Malvern Estates Public Limited Company

	Page
Company Information	1
Strategic Report	2
Directors' Report	3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—17

Page 1

Page 2

Strategic Report

For The Year Ended 29 September 2025

Strategic Report

The directors present their strategic report for the year ended 29 September 2025.

Principal Risks and Uncertainties

Financial Risk

The company's operations limit exposure to financial risks due to the nature of its activity

Price risk

The company is not exposed to commodity price or exchange rate risk as a result of its operations. The company has no exposure to equity securities price risk, as it holds no listed or other equity investments.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk

The company has access to a mixture of long-term and short-term debt finance that is designed to ensure that the company has sufficient available funds for operations and development opportunities that may arise.

Borrowings for site purchases and working capital are negotiated to include loan interest costs in advance so that cashflow for construction is not compromised

On behalf of the board

Mr David Rahal

Director

30/07/2026

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Malvern Estates Public Limited Company

Company No. 02260334

Directors' Report For The Year Ended 29 September 2025

Directors' Report

The directors present their report and the financial statements for the year ended 29 September 2025.

Principal Activity

The company's principal activity continues to be that of development of building projects.

Directors

The directors who held office during the year were as follows:

Mrs Elizabeth Rahal

Mr David Rahal

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 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 the financial statements the directors are required to:

select suitable accounting policies 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 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, M.T.Manley & Co Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr David Rahal

Director

30/07/2026

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Independent Auditor's Report

to the Members of

Malvern Estates Public Limited Company

Independent Auditor's Report

Opinion

We have audited the financial statements of Malvern Estates Public Limited Company for the year ended 29 September 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 29 September 2025 and of its profit/(loss) 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 entity's ability to continue as a going concern for a period of at least 12 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 auditor's 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. 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 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.

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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have 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 Strategic Report or 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 or 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.

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Independent Auditor's Report (continued)

to the Members of

Malvern Estates Public Limited Company

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures inline 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 are detailed below:

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the company and industry and discussions with management we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:

enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
examining supporting documents for all material balances, transactions and disclosures;
review of the Board of directors minutes;
enquiry of management and review and inspection of relevant correspondence with any legal firms;
evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;
analytical procedures to identify any unusual or unexpected relationships;
testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
review of accounting estimates for biases;

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

Graham Collins (Senior Statutory Auditor)

for and on behalf of M.T.Manley & Co Limited , Statutory Auditor

30/07/2026

...CONTINUED

Page 5

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Independent Auditor's Report (continued)

to the Members of

Malvern Estates Public Limited Company

M.T.Manley & Co Limited

696 Yardley Wood Road

Billesley

Birmingham

West Midlands

B13 0HY

Page 6

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Malvern Estates Public Limited Company

Profit and Loss Account

For The Year Ended 29 September 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		60,787	80,000
Cost of sales		(67,378 )	15,391

GROSS (LOSS)/PROFIT		(6,591 )	95,391

Administrative expenses		(18,728 )	(20,053 )

OPERATING (LOSS)/PROFIT	3	(25,319 )	75,338
Other interest receivable and similar income	6	14	101
Interest payable and similar charges	7	(4,953 )	(6,413 )

(LOSS)/PROFIT BEFORE TAXATION		(30,258 )	69,026
Tax on (Loss)/profit	8	155	(14,961 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(30,103 )	54,065

The notes on pages 12 to 17 form part of these financial statements.

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Malvern Estates Public Limited Company

Statement of Comprehensive Income

For The Year Ended 29 September 2025

Statement of Comprehensive Income

	2025	2024
	£	£
LOSS FOR THE FINANCIAL YEAR	(30,103 )	54,065
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	(30,103)	54,065

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Malvern Estates Public Limited Company

Balance Sheet

As At 29 September 2025

Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	9		814		2,057

			814		2,057
CURRENT ASSETS
Stocks	10	100,892		64,853
Debtors	11	457,547		528,968
Investments	12	2		2
Cash at bank and in hand		1,925		28,264

		560,366		622,087
Creditors: Amounts Falling Due Within One Year	13	(303,844 )		(279,330 )

NET CURRENT ASSETS (LIABILITIES)			256,522		342,757

TOTAL ASSETS LESS CURRENT LIABILITIES			257,336		344,814

Creditors: Amounts Falling Due After More Than One Year	14		-		(7,220 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	16		(236 )		(391 )

NET ASSETS			257,100		337,203

CAPITAL AND RESERVES
Called up share capital	18		50,000		50,000
Profit and Loss Account			207,100		287,203

SHAREHOLDERS' FUNDS			257,100		337,203

On behalf of the board

Mr David Rahal

Director

30/07/2026

The notes on pages 12 to 17 form part of these financial statements.

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Malvern Estates Public Limited Company

Statement of Changes in Equity

For The Year Ended 29 September 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 October 2023	50,000	333,138	383,138
Profit for the year and total comprehensive income	-	54,065	54,065

Dividends paid	-	(100,000)	(100,000)

As at 29 September 2024 and 30 September 2024	50,000	287,203	337,203


Loss for the year and total comprehensive income	-	(30,103 )	(30,103)

Dividends paid	-	(50,000)	(50,000)

As at 29 September 2025	50,000	207,100	257,100

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Malvern Estates Public Limited Company

Statement of Cash Flows

For The Year Ended 29 September 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(17,263 )	517
Interest paid		(4,953 )	(6,413 )
Tax paid		(26,594 )	(29,983 )

Net cash used in operating activities		(48,810 )	(35,879 )

Cash flows from investing activities
Purchase of tangible assets		-	(1,628 )
Interest received		14	101

Net cash generated from/(used in) investing activities		14	(1,527 )

Cash flows from financing activities
Equity dividends paid		(50,000 )	(100,000 )
Repayment of bank borrowings		(9,640 )	(10,192 )
Amount introduced by directors		82,097	375,790
Amount withdrawn by directors		-	(201,019)

Net cash generated from financing activities		22,457	64,579



(Decrease)/increase in cash and cash equivalents		(26,339 )	27,173
Cash and cash equivalents at beginning of year	2	28,264	1,091

Cash and cash equivalents at end of year	2	1,925	28,264

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Malvern Estates Public Limited Company

Notes to the Statement of Cash Flows

For The Year Ended 29 September 2025

Notes to the Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
(Loss)/profit for the financial year	(30,103 )	54,065
Adjustments for:
Tax on (loss)/profit	(155 )	14,961
Interest expense	4,953	6,413
Interest income	(14 )	(101 )
Depreciation of tangible assets	1,243	1,735
Movements in working capital:
Increase in stocks	(36,039 )	(64,853 )
Increase in trade and other debtors	(9,759 )	(59,206 )
Increase in trade and other creditors	52,611	47,503

Net cash (used in)/generated from operations	(17,263 )	517

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,925	28,264

3. Analysis of changes in net funds/(debt)

	As at 30 September 2024	Cash flows	As at 29 September 2025
	£	£	£
Cash at bank and in hand	28,264	(26,339)	1,925
Debts falling due within one year	(10,000 )	2,420	(7,580 )
Debts falling due after more than one year	(7,220)	7,220	-

	11,044	(16,699)	(5,655)

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Malvern Estates Public Limited Company

Notes to the Financial Statements

For The Year Ended 29 September 2025

Notes to the Financial Statements

1. General Information

Malvern Estates Public Limited Company is a private company, limited by shares, incorporated in England & Wales, registered number 02260334 . The registered office is Rowans, Streetly Wood, Sutton Coldfield, B74 3DQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% Straight line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Malvern Estates Public Limited Company

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Operating (Loss)/profit

The operating (loss)/profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	1,243	1,735

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	2,620	-

5. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

6. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	14	101

7. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	4,157	5,728

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Malvern Estates Public Limited Company

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2025

8. Tax on Profit

The tax (credit)/charge on the (loss)/profit for the year was as follows:

	2025	2024
	£	£
Current tax
UK Corporation Tax	-	14,570
Deferred Tax
Deferred taxation	(155 )	391


Total tax charge for the period	(155 )	14,961

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	(30,258)	69,026

Tax on profit at 19% (UK standard rate)	-	-
Deferred tax from unrecognised tax loss or credit	(155 )	-

Total tax charge for the period	(155)	-

9. Tangible Assets

	Computer Equipment
	£
Cost
As at 30 September 2024	7,384

As at 29 September 2025	7,384

Depreciation
As at 30 September 2024	5,327
Provided during the period	1,243

As at 29 September 2025	6,570

Net Book Value
As at 29 September 2025	814

As at 30 September 2024	2,057

10. Stocks

	2025	2024
	£	£
Work in progress	100,892	64,853

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Malvern Estates Public Limited Company

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2025

11. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	16,763	101,541
Due after more than one year
Amounts owed by participating interests	440,784	427,427

	457,547	528,968

12. Current Asset Investments

	2025	2024
	£	£
Shares in subsidiaries	2	2

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	71,431	29,890
Bank loans and overdrafts	7,580	10,000
Amounts owed to participating interests	68,784	68,784
Other creditors	68,109	69,028
Corporation tax	25,034	51,628
Accruals and deferred income	62,906	50,000

	303,844	279,330

14. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	7,220

15. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	7,580	10,000

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	-	7,220

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Malvern Estates Public Limited Company

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2025

16. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	236	391

17. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 30 September 2024	391	391
Additions	(155 )	(155)

Balance at 29 September 2025	236	236

18. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
50,000 Ordinary Shares of £ 1.00 each	50,000	50,000

19. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 30 September 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 29 September 2025
	£	£	£	£	£
Mr David Rahal	81,179	95,488	177,545	-	917

The above loan is unsecured, interest free and repayable on demand.

20. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	50,000	100,000

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