Company No: 13366012 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Investment property	3	700,000		700,000
Investments	4	1,875,864		1,616,125
		2,575,864		2,316,125
Current assets
Debtors	5	147,167		153,000
Cash at bank and in hand		87,350		68,215
		234,517		221,215
Creditors: amounts falling due within one year	6	( 11,390)		( 38,618)
Net current assets		223,127		182,597
Total assets less current liabilities		2,798,991		2,498,722
Provision for liabilities	7	( 210,189)		( 111,659)
Net assets		2,588,802		2,387,063
Capital and reserves
Called-up share capital	8	2,193,000		2,193,000
Profit and loss account	10	395,802		194,063
Total shareholders' funds		2,588,802		2,387,063

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

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Shoebridge Investments Ltd (registered number: 13366012) were approved and authorised for issue by the Board of Directors on 09 October 2026. They were signed on its behalf by:

Robert William Shoebridge Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shoebridge Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 109 Billing Road, Northampton, NN1 5HU, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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 assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	700,000
As at 31 March 2026	700,000

Investment property comprises 2 freehold properties. The fair value of the investment properties was arrived at on the basis of a valuation carried out by the directors. The directors do not consider that there has been any significant change in valuation as at 31 March 2025.

The historical cost of the investment properties is £253,362.

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	1,616,125		1,616,125
Disposals	( 1,906)		( 1,906)
Movement in fair value	261,645		261,645
At 31 March 2026	1,875,864		1,875,864
Carrying value at 31 March 2026	1,875,864		1,875,864
Carrying value at 31 March 2025	1,616,125		1,616,125

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition less disposals to date was £1,481,744.

5. Debtors

	2026		2025
	£		£
Amounts owed by connected companies	144,167		110,000
Accrued income	0		40,000
Other debtors	3,000		3,000
	147,167		153,000

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Amounts owed to connected companies	0		26,683
Amounts owed to directors	2,438		0
Accruals	2,700		0
Corporation tax	6,100		11,935
Other creditors	152		0
	11,390		38,618

7. Provision for liabilities

	2026		2025
	£		£
Deferred tax	210,189		111,659

	Deferred taxation		Total
	£		£
At 01 April 2025	111,659		111,659
Charged to the Profit and Loss Account	98,530		98,530
At 31 March 2026	210,189		210,189

Deferred tax

	2026		2025
	£		£
Other timing differences	210,189		111,659
Provision for deferred tax	210,189		111,659

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
2,193,000 Ordinary shares of £ 1.00 each	2,193,000		2,193,000

9. Related party transactions

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

At the year end, the company was owed £144,167 (2025 - £110,000) from Shoebridge Holdings Limited, a company having common shareholders and directors. The loan is interest free and repayable on demand.

10. Non-distributable profits reserve

	2026		2025
	£		£
At the beginning of the year	467,454		376,095
Non distributable profit in the year	163,115		91,359
	630,569		467,454

The profit and loss reserve brought forward included a fair value adjustment of £467,454 as follows:
1. in respect of the company's investment properties acquired for £253,362 and revalued to £700,000 to reflect their fair value, less deferred tax of £111,659 equals £334,979.
2. in respect of the FV gain on share portfolio investments of £132,475.

A further fair value adjustment of £14,318 was included in 2024 to reflect the increase in the fair value of equity investments.

The fair value of equity investments has increased in 2026 by £261,645 less deferred tax of £98,530 equals £163,115.

Overall, the total fair value reserve as at 31 March 2026 of £630,569 needs to be deducted before any dividends are paid.