REGISTERED NUMBER: 02304497 (England and Wales)

Miscombe Limited

Financial Statements for the Year Ended 30th September 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R A Barnett

REGISTERED OFFICE:

1 Jacobs Yard

North Lane

Buriton

Petersfield

Hampshire

GU31 5RR

REGISTERED NUMBER:

02304497 (England and Wales)

ACCOUNTANTS:

Sheen Stickland

Chartered Accountants

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

FIXED ASSETS

Tangible assets

4

1,362

2,393

Investments

5

10,500

15,000

Investment property

6

22,140,000

25,055,161

22,151,862

25,072,554

CURRENT ASSETS

Debtors

7

393,597

500,619

Cash at bank and in hand

1,016,829

1,111,711

1,410,426

1,612,330

CREDITORS

Amounts falling due within one year

8

(2,212,797

)

(1,411,023

)

NET CURRENT (LIABILITIES)/ASSETS

(802,371

)

201,307

TOTAL ASSETS LESS CURRENT LIABILITIES

21,349,491

25,273,861

CREDITORS

Amounts falling due after more than one year

9

(7,528,220

)

(8,867,341

)

PROVISIONS FOR LIABILITIES

(2,793,137

)

(3,419,650

)

NET ASSETS

11,028,134

12,986,870

CAPITAL AND RESERVES

Called up share capital

11

50,000

50,000

Revaluation reserve

12

10,210,689

12,912,515

Retained earnings

12

767,445

24,355

SHAREHOLDERS' FUNDS

11,028,134

12,986,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 27th June 2026 and were signed by:

R A Barnett - Director

1.	STATEMENT OF COMPLIANCE

Miscombe Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 1 Jacobs Yard, North Lane, Buriton, Petersfield, GU31 5RR. The registration number is 02304497.

These financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared under the historical cost convention, with the exception of investment properties.

The financial statements have been prepared on the going concern basis on the understanding that the immediate parent undertaking, The KDB Trust is both willing and able to continue to provide financial and other support required by the company for the foreseeable future.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before turnover is recognised:

Rent receivable

Turnover comprises rent receivable from the Company's investment properties, exclusive of value added tax where applicable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Fixtures and fittings

-

20% on cost

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

Investment property

Investment property is carried at fair value determined annually by the directors and derived from available market information. Changes in fair value are recognised in the Income Statement and no depreciation is provided on these assets.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Income Statement when there is objective evidence that the asset is impaired.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the Income Statement in the period to which they relate.

Contingent liability

A provision in relation to a contingent liability is only recognised where it is probable that the entity will be required to transfer economic benefit in settlement. Where this is only possible then a provision is not recognised and information in relation to the contingent liability is disclosed in the notes to the financial statements. Where the outcome is remote then no such disclosure is made.

Investments

Investments other than investment properties are stated at cost less any provision for impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1st October 2024

127,775

17,027

144,802

Additions

-

499

499

Disposals

-

(6,791

)

(6,791

)

At 30th September 2025

127,775

10,735

138,510

DEPRECIATION

At 1st October 2024

127,775

14,634

142,409

Charge for year

-

1,256

1,256

Eliminated on disposal

-

(6,517

)

(6,517

)

At 30th September 2025

127,775

9,373

137,148

NET BOOK VALUE

At 30th September 2025

-

1,362

1,362

At 30th September 2024

-

2,393

2,393

5.	FIXED ASSET INVESTMENTS

Other Investments

£

COST OR VALUATION

At 1st October 2024

15,000

Revaluations

(4,500

)

At 30th September 2025

10,500

NET BOOK VALUE

At 30th September 2025

10,500

At 30th September 2024

15,000

Cost or valuation at 30th September 2025 is represented by:

Total

£

Valuation 2024

(15,315

)

Valuation 2025

(4,500

)

Cost

30,315

10,500

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st October 2024

25,055,162

Additions

103,164

Revaluation

(3,018,326

)

At 30th September 2025

22,140,000

Fair Value at 30th September 2025 is represented by:

Total

£

Valuation b/f

16,581,774

Valuation 2024

-

Valuation 2025

(3,018,326

)

Cost

8,576,552

22,140,000

If investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

8,576,552

8,473,388

The properties are held at the fair value as estimated by the directors, based on their knowledge of the market and industry information.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

21,060

116,641

Amounts owed by related parties

-

229

Other debtors

16,051

13,116

Prepayments and accrued income

356,486

370,633

393,597

500,619

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,042,254

281,866

Trade creditors

65,032

68,235

Social security and other taxes

6,776

4,403

VAT

54,962

65,959

Other creditors

587,453

562,467

Accruals and deferred income

456,320

428,093

2,212,797

1,411,023

Included in Other creditors is a pension creditor balance of £862 (2024: £643).

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans repayable between 2

and 5 years

672,838

1,279,926

Bank loans repayable after 5

years

78,149

513,314

Amounts owed to related parties

6,777,233

7,074,101

7,528,220

8,867,341

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable after 5

years

78,149

513,314

78,149

513,314

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

1,793,241

2,075,106

The company has three loan facilities with Lloyds Bank PLC. These comprise two fixed interest loans and one variable interest loan. The loans are secured on seven properties (2024: seven properties). One of these properties is owned by Miscombe (London) Limited a company under common control. As at 30 September 2025, £1.793 million (2024: £2.075 million) of the facilities secured by these charges was drawn.

Interest on the fixed loans has been agreed at 4.86% until February 2026 (loan maturity in February 2031) and 5.015% (loan maturity in February 2031). Interest on the variable loan has been agreed at 3.25% over the Bank of England base rate per annum (loan maturity in February 2031).

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

50,000

Ordinary

£1

50,000

50,000

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1st October 2024

24,355

12,912,515

12,936,870

Deficit for the year

(1,958,736

)

(1,958,736

)

Transfer

2,701,826

(2,701,826

)

-

At 30th September 2025

767,445

10,210,689

10,978,134

Revaluation reserve

To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company's investment properties to the extent that they are not considered to be distributable to the company's shareholders, less any related provision for current or deferred tax.

Retained earnings

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.

13.	RELATED PARTY DISCLOSURES

During the year, Miscombe Limited incurred £120,000 (2024: £120,000) of management fees to companies which share the same ultimate parent controlling party, R A Barnett.

Included within creditors as amounts due to related party undertakings is £6,657,233 (2024: £7,074,101), these amounts are with companies which share the same ultimate parent controlling party, R A Barnett. These amounts are interest free and amounts shown as due in less than one year are repayable on demand and the amounts shown as due more than one year are repayable in one year and one day.

A company which shares the same ultimate controlling party has registered a charge over one of its investment properties in favour of the bankers of Miscombe Limited.

14.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Miscombe Property Ltd, a company incorporated in England and Wales. The ultimate controlling party is R A Barnett by virtue of being Settlor of The KDB Trust.