ACCOUNTS - Final Accounts

The transfer between reserves comprises:

Registered number: 03468077

KINGMERE LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

KINGMERE LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10 - 19

KINGMERE LIMITED

DIRECTORS' REPORT

For the Year Ended 24 March 2026

The directors present their report and the financial statements for the year ended 24 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements 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 are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to 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.

Directors

The directors who served during the year were:

Ms S F Wickens BSc

Mr R F Wickens (resigned 13 June 2026)

Mrs J J Wickens (resigned 13 June 2026)

Mr G N Hawkins FCA

Mr P M A Rowland BSc (Hons) MCIOB

Mr R D Moyler BSc (Hons) MRICS

Mr D J Dempsey BSc (Hons) MRICS

Page 1

KINGMERE LIMITED

DIRECTORS' REPORT (CONTINUED)

For the Year Ended 24 March 2026

Change of control

The lenders to the company have provisions within the borrowing facility agreements which restrict the ability of the shareholders to transfer their shares in the company. Transfers of shares, other than those permitted by the lending agreements, could lead to a call from the lenders for the outstanding borrowings and any break costs to be repaid on demand.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 29 July 2026 and signed on its behalf.

G N Hawkins

Director

Page 2

KINGMERE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGMERE LIMITED

Opinion

We have audited the financial statements of Kingmere Limited (the 'company') for the year ended 24 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 24 March 2026 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

KINGMERE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGMERE LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 4

KINGMERE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGMERE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The Company is subject to laws and regulations that directly affect the financial statements including The Companies Act 2006, UK taxation legislation, financial reporting legislation and general regulations such as occupational health and safety and General Data Protection. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

• We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of documentation.

• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgments made by management in its significant accounting estimates;

o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

o Review of legal and professional expenditure and supporting documentation.

• As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

o Posting of unusual journals and complex transactions;

o Recognising investment property disposals in an incorrect period; and

o Manipulation of amounts subject to significant judgment or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

Page 5

KINGMERE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGMERE LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

James Hadfield FCA (Senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants

Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX

29 July 2026

Page 6

KINGMERE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

For the Year Ended 24 March 2026

	2026	2025
Note	£	£


Turnover		2,612,750	2,400,050
Property expenditure		45,183	(41,014)
Net income from property		2,657,933	2,359,036
Administrative expenses		(170,732)	(240,353)
Other operating income		2,911	600
Operating profit		2,490,112	2,119,283
Interest receivable and similar income		32,026	13,637
Interest payable and similar expenses	5	(819,599)	(1,050,651)
Fair value movements - financial instruments		(83,700)	(146,569)
Fair value movements - Investment properties		(738,541)	(53,553)
Profit before tax		880,298	882,147
Tax on profit	6	(206,294)	(283,222)
Profit for the financial year		674,004	598,925

There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2026 (2025:£NIL).

The notes on pages 10 to 19 form part of these financial statements.

Page 7

KINGMERE LIMITED

Registered number: 03468077

BALANCE SHEET

As at 24 March 2026

		2026		2025
Note		£		£

Fixed assets
Investment Property	7		37,158,675		37,897,216
Current assets
Debtors: amounts falling due within one year	8	804,863		938,176
Cash at bank and in hand		2,055,636		795,685
		2,860,499		1,733,861
Creditors: amounts falling due within one year	9	(1,337,248)		(1,285,154)
Net current assets			1,523,251		448,707
Total assets less current liabilities			38,681,926		38,345,923
Creditors: amounts falling due after more than one year	10		(15,318,849)		(15,453,380)
Provisions for liabilities
Deferred tax			(2,199,381)		(2,402,851)
Net assets			21,163,696		20,489,692

Capital and reserves
Called up share capital	13	100	100
Revaluation reserve	14	10,017,365	10,557,906
Profit and loss account	14	11,146,231	9,931,686
		21,163,696	20,489,692

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.

S F Wickens

Director

The notes on pages 10 to 19 form part of these financial statements.

Page 8

KINGMERE LIMITED

STATEMENT OF CHANGES IN EQUITY

For the Year Ended 24 March 2026

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 25 March 2025	100	10,557,906	9,931,686	20,489,692
Comprehensive income for the year
Profit for the year	-	-	674,004	674,004
Transfer between reserves	-	(540,541)	540,541	-
At 24 March 2026	100	10,017,365	11,146,231	21,163,696

The notes on pages 10 to 19 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

For the Year Ended 24 March 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 25 March 2024	100	10,633,475	9,257,192	19,890,767
Comprehensive income for the year
Profit for the year	-	-	598,925	598,925
Transfer between reserves	-	(75,569)	75,569	-
At 24 March 2025	100	10,557,906	9,931,686	20,489,692

The notes on pages 10 to 19 form part of these financial statements.


Investment property revaluation gains/(losses)	(738,541)	(53,553)
Deferred taxation on investment property revaluation gains/(losses)	198,000	(22,016)
	(540,541)	(75,569)

Page 9

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

1.	General information

Kingmere Limited is a private company limited by shares and incorporated in England and Wales.

The company's registered office and principal place of business is at Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA.

The company's principal activity is that of investor, developer and trader in the general and commercial property sectors in the south of England.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises the gross rental charges, adjusted for lease incentives, together with third party sales of trading stock receivable during the year, excluding VAT and arising wholly within the United Kingdom. Lease incentives granted to tenants are recognised as an integral part of the net consideration for the leased property and amortised on a straight line basis over the term of the lease.

Turnover excludes service charges and other costs directly recoverable from tenants.

Turnover and indexed rents are recognised as turnover in the periods in which they are earned. Rent reviews are recognised when the review memorandum has been agreed with the tenant.

Surrender and other premiums received in the period from tenants are included in other operating income.

Sales of dealing and trading stocks are recognised as turnover once an unconditional sale contract is exchanged or, if exchange is conditional, all material conditions have been satisfied and there are no foreseeable circumstances which might prevent completion of contracts occurring.

2.3

Expenditure

Irrecoverable running costs directly attributable to specific properties are charged to the profit and loss account on an accruals basis. Costs incurred on the maintenance or refurbishment of the property portfolio which, in the opinion of the directors, are not of a capital nature are written off to the profit and loss account on an accruals basis.

Costs not directly attributable to individual properties are charged to the profit and loss account as administrative expenditure.

Page 10

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

2.Accounting policies (continued)

2.4

Operating leases: the company as lessor

The company has entered into commercial property leases as a lessor on its investment property portfolio. Rental income from operating leases, is recognised on a straight-line basis over the term of the relevant lease.

2.5

Investment property

Investment property is carried at fair value determined annually by professionally qualified valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Additions to investment properties comprise the acquisition price and associated costs together with other costs of a capital nature, such as redevelopment costs that are directly attributable to that property. Where the company redevelops an existing investment property for continued use as an investment property, the property remains an investment property measured at annual valuation.

Disposals are recognised in the accounts if an unconditional contract is exchanged at the balance sheet date provided that, if exchange is conditional, all material conditions have been satisfied and there are no foreseeable circumstances which might prevent completion of contracts occurring. The profit or loss arising is calculated by reference to the carrying value of the asset at the beginning of the year, adjusted for subsequent capital expenditure, and stated after deduction of selling costs.

Changes in fair value are recognised in the Statement of Comprehensive Income after Operating profit and are non-distributable until realised by a disposal of the property. In such cases, the company accounts for the change in valuation amount, net of deferred tax, as a movement on reserves with the total net revaluation gains forming the Revaluation Reserve on the Balance Sheet. Movements are analysed in the Statement of Changes in Equity. Upon the disposal of a previously revalued property, any previously unrealised gain becomes realised and is released from the Revaluation Reserve and transferred to the Profit and Loss Account reserve within the Statement of Changes in Equity and becomes distributable.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.

Page 11

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

2.Accounting policies (continued)

2.7

Financial instruments (continued)

Other financial assets

Other financial assets, which includes loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial liabilities

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Loans which are refinanced are assessed by management against the conditions set out in FRS102 11.37 and if the modifications are deemed non-substantial from both a qualitative and a quantitative perspective the refinancing is considered not to give rise to the extinguishment of the original financial liability and the recognition of a new financial liability.

Other financial instruments

Derivatives, including interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Derecognition of financial instruments

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

2.Accounting policies (continued)

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Going concern

The company’s investment properties are let to a diversified portfolio of tenants and generate rental income in excess of the financing, property and administrative costs, thereby generating positive cashflow. Future cashflow and working capital liquidity requirements are documented in detailed forecasts scrutinised by the directors. The methodology adopted is appraised and amended in response to changing economic conditions and the actual outcome is routinely assessed against previous forecasts.

The most recently prepared forecasts demonstrate that the company has the resources to readily meet all liabilities as they fall due. Lender covenants are evaluated and tested for future sensitivities to highlight any areas where mitigating action can be planned for. All current projections give the directors confidence that the company will continue to perform ahead of its financial covenant thresholds.

The company continues to have a strong relationship with its lender and conservative operating ratios, giving the directors confidence that the refinance falling due in October 2028 can be achieved. In their judgment, the directors conclude that these financial statements may validly be prepared on the going concern basis.

Page 13

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires the directors to make judgments and estimates that affect reported amounts of assets and liabilities. These judgments and estimates are based on experience and knowledge of the detailed facts but inevitably the actual outcome will differ with any variance, which may be material, being reflected in the accounting records once it becomes apparent.

In preparing these financial statements, the judgments that have the most significant risk of material variation is the fair value of reported investment properties.

Evidence for investment yields are provided by third party chartered surveyors and also obtained from any reports prepared for the lender. The directors apply those yields based on their judgment of the individual property asset.

The requirement for high energy efficiency ratings on commercial properties has become vital to secure long-term tenants. Whilst this is a factor incorporated into the current valuations, the full extent of the future cost of compliance with regulations remains uncertain.

The valuation at 24 March 2026 was prepared in consultation with the directors by Mr D J Dempsey, a director of the company and a professionally qualified and experienced Chartered Surveyor but nevertheless, the conclusions arrived at for fair value of the investment property portfolio is inherently subjective and dependent on the exercise of judgment.

Judgments and estimates have also been necessary in the following key areas:
- all loans have judged to be basic in accordance with the definitions of FRS102
- all interest rate derivatives have been stated at the fair value of the underlying product at the balance sheet date.

4.	Directors' remuneration

There were no employees other than the directors during the year or the previous year, none of whom received any remuneration.

5.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	749,568	935,871
Mortgage arrangement fees & similar charges	70,031	114,780
	819,599	1,050,651

Page 14

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

Corporation tax
Current tax on profits for the year	410,000	241,500
Adjustments in respect of previous periods	(236)	59,749

Total current tax	409,764	301,249

Deferred tax
Origination and reversal of timing differences	(5,470)	3,989
Investment property revaluation gains/(losses)	(198,000)	(22,016)
Total deferred tax	(203,470)	(18,027)


	Tax on profit	206,294	283,222

Profit on ordinary activities before tax

880,298

882,147

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	220,075	220,537
Effects of:
Adjustments to tax charge in respect of prior periods	-	59,749
Other differences leading to an increase (decrease) in the tax charge	(13,781)	2,936
Total tax charge for the year	206,294	283,222

Page 15

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

7.	Investment property

		Freehold investment property
		£
	Valuation
	At 25 March 2025	37,897,216
	Surplus on revaluation	(738,541)
	At 24 March 2026	37,158,675

The 2026 valuations were made by Mr D J Dempsey, a director of the company and a professionally qualified surveyor, on an open market value basis.

Details on the assumptions made and key sources of estimation uncertainty are given in note 3.

The whole of the portfolio of investment properties are pledged as security for the company's bank loans.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2026	2025
	£	£

Historic cost

25,485,902

Included in accumulated cost above is £468,905 of capitalised interest (2025: £468,905).

The investment properties are all held for operating lease purposes.

Debtors

					2026	2025
					£	£


Trade debtors	6,373	3,150
Other debtors	86,317	85,694
Prepayments and accrued income	337,575	391,034
Financial instruments	374,598	458,298
	804,863	938,176

Included within prepayments and accrued income above is £284,115 (2025: £337,575) of lease incentives which are due to be released in more than one year.

Financial instruments comprise interest rate swap and cap derivatives, the fair value of which has been obtained through using observable market inputs to provide the valuation disclosed at the balance sheet date.

Page 16

KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

9.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Bank loans	104,193	88,172
Trade creditors	451,816	537,618
Corporation tax	409,948	241,500
Other taxation and social security	-	13,179
Other creditors	100,791	103,975
Accruals and deferred income	270,500	300,710
	1,337,248	1,285,154

10.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

	Bank loans	15,318,849	15,453,380

Amounts falling due within one year
Bank loans	104,193	88,172
Amounts falling due 1-2 years
Bank loans	106,316	90,295
Amounts falling due 2-5 years
Bank loans	15,212,533	15,363,085

	15,423,042	15,541,552

The bank loans are secured by specific fixed charges over investment properties and a floating charge over all the assets of the company. Interest is charged at a fixed margin over the SONIA rate (2025: fixed margin over SONIA) and is repayable by quarterly instalments with a redemption payment in October 2028 (2025: October 2027 final redemption)

The lender to the company has provisions within the borrowing facility agreement which restricts the ability of the shareholders to transfer their shares in the company. Transfers of shares, other than those permitted by the lending agreements, could lead to a call from the lenders for the outstanding borrowings and any break costs to be repaid on demand.

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KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

12.	Deferred taxation

	2026	2025
	£	£

At beginning of year	(2,402,851)	(2,420,878)
Charged to profit or loss	203,470	18,027
At end of year	(2,199,381)	(2,402,851)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Investment property revaluation gains	(1,655,408)	(1,853,408)
Accelerated capital allowances	(450,323)	(434,869)
Financial instruments	(93,650)	(114,574)
	(2,199,381)	(2,402,851)

13.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

100 (2025 - 100) Ordinary shares of £1.00 each	100	100

The ordinary shares carry full voting and dividend rights to the shareholders.

14.

Reserves

Revaluation reserve

Unrealised gains arising on the revaluation of investment properties, less the related provision for deferred taxation, is transferred from Profit and loss account to a Revaluation Reserve. As this reserve comprises unrealised profits it is not distributable.

Profit and loss account

The balance on the Profit and loss account comprises current and prior year distributable profits, with the exception of the fair value gain / (loss) on financial instruments which passes through the Income Statement and amounts to a net £374,598 (2025: £458,298) of non-distributable profits at the balance sheet date.

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KINGMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

Not later than 1 year	2,576,289	2,539,140
Later than 1 year and not later than 5 years	3,896,289	5,676,106
Later than 5 years	1,248,852	1,697,809
	7,721,430	9,913,055

16.	Related party transactions
	During the years ended 24 March 2026 and 24 March 2025 the directors of the company were also directors of Store Property Investments Limited and of Store Property Holdings Limited, and the shareholders of the company also have an interest in the issued share capital of Store Property Holdings Limited. The balance owing at the end of the year and amounts charged to the company during the year were as follows:

		2026	2025
		£	£

Property management and office services fee accrued and payable to Store Property Holdings Limited

133,314

147,916

17.	Controlling party

The directors do not consider there to be a single controlling related party.

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