Company registration number 08788959 (England and Wales)
HORSTED ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HORSTED ESTATES LIMITED
COMPANY INFORMATION
Directors
Mrs D S Jenkins
Mr C J Hunt
Secretary
Mr S D Rebbetts
Company number
08788959
Registered office
East Sussex National
Little Horsted
Uckfield
East Sussex
TN22 5ES
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
HORSTED ESTATES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 26
HORSTED ESTATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company and group continued to be that of owning and operating the East Sussex National hotel and golf resort. In addition, the group owns and operates the Horsted Place hotel and operates the Singing Hills golf course. Food and beverages are sold in relation to the restaurants and bars at these establishments.

Results and performance

The group’s results for the year are set out on page 8 and show a loss on ordinary activities before taxation of £1,230,6 67 (2024 -​ £1,595,833). The shareholders’ funds total £58,644,9 80 (2024 -​ £54,840,647).

Business environment and strategy

The markets in which the group operate are highly competitive as there are numerous other local golf courses and hotels competing for the same business.

The group endeavours to maintain their golf courses and hotels to the highest possible standard to distinguish them from the competition to mitigate this risk. A programme of refurbishment and improvement to the hotels to improve customer experience has been ongoing and the drainage improvement programme has also continued at Singing Hills with the aim of extending the playing season.

The group continues to invest in its personnel and the directors recognise the key role that its employees play in the success of the business and achieving customer satisfaction.

Key performance indicators

The directors recognise the challenging climate in which the group operates and, particularly in the hotel sector, the importance of industry expertise to monitor and maximise potential by outsourcing some operational elements to specialists in the field. The directors liaise on a regular basis with these specialists to monitor occupation rates, margins, customer satisfaction etc. Other key performance indicators are revenue and profit. Revenue has seen a 13% increase (2024 -​ 6%) from the comparative year from £13.24m to £14.91m.

Principal risks and uncertainties

The directors consider the principal risks inherent in the businesses to be competition, financial and climate and have in place (so far as is possible for climate) systems to monitor and mitigate them. The unpredictability of the weather can have a significant impact on the golf courses in particular but mitigating measures to make the courses more resilient have been and continue to be implemented.

Competition in the sector remains and is likely to become more intense. Maintaining and improving quality, improving customer satisfaction and operational efficiency gains are key to staying ahead of the competition for the long-​term benefit of the group.

The group is fortunate to be predominantly financed by the shareholders. Short-​term liquidity is managed through moving cash within the group.

Charity/​Community

The directors encourage the business to play a role in the local community by hosting charitable and community events at reduced charge.

HORSTED ESTATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

On behalf of the board

Mrs D S Jenkins
Director
9 July 2026
HORSTED ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company and group continued to be that of owning and operating the East Sussex National hotel and golf resort. In addition the group owns and operates the Horsted Place hotel and operates the Singing Hills golf course. Food and beverages are sold in relation to the restaurants and bars at these establishments.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs D S Jenkins
Mr C J Hunt
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

T he directors believe that there are currently no major future developments requiring disclosure.

Auditor

The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mrs D S Jenkins
Director
9 July 2026
HORSTED ESTATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HORSTED ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HORSTED ESTATES LIMITED
- 5 -
Opinion

We have audited the financial statements of Horsted Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HORSTED ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HORSTED ESTATES LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

- Obtaining an understanding of the group’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and

- Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the compan ies and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, the valuation of investment properties and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

- Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions and judgements made by management in their significant accounting estimates in relation to depreciation of fixed assets, the carrying value of freehold properties, the valuation of investment properties and the carrying value investments in subsidiaries; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

HORSTED ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HORSTED ESTATES LIMITED
- 7 -

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
10 July 2026
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
HORSTED ESTATES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Revenue
3
14,914,761
13,237,850
Cost of sales
(9,908,107)
(9,095,742)
Gross profit
5,006,654
4,142,108
Administrative expenses
(6,468,901)
(6,060,439)
Other operating income
144,344
181,898
Operating loss
4
(1,317,903)
(1,736,433)
Investment income
98,052
148,602
Finance costs
(10,816)
(8,002)
Loss before taxation
(1,230,667)
(1,595,833)
Tax on loss
7
-
0
-
0
Loss for the financial year
(1,230,667)
(1,595,833)
Other comprehensive income
Tax relating to other comprehensive income
-
0
240,000
Total comprehensive income for the year
(1,230,667)
(1,355,833)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HORSTED ESTATES LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
50,310,554
51,311,086
Investment properties
10
4,572,000
4,572,000
54,882,554
55,883,086
Current assets
Inventories
13
296,121
315,661
Trade and other receivables
14
730,610
859,082
Cash and cash equivalents
5,621,496
5,937,764
6,648,227
7,112,507
Current liabilities
15
(2,800,938)
(7,962,081)
Net current assets/(liabilities)
3,847,289
(849,574)
Total assets less current liabilities
58,729,843
55,033,512
Non-current liabilities
16
(84,863)
(192,865)
Net assets
58,644,980
54,840,647
Equity
Called up share capital
19
42,467,493
37,432,493
Revaluation reserve
19,190,961
19,478,131
Retained earnings
20
(3,013,474)
(2,069,977)
Total equity
58,644,980
54,840,647
The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
09 July 2026
Mrs D S Jenkins
Director
HORSTED ESTATES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
11
30,000,000
30,000,000
Current assets
Cash and cash equivalents
4,205,791
5,416,299
Current liabilities
15
(6,505)
(5,036,200)
Net current assets
4,199,286
380,099
Net assets
34,199,286
30,380,099
Equity
Called up share capital
19
42,467,493
37,432,493
Retained earnings
(8,268,207)
(7,052,394)
Total equity
34,199,286
30,380,099

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s loss for the year was £1,215,813 (2024 - £1,543,153 loss).

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
09 July 2026
Mrs D S Jenkins
Director
Company Registration No. 08788959
HORSTED ESTATES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2024
37,432,493
19,525,301
(761,314)
56,196,480
Year ended 31 December 2024:
Loss for the year
-
-
(1,595,833)
(1,595,833)
Other comprehensive income:
Tax relating to other comprehensive income
-
240,000
-
0
240,000
Total comprehensive income
-
240,000
(1,595,833)
(1,355,833)
Transfers
-
(287,170)
287,170
-
Balance at 31 December 2024
37,432,493
19,478,131
(2,069,977)
54,840,647
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(1,230,667)
(1,230,667)
Issue of share capital
19
5,035,000
-
-
5,035,000
Transfers
-
(287,170)
287,170
-
Balance at 31 December 2025
42,467,493
19,190,961
(3,013,474)
58,644,980
HORSTED ESTATES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
37,432,493
(5,509,242)
31,923,251
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(1,543,152)
(1,543,152)
Balance at 31 December 2024
37,432,493
(7,052,394)
30,380,099
Year ended 31 December 2025:
Profit and total comprehensive income
-
(1,215,813)
(1,215,813)
Issue of share capital
19
5,035,000
-
5,035,000
Balance at 31 December 2025
42,467,493
(8,268,207)
34,199,286
HORSTED ESTATES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
284,089
(284,356)
Interest paid
(10,816)
(8,002)
Net cash inflow/(outflow) from operating activities
273,273
(292,358)
Investing activities
Purchase of property, plant and equipment
(567,155)
(1,178,938)
Proceeds from disposal of property, plant and equipment
50,362
16,067
Interest received
98,052
148,602
Net cash used in investing activities
(418,741)
(1,014,269)
Financing activities
Payment of finance leases obligations
(170,800)
(185,826)
Net cash used in financing activities
(170,800)
(185,826)
Net decrease in cash and cash equivalents
(316,268)
(1,492,453)
Cash and cash equivalents at beginning of year
5,937,764
7,430,217
Cash and cash equivalents at end of year
5,621,496
5,937,764
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Horsted Estates Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is East Sussex National, Little Horsted, Uckfield, East Sussex, TN22 5ES.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Horsted Estates Limited together with all entities controlled by the parent company (its subsidiaries).

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

All financial statements are made up to 31 December 2025 and a ll intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

As at 31 December 202 5 the group and company made losses and the company showed negative retained earnings. The group and company previously met their working capital requirements by way of a loan from the shareholders, this was was converted to share capital during the year.

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Revenue i s recognised in the period during which the group becomes entitled to consideration for goods supplied or services rendered.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

1.6
Property, plant and equipment

Property, plant and equipment 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:

Freehold land and buildings
2% on straight line basis (building element only, land is not depreciated)
Improvements to property
4%, 5% or 7% on straight line basis
Plant and equipment
25% on straight line basis
Fixtures and fittings
20-25% on straight line basis
Computers
25% on straight line basis
Motor vehicles
25% on straight line basis

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 recognised in the income statement.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Non-current investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and is measured on a first-in first-out basis.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes deposits held at call with banks.

HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

The group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments including loans and other accounts receivable and payable are initially measured at transaction price and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the date the proceeds are received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease in the period to which it relates.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment Properties

The directors believe that the fair value of the investment property in the financial statements is £4,5 7 2,000 (2024 - £4,572,000). With a professional valuation being performed in 2024, they believe that the fair value represents an accurate reflection of property values in the local area.

Freehold property

T he residual value of the groups freehold properties, held within property, plant and equipment, for the current period is £14,741,782 (2024 - £14,741,782). The properties are being depreciated down to this figure, in line with the accounting policy.

Investments in subsidiaries

The directors believe that the carrying value of the investment in subsidiaries in the company is correctly stated at £30,000,000 (2024 - £30,000,000), with no indications of impairment noted.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Sale of goods
5,594,133
5,110,867
Sale of services
7,892,818
7,306,654
Sundry income
1,427,810
820,329
14,914,761
13,237,850
2025
2024
£
£
Other significant revenue
Rental income arising from investment properties
142,207
168,876
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Revenue
(Continued)
- 18 -

All revenue was generated within United Kingdom in the current and comparative year.

4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
1,272,040
1,191,652
Depreciation of property, plant and equipment held under finance leases
258,826
176,222
Profit on disposal of property, plant and equipment
(13,541)
(16,067)
Operating lease charges
100,000
100,000
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
10,000
Audit of the financial statements of the company's subsidiaries
37,250
35,000
47,250
45,000
6
Employees
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
3
-
-
Employees
233
232
-
-
Total
235
235
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,691,560
5,374,191
-
0
-
0
Social security costs
470,645
347,821
-
-
Pension costs
78,724
74,592
-
0
-
0
6,240,929
5,796,604
-
0
-
0
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
7
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(1,230,667)
(1,595,833)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(307,667)
(398,958)
Tax effect of expenses that are not deductible in determining taxable profit
80,679
(3,448)
Tax effect of utilisation of tax losses not previously recognised
(160,051)
(7,675)
Unutilised tax losses carried forward
157,072
462,433
Permanent capital allowances in excess of depreciation
(153,113)
(391,366)
Depreciation on assets not qualifying for tax allowances
382,718
341,970
Other timing differences
362
(2,956)
Taxation charge
-
-

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
(240,000)

The group has estimated trading losses totalling £15.5m (202 4 - £15.4m) available to carry forward against future trading profit.

8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
2,835,816
Amortisation and impairment
At 1 January 2025 and 31 December 2025
2,835,816
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
9
Property, plant and equipment
Group
Freehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2025
54,811,841
2,140,091
2,705,967
906,711
95,595
3,250
60,663,455
Additions
-
0
358,181
146,391
52,544
10,039
-
0
567,155
Disposals
-
0
(45,730)
(38,680)
(10,402)
(12,206)
-
0
(107,018)
Transfers
-
0
37,101
(37,101)
-
0
-
0
-
0
-
0
At 31 December 2025
54,811,841
2,489,643
2,776,577
948,853
93,428
3,250
61,123,592
Depreciation and impairment
At 1 January 2025
6,683,058
472,507
1,788,300
316,714
88,877
2,913
9,352,369
Depreciation charged in the year
855,291
138,214
423,999
107,646
5,379
337
1,530,866
Eliminated in respect of disposals
-
0
-
0
(37,913)
(20,449)
(11,835)
-
0
(70,197)
At 31 December 2025
7,538,349
610,721
2,174,386
403,911
82,421
3,250
10,813,038
Carrying amount
At 31 December 2025
47,273,492
1,878,922
602,191
544,942
11,007
-
0
50,310,554
At 31 December 2024
48,128,783
1,667,584
917,667
589,997
6,718
337
51,311,086
The company had no property, plant and equipment at 31 December 2025 or 31 December 2024.
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
245,937
504,764
-
0
-
0

Freehold properties, included within land and buildings, were valued on an open market basis on 4 August 2017 by Barrington Corp & Harrington and the directors used this valuation as the basis for the deemed cost on transition to FRS 102.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
33,547,750
33,547,750
Accumulated depreciation
(11,666,265)
(11,056,629)
Carrying value
21,881,485
22,491,121
10
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025 and 31 December 2025
4,572,000
-

The fair value of the investment property has been arrived at by the directors on the basis of a professional valuation carried out on 23 January 2024 by Foster & Co, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the local area since this date.

11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
30,000,000
30,000,000
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Fixed asset investments
(Continued)
- 22 -
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
30,000,000
Carrying amount
At 31 December 2025
30,000,000
At 31 December 2024
30,000,000
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Swynson Limited
See note a)
Ordinary
100.00
-
Zanlia Limited
See note a)
Ordinary
100.00
-
Singing Hills Golf Course Limited
See note b)
Ordinary
0
100.00
East Sussex National Limited
See note a)
Ordinary
0
100.00
Perinon Limited
See note a)
Ordinary
0
100.00

Registered office addresses

a) East Sussex National, Little Horsted, Uckfield, East Sussex, TN22 5ES

b) Muddleswood Road, Albourne, West Sussex, BN6 9EB

13
Inventories
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
124,911
96,717
-
-
Finished goods and goods for resale
171,210
218,944
-
0
-
0
296,121
315,661
-
-
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
14
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
407,427
492,104
-
0
-
0
Other receivables
55,589
100,761
-
0
-
0
Prepayments and accrued income
267,594
266,217
-
0
-
0
730,610
859,082
-
-
15
Current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
108,002
170,800
-
0
-
0
Trade payables
702,575
1,025,978
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,100
-
0
Other taxation and social security
277,175
125,195
-
0
-
0
Other payables
782,888
5,766,238
-
0
5,035,000
Accruals and deferred income
930,298
873,870
4,405
1,200
2,800,938
7,962,081
6,505
5,036,200
16
Non-current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
84,863
192,865
-
0
-
0
17
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
108,002
170,800
-
0
-
0
In two to five years
84,863
192,865
-
0
-
0
192,865
363,665
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years and the leases are secured on the assets to which they relat e.

HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,724
74,592

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
42,467,493
37,432,493
42,467,493
37,432,493

Ordinary shares have equal voting rights, equal rights to dividends and equal rights to distributions on winding up.

During the year, 5,035,0 00 ordinary share of £1 were issued for cash of £5,035,0 00. No shares were issued during the prior year.

20
Reserves

Included within group retained earnings are non-distributable reserves relating to fair value adjustments to the carrying value of investment property of £3,654,390 (20 2 4 - £3,654,390).

21
Financial commitments, guarantees and contingent liabilities

During the year the company entered into an intercompany guarantee with East Sussex National Limited in relation to a hire purchase agreement, whereby if one company defaults the liability will be picked up by the other.

The potential liability if the other company defaulted would amount to £nil (2024 - £250,447) as at 31 December 202 5. This agreement was terminated during the year.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
253,631
172,192
-
-
Between two and five years
1,001,441
586,676
-
-
In over five years
1,790,000
1,934,000
-
-
3,045,072
2,692,868
-
-
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of property, plant and equipment
115,383
86,567
-
-
24
Related party transactions

At the year end a balance of £2,808 (202 4 - £nil) was owed, from the group, to Corporate Administration Management Limited a company under common control, this balance was included within trade payables. Purchases were made from this company during the year totalling £1 65,443 (202 4 - £155,193). Sales were made from the group to this company during the year of £110 (2024 - £nil).

At the year end a balance of £420 (202 4 - £nil) was owed, from the group, to Biophillic Limited a company under common control, this balance was included within trade payables. Purchases were made from this company during the year totalling £96,841 (202 4 - £50,093).

At the year end a balance of £960 (202 4 - £nil) was owed, from the group, to Birchwood Garages Limited a company under common control, this balance was included within trade payables. Purchases were made from this company during the year totalling £10,800 (202 4 - £33,778).

At the year end a balance of £nil (202 4 - £15,000) was owed, from the group, to MJ Hunt (No.3) Life Interest Trust of which a director is a beneficiary, this balance was included within trade payables. Rent paid to this related party during the year was £nil (202 4 - £50,000).

At the year end a balance of £nil (202 4 - £15,000) was owed, from the group, to Wanda Baker, a shareholder, this balance was included within trade payables. Rent paid to this related party during the year was £100,000 (202 4 - £50,000).

At the year end a balance of £nil (202 4 - £5,035,500) was owed, from the group and company, to the shareholders and this balance was included within other payables. During the year, £5,035,000 (202 4 - £nil) of this amount owed being converted into £1 ordinary share capital. No interest was charged on this balance.

During the year, e xpenses paid to CJ Hunt, a director of the group, was £nil (202 4 - £465).

25
Controlling party

There is no ultimate controlling party.

26
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
5,937,764
(316,268)
5,621,496
Obligations under finance leases
(363,665)
170,800
(192,865)
5,574,099
(145,468)
5,428,631
HORSTED ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
27
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Loss for the year after tax
(1,230,667)
(1,595,833)
Adjustments for:
Finance costs
10,816
8,002
Investment income
(98,052)
(148,602)
Gain on disposal of property, plant and equipment
(13,541)
(16,067)
Depreciation and impairment of property, plant and equipment
1,530,866
1,367,874
Movements in working capital:
Decrease in inventories
19,540
9,516
Decrease/(increase) in trade and other receivables
128,472
(274,858)
(Decrease)/increase in trade and other payables
(63,345)
365,612
Cash generated from/(absorbed by) operations
284,089
(284,356)
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