Standage Group Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Consolidated Profit and Loss Account	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Statement of Cash Flows	12
Notes to the Financial Statements	13—22

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

The principle of activity of the company was that of refurbishment and maintenance contractors and property investment.

The Directors are satisfied with the current performance of the group and company for the year 2024.

Our section of the refurbishment market was initially challenging throughout Q1 but the company remained alert and dynamic to react to opportunities that came our way. Astute bidding secured works in the back end of Q2 and into H2 and this included our biggest project ever which will provide income through to 2026. Our confirmed order book for 2025 is strong and we remain optimistic.

The property investment market continues to provide a stable environment, and the company is extremely satisfied with its returns both in terms of capital values and rental yield. The company is seeking to expand and diversify its portfolio and is actively pursuing higher yields in areas outside London for the present time where it sees long-term value. The company has elected to use more gearing to speed up its growth agenda over the next 12 months, but debt will always remain low when viewed in relation to the whole portfolio.

The key financial performance indicators for the year ended 31 December 2024 are set out below:

	2024	2023
	£	£
Turnover	8,774,551	13,493,771
Gross Profit	1,487,120	2,761,946
Operating Profit	628,137	1,215,616

Principal Risks and Uncertainties

The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.

Strategic and Commercial Risk

There are risks of changes to the competitive and economic environment. This is mitigated by a robust strategy and planning process, and regular monitoring of the economic and competitive environment.

Financial Risk

There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close relationships with importance stakeholders within the business.

Operational Risk

This is a risk of losses arising from inadequate or failed internal processes, from personnel and external events. These are mitigated by regularly monitoring the business risk register against occurring events and business continuity planning.

On behalf of the board

C Brain

Director

26th August 2025

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Standage Group Limited

Company No. 08717796

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of refurbishment, maintenance contractors and property investment.

Directors

The directors who held office during the year were as follows:

C Brain

S Brain

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, McKenzies, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

C Brain

Director

26th August 2025

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Independent Auditor's Report

to the Members of

Standage Group Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Standage Group Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report 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 parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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.

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Independent Auditor's Report (continued)

to the Members of

Standage Group Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is 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 and 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.

Auditor's 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 an auditor's report 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:

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group's and company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the group and company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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 that we are required to state to them in an auditor's report 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.

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Independent Auditor's Report (continued)

to the Members of

Standage Group Limited

C E McCoy BA FCA (Senior Statutory Auditor)

for and on behalf of McKenzies , Statutory Auditor

26th August 2025

McKenzies

2 Station Road West

Oxted

Surrey

RH8 9EP

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Standage Group Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	8,774,551	13,493,771
Cost of sales		(7,287,431 )	(10,731,825 )

GROSS PROFIT		1,487,120	2,761,946

Administrative expenses		(974,901 )	(1,546,330 )
Other operating income		176	-
Profit on revaluation of investment property		115,742	-

OPERATING PROFIT	5	628,137	1,215,616
Fair value losses on investments		(9,896 )	-
Income from other fixed asset investments		6,352	4,775
Loss on disposal of fixed assets		(12,322 )	-
Other interest receivable and similar income	10	85,361	67,002
Interest payable and similar charges	11	(31,189 )	(63,173 )

PROFIT BEFORE TAXATION		666,443	1,224,220
Tax on Profit	12	(213,883 )	(318,478 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		452,560	905,742

The notes on pages 12 to 22 form part of these financial statements.

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Standage Group Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	452,560	905,742
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	452,560	905,742

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Standage Group Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 08717796

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		1,375,200		1,414,641
Investment Properties	14		6,513,210		5,829,618
Investments	15		247,576		251,120

			8,135,986		7,495,379
CURRENT ASSETS
Stocks	16	1,199,758		1,115,794
Debtors	17	992,045		1,257,889
Cash at bank and in hand		2,506,036		3,502,723

		4,697,839		5,876,406
Creditors: Amounts Falling Due Within One Year	18	(1,769,347 )		(2,995,988 )

NET CURRENT ASSETS (LIABILITIES)			2,928,492		2,880,418

TOTAL ASSETS LESS CURRENT LIABILITIES			11,064,478		10,375,797

Creditors: Amounts Falling Due After More Than One Year	19		(746,750 )		(638,146 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(395,298 )		(327,919 )

NET ASSETS			9,922,430		9,409,732

CAPITAL AND RESERVES
Called up share capital	23		1,000		1,000
Capital redemption reserve			800		800
Fair value reserve			1,935,586		1,614,823
Profit and Loss Account			7,985,044		7,793,109

SHAREHOLDERS' FUNDS			9,922,430		9,409,732

On behalf of the board

C Brain

Director

26th August 2025

The notes on pages 12 to 22 form part of these financial statements.

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Standage Group Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 08717796

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		1,100		1,100

			1,100		1,100
CURRENT ASSETS
Debtors	17	1,342,571		1,079,045
Cash at bank and in hand		425,010		956,136

		1,767,581		2,035,181
Creditors: Amounts Falling Due Within One Year	18	(401,210 )		(597,852 )

NET CURRENT ASSETS (LIABILITIES)			1,366,371		1,437,329

TOTAL ASSETS LESS CURRENT LIABILITIES			1,367,471		1,438,429

NET ASSETS			1,367,471		1,438,429

CAPITAL AND RESERVES
Called up share capital	23		1,000		1,000
Profit and Loss Account			1,366,471		1,437,429

SHAREHOLDERS' FUNDS			1,367,471		1,438,429

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 252,542 (2023: £ 700,908 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

C Brain

Director

26th August 2025

The notes on pages 12 to 22 form part of these financial statements.

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Standage Group Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Capital Redemption	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2023	1,000	800	1,614,823	7,082,367	8,698,990
Profit for the year and total comprehensive income	-	-	-	905,742	905,742

Dividends paid	-	-	-	(195,000)	(195,000)

As at 31 December 2023 and 1 January 2024	1,000	800	1,614,823	7,793,109	9,409,732


Profit for the year and total comprehensive income	-	-	-	452,560	452,560

Dividends paid	-	-	-	(323,500)	(323,500)
Movements in fair value reserve	-	-	320,763	-	320,763
Transfer to/from Fair value reserve	-	-	-	62,875	62,875

As at 31 December 2024	1,000	800	1,935,586	7,985,044	9,922,430

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Standage Group Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,733	1,629,302
Interest paid		(31,189 )	(32,263 )
Tax paid		(267,800 )	(109,306 )

Net cash (used in)/generated from operating activities		(297,256 )	1,487,733

Cash flows from investing activities
Purchase of tangible assets		(248,009 )	(206,081 )
Proceeds from disposal of tangible assets		25,304	-
Purchase of other fixed asset investments		(6,352 )	(24,775 )
Interest received		85,361	67,002
Dividends received		6,352	4,775

Net cash used in investing activities		(137,344 )	(159,079 )

Cash flows from financing activities
Equity dividends paid		(323,500 )	(195,000 )
Proceeds from new bank borrowings		120,000	-
Repayment of bank borrowings		-	(185,538 )
Repayment of finance leases		(43,917 )	53,646
Amount introduced by directors		-	16,943
Amount withdrawn by directors		(314,670)	-

Net cash used in financing activities		(562,087 )	(309,949 )



(Decrease)/increase in cash and cash equivalents		(996,687 )	1,018,705
Cash and cash equivalents at beginning of year	2	3,502,723	2,484,018

Cash and cash equivalents at end of year	2	2,506,036	3,502,723

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Standage Group Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	452,560	905,742
Adjustments for:
Tax on profit	213,883	318,478
Interest expense	31,189	32,263
Interest income	(85,361 )	(67,002 )
Income from investments	(6,352)	(4,774)
Depreciation of tangible assets	65,612	52,045
Loss on disposal of tangible assets	12,322	-
Profit on revaluation of fixed assets	(115,742)	-
Net fair value losses recognised in profit or loss	9,896	-
Movements in working capital:
Increase in stocks	(83,964 )	(37,273 )
Decrease/(increase) in trade and other debtors	547,537	(641,690 )
(Decrease)/increase in trade and other creditors	(1,039,847 )	1,071,513

Net cash generated from operations	1,733	1,629,302

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	2,506,036	3,502,723

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	3,502,723	(996,687)	2,506,036
Finance leases	(53,646)	43,917	(9,729)
Debts falling due after more than one year	(626,750)	(120,000)	(746,750)

	2,822,327	(1,072,770)	1,749,557

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Standage Group Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Standage Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08717796 . The registered office is Unit 8 Glengall Business Centre, Glengall Road, London, SE15 6NF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost
Motor Vehicles	20% on cost
Fixtures & Fittings	25% on cost and 10% on cost
Computer Equipment	33.33% on cost

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.7. Investments

Investments in subsidiary undertakings are recognised at cost.

2.8. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	8,774,551	13,493,771

	8,774,551	13,493,771

4. Other Operating Income

	2024	2023
	£	£
Other operating income	176	-

	176	-

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Depreciation of tangible fixed assets	65,612	52,045

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	13,520	11,001

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	1,158,353	1,692,785
Social security costs	131,872	205,381
Other pension costs	133,701	67,540

	1,423,926	1,965,706

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2024	2023
Employees And Directors	21	22

	21	22

Company

Average number of employees, including directors, during the year was: 2 (2023: 2)

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	110,000	598,200
Company contributions to money purchase pension schemes	-	5,700

	110,000	603,900

Information regarding the highest paid director was as follows:

	2024	2023
	£	£
Emoluments	110,000	598,200

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	85,361	67,002
Dividends from other fixed asset investments - listed	6,352	4,775

	91,713	71,777

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	27,213	29,229
Finance charges payable under finance leases and hire purchase contracts	3,976	3,034

	31,189	32,263

12. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	146,504	269,600
Deferred Tax
Deferred taxation			67,379	48,878


Total tax charge for the period			213,883	318,478


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			666,443	1,224,220

Tax on profit at 25% (UK standard rate)			166,610	287,692
Goodwill/depreciation not allowed for tax			16,403	-
Expenses not deductible for tax purposes			4,408	2,795
Tax losses utilised			(682 )	-
Capital allowances			(12,868 )	(20,887 )
Short term timing differences			67,379	48,878
Revenue exempt from taxation			(27,367 )	-

Total tax charge for the period			213,883	318,478

13. Tangible Assets

Group

	Land & Property
	Freehold	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 January 2024	1,320,884	235,081	64,481	1,041	1,621,487
Additions	-	50,881	12,916	-	63,797
Disposals	-	(53,723 )	-	-	(53,723 )

As at 31 December 2024	1,320,884	232,239	77,397	1,041	1,631,561

...CONTINUED

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	114,404	29,186	62,562	694	206,846
Provided during the period	21,760	41,862	1,643	347	65,612
Disposals	-	(16,097 )	-	-	(16,097 )

As at 31 December 2024	136,164	54,951	64,205	1,041	256,361

Net Book Value
As at 31 December 2024	1,184,720	177,288	13,192	-	1,375,200

As at 1 January 2024	1,206,480	205,895	1,919	347	1,414,641

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold
	£
Cost	662,500

Company

The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.

14. Investment Property

Group

	2024
	£
Fair Value
As at 1 January 2024	5,829,618
Additions	184,212
Revaluations	499,380

As at 31 December 2024	6,513,210

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2024	2023
	£	£
Cost	4,848,021	4,663,809

The investment properties were valued on an open market basis on 31 December 2024 by C Brain a director of the company.

Company

The company had no investment property as at 31 December 2024 or 31 December 2023.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

15. Investments

Group

	Listed
	£
Cost
As at 1 January 2024	245,891
Additions	6,352

As at 31 December 2024	252,243

Provision
As at 1 January 2024	(5,229 )
Added in period	9,896

As at 31 December 2024	4,667

Net Book Value
As at 31 December 2024	247,576

As at 1 January 2024	251,120

Company

	Subsidiaries
	£
Cost
As at 1 January 2024	1,100

As at 31 December 2024	1,100

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1,100

As at 1 January 2024	1,100

16. Stocks

	2024	2023
	£	£
Finished goods	500	500
Work in progress	1,199,258	1,115,294

	1,199,758	1,115,794

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	539,003	1,073,260	-	-
Amounts owed by group undertakings	-	-	1,045,545	1,079,045
Other debtors	453,042	184,629	297,026	-

	992,045	1,257,889	1,342,571	1,079,045

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	9,729	42,250	-	-
Trade creditors	493,628	314,167	-	-
Amounts owed to group undertakings	-	-	395,843	595,843
Other creditors	217,692	350,829	-	-
Corporation tax	147,861	269,157	5,367	2,009
Taxation and social security	274,875	791,635	-	-
Accruals and deferred income	625,562	1,227,950	-	-

	1,769,347	2,995,988	401,210	597,852

19. Creditors: Amounts Falling Due After More Than One Year

	Group
	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	-	11,396
Bank loans	746,750	626,750

	746,750	638,146

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	Group
	2024	2023
	£	£
Bank loans	746,750	626,750

20. Loans

An analysis of the maturity of loans is given below:

	Group
	2024	2023
	£	£
Amounts falling due after more than five years:
Bank loans	746,750	626,750

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	9,729	42,250
Later than one year and not later than five years	-	11,396

	9,729	53,646

	9,729	53,646

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	327,919	327,919
Additions	67,379	67,379

Balance at 31 December 2024	395,298	395,298

23. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000

24. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	87,055	87,055
Later than one year and not later than five years	329,204	329,204
Later than five years	50,974	138,029

	467,233	554,288

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £133,701 (2023: £67,540).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

26. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Christopher Brain	(31,376 )	313,070	-	-	281,694

The above loan is unsecured, interest free and repayable on demand. The loan was repaid on 5 April 2025.

27. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	323,500	195,000

28. Controlling Parties

The company's ultimate controlling party is C Brain by virtue of their interest in the share capital of the company.

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