ACCOUNTS - Final Accounts

Registered number: 14373688

PESCOD LIMITED

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026


PESCOD LIMITED

COMPANY INFORMATION

Directors	F M Stafford Charles, MA, FCA
	H E S Knox, MA, LLM (resigned 15 July 2026)
	O M C King, MRICS
	A M Broome, ACA, CTA (appointed 19 November 2025)
	J R Beard, ACA (resigned 19 November 2025)


Registered number	14373688


Registered office	Queens House
	55-56 Lincoln's Inn Fields
	London
	WC2A 3LJ


PESCOD LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Profit and Loss Account	3
Balance Sheet	4 - 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 - 12


PESCOD LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to 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.

Directors

The directors who served during the year were:

J R Beard, ACA (resigned 19 November 2025)

O M C King, MRICS

H E S Knox, MA, LLM (resigned 15 July 2026)

F M Stafford Charles, MA, FCA

A M Broome, ACA, CTA (appointed 19 November 2025)

Principal activity

The principal activity of the company is buying and selling of own real estate.

Results and dividends

The loss for the year, after taxation, amounted to £4,357,925 (2025 - profit £NIL).

Page 1


PESCOD LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

F M Stafford Charles, MA, FCA

Director

Date: 24 August 2026

Page 2


PESCOD LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
	£	£


Turnover	5,282	-
Gross profit	5,282	-
Administrative expenses	(3,000)	-
Fair value movements	(2,540,000)	-
Operating (loss)/profit	(2,537,718)	-
Tax on (loss)/profit	(1,820,207)	-
(Loss)/profit for the financial year	(4,357,925)	-

The notes on pages 7 to 12 form part of these financial statements.

Page 3


PESCOD LIMITED REGISTERED NUMBER:14373688

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Investment property	6		21,150,000		-
			21,150,000		-
Current assets
Debtors: amounts falling due within one year	7	-		100
		-		100
Creditors: amounts falling due within one year	8	(23,688,188)		-
Net current (liabilities)/assets			(23,688,188)		100
Total assets less current liabilities			(2,538,188)		100
Provisions for liabilities
Deferred tax		(1,819,637)		-
			(1,819,637)		-
Net (liabilities)/assets			(4,357,825)		100

Capital and reserves
Called up share capital	100	100
Investment property fair value reserve	(4,359,637)	-
Profit and loss account	1,712	-
	(4,357,825)	100

Page 4


PESCOD LIMITED REGISTERED NUMBER:14373688

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

F M Stafford Charles, MA, FCA

Director

Date: 24 August 2026

Page 5


PESCOD LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	100	-	-	100

At 1 April 2025	100	-	-	100
Comprehensive income for the year
Loss for the year	-	-	(4,357,925)	(4,357,925)
Investment property revaluations	-	(2,540,000)	2,540,000	-
Deferred Tax movements	-	(1,819,637)	1,819,637	-
At 31 March 2026	100	(4,359,637)	1,712	(4,357,825)

The notes on pages 7 to 12 form part of these financial statements.

Page 6


PESCOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Pescod Limited is a private limited company, registered in England and Wales. Its registered office is Queens House, 55-56 Lincoln's Inn Fields, London, United Kingdom.

The principal activity of the company is buying and selling of own real estate.

The company was non-trading during the previous period.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis. The adoption of the going concern basis is dependent upon the continued support of the company's parent, Capel House Property Trust Limited, a company registered in England and Wales. The Directors have obtained assurances from Capel House Property Trust Limited that it will continue to provide sufficient funds to enable the company to meet its liabilities as and when they fall due for a period of a least one year from the date of the approval of the financial statements.

2.3

Turnover

Turnover comprises rental and service charge income, exclusive of Value Added Tax.

Accounting standards require that rental income from an operating lease should be recognised on a straight-line basis over the period of the lease, even if the payments are not made on such a basis

Page 7


PESCOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Investment property

Investment properties are included in the Statement of Financial Position at their fair value and are
not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets
should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair
view of the financial position of the Company.

Land and buildings held as investments and for non-specialised development are included in the
accounts at Market Value, as defined within the RICS Valuation – Global Standards.

Property acquisitions and disposals are accounted for when legally binding contracts, which are
irrevocable and unconditional, are exchanged.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8


PESCOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments 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.

Significant areas of estimation are:

Investment properties are stated at fair value as referred to in note 2.4. The Company uses external valuers to determine the relevant amounts as set out in note 6.

The directors continually review the recoverability of debtors and provision is made where there is uncertainty about recovery.

4.	Employees
	The Company has no employees other than the directors, who did not receive any remuneration (2025: £nil)

Page 9


PESCOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Taxation

		2026	2025
		£	£

Corporation tax
Current tax on profits for the year	570	-
	570	-

Total current tax	570	-

Deferred tax
Deferred tax	1,819,637	-
Total deferred tax	1,819,637	-


	Tax on (loss)/profit	1,820,207	-

Factors affecting tax charge for the year
The tax assessed for the year is higher than (2025 - the same as) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
	2026	2025
	£	£

(Loss)/profit on ordinary activities before tax

(2,537,718)

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	(634,430)	-
Effects of:
Charge/(Credit) on movement in investment property fair value gains	635,000	-
Adjustment in respect of fair value movement	1,819,637	-
Total tax charge for the year	1,820,207	-

Page 10


PESCOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	23,690,000
	Deficit on revaluations	(2,540,000)
	At 31 March 2026	21,150,000

The Company's properties were valued by R Stafford Charles & Son Limited, Surveyors (External
Valuers), on the basis of Market Value at 31 March 2026. The valuations are in accordance with RICS
Valuations - Global Standards except for some minor departures in connection with the relationship with
R Stafford Charles & Son Limited. These departures do not affect the amount of the Valuations.

Debtors

					2026	2025
					£	£


Amounts owed by group undertakings	-	100
	-	100

8.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Amounts owed to group undertakings	23,685,118	-
Corporation tax	570	-
Accruals and deferred income	2,500	-
	23,688,188	-

Page 11


PESCOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Deferred taxation

		2026
		£

	Charged to profit or loss	(1,819,637)
	At end of year	(1,819,637)

The deferred taxation balance is made up as follows:
	2026	2025
	£	£

	Deferred tax on investment property fair value gains	(1,819,637)	-
		(1,819,637)	-

10.

Reserves

Investment property fair value reserve

The investment property fair value reserve records the changes in the fair value of land and buildings net
of deferred tax associated with the gains on the properties held. As these gains are non-distributable
they are shown as a separate reserve to the profit and loss account.

Profit and loss account

The profit and loss account reserve comprises retained earnings, and reserves in respect of retained
earnings are distributable reserves.

11.	Related party transactions
	Throughout the year F M Stafford Charles was Chairman of R Stafford Charles & Son Limited, a company which acts as the Company's Managing Agents. All fees relating to this company are disclosed in the parent company's financial statements. The company is exempt from disclosing other related party transactions as they are with the parent company.

12.	Controlling party

The ultimate parent company is Capel House Property Trust Limited, a company registered in England
and Wales.

In the opinion of the directors there is no single controlling party.

Page 12