Company No: 00844886 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	3,869		7,794
Investment property	4	53,611,306		52,542,700
Investments	5	1		1
		53,615,176		52,550,495
Current assets
Debtors	6	1,722,305		1,108,885
Cash at bank and in hand		9,137		21,598
		1,731,442		1,130,483
Creditors: amounts falling due within one year	7	( 1,552,160)		( 2,179,019)
Net current assets/(liabilities)		179,282		(1,048,536)
Total assets less current liabilities		53,794,458		51,501,959
Creditors: amounts falling due after more than one year	8	( 23,261,076)		( 20,098,871)
Provision for liabilities		( 3,095,017)		( 3,456,791)
Net assets		27,438,365		27,946,297
Capital and reserves
Called-up share capital	9	177,480		177,480
Share premium account		116,100		116,100
Other reserves		959,655		959,655
Profit and loss account	12	26,185,130		26,693,062
Total shareholders' funds		27,438,365		27,946,297

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Brymain Investments Limited (registered number: 00844886) were approved and authorised for issue by the Board of Directors on 19 August 2026. They were signed on its behalf by:

Mr J D Romain Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Brymain Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 50 Clifton Down Road, Bristol, BS8 4AH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents rent receivable during the year. Rental income is recognised net of VAT on an accruals basis in accordance with the relevant rental agreements.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles	4 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Non-financial assets
At each balance sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		5

3. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2025	55,242		59,723		9,489		124,454
At 31 March 2026	55,242		59,723		9,489		124,454
Accumulated depreciation
At 01 April 2025	48,619		59,321		8,720		116,660
Charge for the financial year	3,311		294		320		3,925
At 31 March 2026	51,930		59,615		9,040		120,585
Net book value
At 31 March 2026	3,312		108		449		3,869
At 31 March 2025	6,623		402		769		7,794

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	52,542,700
Additions	2,968,399
Fair value movement	(640,793)
Disposals	(1,259,000)
As at 31 March 2026	53,611,306

Valuation

The fair value is determined annually by the directors, on an open market value for existing use basis.

5. Fixed asset investments

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	1
At 31 March 2026	1
Carrying value at 31 March 2026	1
Carrying value at 31 March 2025	1

6. Debtors

	2026		2025
	£		£
Trade debtors	499,375		325,005
Amounts owed by Group undertakings	990,955		658,962
Prepayments	191,002		113,000
Corporation tax	0		2,777
Other debtors	40,973		9,141
	1,722,305		1,108,885

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	455,000		0
Trade creditors	30,416		53,248
Amounts owed to related parties	0		404,131
Amounts owed to directors	0		883,093
Accruals and deferred income	788,886		594,408
Taxation and social security	157,743		133,809
Other creditors	120,115		110,330
	1,552,160		2,179,019

The bank loans are secured on the freehold and leasehold properties of the Company.

8. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	21,995,000		20,098,871
Amounts owed to directors	833,411		0
Other creditors	432,665		0
	23,261,076		20,098,871

The bank loans are secured on the freehold and leasehold properties of the Company.

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
147,900 Ordinary A shares of £ 1.00 each	147,900		147,900
147,900 Ordinary B shares of £ 0.10 each	14,790		14,790
14,790 Ordinary C shares of £ 1.00 each	14,790		14,790
	177,480		177,480

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2026		2025
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	0		922

11. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed to directors	833,411		883,093

These loans are unsecured, have no fixed term for repayment, and attract interest at 1.5% per annum above the bank base rate on loans repayable at no notice, and attract interest at 3% per annum above the bank base rate on loans repayable with 9 months notice (2025 - 1% and 3% per annum above the bank base rate for all loans).

12. Profit and Loss account

	2026		2025
	£		£
Profit and loss account - distributable	10,244,455		9,429,545
Profit and loss account - non-distributable	15,940,675		17,263,516
	26,185,130		26,693,061

Profit and loss account - distributable

This reserve relates to the aggregate of distributable profits and losses generated to date.

Profit and loss account - non distributable

This reserve relates to the aggregate of fair value adjustments in respect of the investment properties, less the deferred tax charges on those fair value movements.