REGISTERED NUMBER: 03381606 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2025

for

Heathpatch Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

15

Consolidated Statement of Financial Position

16

Company Statement of Financial Position

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Statement of Cash Flows

21

Notes to the Consolidated Statement of Cash Flows

22

Notes to the Consolidated Financial Statements

23

DIRECTORS:

C P Course

J K Buckle

J Baker-Cresswell

J M Hutchinson

C Buckle

G Westwood

REGISTERED OFFICE:

Dairy Farm Office

Dairy Road Semer

Ipswich

Suffolk

IP7 6RA

REGISTERED NUMBER:

03381606 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements.

The key performance indicators are as follows:

2025

2024

£'000000

£'000000

Turnover

44,330

59,609

Gross profit

9,075

12,035

Profit/(loss) before tax

(4,353

)

8,286

Gross assets

94,607

101,853

Net assets

77,122

82,691

A review of the performance of each group company is given below.

Heathpatch Limited (HP)

Heathpatch Limited, as the parent company of the group, is focused on building a sustainable and profitable portfolio of businesses through disciplined investment and active ownership. The group mostly maintains controlling interests in its subsidiaries and supports their development through strong governance, central resources, and a long-term strategic approach. Growth is driven through a combination of organic expansion and targeted acquisitions, while maintaining a balanced approach to risk, cash generation, and capital allocation. Alongside its financial objectives, the group is committed to sustainable practices and positive community engagement, while maintaining high standards across all stakeholder relationships.

The major developments during the year were, firstly, the acquisition of a controlling stake in Shredding Machinery Solutions Limited (SMS). This acquisition brings together extensive expertise within the confidential shredding industry and strengthens the group's position in this sector.

Secondly, a new executive management team was established across the combined Camden Boss Ltd and Cogent Technology Ltd businesses. Gordon Watling was appointed Chief Executive Officer in May 2025, followed by Brad Sinclair as Chief Financial Officer in November 2025. In addition, Daniel Goddard was appointed Chief Operating Officer, assuming responsibility across both businesses, having previously served as Operations Director for Cogent Technology. Together, the new leadership team brings significant experience across manufacturing and a range of sectors.

The company's farming operations continue to be operated by Brett Vale Farming Company (BVFC), with a focus on driving quality and efficiency, and full regard for the safety of staff, the environment and neighbours.

HP has continued to invest in environmental improvements to its land and property. The company has been committed to establishing open canopy woodland for over 25 years. The company continues its plan to regenerate 250 acres of ancient woodland at Raydon Great Wood, with the aim to increase the biodiversity of the site. In recent years, HP has put a substantial portion of land towards environmental schemes and has begun work on restoring and creating ponds across the farm that all contribute to a range of different habitats aimed at improving biodiversity. HP encourages environmental monitoring activities for scientific research and education, working alongside professionals, amateur enthusiasts, schools and colleges.

HP continues to take an active role in the local community including schools and parishes, and proudly supports charities both locally and further afield, including Inspire Suffolk, Iceni, The Suffolk Community Foundation, The Suffolk Befriending Scheme and the Ukraine Appeal, to name but a few.

Camden Boss Limited (CB) and Cogent Technology Limited (CT)

A new 3-year business plan has been put in place to return the businesses to profitability, with key decisions taken to exit loss-making lines of business and investment in a sales strategy to grow the business and improve margins. As part of the 3-year plan, a new vision and company values have been developed along with significant investment in people and a people strategy is in progress to align the workforce capabilities with the businesses' long-term goals to attract, develop, engage, and retain top talent, ensuring employees are supported and empowered. The board are confident that the combined efforts of the businesses, its employees, customers and suppliers along with the innovation and investments made and planned for the future lay the foundation for future profits.

Global Machinery Solutions Limited (GMS)

GMS has successfully come out of a transformational period as it reduced activity in the confi-shred market and refocused on the forestry, recycling and construction markets. The company's focus during this period has been on building these three main divisions and putting structure and resources in place to create a road map for the next five years. This also enabled the business to reduce stocking exposure and consolidate. The business strongly recognises the importance of face to face relationships and how these affect customers purchasing requirements. The company has spent time analysing the required resources to properly farm the distribution territories, as well ensuring it carries suitable product lines to support our current and future customers, and achieve sustainable profitability.

Shredding Machinery Solutions Limited (SMS)

SMS started trading in 2024 and has grown rapidly in 2025. The strategic initiative is aimed at delivering cost-effective, high-quality, and sustainable shredding solutions via a remanufacture & repurpose programme to its customers.

Nedging Hall Estate Limited (NHE)

Throughout the year, NHE continued to operate a diverse portfolio of hospitality businesses, including Suffolk's oldest brewery, two pubs, a hotel and restaurant, and an exclusive-use country house, with quality and sustainability remaining a key focus.

From 31 October 2025, a strategic decision was made to transition The Brewery Tap from an in-house operating model to a leased model, with ties to the brewery. This change is expected to enhance returns from the property while maintaining sales volumes for the brewery.

After the year end, in January 2026, the company acquired The Angel, Lavenham. Significant renovation works are planned throughout the year, with reopening scheduled for 2027. This addition will complement the existing portfolio, enabling synergies through shared expertise, operational efficiencies, resources, and a common ethos.

PRINCIPAL RISKS AND UNCERTAINTIES INCLUDING FINANCIAL INSTRUMENTS

The group is committed to combating financial risk by a combination of careful review of its markets and consideration of its cost base. The group continues to refine their health and safety, environmental and corporate and social policies during the year and will continue to ensure that these are maintained to the highest standard.

The group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to and from the group. The main purpose of these instruments is to raise funds for and finance the group's operations.

The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

Liquidity risk

The Heathpatch group was in a cash positive position at the year end. However, in light of planned investments and growth targets, the group expects to utilise external borrowing facilities in the year ahead. Funding is anticipated to comprise a mix of short and long term facilities from financial institutions. Interest rates on these facilities are expected to be predominantly variable. The group manages the liquidity risk by ensuring there are sufficient funds to meet any loan repayments.

Credit risk

Trade debtors are managed in respect of credit and cash flow risk by polices concerning credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Market risk

The Heathpatch group operates in a global marketplace, importing and exporting goods across a range of international territories. As a result, the group is exposed to market risks arising from changes in global economic conditions, pricing dynamics, and trade policies.

The group maintains ongoing oversight of geopolitical and economic developments and continues to take a measured approach to managing potential impacts. This includes supplier diversification, maintaining flexible supply chains, and implementing pricing strategies where appropriate to reflect changes in input costs and trading conditions.

SECTION 172(1) STATEMENT

Under section 172, Companies Act 2006; the Directors have a duty to promote the success of the company and act in a way that they consider, in good faith, to be most likely to promote the success of the company. The company's long-term strategy is set by the parent company directors. The directors of the company and its subsidiaries are mandated to follow the overall strategy and objectives as set by boards of the group and its Subsidiaries. The overall objectives of the group are to continuously increase sustainable profits, to provide a safe and desirable workplace for our staff, to constantly improve our positive impacts on the environment and biodiversity and to support and contribute to the local communities that we operate in. The directors monitor the effectiveness of decisions to achieve the objectives through a system of monthly reporting and monitoring.

The key stakeholders of the group are the shareholders, employees, customers, suppliers, and local communities in which we operate.

Shareholders

The directors manage the group on behalf of the shareholders, with a focus on delivering sustainable long-term value. This includes maintaining a disciplined approach to investment, ensuring appropriate financial controls, and providing transparency through regular financial reporting and communication.

Employees

We promote continuous professional and personal development of our employees, through the group's structure, training, and culture. We encourage staff to take greater responsibilities both inside and outside the group. In our decision-making we are guided by ethical and ecological criteria as well as economic factors.

Customers

Throughout the diversified group, we offer our customers attractive products and services, we have established a loyal customer base within each of our subsidiaries. We understand the need to continue to foster the relationships with our customers - both old and new. We pride ourselves on giving high levels of customer services at all levels within our group.

Suppliers

We continue to work closely with our supply chain partners to minimise any indirect disruption. In the event that any foreseeable operational disruption does cause an impact on cashflow, the directors have considered the facilities available to the group and its subsidiaries as part of the group's treasury arrangements. The directors are satisfied that these are sufficient and appropriate to ensure the companies can continue to operate effectively.

The group's policy concerning payment of suppliers includes ensuring that suppliers are made aware of the terms of payment by inclusion of the relevant terms in supply contracts. Payments are then made in accordance with the company's contractual and legal obligations.

Local community and environment

The group is focused on reducing any negative impacts on the natural environment and improving biodiversity wherever possible. The group strives to contribute positively to all the local communities and environments that we operate in, which has been demonstrated throughout the year.

OUTLOOK AHEAD

The Heathpatch Board remains focused on increasing trading activity and restoring sustainable profitability across the group. This will be achieved through a combination of organic growth initiatives, operational improvements, and selective strategic acquisitions.

Across Camden Boss Limited and Cogent Technology Limited, the newly appointed leadership team is focused on executing the three-year plan to restore profitability. This includes exiting underperforming product lines, strengthening the sales strategy, investing in people and capabilities, and driving improved margins and operational efficiency.

Global Machinery Solutions Limited will continue to build on its position, with a focus on its core forestry, recycling and construction markets, supported by disciplined stock management and strong customer engagement.

Shredding Machinery Solutions Limited is expected to continue its growth trajectory, with further integration into the group and a focus on delivering cost-effective, sustainable shredding solutions.

Within Nedging Hall Estate Limited, the recent acquisition is expected to enhance long-term returns, supported by a continued focus on quality and operational efficiency.

Heathpatch Limited will continue to prioritise efficient and sustainable land management across its farming operations, alongside ongoing environmental initiatives aimed at improving biodiversity as well as wider community engagement.

While the group remains mindful of broader economic and market uncertainties, it is confident that its diversified portfolio, strong asset base, and disciplined strategic approach provides a solid foundation for future growth and value creation.

ON BEHALF OF THE BOARD:

G Westwood - Director

17 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of farming and estate management and provision of management services to other group companies. The subsidiaries continued their activities of UK electronics and enclosures manufacturing, importing and exporting of machinery and hospitality.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £Nil (2024: £5,000,000).

RESEARCH AND DEVELOPMENT

The group remains committed to research and development, to help achieve its strategic objectives. The group has undertaken research and development during the year, with the costs being expensed to the P&L account. Research and development is undertaken to try to find ways to develop new products, systems or operating procedures that will give the group economic or environmental benefits.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

C P Course

J K Buckle

J Baker-Cresswell

J M Hutchinson

C Buckle

G Westwood

ENGAGEMENT WITH EMPLOYEES

Heathpatch recognises that its people are central to the continued success and development of its businesses. Heathpatch is committed to being a responsible employer and to maintaining a working environment in which employees are treated fairly, respectfully and consistently.

During the year, the group continued to support employee wellbeing through access to health and wellbeing resources, including mental health support, and by encouraging regular communication between employees, managers and senior leaders. Heathpatch seeks to keep employees informed about matters affecting them and to ensure that employee views and feedback are considered through management discussions and appropriate escalation to the directors.

Heathpatch is committed to equal opportunities and to providing a working environment that is inclusive, respectful and free from discrimination, harassment and bullying. Employment decisions are made on the basis of skills, experience, performance and business need.

The group supports the employment, training and development of disabled people and seeks to make reasonable adjustments where required to support individuals during recruitment, employment and career development. Where an employee becomes disabled during their employment, Heathpatch will consider appropriate support, adjustments and alternative arrangements with the aim of enabling continued employment wherever reasonably practicable.

STREAMLINED ENERGY AND CARBON REPORTING

Heathpatch is required to make disclosures under the Companies (Director's Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Greenhouse gases (GHG) are recorded for each of the group's businesses, listed below, using a financial reporting boundary, in accordance with the GHG protocols and using 2025 UK government conversion factors. The companies included in this report are: Heathpatch Limited, Camden Boss Limited (including only the wholly owned subsidiary Cogent Technology Limited), Nedging Hall Estate Limited, Global Machinery Solutions Limited, and Shredding Machinery Solutions Limited.

The GHG intensity ratio uses the group's annual turnover due to the breadth in business operations across the group. During the year the group's operations emitted 1,227t (2024: 4,700t) of CO2e, including 307t (2024: 354t) resulting from the purchase of electricity for its own use. The intensity ratio for the financial year to 31 October 2025 is 27g of CO2e per £ of turnover (2024: 78g).

Across the group many actions are being taking to improve energy efficiency and reduce carbon emissions. Cars and vans are being replaced with electric or hybrid alternatives. PV has been installed across multiple sites and further sites are being reviewed for PV and energy storage. Insulation is being increased in properties and heating systems are being upgraded to energy efficient alternatives. Heathpatch's farming practices are being altered to help enhance soil health and capture more carbon within the soil.The biggest impact to the level of CO2e was the disposal of Material Change Ltd and Pedersen Contracting Services during the year ended 31 October 2024.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and the group 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Westwood - Director

17 July 2026

Opinion

We have audited the financial statements of Heathpatch Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 31 October 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 Statement of Directors' Responsibilities set out on page eight, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations that the group operates.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to licencing, the environment and occupational health and safety.

We obtained an understanding to how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of supporting licensing documentation.

We assessed the susceptivity of the group's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the group to understand the systems and controls of the group. We also considered remuneration packages and the influence this has on the financial results of the company to provide reasonable assurance that the financial statements were free from fraud and error.

The fraud risk in the valuation of property was also identified as a key area due to its susceptibility to misstatement and the level of judgement required.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; evaluation of key assumptions and methodology used for property valuations; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

20 July 2026

TURNOVER

3

44,330,466

-

44,330,466

Cost of sales

(35,255,059

)

-

(35,255,059

)

GROSS PROFIT

9,075,407

-

9,075,407

Administrative expenses

(11,525,559

)

-

(11,525,559

)

(2,450,152

)

-

(2,450,152

)

Other operating income

81,258

-

81,258

GROUP OPERATING LOSS

5

(2,368,894

)

-

(2,368,894

)

Share of operating loss in

Joint venture

(197,499

)

-

(197,499

)

Exceptional items

6

(2,000,000

)

-

(2,000,000

)

(4,566,393

)

-

(4,566,393

)

Interest receivable and similar income

7

317,044

-

317,044

Gain/loss on revaluation of assets

8,139

-

8,139

Interest payable and similar expenses

8

(111,417

)

-

(111,417

)

LOSS BEFORE TAXATION

(4,352,627

)

-

(4,352,627

)

Tax on loss

9

5,876

-

5,876

LOSS FOR THE FINANCIAL YEAR

(4,346,751

)

-

(4,346,751

)

Loss attributable to:

Owners of the parent

(4,341,625

)

Non-controlling interests

(5,126

)

(4,346,751

)

TURNOVER

3

35,899,613

23,709,810

59,609,423

Cost of sales

(29,338,136

)

(18,236,719

)

(47,574,855

)

GROSS PROFIT

6,561,477

5,473,091

12,034,568

Administrative expenses

(15,487,764

)

(3,361,907

)

(18,849,671

)

(8,926,287

)

2,111,184

(6,815,103

)

Other operating income

154,395

-

154,395

Gain/loss on revaluation of assets

(203,216

)

-

(203,216

)

GROUP OPERATING (LOSS)/PROFIT

5

(8,975,108

)

2,111,184

(6,863,924

)

Share of operating loss in

Joint venture

(227,112

)

-

(227,112

)

Exceptional items

6

-

11,868,501

11,868,501

Profit on sale of investments

6

-

3,892,372

3,892,372

(9,202,220

)

17,872,057

8,669,837

Interest receivable and similar income

7

410,868

-

410,868

Interest payable and similar expenses

8

(689,339

)

(105,778

)

(795,117

)

(LOSS)/PROFIT BEFORE TAXATION

(9,480,691

)

17,766,279

8,285,588

Tax on (loss)/profit

9

515,092

469,000

984,092

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(8,965,599

)

18,235,279

9,269,680

(Loss)/profit attributable to:

Owners of the parent

9,269,680

(LOSS)/PROFIT FOR THE YEAR

(4,346,751

)

9,269,680

OTHER COMPREHENSIVE LOSS

Property revaluation

(1,194,449

)

(1,127,230

)

Exchange movement

(1,747

)

9,029

Non controlling interest

5,126

-

Income tax relating to components of other comprehensive loss

-

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

(1,191,070

)

(1,118,201

)

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(5,537,821

)

8,151,479

Total comprehensive (loss)/income attributable to:

Owners of the parent

(5,532,695

)

8,151,479

Non-controlling interests

(5,126

)

-

(5,537,821

)

8,151,479

FIXED ASSETS

Intangible assets

12

(99,917

)

(958,723

)

Tangible assets

13

53,532,144

54,519,659

Investments

14

Interest in joint venture

Share of gross assets

504,903

466,782

Share of gross liabilities

(249,837

)

(212,418

)

255,066

254,364

Other investments

45,000

-

Investment property

15

11,156,662

11,376,662

64,888,955

65,191,962

CURRENT ASSETS

Stocks

16

13,926,910

15,965,522

Debtors

17

8,015,062

6,818,865

Cash at bank and in hand

7,776,318

13,876,234

29,718,290

36,660,621

CREDITORS

Amounts falling due within one year

18

12,570,237

14,526,401

NET CURRENT ASSETS

17,148,053

22,134,220

TOTAL ASSETS LESS CURRENT LIABILITIES

82,037,008

87,326,182

CREDITORS

Amounts falling due after more than one year

19

(386,237

)

(571,702

)

PROVISIONS FOR LIABILITIES

23

(4,528,634

)

(4,063,614

)

NET ASSETS

77,122,137

82,690,866

CAPITAL AND RESERVES

Called up share capital

24

22,173,625

22,173,625

Share premium

25

1,232,855

1,232,855

Investment property revaluation reserve

25

2,775,969

2,551,588

Capital redemption reserve

25

770,000

770,000

Revaluation reserve

25

18,572,786

19,737,525

Retained earnings

25

31,627,810

36,225,273

SHAREHOLDERS' FUNDS

77,153,045

82,690,866

NON-CONTROLLING INTERESTS

(30,908

)

-

TOTAL EQUITY

77,122,137

82,690,866

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:

G Westwood - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

47,585,945

46,552,332

Investments

14

8,051,251

8,817,644

Investment property

15

10,906,661

11,376,661

66,543,857

66,746,637

CURRENT ASSETS

Stocks

16

1,466,665

1,537,110

Debtors

17

858,556

2,376,694

Cash at bank

7,243,814

13,627,611

9,569,035

17,541,415

CREDITORS

Amounts falling due within one year

18

4,682,140

5,886,170

NET CURRENT ASSETS

4,886,895

11,655,245

TOTAL ASSETS LESS CURRENT LIABILITIES

71,430,752

78,401,882

CREDITORS

Amounts falling due after more than one year

19

(45,148

)

(27,076

)

PROVISIONS FOR LIABILITIES

23

(3,647,154

)

(4,011,415

)

NET ASSETS

67,738,450

74,363,391

CAPITAL AND RESERVES

Called up share capital

24

22,173,625

22,173,625

Share premium

25

1,232,855

1,232,855

Investment property revaluation reserve

25

2,775,968

2,551,587

Capital redemption reserve

25

770,000

770,000

Revaluation reserve

25

18,224,000

19,418,448

Retained earnings

25

22,562,002

28,216,876

SHAREHOLDERS' FUNDS

67,738,450

74,363,391

Company's (loss)/profit for the financial year

(5,480,326

)

16,229,590

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:

G Westwood - Director