REGISTERED NUMBER: 15526915 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

THERCEL LAND LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C J Utley BSc MRICS

J H S Utley

J A R Utley

SECRETARY:

C B Cooper

REGISTERED OFFICE:

Unit 12 Europark

Watling Street

Clifton Upon Dunsmore

Rugby

Warwickshire

CV23 0AL

REGISTERED NUMBER:

15526915 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited, Statutory Auditor

Eagle House

28 Billing Road

Northampton

NN1 5AJ

BANKERS:

Handelsbanken

Coventry Branch

ECG4 Enterprise Centre

Technology Park, Puma Way

Coventry

CV1 2TT

FIXED ASSETS

Tangible assets

4

10,607

14,482

Investment property

5

28,850,000

28,350,000

28,860,607

28,364,482

CURRENT ASSETS

Debtors

6

284,129

295,474

Cash at bank and in hand

2,049,803

1,654,081

2,333,932

1,949,555

CREDITORS

Amounts falling due within one year

7

932,640

929,156

NET CURRENT ASSETS

1,401,292

1,020,399

TOTAL ASSETS LESS CURRENT LIABILITIES

30,261,899

29,384,881

CREDITORS

Amounts falling due after more than one year

8

(1,984,000

)

(2,011,785

)

PROVISIONS FOR LIABILITIES

11

(103,439

)

(10,078

)

NET ASSETS

28,174,460

27,363,018

CAPITAL AND RESERVES

Called up share capital

12

100

100

Share premium

13

26,857,058

26,857,058

Fair value reserve

13

304,712

29,083

Retained earnings

13

1,012,590

476,777

SHAREHOLDERS' FUNDS

28,174,460

27,363,018

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

C J Utley BSc MRICS - Director

1.	STATUTORY INFORMATION

Thercel Land 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

25% on cost

Fixtures and fittings

25% on cost

Motor vehicles

25% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The freehold land and buildings are investment properties. In accordance with FRS 102, investment properties are revalued to fair value annually , which for the properties is market value based upon rent yields, and the aggregate surplus or deficit is transferred to the profit and loss . No depreciation or amortisation is provided in respect of freehold investment properties. The directors consider that this accounting policy results in the financial statements giving a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2025 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2025

1,057

1,717

21,186

23,960

Additions

1,630

5,482

-

7,112

At 31 March 2026

2,687

7,199

21,186

31,072

DEPRECIATION

At 1 April 2025

366

384

8,728

9,478

Charge for year

499

967

9,521

10,987

At 31 March 2026

865

1,351

18,249

20,465

NET BOOK VALUE

At 31 March 2026

1,822

5,848

2,937

10,607

At 31 March 2025

691

1,333

12,458

14,482

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

28,350,000

Additions

132,495

Revaluations

367,505

At 31 March 2026

28,850,000

NET BOOK VALUE

At 31 March 2026

28,850,000

At 31 March 2025

28,350,000

Fair value at 31 March 2026 is represented by:

£

Valuation in 2025

38,777

Valuation in 2026

367,505

Cost

28,443,718

28,850,000

The properties were valued on an open market basis by C J Ultley MRICS at 31 March 2026.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

126,625

98,808

Tax

15

-

Prepayments and accrued income

157,489

196,666

284,129

295,474

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

-

112,480

Trade creditors

26,630

4,820

Tax

185,816

161,106

Social security and other taxes

11,981

9,160

VAT

66,122

75,574

Other creditors

279,611

206,395

Accruals and deferred income

362,480

359,621

932,640

929,156

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans - 1-2 years

1,800,000

-

Bank loans - 2-5 years

-

1,827,785

Other loans - 1-2 years

184,000

184,000

1,984,000

2,011,785

The bank loan was agreed on 17 May 2025 for a two year term at 2.08% above the Bank of England base rate. Repayments are interest only.

Included within other creditors is a loan from the Susan Margaret Ann Utley Settlement amounting to £184,000. The Trustees, who include one of the directors, have given an undertaking that the loan balance will not be drawn down within 12 months of the balance sheet date. Interest accrues at 9.25% per annum.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

9,360

14,040

Between one and five years

-

9,360

9,360

23,400

10.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

1,800,000

1,940,265

The Bank Loans are secured by a legal charge and debenture on all the assets of the company.

11.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

103,439

10,078

Deferred

tax

£

Balance at 1 April 2025

10,078

Charge to Income Statement during year

93,361

Balance at 31 March 2026

103,439

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2025

476,777

26,857,058

29,083

27,362,918

Profit for the year

883,442

883,442

Dividends

(72,000

)

(72,000

)

Property revaluation

(275,629

)

-

275,629

-

At 31 March 2026

1,012,590

26,857,058

304,712

28,174,360

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Clifford (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16.	POST BALANCE SHEET EVENTS

On the 1st April 2026 Thercel Land Ltd was granted a loan facility of £4M for the development of the Phase 2 construction project of new warehouse units.

17.	CONTROLLING PARTY

The parent company is Thercel Holdings Limited, a company registered in England and Wales.