REGISTERED NUMBER: 12215966 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2026

FOR

CHARLES TRENT HOLDINGS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

M J Trent

N Trent

Mrs C Trent

Mrs M Trent

Mrs S D Trent

SECRETARY:

M J Trent

REGISTERED OFFICE:

Trent House

8 Georges Avenue

Parkstone

Poole

Dorset

BH12 4ND

REGISTERED NUMBER:

12215966 (England and Wales)

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

The directors present their strategic report for the year ended 31st January 2026.

REVIEW OF BUSINESS

The parent of the group Charles Trent Holdings Limited has no material income or costs.

Review of Business: Charles Trent Oldco Limited (formerly Charles Trent Limited)

The company has been dormant for this financial year after the transfer of trade last year.

Review of Business: Charles Trent Property Limited

Charles Trent Property Limited is a standalone property investment company. During the year, the fair value of the property portfolio decreased from £27.7 million to £25.7 million, reflecting both market movements and property sales. The portfolio remains fully let under long-term lease arrangements.

The directors consider company performance for the year to be satisfactory in light of current market conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

Charles Trent Property Limited

Interest rate risk

The risk of interest rates increasing could result in loss of rental income and increased bank loan repayments. Currently all rental income is received up to date. Charles Trent Limited is responsible for a large portion of rental income therefore the directors do not deem this risk to be material.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Impairment risk

The company uses the cost model for valuing property, plant and equipment, therefore a price drop in the property market could create an impairment risk on the valuation of assets. In the year one property was independently revalued at substantially higher than the carrying value therefore the directors do not deem this risk to be material.

FUTURE PLANS

Future Plans: Charles Trent Oldco Limited (formerly Charles Trent Limited)

The company is expected to remain dormant for the foreseeable future.

Future Plans: Charles Trent Property Limited

Property remains a key strategic asset class for the wider group. The company will continue to evaluate opportunities to acquire, dispose of, or redevelop properties to enhance the long-term value of the portfolio.

ON BEHALF OF THE BOARD:

M J Trent - Director

15th October 2026

The directors present their report with the financial statements of the company for the year ended 31st January 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31st January 2026.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st February 2025 to the date of this report.

M J Trent

N Trent

Mrs C Trent

Mrs M Trent

Mrs S D Trent

Other changes in directors holding office are as follows:

J Trent - deceased 3rd October 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Trent - Director

15th October 2026

Opinion

We have audited the financial statements of Charles Trent Holdings Limited (the 'company') for the year ended 31st January 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 company's affairs as at 31st January 2026 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the 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 Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud.

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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

Financial reporting Standard 102

Companies Act 2006

UK General Data Protection Regulation

Environmental Agency

We assessed the risks of material misstatement in respect of fraud as follows:

> Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

> Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

> Completed a risk assessment checklist to aid in the identification of risks for a company of this size and nature.

> We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

> Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

> Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

> Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

> Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

> The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

> Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

> Further, at both the planning and completion stage of the audit enquiries where made of management any known instances of fraud or non-compliance with laws and regulations

> These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Jeff Oliver (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

15th October 2026

TURNOVER

-

-

Administrative expenses

27,015

140,711

OPERATING LOSS

4

(27,015

)

(140,711

)

Write off of intercompany loan

5

-

1,804,382

(27,015

)

(1,945,093

)

Income from shares in group undertakings

-

345,364

LOSS BEFORE TAXATION

(27,015

)

(1,599,729

)

Tax on loss

6

-

(35,178

)

LOSS FOR THE FINANCIAL YEAR

(27,015

)

(1,564,551

)

LOSS FOR THE YEAR

(27,015

)

(1,564,551

)

OTHER COMPREHENSIVE INCOME

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(27,015

)

(1,564,551

)

FIXED ASSETS

Investments

8

76

76

CURRENT ASSETS

Debtors

9

6,434,026

6,434,026

Cash at bank

84

82

6,434,110

6,434,108

CREDITORS

Amounts falling due within one year

10

2,215,391

2,188,374

NET CURRENT ASSETS

4,218,719

4,245,734

TOTAL ASSETS LESS CURRENT LIABILITIES

4,218,795

4,245,810

CAPITAL AND RESERVES

Called up share capital

12

72

72

Capital redemption reserve

13

3

3

Retained earnings

13

4,218,720

4,245,735

SHAREHOLDERS' FUNDS

4,218,795

4,245,810

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2026 and were signed on its behalf by:

M J Trent - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st February 2024

72

5,810,386

3

5,810,461

Changes in equity

Dividends

-

(100

)

-

(100

)

Total comprehensive income

-

(1,564,551

)

-

(1,564,551

)

Balance at 31st January 2025

72

4,245,735

3

4,245,810

Changes in equity

Total comprehensive income

-

(27,015

)

-

(27,015

)

Balance at 31st January 2026

72

4,218,720

3

4,218,795

Cash flows from operating activities

Cash generated from operations

1

(45,328

)

(148,398

)

Net cash from operating activities

(45,328

)

(148,398

)

Cash flows from financing activities

Intercompany loan movements

45,330

148,399

Net cash from financing activities

45,330

148,399

Increase in cash and cash equivalents

2

1

Cash and cash equivalents at beginning of year

2

82

81

Cash and cash equivalents at end of year

2

84

82

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Loss before taxation

(27,015

)

(1,599,729

)

Intercompany loan write off

-

1,804,382

Finance income

-

(345,364

)

(27,015

)

(140,711

)

Decrease in trade and other creditors

(18,313

)

(7,687

)

Cash generated from operations

(45,328

)

(148,398

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

84

82

Year ended 31st January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

82

81

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.25

Cash flow

At 31.1.26

£

£

£

Net cash

Cash at bank

82

2

84

82

2

84

Total

82

2

84

1.	STATUTORY INFORMATION

Charles Trent Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Acquisitions and transfers of trade

On 15th June 2023 Charles Trent Limited (formerly Charles Trent Newco Limited) was incorporated and the 100 Ordinary shares issued to Charles Trent Holdings Limited.

On the 29th September 2023 Charles Trent Oldco Limited (formerly Charles Trent Limited) disposed of its trade, assets and liabilities to Charles Trent Limited (formerly Charles Trent Newco Limited) on a no gain no loss basis. The transfer had no impact on the consolidated figures.

On the 7th August 2024 Charles Trent Holdco 1 was installed as the ultimate parent company of the group and it acquired 100% of the shares in Charles Trent Holdings Limited in a share for share exchange.

On the 20th December 2024 the shares of Charles Trent Limited (formerly Charles Trent Newco Limited) were distributed in specie at net book value to Charles Trent Holdco 1 Limited.

Going Concern Justification

The company is a holding company with no operating costs. Therefore, its ability to continue as a going concern is dependant on the performance of its subsidiaries, the going concern justification of the groups subsidiary companies is detailed below:

Charles Trent Oldco Limited

The company ceased to trade on 29th September 2023. Its trade, assets and liabilities were transferred to a fellow subsidiary company as per the detailed note below.

The directors intend to keep the company open for the foreseeable future in a dormant state.

Given the above factors the accounts have been prepared on a going concern basis.

Charles Trent Property Limited

All properties are let on long term leases with one exception. Rents are charged in advance and there have been no issues with non payment of rents. Revenue is therefore expected to remain consistent.

Loans made to related parties have been reviewed by the directors and are considered to be recoverable based on a robust going concern review of the companies involved.

The parent of the group Charles Trent Holdings Limited has confirmed that there is no intention to recall the £6.35m loan balance, included within creditors, within 12 months of the date of signing this report or indeed for the foreseeable future.

The directors review budgets, cash flow forecasts, and management accounts on a regular basis and act on the results accordingly to ensure that the company can continue to trade and meet its liabilities as they fall due.

Given the above factors the accounts have been prepared on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Charles Trent Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Charles Trent Holdco 1 Limited, 43 Richmond Hill, Bournemouth, England, BH2 6LR.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

4.	OPERATING LOSS

The operating loss is stated after charging:

2026

2025

£

£

Auditors remuneration

-

5,000

5.	EXCEPTIONAL ITEMS

2026

2025

£

£

Write off of intercompany loan

-

(1,804,382

)

6.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2026

2025

£

£

Deferred tax

-

(35,178

)

Tax on loss

-

(35,178

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Loss before tax

(27,015

)

(1,599,729

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

(6,754

)

(399,932

)

Effects of:

Income not taxable for tax purposes

-

(86,342

)

rate

Surrendered to group

6,754

-

Write off of intercompany loan

-

451,096

Total tax credit

-

(35,178

)

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Capital reduction

7.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

-

100

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st February 2025

and 31st January 2026

76

NET BOOK VALUE

At 31st January 2026

76

At 31st January 2025

76

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Charles Trent Property Limited

Registered office: Trent House, 8 St Georges Avenue, Parkstone, Poole, Dorset, UK, BH12 4ND

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2026

2025

£

£

Aggregate capital and reserves

8,369,621

10,271,332

(Loss)/profit for the year

(1,901,711

)

8,510,352

Charles Trent Oldco Limited

Registered office: Trent House, 8 St Georges Avenue, Parkstone, Poole, Dorset, England, BH12 4ND

Nature of business: Dormant

%

Class of shares:

holding

Ordinary, Ordinary A, B and C

100.00

2026

2025

£

£

Aggregate capital and reserves

1,804,382

1,804,382

Loss for the year

-

(1

)

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Amounts owed by group undertakings

6,345,364

6,345,364

Other debtors

75

75

Deferred tax asset

88,587

88,587

6,434,026

6,434,026

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

-

32,313

Amounts owed to group undertakings

1,804,382

1,804,383

Other creditors

397,009

351,678

Accrued expenses

14,000

-

2,215,391

2,188,374

11.	DEFERRED TAX

£

Balance at 1st February 2025

(88,587

)

Balance at 31st January 2026

(88,587

)

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

6

Ordinary C3

£1

6

6

6

Ordinary C2

£1

6

6

6

Ordinary C1

£1

6

6

6

Ordinary B3

£1

6

6

6

Ordinary B2

£1

6

6

6

Ordinary B1

£1

6

6

12

Ordinary A1

£1

12

12

12

Ordinary A2

£1

12

12

12

Ordinary A3

£1

12

12

72

72

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st February 2025

4,245,735

3

4,245,738

Deficit for the year

(27,015

)

(27,015

)

At 31st January 2026

4,218,720

3

4,218,723

14.	ULTIMATE PARENT COMPANY

Charles Trent Holdco 1 Limited is regarded by the directors as being the company's ultimate parent company.

Charles Trent Holdco 1 Limited acquired 100% of the shares in Charles Trent Holdings Limited on the 7th August 2024 in a share for share exchange as part of a group restructuring.