REGISTERED NUMBER: 07010122 (England and Wales)

Kenyon Forge Limited

Financial Statements

for the Year Ended 30 September 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Westhorpe

REGISTERED OFFICE:

Unit 18, Kenyon Forge

Kenyon Street

Birmingham

West Midlands

B18 6DH

REGISTERED NUMBER:

07010122 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Investment property

5

19,000,224

19,000,224

CURRENT ASSETS

Debtors

6

116,031

87,897

Cash at bank and in hand

304,707

131,327

420,738

219,224

CREDITORS

Amounts falling due within one year

7

136,440

12,484,408

NET CURRENT ASSETS/(LIABILITIES)

284,298

(12,265,184

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,284,522

6,735,040

PROVISIONS FOR LIABILITIES

8

369,170

369,170

NET ASSETS

18,915,352

6,365,870

CAPITAL AND RESERVES

Called up share capital

9

115,911

2

Share premium

10

13,895,353

-

Non distributable reserve

10

4,094,727

4,094,727

Retained earnings

10

809,361

2,271,141

SHAREHOLDERS' FUNDS

18,915,352

6,365,870

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

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

The financial statements were approved by the director and authorised for issue on 18 June 2026 and were signed by:

S Westhorpe - Director

1.	STATUTORY INFORMATION

Kenyon Forge 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.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future.

The directors have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason, along with the continued support of the directors, wider group and strong associates, they are continuing to adopt the going concern basis.

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.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Investment property interim valuations - Management have extensive experience holding a significant portfolio of investment properties within a wider group, carrying out interim year end assessments of continued carrying value based on the market, future rental streams and general condition and demand in the area for type of property held. Any anticipated longer term movements are provided as necessary.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

and 30 September 2025

19,000,224

NET BOOK VALUE

At 30 September 2025

19,000,224

At 30 September 2024

19,000,224

The valuations were made at 30 September 2025 by the Director, who consider himself sufficiently experienced to perform such valuations. In doing so, the Director has taken into consideration advice proffered by professionals of an indicative sales value of the entire development together with due allowance made for the continuing uncertainty within the marketplace.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

(1,800

)

2,504

Other debtors

117,831

85,393

116,031

87,897

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Tenant deposits

31,662

30,374

Trade creditors

91,267

34,481

Amounts owed to group undertakings

-

12,411,765

Taxation and social security

3,660

7,788

Other creditors

9,851

-

136,440

12,484,408

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

369,170

369,170

Deferred

tax

£

Balance at 1 October 2024

369,170

Balance at 30 September 2025

369,170

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100,000

Ordinary

£1

100,000

2

15,911,264

Preference

£0.001

15,911

-

115,911

2

During the year, the company made a bonus issue of 49,999 £1 ordinary shares for every £1 ordinary share held, funded out of distributable reserves.

In connection with debt-to-equity transactions, the company issued 12,311,365 and 3,599,899 preference shares, respectively, at nominal value of £0.001 per share, together with a share premium of £0.999 per share. The preference shares carry no voting rights, no entitlement to dividends, and are entitled only to a return of capital equal to the issue price. The preference shares are redeemable at the option of the company.

10.

RESERVES

Non

Retained

Share

distributable

earnings

premium

reserve

Totals

£

£

£

£

At 1 October 2024

2,271,141

-

4,094,727

6,365,868

Profit for the year

238,218

238,218

Dividends

(3,600,000

)

(3,600,000

)

Bonus share issue

(99,998

)

-

-

(99,998

)

Preference share issue

-

15,895,353

-

15,895,353

Capital reduction

2,000,000

(2,000,000

)

-

-

At 30 September 2025

809,361

13,895,353

4,094,727

18,799,441

During the year a resolution was passed for a capital reduction of share premium of £2,000,000, which was credited to a distributable reserve.

Non distributable reserves contain all current and prior period valuation movements on investment property.

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

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)

for and on behalf of TC Group

12.	RELATED PARTY DISCLOSURES

During the year, the company entered into transactions with its then intermediate parent undertaking, Zyox Limited, including the issue of preference shares in settlement of amounts owed and the settlement of dividends through intra-group arrangements.

At the balance sheet date, the amount owing to Zyox Limited, which following a later and wider group reorganisation is a company in which the director is both a director and a trustee of its controlling trust, was £nil (2024: £12,411,765). The amounts were secured by way of a debenture over the assets of the company, repayable on demand and non-interest bearing.

13.	POST BALANCE SHEET EVENTS

Subsequent to the year end, significant remedial works commenced in relation to the replacement and upgrading of external wall cladding systems at the property, following industry-wide fire safety reviews.

The majority of the qualifying fire safety and remediation costs are subject to an application to funding from recognised government schemes.

The director considers this to be a non-adjusting post balance sheet event.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Ligertwood.

Following implementation of a wider group reorganisation programme, at the year end the immediate and ultimate parent company is Manxprop Limited, a company incorporated in England and Wales.