Company No: 14059873 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Investments	4	1		0
		1		0
Current assets
Stocks	5	4,852,688		3,778,377
Debtors	6	456,501		816,212
Cash at bank and in hand		9,042		236,741
		5,318,231		4,831,330
Creditors: amounts falling due within one year	7	( 3,878,957)		( 4,980,670)
Net current assets/(liabilities)		1,439,274		(149,340)
Total assets less current liabilities		1,439,275		(149,340)
Net assets/(liabilities)		1,439,275		( 149,340)
Capital and reserves
Called-up share capital	8	2,244,040		1,040
Profit and loss account		( 804,765 )		( 150,380 )
Total shareholder's funds/(deficit)		1,439,275		( 149,340)

For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of GCR Camprop Fifteen Limited (registered number: 14059873) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C Williams Director

28 August 2026

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

GCR Camprop Fifteen 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 2 Shepreth Research Park, 29 Station Road, Shepreth, Royston, SG8 6PZ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

The company has adopted FRS 102 Section 1A for the current year, having previously applied FRS 101 Reduced Disclosure Framework. The transition has not resulted in any changes to accounting policies, estimates or reported amounts and accordingly no transition adjustments were required.

Going concern

The financial statements have been prepared on a going concern basis, which the directors believe to be appropriate. After the reporting date, the company refinanced its loan facilities with a new lender until April 2027 as well as receiving finance from a related company. Hence, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This view is based on the company’s loan refinancing and the ongoing financial support provided by related parties.

Group accounts exemption

Group accounts exemption s399
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover

Turnover represents proceeds from the sale of development properties.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Investments in subsidiaries are measured at cost less impairment.

Stocks

Land and properties held for development and sale are shown at the lower of cost and net realisable value at the reporting date. Cost is defined as actual purchase price plus development expenditure, net realisable value is based on estimated selling price less any further costs to be incurred to completion of disposal.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Prior year adjustment

The issue of 22,430 Preference shares of £0.01 each had not been recorded in the statutory financial statements for the prior year. The comparative figures have therefore been restated to reflect the share issue correctly. The adjustment increases called-up share capital and debtors by £224 each. This correction does not affect the profit or loss reported for the prior year.

Furthermore, in the prior year, prepaid loan interest was net against the bank loans balance as at the reporting date. The comparative balances have therefore been corrected to gross up the bank loans balance with a corresponding adjustment to prepayments within debtors.

		As previously reported		Adjustment		As restated
Year ended 30 April 2024		£		£		£
Debtors		539,500		276,712		816,212
Called-up share capital		(816)		(224)		(1,040)
Creditors: amounts falling due within one year		(4,704,182)		(276,488)		(4,980,670)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	0		0

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 May 2024	0
Additions	1
At 30 April 2025	1
Carrying value at 30 April 2025	1
Carrying value at 30 April 2024	0

5. Stocks

	2025		2024
	£		£
Stocks	4,852,688		3,778,377

6. Debtors

	2025		2024
	£		£
Amounts owed by own subsidiaries	49		0
Amounts owed by related parties	427,000		382,000
Other debtors	29,452		434,212
	456,501		816,212

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	3,524,337		2,322,320
Trade creditors	339,979		409,142
Amounts owed to related parties	0		2,243,000
Other creditors	14,641		6,208
	3,878,957		4,980,670

The company's bank loans bore interest at 1.15% per month and were secured by way of both fixed and floating charges over the assets of the company. The loans were refinanced in March 2025 to extend the repayment date to August 2025 at the same interest rate. The loans were subsequently repaid through a combination of refinancing arrangements and intercompany loans following the sale of the company's development property.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
816 Ordinary shares of £ 1.00 each	816		816
22,430 Preference (initial) shares of £ 0.01 each	224		224
22,430 Preference (subsequent) shares of £ 100.00 each (2024: nil shares)	2,243,000		0
	2,243,224		224
	2,244,040		1,040

The Preferred shares carry full voting rights on key company operational matters including any changes to the Articles and any changes to the rights attaching to shares in the company. On completion of the project, the company's profits will be applied in the following order: First, a payment of £2,243,000 to Preferred shareholders; secondly, a payment of £1,257,000 to Preferred shareholders: thirdly, to make payment to Preferred shareholders of a 10% per annum preferred distribution on £3,500,000 from the date on which their shares were dealt or transferred, to the distribution date; fourthly, subject to payment in full of the above, the Ordinary shareholders shall be entitled to a profit share equal to 66.666% of the amount paid to the Preferred shareholders as a 10% preferred distribution; and finally, to make a payment of the balance, 60% to Preferred shareholders and 40% to Ordinary shareholders. Shareholders of each class are entitled to receive payment pro-rata within that class.

9. Related party transactions

During the year fees amounting to £881,580 (2024 - £157,702) were charged in the normal course of business by Camprop Construction Limited, a company in which M A Gunn, K Lais and S T G Gusterson are officers. At the reporting date, £291,154 (2024 - £89,242) was due to Camprop Construction Limited.

At the reporting date, the company owed £nil (2024 - £2,242,984) to the directors.

At the reporting date, £30,000 (2024 - £nil) was due from GCR Private Equity Limited, a company in which M A Gunn, C Williams and K Lais are directors.

At the reporting date, £397,000 (2024 - £382,000) was due from GCR Camprop Sixteen Limited, a company in which M A Gunn, S T G Gusterson, C Williams and K Lais are directors.

At the reporting date, £49 (2024 - £nil) was due from GCR Camprop Seventeen Limited, a company controlled by GCR Camprop Fifteen Limited.

10. Events after the Balance Sheet date

After the reporting date, the company's 816 Ordinary shares of £1.00 each were cancelled and 816 new Ordinary shares of £1 each were issued at par. This transaction was executed to reflect a share purchase agreement that was signed prior to the reporting date.