue, Thurmaston, Leicester, LE4 8PH and the registered number is 13959955.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied.

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 requirement of paragraph 3.17(d);

•

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);

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Davenport Developments (Leicester) 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, Charles Street Buildings Properties Limited, 1 Westmoreland Avenue, Thurmaston, Leicester, LE4 8PH.

The consolidated financial statements of Charles Street Buildings Properties Limited as at 30 November 2025 may be obtained from Companies House.

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.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue relating to rental income from investment properties is recognised on a straight line basis over the period of the lease. Where lease incentives are given they are recognised over the lease term on a straight line basis.

Dilapidation receipts are included in other operating income and recognised on receipt.

Revenue in respect of building projects represents work done and certified at the period end.

Contracts in progress

The policy used to determine the contract revenue recognised in the period is the percentage of completion method. The method used to determine the percentage of completion is to obtain third party surveys of the work performed.

Attributable profit is taken when the outcome of long-term contracts can be assessed with reasonable certainty and is included within amounts recoverable on contracts. Profit is then attributed on the basis of the percentage of work completed. Provisions are made in full for any foreseeable losses on contracts. Advance payments received from customers are shown as payments received on account and are included in creditors until there is a right to set off against the value of work undertaken.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties and land and buildings under the revaluation model, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land and buildings are initially measured at cost and subsequently carried at fair value in the statement of financial position. Fair value is determined annually by the directors based on guidance from professional valuers and is based on market evidence.

An increase in fair value is recognised in other comprehensive income, except to the extent that it is the reversal of a previous revaluation decrease which was recognised in the Statement of Comprehensive Income for the period. A decrease in fair value is recognised immediately in the statement of of comprehensive income, except to the extent that it reverses a previous revaluation surplus recognised in the profit or loss for the period.

Land is not depreciated as it does not have a finite life. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Freehold property - buildings - 50 years straight line

Hotel plant and equipment - 10 to 25 years straight line

Fixtures and fittings - 5 years straight line

Motor vehicles - 4 years reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.

Gains and losses are determined by comparing the proceeds with the carrying amount and are recognised in arriving at operating profit in the statement of comprehensive income.

Investment property

Investment property is carried at fair value determined annually by the directors based on guidance from professional valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Termination benefits

Termination benefits are recognised as a liability and expense in profit or loss when the company is demonstrably committed to terminate the employment of an employee or group of employees under a redundancy process. The company is demonstrably committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal. Termination benefits are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. The judgements and estimates are based on the management's best knowledge of the relevant facts and circumstances and have regard to prior experience, but the actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation uncertainty is contained in the accounting policies and/or the notes to the financial statements and the key areas are summarised below.

Judgements in applying accounting policies:

The directors must judge whether all of the conditions required for the rental income to be recognised in the Statement of Comprehensive Income of the financial year have been met.

Sources of estimation uncertainty:

The company carries its investment property at fair value. The directors obtain independent advice from a firm of Chartered Surveyors and estimate fair value using this information together with market data, the nature and location of specific properties and terms of tenancies.

The company carries freehold land and buildings at fair value as set out in note 2 above. The directors obtain independent advice from a firm of Chartered Surveyors and estimate fair value using this information together with market data and the performance of the hotels.

The carrying value of investment properties and land and buildings at the period end is £43,540,248 (2024: £48,403,497). A positive or negative variation of 1% in this value would result in an increase or decrease of £435,402 (2024: £484,035) in the current comprehensive income and net assets of the company, excluding any deferred tax impact.

Depreciation charges are based on estimates of the useful lives and residual values if the assets involved. The residual value of assets is an estimate of the value of the asset as it was currently at the end of its useful life.

The company carried out construction activity in the current and prior year. The directors obtain independent advice from construction consultants to assess the stage of completion and estimate the costs to complete.

4.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

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

2025

2024

£

£

Rental income

3,223,521

3,895,705

Buildings contracts

1,082,340

2,003,800

4,305,861

5,899,505

All turnover arose within the United Kingdom.

5.	OTHER OPERATING INCOME

2025

2024

£

£

Other income

2,366

1,802

Dilapidations received

337,151

200,000

Insurance proceeds

487,701

250,000

(Loss)/profit on sale of

fixed asset investment

(105

)

21,353

Loss of sale of investment

property and fixed assets

(13,991

)

(13,241

)

813,122

459,914

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

527,299

1,185,590

Social security costs

63,202

107,177

Pension contributions

13,191

7,981

603,692

1,300,748

Included in the above costs are termination benefits amounting to £53,000 (2024: £696,262) representing the full cash remuneration to be paid on settlement and associated social security costs.

The average number of employees (including directors) during the year was as follows:

2025

2024

13

11

7.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

144,000

294,000

The highest paid director received remuneration of £24,000 (2024 - £49,000).

8.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation and impairment - owned assets

916,753

836,754

Loss on disposal of investment property and fixed assets

13,991

13,241

Fair value movements - investment property

490,361

(8,578

)

Auditor's remuneration

24,800

24,255

9.	INTEREST RECEIVABLE

2025

2024

£

£

Bank interest receivable

107,879

11,882

Other interest receivable

12,611

5,438

120,490

17,320

10.

AMOUNTS WRITTEN OFF INVESTMENTS

2025

2024

£

£

Amounts written off investments

2,764,593

173,608

11.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

525,973

214,909

Adjustment to prior years

299

(17,003

)

526,272

197,906

Deferred tax:

Origination and reversal of timing differences

155,227

195,874

Adjustments to prior years

(2,400

)

(65,871

)

Total deferred tax

152,827

130,003

Tax on profit

679,099

327,909

UK corporation tax has been charged at 25% (2024: 25%).

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

1,778,578

1,179,296

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

444,645

294,824

Effects of:

Expenses not deductible for tax purposes

861,331

387,983

Dividend income not subject to tax

(750,216

)

(250,000

)

Deferred tax - plant in buildings additions and disposals

-

(16,086

)

Fair value movements not subject to tax

122,590

(2,145

)

Capital gains

2,850

(3,793

)

Adjustment to corporation tax charge in respect of previous periods

299

(17,003

)

Adjustment to deferred tax charge in respect of previous periods

(2,400

)

(65,871

)

Total tax charge

679,099

327,909

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Revaluation of freehold land and buildings

(3,404,946)

-

(3,404,946)

(3,404,946)

-

(3,404,946)

2024

Gross

Tax

Net

£

£

£

Revaluation of freehold land and buildings

1,659,835

-

1,659,835

1,659,835

-

1,659,835

12.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Paid in year

585,410

585,410