REGISTERED NUMBER: 02563067 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 NOVEMBER 2024

FOR

API EQUITY LIMITED

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

8

Income Statement

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

to

22

DIRECTORS:

S T Barratt

H A Jones

K Barratt

SECRETARY:

S T Barratt

REGISTERED OFFICE:

Sherlock House

Old Road

Heaton Norris

Stockport

Greater Manchester

SK4 1TD

REGISTERED NUMBER:

02563067 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

BANKERS:

Natwest Bank PLC

Bolton Customer Service Centre

PO Box 2027 Parklands

De Havilland Way

Bolton

BL6 4YU

The directors present their strategic report for the year ended 26 November 2024.

The principal activity of the Company during the year was the ownership, management, and strategic development of a portfolio of investment properties generating rental income and long-term capital growth.

A significant corporate event during the year was the disposal of the Company's event-management subsidiaries through a management buyout ("MBO") completed in August 2024. Following this transaction, the Group is now wholly focused on investment activities.

REVIEW OF BUSINESS

The Company delivered a stable operational performance, maintaining strong occupancy across its commercial property holdings. Rental income remained resilient.

The Company maintains a strong cash position and conservative gearing strategy, providing continued financial resilience.

The disposal generated a cash inflow. Post-disposal, the Group's cost base streamlined, and management resources have been reallocated into investments and property development.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors monitor risks regularly and have appropriate controls in place. Key risks include:

Market Risk

Fluctuations in property values, tenant demand, and macroeconomic conditions can influence rental income and capital values. The Company mitigates these risks through portfolio diversification and long-term tenant relationships.

Tenant Credit Risk

Tenant default could impact rental income. Rigorous tenant vetting, active credit management, and diversified tenant profiles reduce this exposure.

Regulatory and Compliance Risk

Changes in property, planning, safety, and environmental regulation may affect operations. The Directors keep regulatory developments under review and ensure compliance is maintained.

FUTURE DEVELOPMENTS

Following the disposal of the Subsidiaries, the Company will continue to focus on its core strategy of growing and enhancing its property portfolio. Planned priorities include:

- Progressing redevelopment and refurbishment projects that create value.

- Leveraging the strengthened balance sheet to pursue attractive investment opportunities.

The Directors remain confident in the long-term prospects of the business despite near-term economic uncertainty.

GOING CONCERN

After reviewing cash flow forecasts and considering current market conditions, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements are prepared on a going-concern basis.

DISPOSAL OF EVENT SUBSIDIARIES (MBO)

The Subsidiaries operated a distinct event-management business and the MBO process was the next step for the business to continue it's growth

The MBO, completed in August 2024, enabled:

- A sharper focus on core property investment activities

- Release of capital for reinvestment within the property portfolio.

- Operational simplification and reduction in diversification risk.

- A smooth transition for the Subsidiary's management and employees under new ownership.

The year represented a significant strategic milestone for the Company. The disposal of the Events Subsidiaries enables a renewed focus on property investment, supported by a strong financial footing and clear long-term strategy. The Directors remain optimistic about the Company's future growth and continued delivery of value to shareholders.

ON BEHALF OF THE BOARD:

H A Jones - Director

26 November 2025

The directors present their report with the financial statements of the company for the year ended 26 November 2024.

DIVIDENDS

No dividends will be distributed for the year ended 26 November 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 27 November 2023 to the date of this report.

S T Barratt

H A Jones

K Barratt

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.

ON BEHALF OF THE BOARD:

H A Jones - Director

26 November 2025

Opinion

We have audited the financial statements of API Equity Limited (the 'company') for the year ended 26 November 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 26 November 2024 and of its profit 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 four, 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o

the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

o

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

o

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

o

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

o

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

o

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the Company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or irregularities. Our procedures to identify any potential fraud or irregularities are as follows:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Michelle Coates (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

26 November 2025

TURNOVER

-

-

Administrative expenses

(367,773

)

(135,850

)

(367,773

)

(135,850

)

Other operating income

13,657,274

726,015

OPERATING PROFIT

4

13,289,501

590,165

Income from shares in group undertakings

2,687,808

-

Interest receivable and similar income

36,490

2,739

16,013,799

592,904

Interest payable and similar expenses

5

(58,444

)

(19,241

)

PROFIT BEFORE TAXATION

15,955,355

573,663

Tax on profit

6

(27,041

)

(68,607

)

PROFIT FOR THE FINANCIAL YEAR

15,928,314

505,056

FIXED ASSETS

Tangible assets

8

243,003

194,634

Investments

9

271,430

21,430

Investment property

10

2,997,107

2,795,248

3,511,540

3,011,312

CURRENT ASSETS

Debtors

11

2,847,773

1,883,999

Cash at bank

13,929,085

434,413

16,776,858

2,318,412

CREDITORS

Amounts falling due within one year

12

(620,468

)

(1,010,462

)

NET CURRENT ASSETS

16,156,390

1,307,950

TOTAL ASSETS LESS CURRENT LIABILITIES

19,667,930

4,319,262

CREDITORS

Amounts falling due after more than one year

13

-

(563,092

)

PROVISIONS FOR LIABILITIES

15

(167,203

)

(183,757

)

NET ASSETS

19,500,727

3,572,413

CAPITAL AND RESERVES

Called up share capital

16

600

600

Fair value reserve

17

564,045

564,045

Capital redemption reserve

17

600

600

Retained earnings

17

18,935,482

3,007,168

SHAREHOLDERS' FUNDS

19,500,727

3,572,413

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

H A Jones - Director

Called up

Fair

Capital

share

Retained

value

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 December 2022

600

2,956,128

460,699

600

3,418,027

Changes in equity

Reclassification to

revaluation reserve

-

(103,346

)

103,346

-

-

Dividends

-

(350,670

)

-

-

(350,670

)

Total comprehensive income

-

505,056

-

-

505,056

Balance at 26 November 2023

600

3,007,168

564,045

600

3,572,413

Changes in equity

Total comprehensive income

-

15,928,314

-

-

15,928,314

Balance at 26 November 2024

600

18,935,482

564,045

600

19,500,727

1.	STATUTORY INFORMATION

API Equity 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.

The principal activity was one of a property development company.

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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Action Properties (North West) Limited which can be obtained from the parent company's registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

(c) No disclosure has been given for the aggregate remuneration of key management personnel.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about API Equity 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 undertakings are consolidated into the financial statements of its parent, Action Properties (North West) Limited, C/O API Equity, Sherlock House, Old Road, Heaton Norris, Stockport, Greater Manchester, SK4 1TD.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment property was stated in the balance sheet at fair value based on a third party valuation.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

GOING CONCERN

The company is part of the Action Properties (North West) Limited group. After reviewing the group forecasts and projections, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

33.33% reducing balance

Motor vehicles

-

25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 26 November 2024 nor for the period ended 26 November 2023.

The average number of employees during the year was as follows:

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

Directors

3

3

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

£

£

Other operating leases

21,200

-

Depreciation - owned assets

89,741

84,918

(Profit)/loss on disposal of fixed assets

(13,300,000

)

29,796

Auditors' remuneration

9,800

10,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

£

£

Bank loan interest

58,437

17,297

Interest on overdue taxation

7

1,944

58,444

19,241

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

£

£

Current tax:

UK corporation tax

43,595

58,683

Deferred tax

(16,554

)

9,924

Tax on profit

27,041

68,607

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS

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

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

£

£

Profit before tax

15,955,355

573,663

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

3,988,839

143,416

Effects of:

Expenses not deductible for tax purposes

35,154

1,448

Income not taxable for tax purposes

(3,996,952

)

(105,571

)

Depreciation in excess of capital allowances

-

34,449

Changes in tax rates

-

(5,135

)

Total tax charge

27,041

68,607

7.

DIVIDENDS

Period

1.12.22

Year Ended

to

26.11.24

26.11.23

£

£

Ordinary shares of £1 each

Interim

-

350,670

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 27 November 2023

277,869

150,165

185,845

613,879

Additions

-

-

138,110

138,110

At 26 November 2024

277,869

150,165

323,955

751,989

DEPRECIATION

At 27 November 2023

271,656

99,484

48,105

419,245

Charge for year

4,053

16,725

68,963

89,741

At 26 November 2024

275,709

116,209

117,068

508,986

NET BOOK VALUE

At 26 November 2024

2,160

33,956

206,887

243,003

At 26 November 2023

6,213

50,681

137,740

194,634

9.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 27 November 2023

21,430

Additions

250,000

At 26 November 2024

271,430

NET BOOK VALUE

At 26 November 2024

271,430

At 26 November 2023

21,430

10.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 27 November 2023

2,795,248

Additions

201,859

At 26 November 2024

2,997,107

NET BOOK VALUE

At 26 November 2024

2,997,107

At 26 November 2023

2,795,248