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REGISTERED NUMBER: 00600515 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Norman Industrial Estates Limited |

| Norman Industrial Estates Limited (Registered number: 00600515) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Norman Industrial Estates Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | C M N Wheeler

| Mrs S W Wheeler

| SECRETARY: | C M N Wheeler

| REGISTERED OFFICE: | Eldo House

| Kempson Way

| Bury St Edmunds

| Suffolk

| IP32 7AR

| REGISTERED NUMBER: | 00600515 (England and Wales)

| ACCOUNTANTS: | Knights Lowe Chartered Accountants

| Eldo House

| Kempson Way

| Suffolk Business Park

| Bury St Edmunds

| Suffolk

| IP32 7AR

| Norman Industrial Estates Limited (Registered number: 00600515) |

Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investment property | 4 | 2,215,400 |  | 2,069,580 |  |

CURRENT ASSETS

Debtors | 5 | 465,870 |  | 373,999 |  |

CREDITORS

Amounts falling due within one year | 6 | 272,976 |  | 210,895 |  |

NET CURRENT ASSETS | 192,894 |  | 163,104 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,408,294 |  | 2,232,684 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (337,944 | ) | (367,133 | ) |

PROVISIONS FOR LIABILITIES | 9 | (106,767 | ) | (85,303 | ) |

NET ASSETS | 1,963,583 |  | 1,780,248 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 9,000 |  | 9,000 |  |

Non distributable reserve | 11 | 1,628,212 |  | 1,503,856 |  |

Retained earnings | 326,371 |  | 267,392 |  |

SHAREHOLDERS' FUNDS | 1,963,583 |  | 1,780,248 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Norman Industrial Estates Limited (Registered number: 00600515) |

Balance Sheet - continued

31 March 2025

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 6 August 2026 and were signed on its behalf by:

C M N Wheeler - Director

| Norman Industrial Estates Limited (Registered number: 00600515) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Norman Industrial Estates 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Significant judgements and estimates

| In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that and future periods.

| The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

| Revaluation of investment properties

| The Company carries investment properties at fair value, with changes in fair value being recognised in the income statement and transferred to a non-distributable reserve. The Directors have determined fair values on a property by property basis at open market value based on assumptions on expected yield given the location and nature of the property comparable to other known sales or potential sales in the region. Where considered appropriate, the directors seek formal or informal valuations by land and estate agents.

| Turnover

| Turnover represents rental income, excluding value added tax. Where rents are received from customers in advance, the amounts are recorded as deferred income and included within creditors due within one year. Where rents are received after the period to which they relate to, an amount is recognised in trade debtors to accrue outstanding rents.

| 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.

| Norman Industrial Estates Limited (Registered number: 00600515) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Impairment

| At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

| Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

| Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Norman Industrial Estates Limited (Registered number: 00600515) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 3 ) .

4. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 2,069,580 |  |

| Revaluations | 145,820 |  |

| At 31 March 2025 | 2,215,400 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,215,400 |  |

| At 31 March 2024 | 2,069,580 |  |

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2015 | 787,496 |  |

| Valuation in 2017 | 801,663 |  |

| Valuation in 2025 | 145,820 |  |

| Cost | 480,421 |  |

2,215,400 |  |

| If the investment properties had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 480,421 |  | 480,421 |  |

| Investment properties were valued on a review basis on 31 March 2025 by the directors .

| In line with the provisions of FRS 102 Section 16 relating to investment properties, investment properties are shown at market value as estimated by the directors. Revaluations are shown through the income statement and deferred tax is calculated on these as appropriate. Any unrealised gains/losses on the revaluation of properties are shown in a non-distributable reserve on the balance sheet.

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | - |  | 2,996 |  |

| Other debtors | 465,870 |  | 371,003 |  |

465,870 |  | 373,999 |  |

| Within other debtors are amounts owed from the Directors.

| Norman Industrial Estates Limited (Registered number: 00600515) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 43,469 |  | 35,982 |  |

| Trade creditors | 6,811 |  | 4,519 |  |

| Taxation and social security | 214,026 |  | 165,714 |  |

| Other creditors | 8,670 |  | 4,680 |  |

272,976 |  | 210,895 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 337,944 |  | 367,133 |  |

8. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 17,326 |  | 16,015 |  |

| Bank loans | 364,087 |  | 387,100 |  |

381,413 |  | 403,115 |  |

| The bank borrowings are secured with fixed and floating charges over the assets of the company.

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Revaluation adjustment | 106,767 |  | 85,303 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 85,303 |  |

| Movements during the year | 21,464 |  |

| Balance at 31 March 2025 | 106,767 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 9,000 | Ordinary shares | £1 | 9,000 |  | 9,000 |  |

| Norman Industrial Estates Limited (Registered number: 00600515) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

11. | RESERVES

| Non

| distributable

| reserve

£ |

| At 1 April 2024 | 1,503,856 |  |

| Non-distributable transfer | 124,356 |  |

| At 31 March 2025 | 1,628,212 |  |

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| Mrs S W Wheeler

| Balance outstanding at start of year | 259,333 |  | 120,848 |  |

| Amounts advanced | 70,554 |  | 138,485 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 329,887 |  | 259,333 |  |

13. | ULTIMATE CONTROLLING PARTY

| The controlling party is Mrs S W Wheeler.