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Company No: 02480066 (England and Wales)

# KIMBERLEY DEVELOPMENTS LIMITED

### Unaudited Financial Statements
For the financial year ended 30 June 2025
Pages for filing with the registrar

KIMBERLEY DEVELOPMENTS LIMITED

## Unaudited Financial Statements

For the financial year ended 30 June 2025

Contents

KIMBERLEY DEVELOPMENTS LIMITED

## COMPANY INFORMATION

For the financial year ended 30 June 2025
KIMBERLEY DEVELOPMENTS LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 30 June 2025

DIRECTORS | H M B Caseley
| P M Pearce

SECRETARY | J M Bridgford

REGISTERED OFFICE | 33 St. James's Street
| London
| SW1A 1HD
| United Kingdom

COMPANY NUMBER | 02480066 (England and Wales)

ACCOUNTANT | S&W Partners LLP
| Stonecross
| Trumpington High Street
| Cambridge
| CB2 9SU

KIMBERLEY DEVELOPMENTS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 30 June 2025
KIMBERLEY DEVELOPMENTS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 5 | 98,798 |  | 48,193
Investment property | 6 | 19,077,621 |  | 15,491,284
Investments | 7 | 480,662 |  | 111,232
|  | 19,657,081 |  | 15,650,709
Current assets |  |  |  |
Stocks | 8 | 2,731,582 |  | 3,193,708
Debtors | 9 | 452,936 |  | 214,569
Cash at bank and in hand | 10 | 3,333,573 |  | 3,151,214
|  | 6,518,091 |  | 6,559,491
Creditors: amounts falling due within one year | 11 | ( 6,543,651) |  | ( 2,732,952)
Net current (liabilities)/assets |  | (25,560) |  | 3,826,539
Total assets less current liabilities |  | 19,631,521 |  | 19,477,248
Creditors: amounts falling due after more than one year | 12 | ( 5,111,750) |  | ( 5,170,338)
Provision for liabilities | 13 | ( 1,514,025) |  | ( 1,569,848)
Net assets |  | 13,005,746 |  | 12,737,062
Capital and reserves |  |  |  |
Called-up share capital |  | 50,000 |  | 50,000
Revaluation reserve |  | 5,169,686 |  | 5,075,371
Profit and loss account |  | 7,786,060 |  | 7,611,691
Total shareholder's funds |  | 13,005,746 |  | 12,737,062

For the financial year ending 30 June 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kimberley Developments Limited (registered number: 02480066) were approved and authorised for issue by the Board of Directors on 18 June 2026. They were signed on its behalf by:

H M B Caseley Director |

KIMBERLEY DEVELOPMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025
KIMBERLEY DEVELOPMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Kimberley Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 33 St. James's Street, London, SW1A 1HD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Kimberley Developments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.

##### Going concern

The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

##### Turnover

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. The following criteria must also be met before revenue is recognised:
- Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Turnover comprises revenue recognised by the company in respect of development projects and professional fees for other services.
- Development activities
In respect of long term contracts turnover is stated at cost appropriate to the contracts's stage of completion plus attributable profits, less amounts recognised in prior years.
Turnover in respect of other services is recognised in the period in which contractual delivery is completed.
- Investment activity
Rental income is recognised in the period for which it is receivable and is disclosed as Other operating income.
All turnover is exclusive of value added tax and trade discounts (where applicable).

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

##### Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | depreciated over the life of the lease
Vehicles | 4 years straight line
Office equipment | 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Stocks

Profit on long-term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as the proportion of total contract value accrued to date, usually based upon the proportion of contract costs incurred to the balance sheet date compared to total expected costs. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first
foreseen.
Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.
Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account. Excess payments on account are included in creditors.
In accordance with guidance, pre-contract costs, significant costs incurred in initial processes and before a contract is secured where recoverability is uncertain, are written off to profit and loss account as incurred.
Short term work in progress is valued at the lower of cost and net realisable value after making due allowance for amounts not recoverable. Costs include all direct costs incurred in development projects.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

##### Subsidiaries and joint ventures

Investments in subsidiaries are measured at cost less accumulated impairment.
Joint Ventures are held at cost less impairment.
The company's share of profits and losses from its investments in unincorporated arrangements are accounted for on a direct basis and included in the profit and loss accounts, under the relevant categories of income and expenditure. The company's share of the carrying values of investments properties, work in progress and other assets and liabilities are recognised within the appropriate balance sheet categories.

#### 2. Prior year adjustment

During the year, the Directors identified inconsistencies in the prior year treatment of profits arising on land sales and the recharge of infrastructure costs. The comparative figures have therefore been restated to correct this error. As a result, investment property has increased by £244,459, with a corresponding increase in profit. This adjustment has increased prior year profit and opening retained earnings by £244,459.
Following this adjustment, there was an additional tax charge of £61,115.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 3 |  | 3

#### 4. Dividends on equity shares

| 2025 |  | 2024
| £ |  | £
Amounts recognised as distributions to equity holders in the financial year: |  |  |
Equity dividends paid | 661,544 |  | 700,990

#### 5. Tangible assets

| Leasehold improve- ments |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 July 2024 | 1,776 |  | 234,820 |  | 38,712 |  | 275,308
Additions | 0 |  | 95,900 |  | 1,041 |  | 96,941
Disposals | 0 |  | ( 99,181) |  | 0 |  | ( 99,181)
At 30 June 2025 | 1,776 |  | 231,539 |  | 39,753 |  | 273,068
Accumulated depreciation |  |  |  |  |  |  |
At 01 July 2024 | 0 |  | 192,146 |  | 34,969 |  | 227,115
Charge for the financial year | 0 |  | 45,137 |  | 849 |  | 45,986
Disposals | 0 |  | ( 98,831) |  | 0 |  | ( 98,831)
At 30 June 2025 | 0 |  | 138,452 |  | 35,818 |  | 174,270
Net book value |  |  |  |  |  |  |
At 30 June 2025 | 1,776 |  | 93,087 |  | 3,935 |  | 98,798
At 30 June 2024 | 1,776 |  | 42,674 |  | 3,743 |  | 48,193
Leased assets included above: |  |  |  |  |  |  |
Net book value |  |  |  |  |  |  |
At 30 June 2025 | 0 |  | 93,087 |  | 0 |  | 93,087
At 30 June 2024 | 0 |  | 42,674 |  | 0 |  | 42,674

#### 6. Investment property

| Investment property
| £
Valuation |
As at 01 July 2024 | 15,491,284
Additions | 3,492,022
Fair value movement | 94,315
As at 30 June 2025 | 19,077,621

The 2025 valuations were by the directors on an open market value, existing use basis, taking account of recent independent external professional valuations.

#### 7. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 July 2024 | 110,682
Additions | 369,430
At 30 June 2025 | 480,112
Carrying value at 30 June 2025 | 480,112
Carrying value at 30 June 2024 | 110,682

| Investments in joint ventures |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 July 2024 | 550 |  | 550
At 30 June 2025 | 550 |  | 550
Carrying value at 30 June 2025 | 550 |  | 550
Carrying value at 30 June 2024 | 550 |  | 550

#### 8. Stocks

| 2025 |  | 2024
| £ |  | £
Work in progress | 2,731,582 |  | 3,193,708

No provisions for impairment losses were deducted in the carrying value of work in progress (2024 £Nil).

#### 9. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 44,977 |  | 47,452
Amounts owed by joint ventures | 4,512 |  | 0
Amounts owed by related parties | 12,254 |  | 0
Prepayments and accrued income | 167,009 |  | 114,014
Other taxation and social security | 143,938 |  | 0
Other debtors | 80,246 |  | 53,103
| 452,936 |  | 214,569

#### 10. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 3,333,573 |  | 3,151,214

#### 11. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 50,000 |  | 50,000
Trade creditors | 163,342 |  | 4,556
Amounts owed to Group undertakings | 1,999,797 |  | 2,059,808
Amounts owed to joint ventures | 82 |  | 0
Amounts owed to associates | 3,572,254 |  | 0
Amounts owed to directors | 43,037 |  | 0
Accruals and deferred income | 320,016 |  | 432,582
Taxation and social security | 278,157 |  | 136,923
Obligations under finance leases and hire purchase contracts | 14,964 |  | 7,690
Other creditors | 102,002 |  | 41,393
| 6,543,651 |  | 2,732,952

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

#### 12. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 4,991,500 |  | 5,106,500
Obligations under finance leases and hire purchase contracts | 108,400 |  | 63,838
Other creditors | 11,850 |  | 0
| 5,111,750 |  | 5,170,338

Bank loans included in notes 10 are due for repayment by June 2026.
Loans are secured by a first legal charge over certain property assets, a floating charge over other assets and a group cross guarantee.

#### 13. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 1,569,848) |  | ( 1,473,628)
Credited/(charged) to the Profit and Loss Account | 55,823 |  | ( 96,220)
At the end of financial year | ( 1,514,025) |  | ( 1,569,848)

The deferred taxation balance is made up as follows:

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | ( 319,182) |  | ( 278,417)
Revaluation of investment property | ( 1,194,843) |  | ( 1,291,431)
| ( 1,514,025) |  | ( 1,569,848)

#### 14. Financial commitments

Commitments

Capital commitments are as follows:

| 2025 |  | 2024
| £ |  | £
Contracted for but not provided for: |  |  |
Finance leases entered into | 0 |  | 71,528

#### 15. Contingencies

Contingent liabilities

| 2025 |  | 2024
| £ |  | £
Total contingent liabilities | 1,180,041 |  | 1,560,502

The company, together with its fellow subsidiary undertakings and parent undertaking, has entered into a composite banking arrangement to secure group banking facilities. As part of this arrangement the company is party to a cross guarantee in favour of the bank.
The net liabilities (after set off of balances in hand) covered by this guarantee at the balance sheet date were £1,180,041 (2024 £1,560,502).

#### 16. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts due from companies under common directorship | 12,254 |  | 0
Amounts owed to Joint Arrangements | 3,572,836 |  | 504,733

During the year, the company made sales to related parties totalling £950,444 (2024: £303,224). These related parties comprise companies in which a director of the company also serves as a director.
All transactions with related parties were conducted in the normal course of business and on an arm’s‑length basis.
All the amounts unsecured, interest free and repayable on demand, and there are no fixed repayment terms.

#### 17. Ultimate controlling party

Parent Company:

Kimberley Securities Limited
33 St. James's Street London SW1A 1HD

The company’s immediate parent undertaking is Kimberley Securities Limited, a company incorporated in England and Wales. The directors consider that there is no ultimate controlling party.