Company No: 00219372 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	23,050,000		15,300,000
		23,050,000		15,300,000
Current assets
Debtors	4	1,545,676		1,448,077
Cash at bank and in hand		496,659		875,696
		2,042,335		2,323,773
Creditors: amounts falling due within one year	5	( 856,890)		( 11,208,915)
Net current assets/(liabilities)		1,185,445		(8,885,142)
Total assets less current liabilities		24,235,445		6,414,858
Creditors: amounts falling due after more than one year	6	( 24,713,625)		( 6,852,154)
Provision for liabilities		( 519,046)		( 486,089)
Net liabilities		( 997,226)		( 923,385)
Capital and reserves
Called-up share capital	8	12,000		12,000
Profit and loss account		( 1,009,226 )		( 935,385 )
Total shareholders' deficit		( 997,226)		( 923,385)

For the financial year ending 31 March 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cobb House Limited (registered number: 00219372) were approved and authorised for issue by the Board of Directors on 26 August 2025. They were signed on its behalf by:

C A Eyre 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

Cobb House 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 Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover, which is stated net of value added tax, comprises revenue recognised by the company in respect of rental and ancillary income due for the accounting period. Turnover is recognised on a straight line basis over the term of the lease.

Incentives in the form of rent-free periods are spread on a straight line basis over the period of the lease term.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Interest rate swap ; and
• Long-term bank and other loans

Apart from the interest rate swap, all other financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Fair value measurement
Interest rate swaps are classified as financial assets or financial liabilities and recorded at their fair value at the year end with gains and losses recognised in profit and loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	15,300,000
Additions	8,174,022
Fair value movement	(424,022)
As at 31 March 2025	23,050,000

Valuation

Investment property is being held at directors valuation at the balance sheet date. One of the directors is a chartered surveyor.

4. Debtors

	2025		2024
	£		£
Trade debtors	195,892		0
Prepayments	14,660		8,820
Derivative financial instruments	1,332,953		1,404,556
Other debtors	2,171		34,701
	1,545,676		1,448,077

All amounts shown under debtors fall due for payment within on year, except the interest rate swap which has a maturity date of 27 November 2031.

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		10,738,625
Accruals	204,630		177,606
Taxation and social security	191,026		221,608
Other creditors	461,234		71,076
	856,890		11,208,915

Bank loans were previously classified as current liabilities as a result of a breach of financial covenant as at 31 March 2024. A revised covenant was agreed with the bank post year end and the company are operating within the revised covenant facility. As a result, in the 31 March 2025 financial statements, the bank loans are classed as non current liabilities.

Loan and other borrowings are secured by fixed charges over the company's investment property. Additionally, bank borrowings are secured by a composite guarantee from two companies under common control.

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

	2025		2024
	£		£
Bank loans	10,738,625		0
Other loans	13,975,000		6,852,154
	24,713,625		6,852,154

Loan and other borrowings are secured by fixed charges over the company's investment property. Additionally, bank borrowings are secured by a composite guarantee from two companies under common control.

7. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

	2025		2024
	£		£
Financial assets at fair value
Derivative financial assets due within one year	1,332,953		1,404,556

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
3,050 A Ordinary shares of £ 1.00 each	3,050		3,050
1,587 B Ordinary shares of £ 1.00 each	1,587		1,587
1,179 C Ordinary shares of £ 1.00 each	1,179		1,179
138 D Ordinary shares of £ 1.00 each	138		138
2,016 E Ordinary shares of £ 1.00 each	2,016		2,016
2,015 F Ordinary shares of £ 1.00 each	2,015		2,015
2,015 G Ordinary shares of £ 1.00 each	2,015		2,015
	12,000		12,000

9. Financial commitments

Other financial commitments

An unlimited intercompany composite guarantee has been given in favour of Handelsbanken, by the company and two further companies under common control. All amounts under this guarantee are secured by a fixed charge over the company's investment property. The amount guaranteed at the year end is £5,250,000 (2024: £5,250,000).

10. Off Balance Sheet arrangements

The total amount of operating lease entitlements not included on the balance sheet is £8,028,603 (2024: £9,089,038). This is the total amount committed to the company under non-cancellable operating leases.