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Registration number: 01022302 (England & Wales)

Prepared for the registrar
Rhys-Davies Properties Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 30 November 2025

Rhys-Davies Properties Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

Rhys-Davies Properties Limited

Company Information

Director | E V Brain

Company secretary | E V Brain

Registered office | 66 High Street Pershore Worcestershire WR10 1DU

Accountants | Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX

Rhys-Davies Properties Limited

(Registration number: 01022302)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 3,360 | 4,080
Investment property | 5 | 6,126,000 | 7,429,958
|  | 6,129,360 | 7,434,038
Current assets |  |  |
Debtors | 6 | 31,771 | 8,972
Cash at bank and in hand |  | 631,475 | 331,524
|  | 663,246 | 340,496
Creditors: Amounts falling due within one year | 7 | (1,233,311) | (598,337)
Net current liabilities |  | (570,065) | (257,841)
Total assets less current liabilities |  | 5,559,295 | 7,176,197
Deferred tax liabilities |  | (34,084) | (31,741)
Net assets |  | 5,525,211 | 7,144,456
Capital and reserves |  |  |
Called up share capital |  | 133 | 133
Share premium reserve |  | 24,467 | 24,467
Revaluation reserve |  | 481,502 | 949,853
Profit and loss account |  | 5,019,109 | 6,170,003
Shareholders' funds |  | 5,525,211 | 7,144,456

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

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 July 2026

E V Brain
Director

Rhys-Davies Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office and principal place of business is:
66 High Street
Pershore
Worcestershire
WR10 1DU

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The financial statements have been prepared on a going concern basis. The company incurred a loss of £1,619,245 for the year ended 30 November 2025 and recognised exceptional remediation costs of £607,413 relating to a previously sold property. As disclosed in Note 8, further remediation obligations may arise in future periods, the amount of which cannot be reliably estimated at the reporting date.
The director has considered the company’s current financial position, cash resources and forecast cash flows, together with the potential impact of any additional remediation costs. The company forms part of a wider group, and the parent company has indicated that it will provide such financial support as is necessary to enable the company to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In assessing going concern, the director has taken into account this support, the underlying profitability of the rental portfolio and the availability of group funding. On this basis, the director considers that the company will have adequate resources to continue in operational existence for the foreseeable future and therefore the financial statements have been prepared on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Rhys-Davies Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

As set out in Note 9 to the financial statements, the company is subject to a remediation claim the outcome of which is uncertain and any associated costs cannot be reliably estimated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rental income from investment properties, including those on operating leases (net of any incentives given to the lessees), is recognised on a straight-line basis over the lease term.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or
substantively enacted by the reporting date.
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 profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due under rental agreements and for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Rhys-Davies Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Rhys-Davies Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial 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 an 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.

| 3 | Staff numbers

The average number of persons employed by the company (including the director) during the year was as follows:

| 2025 No. | 2024 No.
Average number of employees | 1 | 1

Rhys-Davies Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

| 4 | Tangible assets

| Plant and machinery £
Cost or valuation
At 1 December 2024 | 4,800
At 30 November 2025 | 4,800
Depreciation
At 1 December 2024 | 720
Charge for the year | 720
At 30 November 2025 | 1,440
Carrying amount
At 30 November 2025 | 3,360
At 30 November 2024 | 4,080

| 5 | Investment properties

| 2025 £
At 1 December 2024 | 7,429,958
Fair value adjustments | (1,303,958)
At 30 November 2025 | 6,126,000

The valuation of investment properties was made at the balance sheet date by the director, on an open market
basis. The historical cost of the investment properties amounts to £6,448,364 (2024 - £6,448,364)

| 6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 8,798 | 7,454
Other debtors | 21,280 | -
Accrued income | 1,693 | 1,518
| 31,771 | 8,972

Rhys-Davies Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

| 7 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 253,484 | 1,615
Amounts due to related parties | 400,000 | 400,000
Social security and other taxes | 34,926 | 31,686
Other creditors | 7,310 | 7,310
Accrued expenses | 402,896 | 18,740
Corporation tax liability | 95,033 | 99,324
Deferred income | 39,662 | 39,662
| 1,233,311 | 598,337

| 8 | Contingent liability

A remediation claim has been made against the company in the year in respect of structural and compliance issues identified on a property previously developed and sold by the company. Costs of £607,413 have been recognised in the profit and loss account as an exceptional item, representing the expenditure committed and incurred to date.
Further remediation obligations may arise depending on the final outcome of ongoing technical assessments, contractor negotiations and any legal proceedings. At the date of approval of these financial statements, the company is unable to determine the total additional cost exposure with sufficient reliability.
The director notes that the potential future costs could be significant, depending on the extent of further works required and the resolution of associated claims. As the amount of any additional expenditure cannot be measured reliably, no further provision has been recognised. These possible additional costs are therefore disclosed as a contingent liability in accordance with FRS 102.

| 9 | Non adjusting events after the financial period

Subsequent to the year end, the company exchanged contracts for the sale of two investment properties for consideration of £346,667. These properties were included within investment properties at the balance sheet date with a combined carrying value of £426,000. As the conditions leading to the sales occurred after the reporting date, the transactions represent non-adjusting events under FRS 102. No adjustments have been made to the carrying amount of these investment properties as at 30 November 2025. The difference between the carrying amounts and the contracted sales prices will be recognised in the financial statements of the subsequent period.