REGISTERED NUMBER: 03620786 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

SHIELD PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C R F Shield

J Cooper

REGISTERED OFFICE:

365 Fosse Way

Syston

Leicestershire

LE7 1NL

REGISTERED NUMBER:

03620786 (England and Wales)

AUDITORS:

Magma Audit LLP (part of the Dains Group)

First Floor, Lakeside House

4 Smith Way

Grove Park

Leicester

Leicestershire

LE19 1SX

FIXED ASSETS

Investment property

4

23,159,759

23,159,759

CURRENT ASSETS

Stocks

1,394,590

1,060,878

Debtors

5

2,368,774

1,797,807

Cash at bank

4,589

77,338

3,767,953

2,936,023

CREDITORS

Amounts falling due within one year

6

(4,335,166

)

(3,766,615

)

NET CURRENT LIABILITIES

(567,213

)

(830,592

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,592,546

22,329,167

CREDITORS

Amounts falling due after more than one year

7

(1,818,592

)

(1,976,215

)

PROVISIONS FOR LIABILITIES

9

(2,048,600

)

(2,033,000

)

NET ASSETS

18,725,354

18,319,952

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Share premium

4,067,078

4,067,078

Fair value reserve

10,211,439

10,211,439

Retained earnings

4,436,837

4,031,435

SHAREHOLDERS' FUNDS

18,725,354

18,319,952

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

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

C R F Shield - Director

1.	STATUTORY INFORMATION

Shield Properties Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 365 Fosse Way, Syston, Leicestershire, LE7 1NL and the registered number is 03620786.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Going concern

The company had net current liabilities at the year end. Notwithstanding this, the directors believe that it is appropriate to adopt the going concern basis in the preparation of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents the amounts receivable from the sale of completed property units and rental income from investment properties.

Revenue from the sale of property units is recognised when control of the completed units transfers to the purchaser, which is typically on legal completion of the sale. Revenue is measured at the fair value of consideration receivable, excluding value added tax and other sales taxes.

The company undertakes construction and development activities on land owned by related parties.

Development expenditure incurred in respect of specific units is recognised as stock until the relevant unit is completed and sold. Revenue and the associated cost of sales are recognised upon completion of the sale transaction.

Rental income from investment properties is recognised on a straight-line basis over the term of the lease.

Investment property

The investment property is carried at fair value 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 the profit and loss account.

Stocks

Stocks comprise development properties held for sale and are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost includes directly attributable development expenditure, professional fees, construction costs and other costs incurred in bringing the properties to their present condition. Costs are allocated to individual development units and carried as stock until the related unit is sold.

At each reporting date, stocks are reviewed for impairment and written down where net realisable value is lower than cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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; and

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

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 November 2024

and 31 October 2025

23,159,759

NET BOOK VALUE

At 31 October 2025

23,159,759

At 31 October 2024

23,159,759

Cost or valuation at 31 October 2025 is represented by:

£

Valuation in 2014

406,396

Valuation in 2017

4,406,435

Valuation in 2020

2,524,830

Valuation in 2021

1,194,833

Valuation in 2024

1,672,000

Cost

12,955,265

23,159,759

The investment properties were valued by a combination of Savills and the Directors in 2024.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

41,716

27,827

Amounts owed by participating interests

2,315,890

1,573,292

VAT

6,168

191,688

Prepayments

5,000

5,000

2,368,774

1,797,807

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,135,871

493,155

Trade creditors

6,026

92,179

Corporation tax

73,911

187,643

Amounts owed to related party undertakings

2,900,176

2,804,155

Accruals and deferred income

219,182

189,483

4,335,166

3,766,615

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,818,592

1,976,215

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

2,954,463

2,469,370

The bank loan has been guaranteed by Shield Engineering (Syston) Limited, a related party undertaking under common control. The guarantee was made to National Westminster Bank plc for £1.5 million.

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

2,048,600

2,033,000

Deferred

tax

£

Balance at 1 November 2024

2,033,000

Charge to Profit and Loss Account during year

15,600

Balance at 31 October 2025

2,048,600

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

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

11.	OTHER FINANCIAL COMMITMENTS

The Company has given a guarantee to National Westminster Bank plc for a loan of £7.6 million (2024 - £7.6 million) to Shield Engineering (Syston) Limited, a related party undertaking under common control. The guarantee is secured on the Company's investment properties.

12.	RELATED PARTY DISCLOSURES

During the year the company had the following transactions with related companies, all ultimately controlled by C R F Shield.

Income from related parties

During the year the company received rental income of £567,200 (2024 - £557,200) to entities under the control of Mr C R F Shield.

During the year the company made property sales of £445,615 (2024 - £NIL) to entities under the control of Mr C R F Shield.

Amounts owed by related parties

At the year end the company was owed £2,315,890 (2024 - £1,573,292) by entities under the control of Mr C R F Shield.

Amounts owed to related parties

At the year end the company owed £2,900,176 (2024 - £2,804,155) to entities under the control of Mr C R F Shield.

13.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Shield Properties Holdings Limited, which is ultimately controlled by C R F Shield.