REGISTERED NUMBER: 01378221 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2025 TO 30 NOVEMBER 2025

FOR

PADMANOR INVESTMENTS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

R M Davies

M J Maskey

S Davies

C C Tett

REGISTERED OFFICE:

Filwood Green Business Park

1 Filwood Park Lane

Bristol

BS4 1ET

REGISTERED NUMBER:

01378221 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

The directors present their report with the financial statements of the company for the period 1 January 2025 to 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of property investment.

During the period dividends of £54,000 (2024: £54,000) were declared on the company's 12% redeemable preference shares and £149,896 (2024: nil) were declared on the company's ordinary shares.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

R M Davies

S Davies

Other changes in directors holding office are as follows:

O A Burge - resigned 3 September 2025

M J Maskey - appointed 4 September 2025

H L Lakin - resigned 3 September 2025

C C Tett - appointed 4 September 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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), 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 and then apply them consistently;

-	make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Magma Audit LLP has expressed its willingness to remain in office as auditor.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S Davies - Director

21 August 2026

Opinion

We have audited the financial statements of Padmanor Investments Limited (the 'company') for the period ended 30 November 2025 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 30 November 2025 and of its loss for the period 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 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 in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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

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 a Report of the Auditors 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:

Based on our understanding of the Company and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation, and fraud;

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions and

-

Challenging assumptions made by management in their significant accounting estimates, such as those used to value investment property and deferred tax.

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. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

21 August 2026

TURNOVER

5,616,268

5,706,509

Cost of sales

(1,863,778

)

(1,780,402

)

GROSS PROFIT

3,752,490

3,926,107

Administrative expenses

(1,411,282

)

(887,773

)

2,341,208

3,038,334

Other operating income/ (expenses)

3

(1,499,175

)

4,765,973

Investment property impairment

(1,524,999

)

(4,273,812

)

OPERATING (LOSS)/PROFIT

5

(682,966

)

3,530,495

Income from shares in group undertakings

7

2,004,187

-

Interest receivable and similar income

8

8,885

15,204

1,330,106

3,545,699

Interest payable and similar expenses

9

(2,225,128

)

(2,811,458

)

(LOSS)/PROFIT BEFORE TAXATION

(895,022

)

734,241

Tax on (loss)/profit

10

637,475

(26,228

)

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(257,547

)

708,013

FIXED ASSETS

Tangible assets

12

-

-

Investments

13

5

5

Investment property

14

76,350,000

81,944,999

76,350,005

81,945,004

CURRENT ASSETS

Debtors

15

1,902,571

2,690,535

Cash at bank

1,041,711

1,484,983

2,944,282

4,175,518

CREDITORS

Amounts falling due within one year

16

(1,653,644

)

(6,699,333

)

NET CURRENT ASSETS/(LIABILITIES)

1,290,638

(2,523,815

)

TOTAL ASSETS LESS CURRENT LIABILITIES

77,640,643

79,421,189

CREDITORS

Amounts falling due after more than one year

17

(38,607,360

)

(39,165,001

)

PROVISIONS FOR LIABILITIES

21

(4,125,705

)

(4,887,167

)

NET ASSETS

34,907,578

35,369,021

CAPITAL AND RESERVES

Called up share capital

22

487,500

487,500

Other reserves

23

11,704,782

14,259,344

Retained earnings

23

22,715,296

20,622,177

SHAREHOLDERS' FUNDS

34,907,578

35,369,021

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2026 and were signed on its behalf by:

S Davies - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

487,500

23,239,021

10,988,487

34,715,008

Changes in equity

Transfer of other reserves

-

(3,270,857

)

3,270,857

-

Dividends

-

(54,000

)

-

(54,000

)

Total comprehensive income

-

708,013

-

708,013

Balance at 31 December 2024

487,500

20,622,177

14,259,344

35,369,021

Changes in equity

Transfer of other reserves

-

2,554,562

(2,554,562

)

-

Dividends

-

(203,896

)

-

(203,896

)

Total comprehensive income

-

(257,547

)

-

(257,547

)

Balance at 30 November 2025

487,500

22,715,296

11,704,782

34,907,578

1.	STATUTORY INFORMATION

The company is a private company limited by shares and is incorporated in England, registered number 01378221. The address of the registered office is Filwood Green Business Park, 1 Filwood Park Lane, Bristol, England, BS4 1ET.

2.	ACCOUNTING POLICIES

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

The financial year end of the company was changed from 31 December to 30 November. The current period therefore covers 11 months, and comparative figures are not directly comparable.

The financial statements are prepared in Sterling (£), rounded to the nearest £, which is the functional currency of the company.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes to the accounts.

Preparation of consolidated financial statements

The financial statements contain information about Padmanor Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents rents receivable from investment properties and the proceeds received from the sale of trading properties.

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods or services; (c) the amount of turnover can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below.

Turnover is recognised as it falls due, in accordance with the lease to which it relates. Any lease incentives are spread evenly across the period of the lease.

Other operating income

Dilapidation receipts are included in other operating income and recognised on receipt.

Fixed asset investment income

Income from Limited Liability Partnerships is recognised when profits are allocated for discretionary division to members.

Income from Limited Partnerships is recognised as the profits are generated.

Dividends receivable from subsidiary undertakings are recognised in the period in which the dividends are declared and approved.

Tangible fixed assets

Office furniture and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office furniture and equipment

- 20% straight line per annum

Plant and machinery

- 10% straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Investment property

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the Balance Sheet date.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Gains and losses on sale of properties are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. Income from the sale of properties is recognised at the point of contractual completion of the sale.

Any movement in the fair value of the properties is reflected within the profit and loss account for the year. Any associated deferred tax liability is taken to the profit and loss account in the year and offset against revaluation gains held in other reserves.

Investments

Subsidiary undertakings

Investments in subsidiaries shown in the company's own financial statements are stated at cost less any amounts written off for permanent diminution in value.

Other investments

Fixed asset investments are stated at cost less provision for diminution in value.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Operating lease agreements

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Leasehold incentives given to tenants on entering property leases are recognised as unamortised lease incentives on the balance sheet and are amortised to the income statement over the term of the lease.

Following the expiry of the rental period provisions are recognised based on the difference between the higher current rental being received and the estimated current rental value of the property.

Share capital

Ordinary shares are classified as equity.

Preference shares are cumulative, are redeemable on the company's option only and are classified as equity.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Finance costs

Finance costs in connection with borrowings are allocated to profit and loss evenly over the term of the borrowings.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Valuation of Investment Properties

The company makes an estimate as to the fair value of the investment properties at the year end date. Management have utilised available data to assess the market values including but not limited to, the changes in the rental market and the economic climate of the relevant locations.

(ii) Deferred Tax

Deferred tax assets and liabilities are recognised in respect of temporary differences using tax rates enacted or substantively enacted at the balance sheet date. The recognition of deferred tax requires judgement over the timing of reversal of temporary differences. Changes in these assumptions could result in material adjustments to the amounts recognised.

3.

OTHER OPERATING INCOME/ (EXPENSES)

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Other operating income

22,773

16,731

Net gains/(losses) on property revaluation

(1,521,948

)

4,163,742

Dilapidation settlement

-

585,500

(1,499,175

)

4,765,973

4.	EMPLOYEES AND DIRECTORS

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Wages and salaries

455,912

511,640

Social security costs

12,100

16,501

Other pension costs

84

1,012

468,096

529,153

The average number of employees during the period was as follows:

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

Administration

-

2

Directors

4

4

4

6

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Directors' remuneration

471,916

482,196

Information regarding the highest paid director is as follows:

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Emoluments etc

369,332

354,069

Key management compensation

The directors deem key management to include directors only.

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Depreciation - owned assets

-

15,319

6.	AUDITORS' REMUNERATION

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

23,100

19,669

Taxation compliance services

4,875

4,650

Taxation advisory services

49,827

12,641

7.

INCOME FROM SHARES IN GROUP UNDERTAKINGS

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Dividends receivable

2,004,187

-

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Other interest

8,885

15,204

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Bank loan interest

1,971,559

2,224,955

Other interest

253,569

586,503

2,225,128

2,811,458

10.

TAXATION

Analysis of the tax (credit)/charge

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

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Current tax:

UK corporation tax

449,156

414,427

Adjustment to prior years

(325,169

)

(388,199

)

Total current tax

123,987

26,228

Deferred tax

(761,462

)

-

Tax on (loss)/profit

(637,475

)

26,228

UK corporation tax has been charged at 25% .

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

(Loss)/profit before tax

(895,022

)

734,241

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(223,756

)

183,560

Effects of:

Expenses not deductible for tax purposes

596,274

230,867

Income not taxable for tax purposes

(501,047

)

-

Adjustments to tax charge in respect of previous periods

(420,492

)

(388,199

)

Deferred tax on investment property revaluations through other reserves

(88,454

)

-

Total tax (credit)/charge

(637,475

)

26,228

11.

DIVIDENDS

Period

1/1/25

to

Year Ended

30/11/25

31/12/24

£

£

Ordinary shares of £1 each

Final

149,896

-

12% Redeemable Preference shares of £1 each

Final

54,000

54,000

203,896

54,000

12.	TANGIBLE FIXED ASSETS

Office

furniture

Plant and

and

machinery

equipment

Totals

£

£

£

COST

At 1 January 2025

and 30 November 2025

76,607

32,269

108,876

DEPRECIATION

At 1 January 2025

and 30 November 2025

76,607

32,269

108,876

NET BOOK VALUE

At 30 November 2025

-

-

-

At 31 December 2024

-

-

-