For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question 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.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Cawdor Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Cawdor, 72 Rhosmaen Street, Llandeilo, United Kingdom, SA19 6EN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company had net current liabilities at the year-end. The company relies on companies under common control, notably its parent company, for working capital funding. The directors have considered the funding required by the company for a period of at least 12 months from the date of approval of these financial statements and determined that, having taken into account the ongoing uncertainties connected with the global economy, the company will be able to generate sufficient funds to meet its liabilities as they fall due.true

Although the amount due to the parent company remains repayable on demand, the directors of the parent company have confirmed that they will not withdraw their funding to the detriment of other unsecured creditors of this company and will provide additional funding to enable the company to deliver its current business plan. As a result, the directors consider it appropriate to prepare these financial statements on the basis that the company is a going concern.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised for the period to which the work relates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

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.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Current tax liabilities are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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.

The average monthly number of persons (including directors) employed by the company during the year was:

The directors have valued the investment properties to reflect a fair market value that is strongly supported by their extensive knowledge of the commercial property market. The directors have considered the commercial property market for all locations within the property portfolio in arriving at the final valuation.

OTH Limited

Immediate parent undertaking

The related party provides working capital funding to the company. At the end of the year the outstanding balance due to OTH Limited was £10,927,973 (2024: £11,452,777). The advance is interest-free, unsecured and repayable on demand.

A management charge of £75,000 was made from the related party to the company in the year (2024: £nil).

Cawdor Arms Ltd

Fellow subsidiary company

The related party provides working capital funding to the company. It also sells goods and services to, and buys goods and services from, the company on an arms length basis. At the end of the year the outstanding balance due from Cawdor Arms Ltd was £225,190 (2024: £2,555). The advance is interest-free, unsecured and repayable on demand.

A management charge of £35,000 was made from the related party to the company in the year (2024: £nil).

Ventura Sol Limited

Fellow subsidiary company

During the period, the company provided working capital funding to the related party. At the end of the year the outstanding balance due to the related party was £2,570 (2024: £nil). The advance is interest-free, unsecured and repayable on demand.

J M Dawson

Mother of Mrs L C G Morgan

The related party has engaged the company on a property development contract on an arms length basis. Total sales by the company during the year were £828,490 (2024: £818,790). At the end of the year £12,872 had been paid on account by the related party (2024: £50,000). The debt is interest-free, unsecured and repayable on demand.

Harrington Grounds Ltd

Company under common control

The related party has engaged the company on a property development contract on an arms length basis. Total sales by the company to the related party during the year were £nil (2024: £177,453). At the end of the year £nil (2024: £100,266) was due to the company. The debt is unsecured, interest-free and repayable on demand.

Mrs L C G Morgan

Director of the company

The company lent Mrs Morgan money in a previous period. This was during the year and further sums were advanced to the company. The balance owed to the director at the end of the year was £8,864 (2024: £15,517 debtor).