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# SNSE LIMITED

## Company Registration Number:
13494891 (England and Wales)

## Unaudited abridged accounts for the year ended 30 September 2025

## Period of accounts

## Start date: 01 October 2024

## End date: 30 September 2025

# SNSE LIMITED

## Contents of the Financial Statements

for the Period Ended 30 September 2025

Balance sheet |
Notes |

# SNSE LIMITED

## Balance sheet

As at 30 September 2025

| Notes | 2025 | 2024
--- | --- | --- | ---
|  | £ | £
Fixed assets
Tangible assets: | 3 | 210,414 | 3,571
Investments: | 4 | 32,584,626 | 25,920,075
Total fixed assets: |  | 32,795,040 | 25,923,646
Current assets
Debtors: | 5 | 21,562,306 | 29,053,692
Cash at bank and in hand: |  | 174,004 | 116,588
Total current assets: |  | 21,736,310 | 29,170,280
Creditors: amounts falling due within one year: | 6 | (2,788,722) | (4,198,282)
Net current assets (liabilities): |  | 18,947,588 | 24,971,998
Total assets less current liabilities: |  | 51,742,628 | 50,895,644
Creditors: amounts falling due after more than one year: | 7 | (45,000,000) | (50,000,000)
Total net assets (liabilities): |  | 6,742,628 | 895,644
Capital and reserves
Called up share capital: |  | 300 | 300
Profit and loss account: |  | 6,742,328 | 895,344
Shareholders funds: |  | 6,742,628 | 895,644

The notes form part of these financial statements

# SNSE LIMITED

## Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 16 June 2026
and signed on behalf of the board by:

Name: Mr N M M Johnston
Status: Director

The notes form part of these financial statements

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

## Turnover policy

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services Revenue from a contract to provide services is recognised in the period in which 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 transaction; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Interest income Interest income is recognised using the effective interest rate method when it is probable that the Company will receive the consideration due under the transaction and the amount of the revenue can be measured reliably.

## Tangible fixed assets and depreciation policy

Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Subsequently, tangible fixed assets are measured using the cost model or the revaluation model. Under the cost model, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Under the revaluation model, tangible fixed assets are carried at a revalued amount, being their fair value on the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses, provided that the fair value can be measured reliably. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Gains and losses on revaluation are recognised in other comprehensive income unless losses exceed previously recognised gains, in which case excess losses are recognised in profit or loss. All tangible fixed assets are considered to have a finite useful life. Assets under construction are stated at cost, including directly attributable expenditure. Depreciation is not charged on these assets until they are available for use, at which point they are transferred to the appropriate asset category and depreciated over their estimated useful lives. If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate. e. Impairment of fixed assets and goodwill Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non- financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. f. Investment property Investment property is carried at fair value determined annually by external 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 profit or loss. The valuation is based on open market value in accordance with the RICS Valuation – Global Standards.

## Other accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated. a. Basis of preparation of financial statements The financial statements have been prepared under the historic 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' (FRS 102) 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 areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The Company's functional and presentational currency is the Pound Sterling. g. 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. h. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'. i. 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 remeasured subsequently at amortised cost using the effective interest method. j. Share capital Equity shares issued are recognised at the proceeds received. Incremental costs directly attributable to the issue of new equity shares or options are shown in equity as a deduction, net of tax, from the proceeds.

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 2. Employees

| 2025 | 2024
--- | --- | ---
Average number of employees during the period | 0 | 0

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 3. Tangible Assets

| Total
--- | ---
Cost | £
At 01 October 2024 | 3,571
Additions | 210,414
Disposals | (3,571)
At 30 September 2025 | 210,414
Net book value |
At 30 September 2025 | 210,414
At 30 September 2024 | 3,571

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 4. Fixed investments

Freehold investment property Valuation 2025 At 1 October 2024 25,920,075 Additions 2,051 Changes in fair value 6,662,500 At 30 September 2025 32,584,626

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 5. Debtors

Due within one year 2025 Trade debtors 384,700 Amounts owed by joint ventures and associated undertakings 20,744,400 Prepayments and accrued income 74,516 Other debtors 358,690 Total 21,562,306 Due within one year 2024 Trade debtors 177,776 Amounts owed by joint ventures and associated undertakings 28,274,537 Prepayments and accrued income 111,971 Other debtors 489,408 Total 29,053,692 Amounts owed to related undertakings are repayable on demand

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 6. Creditors: amounts falling due within one year note

2025 Trade creditors 81,936 Amounts owed to related undertakings 2,677,400 Accruals and deferred income 29,386 Total 2,788,722 2024 Trade creditors 25,783 Amounts owed to related undertakings 4,148,068 Accruals and deferred income 24,431 Total 4,198,282 Amounts owed to other participating interests are repayable on demand and interest is charged 3% over base rate.

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

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

Bank loans 2025 45,000,000 2024 50,000,000 C Hoare & Co has loan agreements dated 20 September 2021 & 18 June 2024 with the company. At the Year end borrowings subject to guarantee were £45,000,000. C Hoare & Co also has a debenture including both fixed & floating charge over all assets forming part of the Sturton Estate & Finedon Estate owned by SNSE Limited, SNSED Limited, SNSEM Limited, SNSEM2 Limited, SNSER Limited, SNSER2 Limited, SNSER3 Limited, NSFED Limited & other assets provided by Eustace Robb Will Trust & Director Mr N M M Johnston.

# SNSE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 September 2025

## 8. Related party transactions

Name of the related party: | SNSED Limited
Relationship: | related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £5,136,500 (2024: £14,591,500) by SNSED Limited. Interest of £899,818 (2024: £575,436) was charged during the year.
£
Balance at 01 October 2024 |  | 14,591,500
Balance at 30 September 2025 |  | 5,136,500

Name of the related party: | SNSEM Limited
Relationship: | related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company owed £2,677,400 (2024: £2,235,068) to SNSEM Limited. No interest was charged during the year (2024: £130,152).
£
Balance at 01 October 2024 |  | 2,235,068
Balance at 30 September 2025 |  | 2,677,400

Name of the related party: | SNSEM2 Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £2,677,400 (2024: £2,537,000) by SNSEM2 Limited. Interest of £106,465 (2024: £97,180) was charged during the year.
£
Balance at 01 October 2024 |  | 2,537,000
Balance at 30 September 2025 |  | 2,677,400

Name of the related party: | SNSER Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £4,059,200 (2024: £3,859,100) by SNSER Limited. Interest of £188,116 (2024: £178,363) was charged during the year.
£
Balance at 01 October 2024 |  | 3,859,100
Balance at 30 September 2025 |  | 4,059,200

Name of the related party: | SNSER Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £4,059,200 (2024: £3,859,100) by SNSER Limited. Interest of £188,116 (2024: £178,363) was charged during the year.
£
Balance at 01 October 2024 |  | 3,859,100
Balance at 30 September 2025 |  | 4,059,200

Name of the related party: | SNSER2 Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £120,800 (2024: £103,000) by SNSER2 Limited. Interest of £8,251 (2024: £7,867) was charged during the year.
£
Balance at 01 October 2024 |  | 103,000
Balance at 30 September 2025 |  | 120,800

Name of the related party: | SNSER3 Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | No balance was outstanding at 30 September 2025 (2024: £42,000 receivable) by SNSER3 Limited. Interest of £1,719 (2024: £3,088) was charged during the year.
£
Balance at 01 October 2024 |  | 42,000
Balance at 30 September 2025 |  | 0

Name of the related party: | NSFED Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £7,093,500 (2024: £6,871,000) by NSFED Limited. Interest of £485,467 (2024: £163,172) was charged during the year.
£
Balance at 01 October 2024 |  | 6,871,000
Balance at 30 September 2025 |  | 7,093,500

Name of the related party: | Johnston Estate Manangement Group Limited
Relationship: | other related parties under common control through shared directorships
Description of the Transaction: | At 30 September 2025, the Company was owed £1,657,000 (2024: £1,913,000 payable) from Johnston Estate Manangement Group Limited (JEMG). During the year, the Company incurred administrative charges of £34,508 (2024: £31,261)
£
Balance at 01 October 2024 |  | 1,913,000
Balance at 30 September 2025 |  | 1,657,000