Company No: 01657518 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	3,066		4,117
Tangible assets	4	1,816,461		1,724,685
Investment property	5	965,000		965,000
Investments	6	1,612,924		1,441,639
		4,397,451		4,135,441
Current assets
Stocks		670,636		731,486
Debtors	7	741,603		914,061
Cash at bank and in hand		557,240		434,783
		1,969,479		2,080,330
Creditors: amounts falling due within one year	8	( 4,292,686)		( 4,153,531)
Net current liabilities		(2,323,207)		(2,073,201)
Total assets less current liabilities		2,074,244		2,062,240
Creditors: amounts falling due after more than one year	9	( 143,125)		( 123,132)
Provision for liabilities		( 401,335)		( 438,281)
Net assets		1,529,784		1,500,827
Capital and reserves
Called-up share capital		266,061		266,061
Revaluation reserve		742,312		612,494
Profit and loss account		521,411		622,272
Total shareholder's funds		1,529,784		1,500,827

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 member has 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 Tollard Royal Enterprises Limited (registered number: 01657518) were approved and authorised for issue by the Board of Directors on 23 October 2026. They were signed on its behalf by:

P J Gready 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

Tollard Royal Enterprises Limited (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 Rushmore Estate Office, Tollard Royal, Salisbury, Wiltshire, SP5 5PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue from rental income which is recognised in accordance with the relevant rental agreements, from golf course membership fees which is recognised on an accrual basis, from the sale of livestock and arable produce, from grants and grazing licences which are recognised when the income becomes due, and from gate receipts and other income due relating to the period from events held during the year.

Taxation

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

The current tax charge is based on the 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 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the profit and loss account.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill	5 years straight line
Computer software	5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset, less their estimated residual value, over its estimated useful life:

Land and buildings	10 - 25 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Investment property

Investment property is carried at fair value determined annually by professional valuers and derived from the current market rents and investment property yields for comparable real estate. No depreciation is provided. Changes in fair value are recognised in the profit and loss account and then subsequently transferred to the revaluation reserve through the statement of changes in equity.

Fixed asset investments

Investments in unlisted company shares, whose market value cannot be reliably determined, are stated at cost less any accumulated impairment losses.

Listed investments are included at mid-market value at the balance sheet date with any revaluation during the year being included in the profit and loss account and then subsequently transferred to the revaluation reserve through the
statement of changes in equity.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	28		18

3. Intangible assets

	Goodwill		Computer software		Total
	£		£		£
Cost
At 01 April 2025	1		4,116		4,117
At 31 March 2026	1		4,116		4,117
Accumulated amortisation
At 01 April 2025	0		0		0
Charge for the financial year	0		1,051		1,051
At 31 March 2026	0		1,051		1,051
Net book value
At 31 March 2026	1		3,065		3,066
At 31 March 2025	1		4,116		4,117

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2025	1,551,958		542,731		115,486		2,210,175
Additions	106,489		38,965		141,159		286,613
At 31 March 2026	1,658,447		581,696		256,645		2,496,788
Accumulated depreciation
At 01 April 2025	205,675		223,838		55,977		485,490
Charge for the financial year	75,700		83,081		36,056		194,837
At 31 March 2026	281,375		306,919		92,033		680,327
Net book value
At 31 March 2026	1,377,072		274,777		164,612		1,816,461
At 31 March 2025	1,346,283		318,893		59,509		1,724,685

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	965,000
As at 31 March 2026	965,000

Valuation

The latest valuation was carried out by Savills (UK) Limited as at 14 May 2025, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2026		2025
	£		£
Historic cost	195,959		195,959

6. Fixed asset investments

	2026		2025
	£		£
Subsidiary undertakings	262,193		262,193
Other investments and loans	1,350,731		1,179,446
	1,612,924		1,441,639

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	262,193
At 31 March 2026	262,193
Carrying value at 31 March 2026	262,193
Carrying value at 31 March 2025	262,193

The company owns 100% of the issued share capital in Rushmore Farms Limited and 100% of the issued share capital of Larmer Tree Limited, companies registered in England and Wales

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	1,179,446		1,179,446
Additions	12,350		12,350
Disposals	( 859)		( 859)
Movement in fair value	159,794		159,794
At 31 March 2026	1,350,731		1,350,731
Carrying value at 31 March 2026	1,350,731		1,350,731
Carrying value at 31 March 2025	1,179,446		1,179,446

7. Debtors

	2026		2025
	£		£
Trade debtors	67,525		780
Amounts owed by connected persons	6,704		306,704
Prepayments and accrued income	616,229		561,799
VAT recoverable	42,188		44,778
Other debtors	8,957		0
	741,603		914,061

8. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank overdrafts	343,686		588,107
Trade creditors	426,142		126,779
Amounts owed to Group undertakings	2,938,242		2,938,242
Accruals and deferred income	491,517		382,338
Taxation and social security	1,018		19,927
Obligations under finance leases and hire purchase contracts	82,735		59,167
Other creditors	9,346		38,971
	4,292,686		4,153,531

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

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts	143,125		123,132

10. Related party transactions

At the balance sheet date, £2,753,761 was due to Rushmore Farms Limited (2025: £2,753,761 ) and £184,481 was due to Larmer Tree Limited (2025: £184,481), both subsidiary companies of Tollard Royal Enterprises Limited.

At the balance sheet date, £nil was due from The Trustees of the M A L F Pitt Rivers No.3 Discretionary Settlement (2025: £300,000) and £6,704 was due from the W J Gronow Davis Legacy Settlement (2025: £6,704).

11. Events after the Balance Sheet date

After the year end, a share reorganisation was carried out during which the share capitals of both Larmer Tree Limited and Rushmore Farms Limited were reduced to £1 by way of a dividend from each company. This clears the amounts held within creditors as owing to group entities.

12. Ultimate controlling party

The trustees of the M A L F Pitt-Rivers No.3 Discretionary Settlement are the ultimate controlling party.