In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Delbanco Meyer & Company Limited for the year ended 31 March 2026 set out on the following pages from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Delbanco Meyer & Company Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Delbanco Meyer & Company Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Delbanco Meyer & Company Limited and Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Delbanco Meyer & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Delbanco Meyer & Company Limited. You consider that Delbanco Meyer & Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Delbanco Meyer & Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Delbanco Meyer & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Churchgate Accountants Limited, 18 Langton Place, Bury St Edmunds, Suffolk, IP33 1NE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised on the date of completion or when unconditional contracts have been exchanged.

Rental income and loan interest income is recognised in the profit and loss on a receivable basis.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

Associates and Joint Ventures are held at cost less impairment.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The company operates an employee share ownership plan (ESOP) trust and has de facto control of the shares held by the trust and bears their benefits and risks. The company records assets and liabilities of the trust as its own. Consideration paid by the ESOP scheme for shares of the company is deducted from equity. Finance costs and administrative expenses incurred by the company in relation to the ESOP are recognised on an accruals basis.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors make judgements based on knowledge and past events regarding the level of any provision required to cover the costs for remedial works in the properties previously sold. The provision in the financial statements is made on prudent basis and represents the directors' best estimate, as at the date of signing the financial statements, of future costs to remediate the defects.

The company previously operated a funded defined benefit pension scheme, the assets of which were held in a separately administered trust.

During the year, the trustees entered into a buy‑out transaction with an insurance company, under which the insurer assumed responsibility for the payment of benefits to all members of the scheme.

As a result of this transaction, the company has been fully discharged from its obligations in respect of the scheme and no longer bears any actuarial or investment risk associated with these liabilities.

These accounts include a provision for the resulting net gain on settlement of £1,800,000 within the profit and loss account in the year.

During the year, the company released a loan which has been treated as an exceptional item due to the size and non‑recurring nature. It comprised a loan owed from a connected company with an outstanding balance of £34,912 which has been released in full.

The average monthly number of persons (including directors) employed by the company during the year was:

The company holds a loan receivable included in other debtors which is measured at amortised cost, including any accrued and capitalised interest. At the reporting date, management has assessed the recoverability of this balance by reference to the expected proceeds from the sale of the underlying assets and associated net sales predictions.

Where conditions existed at 31 March 2026 indicating that the loan may not be fully recoverable, an impairment loss of £200,000 has been recognised in the financial statements. This represents the difference between the carrying amount of the loan and its estimated recoverable amount.

This treatment ensures that the loan is carried at no more than its recoverable amount and reflects management’s best estimate of the economic outcome at the reporting date.

Other loans of £700,000 (2025: £2,900,000) relate to a facility made available by a trust in which one of the directors of the company is a trustee. This facility bore interest at rates fluctuating between 7.4% and 8.4% per annum, and is secured by a debenture which has a charge over the assets of the company.

The company operates an approved Employee Share Ownership Plan (ESOP) for employees to participate in share ownership in the company. The shares are held in an Employee Share Ownership Trust which was established to encourage and facilitate the holding of shares by or for the benefit of employees. Free shares are awarded to the participating employees based on salary and length of service. The vesting period for the shares held in the trust is three years.

No share options or shares were issued in the current or preceding financial year. There were no outstanding share options at the end of the year (2025: nil)

The following are the major deferred tax liabilities and assets recognised by the company:

The company operated a defined benefit scheme for qualifying employees. The company's pension scheme was funded defined benefit scheme and its assets were held in a trust fund separate from the company. The scheme was closed to new entrants on 1 November 2006.

The trustees entered into a buy-out transaction with an insurance company, under which the insurer assumed responsibility for the payment of benefits to all members of the scheme.

As a result of this transaction, the company has been fully discharged from its obligations in respect of the scheme and no longer bears any actuarial or investment risk associated with these liabilities.

Included in debtors due within one year is an amount of £nil (2025: £110,868) owed by a subsidiary company.

Included within creditors is an amount of £700,000 (2025: £2,900,000) which relates to a facility made available by a trust in which one of the directors of the company is a trustee. During the financial year, interest of £59,726 (2025: £173,643) was paid. A balance of £24,531 (2025: £35,960) due to the trust in respect of interest is included within accruals.

Included in interest received is interest from a subsidiary company of £1,154,532 (2025: £1,113,942).