Company No: 01315670 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	S J M Kelsall
	R N Thornton
	W D Thornton
	E D Thornton

Secretary

R N Thornton

Registered office	32 St Albans Avenue
	London
	W4 5JP
	United Kingdom

Company number

01315670 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	377		503
Investment property	5	5,708,405		5,758,905
		5,708,782		5,759,408
Current assets
Debtors	6	98,736		85,821
Cash at bank and in hand		184,927		180,739
		283,663		266,560
Creditors: amounts falling due within one year	713	( 251,946)		( 254,501)
Net current assets		31,717		12,059
Total assets less current liabilities		5,740,499		5,771,467
Creditors: amounts falling due after more than one year	8	( 99,707)		( 125,086)
Provision for liabilities	9	( 501,372)		( 514,029)
Net assets		5,139,420		5,132,352
Capital and reserves
Called-up share capital		100		100
Revaluation reserve	12	3,745,947		3,783,822
Profit and loss account		1,393,373		1,348,430
Total shareholder's funds		5,139,420		5,132,352

For the financial year ending 30 June 2025 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 Cobbetts Developments Limited (registered number: 01315670) were approved and authorised for issue by the Board of Directors on 24 November 2025. They were signed on its behalf by:

W D Thornton 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

Cobbetts Developments 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 company's registered number is 01315670. The address of the Company's registered office is 32 St Albans Avenue, London, W4 5JP, 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 recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises of rent receivable from the Company's investment properties.

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.

Finance costs

Finance costs are charged to the Profit and Loss Account 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:

Office equipment

25 % reducing balance

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.

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.

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. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to determining the fair value of the investment properties, which are sensitive to fluctuations in the property market.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 July 2024	2,965		2,965
At 30 June 2025	2,965		2,965
Accumulated depreciation
At 01 July 2024	2,462		2,462
Charge for the financial year	126		126
At 30 June 2025	2,588		2,588
Net book value
At 30 June 2025	377		377
At 30 June 2024	503		503

5. Investment property

	Investment property
	£
Valuation
As at 01 July 2024	5,758,905
Fair value movement	(50,500)
As at 30 June 2025	5,708,405

Valuation

The 2025 valuations were made by the directors, 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	1,378,437		1,378,437

6. Debtors

	2025		2024
	£		£
Trade debtors	46,397		33,740
Amounts owed by connected companies	15,793		14,559
Prepayments	34,989		36,138
Other debtors	1,557		1,384
	98,736		85,821

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	22,247		22,247
Amounts owed to directors	100,222		98,011
Accruals and deferred income	42,806		41,477
Corporation tax	63,818		60,453
Other taxation and social security	10,970		20,711
Other creditors	11,883		11,602
	251,946		254,501

Bank loans of £22,247 (2024 - £22,247) are secured over the properties of the Company by way of fixed and floating charges.

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

	2025		2024
	£		£
Bank loans (secured)	99,707		125,086

Bank loans of £99,707 (2024 - £125,086) are secured over the properties of the Company by way of fixed and floating charges.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 514,029)		( 514,071)
Credited to the Profit and Loss Account	12,657		42
At the end of financial year	( 501,372)		( 514,029)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Revaluation of investment property	( 501,278)		( 513,903)
Other timing differences	( 94)		( 126)
	( 501,372)		( 514,029)

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £30,000 (2024 - £30,000). The amount outstanding at the year end was £Nil (2024 - £Nil)

11. Related party transactions

Transactions with the entity's directors

E D Thornton
(Director)
During the year the director continued to provide an interest-free loan to the company, which is repayable on demand. At the balance sheet date the amount due to E D Thornton was £98,977 (2024 - £94,177).

W D Thornton
(Director)
During the year the director continued to provide an interest-free loan to the company, which is repayable on demand. At the balance sheet date the amount due to W D Thornton was £1,244 (2024 - £3,834).

12. Reserves

Investment property revaluation reserve

To assist with the identification of profits available for distribution, this reserve represents changes in the fair value of the Company’s investment properties to the extent that they are not considered to be distributable to the Company’s shareholders, less any related provision for deferred tax.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the Company’s shareholders.

13. Loans

Loan amounts falling due

	2025		2024
	£		£
Amounts falling due within one year	22,247		22,247
Amounts falling due 1 - 2 years	22,247		22,247
Amounts falling due 2 -5 years	66,739		66,739
Amounts falling due more than 5 years	10,721		36,100
	121,954		147,333

14. Ultimate controlling party

Parent Company:

Cobbetts Investments Limited

32 St Albans Avenue, London, W4 5JP

The parent and ultimate parent company is Cobbetts Investments Limited, which is registered in England and Wales. The directors of this company are also the directors and shareholders of Cobbetts Investments Limited.