Company No: 00535881 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	B F Cradick
	J N Martin-Betts
	T M McErlean

Registered office	Pippingford Manor
	Millbrook Hill
	Nutley
	Uckfield
	East Sussex
	TN22 3HW
	United Kingdom

Company number

00535881 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margarets Street
	Canterbury
	Kent
	CT1 2TU

Bankers	Handelsbanken Plc
	Unit 3 Peveril Court
	6-8 London Road
	Crawley
	Sussex
	RH10 8JE

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lyndendown Limited for the financial year ended 31 August 2025 which comprise the Balance Sheet and the related notes 1 to 13 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Lyndendown 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 Lyndendown Limited. You consider that Lyndendown Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Lyndendown 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.

This report is made solely to the Board of Directors of Lyndendown Limited, as a body, in accordance with the terms of our engagement letter dated 08 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Lyndendown Limited and state those matters that we have agreed to state to the Board of Directors of Lyndendown Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lyndendown Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP

37 St Margarets Street
Canterbury
Kent
CT1 2TU

06 November 2025

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	4,959		4,061
Investment property	4	40,180,000		41,055,000
Investments	5	100		0
		40,185,059		41,059,061
Current assets
Debtors	6	86,729		94,705
Cash at bank and in hand		784,569		1,307,890
		871,298		1,402,595
Creditors: amounts falling due within one year	7	( 1,779,630)		( 1,729,534)
Net current liabilities		(908,332)		(326,939)
Total assets less current liabilities		39,276,727		40,732,122
Creditors: amounts falling due after more than one year	8	( 11,874,684)		( 14,057,449)
Provision for liabilities	9	( 1,305,551)		( 1,261,065)
Net assets		26,096,492		25,413,608
Capital and reserves
Called-up share capital	10	41,400		41,400
Revaluation reserve		3,773,877		3,405,008
Profit and loss account	12	22,281,215		21,967,200
Total shareholders' funds		26,096,492		25,413,608

For the financial year ending 31 August 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 Comprehensive Income has not been delivered.

The financial statements of Lyndendown Limited (registered number: 00535881) were approved and authorised for issue by the Board of Directors on 04 November 2025. They were signed on its behalf by:

J N Martin-Betts 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

Lyndendown 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 Pippingford Manor, Millbrook Hill, Nutley, Uckfield, East Sussex, TN22 3HW, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 are 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.

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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	5 years straight line
Office equipment	5 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

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

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 September 2024	159,042		8,656		167,698
Additions	0		2,614		2,614
At 31 August 2025	159,042		11,270		170,312
Accumulated depreciation
At 01 September 2024	159,042		4,595		163,637
Charge for the financial year	0		1,716		1,716
At 31 August 2025	159,042		6,311		165,353
Net book value
At 31 August 2025	0		4,959		4,959
At 31 August 2024	0		4,061		4,061

4. Investment property

	Investment property
	£
Valuation
As at 01 September 2024	41,055,000
Additions	813,867
Fair value movement	186,133
Disposals	(1,875,000)
As at 31 August 2025	40,180,000

Valuation

The 2024 valuations were made by the directors and external professionals, 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:

	2025		2024
	£		£
Historic cost	35,100,573		36,388,927

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 September 2024	0
Additions	100
At 31 August 2025	100
Carrying value at 31 August 2025	100
Carrying value at 31 August 2024	0

6. Debtors

	2025		2024
	£		£
Trade debtors	61,803		78,793
Prepayments	8,283		15,912
Other debtors	16,643		0
	86,729		94,705

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	412,000		238,667
Trade creditors	16,775		32,529
Amounts owed to own subsidiaries	100		0
Taxation and social security	339,948		351,970
Other creditors	1,010,807		1,106,368
	1,779,630		1,729,534

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

	2025		2024
	£		£
Bank loans	10,386,248		12,569,013
Other creditors	1,488,436		1,488,436
	11,874,684		14,057,449

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 1,261,065)		( 1,197,133)
Charged to the Profit and Loss Account	( 44,486)		( 63,932)
At the end of financial year	( 1,305,551)		( 1,261,065)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Revaluation of investment property	( 1,305,551)		( 1,261,065)

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
20,000 Ordinary A shares of £ 1.00 each	20,000		20,000
701 Ordinary B shares of £ 1.00 each	701		701
5,355 Ordinary C shares of £ 1.00 each	5,355		5,355
11,204 Ordinary D shares of £ 1.00 each	11,204		11,204
4,140 Ordinary E shares of £ 1.00 each	4,140		4,140
	41,400		41,400

11. Related party transactions

All transactions with related parties were undertaken under normal market conditions.

12. Reserves

Profit and loss account

The revaluation reserve consists of the fair value movement of investment properties less the associated deferred tax liability, which are all non-distributable reserves.

13. Ultimate controlling party

The ultimate controlling party of the company is J N Martin-Betts.