REGISTERED NUMBER: 07602167 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

1 AUGUST 2023 TO 31 DECEMBER 2024

FOR

26SR LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

M A Cleary

Mrs K S Cleary

REGISTERED OFFICE:

1 Bridge Street Bridge Street

United Kingdom

Evesham

Worcestershire

WR11 4SQ

REGISTERED NUMBER:

07602167 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

The directors present their strategic report of the company and the group for the period 1 August 2023 to 31 December 2024.

REVIEW OF BUSINESS

Revenue for the group increased in 2024 versus the previous period, even after adjustments for the longer accounting period in 2024. This increase is in part due to increasing the group size in the current period, allied to an all round increase in activity from group companies.

As a result of the increased activity levels and an improvement in gross margins, the loss before taxation of £107,671 in 2023 has been turned into to a profit before taxation in 2024 of £232,896.

Financial Key performance indicators (KPI's)

The group's business is managed by reference to the universally accepted KPI's including sales, gross margin and pre-tax profit\(loss), and compared to budget and updated quarterly forecasts. Budgets are established in a robust and rigorous manner and represent a key overview of potential outcomes for the financial year and forecasts are updated regularly, to ensure the outlook is refreshed continuously.

PRINCIPAL RISKS AND UNCERTAINTIES

The group is subject to the risks inherent within the UK property market and mitigates those risks through diversification and increased customer service levels.

Other uncertainties relate to competitor activity and the business continues to attempt to differentiate itself from its competitors by offering excellent quality, whilst remaining price competitive.

ON BEHALF OF THE BOARD:

M A Cleary - Director

24 September 2025

The directors present their report with the financial statements of the company and the group for the period 1 August 2023 to 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of estate agency and associated activities.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2024 will be £51,250 (2023 - £77,000).

DIRECTORS

The directors during the period under review were:

M A Cleary

Mrs K S Cleary

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M A Cleary - Director

24 September 2025

Opinion

We have audited the financial statements of 26SR Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss for the period 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent 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:

The audit process includes an assessment of the comany and group's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company and group must comply in the ordinary course of business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law of regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Comparative information

We draw attention to the fact that the financial statements for the year ended 31 July 2023 were unaudited. As such the figures included in the columns headed "31 July 2023" in these financial statements are similarly unaudited.

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.

Gregg Olner MPhil BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

24 September 2025

TURNOVER

3

19,579,620

7,692,035

Cost of sales

11,334,350

5,090,921

GROSS PROFIT

8,245,270

2,601,114

Administrative expenses

7,741,946

2,628,385

503,324

(27,271

)

Other operating income

2,570

17,494

OPERATING PROFIT/(LOSS)

5

505,894

(9,777

)

Income from other participating interests

40,000

-

Interest receivable and similar income

95,309

6,202

135,309

6,202

641,203

(3,575

)

Interest payable and similar expenses

6

408,307

104,096

PROFIT/(LOSS) BEFORE TAXATION

232,896

(107,671

)

Tax on profit/(loss)

7

310,995

171,931

LOSS FOR THE FINANCIAL PERIOD

(78,099

)

(279,602

)

Loss attributable to:

Owners of the parent

(24,268

)

(93,342

)

Non-controlling interests

(53,831

)

(186,260

)

(78,099

)

(279,602

)

LOSS FOR THE PERIOD

(78,099

)

(279,602

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(78,099

)

(279,602

)

Total comprehensive income attributable to:

Owners of the parent

(24,268

)

(93,341

)

Non-controlling interests

(53,831

)

(186,261

)

(78,099

)

(279,602

)

FIXED ASSETS

Intangible assets

11

7,659,930

4,210,987

Tangible assets

12

1,937,339

1,714,703

Investments

13

-

-

9,597,269

5,925,690

CURRENT ASSETS

Stocks

14

40,000

40,000

Debtors

15

2,637,909

912,811

Cash at bank and in hand

275,763

322,611

2,953,672

1,275,422

CREDITORS

Amounts falling due within one year

16

8,090,850

5,143,017

NET CURRENT LIABILITIES

(5,137,178

)

(3,867,595

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,460,091

2,058,095

CREDITORS

Amounts falling due after more than one year

17

(3,079,020

)

(729,310

)

PROVISIONS FOR LIABILITIES

20

(12,626

)

(5,355

)

NET ASSETS

1,368,445

1,323,430

CAPITAL AND RESERVES

Called up share capital

21

648

648

Capital redemption reserve

22

303

303

Retained earnings

22

91,376

166,894

SHAREHOLDERS' FUNDS

92,327

167,845

NON-CONTROLLING INTERESTS

23

1,276,118

1,155,585

TOTAL EQUITY

1,368,445

1,323,430

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

M A Cleary - Director

FIXED ASSETS

Intangible assets

11

173,323

207,112

Tangible assets

12

-

-

Investments

13

464,715

464,715

638,038

671,827

CURRENT ASSETS

Stocks

14

40,000

40,000

Debtors

15

113,300

-

Cash at bank

11,309

9,543

164,609

49,543

CREDITORS

Amounts falling due within one year

16

254,486

289,535

NET CURRENT LIABILITIES

(89,877

)

(239,992

)

TOTAL ASSETS LESS CURRENT LIABILITIES

548,161

431,835

CAPITAL AND RESERVES

Called up share capital

21

648

648

Capital redemption reserve

22

303

303

Retained earnings

22

547,210

430,884

SHAREHOLDERS' FUNDS

548,161

431,835

Company's profit for the financial year

167,576

108,502

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

M A Cleary - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 August 2022

648

337,236

303

Changes in equity

Dividends

-

(77,000

)

-

Total comprehensive income

-

(93,342

)

-

648

166,894

303

Non-controlling interest arising on business combination

-

-

-

Balance at 31 July 2023

648

166,894

303

Changes in equity

Dividends

-

(51,250

)

-

Total comprehensive income

-

(24,268

)

-

648

91,376

303

Non-controlling interest arising on business combination

-

-

-

Balance at 31 December 2024

648

91,376

303

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 August 2022

338,187

-

338,187

Changes in equity

Dividends

(77,000

)

(153,569

)

(230,569

)

Total comprehensive income

(93,342

)

(186,261

)

(279,603

)

167,845

(339,830

)

(171,985

)

Non-controlling interest arising on business combination

-

1,495,415

1,495,415

Balance at 31 July 2023

167,845

1,155,585

1,323,430

Changes in equity

Dividends

(51,250

)

84,255

33,005

Total comprehensive income

(24,268

)

(53,831

)

(78,099

)

92,327

1,186,009

1,278,336

Non-controlling interest arising on business combination

-

90,109

90,109

Balance at 31 December 2024

92,327

1,276,118

1,368,445

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2022

648

399,382

303

400,333

Changes in equity

Dividends

-

(77,000

)

-

(77,000

)

Total comprehensive income

-

108,502

-

108,502

Balance at 31 July 2023

648

430,884

303

431,835

Changes in equity

Dividends

-

(51,250

)

-

(51,250

)

Total comprehensive income

-

167,576

-

167,576

Balance at 31 December 2024

648

547,210

303

548,161

Cash flows from operating activities

Cash generated from operations

1

2,969,642

1,563,073

Interest paid

(408,307

)

(104,096

)

Tax paid

58,584

(158,816

)

Net cash from operating activities

2,619,919

1,300,161

Cash flows from investing activities

Purchase of intangible fixed assets

(4,366,550

)

(2,923,996

)

Purchase of tangible fixed assets

(733,465

)

(1,242,273

)

Sale of intangible fixed assets

-

1,383,134

Sale of tangible fixed assets

101,686

42,830

Interest received

95,309

6,202

Dividends received

40,000

-

Net cash from investing activities

(4,863,020

)

(2,734,103

)

Cash flows from financing activities

New loans in year

3,000,000

1,250,000

Loan repayments in year

(730,271

)

(321,458

)

Capital repayments in year

(12,345

)

-

Amount introduced by directors

-

360,218

Amount withdrawn by directors

(9,881

)

-

Equity dividends paid

(51,250

)

(77,000

)

Net cash from financing activities

2,196,253

1,211,760

Decrease in cash and cash equivalents

(46,848

)

(222,182

)

Cash and cash equivalents at beginning of period

2

322,611

544,793

Cash and cash equivalents at end of period

2

275,763

322,611

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.8.23

to

Year ended

31.12.24

31.7.23

as restated

£

£

Profit/(loss) before taxation

232,896

(107,671

)

Depreciation charges

1,346,877

534,708

Loss/(profit) on disposal of fixed assets

237,874

(35,216

)

Government grants

(2,570

)

-

Finance costs

408,307

104,096

Finance income

(135,309

)

(6,202

)

2,088,075

489,715

Decrease in stocks

-

53,000

Increase in trade and other debtors

(1,725,098

)

(160,892

)

Increase in trade and other creditors

2,606,665

1,181,250

Cash generated from operations

2,969,642

1,563,073

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2024

31.12.24

1.8.23

£

£

Cash and cash equivalents

275,763

322,611

Year ended 31 July 2023

31.7.23

1.8.22

as restated

£

£

Cash and cash equivalents

322,611

544,793

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.8.23

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

322,611

(46,848

)

275,763

322,611

(46,848

)

275,763

Debt

Finance leases

-

12,345

-

(67,863

)

Debts falling due

within 1 year

(838,924

)

245,137

-

(593,787

)

Debts falling due

after 1 year

(514,810

)

(2,514,866

)

-

(3,029,676

)

(1,353,734

)

(2,257,384

)

-

(3,691,326

)

Total

(1,031,123

)

(2,304,232

)

-

(3,415,563

)