ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 09379419

BLACKSTOWN HOLDINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

TWP Accounting LLP

Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

BLACKSTOWN HOLDINGS LIMITED

COMPANY INFORMATION

Directors	Dr K E Graham
	W E Graham


Registered number	09379419


Registered office	20 Cranley Road
	Hersham
	Walton-on-Thames
	Surrey
	KT12 5BP


Independent auditor	TWP Accounting LLP
	Chartered Accountants & Statutory Auditors
	Church Street
	Weybridge
	Surrey
	KT13 8DE

BLACKSTOWN HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 6
Independent Auditor's Report	7 - 10
Consolidated Statement of Comprehensive Income	11 - 12
Consolidated Balance Sheet	13 - 14
Company Balance Sheet	15
Consolidated Statement of Changes in Equity	16
Company Statement of Changes in Equity	17
Consolidated Statement of Cash Flows	18 - 19
Consolidated Analysis of Net Debt	20
Notes to the Financial Statements	21 - 44

BLACKSTOWN HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review

We present a balanced and comprehensive review of the development and performance of the Group during the year and of its position at the year end. This review is prepared in accordance with the requirements of the Companies Act 2006 and reflects the size and nature of the Group’s operations.
The Group develops and operates high quality homes for people with high dependency long-term care needs, ranging from older people with dementia to younger people with severe disabilities.

Key Performance Indicators
	2025	2024
	£	£

Turnover	50,364,310	59,332,695
EBITDAR	16,369,662	22,846,142

During the year, the Group sold its entire shareholding of nine wholly owned subsidiaries, Hawkinge House Limited, Hawkinge House PAU Limited, Hawkinge House 2nd Floor Limited, Hazeldene House Limited, Hawkhurst House Limited, Hawkhurst House PAU Limited, Cornford House Limited, Harmonia Care Village Limited and Woodchurch House Limited. As a result of these disposals the Group’s turnover and EBITDAR have reduced compared with the prior year as the Group now operates a smaller number of homes.
The care home subsidiaries within the Group continue to strive to maintain high quality standards. The Directors take immediate and measured steps to address any matters requiring improvement, including the implementation of agreed action plans with the Care Quality Commission where appropriate.
Cost pressures within the sector remain significant. In particular, increases in staffing costs arising from changes to the National Living Wage and Employer National Insurance Contributions continue to place pressure on operating margins. In some instances the Group has been able to increase its fees to offset part of these increases, however the cost pressures remain material, particularly as the National Living Wage will increase again from 1 April.

At the end of 2025, we owned and operated eight homes in Surrey, Kent and Sussex for nearly 560 residents:


	Number of Resident Places

Harpwood Care Home, near Sevenoaks	100
Whitstable House, Whitstable	101
Rodwell House, Addlestone	79
Total	280

We also continued to work on a number of development sites in line with our commitment to expand by building new care facilities in the South East of England.
Our full development pipeline (all with full planning permission) at year-end was as follows:

Page 1

BLACKSTOWN HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025


	Number of Resident Places

	Additional building on the same site as Cornford House, Tunbridge Wells	136
	Development near Broomfield Hospital, Chelmsford	96
	Former NHS site at Southlands, near Sittingbourne	96
	Development beside Estuary View Medical Centre, Whitstable	140
	Site on the edge of Bishopswood Golf Course, near Basingstoke	136
	Total	604

Construction activity is currently underway on the development site adjacent to Broomfield Hospital in Chelmsford and is expected to complete towards the end of 2026. Planning and preparatory work continues for the development of the former NHS site near Sittingbourne.
The Group also intends to commence construction during the coming year on the development beside Estuary View Medical Centre in Whitstable. Preparatory work continues on the proposed development adjacent to Bishopswood Golf Course near Basingstoke and on the additional building planned for the Cornford House site.
During the year the Group acquired Bishopswood Golf Club and the associated golf course. This acquisition supports the long-term development plans for care facilities on land adjacent to the site.
Other Group Activities
Flexifly Aircraft Hire Limited continued to trade satisfactorily during the year.
Blackstown Farm Limited continued to lease out most of its land and buildings while maintaining agricultural operations on the remaining areas.

Digital Platform and Care Innovation
The Group continues to invest in its digital platform in order to support regulatory compliance and improve the delivery of personalised care. During the year additional artificial intelligence tools were introduced to assist with compliance monitoring, care plan review and quality assurance.
The Group has introduced a well-being-based care planning framework structured around five pillars of well-being: eating, sleeping, moving, thinking and relating. These pillars underpin a more personalised approach to care planning and provide a structured framework for monitoring resident well-being.
As this platform develops further, the Group intends to provide more regular and detailed well?being updates to residents’ families and representatives.
Distinguishing Features
Our new developments are based around a care suite model providing approximately 20–27m² for each resident, compared with approximately 15–18m² in a typical purpose-built care home.
The Group continues to adopt Relationship Centred Care™ as its principal philosophy of care. This approach recognises that resident well-being is closely linked to the quality of relationships between residents, staff, families and friends.
The Group also continues to apply a servant leadership model of management, which emphasises service, engagement and the development of people throughout the organisation.

Page 2

BLACKSTOWN HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Directors' Statement of Compliance

The directors of Blackstown Holdings Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company and the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in section 172(1)(af) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2025.

This report was approved by the board on 22 September 2026 and signed on its behalf.

................................................

W E Graham

Director

Page 3

BLACKSTOWN HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Principal activities

The principal activity of the group was the provision of accommodation and care for people with on-going personal and nursing care needs. The group also includes ownership of:
• Flexifly Aircraft Hire Limited which provides short term hire of aircrafts to clients who take
responsibility for operating these themselves.
• 175 acres of farmland in Northern Ireland.
• A golf club, including the provision of golf course facilities, clubhouse services, events, room hire, and related ancillary activities.

Results and dividends

The profit for the year, after taxation, amounted to £122,820,195 (2024 - £13,422,724).

During the year the company paid dividends of £840,000 (2024 - £1,235,000).

Directors

The directors who served during the year were:

Dr K E Graham

W E Graham

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

BLACKSTOWN HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Charitable Donations

During the year, the group made charitable donations for the general purposes of the following charities:
£6,000 INSIGHT (RBK Schools Christian Worker Trust)
£1,000 Kings Church Walton
£4,000 Synergy Christian Trust
£5,000 MISSION CARE - Contribution as a direct payment to Mission Care
£10,000 Binscombe Church
£12,000 LAYTON COMMUNITY CHURCH - Donation to Layton Community Church
£18,750 THE GLOBE CHURCH - The Globe Church Donation
£20,000 Co-Mission Initiative Trust
£25,000 Wycliffe Bible Translators
£39,600 Christianity Explored
£50,000 The Rock Foundation
£80,000 The Word One to One
£221,532 Spurgeon's College

Engagement with employees

The group operates a framework for employee information and consultation, which complies with the requirements of the Information and Consultation of Employees Regulations 2004. During the year, the policy of providing employees with information about the group has continued by holding regular meetings between local management and employees. These meetings allow a free flow of information and ideas.

Engagement with suppliers, customers and others

We aim to treat our supply chains fairly and transparently and to work together to deliver high quality care to our residents. Our industry needs are changing, becoming more complex and requiring increasing levels of investment in technology. It is critically important that we listen closely to our customers, be easy to work with and deliver industry leading care. The Company continues to engage directly with its suppliers and customers.

Disabled employees

The group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Greenhouse gas emissions, energy consumption and energy efficiency action

The group consists of medium sized subsidiaries and the company’s energy consumption is below 40,000 kWh per annum. The company and group are exempt from providing the disclosures set out in the Streamlined Energy and Carbon Reporting (SECR) requirements.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 5

BLACKSTOWN HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditor

The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 September 2026 and signed on its behalf.

................................................

W E Graham

Director

Page 6

BLACKSTOWN HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKSTOWN HOLDINGS LIMITED

Opinion

We have audited the financial statements of Blackstown Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 7

BLACKSTOWN HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKSTOWN HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 8

BLACKSTOWN HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKSTOWN HOLDINGS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.

∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.

∙Enquire of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

∙Reviewing minutes of meetings of those charged with governance.

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.

∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.

∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.

∙Review of after year end information to ensure expenditure has been accounted for in the correct period.

∙Perform analytical review procedures to identify any irregularities and investigation thereon.

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 9

BLACKSTOWN HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKSTOWN HOLDINGS LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Munk FCA, FCCA (Senior Statutory Auditor)

for and on behalf of

TWP Accounting LLP

Chartered Accountants

Statutory Auditors

Church Street

Weybridge

Surrey

KT13 8DE

22 September 2026

Page 10

BLACKSTOWN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	Continuing operations	Discontin'd operations	Total	Continuing operations	Discontinued operations	Total
	2025	2025	2025	2024	2024	2024
Note	£	£	£	£	£	£


Turnover	3	19,280,197	31,094,752	50,374,949	15,610,071	47,072,102	62,682,173
Cost of sales		(16,118,765)	(17,941,783)	(34,060,548)	(14,264,446)	(27,815,993)	(42,080,439)
Gross profit		3,161,432	13,152,969	16,314,401	1,345,625	19,256,109	20,601,734
Administrative expenses		(1,667,581)	(390,505)	(2,058,086)	(1,776,340)	(1,220,111)	(2,996,451)
Other operating income	4	301,867	-	301,867	55,946	-	55,946
Fair value movements - Farm Land & Buildings		631,715	-	631,715	180,862	-	180,862
Operating profit	5	2,427,433	12,762,464	15,189,897	(193,907)	18,035,998	17,842,091
Profit on disposal of subsidiary		87,590,768	-	87,590,768	-	-	-
Interest receivable and similar income	8	638,362	-	638,362	165,883	-	165,883
Interest payable and similar expenses	9	(2,349,063)	(47)	(2,349,110)	(3,645,680)	-	(3,645,680)
Fair value movements - Other fixed assets	10	25,016,634	-	25,016,634	1,929,658	-	1,929,658
Profit before taxation		113,324,134	12,762,417	126,086,551	(1,744,046)	18,035,998	16,291,952
Tax on profit	11	(279,448)	(2,986,908)	(3,266,356)	(1,458,005)	(1,411,223)	(2,869,228)
Profit for the financial year		113,044,686	9,775,509	122,820,195	(3,202,051)	16,624,775	13,422,724


Unrealised surplus on revaluation of tangible fixed assets	4,645,776	32,696,651
Deferred tax on revaluation of tangible fixed assets	(1,289,708)	(8,214,000)

Page 11

BLACKSTOWN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

	Continuing operations	Discontin'd operations	Total	Continuing operations	Discontinued operations	Total
	2025	2025	2025	2024	2024	2024
Note	£	£	£	£	£	£

Other comprehensive income for the year				3,356,068			24,482,651
Total comprehensive income for the year				126,176,263			37,905,375

Profit for the year attributable to:
Owners of the parent Company	122,820,195	-	122,820,195	13,422,724	-	13,422,724
	122,820,195	-	122,820,195	13,422,724	-	13,422,724

The notes on pages 21 to 44 form part of these financial statements.

Page 12

BLACKSTOWN HOLDINGS LIMITED

REGISTERED NUMBER: 09379419

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		112,538		-
Tangible assets	15		114,064,768		267,114,541
Investments	16		102,031,968		16,642,677
Investment property	17		5,300,000		4,460,000
			221,509,274		288,217,218
Current assets
Stocks	18	24,648,847		13,368,002
Debtors	19	11,811,227		9,629,479
Cash at bank and in hand	20	12,022,903		4,573,554
		48,482,977		27,571,035
Creditors: amounts falling due within one year	21	(2,738,476)		(20,829,399)
Net current assets			45,744,501		6,741,636
Total assets less current liabilities			267,253,775		294,958,854
Creditors: amounts falling due after more than one year	22		-		(44,339,526)
Provisions for liabilities
Deferred taxation	24	(16,787,162)		(42,128,180)
			(16,787,162)		(42,128,180)
Net assets			250,466,613		208,491,148

Capital and reserves
Called up share capital	25	4,100	4,100
Revaluation reserve	26	33,265,980	113,270,710
Profit and loss account	26	217,196,533	95,216,338
		250,466,613	208,491,148

Page 13

BLACKSTOWN HOLDINGS LIMITED

REGISTERED NUMBER: 09379419

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2026.

................................................

W E Graham

Director

The notes on pages 21 to 44 form part of these financial statements.

Page 14

BLACKSTOWN HOLDINGS LIMITED

REGISTERED NUMBER: 09379419

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	16		98,808,860		15,155,630
			98,808,860		15,155,630
Current assets
Debtors	19	112,814,764		34,679,542
Cash at bank and in hand	20	11,225,760		38,837
		124,040,524		34,718,379
Creditors: amounts falling due within one year	21	(296,264)		(40,058,054)
Net current assets/(liabilities)			123,744,260		(5,339,675)
Total assets less current liabilities			222,553,120		9,815,955
Net assets			222,553,120		9,815,955

Capital and reserves
Called up share capital	25	4,100	4,100
Profit and loss account	26	222,549,020	9,811,855
		222,553,120	9,815,955

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2026.

................................................

W E Graham

Director

The notes on pages 21 to 44 form part of these financial statements.

Page 15

BLACKSTOWN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	4,100	88,802,134	83,014,539	171,820,773
Comprehensive income for the year
Profit for the year	-	-	13,422,724	13,422,724
Surplus on revaluation of freehold properties	-	39,420,491	-	39,420,491
Deficit on revaluation of other fixed assets	-	(827,984)	-	(827,984)
Deferred tax on revaluation of freehold properties	-	(14,109,856)	-	(14,109,856)
Total comprehensive income for the year	-	24,482,651	13,422,724	37,905,375
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,235,000)	(1,235,000)
Transfer to/from profit and loss account	-	(14,075)	14,075	-

At 1 January 2025	4,100	113,270,710	95,216,338	208,491,148
Comprehensive income for the year
Profit for the year	-	-	122,820,195	122,820,195
Surplus & disposal of revaluation of freehold properties	-	(78,804,940)	-	(78,804,940)
Surplus/(Deficit) on revaluation of aircrafts after deferred tax	-	67,439	-	67,439
Deferred tax on revaluation of freehold properties	-	(1,267,229)	-	(1,267,229)
Total comprehensive income for the year	-	(80,004,730)	122,820,195	42,815,465
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(840,000)	(840,000)
At 31 December 2025	4,100	33,265,980	217,196,533	250,466,613

The notes on pages 21 to 44 form part of these financial statements.

Page 16

BLACKSTOWN HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	4,100	9,573,656	9,577,756

Profit for the year	-	1,473,199	1,473,199
Dividends: Equity capital	-	(1,235,000)	(1,235,000)

At 1 January 2025	4,100	9,811,855	9,815,955

Profit for the year	-	213,577,165	213,577,165
Dividends: Equity capital	-	(840,000)	(840,000)
At 31 December 2025	4,100	222,549,020	222,553,120

The notes on pages 21 to 44 form part of these financial statements.

Page 17

BLACKSTOWN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	122,820,195	13,422,724
Adjustments for:
Profit on disposal of subsidiaries	(87,590,768)	-
Depreciation of tangible assets	373,467	890,386
Loss on disposal of tangible assets	(21,672)	(359,196)
Interest paid	2,349,110	3,645,680
Interest received	(638,362)	(165,883)
Taxation charge	3,266,356	2,869,228
(Increase)/decrease in stocks	(11,280,845)	902,157
(Increase) in debtors	(1,928,445)	(2,851,677)
(Increase)/decrease in amounts owed by related companies	(187,815)	(63,472)
(Decrease)/increase in creditors	(2,704,270)	70,936
Net fair value (gains) recognised in P&L	(25,648,349)	(2,110,520)
Corporation tax (paid)	(4,376,949)	(90,950)
Net cash generated from operating activities	(5,568,347)	16,159,413

Cash flows from investing activities
Purchase of tangible fixed assets	(9,296,451)	(6,588,239)
Sale of tangible fixed assets	170,000	3,231,674
Purchase of investment property improvements	(208,285)	(9,138)
Purchase of precious metals	(59,408,882)	(6,905,875)
Proceeds from disposal of subsidiary undertaking	142,376,195	-
Interest received	638,362	165,883
Net cash from investing activities	74,270,939	(10,105,695)

Page 18

BLACKSTOWN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
New secured loans	-	1,342,439
Repayment of loans	(58,300,566)	(1,800,000)
Dividends paid	(840,000)	(1,235,000)
Interest paid	(2,112,677)	(3,645,680)
Net cash used in financing activities	(61,253,243)	(5,338,241)
Net increase in cash and cash equivalents	7,449,349	715,477
Cash and cash equivalents at beginning of year	4,573,554	3,858,077
Cash and cash equivalents at the end of year	12,022,903	4,573,554

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	12,022,903	4,573,554
	12,022,903	4,573,554

The notes on pages 21 to 44 form part of these financial statements.

Page 19

BLACKSTOWN HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	Acquisition and disposal of subsidiaries	At 31 December 2025
£	£	£	£

Cash at bank and in hand	4,573,554	(134,926,846)	142,376,195	12,022,903
Debt due after 1 year	(44,339,526)	44,339,526	-	-
Debt due within 1 year	(13,967,337)	13,960,896	-	(6,441)
	(53,733,309)	(76,626,424)	142,376,195	12,016,462

The notes on pages 21 to 44 form part of these financial statements.

Page 20

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Blackstown Holdings Limited is incorporated in England and Wales and limited by shares. The address of the registered office is given in the company information of these financial statements. The nature of the company's operations and principal activity is a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

2.3

Going concern

The Directors are confident that the Group and the company has adequate financial resources to continue and adopt the going concern basis in preparing the annual report and financial statements.

Page 21

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Turnover

Nursing and residential care services
Turnover represents the fair value of the consideration received net of VAT and trade discounts based on occupancy and adjustment is made for any amounts received in advance or arrears.
Aircraft dry hire services
Turnover represents the fair value of the consideration received net of VAT and trade discounts for each time the aircraft is hired recognised on completion of the respective hire period.
Farming rental income
Turnover comprises revenue recognised by the company in respect of rental income receivable during the year, exclusive of VAT and trade discounts based on occupancy and adjustment is made for any amounts received in advance or arrears.
Bishopswood Golf Limited
Revenue represents amounts receivable from members and customers for services provided during the year, excluding Value Added Tax. Revenue comprises membership subscriptions, green fees, competition income, coaching fees, bar and catering sales, retail sales, event income and room hire income. Revenue is recognised when the Club has satisfied its performance obligations and the amount can be measured reliably. Membership subscriptions are recognised over the period of membership to which they relate, while green fees, competition income and coaching fees are recognised when the relevant service or event takes place. Revenue from bar, catering and retail sales is recognised at the point goods are supplied to customers. Event income, including weddings, corporate functions and other social events, is recognised when the event has taken place, and room hire income is recognised over the period for which the facilities are provided. Amounts received in advance of services being provided are recognised as deferred income and released to revenue as the related performance obligations are satisfied.

2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 22

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Equipment	-	Items under £500 - 50% straight line Items above £500 - 15% reducing balance
				Motor vehicles	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

The freehold properties used by it's subsidiaries are recognised in the group as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the revaluation reserve.
The aircrafts are recognised in the group as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the profit and loss if the revaluation reserve has been exhausted.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in precious metals are carried at fair value determined annually by external valuers and derived from the current market price, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.9

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

Page 23

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Investment disposal

A gain or loss arising on the disposal of a subsidiary is recognised in profit or loss at the date control is lost. The gain or loss is measured as the difference between the disposal proceeds and the carrying value of the subsidiary's net assets, including any attributable goodwill, at the date of disposal. Any costs directly attributable to the disposal are recognised within profit or loss as incurred.

2.11

Stocks

Stocks and work in progress represent direct property development expenditure and are valued at the lower of cost and net realisable value after making due allowance for impairment.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.14

Financial instruments

The Group 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 in the Group's Balance Sheet when the Group 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the

Page 24

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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 profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 25

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.17

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 26

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.19

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.21

Long term contracts

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is derived on a cost mark-up basis for related contract activity costs. Where work has been completed but not yet invoiced, profit is recognised and accrued income is included in debtors along with associated costs as accruals within creditors. Full provision is made for losses on all contracts in the year in which they are first foreseen.

2.22

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.23

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 27

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.24

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.25

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 28

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Nursing and residential care services	48,989,610	61,916,517
Aircraft dry hire services	617,510	557,674
Rental income	184,083	207,982
Golf Club Income	583,746	-
	50,374,949	62,682,173

All turnover arose within the United Kingdom.

4.	Other operating income
		2025	2024
		£	£

Other operating income	246,599	-
Government grants receivable	55,268	55,946
	301,867	55,946

Research & development charged as an expense	496,283	357,826
Depreciation	373,467	890,386
Other operating lease rentals	32,332	99,525
Difference in foreign exchange	7,118	64,177

Page 29

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditor's remuneration	18,840	8,970
Fees payable to the Company's auditor:
The auditing of accounts of subsidiaries of the Company	90,780	141,765
Other non-audit services	37,130	53,962

7.	Employees
	Staff costs were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	23,586,346	27,398,668	1,176,534	1,198,467
Social security costs	1,265,651	2,745,277	139,634	136,872
Cost of defined contribution scheme	149,286	423,709	29,244	23,718
	25,001,283	30,567,654	1,345,412	1,359,057

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Admin staff	30	33
Care home staff	648	894
Golf Club staff	12	-

	690	927

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)

8.	Interest receivable
		Group 2025	Group 2024
		£	£

	Bank interest receivable	638,362	165,883
		638,362	165,883

Page 30

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Interest payable and similar expenses
		Group 2025	Group 2024
		£	£

Bank interest payable	1,855,137	3,645,680
Loan discounting costs	493,973	-
	2,349,110	3,645,680

10.	Fair value movements
		Group 2025	Group 2024
		£	£

Surplus/(deficit) on revaluation of other fixed assets	25,016,634	1,929,658
	25,016,634	1,929,658

Corporation tax
Current tax on profits for the year	3,017,102	1,436,999
Adjustments in respect of previous periods	(93,964)	9,428

Total current tax	2,923,138	1,446,427

Deferred tax
Origination and reversal of timing differences	185,289	1,377,585
Deferred taxation on revaluation of investment properties	157,929	45,216
Total deferred tax	343,218	1,422,801


	Taxation on profit on ordinary activities	3,266,356	2,869,228

Page 31

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Profit on ordinary activities before tax

126,086,551

16,291,952

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	31,521,638	4,072,988
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	200,699	105,068
Capital allowances for year in excess of depreciation	(672,866)	(961,066)
Utilisation of tax losses	-	(1,180,688)
Adjustments to tax charge in respect of prior periods	(93,964)	9,428
Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax	1,068	3,415
Short-term timing difference leading to an increase (decrease) in taxation	185,289	1,377,585
Deferred taxation on revaluation of investment properties	157,929	45,216
Book profit on disposal	(21,903,110)	(86,520)
Capital gains on disposal of chargeable assets	13,617	90,525
Rollover relief on capital gain on disposal of chargeable assets	-	(79,093)
Fair value movements	(6,412,087)	(527,630)
Group tax loss carried forward	83,193	-
Group tax loss relieved	184,950	-
Total tax charge for the year	3,266,356	2,869,228

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	2024
		£	£

	Dividends paid to owners	840,000	1,235,000
		840,000	1,235,000

Page 32

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £213,577,165 (2024 - £1,473,199).

14.	Intangible assets
	Group and Company

		Goodwill
		£

	On acquisition of subsidiaries	112,538
	At 31 December 2025	112,538

	Net book value
	At 31 December 2025	112,538
	At 31 December 2024	-

On 6 February 2025, Blackstown Holdings Limited acquired 100% of the issued ordinary share capital of Bishopswood Golf Limited. The acquisition has been accounted for as a business combination in accordance with FRS 102 Section 19, with the results of Bishopswood Golf Limited being consolidated into the Group financial statements from the date of acquisition.

Page 33

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Tangible fixed assets
	Group

	Freehold property	Equipment	Motor vehicles	Aircrafts	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	259,139,398	6,827,953	321,399	3,466,215	269,754,965
Additions	8,210,490	882,085	782,692	629,554	10,504,821
Disposals	(163,096,972)	(5,669,400)	(196,709)	-	(168,963,081)
Revaluations	3,592,084	-	-	89,918	3,682,002
At 31 December 2025	107,845,000	2,040,638	907,382	4,185,687	114,978,707
Depreciation
At 1 January 2025	-	2,528,167	112,257	-	2,640,424
Charge for the year on owned assets	-	264,324	109,175	-	373,499
Disposals	-	(2,013,177)	(86,807)	-	(2,099,984)
At 31 December 2025	-	779,314	134,625	-	913,939
Net book value
At 31 December 2025	107,845,000	1,261,324	772,757	4,185,687	114,064,768
At 31 December 2024	259,139,398	4,299,786	209,142	3,466,215	267,114,541

Cost or valuation at 31 December 2025 is as follows:

	Land and buildings	Aircrafts
	£	£

At cost	58,537,278	3,680,016
At valuation:
Revaluation surplus at 31 December 2025	49,307,722	505,671

	107,845,000	4,185,687

Page 34

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.Tangible fixed assets (continued)

Group
Cost	58,537,278	104,673,851
Accumulated depreciation	(2,436,072)	(9,716,039)
Net book value	56,101,206	94,957,812

If the aircrafts had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£

Group
Cost	3,680,016	3,050,461
Accumulated depreciation	(1,360,257)	(1,286,375)
Net book value	2,319,759	1,764,086

Page 35

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Fixed asset investments
	Group

		Precious Metals
		£
	Cost or valuation
	At 1 January 2025	16,642,677
	Additions	59,408,882
	Revaluations	25,980,409
	At 31 December 2025	102,031,968

The precious metals are valued as at 31 December 2025 using quoted prices in active markets.

	Company

	Investments in subsidiary companies	Precious Metals	Total
	£	£	£
Cost or valuation
At 1 January 2025	5,901	15,149,729	15,155,630
Additions	1	59,408,882	59,408,883
Disposals	(200)	-	(200)
Revaluations	-	24,244,547	24,244,547
At 31 December 2025	5,702	98,803,158	98,808,860

The precious metals are valued as at 31 December 2025 using quoted prices in active markets.

Page 36

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name	Class of shares	Holding

Flexifly Aircraft Hire Limited	Ordinary	100%
Southlands House Limited	Ordinary	100%
Bishopswood Freehold Limited (formerly Burgate Farm Holdings Limited)	Ordinary	100%
Broomfield House Chelmsford Limited	Ordinary	100%
Blackstown Farm Limited	Ordinary	100%
Graham Land & Development Limited	Ordinary	100%
Graham Care (YB) Limited	Ordinary	100%
Graham Care (BL) Limited	Ordinary	100%
Bishopswood Golf Limited	Ordinary	100%
Proactive Home Care (GC) Limited	Ordinary	100%
Whitstable Heights Limited (formerly Norwood Hill House Limited)	Ordinary	100%

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Class of shares	Holding

Rodwell House Limited	Ordinary	100%
Whitstable House Limited	Ordinary	100%
Harpwood House Limited	Ordinary	100%
Whitstable House PAU Limited	Ordinary	100%

The above subsidiaries have been consolidated within the group financial statements.
During the year, the Group sold its entire shareholding of nine wholly owned subsidiaries, Hawkinge House Limited, Hawkinge House PAU Limited, Hawkinge House 2nd Floor Limited, Hazeldene House Limited, Hawkhurst House Limited, Hawkhurst House PAU Limited, Cornford House Limited, Harmonia Care Village Limited and Woodchurch House Limited.

Page 37

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 January 2025	4,460,000
	Additions at cost	208,285
	Surplus on revaluation	631,715
	At 31 December 2025	5,300,000

The 2025 valuations were made by Shaun Irvine MRICS CAAV of J. A. McClelland & Sons (Aucts) Limited, on an open market value basis.

					2025	2024
					£	£

Revaluation reserves
Net surplus/(deficit) in movement properties	631,715	180,862
At 31 December 2025	631,715	180,862

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost	3,842,757	3,634,471
Accumulated depreciation and impairments	(145,127)	(119,794)
	3,697,630	3,514,677

18.	Stocks
		Group	Group
		2025	2024
		£	£

Stock	18,090	53,363
Work in progress	24,624,507	13,296,425
Store lambs	6,250	18,214
	24,648,847	13,368,002

Page 38

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due after more than one year
Amounts owed by group undertakings	-	-	-	15,583,128
Other debtors	9,326,254	2,990,472	9,326,254	2,990,472
Prepayments and accrued income	-	4,654	-	-
	9,326,254	2,995,126	9,326,254	18,573,600
Due within one year
Trade debtors	843,261	4,896,017	-	-
Amounts owed by group undertakings	-	-	103,147,886	16,024,060
Amounts owed by related companies	396,564	197,363	326,628	81,782
Other debtors	1,140,377	1,323,875	13,996	100
Prepayments and accrued income	104,771	217,098	-	-
	11,811,227	9,629,479	112,814,764	34,679,542

20.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	12,022,903	4,573,554	11,225,760	38,837
	12,022,903	4,573,554	11,225,760	38,837

Page 39

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	-	13,961,040	-	-
Trade creditors	420,816	1,296,318	21,169	19,415
Amounts owed to group undertakings	-	-	246,100	40,020,635
Amounts owed to related companies	11,583	197	197	197
Corporation tax	-	1,436,999	-	-
Other taxation and social security	299,844	797,281	-	-
Other creditors	730,203	2,165,244	3,790	6,497
Accruals and deferred income	1,276,030	1,172,320	25,008	11,310
	2,738,476	20,829,399	296,264	40,058,054

22.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	-	44,339,526
	-	44,339,526

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	-	13,961,040
Amounts falling due 1-2 years
Bank loans	-	1,800,000
Amounts falling due 2-5 years
Bank loans	-	42,539,526
	-	58,300,566

On 18 August 2025, the bank loan was repaid in full.

Page 40

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(42,128,180)
	Charged in the year	25,341,018
	At end of year	(16,787,162)

Company

		2025

	At beginning of year	-
	Utilised in year	-
	At end of year	-

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	(4,360,577)	(5,519,177)
Deferred tax on revaluation gains	(12,426,585)	(36,609,003)
	(16,787,162)	(42,128,180)

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

4,100 (2024 - 4,100) Ordinary Shares shares of £1.00 each	4,100	4,100

Page 41

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.

Reserves

Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. It includes the cumulative effect of revaluations of investment properties and deferred taxation thereon totalling £1,345,139 which is not available for distribution as dividends until the properties are sold

27.	Discontinued operations
	During the year, the Group sold its entire shareholding of nine wholly owned subsidiaries, Hawkinge House Limited, Hawkinge House PAU Limited, Hawkinge House 2nd Floor Limited, Hazeldene House Limited, Hawkhurst House Limited, Hawkhurst House PAU Limited, Cornford House Limited, Harmonia Care Village Limited and Woodchurch House Limited.
		£

Cash proceeds		142,376,195
Repayment of Seller Loans		(40,669,789)
Direct cost to sell		(1,977,182)
		99,729,224
Net assets disposed of:
Tangible fixed assets	(165,506,398)
Stocks	(40,869)
Debtors	(5,129,815)
Cash	(1,458,157)
Creditors & revaluation reserve	159,996,783
		12,138,456
Profit on disposal before tax		(87,590,768)

	The net inflow of cash in respect of the sale of Hawkinge House Limited, Hazeldene House Limited, Hawkhurst House Limited, Cornford House Limited, Harmonia Care Village Limited and Woodchurch House Limited are as follows:
		£

	Cash consideration	142,376,195
	Net inflow of cash	142,376,195

Page 42

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

	Not later than 1 year	-	93,258
		-	93,258

29.	Transactions with directors

Flexifly Aircraft Hire Limited
During the year, the company made rental sales totalling £54,729 (2024 - £82,080) to the directors W E Graham and K Graham on normal commercial terms. There are no balances due to the company at the balance sheet date.
Blackstown Holdings Limited
At the beginning of the year the balance payable to the directors was £6,297. During the year advances totalling £875,329 were made to the directors and repayments by the directors during the year totalled £872,622. At the end of the year the balance payable to the directors was £3,590.

Page 43

BLACKSTOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

30.

Related party transactions

Graham Care (YB) Limited
During the year, the company purchased consultancy services totaling £30,000 (2024 - £30,000) from Graham Associates, a partnership controlled by the directors. At the year end, £30,000 (2024 - £30,000) were owed to the partnership.
During the year, the company provided management services totalling £74,216 (2024 - £71,960) to Dover House (GC) Limited, a company in which the majority shareholder is owned and controlled by the son of the Blackstown Holdings Limited directors. At the balance sheet date the company were owed an amount
of £69,203 (2024 - £115,581) from Dover House (GC) Limited.
At the balance sheet date, the company owed £11,386 (2024: £38,446) to Harmonia Care Village Limited, a company whose majority shareholder is owned and controlled by the son of the directors of Blackstown Holdings Limited.
.
Graham Land & Development Limited
At the balance sheet date the company were owed an amount of £733 (2024 - £nil) from Harmonia Care Village Limited, a company owned and controlled by the son of the company directors.
Flexifly Aircraft Hire Limited
The director W E Graham has agreed to supply the use of his personally owned vehicles (marketing equipment) in exchange for the company to support the costs towards branding, modifications and transportation of the marketing equipment at European rally events. In return, the company receives advertisement and promotion under normal commercial terms. The company paid £571,255 (2024 - £418,051) during the year for advertising and promotion costs in direct relation to the agreement.
Blackstown Holdings Limited
At the balance sheet date the company were owed an amount of £5,000,000 (2024 - £81,782) from WJG Holdings Limited, a company owned and controlled by the son of the Blackstown Holdings Limited directors.
At the balance sheet date the company were owed an amount of £246,599 (2024 - £80,029) from Harmonia Care Village Limited, a company owned and controlled by the son of the Blackstown Holdings Limited directors.
At the balance sheet date the company owed an amount of £197 (2024 - £197) to Dover House (GC) Limited, a company in which the majority shareholder is owned and controlled by the son of the Blackstown Holdings Limited directors.
During the year, the Group sold its entire shareholding in Harmonia Care Village Limited to the son of the directors of Blackstown Holdings Limited, a related party, for consideration of £50,000. Following the disposal, Harmonia Care Village Limited ceased to be a subsidiary undertaking of the Group.

31.	Controlling party

The company is under the control of W E Graham and Dr K E Graham by virtue of shareholdings.

Page 44