DLR Capital Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

DLR Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08312666 . The registered office is The Old Methodist Church Chapel Row, Copt Hewick, Ripon, HG4 5BZ.

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 section 1A Small Entities "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 value added tax where applicable.

Turnover represents management fee income and other income arising from the sale of goods and rendering of services in the ordinary course of the company’s activities.

Management fee income

Management fee income is recognised as the related services are provided and the company becomes entitled to receive the income.

Sale of goods and rendering of services

Income from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer.

Income from the rendering of services is recognised as the related services are provided and the company becomes entitled to receive the income.

Other operating income

Other operating income represents rental income and other property-related income and recharges, including insurance and other costs recovered from tenants.

Rental income is recognised on a straight-line basis over the period to which it relates, in accordance with the terms of the relevant lease or occupancy agreement.

Insurance and other property-related income and recharges are recognised in the period to which the underlying charge relates, when the company becomes entitled to recover the amount from the tenant.

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:

Freehold	2% Straight line on cost
Plant & Machinery	25% Straight line on cost
Motor Vehicles	25% Straight line on cost

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

In determining fair value at the reporting date, the directors have also had regard to valuation evidence obtained and the values attributed to the properties under agreed call option arrangements. The directors consider this information to provide appropriate support for the fair values adopted.

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DLR Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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.

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.

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DLR Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 3)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost or Valuation
As at 1 December 2024	28,041	253,804	281,845
Additions	-	81,600	81,600
Disposals	-	(43,099 )	(43,099 )

As at 30 November 2025	28,041	292,305	320,346

Depreciation
As at 1 December 2024	12,323	85,375	97,698
Provided during the period	5,240	65,666	70,906
Disposals	-	(15,264 )	(15,264 )

As at 30 November 2025	17,563	135,777	153,340

Net Book Value
As at 30 November 2025	10,478	156,528	167,006

As at 1 December 2024	15,718	168,429	184,147

Included above are assets held under hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	151,125	147,856

5. Investment Property

	2025
	£
Fair Value
As at 1 December 2024	6,333,951
Additions	3,692,950
Disposals	(50,000 )
Revaluations	1,007,050

As at 30 November 2025	10,983,951

The carrying value of the investment property at the reporting date reflects the directors’ assessment of fair value, supported by valuation evidence obtained and the values incorporated within agreed call option arrangements.

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DLR Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	200,768	26,345
Other debtors	45,976	896,482

	246,744	922,827

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	41,113	91,467
Trade creditors	30,424	5,132
Bank loans and overdrafts	7,041	37,088
Other loans	-	99,999
Other creditors	4,724,758	24,570
Taxation and social security	182,891	75,555

	4,986,227	333,811

At 30 November 2025, bank loans falling due within one year amount to £7,041 (2024: £37,088). The borrowings are secured by a fixed and floating charge over the company’s assets. The floating charge covers all the property and undertaking of the company and includes a negative pledge.

During the year, the company refinanced its principal mortgage borrowing with a new lender in connection with the acquisition of a new investment property. The refinanced facility is interest-only, with no scheduled capital repayments due within one year.

Amounts due under hire purchase agreements totalling £41,113 (2024: £91,467) are secured on the related motor vehicles held within fixed assets.

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	89,584	67,293
Bank loans	4,212,266	914,500

	4,301,850	981,793

At 30 November 2025, bank loans falling due after one year amount to £4,212,266 (2024: £914,500). The borrowings are secured by a fixed and floating charge over the company’s assets. The floating charge covers all the property and undertaking of the company and includes a negative pledge.

During the year, the company refinanced its principal mortgage borrowing with a new lender in connection with the acquisition of a new investment property. The refinanced facility is interest-only, with the outstanding capital balance repayable in accordance with the terms of the facility.

Amounts due under hire purchase agreements totalling £89,584 (2024: £67,293) are secured on the related motor vehicles held within fixed assets.

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DLR Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	51,938	91,467
Later than one year and not later than five years	102,336	67,293

	154,274	158,760
Less: Finance charges allocated to future periods	23,577	-

	130,697	158,760

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

The shares carry full voting, dividend, and capital distribution rights (including on a winding up) and are non-redeemable.

11. Directors Advances, Credits and Guarantees

Included within other creditors at 30 November 2025 are the following directors’ loan balances, with the comparative balances at 30 November 2024 having been included within other debtors:

	As at 1 December 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 November 2025
	£	£	£	£	£
Mr David Roebuck	(339,189 )	(230,665 )	5,284,867	-	4,715,013

The above loans are unsecured, interest free and repayable on demand.

12. Reserves

	Investment property revaluation reserve	Profit and Loss Account
	£	£
As at 1 December 2024	3,803,916	2,366,908
Profit for the year and total comprehensive income	-	1,106,482

Transfer to Investment property revaluation reserve	-	(1,007,050)
Transfer to/from Profit & Loss Account	1,007,050	-

As at 30 November 2025	4,810,966	2,466,340

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DLR Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

13. Off-Balance Sheet Arrangements

Option over investment property portfolio

The company has granted a call option to a third party over four investment properties included within the investment property portfolio. The option is exercisable for aggregate consideration of £11.5 million and remains exercisable until August 2030.

The option agreement contains provisions under which it may terminate in certain circumstances, including where the option is not exercised within the agreed period, the relevant properties cease to be occupied by the counterparty or its group, or upon certain events of material breach, insolvency or cessation of business by the counterparty.

At 30 November 2025, the option had not been exercised and the properties continued to be recognised as investment properties of the company. The values attributed to the properties under the option arrangements have also been considered by the directors as part of the supporting evidence used in assessing their fair value at the reporting date.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		167,006		184,147
Investment Properties	5		10,983,951		6,333,951

			11,150,957		6,518,098
CURRENT ASSETS
Debtors	6	246,744		922,827
Cash at bank and in hand		5,663,401		289,953

		5,910,145		1,212,780
Creditors: Amounts Falling Due Within One Year	7	(4,986,227 )		(333,811 )

NET CURRENT ASSETS (LIABILITIES)			923,918		878,969

TOTAL ASSETS LESS CURRENT LIABILITIES			12,074,875		7,397,067

Creditors: Amounts Falling Due After More Than One Year	8		(4,301,850 )		(981,793 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(495,619 )		(244,350 )

NET ASSETS			7,277,406		6,170,924

CAPITAL AND RESERVES
Called up share capital	10		100		100
Investment property revaluation reserve	12		4,810,966		3,803,916
Profit and Loss Account			2,466,340		2,366,908

SHAREHOLDERS' FUNDS			7,277,406		6,170,924