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REGISTERED NUMBER: 04056473 (England and Wales)

The Thorpe & Asgarby Estate Limited

Unaudited Financial Statements for the Year Ended 28th February 2026

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Contents of the Financial Statements

for the Year Ended 28th February 2026

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

The Thorpe & Asgarby Estate Limited

Company Information

for the Year Ended 28th February 2026

| DIRECTORS: | B R Mellstrom LLB

| S C Mellstrom MRICS

| SECRETARY: | W Munday

| REGISTERED OFFICE: | Glen House

| Glen Road

| Grayshott

| Hindhead

| Surrey

| GU26 6NF

| REGISTERED NUMBER: | 04056473 (England and Wales)

| ACCOUNTANTS: | Sheen Stickland

| Chartered Accountants

| 2 Oriel Court

| Omega Park

| Alton

| Hampshire

| GU34 2YT

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Balance Sheet

28th February 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 3,881,660 |  | 3,838,348 |  |

Investment property | 5 | 8,836,000 |  | 8,409,000 |  |

12,717,660 |  | 12,247,348 |  |

CURRENT ASSETS

Stocks | 330,902 |  | 440,743 |  |

Debtors | 6 | 607,943 |  | 292,400 |  |

Cash at bank | 367,666 |  | 711,287 |  |

1,306,511 |  | 1,444,430 |  |

CREDITORS

Amounts falling due within one year | 7 | 950,475 |  | 606,244 |  |

NET CURRENT ASSETS | 356,036 |  | 838,186 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,073,696 |  | 13,085,534 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (2,330,000 | ) | (2,330,000 | ) |

PROVISIONS FOR LIABILITIES | 10 | (1,829,895 | ) | (1,722,704 | ) |

NET ASSETS | 8,913,801 |  | 9,032,830 |  |

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Balance Sheet - continued

28th February 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 11 | 2,003 |  | 2,002 |  |

Share premium | 12 | 11,543 |  | - |  |

Fair value reserve | 12 | 5,908,133 |  | 5,481,133 |  |

Retained earnings | 12 | 2,992,122 |  | 3,549,695 |  |

SHAREHOLDERS' FUNDS | 8,913,801 |  | 9,032,830 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2026 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.

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 13th August 2026 and were signed on its behalf by:

B R Mellstrom LLB - Director

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements

for the Year Ended 28th February 2026

1. | STATUTORY INFORMATION

| The Thorpe & Asgarby Estate 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.

| Turnover

| Turnover represents net invoiced sales of goods together with sales of development land and property, excluding value added tax.

| Tangible fixed assets

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

| Freehold property | - | not provided

| Estate office | - | 2% on cost

| Improvements to property | - | at varying rates on cost

| Plant and machinery | - | at varying rates on cost

| Computer equipment | - | 20% on cost

| The freehold property consists of land and agricultural buildings. The majority of the agricultural buildings are let as part of a farm tenancy on full repairing and insuring terms and have not been depreciated.

| 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.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

| Contract farming

| The company has entered into a contract farming arrangement for the 2026 season. This contract will be brought into the company's results for the year ending 28 February 2026.

| At 28th February 2026 the expenditure on this 2026 farming contract, less receipts on account, has been carried forward as it is too early to estimate the likely result for the farming year.

| Government grants

| Payments from the Rural Payments Agency including single farm payments are included in turnover in the year of receipt.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2025 - 2 ) .

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

4. | TANGIBLE FIXED ASSETS

| Improvem

| Freehold |  | Estate |  | to

| property |  | office |  | property

£ | £ | £ |

| COST

| At 1st March 2025 | 2,864,817 |  | 44,904 |  | 1,037,935 |  |

| Additions | - |  | - |  | 58,385 |  |

| Disposals | (2,320 | ) | - |  | - |  |

| At 28th February 2026 | 2,862,497 |  | 44,904 |  | 1,096,320 |  |

| DEPRECIATION

| At 1st March 2025 | - |  | 20,207 |  | 794,828 |  |

| Charge for year | - |  | 988 |  | 13,531 |  |

| At 28th February 2026 | - |  | 21,195 |  | 808,359 |  |

| NET BOOK VALUE

| At 28th February 2026 | 2,862,497 |  | 23,709 |  | 287,961 |  |

| At 28th February 2025 | 2,864,817 |  | 24,697 |  | 243,107 |  |

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

4. | TANGIBLE FIXED ASSETS - continued

| Plant and |  | Computer |

| machinery |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st March 2025 | 1,034,825 |  | 2,115 |  | 4,984,596 |  |

| Additions | 69,879 |  | - |  | 128,264 |  |

| Disposals | - |  | - |  | (2,320 | ) |

| At 28th February 2026 | 1,104,704 |  | 2,115 |  | 5,110,540 |  |

| DEPRECIATION

| At 1st March 2025 | 329,098 |  | 2,115 |  | 1,146,248 |  |

| Charge for year | 68,113 |  | - |  | 82,632 |  |

| At 28th February 2026 | 397,211 |  | 2,115 |  | 1,228,880 |  |

| NET BOOK VALUE

| At 28th February 2026 | 707,493 |  | - |  | 3,881,660 |  |

| At 28th February 2025 | 705,727 |  | - |  | 3,838,348 |  |

| Included in cost of land and buildings is freehold land of £ 2,929,657 (2025 - £ 2,929,657 ) which is not depreciated.

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1st March 2025 | 8,409,000 |  |

| Revaluations | 427,000 |  |

| At 28th February 2026 | 8,836,000 |  |

| NET BOOK VALUE

| At 28th February 2026 | 8,836,000 |  |

| At 28th February 2025 | 8,409,000 |  |

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

5. | INVESTMENT PROPERTY - continued

| Fair value at 28th February 2026 is represented by:

£ |

| Valuation in 2022 | 6,106,156 |  |

| Valuation in 2023 | 609,000 |  |

| Valuation in 2024 | 308,000 |  |

| Valuation in 2026 | 427,000 |  |

| Cost | 1,385,844 |  |

8,836,000 |  |

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

2026 | 2025 |

£ | £ |

| Cost | 1,385,844 |  | 1,385,844 |  |

| Investment property was valued on an open market value basis on 30th April 2025 by Strutt and Parker .

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

2026 | 2025 |

£ | £ |

| Trade debtors | 278,756 |  | 227,462 |  |

| Other debtors | 329,187 |  | 64,938 |  |

607,943 |  | 292,400 |  |

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

2026 | 2025 |

£ | £ |

| Bank loans and overdrafts | 835,745 |  | 230,735 |  |

| Trade creditors | 45,904 |  | 92,306 |  |

| Taxation and social security | - |  | 81,107 |  |

| Other creditors | 68,826 |  | 202,096 |  |

950,475 |  | 606,244 |  |

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

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

2026 | 2025 |

£ | £ |

| Bank loans | 2,330,000 |  | 2,330,000 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2025 |

£ | £ |

| Bank overdrafts | 835,745 |  | 230,735 |  |

| Bank loans | 2,330,000 |  | 2,330,000 |  |

3,165,745 |  | 2,560,735 |  |

| The bank loan and overdraft are secured by a fixed and floating charge over the company's assets.

10. | PROVISIONS FOR LIABILITIES

2026 | 2025 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 181,122 |  | 180,681 |  |

| Other timing differences | 1,648,773 |  | 1,542,023 |  |

1,829,895 |  | 1,722,704 |  |

| Deferred |

| tax |

£ |

| Balance at 1st March 2025 | 1,722,704 |  |

| Provided during year | 107,191 |  |

| Balance at 28th February 2026 | 1,829,895 |  |

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

11. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

| 2,003 | Share capital | £1 | 2,003 |  | 2,002 |  |

| (2025 - 2,002 ) |

| 1 Ordinary share of £1 was issued during the year for cash of £ 11,544 .

12. | RESERVES

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1st March 2025 | 3,549,695 |  | - |  | 5,481,133 |  | 9,030,828 |  |

| Profit for the year | 63,427 |  | 63,427 |  |

| Dividends | (194,000 | ) | (194,000 | ) |

| Cash share issue | - |  | 11,543 |  | - |  | 11,543 |  |

| Transfer | (427,000 | ) | - |  | 427,000 |  | - |  |

| At 28th February 2026 | 2,992,122 |  | 11,543 |  | 5,908,133 |  | 8,911,798 |  |

13. | CAPITAL COMMITMENTS

2026 | 2025 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 130,095 |  | - |  |

The Thorpe & Asgarby Estate Limited (Registered number: 04056473)

Notes to the Financial Statements - continued

for the Year Ended 28th February 2026

14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 28th February 2026 and 28th February 2025:

2026 | 2025 |

£ | £ |

| B R Mellstrom LLB

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 554,883 |  | - |  |

| Amounts repaid | (379,883 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 175,000 |  | - |  |