REGISTERED NUMBER: 03059688 (England and Wales)

Financial Statements

for the Year Ended 30 September 2025

for

Mandale Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D I Harriman

R T Harriman

SECRETARIES:

J Darragh

P Davidson

REGISTERED OFFICE:

Mandale House Mandale Park

Urlay Nook Road

Eaglescliffe

Stockton on Tees

TS16 0TA

REGISTERED NUMBER:

03059688 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditor

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

CURRENT ASSETS

Debtors

4

17,145,618

17,547,500

Cash at bank

441,298

29,268

17,586,916

17,576,768

CREDITORS

Amounts falling due within one year

5

66,367

65,573

NET CURRENT ASSETS

17,520,549

17,511,195

TOTAL ASSETS LESS CURRENT LIABILITIES

17,520,549

17,511,195

CAPITAL AND RESERVES

Called up share capital

6

139

139

Share premium

2,430,459

2,430,459

Retained earnings

15,089,951

15,080,597

SHAREHOLDERS' FUNDS

17,520,549

17,511,195

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 August 2026 and were signed on its behalf by:

R T Harriman - Director

1.	STATUTORY INFORMATION

Mandale Investments 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.

Turnover

Turnover represents rents and service charges receivable, excluding value added tax. Turnover also includes sales of properties which are recognised on legal completion.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

7,707

7,493

Owing from group undertakings

13,720,427

14,123,465

Owing from associated undertakings

3,415,753

3,415,753

Prepayments

1,731

789

17,145,618

17,547,500

As shown above, debtors include £17,136,180 (2024: £17,539,218) owing from associated and group undertakings. Due to liquidity concerns within the property sector generally, and therefore within the associated and group debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the directors to be greater than one year for a significant proportion of this amount. There are no formal terms of repayment for these balances.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

14,380

21,166

VAT

4,648

2,625

Owing to associated undertakings

36,236

36,236

Accrued expenses

11,103

5,546

66,367

65,573

As shown above, creditors include £36,236 (2024: £36,236) owing to associated undertakings. There are no formal terms of payment for these associated company balances.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

139

Ordinary Shares

£1

139

139

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

The Report of the Auditors was unqualified.

David Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

8.	CONTINGENT LIABILITIES

In April 2022 the Building Safety Act 2022 (The Act) became law. This legislation, amongst other things, extended the limitation period in relation to defects was extended to 30 years for works completed before the change in the law and 15 years for these commenced after the new provisions. If the company responsible for the defects no longer exists, then the High Court can provide for a Building Liability Order whereby companies associated with the responsible company (as detailed in The Act) may be liable.

In the period ended 30 September 2022 the ultimate parent company created a combustible materials provision. This provision is subject to the Director's estimates on costs and timing, and the existence and identification of legacy developments where the company may have an obligation to remediate or upgrade to meet new Government guidance where it is responsible to do so.

The group is no longer the freehold owner and have no visibility over remediation requirements.

Whilst the company believes that most significant liabilities will have been identified through the process of building owners assessing buildings, contingent liabilities exist where additional buildings have not yet been identified which require remediations. This may lead to liabilities for the company.

Due to the enduring challenges of developing a reliable estimate of these possible costs, the company cannot disclose an expected range.

9.	RELATED PARTY DISCLOSURES

During the year the company traded with the following related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as necessary.

Other related parties - group

2025

2024

£

£

Net provision of finance

(403,038

)

834,055

Balance at year end - debtor

13,720,427

14,123,465

The above debtor balance at the year end is net of a bad debt provision of £Nil (2024 : £Nil).

Other related parties - common control

2025

2024

£

£

Net provision/(receipt) of finance

-

403

Balance at year end - debtor

3,415,753

3,415,753

Balance at year end - creditor

(36,236

)

(36,236

)

The above debtor balance at the year end is net of a bad debt provision of £30,183 (2024 : £30,183).

10.	POST BALANCE SHEET EVENTS

After the year end, the directors declared dividends totalling £8,640,000 (2024: £Nil). These dividends have not been provided for in the financial statements as they were not declared until after the reporting date.

11.	PARENT UNDERTAKING

The immediate and ultimate parent company is Arkgrove Limited. These financial statements are included in the consolidated financial statements of Arkgrove Limited. The parent's registered office address is the same as Mandale Investments 2 Limited as detailed on the Company Information page.

On 11th March 2026, subsequent to the reporting date, the ultimate parent company transferred to AG IOM Holdings 2026 Limited as part of a group reorganisation. This represents a non-adjusting event under FRS 102. The new ultimate parent undertaking is incorporated in Isle of Man.