Company No: 00823770 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	C K Antelme (Resigned 24 March 2025)
	The Hon J H M Bruce (Resigned 31 December 2025)
	C V Ellingworth
	J D Gordon
	H M C Morley (Appointed 01 January 2025)

SECRETARY

A J Lewis

REGISTERED OFFICE	10 Duke Of York Square
	London
	SW3 4LY
	United Kingdom

COMPANY NUMBER

00823770 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	Statutory Auditor
	22 Chancery Lane
	London
	WC2A 1LS

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	454,244		444,730
Investment property	4	9,730,500		9,200,000
Investments	5	100		100
		10,184,844		9,644,830
Current assets
Stocks		586,781		492,809
Debtors	6	922,996		1,078,420
Cash at bank and in hand		206,379		167,514
		1,716,156		1,738,743
Creditors: amounts falling due within one year	7	( 6,344,948)		( 10,537,666)
Net current liabilities		(4,628,792)		(8,798,923)
Total assets less current liabilities		5,556,052		845,907
Provision for liabilities	8	( 737,616)		( 680,933)
Net assets		4,818,436		164,974
Capital and reserves
Called-up share capital	9	5,000		5,000
Profit and loss account		4,813,436		159,974
Total shareholder's funds		4,818,436		164,974

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cadogan Estates (Agricultural Holdings) Limited (registered number: 00823770) were approved and authorised for issue by the Board of Directors on 10 July 2026. They were signed on its behalf by:

J D Gordon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cadogan Estates (Agricultural Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Duke of York Square, London, SW3 4LY.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis as the parent company has agreed to support the company for at least 12 months from the date the financial statements are approved.

Turnover

Turnover consists of income from farming, recognised at the point when goods are delivered to the customer, and letting of sporting rights and rental income which is recognised on an accrual basis. Subsidies are recognised once all eligibility requirements have been met. Turnover is stated net of VAT.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Taxation

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

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Group accounts not prepared

The company has taken advantage of the exemption from preparing group accounts as it is included in consolidated accounts for a larger group which are filed at Companies House.

Tangible fixed assets

Fixed assets are depreciated to write off the cost over their useful economic lives, as follows:

Plant and machinery	20 % reducing balance
Fixtures and fittings	10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment properties are included in the accounts at fair value at the year end. Any surplus arising on revaluation is taken to the profit and loss account. Additions to properties include costs of a capital nature only; interest and other costs in respect of developments and refurbishments are written off as incurred.

No depreciation is provided for in respect of investment properties in accordance with the Financial Reporting Standard 102. Such properties are held for their investment potential and not for consumption within the business.

Fixed asset investments

Subsidiaries are measured at cost less impairment.

Stocks

Stocks comprise farm livestock and foodstuffs. Stocks are held at fair value less cost to sell.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	11		10

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2025	869,905		55,579		925,484
Additions	129,217		0		129,217
Disposals	( 24,166)		0		( 24,166)
At 31 December 2025	974,956		55,579		1,030,535
Accumulated depreciation
At 01 January 2025	440,870		39,884		480,754
Charge for the financial year	107,248		1,457		108,705
Disposals	( 13,168)		0		( 13,168)
At 31 December 2025	534,950		41,341		576,291
Net book value
At 31 December 2025	440,006		14,238		454,244
At 31 December 2024	429,035		15,695		444,730

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	9,200,000
Additions	132,425
Fair value movement	398,075
As at 31 December 2025	9,730,500

The freehold investment properties class of fixed assets was last revalued on 6 December 2021 by CKD Galbraith LLP with valuations by RICS registered members. It is CKD Galbraith LLP’s opinion that the value has risen by £530,500 as at 31 December 2025. The class of assets has a current value of £9,730,500 (2024 - £9,200,000) and a carrying amount at historic cost of £2,554,327 (2024 - £2,421,901). The basis of this valuation was open market value.

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	100
At 31 December 2025	100
Carrying value at 31 December 2025	100
Carrying value at 31 December 2024	100

The investment in subsidiaries represents a 100% controlling stake in CEAH (Hydro) Limited.

The address of the subsidiary's registered office is:
10 Duke of York Square
London
SW3 4LY

6. Debtors

	2025		2024
	£		£
Trade debtors	51,175		9,532
Amounts owed by group undertakings (note 10)	751,641		887,171
Other debtors	120,180		181,717
	922,996		1,078,420

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	78,595		118,670
Amounts owed to group undertakings (note 10)	6,214,758		10,364,758
Taxation and social security	5,569		6,128
Other creditors	46,026		48,110
	6,344,948		10,537,666

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	737,616		680,933

	Deferred taxation		Total
	£		£
At 01 January 2025	680,933		680,933
Charged to the Profit and Loss Account	56,683		56,683
At 31 December 2025	737,616		737,616

Deferred tax

	2025		2024
	£		£
Accelerated capital allowances	0		42,836
Other timing differences	737,616		638,097
Provision for deferred tax	737,616		680,933

9. Called-up share capital and reserves

	2025		2024
	£		£
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each	5,000		5,000
Presented as follows:
Called-up share capital presented as equity	5,000		5,000

Profit and loss account
The profit and loss account is made up of accumulated profits and losses including revaluations of investment properties.

Revaluations of investment property above cost and the associated deferred tax balances are not distributable until realised.

At 31 December 2025 there were non-distributable reserves of £7,176,173 (2024 - £6,778,099) from revaluations of investment properties and a deficit on the distributable P&L reserve of £2,362,737 (2024 - (£6,618,122)).

10. Related party transactions

Other related party transactions

During the year, Cadogan Settled Estates Limited waived £5,000,000 of outstanding loans due from Cadogan Estates (Agricultural Holdings) Limited.
Additionally, Cadogan Settled Estates Limited made further advances of £850,000.
At the balance sheet date, the amount owed to Cadogan Settled Estates Limited was £6,214,758 (2024 - £10,364,758). This balance is interest free and repayable on demand.

11. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.

12. Ultimate controlling party

The company's immediate parent is Cadogan Settled Estates Limited, incorporated in England and Wales.

The address of Cadogan Settled Estates Limited is:
10 Duke of York Square
London
SW3 4LY

The ultimate parent is Cadogan Settled Estates Holdings Limited, incorporated in England and Wales.

The parent of the smallest group in which these financial statements are consolidated is Cadogan Settled Estates Holdings Limited. These financial statements are available upon request from Companies House.