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Registered Number: 04618667
England and Wales
MUSKRAT LIMITED
Filleted Unaudited Financial Statements
Period of accounts Start date: 01 January 2025 End date: 31 December 2025

Muskrat Limited Contents Page For the year ended 31 December 2025
Company Information | 1
Director's Report | 2
Accountants' Report | 3
Statement of Financial Position | 4
Notes to the Financial Statements | 5

Muskrat Limited Company Information For the year ended 31 December 2025
Director | David Bunker
Registered Number | 04618667
Registered Office | 14 Orchard Street Bristol BS1 5EH
Accountants | Bond & Co Chartered Certified Accountants Bristol North Baths Gloucester Road Bristol BS7 8BN
1

Muskrat Limited Director's Report For the year ended 31 December 2025
Director's report and financial statements The director presents their annual report and the financial statements for the year ended 31 December 2025. Principal activities Principal activity of the company during the financial year was property management. Director The director who served the company throughout the year was as follows:
David Bunker
Statement of director's responsibilities The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulation. 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). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to select suitable accounting policies and then apply them consistently make judgments and accounting estimates that are reasonable and prudent 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 disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the board.
---------------------------------- David Bunker Director
Date approved: 07 August 2026 2

Muskrat Limited Accountants' Report For the year ended 31 December 2025
Report to the directors on the preparation of the unaudited statutory accounts of Muskrat Limited for the year ended 31 December 2025. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Muskrat Limited for the year ended 31 December 2025 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/. This report is made solely to the Board of Directors of Muskrat Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Muskrat Limited and state those matters that we have agreed to state to the Board of Directors of Muskrat Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Muskrat Limited and its Board of Directors as a body for our work or for this report. It is your duty to ensure that Muskrat Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Muskrat Limited. You consider that Muskrat Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Muskrat Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts 31 December 2025. Bond & Co Chartered Certified Accountants Bristol North Baths Gloucester Road Bristol BS7 8BN 07 August 2026 3

Muskrat Limited Statement of Financial Position As at 31 December 2025
| Notes | 2025 £ |  | 2024 £
--- | --- | --- | --- | ---
Fixed assets |  |  |
Tangible fixed assets | 3 | 1,542,036 |  | 1,078,569
|  | 1,542,036 |  | 1,078,569
Current assets |  |  |
Debtors: amounts falling due within one year | 4 | 33,261 |  | 38,365
Debtors: amounts falling due after one year | 5 | 101,609 |  | 106,609
Cash at bank and in hand |  | 1,571 |  | 198,918
|  | 136,441 |  | 343,892
Creditors: amount falling due within one year | 6 | (600) |  | (599)
Net current assets |  | 135,841 |  | 343,293
Total assets less current liabilities |  | 1,677,877 |  | 1,421,862
Creditors: amount falling due after more than one year | 7 | (985,878) |  | (706,038)
Provisions for liabilities | 8 | (131,922) |  | (131,922)
Net assets |  | 560,077 |  | 583,902
Capital and reserves |  |  |
Called up share capital |  | 20,000 |  | 20,000
Revaluation Reserves | 9 | 562,406 |  | 562,406
Profit and loss account |  | (22,329) |  | 1,496
Shareholders' funds |  | 560,077 |  | 583,902
For the year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These 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 to the Registrar of Companies. The financial statements were approved by the director on 07 August 2026 and were signed by:
------------------------------- David Bunker Director
4

Muskrat Limited Notes to the Financial Statements For the year ended 31 December 2025
General Information Muskrat Limited is a private company, limited by shares, registered in England and Wales, registration number 04618667, registration address 14 Orchard Street, Bristol, BS1 5EH. The presentation currency is £ sterling.
1. | Accounting policies Significant accounting policies The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard) Turnover Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Taxation Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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. Current and deferred tax assets and liabilities are not discounted. Tangible fixed assets Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Not depreciated. Investment properties Investment properties are initially recognised at cost, which includes the purchase price and any directly attributable expenditure. Subsequently, they are measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. The fair value is determined annually by the director, based on open market value. Provisions Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2. | Average number of employees Average number of employees during the year was 1 (2024 : 1).
3. | Tangible fixed assets
Cost or valuation | Land and Buildings |  | Total
| £ |  | £
At 01 January 2025 | 1,078,569 |  | 1,078,569
Additions | 463,467 |  | 463,467
Disposals | - |  | -
At 31 December 2025 | 1,542,036 |  | 1,542,036
Depreciation
At 01 January 2025 | - |  | -
Charge for year | - |  | -
On disposals | - |  | -
At 31 December 2025 | - |  | -
Net book values
Closing balance as at 31 December 2025 | 1,542,036 |  | 1,542,036
Opening balance as at 01 January 2025 | 1,078,569 |  | 1,078,569
4. | Debtors: amounts falling due within one year
| 2025 £ |  | 2024 £
--- | --- | --- | ---
Other Debtors | 33,239 |  | 33,239
Corporation Tax | 22 |  | 5,126
| 33,261 |  | 38,365
5. | Debtors: amounts falling due after one year
| 2025 £ |  | 2024 £
--- | --- | --- | ---
Other Debtors | 0 |  | 5,000
Director's Loan Accounts | 101,609 |  | 101,609
| 101,609 |  | 106,609
6. | Creditors: amount falling due within one year
| 2025 £ |  | 2024 £
--- | --- | --- | ---
Trade Creditors | 600 |  | 600
Other Creditors | 0 |  | (1)
| 600 |  | 599
7. | Creditors: amount falling due after more than one year
| 2025 £ |  | 2024 £
--- | --- | --- | ---
Bank Loans (Secured) | 985,878 |  | 706,038
| 985,878 |  | 706,038
8. | Provisions for liabilities
| 2025 £ |  | 2024 £
--- | --- | --- | ---
Deferred Tax | 131,922 |  | 131,922
| 131,922 |  | 131,922
9. | Revaluation Reserves
| 2025 £ |  | 2024 £
--- | --- | --- | ---
Revaluation Reserve (non-distributable) | 562,406 |  | 562,406
| 562,406 |  | 562,406
10. | Advances and Credits David Bunker Loan to director - Commercial interest is being charged on the loan amount.
Current year (2025)
| Brought Forward £ | Amount £ | Interest £ | Repaid £ | Written Off £ | Waived £ | Carry Forward £
--- | --- | --- | --- | --- | --- | --- | ---
David Bunker | 101,609 |  | 0 |  | 2,950 |  | 2,950 |  | 0 |  | 0 |  | 101,609
| 101,609 |  | 0 |  | 2,950 |  | 2,950 |  | 0 |  | 0 |  | 101,609
Previous year (2024)
| Brought Forward £ | Amount £ | Interest £ | Repaid £ | Written Off £ | Waived £ | Carry Forward £
--- | --- | --- | --- | --- | --- | --- | ---
David Bunker | 115,649 |  | 0 |  | 2,960 |  | 17,000 |  | 0 |  | 0 |  | 101,609
| 115,649 |  | 0 |  | 2,960 |  | 17,000 |  | 0 |  | 0 |  | 101,609
5