Great Western Regional Capital Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Great Western Regional Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10015924 . The registered office is Desklodge House, 2 Redcliffe Way, Bristol, BS1 6NL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.4. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.4. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2025: NIL)

4. Investment Property

	2026
	£
Fair Value
As at 1 April 2025	8,813,255
Additions	2,113,542
Fair value adjustments	3,058,203

As at 31 March 2026	13,985,000

5. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	58,292	70,510
Prepayments and accrued income	87,400	5,428
Other debtors	22,131	17,277
Amounts owed by group undertakings	1	1

	167,824	93,216

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	-	334,245
Trade creditors	6,726	132,872
Bank loans and overdrafts	22,826	-
Corporation tax	-	33,196
Accruals	35,355	23,063

	64,907	523,376

7. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	-	8,120,603
Bank loans	9,200,000	-

	9,200,000	8,120,603

The company entered into a 42 year lease agreement for 48 investment properties during the year ended 31 March 2023, with the option to purchase each of the properties for a nominal amount of £1 at the end of the lease term. However, in December 2025, the company purchased the freehold for all properties via a 5 year mortgage. Therefore, the company now hold both the leasehold and the freehold for all properties.

As at 31 March 2026 the lease agreement had not yet formally collapsed, however, the organisation cannot recognise a lease asset and lease liability to itself. As both the leaseholder and freeholder, any lease asset and liability must net to £nil. Therefore, there is no lease liabiltiy to recognise in the accounts as at 31 March 2026. The leasehold and freehold titles were merged post year end.

The mortgage is an interest only loan, where the company will make payments for the interest accrued on a quarterly basis. The final interest and capital will be due in December 2030. The interest is a fixed interest term of 5.66% for 3 years from the first drawdown. After this, the interest rate will revert to a variable rate which will be confirmed after the expiry of the fixed term at the end of 2028. This variable rate will be a margin of 1.95%, plus the Bank of England base rate.

8. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	334,245
Later than one year and not later than five years	-	1,276,439
Later than five years	-	6,844,164

	-	8,454,848

	-	8,454,848

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

9. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	£	£
Other timing differences	1,382,708	162,697

10. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 April 2025	162,697	22,719	185,416
Additions	1,220,011	18,388	1,238,399

Balance at 31 March 2026	1,382,708	41,107	1,423,815

11. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	1	1

12. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	-	149,245
Later than one year and not later than five years	-	615,127
Later than five years	-	2,412,376

	-	3,176,748

The company entered into an operating lease for 21 year terms from May 2022, relating to 13 rent to buy properties which are sublet as ethical housing to generate rental income. The tenants have an option to purchase the properties from the freeholder at a discount from market value after five years.

In December 2025, the company purchased the freehold for all properties via a 5 year mortgage. Therefore, the company now hold both the leasehold and the freehold for all properties.

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Other Commitments - continued

13. Related Party Transactions

Controlling party:

The company is 100% owned by Place Based Investments Limited (company number 12471293), a company under the control of and 100% owned by Bristol & Bath Regional Capital CIC (company number 09672937).

Laura Barrow is a director of the company, Bristol & Bath Regional Capital CIC and Place Based Investments Limited.

The company was under the control of the directors throughout the period.

Transactions with related parties:

As at 31 March 2026 Great Western Regional Capital Limited was owed £1 (2025: £1) by Place Based Investments Limited.

During the period ending 31 March 2026 Great Western Regional Capital Limited was charged £26,484 (2025: £56,275) for management fees, £nil (2025: £49) in interest on loans and £640,000 in transaction fees in relation to the freehold purchase of Elderberry Walk transaction fees by Bristol & Bath Regional Capital CIC.

During the period ending 31 March 2026 Great Western Regional Capital Limited was charged £10,702 (2025: £nil) for management fees and £137,600 (2025: £nil) in transaction fees in relation to the freehold purchase of Elderberry Walk transaction fees by BBRC Homes Limited (14640420).

During the period ending 31 March 2026 Great Western Regional Capital Limited charged £2,918 (2025: £nil) in interest on loans to Bristol & Bath Regional Capital CIC.

As at 31 March 2025 Great Western Regional Capital Limited trade creditors included £6,593 (2025: £16,694) owed to Bristol & Bath Regional Capital CIC.

14. Exceptional Items

During the period ending 31 March 2026 Great Western Regional Capital Limited was charged £640,000 for transaction fees by Bristol & Bath Regional Capital CIC in relation to the purchase of the freehold for Elderberry Walk.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	4		13,985,000		8,813,255

			13,985,000		8,813,255
CURRENT ASSETS
Debtors	5	167,824		93,216
Cash at bank and in hand		40,247		246,232

		208,071		339,448
Creditors: Amounts Falling Due Within One Year	6	(64,907 )		(523,376 )

NET CURRENT ASSETS (LIABILITIES)			143,164		(183,928 )

TOTAL ASSETS LESS CURRENT LIABILITIES			14,128,164		8,629,327

Creditors: Amounts Falling Due After More Than One Year	7		(9,200,000 )		(8,120,603 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	10		(41,107 )		(22,719 )
Deferred Taxation	9		(1,382,708 )		(162,697 )

NET ASSETS			3,504,349		323,308

CAPITAL AND RESERVES
Called up share capital	11		1		1
Other reserves			3,979,374		488,091
Profit and Loss Account			(475,026 )		(164,784 )

SHAREHOLDERS' FUNDS			3,504,349		323,308