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

The principal activity of the group is to provide consultancy, advisory services, finder and insurance arrangement fees in relation to residential properties management as well as property refurbishment.

Century Construction Limited/Infinity Construction Enterprise Limited

Infinity Construction Enterprise Ltd has made significant progress during the year, with the majority of previously outstanding projects now completed. Both Companies have achieved significant milestones and are currently focused on the opportunities that lie ahead. The management team remains committed and enthusiastic, ensuring that we maintain our financial strength. As we review the business, we are confident in our ability to secure further success in the coming years.

As many of our suppliers are long-term partners, we place a strong emphasis on maintaining effective communication. This commitment is essential to ensure the sustained growth of our business. Despite the current upward trend in supplier expenses and the costs associated with materials in the construction industry, we are diligently addressing these challenges.

The company’s present developments continue to focus on urban regeneration. Key schemes involve enhancing town centres through the delivery of premium residential apartments, alongside the conversion of obsolete office buildings into modern homes. These projects address the ongoing demand for quality housing while contributing to wider urban development objectives.

Despite the absence of operations, Century Construction Limited has built the foundations for future operations should the need arise. Similarly, in the face of challenges, Infinity Construction Enterprise Limited remains resilient and well-positioned for success. Our dedication to robust financial and risk management strategies ensures that we continue to thrive in the ever-evolving construction industry. As we move forward, we remain optimistic about the future and look forward to seizing new opportunities for growth and innovation

Aldo Construction Limited

Aldo Construction Limited serves as the medium-scale projects division within the YPP Group, delivering property refurbishment and development solutions for projects valued up to £50,000. Each project is executed within a 12-month period from its initiation, aligning with our commitment to timely and efficient delivery.

In our first year of operations, Aldo Construction has achieved significant milestones, laying a strong foundation for future growth. The company primarily undertakes minor to mid-range property refurbishments, along with select projects that fall outside standard management agreements—these often require more detailed oversight and extended project management.

Our management team remains focused, enthusiastic, and dedicated to sustaining the financial strength of the business. As we look ahead, we are confident in our capability to capitalise on new opportunities and continue building on our early success.

YPP Lettings & Management Company Limited

In a challenging and rapidly evolving market shaped by increasing cost of living pressures, our company has remained resilient and focused. Through strategic planning and a proactive approach, we successfully achieved our performance targets, ensuring stability and growth despite external economic headwinds.

Our commitment to continuous improvement has driven key enhancements across our operations. We have refined our systems for day-to-day enquiry management and deepened our financial analysis capabilities to support smarter, data-driven decisions. These improvements enable us to consistently deliver the right products to our customers, maintain operational efficiency, and ensure the sustained growth of the business.

Yorkshire Prosperity Limited

There have been multiple new income streams introduced such as consultancy and offshore advisory services as well as revenue generated from insurance arrangement, finder and planning on identified projects. The additional income streams have ensured we provide high-quality, client-centric services which remain at the core of the company’s strategy, ensuring sustainable revenue growth and long-term success.

Estates Management Services Limited

We currently manage a total of 43 commercial tenants/units, all of which are let at the date of this report and subject to legal completions to new tenants. The management of each property largely includes rent collection, service charge collection and tenant/property management. The number of properties under our management continues to grow year on year, with new locations constantly being sourced. This has allowed the management team of Estates Management Services Limited to remain enthused about the years ahead. The company currently finds itself in a very good position, having navigated itself and importantly, its tenants, through very challenging periods for the commercial sector.

The Group continues to be exposed to key financial and operational risks, including macroeconomic uncertainty, interest rate instability, escalating costs, and market competition. These risks have the potential to affect both profitability and cash flow. Accordingly, the Directors actively review the group’s risk management framework and undertook periodic sensitivity analyses to evaluate the potential financial impact.

The Board anticipates continued strategic growth in the medium term, underpinned by a predicted increase in residential units under management. This growth is expected to enhance recurring revenue streams, operational scalability, and further strengthen the group's long-term financial position.

The group’s key performance indicators are turnover and profit margins. For the year ended 31 December 2024, group turnover was £44,054,494 (2023: £66,159,987), a reduction of £22.1 million primarily due to the absence of new refurbishment projects within Infinity Construction Enterprise Ltd. Operating profit margin also declined to 0.9% (2023: 2.1%) as a result of higher input costs for new revenue streams introduced in Yorkshire Prosperity Limited, which incurred greater costs than prior-year streams, along with a significant increase in central overheads, particularly staff costs, reflecting the group’s expansion throughout 2024.

In future periods, the property refurbishment sector of the business will continue to operate entirely through its subsidiaries. Century Construction Limited and Infinity Construction Enterprise Limited, the founding entities, have laid strong foundations for the current structure. Building on this, newly incorporated Sagrada Construction Limited will handle all projects valued over £50,000, while Aldo Construction Limited will manage projects up to £50,000. The other sectors of the business will focus on residential property management.

The report was approved by the board and signed on its behalf.

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

The principal activity of the group is to provide consultancy, advisory services, finder and insurance arrangement fees in relation to residential properties management as well as property refurbishment.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £8,627,021 (2023: £591,849). The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

The group's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the group's contractual and other legal obligations.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Throughout the 2024 financial year, the operating environment became increasingly challenging due to macroeconomic pressures. Persistent inflation, elevated interest rates, and continued disruption across global supply chains contributed to cost volatility and delays in project delivery. The constrained availability and rising cost of key construction materials placed pressure on sourcing budgets and reduced visibility over final project costs.

Challenges also persisted within the tenant base, particularly in the student accommodation segment, where rising living expenses and fixed incomes led to more frequent payment delays and the need for increased operational oversight. These external factors prompted ongoing monitoring of liquidity, implementation of cost optimisation strategies, and reinforcement of internal financial controls.

The company made a profit after tax for the year of £5,203,917 (2023: £2,489,244) and has net assets of £490,968 (2023: £3,514,072). The directors have assessed the company’s ability to continue as a going concern for the foreseeable future. At a group level, the profit after tax for the year was £679,217 (2023: £3,950,885) and the group reported net liabilities of £1,096,987 (2023: net assets of £6,850,817). The movement from net assets to net liabilities is primarily explained by the dividend of £8,627,021 paid to shareholders which reduced reserves accordingly.

While the group reported net liabilities, it had cash balances of £7,625,169 as at the year end. The group also benefits from a committed £50,000,000 revolving facility with MAAN Investments Limited, owned and controlled by Al-Najafi family.

The auditor, BDO LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the Group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Group is aware of that information.

The directors are responsible for preparing 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) 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 or 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

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 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.

We have audited the financial statements of YPP Holdings Limited (“the Parent Company”) and its subsidiaries (“the Group”) for the year ended 31 December 2024 which comprise Group statement of comprehensive income, Group statement of financial position, Company statement of financial position, Group statement of changes in equity, Company statement of changes in equity, Group statement of cash flows 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).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and the 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.

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 or 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 included in the annual report and financial statements, other than the financial statements and our auditor’s report 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.

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 course of 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.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Group Strategic report and the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Group Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and 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 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 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.

As explained more fully in the Responsibilities of Directors, 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’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.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

• Our understanding of the Group and the industry in which it operates;

• Discussion with management and those charged with governance; and

• Obtaining and understanding of the Group’s policies and procedures regarding compliance with laws and regulations.

We considered the significant laws and regulations to be the applicable accounting framework and UK tax legislation.

Auditor’s responsibilities for the audit of the financial statements (continued)

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation and the data protection act.

Our procedures in respect of the above included:

• Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;

• Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations;

• Review of financial statement disclosures and agreeing to supporting documentation; and

• Involvement of tax specialists in the audit.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

• Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

• Obtaining an understanding of the Group’s policies and procedures relating to:

  • Detecting and responding to the risks of fraud; and

  • Internal controls established to mitigate risks related to fraud.

• Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;

• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and

• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and turnover.

Our procedures in respect of the above included:

• Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;

• Assessing significant estimates made by management for bias; and

• procedures to test turnover including agreement of turnover recognised to supporting documentation, including testing percentage of completion for construction projects and percentage on management fee income in the year.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 Parent 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 Parent Company’s members those matters 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 Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 16 to 32 form part of these financial statements.

The notes on pages 16 to 32 form part of these financial statements.

The notes on pages 16 to 32 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,203,917 (2023: £2,489,244).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 16 to 32 form part of these financial statements.

The notes on pages 16 to 32 form part of these financial statements.

The notes on pages 16 to 32 form part of these financial statements.

YPP Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6 Blenheim Terrace, Leeds, LS2 9HZ.

The group consists of YPP Holdings Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of YPP Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All financial statements are made up to 31 December 2024.

The company made a profit after tax for the year of £5,203,917 (2023: £2,489,244) and has net assets of £490,968 (2023: £3,514,072). The directors have assessed the company’s ability to continue as a going concern for the foreseeable future. At a group level, the profit after tax for the year was £679,217 (2023: £3,950,885) and the group reported net liabilities of £1,096,987 (2023: net assets of £6,850,817). The movement from net assets to net liabilities is primarily explained by the dividend of £8,627,021 paid to shareholders which reduced reserves accordingly.

While the group reported net liabilities, it had cash balances of £7,625,169 as at the year end. The group also benefits from a committed £50,000,000 revolving facility with MAAN Investments Limited, owned and controlled by Al-Najafi family.

The directors have undertaken a formal going concern assessment covering a period of at least 12 months from the date of approval of these financial statements. This assessment considered the company’s forecasts, principal risks and sensitivities, the level of available financial resources, and the wider group funding arrangements. Based on this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due, and accordingly the financial statements have been prepared on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

YPP Lettings & Management

Turnover is the recognition of rental income on a lease and sub-lease agreement with landlords.

Yorkshire Prosperity

Revenue from consultancy and offshore advisory work are fees in relation to compliance and tax advisory services and stated after other sales taxes and net of VAT.

Revenue from insurance arrangement, finder and planning fees are fees on identified projects and stated after trade discounts, other sales taxes and net of VAT.

Aldo Construction/Century Construction/Infinity Construction Enterprise

Revenue from construction and refurbishment projects is recognised by reference to the stage of completion when the stage of completion, costs incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and its receipt is considered probable.

When it is probable that the total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Interest income on short-term liquid investments is recognised in the profit or loss in the period in which the income is received.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The 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 net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The group's directors have decided the client money received during the year should not be included on to the balance sheet where the group and its subsidiaries do not have the ability to exchange the cash for goods or services, and do not have full control over the cash to use for their own purposes without restriction.

In preparing these financial statements, the Directors have had to make following judgements:

• Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease basis.

• Determine whether construction contracts shall be recognised by reference to the stage of completion of the contract activity at the end of the reporting period. Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings.

Client monies held in YPP Lettings & Management Company Limited has been included in the balance sheet, as it arises from a lease and sub-lease agreement with landlords and as a result that group has control over those client monies. See note 16 for breakdown of cash.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

Investment income includes the following:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Amounts owed by Group undertakings are unsecured, repayable on demand and interest free.

Included within 'Other debtors' are amounts owed by a related party. This balance has been referred to in note 23.

Amounts owed to Group undertakings are unsecured, repayable on demand and interest free.

Included within 'Other creditors' are amounts owed due to a related party. This balance has been referred to in note 23.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

YPP Holdings Limited, MAAN Investments Limited and MAAN Enterprises Limited are owned and controlled by the Al-Najafi family.

A loan agreement was signed on 16 July 2020 between MAAN Investments Limited and the Group for a revolving finance facility of £50,000,000 ending at 31st December 2035. This agreement covered all previous loans outstanding.

As at 31 December 2024, a balance of £6,900,310 (2023: £6,695,413) was due from MAAN Investments Limited. The Group had no sales (2023: £88) to MAAN Enterprises Limited. At the same date, no amounts were outstanding at the year-end (2023: £88). These balances are included in other debtors in note 15. During the year, the Group also paid £1,642,143 (2023: £4,616,931) to MAAN Enterprises Limited in introducer fees as per the agreement. A balance of £332,458 remained outstanding to MAAN Enterprises Limited at the year-end (2023: £25,000). This balance is included in other creditors in note 17.

Other transactions between the Group and its related parties are disclosed below. Related parties are those entities entities which are controlled or jointly controlled by MAAN including those entities where the Al- Najafi family have significant influence.

During the year the group entered into the following transactions with related parties:

Group entities had the following balances, outstanding at year end with related parties who are not members of the Group:

All sales and other transactions were conducted on normal trading terms to the related parties.

Key management personnel are considered to be the directors. The total compensation paid to key management personnel for services provided to the group are disclosed in note 7.