REGISTERED NUMBER: 04062985 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2025

for

Anglo Welsh Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R Cowlishaw

R J Lawrence

D J Medlock

REGISTERED OFFICE:

Suite 4 St George's Lodge

Oldfield Road

Bath

BA2 3NE

REGISTERED NUMBER:

04062985 (England and Wales)

ACCOUNTANTS:

O'Sullivan Hughes Limited

185 Wellsway

Keynsham

Bristol

BS31 1JJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,387,657

2,219,549

2,387,657

2,219,549

CURRENT ASSETS

Stocks

214,054

172,330

Debtors

6

1,987,447

2,084,792

Cash at bank and in hand

163,410

109,058

2,364,911

2,366,180

CREDITORS

Amounts falling due within one year

7

(1,727,818

)

(1,232,768

)

NET CURRENT ASSETS

637,093

1,133,412

TOTAL ASSETS LESS CURRENT LIABILITIES

3,024,750

3,352,961

PROVISIONS FOR LIABILITIES

9

(897,803

)

(1,014,304

)

NET ASSETS

2,126,947

2,338,657

CAPITAL AND RESERVES

Called up share capital

10

600,000

600,000

Retained earnings

1,526,947

1,738,657

SHAREHOLDERS' FUNDS

2,126,947

2,338,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

D J Medlock - Director

1.	STATUTORY INFORMATION

Anglo Welsh Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company in the year under review was that of a booking agency specialising in the operation, management and marketing of boating holidays, together with the supply and fitting of new canal boats to order.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Holiday hire turnover is recognised as at the holiday start date. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill has been fully amortised over the term of the lease of the operating base from which it arises.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets 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:

Long leasehold - Straight line over the life of the lease

Plant and fixtures - 20% Straight line

Computer and office equipment - 20% Straight line

Boat building - Not depreciated

Motor vehicles - 20% Straight line

Narrowboats - 5% Straight line

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.

Impairment of fixed assets

At each reporting period end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,

the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents 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 current liabilities.

Financial instruments

The company 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 when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2024 - 63 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2024

and 31 October 2025

51,189

AMORTISATION

At 1 November 2024

and 31 October 2025

51,189

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

-

5.	TANGIBLE FIXED ASSETS

Assets

Leasehold

under

Motor

property

construction

N'boats/Plant

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2024

125,500

112,414

3,508,256

96,269

3,842,439

Additions

-

209,820

568,123

16,782

794,725

Disposals

-

(201,598

)

(367,326

)

(32,998

)

(601,922

)

At 31 October 2025

125,500

120,636

3,709,053

80,053

4,035,242

DEPRECIATION

At 1 November 2024

125,500

-

1,435,629

61,761

1,622,890

Charge for year

-

-

175,891

11,763

187,654

Eliminated on disposal

-

-

(142,510

)

(20,449

)

(162,959

)

At 31 October 2025

125,500

-

1,469,010

53,075

1,647,585

NET BOOK VALUE

At 31 October 2025

-

120,636

2,240,043

26,978

2,387,657

At 31 October 2024

-

112,414

2,072,627

34,508

2,219,549

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,930

7,165

Amounts owed by group undertakings

1,596,387

1,742,030

Other debtors

3,324

-

Tax

-

25,309

VAT

164,353

101,121

Prepayments

220,453

209,167

1,987,447

2,084,792

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

615,053

510,859

Amounts owed to group undertakings

334,748

-

Social security and other taxes

65,907

63,417

Other creditors

670,390

632,278

Accruals and deferred income

41,720

26,214

1,727,818

1,232,768

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

1,066,078

1,127,443

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

594,111

551,773

Tax losses carried forward

(116,194

)

(41,558

)

Other timing differences

(1,114

)

-

Other provisions

421,000

504,089

897,803

1,014,304

Deferred

Dilapidati

tax

on

£

£

Balance at 1 November 2024

510,215

504,089

Credit to Profit and Loss Account during year

(33,412

)

(83,089

)

Balance at 31 October 2025

476,803

421,000

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made. Provisions for dilapidations are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date, based on the lease agreements.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

600,000

Ordinary

£1

600,000

600,000

11.	CONTINGENT LIABILITIES

The company is party to an Omnibus Guarantee and Set-Off Agreement in favour of the company's bankers in respect of the following related companies; Chatleigh Limited, BuildWales Homes Limited, Beeley Wood Properties Limited, DPRS Finance Limited, SG Aerospace (UK) Limited, Project Finance Limited, Hebron & Medlock Properties Limited, Panda Sanctuaries Limited, Panda Sanctuaries Holdings Limited, Plymouth House Offices Limited and Tony Morris Homes Limited. As at 31 October 2025 the potential liability was £Nil (2024 : £Nil).

12.	CAPITAL COMMITMENTS

2025

2024

£

£

Contracted but not provided for in the

financial statements

129,500

-

13.	GUARANTEES AND SECURITY

At the balance sheet date, the company had no outstanding bank borrowings or overdrafts. However, a legal charge remains registered. This agreement constitutes a fixed charge over the company's designated property assets and contains a negative pledge restricting the company from creating further charges without consent.

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company entered into transactions with other companies under the common control or significant influence of the Medlock family, who are directors and/or shareholders of this company.

During the year the company was charged management charges of £65,900 (2024: £87,319). In addition, the company was charged interest on related party loans of £34,501 (2024: £35,838).

At 31 October 2025, included within creditors is an amount of £567,159 (2024: £547,074) and included within debtors an amount of £3,324 (2024: £Nil).