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Company No: 03743176 (England and Wales)

# KELLANDS (GLOUCESTER) LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

KELLANDS (GLOUCESTER) LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

KELLANDS (GLOUCESTER) LIMITED

## BALANCE SHEET

As at 31 December 2025
KELLANDS (GLOUCESTER) LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 43,212 |  | 51,051
|  | 43,212 |  | 51,051
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 5 | 123,589 |  | 147,603
- due after more than one year | 5 | 79,250 |  | 118,375
Investments | 6 | 1,239,142 |  | 960,393
Cash at bank and in hand |  | 958,499 |  | 910,963
|  | 2,400,480 |  | 2,137,334
Creditors: amounts falling due within one year | 7 | ( 2,068,348) |  | ( 1,796,787)
Net current assets |  | 332,132 |  | 340,547
Total assets less current liabilities |  | 375,344 |  | 391,598
Provision for liabilities |  | ( 114,787) |  | ( 135,947)
Net assets |  | 260,557 |  | 255,651
Capital and reserves |  |  |  |
Called-up share capital |  | 10,000 |  | 10,000
Profit and loss account |  | 250,557 |  | 245,651
Total shareholder's funds |  | 260,557 |  | 255,651

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kellands (Gloucester) Limited (registered number: 03743176) were approved and authorised for issue by the Board of Directors on 10 July 2026. They were signed on its behalf by:

S M C Kelland Director |

KELLANDS (GLOUCESTER) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
KELLANDS (GLOUCESTER) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Kellands (Gloucester) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Ripple Court Brockeridge Park, Twyning, Tewkesbury, GL20 6FD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of financial services in the ordinary course of the company’s activities.
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.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
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 profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 5 years straight line

###### Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 4 years straight line
Office equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 11 |  | 11

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 60,000 |  | 60,000
At 31 December 2025 | 60,000 |  | 60,000
Accumulated amortisation |  |  |
At 01 January 2025 | 60,000 |  | 60,000
At 31 December 2025 | 60,000 |  | 60,000
Net book value |  |  |
At 31 December 2025 | 0 |  | 0
At 31 December 2024 | 0 |  | 0

#### 4. Tangible assets

| Leasehold improve- ments |  | Office equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2025 | 16,331 |  | 124,454 |  | 140,785
Additions | 0 |  | 9,639 |  | 9,639
At 31 December 2025 | 16,331 |  | 134,093 |  | 150,424
Accumulated depreciation |  |  |  |  |
At 01 January 2025 | 5,108 |  | 84,626 |  | 89,734
Charge for the financial year | 3,724 |  | 13,754 |  | 17,478
At 31 December 2025 | 8,832 |  | 98,380 |  | 107,212
Net book value |  |  |  |  |
At 31 December 2025 | 7,499 |  | 35,713 |  | 43,212
At 31 December 2024 | 11,223 |  | 39,828 |  | 51,051

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Amounts owed by associates | 3,158 |  | 0
Prepayments | 63,877 |  | 59,974
Other debtors | 56,554 |  | 87,629
| 123,589 |  | 147,603
Debtors: amounts falling due after more than one year |  |  |
Other debtors | 79,250 |  | 118,375

#### 6. Current asset investments

| 2025 |  | 2024
| £ |  | £
Listed investments – at fair value | 1,239,143 |  | 960,394

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 135,207 |  | 140,107
Amounts owed to Group undertakings | 1,854,412 |  | 1,483,681
Amounts owed to associates | 0 |  | 929
Amounts owed to directors | 125 |  | 152
Accruals | 18,579 |  | 16,887
Taxation and social security | 52,976 |  | 149,977
Other creditors | 7,049 |  | 5,054
| 2,068,348 |  | 1,796,787

#### 8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
Within one year | 70,154 |  | 84,619
Between one and five years | 10,358 |  | 45,631
Total future minimum lease payments under non-cancellable operating leases | 80,512 |  | 130,250

#### 9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 January 2025, the balance owed by the director was £nil. During the year £5,375 was advanced to the director and £5,375 was repaid by the director. At 31 December 2025, the amount owed by the director was £nil.
At 1 January 2024, the balance owed by the director was £nil. During the year £3,500 was advanced to the director and £3,500 was repaid by the director. At 31 December 2024, the amount owed by the director was £nil.

#### 10. Ultimate controlling party

Parent Company:

Kelland and Partners Holdings Limited
Kellands House, Quays Office Park, Conference Avenue, Portishead, Bristol, BS20 7LZ

The ultimate controlling party is Mr S M C Kelland.