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REGISTERED NUMBER: 04335013 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202

FOR

LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES
David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX








LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2025




Page

Company Information 1

Report of the Directors 2

Consolidated Profit and Loss Account 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES

COMPANY INFORMATION
for the Year Ended 31 December 2025







DIRECTORS: G D Swetman
A M Swetman
M J Swetman



SECRETARY: G D Swetman



REGISTERED OFFICE: 36a Station Road
New Milton
Hampshire
BH25 6JX



REGISTERED NUMBER: 04335013 (England and Wales)



ACCOUNTANTS: David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX



BANKERS: Svenska Handelsbanken AB
3 Thomas More Square
London
E1W 1WY



SOLICITORS: Phillips
Town Gate
38 London Street
Basingstoke
Hampshire
RG21 7NY
Page 1
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of commercial property management and development.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

G D Swetman
A M Swetman
M J Swetman

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G D Swetman - Director


27 February 2026

Page 2
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the Year Ended 31 December 2025

2025 2024
Notes £    £   

TURNOVER 370,943 353,823

Administrative expenses 30,938 30,345
340,005 323,478

Other operating income 8 434,517
OPERATING PROFIT 4 340,013 757,995

Interest receivable and similar income 101,145 144,836
441,158 902,831

Interest payable and similar expenses 30,066 60,400
PROFIT BEFORE TAXATION 411,092 842,431

Tax on profit 102,299 210,284
PROFIT FOR THE FINANCIAL YEAR 308,793 632,147

Profit attributable to:
Owners of the parent 295,979 549,704
Non-controlling interests 12,814 82,443
308,793 632,147

The notes form part of these financial statements

Page 3
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED BALANCE SHEET
31 December 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 15,034 18,404
Investments 7 - -
Investment property 8 4,740,000 4,740,000
4,755,034 4,758,404

CURRENT ASSETS
Debtors 9 49,032 5,522
Cash at bank 2,812,027 3,301,319
2,861,059 3,306,841
CREDITORS
Amounts falling due within one year 10 245,093 353,038
NET CURRENT ASSETS 2,615,966 2,953,803
TOTAL ASSETS LESS CURRENT
LIABILITIES
7,371,000
7,712,207

CREDITORS
Amounts falling due after more than one
year
11
(745,000
)
(1,395,000
)

PROVISIONS FOR LIABILITIES (149,369 ) (149,369 )
NET ASSETS 6,476,631 6,167,838

The notes form part of these financial statements

Page 4 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED BALANCE SHEET - continued
31 December 2025

2025 2024
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 12 1,127,095 1,127,095
Fair value reserve 12 (1,366,556 ) (1,366,556 )
Retained earnings 5,905,653 5,609,674
SHAREHOLDERS' FUNDS 5,667,192 5,371,213

NON-CONTROLLING INTERESTS 13 809,439 796,625
TOTAL EQUITY 6,476,631 6,167,838

The company and the group are 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 and the group 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 group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

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





G D Swetman - Director


The notes form part of these financial statements

Page 5
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

COMPANY BALANCE SHEET
31 December 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 14,058 17,256
Investments 7 1,280 1,280
Investment property 8 - -
15,338 18,536

CURRENT ASSETS
Debtors 9 900,646 849,416
Cash at bank 10,729 11,172
911,375 860,588
CREDITORS
Amounts falling due within one year 10 107,443 103,294
NET CURRENT ASSETS 803,932 757,294
TOTAL ASSETS LESS CURRENT
LIABILITIES
819,270
775,830

CREDITORS
Amounts falling due after more than one
year
11
125,000
125,000
NET ASSETS 694,270 650,830

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 693,270 649,830
SHAREHOLDERS' FUNDS 694,270 650,830

Company's profit for the financial year 43,440 58,490

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 notes form part of these financial statements

Page 6 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

COMPANY BALANCE SHEET - continued
31 December 2025


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

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2026 and were signed on its behalf by:





A M Swetman - Director


The notes form part of these financial statements

Page 7
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2025

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2024 1,000 5,075,995 1,197,654

Changes in equity
Total comprehensive income - 533,679 (70,559 )
Balance at 31 December 2024 1,000 5,609,674 1,127,095

Changes in equity
Total comprehensive income - 295,979 -
Balance at 31 December 2025 1,000 5,905,653 1,127,095
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2024 (716,556 ) 5,558,093 1,280,845 6,838,938

Changes in equity
Total comprehensive income (650,000 ) (186,880 ) (484,220 ) (671,100 )
Balance at 31 December 2024 (1,366,556 ) 5,371,213 796,625 6,167,838

Changes in equity
Total comprehensive income - 295,979 12,814 308,793
Balance at 31 December 2025 (1,366,556 ) 5,667,192 809,439 6,476,631

The notes form part of these financial statements

Page 8
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2024 1,000 591,340 592,340

Changes in equity
Total comprehensive income - 58,490 58,490
Balance at 31 December 2024 1,000 649,830 650,830

Changes in equity
Total comprehensive income - 43,440 43,440
Balance at 31 December 2025 1,000 693,270 694,270

The notes form part of these financial statements

Page 9
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2025

1. STATUTORY INFORMATION

London and Southern Estates Limited and Subsidiaries 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 General Information page.

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.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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 etc - 33% on cost and 25% on reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Page 10 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Financial assets are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


Employment benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 3 ).

4. OPERATING PROFIT

The operating profit is stated after charging:

2025 2024
£    £   
Depreciation - owned assets 5,319 6,152

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Page 11 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2025

6. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 January 2025 56,948
Additions 1,949
At 31 December 2025 58,897
DEPRECIATION
At 1 January 2025 38,544
Charge for year 5,319
At 31 December 2025 43,863
NET BOOK VALUE
At 31 December 2025 15,034
At 31 December 2024 18,404

Company
Plant and
machinery
etc
£   
COST
At 1 January 2025 54,748
Additions 1,949
At 31 December 2025 56,697
DEPRECIATION
At 1 January 2025 37,492
Charge for year 5,147
At 31 December 2025 42,639
NET BOOK VALUE
At 31 December 2025 14,058
At 31 December 2024 17,256

Page 12 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2025

7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2025
and 31 December 2025 1,280
NET BOOK VALUE
At 31 December 2025 1,280
At 31 December 2024 1,280

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

Subsidiaries

London and Southern Estates (Swindon) Ltd
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 1,927,990 1,823,229
Profit for the year 124,761 73,634

London and Southern Estates (Reading) Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 1,138,775 1,056,248
Profit for the year 82,527 81,962

London and Southern Estates (City) Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 80.00
2025 2024
£    £   
Aggregate capital and reserves 4,047,193 3,983,125
Profit for the year 64,068 412,215

Page 13 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2025

7. FIXED ASSET INVESTMENTS - continued

London & Southern Estates (Retail) Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves (1,330,318 ) (1,344,314 )
Profit for the year 13,996 45,847


8. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2025
and 31 December 2025 4,740,000
NET BOOK VALUE
At 31 December 2025 4,740,000
At 31 December 2024 4,740,000

Fair value at 31 December 2025 is represented by:
£   
Valuation in 2006 865,340
Valuation in 2008 (350,000 )
Valuation in 2009 399,000
Valuation in 2012 (99,547 )
Valuation in 2014 510,000
Valuation in 2016 200,000
Valuation in 2017 46,690
Valuation in 2018 (881,556 )
Valuation in 2020 547,581
Valuation in 2024 (1,306,690 )
Cost 4,809,182
4,740,000

If the properties had not been revalued they would have been included at the following historical cost:

2025 2024
£    £   
Cost 4,809,182 4,809,182

Page 14 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2025

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Amounts owed by group undertakings - - 900,271 848,966
Other debtors 49,032 5,522 375 450
49,032 5,522 900,646 849,416

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Amounts owed to group undertakings - - 84,291 84,291
Taxation and social security 118,685 230,094 8,875 7,598
Other creditors 126,408 122,944 14,277 11,405
245,093 353,038 107,443 103,294

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Other creditors 745,000 1,395,000 125,000 125,000

Amounts falling due in more than five years:

Group Company
2025 2024 2025 2024
£    £    £    £   
Repayable otherwise than by instalments
A & G Loan 745,000 1,395,000 125,000 125,000

12. RESERVES

Group
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 January 2025
and 31 December 2025 1,127,095 (1,366,556 ) (239,461 )


13. NON-CONTROLLING INTERESTS

Minority Interests represent the proportion of value of the net assets of London & Southern Estates (City) Limited.

Page 15 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2025

14. RELATED PARTY DISCLOSURES

The group was in receipt of loans from its directors during the year. No interest is paid and there is no formal repayment plan.The amount outstanding at the balance sheet date was £312 (2023 - £86,710). The loans are repayable on demand.

15. ULTIMATE CONTROLLING PARTY

The group is ultimately controlled by Mr & Mrs G D Swetman.

Page 16