REGISTERED NUMBER: 00257435 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BASSETT TRUST LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

12,813

15,249

Investments

5

8,076,135

4,991,553

8,088,948

5,006,802

CURRENT ASSETS

Debtors

6

16,856,513

17,817,743

Cash at bank

96,664

262,471

16,953,177

18,080,214

CREDITORS

Amounts falling due within one year

7

(9,237,054

)

(11,729,438

)

NET CURRENT ASSETS

7,716,123

6,350,776

TOTAL ASSETS LESS CURRENT LIABILITIES

15,805,071

11,357,578

PROVISIONS FOR LIABILITIES

8

(3,203

)

(3,812

)

NET ASSETS

15,801,868

11,353,766

CAPITAL AND RESERVES

Called up share capital

9

248,400

248,400

Revaluation reserve

10

3,078,447

-

Retained earnings

12,475,021

11,105,366

SHAREHOLDERS' FUNDS

15,801,868

11,353,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

Mrs L G Montgomery - Director

1.	STATUTORY INFORMATION

Bassett Trust Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00257435 and registered office address is Shalden Park Steading, Shalden, Alton, Hampshire, GU34 4DS.

The functional 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.

The results are presented for the company as a single entity only.

Significant judgements and estimates

In the application of the company's accounting policies, the directors 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 ongoing basis. Revisions to accounting 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.

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

-

15% on reducing balance

Fixtures and fittings

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its furniture and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for permanent impairment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets, which include amounts due from group undertaking, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, and bank loans and overdrafts, that are classified as debt, 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 payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Investments

Fixed asset investments are stated at cost less provision for permanent impairment.

Going concern

The accounts have been prepared on a going concern basis. Based on current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and will generate sufficient cash flows to meet its obligations as they fall due for payment.

Group accounts

The company is a parent company subject to the small companies regime. The company and its subsidiaries comprise a small group, the company has not taken the option provided by Section 398 of the Companies Act 2006 to prepare group accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

30,398

6,586

36,984

DEPRECIATION

At 1 January 2025

15,324

6,411

21,735

Charge for year

2,261

175

2,436

At 31 December 2025

17,585

6,586

24,171

NET BOOK VALUE

At 31 December 2025

12,813

-

12,813

At 31 December 2024

15,074

175

15,249

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2025

196,699

4,794,854

4,991,553

Additions

1

6,134

6,135

Revaluations

-

3,078,447

3,078,447

At 31 December 2025

196,700

7,879,435

8,076,135

NET BOOK VALUE

At 31 December 2025

196,700

7,879,435

8,076,135

At 31 December 2024

196,699

4,794,854

4,991,553

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ellis & Sons Amalgamated Properties Ltd

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

Ellis & Sons Amalgamated Investments Ltd

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

Edradynate Limited

Registered office: England & Wales

Nature of business: Sporting estate

%

Class of shares:

holding

Ordinary

100.00

Farragon Investments Limited

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

Ellis Campbell Trading Ltd

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

ECG Property Investments Limited

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

W.& H.Elliotts Limited

Registered office: England & Wales

Nature of business: Administrative

%

Class of shares:

holding

Ordinary

100.00

Camden Residential Limited

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

The company also has an indirect interest in the following companies.

Ellis Campbell Coxbridge Limited

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

Ellis & Sons Third Amalgamated Properties Limited

Registered office: England & Wales

Nature of business: Investment activities

%

Class of shares:

holding

Ordinary

100.00

Mowmacre Investment & Charter Limited

Registered office: England & Wales

Nature of business: Boat charter

%

Class of shares:

holding

Ordinary

100.00

Ellis Campbell Developments Limited

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

Ellis Campbell Holdings Limited

Registered office: England & Wales

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

Ellis Campbell (NZ) Limited

Registered office: New Zealand

Nature of business: Forestry investments

%

Class of shares:

holding

Ordinary

100.00

Joint venture

Beinn Eagagach Hydro LLP

Registered office: England & Wales

Nature of business: Hydro Scheme

%

Class of shares:

holding

Partnership

75.00

In the opinion of the directors, the aggregate value of the assets of the company consisting of shares in, or amounts owing from the subsidiary undertakings, is not less than the amounts at which those assets are stated or included in the company's balance sheet.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

16,721,539

17,646,539

Corporation tax on account

125,656

149,215

VAT

1,285

373

Prepayments and accrued income

8,033

21,616

16,856,513

17,817,743

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

3,231

880

Amounts owed to group undertakings

9,233,822

11,728,558

Other creditors

1

-

9,237,054

11,729,438

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

3,203

3,812

Deferred

tax

£

Balance at 1 January 2025

3,812

Credit to Profit and Loss Account during year

(609

)

Balance at 31 December 2025

3,203

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

120,000

Ordinary A

10p

12,000

12,000

24,000

Ordinary B

10p

2,400

2,400

1,000

Ordinary C

10p

29,250

29,250

1,000

Ordinary D

10p

29,250

29,250

1,000

Ordinary E

10p

29,250

29,250

1,000

Ordinary F

10p

29,250

29,250

1,000

Ordinary G

10p

29,250

29,250

1,000

Ordinary H

10p

29,250

29,250

1,000

Ordinary I

10p

29,250

29,250

1,000

Ordinary J

10p

29,250

29,250

248,400

248,400

10.

RESERVES

Revaluation

reserve

£

Surplus on revaluation of assets

3,078,447

At 31 December 2025

3,078,447

11.	ULTIMATE PARENT COMPANY