Whitemeadow Investments Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 11003793

WHITEMEADOW INVESTMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2025

WHITEMEADOW INVESTMENTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	7

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

WHITEMEADOW INVESTMENTS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	P Ainley
	M Clarridge
	A Kitchen
	D Oscroft
	I Oscroft
	N Wilkinson

Registered office	Orchard Way
	Calladine Business Park
	Sutton in Ashfield
	Notts
	NG17 1JU

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Windsor House
	A1 Business Park at
	Long Bennington
	Notts
	NG23 5JR

WHITEMEADOW INVESTMENTS LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2025

The directors present the strategic report for the year ended 31 December 2025. Principal activities The principal activity of the group during the period was the ownership and management of property and related assets. The group discontinued its trading operations during the previous financial year. As part of a restructuring of the group's activities, the two trading businesses previously operated within the wider group were separated and transferred into two separate companies with different ownership structures. Following the restructuring, the group no longer undertakes the trading activities previously carried out by those businesses. Its activities are now focused on the ownership and management of its remaining property interests and other assets. Business review During the previous financial year, the group completed a restructuring of its activities which resulted in the discontinuation of its trading operations and the separation of the two former businesses into separate corporate entities. The restructuring was undertaken to establish separate ownership and operating structures for the businesses and to provide greater clarity over the ownership and management of the respective activities. During the current financial year, the group has concentrated on managing its remaining property interests, financial resources and liabilities. There has been no material trading activity undertaken by the group during the year. The directors are satisfied with the progress made following the restructuring and continue to monitor the Company's financial position and the performance of its remaining assets. Financial review The financial results for the year reflect the group's changed activities following the discontinuation of its trading operations and the restructuring completed in the previous financial year. The group's financial position is primarily influenced by the value and performance of its property interests, together with its cash resources, financing arrangements and other liabilities. The directors continue to monitor cash flow and the group's ability to meet its liabilities as they fall due. Principal risks and uncertainties The principal risks and uncertainties facing the group arise from its property holdings and its financial position. These include: - fluctuations in property values and rental demand, where applicable; - changes in economic conditions and the wider property market; - costs associated with maintaining, managing or disposing of property assets; - interest rate movements and financing costs, where applicable; - the Company's ability to maintain sufficient cash resources to meet its obligations. The directors regularly review the group's financial position and the risks associated with its remaining assets and take appropriate action where necessary. Future outlook Following the discontinuation of the groups's trading operations and the separation of the two former businesses into separately owned companies, the group does not currently anticipate recommencing those trading activities. The directors intend to continue to manage the group's property interests and other remaining assets and liabilities in accordance with the group's objectives. The directors will continue to review the group's structure and activities and will consider opportunities for the efficient management or realisation of its assets as appropriate.

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

M Clarridge

Director

Registered office:

Orchard Way

Calladine Business Park

Sutton in Ashfield

Notts

NG17 1JU

WHITEMEADOW INVESTMENTS LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2025

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

Directors

The directors who served the company during the year were as follows:

P Ainley
M Clarridge
A Kitchen
D Oscroft
I Oscroft
N Wilkinson

Dividends

The directors do not recommend the payment of a dividend.

Greenhouse gas emissions and energy consumption

Information not included

For the period ended 31 December 2025, the company did not consume 40,000kWh or more of energy in the UK. Therefore there is no SECR disclosure for that period.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company performance.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to enable it to continue to meet its obligations as they fall due for a period of 12 months from the date of sign off of these financial statements.

The directors have considered current bank reserves and have prepared detailed profit and cashflow forecasts for a period of 12 months from the date of sign off of these financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

M Clarridge

Director

Registered office:

Orchard Way

Calladine Business Park

Sutton in Ashfield

Notts

NG17 1JU

WHITEMEADOW INVESTMENTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITEMEADOW INVESTMENTS LIMITED

YEAR ENDED 31 DECEMBER 2025

Opinion

We have audited the financial statements of Whitemeadow Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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; - 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 UK, including the FRC’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.

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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 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 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 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, 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.

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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the group. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and reviewing correspondence with relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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. 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.

MARK BRADSHAW

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Windsor House

A1 Business Park at

Long Bennington

Notts

NG23 5JR

24 September 2026

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 DECEMBER 2025

		2025			2024
		Continuing operations	Discont'd operations	Total	Continuing operations	Discont'd operations	Total
					(restated)	(restated)	(restated)
Note		£	£	£	£	£	£
Turnover	4	1,093,235	–	1,093,235	–	44,920,828	44,920,828

Cost of sales	–	–	–	–	( 29,902,220)	( 29,902,220)
	------------	----	------------	----	-------------	-------------
Gross profit	1,093,235	–	1,093,235	–	15,018,608	15,018,608

Distribution costs		–	–	–	–	( 52,599)	( 52,599)
Administrative expenses		( 15,942)	–	( 15,942)	( 416,370)	( 12,411,749)	( 12,828,119)
Other operating income	5	48,448	–	48,448	475,223	–	475,223
Exceptional item		–	–	–	3,678,490	1,064,830	4,743,320
		------------	----	------------	------------	-------------	-------------
Operating profit	6	1,125,741	–	1,125,741	3,737,343	3,619,090	7,356,433

Share of profit of associates	13	–	–	–	7,934	–	7,934
Share of profit of joint ventures	13	–	–	–	178,701	–	178,701
Other interest receivable and similar income	9	–	–	–	45	–	45
Interest payable and similar expenses	10	( 221,894)	–	( 221,894)	( 409,241)	–	( 409,241)
		------------	----	------------	------------	-------------	-------------
Profit before taxation		903,847	–	903,847	3,514,782	3,619,090	7,133,872

Tax on profit	11	( 260,907)	–	( 260,907)	( 1,309,998)	–	( 1,309,998)
		---------	----	---------	------------	------------	------------
Profit for the financial year and total comprehensive income		642,940	–	642,940	2,204,784	3,619,090	5,823,874
		---------	----	---------	------------	------------	------------

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 December 2025

	2025	2024
		(restated)
Note	£	£

Fixed assets

Tangible assets	12		13,909,432	13,919,567

Current assets

Debtors	14	8,523	503,422
Cash at bank and in hand		64,631	67,699
		--------	---------
		73,154	571,121

Creditors: amounts falling due within one year	15	( 2,603,101)		( 3,188,344)
		------------		------------
Net current liabilities			( 2,529,947)	( 2,617,223)
			-------------	-------------
Total assets less current liabilities			11,379,485	11,302,344

Creditors: amounts falling due after more than one year	16		( 2,300,000)	( 2,900,000)

Provisions	17	( 571,407)	( 537,206)
		-------------	-------------
Net assets		8,508,078	7,865,138
		-------------	-------------

Capital and reserves

Called up share capital	21	3,678	3,678
Revaluation reserve	22	3,248,660	3,248,660
Capital redemption reserve	22	6,322	6,322
Profit and loss account	22	5,249,418	4,606,478
		------------	------------
Shareholders funds		8,508,078	7,865,138
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:

M Clarridge

Director

Company registration number: 11003793

WHITEMEADOW INVESTMENTS LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 December 2025

	2025	2024
		(restated)
Note	£	£

Fixed assets

Tangible assets	12	8,409,432	8,419,567
Investments	13	3,550,000	3,550,000
		-------------	-------------
		11,959,432	11,969,567

Current assets

Debtors	14	8,523	503,422
Cash at bank and in hand		58,433	58,992
		--------	---------
		66,956	562,414

Creditors: amounts falling due within one year	15	( 2,534,748)		( 3,084,302)
		------------		------------
Net current liabilities			( 2,467,792)	( 2,521,888)
			-------------	-------------
Total assets less current liabilities			9,491,640	9,447,679

Creditors: amounts falling due after more than one year	16		( 2,300,000)	( 2,900,000)

Provisions	17	( 111,551)	( 76,210)
		------------	------------
Net assets		7,080,089	6,471,469
		------------	------------

Capital and reserves

Called up share capital	21	3,678	3,678
Revaluation reserve	22	551,530	551,530
Capital redemption reserve	22	6,322	6,322
Profit and loss account	22	6,518,559	5,909,939
		------------	------------
Shareholders funds		7,080,089	6,471,469
		------------	------------

The profit for the financial year of the parent company was £ 608,620 (2024: £ 7,629,578 ).

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

These financial statements were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:

M Clarridge

Director

Company registration number: 11003793

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2025

		Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2024		10,000	–	–	5,458,770	5,468,770

Profit for the year					5,823,874	5,823,874
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	3,248,660	–	( 3,248,660)	–
		--------	------------	----	------------	------------
Total comprehensive income for the year		–	3,248,660	–	2,575,214	5,823,874

Redemption of shares		( 6,322)	–	6,322	–	–
Distribution in specie		–	–	–	(3,427,506)	(3,427,506)
		--------	------------	-------	------------	------------
Total investments by and distributions to owners		( 6,322)	–	6,322	( 3,427,506)	( 3,427,506)

At 31 December 2024		3,678	3,248,660	6,322	4,606,478	7,865,138

Profit for the year					642,940	642,940
		--------	------------	-------	------------	------------
Total comprehensive income for the year		–	–	–	642,940	642,940

		--------	------------	-------	------------	------------
At 31 December 2025		3,678	3,248,660	6,322	5,249,418	8,508,078
		--------	------------	-------	------------	------------

WHITEMEADOW INVESTMENTS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2025

		Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2024		10,000	–	–	14,924,326	14,934,326

Profit for the year					7,629,578	7,629,578
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	551,530	–	( 551,530)	–
		--------	---------	----	-------------	-------------
Total comprehensive income for the year		–	551,530	–	7,078,048	7,629,578

Dividends paid and payable		–	–	–	( 16,092,435)	( 16,092,435)
Redemption of shares		( 6,322)	–	6,322	–	–
		--------	---------	-------	-------------	-------------
Total investments by and distributions to owners		( 6,322)	–	6,322	( 16,092,435)	( 16,092,435)

At 31 December 2024		3,678	551,530	6,322	5,909,939	6,471,469

Profit for the year					608,620	608,620
		--------	---------	-------	-------------	-------------
Total comprehensive income for the year		–	–	–	608,620	608,620

		--------	---------	-------	-------------	-------------
At 31 December 2025		3,678	551,530	6,322	6,518,559	7,080,089
		--------	---------	-------	-------------	-------------

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2025

	2025	2024
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	642,940	5,823,874

Adjustments for:
Depreciation of tangible assets	10,135	725,178
Fair value adjustment of investment property	–	(3,678,490)
Share of profit of associates	–	( 7,934)
Share of profit of joint ventures	–	( 178,701)
Other interest receivable and similar income	–	( 45)
Interest payable and similar expenses	221,894	409,241
(Gains)/loss on disposal of tangible assets	( 4,000)	24,149
Tax on profit	260,907	1,309,998
Accrued expenses/(income)	456	( 729,015)

Changes in:
Stocks	–	( 14,665)
Trade and other debtors	494,899	( 697,828)
Trade and other creditors	( 921,971)	( 582,398)
	---------	------------
Cash generated from operations	705,260	2,403,364

Interest paid	( 221,894)	( 409,241)
Interest received	–	45
Tax paid	( 269,752)	( 710,485)
	---------	------------
Net cash from operating activities	213,614	1,283,683
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	–	( 121,074)
Proceeds from sale of tangible assets	4,000	59,975
Investment in associates	–	(7,934)
Investment in joint venture	–	205,936
Other investment income received	–	256,998
Cashflow effect of the distribution in specie	–	(476,669)
	---------	------------
Net cash from/(used in) investing activities	4,000	( 82,768)
	---------	------------

Cash flows from financing activities

Movement on borrowings	( 220,682)	( 1,500,000)
Payments of finance lease liabilities	–	( 151,688)
	---------	------------
Net cash used in financing activities	( 220,682)	( 1,651,688)
	---------	------------

Net decrease in cash and cash equivalents	( 3,068)	( 450,773)
Cash and cash equivalents at beginning of year	67,699	518,472
	--------	---------
Cash and cash equivalents at end of year	64,631	67,699
	--------	---------

WHITEMEADOW INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard Way, Calladine Business Park, Sutton in Ashfield, Notts, NG17 1JU.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.

Disclosure exemptions

No disclosure exemptions have been taken by the Group. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

Consolidation

The consolidated financial statements incorporate those of Whitemeadow Investments Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies uses into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements We do not consider there to be any significant judgements in the financial statements for disclosure. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Valuation of Investment Properties The fair value of the group's investment properties is determined with reference to valuations performed by independent professionally qualified valuers with recent experience in the location and category of the properties being valued. The valuations are based on market evidence of transaction prices for similar properties, adjusted where necessary for differences in location, condition and other relevant factors. Whilst the directors consider these valuations to be the best estimate of fair value, actual market values may differ from those estimates.

Revenue recognition

In the prior year, turnover was measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods was recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. In the current year there is no turnover however other income includes rents received, which are recognised on a receivable basis.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Investment property	-	Not depreciated
Plant and machinery	-	25% straight line
Fixtures and fittings	-	5%-33% straight line
Motor vehicles	-	25% straight line

Investments

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The group only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the group and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
		(restated)
	£	£
Sale of goods	–	44,920,828
Rents receiveable	1,093,235	–
	------------	-------------
	1,093,235	44,920,828
	------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
		(restated)
	£	£
United Kingdom	1,093,235	41,320,546
Overseas	–	3,600,282
	------------	-------------
	1,093,235	44,920,828
	------------	-------------

5. Other operating income

	2025	2024
		(restated)
	£	£
Rental income	–	162,692
Management charges receivable	48,448	310,147
Other operating income	–	2,384
	--------	---------
	48,448	475,223
	--------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
		(restated)
	£	£
Depreciation of tangible assets	10,135	725,178
(Gains)/loss on disposal of tangible assets	( 4,000)	24,149
Impairment of trade debtors	–	(24,815)
Foreign exchange differences	–	7,371
Fees payable for the audit of the financial statements	–	23,736
	--------	---------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	–	322
Administrative staff	–	100
	----	----
	–	422
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
		(restated)
	£	£
Wages and salaries	–	12,278,631
Social security costs	–	1,165,295
Other pension costs	–	468,398
	----	-------------
	–	13,912,324
	----	-------------

There were no employees in the group following the demerger on 24 October 2024.

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
		(restated)
	£	£
Remuneration	–	988,467
Company contributions to defined contribution pension plans	–	202,713
	----	------------
	–	1,191,180
	----	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
		(restated)
	No.	No.
Defined contribution plans	–	6
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
		(restated)
	£	£
Aggregate remuneration	–	229,473
Company contributions to defined contribution pension plans	–	31,979
	----	---------
	–	261,452
	----	---------

9. Other interest receivable and similar income

	2025	2024
		(restated)
	£	£
Interest on cash and cash equivalents	–	45
	----	----

10. Interest payable and similar expenses

	2025	2024
		(restated)
	£	£
Interest on banks loans and overdrafts	207,192	400,181
Interest on obligations under finance leases and hire purchase contracts	–	6,286
Other interest payable and similar charges	14,702	2,774
	---------	---------
	221,894	409,241
	---------	---------

11. Tax on profit

Major components of tax expense

	2025	2024
		(restated)
	£	£

Current tax:

UK current tax expense	228,247	685,971
Adjustments in respect of prior periods	( 1,541)	( 5,967)
	---------	---------
Total current tax	226,706	680,004
	---------	---------

Deferred tax:

Origination and reversal of timing differences	34,201	629,994
	---------	------------
Tax on profit	260,907	1,309,998
	---------	------------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
		(restated)
	£	£
Profit on ordinary activities before taxation	903,847	7,133,872
	---------	------------
Profit on ordinary activities by rate of tax	225,962	1,783,468
Adjustment to tax charge in respect of prior periods	( 1,541)	( 5,967)
Effect of expenses not deductible for tax purposes	2,250	79,335
Effect of capital allowances and depreciation	34,236	45,708
Effect of income from associates	–	(1,984)
Effect of income from joint ventures	–	(44,675)
Effect of fair value adjustments to investment properties	–	(489,792)
Effect of the restructure transactions	–	(56,095)
	---------	------------
Tax on profit	260,907	1,309,998
	---------	------------

12. Tangible assets

Group	Investment property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2025 (as restated) and 31 December 2025	13,750,000	202,700	13,952,700
	-------------	---------	-------------
Depreciation
At 1 January 2025	–	33,133	33,133
Charge for the year	–	10,135	10,135
	-------------	---------	-------------
At 31 December 2025	–	43,268	43,268
	-------------	---------	-------------
Carrying amount
At 31 December 2025	13,750,000	159,432	13,909,432
	-------------	---------	-------------
At 31 December 2024	13,750,000	169,567	13,919,567
	-------------	---------	-------------

Company	Investment property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2025 (as restated) and 31 December 2025	8,250,000	202,700	8,452,700
	-------------	---------	------------
Depreciation
At 1 January 2025	–	33,133	33,133
Charge for the year	–	10,135	10,135
	-------------	---------	------------
At 31 December 2025	–	43,268	43,268
	-------------	---------	------------
Carrying amount
At 31 December 2025	8,250,000	159,432	8,409,432
	-------------	---------	------------
At 31 December 2024	8,250,000	169,567	8,419,567
	-------------	---------	------------

Tangible assets held at valuation

Following a demerger 0n 24 October 2024, the properties held by the company are all considered to be investment properties, though they were previously classified as property, plant and equipment. Accordingly, the comparative figures have been restated and a prior period adjustment recognised. Further details of the prior period adjustment are included in Note 21. The fair value of investment properties at 31 December 2025 amounted to £13,750,000 (2024 restated: £13,750,000). The valuation was determined by the directors with reference to an independent professional valuation.

13. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2025 as restated and 31 December 2025	3,550,000
	------------
Impairment
At 1 January 2025 as restated and 31 December 2025	–
	------------

Carrying amount
At 1 January 2025 and 31 December 2025	3,550,000
	------------
At 31 December 2024	3,550,000
	------------

On 24 October 2024 the Group's interests in Whitemeadow Furniture Limited, Peak Converters Limited and The Branded Furniture Company Limited were demerged.

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Orchard Way Property Group Limited	Ordinary	100

14. Debtors

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Trade debtors	–	500,565	–	500,565
Prepayments and accrued income	8,523	2,857	8,523	2,857
	-------	---------	-------	---------
	8,523	503,422	8,523	503,422
	-------	---------	-------	---------

15. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	979,318	600,000	979,318	600,000
Accruals and deferred income	18,972	18,516	13,642	14,780
Corporation tax	118,247	161,293	74,624	77,987
Social security and other taxes	151,629	167,768	132,229	150,768
Other creditors	1,334,935	2,240,767	1,334,935	2,240,767
	------------	------------	------------	------------
	2,603,101	3,188,344	2,534,748	3,084,302
	------------	------------	------------	------------

Included in other creditors are loans from a former subsidiary company of £1,335,935 (2024 - £1,899,935).

16. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	2,300,000	2,900,000	2,300,000	2,900,000
	------------	------------	------------	------------

17. Provisions

Group	Deferred tax (note 18)
	£
At 1 January 2025 (as restated)	537,206
Additions	34,201
	---------
At 31 December 2025	571,407
	---------

Company	Deferred tax (note 18)
	£
At 1 January 2025 (as restated)	76,210
Additions	35,341
	---------
At 31 December 2025	111,551
	---------

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Included in provisions (note 17)	571,407	537,206	111,551	76,210
	---------	---------	---------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Accelerated capital allowances	141,577	107,376	111,551	–
Fair value adjustment of investment property	429,830	429,830	–	–
	---------	---------	---------	----
	571,407	537,206	111,551	–
	---------	---------	---------	----

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £Nil (2024: £ 468,398 ).

20. Prior period errors

During the year, the directors identified that certain freehold properties had not been classified as investment properties in the financial statements for the year ended 31 December 2024. In accordance with Section 10 Accounting Policies, Estimates and Errors of FRS 102, this has been treated as a prior period error and the comparative information has been restated accordingly. The correction reflects the measurement of the properties at fair value and the recognition of the related deferred taxation liability. The effect of the restatement on the comparative figures for the year ended 31 December 2024 is to increase the reserves by £3,248,660 of which the deferred tax effect was £429,830. There is no impact on cash flows arising from this adjustment. The comparative figures for the year ended 31 December 2024 have been restated to reflect the corrections.

21. Called up share capital

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 0.10 each	36,775	3,678	36,775	3,678
	--------	-------	--------	-------

22. Reserves

Revaluation reserve - This reserve records the value of fair value movements on investment properties. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Analysis of changes in net debt

	At 1 Jan 2025	Cash flows	Other changes	At 31 Dec 2025
	£	£	£	£
Cash at bank and in hand	67,699	(3,068)	–	64,631
Debt due within one year	(600,000)	220,682	(600,000)	(979,318)
Debt due after one year	(2,900,000)	–	600,000	(2,300,000)
	------------	---------	---------	------------
	( 3,432,301)	217,614	–	( 3,214,687)
	------------	---------	---------	------------

24. Charges on assets

The group’s banking facilities are secured by fixed and floating charges granted by Whitemeadow Investments Limited and Orchard Way Property Group Ltd in favour of HSBC UK Bank plc. The security comprises fixed charges over certain freehold and leasehold properties, plant and machinery, debts, bank accounts, investments and other specified assets, together with floating charges over the remaining assets and undertaking of certain group companies. A separate legal mortgage has also been granted over land at Carter Lane East, South Normanton, registered under title number DY221629.

25. Related party transactions

Group

Transactions with related parties The Directors consider Whitemeadow Furniture Ltd to be a related party following the demerger on 24 October 2024. During the year the group received rental income of £1,029,895 from Whitemeadow Furniture Limited. In the previous year the group received rental income of £162,692 for the period after the demerger. No amounts were unpaid at the year end. Included in other creditors is a loan from Whitemeadow Furniture Ltd of £1,335,935 (2024 - £1,899,935). Key management personnel In accordance with Section 33.7A of FRS 102, the entity has elected not to disclose key management personnel compensation separately, as the directors are the same individuals as the key management personnel. The compensation paid to the directors are disclosed in accordance with company law requirements.

26. Controlling party

In the opinion of the directors the controlling and ultimate controlling party is I R Oscroft .