Company No: 04373741 (England and Wales)

Contents

• Company Information
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Profit and Loss Account
• Balance Sheet
• Statement of Changes in Equity
• Notes to the Financial Statements

DIRECTORS	G A Allison
	P J Clark
	H J Cooper
	P M Hay-Plumb OBE
	D I Wooldridge

SECRETARY

D I Wooldridge

REGISTERED OFFICE	76 Hagley Road Edgbaston
	Birmingham
	B16 8LU
	United Kingdom

COMPANY NUMBER

04373741 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	Statutory Auditor
	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

BANKERS	Lloyds Bank Plc
	125 Colmore Row
	Birmingham
	B3 3SD
	United Kingdom

The directors present their report and the financial statements for the year ended 5 April 2026.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

G A Allison
P J Clark
H J Cooper
P M Hay-Plumb OBE
D I Wooldridge

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

D I Wooldridge Director

76 Hagley Road Edgbaston
Birmingham
B16 8LU
United Kingdom

16 July 2026

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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 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.

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Pebble Mill Investments Limited (the 'company') for the year ended 5 April 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 5 April 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 Auditor’s 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 UK, including the FRC’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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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.

Auditor’s 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 auditor’s 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:

We gained an understanding of the legal and regulatory framework applicable to the company by considering, amongst other things, the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK Company Law, UK tax legislation and property related laws.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, reviewing minutes of meetings of those charged with governance and assessment of service organisation controls.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Report on other legal and regulatory requirements

Opinions 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.

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 any material misstatements in the Directors' Report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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.

We have nothing to report in respect of these matters.

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 auditor’s 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.

Oliver Jackson(Senior Statutory Auditor)
For and on behalf of Dixon Wilson Audit Services LLP
Statutory Auditor

22 Chancery Lane
London
WC2A 1LS
United Kingdom

16 July 2026

		2026		2025
		£		£
Turnover		809,954		766,090
Administrative expenses		( 791,136)		( 761,197)
Gain on fair value movement of investment property		1,632,803		294,754
Other operating income		309,534		326,346
Operating profit		1,961,155		625,993
Interest receivable and similar income		124,782		126,819
Interest payable and similar expenses		( 280,376)		( 310,718)
Profit before taxation		1,805,561		442,094
Tax on profit		( 446,675)		( 1,948)
Profit for the financial year		1,358,886		440,146

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	19,562,000		18,060,000
		19,562,000		18,060,000
Current assets
Debtors	4	51,978		62,248
Cash at bank and in hand		469,435		485,646
		521,413		547,894
Creditors: amounts falling due within one year	5	( 1,665,443)		( 3,989,218)
Net current liabilities		(1,144,030)		(3,441,324)
Total assets less current liabilities		18,417,970		14,618,676
Creditors: amounts falling due after more than one year	6	( 5,539,483)		( 3,650,000)
Provision for liabilities	7	( 1,002,712)		( 556,037)
Net assets		11,875,775		10,412,639
Capital and reserves
Called-up share capital		1		1
Undistributable reserve		4,416,939		3,231,891
Other reserves		168,789		64,539
Profit and loss account		7,290,046		7,116,208
Total shareholder's funds		11,875,775		10,412,639

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

The financial statements of Pebble Mill Investments Limited (registered number: 04373741) were approved and authorised for issue by the Board of Directors on 16 July 2026. They were signed on its behalf by:

D I Wooldridge Director

H J Cooper Director

	Called-up share capital		Undistributable reserve		Other reserves		Profit and loss account		Total
	£		£		£		£		£
At 06 April 2024	1		2,891,370		64,539		7,016,583		9,972,493
Profit for the financial year	0		0		0		440,146		440,146
Transfer between funds	0		340,521		0		( 340,521)		0
Total comprehensive income	0		340,521		0		99,625		440,146
At 05 April 2025	1		3,231,891		64,539		7,116,208		10,412,639
At 06 April 2025	1		3,231,891		64,539		7,116,208		10,412,639
Profit for the financial year	0		0		0		1,358,886		1,358,886
Total comprehensive income	0		0		0		1,358,886		1,358,886
Capital contribution	0		0		104,250		0		104,250
Transfer between funds	0		1,185,048		0		( 1,185,048)		0
At 05 April 2026	1		4,416,939		168,789		7,290,046		11,875,775

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

Pebble Mill Investments Ltd (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 76 Hagley Road Edgbaston, Birmingham, B16 8LU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's controlling party. The controlling party has committed to continue to provide this support for at least a period of twelve months from the date of approval of these financial statements. The impact of the challenging economic outlook on the ability of the company to continue as a going concern has been assessed by the directors, and they have undertaken stress testing of the company’s cash flows and covenant compliance with bank facilities taking account of forecasted rental collections through to March 2028. Accordingly, the directors are satisfied the company can continue to operate for at least twelve months from the date of approval of these financial statements.

Turnover

Rents are brought into account on an accruals basis. The rental income is matched to the days of the period. Rent free periods and rent incentives are spread over the term of the lease.

Taxation

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

Current Tax

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

Deferred Tax

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Loans at a rate of interest below the market rate are measured at the present value of future payments discounted at a rate of interest available on other commercial loans and borrowings. The difference between the cash value and the present value of the loan is recognised as a capital contribution in other reserves.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Investment property

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as financial assets, financial liabilities or equity instruments.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	22		23

3. Tangible assets

	Investment property		Total
	£		£
Cost/Valuation
At 06 April 2025	18,060,000		18,060,000
Additions	103,277		103,277
Revaluations	1,632,803		1,632,803
Disposals	( 234,000)		( 234,000)
Movement on tenant lease incentives	( 80)		( 80)
At 05 April 2026	19,562,000		19,562,000
Accumulated depreciation
At 06 April 2025	0		0
At 05 April 2026	0		0
Net book value
At 05 April 2026	19,562,000		19,562,000
At 05 April 2025	18,060,000		18,060,000

The investment properties class of fixed assets was revalued as at 5 April 2026 by Colliers International Property Consultants, professionally qualified External Valuer, in accordance with the RICS Valuation - Global Standards published by the Royal Institution of Chartered Surveyors. The basis of this valuation was Market Value. This class of assets has a current value of £19,562,000 (2025 - £18,060,000) and a carrying amount at historical cost of £14,141,349 (2025 - £14,272,072). The depreciation on this historical cost is £nil (2025- £nil).

Properties held at a value of £15.2m (2025 - £13.25m) are charged as security for loan facilities from Handelsbanken Plc to one of the ultimate shareholders.

4. Debtors

	2026		2025
	£		£
Trade debtors	9,674		9,037
Amounts owed by parent undertakings	0		40,849
Prepayments and accrued income	42,304		12,362
	51,978		62,248

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	28,738		70,348
Amounts owed to parent undertakings	1,028,474		3,066,162
Other taxation and social security	41,576		32,814
Other creditors	566,655		819,894
	1,665,443		3,989,218

As at 5 April 2026 the company had a loan from its parent company, Calthorpe Developments Limited, of £1,028,474 (2025 - £3,066,162). During the year £2,037,688 (2025 - £nil) was repaid. The loan is unsecured, interest free and repayable on demand. The directors of Calthorpe Developments Limited have indicated that they do not intend to withdraw this facility in the foreseeable future.

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

	2026		2025
	£		£
Other creditors	5,539,483		3,650,000

Interest bearing loan facilities totalling £5.1m (2025 - £5.1m) have been provided by the ultimate shareholders. At 5 April 2026 £3,650,000 (2025 - £3,650,000) had been drawn down on these facilities. The facilities are repayable in full upon twelve calendar months prior notice in writing and bear interest at 3.65% above the Bank of England base rate. Interest of £280,376 (2025 - £310,718) was charged during the year.

Non-interest bearing loan facilities totalling £3m (2025 - £nil) have been provided by the ultimate shareholders. At 5 April 2026 £1,993,733 (2025 - £nil) had been drawn down on these facilities. The loans are interest free, and are repayable in full upon twelve calendar months prior notice in writing.

As the non-interest bearing shareholder loans are at a rate of interest below the market rate, they constitute a financing transaction under FRS102. The loans have been measured at the present value of future payments discounted at 1.55% + SONIA, being the market rate of interest available to the group on other commercial loans and borrowings at the date the loans were advanced. The difference between the cash value of the loans and the present value has been recognised as a capital contribution by the shareholders in other reserves. To the extent to which the loans were repaid during the year, the discount on the balance repaid has been unwound and recognised as an interest expense. During the year no interest expense was recognised (2025 - £nil).

7. Provision for liabilities

	2026		2025
	£		£
Deferred tax	1,002,712		556,037