REGISTERED NUMBER: 11872756 (England and Wales)

Grange Cross Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

P T Simpson

N Butler

J J Swaby

R E Thorpe

M T Hill

REGISTERED OFFICE:

C/O Thompson Commercials Limited

Salvesen Way

Clive Sullivan Way

Hull

East Yorkshire

HU3 4UQ

REGISTERED NUMBER:

11872756 (England and Wales)

INDEPENDENT AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

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

REVIEW OF BUSINESS

This company is an intermediary holding company within the group of companies headed by Newbegin

Corporation Limited.

The principal activity of the company continued to be that of commercial vehicle body building, trailer chassis manufacturing, and repairs. The company has again had a vastly improved year in 2024 on the back of the implementation of the new business system to monitor production KPI's in addition to the existing financial, sales and cash flow reports.

Both performance and the outlook continue to improve with the company trading profitably post year-end. The directors are confident that the company can maintain this going forward based on a long term strategy and continue to monitor the level of future orders, production costs, overheads, assets, investment in equipment and cash resources which they consider to be key performance indicators (KPI's).

PRINCIPAL RISKS AND UNCERTAINTIES

The groups' operations expose it to competitive, legislative and financial risks that include credit risk and liquidity risk. The company has in place a strong risk management programme that aims to eliminate adverse effects of the financial performance of the company.

ON BEHALF OF THE BOARD:

R E Thorpe - Director

26th September 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS

During the year the company paid interim dividends of £274,800 (2023 £274,800). The directors do not recommend payment of a final dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

P T Simpson

N Butler

J J Swaby

R E Thorpe

Other changes in directors holding office are as follows:

M T Hill - appointed 3rd April 2024

GOING CONCERN

The directors, having considered the Group forecasts for a two-year period ending 31 December 2026, have a reasonable expectation that GC has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Thorpe - Director

26th September 2025

Opinion

We have audited the financial statements of Grange Cross Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring 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.

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.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

26th September 2025

TURNOVER

480,000

514,500

Administrative expenses

1,385

1,268

OPERATING PROFIT

478,615

513,232

Interest payable and similar expenses

4

6,284

-

PROFIT BEFORE TAXATION

472,331

513,232

Tax on profit

5

118,083

120,715

PROFIT FOR THE FINANCIAL YEAR

354,248

392,517

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

354,248

392,517

FIXED ASSETS

Investments

7

2,419,014

2,419,014

CURRENT ASSETS

Debtors

8

972,320

972,320

Cash at bank

16,669

13,569

988,989

985,889

CREDITORS

Amounts falling due within one year

9

3,105,448

3,181,796

NET CURRENT LIABILITIES

(2,116,459

)

(2,195,907

)

TOTAL ASSETS LESS CURRENT LIABILITIES

302,555

223,107

CAPITAL AND RESERVES

Called up share capital

10

100,000

100,000

Retained earnings

11

202,555

123,107

SHAREHOLDERS' FUNDS

302,555

223,107

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

R E Thorpe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100,000

5,390

105,390

Changes in equity

Dividends

-

(274,800

)

(274,800

)

Total comprehensive income

-

392,517

392,517

Balance at 31st December 2023

100,000

123,107

223,107

Changes in equity

Dividends

-

(274,800

)

(274,800

)

Total comprehensive income

-

354,248

354,248

Balance at 31st December 2024

100,000

202,555

302,555

1.	STATUTORY INFORMATION

Grange Cross Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared in accordance with applicable accounting standards

including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st December 2024 nor for the year ended 31st December 2023.

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

2024

2023

Directors

5

4

2024

2023

£

£

Directors' remuneration

-

-

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

6,284

-

5.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

118,083

120,715

Tax on profit

118,083

120,715

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2024

2023

£

£

Profit before tax

472,331

513,232

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

118,083

128,308

Effects of:

Change in rate of corporation tax

-

(7,593

)

Total tax charge

118,083

120,715

6.

DIVIDENDS

2024

2023

£

£

A ordinary shares of £1 each

Interim

180,000

180,000

B ordinary shares of £1 each

Interim

94,800

94,800

274,800

274,800

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1st January 2024

and 31st December 2024

2,419,014

NET BOOK VALUE

At 31st December 2024

2,419,014

At 31st December 2023

2,419,014

The company's investments at the Balance Sheet date in the share capital of companies include the following:

New Month Limited

Registered office: C/O Thompson Commercials Limited, Salvesen Way, Clive Sullivan Way, Hull, East Yorkshire, United Kingdom, HU3 4UQ

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

Weightlifter Bodies Limited

Registered office: C/O Thompson Commercials Limited, Salvesen Way, Clive Sullivan Way, Hull, East Yorkshire, United Kingdom, HU3 4UQ

Nature of business: Manufacture of bespoke vehicle bodies

%

Class of shares:

holding

Ordinary

100.00

P.P.G. Fabrications Limited

Registered office: C/O Thompson Commercials Limited, Salvesen Way, Clive Sullivan Way, Hull, East Yorkshire, United Kingdom, HU3 4UQ

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

972,320

972,320

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

2,981,750

3,061,750

Tax

123,698

120,046

3,105,448

3,181,796

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

65,000

A ordinary

£1

65,000

75,000

25,000

B ordinary

£1

25,000

25,000

10,000

C Ordinary

£1

10,000

-

100,000

100,000

11.

RESERVES

Retained

earnings

£

At 1st January 2024

123,107

Profit for the year

354,248

Dividends

(274,800

)

At 31st December 2024

202,555

Retained earnings

The retained earnings represents cumulative profits and losses net of dividends and other adjustments.

12.	ULTIMATE PARENT COMPANY

The company's parent company is Newbegin Holdings Limited. the registered office of this company is C/O Thompson Commercials Limited, Salvesen Way, Clive Sullivan Way, Hull, East Yorkshire, United Kingdom, HU3 4UQ

The company's ultimate parent company is Newbegin Corporation Limited. The registered office of this company is C/O Thompson Commercials Limited, Salvesen Way, Clive Sullivan Way, Hull, East Yorkshire, United Kingdom, HU3 4UQ

The largest and smallest group in which the results of the company to 31 December 2024 are consolidated is that headed by Newbegin Corporation Limited. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

13.	CONTINGENT LIABILITIES

There is a cross guarantee with other group company's in respect of bank and other borrowings. At 31st December 2024 the potential net liability of the company under the arrangement is £3,702,027 (2023 £4,880,220).

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity

The balance due to the related party at the 31st December 2024 was £2,036,333 (2023 £2,216,333).

15.	ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.