Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Directors

The directors shown below have held office during the whole of the period from
1 January 2025 to 31 December 2025

Andrew Thorpe
Lloyd Lee
Oliver McDowell
Michael Hood
George Richardson

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 August 2026

And signed on behalf of the board by:
Name: Oliver McDowell
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2025

	2025	2024
	£	£
Administrative expenses:	( 213,857 )	( 826,004 )
Other operating income:	8,445,048
Operating profit(or loss):	8,231,191	(826,004)
Interest receivable and similar income:	608	2,046,810
Interest payable and similar charges:	( 587,665 )
Profit(or loss) before tax:	7,644,134	1,220,806
Tax:	( 207,631 )	52,835
Profit(or loss) for the financial year:	7,436,503	1,273,641

Balance sheet

As at 31 December 2025

	Notes	2025	2024
		£	£
Fixed assets
Investments:	3	45,590,631	41,827,300
Total fixed assets:		45,590,631	41,827,300
Current assets
Debtors:	4	171,833	242,508
Cash at bank and in hand:		21,671	45,899
Investments:	5	5,040,014
Total current assets:		5,233,518	288,407
Creditors: amounts falling due within one year:	6	( 846,226 )	( 889,894 )
Net current assets (liabilities):		4,387,292	(601,487)
Total assets less current liabilities:		49,977,923	41,225,813
Creditors: amounts falling due after more than one year:	7	( 12,340,558 )	( 11,752,893 )
Accruals and deferred income:		( 355,261 )	( 94,319 )
Total net assets (liabilities):		37,282,104	29,378,601
Capital and reserves
Called up share capital:		19,602,998	19,438,576
Share premium account:		14,769,428	14,466,850
Other reserves:		3,097,393	3,097,393
Profit and loss account:		(187,715 )	(7,624,218 )
Total Shareholders' funds:		37,282,104	29,378,601

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Other accounting policies

  Basis of preparation of financial statements Going concern Exemptions for entities under FRS 102 Section 1A Taxation Investment in subsidiaires Investment properties Financial instruments Expenses Share Capital Capital contribution Finance income and expenses

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	0	0