Company No: 09891115 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	172,675		207,878
Investment property	5	230,000		265,958
Investments	6	64,895		63,794
		467,570		537,630
Current assets
Stocks	7	6,000		4,500
Debtors	8	89,038		71,146
Cash at bank and in hand		508,991		294,881
		604,029		370,527
Creditors: amounts falling due within one year	9	( 189,327)		( 133,029)
Net current assets		414,702		237,498
Total assets less current liabilities		882,272		775,128
Creditors: amounts falling due after more than one year	10	( 235,289)		( 264,491)
Provision for liabilities	11	( 18,999)		( 23,956)
Net assets		627,984		486,681
Capital and reserves
Called-up share capital	12	4,000		4,000
Profit and loss account		623,984		482,681
Total shareholders' funds		627,984		486,681

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

Directors' responsibilities:

• The members have 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 Walter Saguaro Limited (registered number: 09891115) were approved and authorised for issue by the Board of Directors on 20 July 2026. They were signed on its behalf by:

Dr. A. Sternberg Director

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

Walter Saguaro 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 C/O Gravita Oxford Llp First Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination 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.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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	10 years straight line
Plant and machinery	20 % reducing balance
Office equipment	5 years straight line
Computer equipment	33.33 % reducing balance
Other property, plant and equipment	5 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		6

3. Dividends on equity shares

	2025		2024
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend paid for Ordinary B shares at £107.00 (2024: £106.00) per share	107,000		106,000
Interim dividend paid for Ordinary C shares at £nil (2024: £12.50) per share	0		12,500
Interim dividend paid for Ordinary D shares at £nil (2024: £12.50) per share	0		12,500
	107,000		131,000

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Office equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 December 2024	157,843		110,428		72,919		27,326		1,629		370,145
Additions	800		7,524		868		2,417		1,575		13,184
At 30 November 2025	158,643		117,952		73,787		29,743		3,204		383,329
Accumulated depreciation
At 01 December 2024	46,178		53,307		42,190		20,130		462		162,267
Charge for the financial year	15,791		12,929		14,613		4,509		545		48,387
At 30 November 2025	61,969		66,236		56,803		24,639		1,007		210,654
Net book value
At 30 November 2025	96,674		51,716		16,984		5,104		2,197		172,675
At 30 November 2024	111,665		57,121		30,729		7,196		1,167		207,878

5. Investment property

	Investment property
	£
Fair value
As at 01 December 2024	265,958
Fair value movement	(35,958)
As at 30 November 2025	230,000

Valuation

The fair value of the residential investment property at 30 November 2025 have been arrived at on the basis of valuations carried out by the directors on that date. The valuations performed were arrived at by reference to market evidence of transaction prices for similar properties.

6. Fixed asset investments

	Listed investments		Loans		Other investments		Total
	£		£		£		£
Cost or valuation before impairment
At 01 December 2024	13,794		45,000		5,000		63,794
Movement in fair value	1,101		0		0		1,101
At 30 November 2025	14,895		45,000		5,000		64,895
Carrying value at 30 November 2025	14,895		45,000		5,000		64,895
Carrying value at 30 November 2024	13,794		45,000		5,000		63,794

7. Stocks

	2025		2024
	£		£
Stocks	6,000		4,500

8. Debtors

	2025		2024
	£		£
Trade debtors	71,253		60,340
Other debtors	17,785		10,806
	89,038		71,146

Within the other debtors there is a balance of £9,000 (2024: £nil) for amounts due greater than one year.

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	5,559		5,556
Trade creditors	33,242		4,478
Taxation and social security	105,227		85,636
Obligations under finance leases and hire purchase contracts	24,157		26,485
Other creditors	21,142		10,874
	189,327		133,029

10. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	24,067		29,630
Obligations under finance leases and hire purchase contracts	48,253		72,204
Other creditors	162,969		162,657
	235,289		264,491

There are no amounts included above in respect of which any security has been given by the small entity.

Included within creditors in total is a Government Backed Bounce Back Loan of £29,626 (2024: £35,186).

11. Provision for liabilities

	2025		2024
	£		£
Deferred tax	18,999		23,956

12. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each	1,000		1,000
1,000 B ordinary shares of £ 1.00 each	1,000		1,000
1,000 C ordinary shares of £ 1.00 each	1,000		1,000
1,000 D ordinary shares of £ 1.00 each	1,000		1,000
	4,000		4,000

13. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Charge to profit or loss in respect of defined contribution schemes	64,742		28,469

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

As at the balance sheet date the company had outstanding pension commitments totalling £824 (2024: £797).

14. Leasing

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

	2025		2024
	£		£
	126,484		152,364