REGISTERED NUMBER: 08088487 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2025

for

Carpenter Investments Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

A J Beer

D C Brewitt

REGISTERED OFFICE:

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

REGISTERED NUMBER:

08088487 (England and Wales)

AUDITORS:

Douglas Fairless Partnership

Chartered Certified Accountants

and Statutory Auditors

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

The directors present their strategic report of the company and the group for the year ended 31 August 2025.

Carpenter Investments Ltd is the holding company for a group of companies specialising in property investment and development across the northwest of England. We focus on the creation, development, and management of new build to rent communities and purpose-built student accommodation. We currently have over 2000 residents living in our PBSA and BTR communities and our average occupancy rate for the year was 97%. In addition we have a commercial portfolio of 85,000 sq ft, which is also 96% let, primarily to high quality national retailers and institutions.

Our average tenancy length for our 569 BTR homes is now 30 months. We think this reflects our commitment to providing high quality housing at reasonable prices for our tenants. We work hard to ensure that all our tenants have safe, well maintained and well-designed homes.

At the heart of our success is that we reinvest from our own resources, control and manage our own construction and manage our completed buildings ourselves. This has allowed us to increase Shareholder Funds from £42.2m in 2019 to £116m in 2025. This approximately 18.4% compound annual increase in shareholder funds is testament to the dedication and hard work of our staff, and the support of our banks as well as to the underlying common sense of our business model. The company now has gross fixed assets of £294 million, which represents an increase of approximately 14% compared with the previous year.

REVIEW OF BUSINESS

2025 was another challenging year for property and construction in general, but we did benefit from 4 consecutive reductions in the Bank of England base rate in the 4 quarters to 31/08/25. Our bank borrowings across the group rose from £127.8 million in 2024 to £143.5 Million in 2025, which was driven by our Stockport site coming to the end of the development phase. This has resulted in group Interest costs on our investment portfolio increasing from £9.2 million in 2024 to £9.9 million in 2025, the increase being less than expected due to the reductions in the base rate.

During the year we have continued to build. This year we have continued with our Springmount Mill project in Stockport. This 202 home, £50 million development welcomed its first residents in the second half of 2025 and the site became fully available for let in January 2026 which will result in a notable increase in rental yields in the 31/08/26 year.

In addition, we achieved a planning permission in January 2024 for 267 apartments at our freehold site in Kings Dock, Liverpool. This permission has been subsequently revised to 291 apartments and we are expecting to make a start on this development in Q4 2026/Q1 2027 as planning/BSR/funding issues are resolved.

Group income has increased by £0.351 million year on year, an increase of 2.41% to £14.9million. We expect rental growth over the current financial year and demand for the secure, well appointed, energy efficient homes we offer continues to increase.

Cash generated from operations has increased from £9.86 million in 2024 to £11.9m in 2025. Due to the high base rates over the past few years, our total interest payments have remained high. We are hopeful that the Bank of England will continue its current trend of interest rate reductions which ultimately will increase our profits and cash generated. The Group has remained fully covenant compliant at all times and with the recent decrease in interest rates now, together with growth in income and continued tight control of operating costs we are expecting to see continued growth in operating income.

Capital allocation decisions will continue to prioritise investment in high-quality development opportunities, respond to market opportunities whilst maintaining sufficient liquidity to support the Group's development pipeline. The Directors intend to review the dividend policy, recognising the importance of providing appropriate returns to shareholders while retaining capital to support future investment and strengthen the Group's balance sheet. Future shareholder distributions will therefore be considered in the context of profitability, cash generation, covenant compliance, disposals and prevailing market conditions. The Board will continue to maintain a conservative approach to borrowing, seeking to minimise funding costs whilst preserving financial flexibility, maintaining or reducing overall gearing levels targeted at between 40% and 60% LTV.

PRINCIPAL RISKS AND UNCERTAINTIES

The greatest risk to the Group's profitability is increases in the Bank of England base rate of interest. The continuous Bank of England interest rate rises in previous years have reduced our ability to obtain finance at an affordable rate, which has both slowed down construction on our sites and reduced profitability of completed sites. This will remain a risk and uncertainty to our business until the point that interest rates stabilise. Construction material costs have been subject to unprecedented inflationary pressure over the past few years which increases our development costs.

ON BEHALF OF THE BOARD:

D C Brewitt - Director

28 August 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

£106,500

- 30 September 2024

£5,500

- 31 August 2025

£224,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 August 2025 will be £ 448,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year 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 September 2024 to the date of this report.

A J Beer

D C Brewitt

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D C Brewitt - Director

28 August 2026

Opinion

We have audited the financial statements of Carpenter Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 August 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent 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:

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.

In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings.

- results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities.

- any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations.

From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Mr Gregory Newton FCCA (Senior Statutory Auditor)

for and on behalf of Douglas Fairless Partnership

Chartered Certified Accountants

and Statutory Auditors

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

28 August 2026

TURNOVER

3

14,969,028

14,597,353

Cost of sales

758,081

314,910

GROSS PROFIT

14,210,947

14,282,443

Administrative expenses

4,430,034

4,825,893

9,780,913

9,456,550

Other operating income

-

1,110

OPERATING PROFIT

5

9,780,913

9,457,660

Interest receivable and similar income

708,238

806,703

10,489,151

10,264,363

Gain/loss on revaluation of investment property

18,412,187

6,597,915

28,901,338

16,862,278

Interest payable and similar expenses

6

9,949,625

9,219,396

PROFIT BEFORE TAXATION

18,951,713

7,642,882

Tax on profit

7

4,463,981

1,702,681

PROFIT FOR THE FINANCIAL YEAR

14,487,732

5,940,201

Profit attributable to:

Owners of the parent

14,520,874

5,950,780

Non-controlling interests

(33,142

)

(10,579

)

14,487,732

5,940,201

PROFIT FOR THE YEAR

14,487,732

5,940,201

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

14,487,732

5,940,201

Total comprehensive income attributable to:

Owners of the parent

14,487,732

5,940,201

FIXED ASSETS

Intangible assets

10

391,665

491,665

Tangible assets

11

1,467,932

1,284,189

Investments

12

Interest in associate

43,722

10,580

Investment property

13

292,214,010

256,171,696

294,117,329

257,958,130

CURRENT ASSETS

Debtors

14

18,493,772

17,627,559

Cash at bank and in hand

185,945

610,246

18,679,717

18,237,805

CREDITORS

Amounts falling due within one year

15

56,311,461

38,249,061

NET CURRENT LIABILITIES

(37,631,744

)

(20,011,256

)

TOTAL ASSETS LESS CURRENT LIABILITIES

256,485,585

237,946,874

CREDITORS

Amounts falling due after more than one year

16

(113,017,000

)

(113,017,000

)

PROVISIONS FOR LIABILITIES

19

(27,454,268

)

(22,990,287

)

NET ASSETS

116,014,317

101,939,587

CAPITAL AND RESERVES

Called up share capital

20

4

4

Non-Dist Reserves

87,055,487

73,246,347

Retained earnings

28,958,826

28,693,236

SHAREHOLDERS' FUNDS

116,014,317

101,939,587

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

A J Beer - Director

D C Brewitt - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,464

1,722

Investments

12

23

24

Investment property

13

-

-

1,487

1,746

CURRENT ASSETS

Debtors

14

42,193,833

39,468,959

Cash at bank

58,851

191,638

42,252,684

39,660,597

CREDITORS

Amounts falling due within one year

15

6,709,321

6,461,514

NET CURRENT ASSETS

35,543,363

33,199,083

TOTAL ASSETS LESS CURRENT LIABILITIES

35,544,850

33,200,829

CAPITAL AND RESERVES

Called up share capital

20

4

4

Retained earnings

35,544,846

33,200,825

SHAREHOLDERS' FUNDS

35,544,850

33,200,829

Company's profit for the financial year

2,792,021

1,790,803

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

A J Beer - Director

D C Brewitt - Director

Called up

share

Retained

Non-Dist

Total

capital

earnings

Reserves

equity

£

£

£

£

Balance at 1 September 2023

4

28,140,892

68,297,912

96,438,808

Changes in equity

Dividends

-

(450,000

)

-

(450,000

)

Total comprehensive income

-

1,002,344

4,948,435

5,950,779

Balance at 31 August 2024

4

28,693,236

73,246,347

101,939,587

Changes in equity

Dividends

-

(448,000

)

-

(448,000

)

Total comprehensive income

-

711,734

13,809,140

14,520,874

Balance at 31 August 2025

4

28,956,970

87,055,487

116,012,461

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

4

31,860,022

31,860,026

Changes in equity

Dividends

-

(450,000

)

(450,000

)

Total comprehensive income

-

1,790,803

1,790,803

Balance at 31 August 2024

4

33,200,825

33,200,829

Changes in equity

Dividends

-

(448,000

)

(448,000

)

Total comprehensive income

-

2,792,021

2,792,021

Balance at 31 August 2025

4

35,544,846

35,544,850

Cash flows from operating activities

Cash generated from operations

1

11,918,078

9,861,194

Interest paid

(6,952,833

)

(7,440,113

)

Tax paid

(3,451

)

3,451

Net cash from operating activities

4,961,794

2,424,532

Cash flows from investing activities

Purchase of intangible fixed assets

-

(499,998

)

Purchase of tangible fixed assets

(349,042

)

(121,625

)

Purchase of investment property

(18,065,127

)

(15,537,639

)

Sale of fixed asset investments

1

-

Interest received

708,238

806,703

Net cash from investing activities

(17,705,930

)

(15,352,559

)

Cash flows from financing activities

New loans in year

16,968,518

19,431,080

Loan repayments in year

(1,328,192

)

(4,458,498

)

Interest development accrued

(2,969,337

)

(1,779,283

)

Amount introduced by directors

104,810

-

Amount withdrawn by directors

(7,964

)

(72,411

)

Equity dividends paid

(448,000

)

(450,000

)

Net cash from financing activities

12,319,835

12,670,888

Decrease in cash and cash equivalents

(424,301

)

(257,139

)

Cash and cash equivalents at beginning of year

2

610,246

867,385

Cash and cash equivalents at end of year

2

185,945

610,246

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.8.25

31.8.24

£

£

Profit before taxation

18,951,713

7,642,882

Depreciation charges

265,298

161,135

Loss on disposal of fixed assets

-

544

Gain on revaluation of fixed assets

(18,412,187

)

(6,597,915

)

Finance costs

9,949,625

9,219,396

Finance income

(708,238

)

(806,703

)

10,046,211

9,619,339

Increase in trade and other debtors

(990,513

)

(589,964

)

Increase in trade and other creditors

2,862,380

831,819

Cash generated from operations

11,918,078

9,861,194

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

185,945

610,246

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

610,246

867,385

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

610,246

(424,301

)

185,945

610,246

(424,301

)

185,945

Debt

Debts falling due within 1 year

(14,844,383

)

(15,650,465

)

(30,494,848

)

Debts falling due after 1 year

(113,017,000

)

-

(113,017,000

)

(127,861,383

)

(15,650,465

)

(143,511,848

)

Total

(127,251,137

)

(16,074,766

)

(143,325,903

)

1.	STATUTORY INFORMATION

Carpenter Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 assets.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of investment properties]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Going Concern

At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next 12 months, having reviewed cashflow forecasts for the next 12 months and a day and the availability of working capital, the Director's are of the the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Basis of consolidation

The consolidated financial statements incorporate those of Carpenter Investments Ltd and all of its subsidiaries. Subsidiaries acquired during the year are consolidated using the purchase method.

Their results are incorporated from the date that control passes.

All financial statements are made up to 31st August each year. where necessary, adjustments are made to the financial statements of the subsidiaries to bring accounting policies in line with those used by the group.

All inter-group transactions and balances between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

These financial statements consolidate the results of the company and its wholly owned subsidiaries on a line-by-line basis.

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.

Associates

Investments in associates are carried on the group balance sheet using the equity method.

Significant judgements and estimates

In the application of the groups accounting policies, the director's are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where revision affects both current and future periods.

Investment properties of the group are measured at fair value. Fair value of the group's investment property portfolio is established through obtaining professional valuations of group properties on a periodic basis, which would normally be every 3 to 5 years, using professionals who possess the relevant expertise, experience and qualifications to make an assessment of the fair value of the group's investment property portfolio. On years where a professional valuation has not taken place, the director's make their own assessment of the fair value of the group's investment property portfolio.This assessment is performed by considering current market rental yields and comparable market transactions. Whether the valuations are produced by a professional valuer or the directors, the assumptions applied are inherently subjective and so are subject to a degree of estimation uncertainty.

Estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Rental income - The turnover in the profit & loss account represents revenue recognised on rents charged on accrued rental periods during the period exclusive of value added tax.

Architect Income - The turnover in the profit & loss account represents revenue recognised on services fully delivered during the period exclusive of value added tax.

Car Park Income - The turnover in the profit & loss account represents revenue recognised on services fully delivered during the period exclusive of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost and 25% on cost

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

In accordance with FRS 102 (s17.16) depreciation is not provided on the land held in freehold property as it is considered to have an unlimited useful life.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.