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Registered number: 00976581 COUNTRY ESTATES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
COUNTRY ESTATES LIMITED REGISTERED NUMBER: 00976581 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 906,012 |  | 899,214
Investments | 5 |  | 52 |  | 52
Investment property | 6 |  | 2,543,917 |  | 2,543,917
|  |  | 3,449,981 |  | 3,443,183
Current assets |  |  |  |  |
Stocks | 7 | 99,422 |  | 99,300 |
Debtors: amounts falling due within one year | 8 | 1,603,187 |  | 831,418 |
Cash at bank and in hand |  | 1,813,775 |  | 359,236 |
|  | 3,516,384 |  | 1,289,954 |
Creditors: amounts falling due within one year | 9 | (1,664,021) |  | (1,143,967) |
Net current assets |  |  | 1,852,363 |  | 145,987
Total assets less current liabilities |  |  | 5,302,344 |  | 3,589,170
Creditors: amounts falling due after more than one year | 10 |  | (1,602,801) |  | (69,450)
Provisions for liabilities |  |  |  |  |
Deferred tax | 13 | (92,547) |  | (91,229) |
|  |  | (92,547) |  | (91,229)
Net assets |  |  | 3,606,996 |  | 3,428,491
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 6,000 |  | 6,000
Revaluation reserve |  |  | 1,635,000 |  | 1,635,000
Profit and loss account |  |  | 1,965,996 |  | 1,787,491
|  |  | 3,606,996 |  | 3,428,491
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. Page 1
COUNTRY ESTATES LIMITED REGISTERED NUMBER: 00976581 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G P Smith
Director
Date: 8 July 2026
The notes on pages 3 to 13 form part of these financial statements. Page 2
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The company's principal activity during the year was that of a property development and construction business, and ownership and rental of industrial estates. The Company is a private company, limited by shares and incorporated in the United Kingdom and registered in England and Wales, with its registered office being Kingfisher House, 17 Albury Close, Loverock Road, Reading, RG30 1BD. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current market conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from the sale of properties is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the properties sold; ∙the amount of revenue can be reliably measured ∙it is probable that the Company will receive the consideration due under the transaction, and; ∙the costs incurred or to be incurred in respect of the transaction can be reliably measured. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be reliably measured; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably, and; ∙the costs incurred and the costs to complete the contract can be measured reliably. Incidental income arising from the properties held for sale, such as rental income are recognised over the period in which they relate. Page 3
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 4 years
|  |  |  | Fixtures and fittings | - | 4 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 5
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.13 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 6
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.21 | 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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. Page 7
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 31 (2024 - 35).
4. | Tangible fixed assets
|  | Long leasehold | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 426,083 | 1,089,632 | 367,304 | 1,883,019
| Additions | - | 185,201 | 81,157 | 266,358
| Disposals | - | (196,795) | (77,972) | (274,767)
| At 31 December 2025 | 426,083 | 1,078,038 | 370,489 | 1,874,610
| Depreciation |  |  |  |
| At 1 January 2025 | - | 652,703 | 331,102 | 983,805
| Charge for the year | - | 212,245 | 35,410 | 247,655
| Disposals | - | (184,962) | (77,900) | (262,862)
| At 31 December 2025 | - | 679,986 | 288,612 | 968,598
| Net book value |  |  |  |
| At 31 December 2025 | 426,083 | 398,052 | 81,877 | 906,012
| At 31 December 2024 | 426,083 | 436,929 | 36,202 | 899,214
Page 8
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 4.Tangible fixed assets (continued)
| Freehold and leasehold properties are investment properties and have been included in the balance sheet at fair value by G P Smith FCCA, a director on 31 December 2025. The historic cost of investment properties is £160,000 (2024: £160,000).
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 315,315 | 338,648
|  | 315,315 | 338,648
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 52
| At 31 December 2025 | 52
| The Company owns 100% of the issued share capital of Country Estates Construction Limited and 50% of the issued share capital of Altovale Limited. Both companies are incorporated in the United Kingdom.
Page 9
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Investment property
|  | Investment property
|  | £
| Valuation |
| At 1 January 2025 | 2,543,917
| At 31 December 2025 | 2,543,917
The 2025 valuations were made by directors, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 1,175,000 | 1,175,000
7. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Stocks | 99,422 | 99,300
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 107,467 | 96,381
| Amounts owed by group undertakings | 1,016,808 | 517,247
| Other debtors | 9,458 | -
| Prepayments and accrued income | 469,454 | 217,790
|  | 1,603,187 | 831,418
Page 10
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 278,141 | 256,867
| Amounts owed to group undertakings | 848,247 | 361,468
| Other taxation and social security | 99,571 | 96,163
| Obligations under finance lease and hire purchase contracts | 132,753 | 139,128
| Other creditors | 89,059 | 75,934
| Accruals and deferred income | 216,250 | 214,407
|  | 1,664,021 | 1,143,967
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,500,000 | -
| Net obligations under finance leases and hire purchase contracts | 102,801 | 69,450
|  | 1,602,801 | 69,450
| Secured loans The bank loans bear a variable interest rate and are secured by first legal charges over the company’s properties and associated assets.
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 2-5 years |  |
| Bank loans | 1,500,000 | -
|  | 1,500,000 | -
|  | 1,500,000 | -
| Secured loans The bank loans bear a variable interest rate and are secured by first legal charges over the company’s properties and associated assets.
Page 11
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 132,753 | 139,128
| Between 1-5 years | 102,801 | 69,450
|  | 235,554 | 208,578
| The hire purchase contracts falling due within and after one year are secured on the assets to which they relate.
13. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (91,229)
| Charged to profit or loss | (1,318)
| At end of year | (92,547)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (92,547) | (91,229)
|  | (92,547) | (91,229)
14. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £67,432 (2024: £28,849). Contributions totalling £7,625 (2024: £635) were payable to the fund at the balance sheet date and are included in creditors. Page 12
COUNTRY ESTATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Related party transactions
| Transactions with entities which are part of the Country Estates Holdings Group are not disclosed in these financial statements, as the Company has taken advantage of the exemption available in FRS 102 Section 33.1A to not disclose transactions with wholly owned group companies. During the year the Company made sales of £14,471 (2024: £45,462) and purchases of £180 (2024: £54) in respect of properties owned by the directors and pension schemes of which they are members. At the year end the balance owed by the Company in respect of these transactions was £2,747 (2024: £696) and amounts owed by the Company £Nil (2024: £Nil). During the year the Company made sales of £Nil (2024: £Nil) to joint ventures in which it has an interest. At the year end the balance owed to the Company in respect of the transactions in the prior year was £12,047 (2024: £8,523). All of the above transactions were at arms length and under commercial terms.
16. | Controlling party
The ultimate parent company is Country Estates Holdings Limited, a company registered in England. The company is controlled by G P Smith and G J Denton by virtue of their shareholding in the ultimate holding company. Copies of consolidated financial statements of Country Estates Holdings Limited can be obtained from Companies House. Post year end, the ultimate parent company is Country Estates Group Limited, a company incorporated in England. The company remains under the control of G P Smith and G J Denton by virtue of their shareholdings in the ultimate holding company.
17. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 14 July 2026 by Alexander Peal BSc (Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.
Page 13