REGISTERED NUMBER: 02487884 (England and Wales)

Financial Statements for the Year Ended 31 October 2025

for

Tapestart Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Ballard

Mr M D French

REGISTERED OFFICE:

45/51, Wychtree Street

Morriston

Swansea

West Glamorgan

SA6 8EX

REGISTERED NUMBER:

02487884 (England and Wales)

SENIOR STATUTORY AUDITOR:

Dylan Jones

AUDITORS:

Cambrian & Co Ltd

Chartered Accountants & Statutory Auditors

13a Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

4

91,142

98,666

Investments

5

12

10

Investment property

6

37,114,161

32,314,562

37,205,315

32,413,238

CURRENT ASSETS

Debtors

7

21,689,993

21,096,647

Investments

8

81,000

81,000

Cash at bank

1,328,437

4,175,090

23,099,430

25,352,737

CREDITORS

Amounts falling due within one year

9

21,357,856

22,361,769

NET CURRENT ASSETS

1,741,574

2,990,968

TOTAL ASSETS LESS CURRENT LIABILITIES

38,946,889

35,404,206

CREDITORS

Amounts falling due after more than one year

10

24,594,689

-

PROVISIONS FOR LIABILITIES

12

2,478,624

2,089,496

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

11,873,476

33,314,610

SHAREHOLDERS' FUNDS

11,873,576

33,314,710

38,946,889

35,404,206

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

Mr P Ballard - Director

1.	STATUTORY INFORMATION

Tapestart 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover consists of freehold sales and all additional incomes derived from investment in freehold reversions all within the UK. These include ground rents, notice fees and consent fees. Ground rent revenue is recognised on an accruals basis in line with the terms of the lease. Fees are recognised on a receipt basis and Freehold Reversions are recognised when control of the freehold transfers to the customer.

Fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property comprises of freehold reversions held wholly for the generation of income and capital growth.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2024 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 November 2024

70,000

3,576

-

Additions

-

-

374

At 31 October 2025

70,000

3,576

374

DEPRECIATION

At 1 November 2024

-

3,295

-

Charge for year

-

94

43

At 31 October 2025

-

3,389

43

NET BOOK VALUE

At 31 October 2025

70,000

187

331

At 31 October 2024

70,000

281

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2024

31,043

2,217

106,836

Additions

-

-

374

At 31 October 2025

31,043

2,217

107,210

DEPRECIATION

At 1 November 2024

2,658

2,217

8,170

Charge for year

7,761

-

7,898

At 31 October 2025

10,419

2,217

16,068

NET BOOK VALUE

At 31 October 2025

20,624

-

91,142

At 31 October 2024

28,385

-

98,666

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 November 2024

10

Additions

2

At 31 October 2025

12

NET BOOK VALUE

At 31 October 2025

12

At 31 October 2024

10

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2024

32,314,562

Additions

3,568,451

Disposals

(331,933

)

Revaluations

1,563,081

At 31 October 2025

37,114,161

NET BOOK VALUE

At 31 October 2025

37,114,161

At 31 October 2024

32,314,562

Fair value at 31 October 2025 is represented by:

£

Valuation in 2020

31,042,115

Valuation in 2021

(120,117

)

Valuation in 2022

626,218

Valuation in 2023

(3,067,834

)

Valuation in 2024

3,834,180

Valuation in 2025

4,799,599

37,114,161

If Freehold Investments had not been revalued they would have been included at the following historical cost:

31.10.25

31.10.24

£

£

Cost

26,991,630

23,956,061

Freehold Investments were valued on a Special Valuation basis on 31 October 2025 by Mr. P. Ballard .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade debtors

-

18,726

Staff loans

6,400

12,200

Amounts recoverable on contract

-

449,207

Other debtors

396,679

48,225

Amounts due from related companies

20,982,171

20,409,663

Other Debtors

201,192

-

Accrued income

100,273

156,202

Prepayments

3,278

2,424

21,689,993

21,096,647

8.	CURRENT ASSET INVESTMENTS

31.10.25

31.10.24

£

£

Other

81,000

81,000

Included within current assets are Redeemable Preference Shares in South India Tours and Travel Ltd (Company Number 10845229) of 81,000 shares at £1 per share. Preference shareholders are entitled on the 9th March each year to a fixed non-cumulative dividend of 3% per annum applied to the nominal value of the shares.On winding up the shares will be entitled to a return of the nominal capital in advance of the Ordinary shares and a pro rata payment of the dividend for the period from the previous 9th March. The shares are redeemable at any time at the discretion of the directors. On redemption, the payment will be the return of the nominal capital and a pro rata payment of the dividend for the period from the previous 9th March to the 9th March 2026. No dividend was payable, therefore no provision has been made.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Bank loans and overdrafts (see note 11)

3,418,979

4,380,167

Other loans (see note 11)

1,798,877

1,811,264

Tax

340,222

271,176

Social security and other taxes

30,698

23,537

VAT

1,625

3,202

Other creditors

529,442

92,675

Amounts due to related companies

15,175,012

15,144,553

Income received in advance

-

617,755

Accrued expenses

63,001

17,440

21,357,856

22,361,769

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.25

31.10.24

£

£

Other loans (see note 11)

24,000,000

-

Accruals and deferred income

594,689

-

24,594,689

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan from parent company

24,000,000

-

11.

LOANS

An analysis of the maturity of loans is given below:

31.10.25

31.10.24

£

£

Amounts falling due within one year or on demand:

Bank loans

3,418,979

4,380,167

Related party loans

1,798,877

1,811,264

5,217,856

6,191,431

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan from parent company

24,000,000

-

The loan from the company's parent undertaking carries a fixed rate of interest of 9% p.a and is repayable in 2045, under a standard secured loan notes arrangement.

At the balance sheet date the balance owed to the parent company was £24,000,000.

12.	PROVISIONS FOR LIABILITIES

31.10.25

31.10.24

£

£

Deferred tax

2,478,624

2,089,496

Deferred

tax

£

Balance at 1 November 2024

2,089,496

Provided during year

390,900

Reversal of timing differences

(1,772

)

Balance at 31 October 2025

2,478,624

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dylan Jones (Senior Statutory Auditor)

for and on behalf of Cambrian & Co Ltd

14.	RELATED PARTY DISCLOSURES

Tapestart Ltd acts as a clearing house for directors current account transactions, and other related parties loan account transactions, with associated companies.

Included within related party loans are loans made by the directors and their family members. These are interest free, with no formal terms of repayment, although any withdrawal must be approved by the directors. The aggregate amounts outstanding are disclosed in the creditors note as related party loans.

During the year the shareholders of the Company exchanged their entire shareholdings in the Company for shares in Glarus Holdings Limited, a company incorporated in Guernsey.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Ballard.