ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 02005488

GRANGE MANAGEMENT (HOLDINGS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

GRANGE MANAGEMENT (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	C F Chambers
	V J Barton (Non-Executive)
	M Thorneycroft
	S R Barton (appointed 5 November 2024)


Registered number	02005488


Registered office	4 Grange Court
	The Limes
	Ingatestone
	Essex
	CM4 0GB


Independent auditor	MHA
	Building 4
	Foundation Park
	Roxborough Way
	Maidenhead
	Berkshire
	SL6 3UD

GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12 - 13
Consolidated Statement of Changes in Equity	14
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16 - 17
Consolidated Analysis of Net Debt	18
Notes to the Financial Statements	19 - 42

GRANGE MANAGEMENT (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Group's principal activity during the year was that of commercial property development and management. The properties are let to major distribution, franchise holding and retailing companies. Following the acquisition of Eastern Sporting Limited on 2 March 2021 the Group also retails country sporting goods and clothing. The Grange Retreat continued to provide kennels and cattery services until November 2024 when the business ceased trading.

Business review

Turnover of the property development and management business grew 2.7% to £2,473,742 from £2,408,717 in 2023. Revenue at the Grange Retreat decreased from £241,468 in 2023 to £228,986 in 2024. Eastern Sporting contributed £1,580,678 of revenue in 2024 (£1,489,242 – 2023).
The Group's property portfolio continues to be fully let and Grange Management (Holdings) Limited has maintained good working relationships with its existing customers and tenants. Several investment properties were professionally revalued as at 31 December 2024. As a result, a fair value adjustment of £1,090,000 was made in the profit and loss account. Eastern Sporting Limited, a country sporting and clothing retailer, was acquired on 2nd March 2021. During 2024, Eastern Sporting moved premises to expand their business. The cost of the move and the fit out of the new premises has been recognised in the profit and loss. In addition, new furniture and fixtures for the shop has been recognised in the groups balance sheet.
The Directors continue to be satisfied with the performance of the Group.

Principal risks and uncertainties

Financial risk management objectives and policies

The Group uses various financial instruments including loans from Directors, and other items, such as trade creditors, that arise directly from its operations.
The main risks arising from the Group's financial instruments are market risk, interest rate risk, liquidity risk and credit risk. The Directors review and agree policies for managing each of these risks and they are summarised below:

Market risk

Market risk encompasses three types or risk, being currency risk, interest rate risk and price risk. The Group's policies for managing interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection "Interest rate risk". The Directors do not consider currency risk or price risk to be relevant to the Group.

Interest rate risk

The Group finances its operations through a mixture of retained profits, cash and trade creditors. The Directors are of the opinion that associated interest rate risks are monitored, minimal and mitigated accordingly.

Liquidity risk

The Group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash safely and profitably. The Directors are of the opinion that there is no material liquidity risk.

Page 1

GRANGE MANAGEMENT (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Credit risk

The Group's financial assets are cash and debtors. The credit risks associated with cash and debtors are considered to be minimal.

Key performance indicators

The Directors use the following key performance indicators to measure the performance of the Group:
2024 2023
Return on investment 1.68% 1.79%
Return on assets 0.6% 1.21%
Current ratio 9.19 8.77
The above key performance indicators are stated before accounting for investment property revaluations as they feel that these give a clearer indication of the results of the underlying business.

Non-financial key performance indicators

The Group also measures performance using other indicators, such as customer satisfaction, employee satisfaction and engagement

Directors' statement of compliance with duty to promote the success of the Group

During the year, the Directors have complied with their duty to act in a way most likely to promote the success of the Group, as per section 172(1) of the Companies Act 2006. In doing so they have had regard to:
• The likely consequences of any decision in the long term,
• The interests of the Group’s employees,
• The need to foster the Group’s business relationships with suppliers, customers and others,
• The impact of the Group’s operations on the community and environment,
• The desirability of the Group maintaining a reputation for high standards of business conduct, and
• The need to act fairly as between members of the Group.

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

................................................

M Thorneycroft

Director

Date: 30 September 2025

Page 2

GRANGE MANAGEMENT (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements 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;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,406,655 (2023 - loss £153,281).

The Directors recommended and paid a dividend of £100,000 (2023 - £100,000) during the year.

Directors

The directors who served during the year were:

C F Chambers

V J Barton (Non-Executive)

M Thorneycroft

S R Barton (appointed 5 November 2024)

Future developments

The Directors plan to continue to assess the needs of the Group and opportunities available. During 2025, the Directors plan to further pursue the development of a country sporting venue at the Bennetts Farm location and the development and expansion of Eastern Sporting.

Page 3

GRANGE MANAGEMENT (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with suppliers, customers and employees

The Directors have had regard to the need to foster the Group’s business relationships with suppliers, customers and employees. This regard is considered during the decision making process for the Group and has included; engaging with staff to ensure employee satisfaction and wellbeing, and liasing with suppliers to ensure a continued healthy business relationship.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

................................................

M Thorneycroft

Director

Date: 30 September 2025

Page 4

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Grange Management (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company'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.

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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 5

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED (CONTINUED)

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. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the 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.

Matters on which we are required to report by exception

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

Page 6

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.

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 Group financial statements.

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:

∙Enquiry of management around actual and potential litigation claims;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation of the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙Reviewing minutes of meeting of those charged with governance; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of 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. 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 Auditor's Report.

Page 7

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED (CONTINUED)

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 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.

Justin Moss MA FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Maidenhead
United Kingdom

30 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 8

GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	4,283,406	4,139,427
Cost of sales		(1,271,753)	(1,148,109)
Gross profit		3,011,653	2,991,318
Distribution costs		(787)	-
Administrative expenses		(2,270,154)	(2,321,184)
Other operating income	5	133,792	20,192
Fair value movements		1,090,000	(940,000)
Operating profit/(loss)	6	1,964,504	(249,674)
Profit on disposal of investments		31,874	1,388
Interest receivable and similar income	10	238,641	131,106
Interest payable and similar expenses	11	-	(3,020)
Profit/(loss) before taxation		2,235,019	(120,200)
Tax on profit/(loss)	12	(828,364)	(33,081)
Profit/(loss) for the financial year		1,406,655	(153,281)


Total comprehensive income for the year		1,406,655	(153,281)

Profit/(loss) for the year attributable to:
Owners of the parent Company	1,406,655	(153,281)
	1,406,655	(153,281)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 42 form part of these financial statements.

Page 9

GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		281,367		328,262
Tangible assets	15		2,087,902		2,026,946
Investments	16		2		2
Investment property	17		40,430,000		39,340,000
			42,799,271		41,695,210
Current assets
Stocks	18	1,459,063		1,234,253
Debtors: amounts falling due within one year	19	346,054		300,361
Cash at bank and in hand	20	8,466,459		7,974,369
		10,271,576		9,508,983
Creditors: amounts falling due within one year	21	(1,117,246)		(1,084,032)
Net current assets			9,154,330		8,424,951
Total assets less current liabilities			51,953,601		50,120,161
Provisions for liabilities
Deferred taxation	23	(4,929,349)		(4,398,000)
Other provisions	24	(34,782)		(39,346)
			(4,964,131)		(4,437,346)
Net assets			46,989,470		45,682,815

Capital and reserves
Called up share capital	25	8,000	8,000
Non-distributable profit and loss account	26	15,755,926	14,938,426
Profit and loss account	26	31,225,544	30,736,389
Equity attributable to owners of the parent Company		46,989,470	45,682,815

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M Thorneycroft

Director

Date: 30 September 2025

The notes on pages 19 to 42 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	15		1,971,177		2,004,498
Investments	16		761,955		761,955
Investment Property	17		3,920,000		3,870,000
			6,653,132		6,636,453
Current assets
Stocks	18	-		1,056
Debtors: amounts falling due after more than one year	19	2,559,768		2,895,047
Debtors: amounts falling due within one year	19	1,810,963		1,407,312
Cash at bank and in hand	20	8,135,454		7,445,929
		12,506,185		11,749,344
Creditors: amounts falling due within one year	21	(1,726,324)		(1,006,402)
Net current assets			10,779,861		10,742,942
Total assets less current liabilities			17,432,993		17,379,395

Provisions for liabilities
Deferred taxation	23	(281,579)		(170,000)
			(281,579)		(170,000)
Net assets			17,151,414		17,209,395

Capital and reserves
Called up share capital	25	8,000	8,000
Non-distributable profit and loss account	26	1,389,081	1,351,581
Profit and loss account carried forward		15,754,333	15,849,814
		17,151,414	17,209,395

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M Thorneycroft

Director

Date: 30 September 2025

The notes on pages 19 to 42 form part of these financial statements.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit before tax of the parent Company for the year was £167,814 (2023 - loss, £238,443).

Page 13

GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Non-distributable profit and loss account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	8,000	15,594,206	30,333,890	45,936,096
Comprehensive income for the year
Loss for the year	-	-	(153,281)	(153,281)
Revaluation of investment properties	-	(655,780)	655,780	-
Dividends: Equity capital	-	-	(100,000)	(100,000)

At 1 January 2024	8,000	14,938,426	30,736,389	45,682,815
Comprehensive income for the year
Profit for the year	-	-	1,406,655	1,406,655
Revaluation of investment properties	-	817,500	(817,500)	-
Dividends: Equity capital	-	-	(100,000)	(100,000)
At 31 December 2024	8,000	15,755,926	31,225,544	46,989,470

The notes on pages 19 to 42 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Non-distributable profit and loss account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	8,000	1,040,341	16,499,497	17,547,838
Comprehensive income for the year
Loss for the year	-	-	(238,443)	(238,443)
Revaluation of investment properties	-	311,240	(311,240)	-
Dividends: Equity capital	-	-	(100,000)	(100,000)

At 1 January 2024	8,000	1,351,581	15,849,814	17,209,395
Comprehensive income for the year
Profit for the year	-	-	42,019	42,019
Revaluation of investment properties	-	37,500	(37,500)	-
Dividends: Equity capital	-	-	(100,000)	(100,000)
At 31 December 2024	8,000	1,389,081	15,754,333	17,151,414

The notes on pages 19 to 42 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	1,406,655	(153,281)
Adjustments for:
Amortisation of intangible assets	46,895	46,895
Depreciation of tangible assets	53,242	48,919
Loss on disposal of tangible assets	3,178	-
Interest paid	-	3,020
Interest received	(238,641)	(131,106)
Taxation charge	828,364	33,081
(Increase) in stocks	(224,810)	(205,814)
(Increase) in debtors	(43,779)	(81,364)
Increase in creditors	64,061	73,444
(Decrease)/increase in provisions	(4,564)	34,876
Net fair value (gains)/losses recognised in P&L	(1,090,000)	940,000
Corporation tax (paid)	(329,776)	(231,130)
Net cash generated from operating activities	470,825	377,540

Cash flows from investing activities
Purchase of tangible fixed assets	(118,490)	(10,950)
Sale of tangible fixed assets	1,114	-
Interest received	238,641	131,106
Net cash from investing activities	121,265	120,156

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Dividends paid	(100,000)	(100,000)
Interest paid	-	(3,020)
Net cash used in financing activities	(100,000)	(103,020)
Net increase in cash and cash equivalents	492,090	394,676
Cash and cash equivalents at beginning of year	7,974,369	7,579,693
Cash and cash equivalents at the end of year	8,466,459	7,974,369

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	8,466,459	7,974,369
	8,466,459	7,974,369

The notes on pages 19 to 42 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	7,974,369	492,090	8,466,459
Debt due within 1 year	(14,116)	-	(14,116)
	7,960,253	492,090	8,452,343

The notes on pages 19 to 42 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Grange Management (Holdings) Limited is a private Company limited by shares, incorporated in England and Wales. The Company's registered number is 02005488. The registered office and principal place of business is at 4 Grange Court, The Limes, Ingatestone, Essex, CM4 0GB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in Pound Sterling which is the functional currency of the Group and amounts are rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The Directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Group has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Group's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The Group derives the majority of its revenue from charging rental income on the investment properties held. The level of rental income is determined by the lease agreement held with each tenant, and is charged on either a monthly or quarterly basis. This revenue is recognised on an accruals basis.

2.5

Operating leases: the Group as lessor

Assets leased to customers on operating leases are treated as fixed assets in the Consolidated Balance Sheet and the income is recognised on an arising basis in accordance with the terms of the lease agreement.

Page 20

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2023 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	10 - 25%
Motor vehicles	-	25%
Fixtures and fittings	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Investment property

Investment property is carried at fair value determined annually by the Group 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. Changes in fair values are recognised in Profit or Loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 23

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

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, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

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.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 24

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 25

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out below:
3.1 Investment properties.

If professional valuations are undertaken the properties are valued at fair value. When no professional valuations are undertaken, investment properties are valued by the Directors using a yield methodology on market rental values capitalised at a market capitalisation rate. There is an inevitable degree of judgement nvolved in that each property is unique and a value can only ultimately be reliably tested in the market tself.

Rent receivable	2,473,742	2,408,717
Miscellaneous income	19,043	14,959
Kennel services	228,986	241,468
Sale of goods	1,561,635	1,474,283
	4,283,406	4,139,427

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Other operating income	135,534	20,192
Loss on disposal of tangible assets	(1,742)	-
	133,792	20,192

Page 26

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amortisation of intangible fixed assets	46,895	46,895
Exchange differences	53,274	48,919
Other operating lease rentals	112,047	65,445

Fees payable to the Company's auditors and its associates for the audit of the consolidated and parent Company's financial statements	38,000	36,750
Fees payable to the Company's auditors and its associates in respect of:
Audit-related assurance services	5,000	4,300
All non-audit services not included above	5,000	4,500

Page 27

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	1,060,322	1,076,555	892,369	886,799
Social security costs	129,043	125,631	110,245	108,712
Cost of defined contribution scheme	33,366	34,261	24,604	24,929
	1,222,731	1,236,447	1,027,218	1,020,440

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Administrative staff	29	36	21	28
Management staff	4	3	3	3

	33	39	24	31

9.	Directors' remuneration
		2024	2023
		£	£

	Directors' emoluments	531,445	736,050

	The highest paid director received remuneration of £305,364 (2023 - £329,498).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,524 (2023 - £3,524).

10.	Interest receivable
		2024	2023
		£	£

Other interest receivable

238,641

131,106

Page 28

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Interest payable and similar expenses
		2024	2023
		£	£

Other interest payable

3,020

Corporation tax
Current tax on profits for the year	278,010	268,147
Adjustments in respect of previous periods	18,941	(11,066)
	296,951	257,081

Total current tax	296,951	257,081

Deferred tax
Origination and reversal of timing differences	295,888	(224,000)
Adjustments in respect of previous periods	235,525	-
Total deferred tax	531,413	(224,000)


		828,364	33,081

Page 29

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit/(loss) on ordinary activities before tax

170,304

(120,200)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	42,576	(28,271)
Effects of:
Expenses not deductible for tax purposes	258,822	61,352
Adjustments to tax charge in respect of prior periods - CT	18,941	-
Adjustments to tax charge in respect of prior periods - DT	508,025	-
Total tax charge for the year	828,364	33,081

13.	Dividends
		2024	2023
		£	£

Dividends paid on equity capital

100,000

Page 30

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 January 2024	468,947
	At 31 December 2024	468,947
	Amortisation
	At 1 January 2024	140,685
	Charge for the year	46,895
	At 31 December 2024	187,580
	Net book value
	At 31 December 2024	281,367
	At 31 December 2023	328,262

The Company had no intangible fixed assets in both the current and previous reporting periods.

Page 31

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	1,863,713	447,274	110,006	74,855	2,495,848
Additions	-	4,408	-	114,082	118,490
Disposals	-	(11,396)	-	(5,977)	(17,373)
At 31 December 2024	1,863,713	440,286	110,006	182,960	2,596,965
Depreciation
At 1 January 2024	-	343,333	72,470	53,099	468,902
Charge for the year	-	26,376	9,384	17,482	53,242
Disposals	-	(9,255)	-	(3,826)	(13,081)
At 31 December 2024	-	360,454	81,854	66,755	509,063
Net book value
At 31 December 2024	1,863,713	79,832	28,152	116,205	2,087,902
At 31 December 2023	1,863,713	103,941	37,536	21,756	2,026,946

Page 32

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	1,863,713	445,096	110,006	2,418,815
Additions	-	4,408	-	4,408
Disposals	-	(11,396)	-	(11,396)
At 31 December 2024	1,863,713	438,108	110,006	2,411,827
Depreciation
At 1 January 2024	-	341,847	72,470	414,317
Charge for the year	-	26,204	9,384	35,588
Disposals	-	(9,255)	-	(9,255)
At 31 December 2024	-	358,796	81,854	440,650
Net book value
At 31 December 2024	1,863,713	79,312	28,152	1,971,177
At 31 December 2023	1,863,713	103,249	37,536	2,004,498

Page 33

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Fixed asset investments
	Group

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2024	2
	At 31 December 2024	2

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	761,955
	At 31 December 2024	761,955

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Grangebrook Estates Limited	Ordinary	100%
Grangewood Brentwood Limited	Ordinary	100%
Eastern Sporting Limited	Ordinary	100%
The Grange Group Limited	Ordinary	100%

The registered office for all above subsidiaries is 4 Grange Court, The Limes, Ingatestone, Essex, CM4 0GB.

Page 34

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Grangebrook Estates Limited	17,481,568	943,949
Grangewood Brentwood Limited	11,964,188	637,139
Eastern Sporting Limited	102,791	(169,557)
The Grange Group Limited	100	100

Page 35

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 January 2024	39,340,000
	Surplus on revaluation	1,090,000
	At 31 December 2024	40,430,000

The 2024 valuations were made by Savills, Kemsley, Avison Young and Knight Frank, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	£	£

Historic cost

20,518,798

	Company

		Freehold investment property
		£
	Valuation
	At 1 January 2024	3,870,000
	Surplus on revaluation	50,000
	At 31 December 2024	3,920,000

The 2024 valuations were made by Savills, Kemsley, Avison Young and Knight Frank, on an open market value for existing use basis.

Page 36

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Stocks
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Finished goods and goods for resale	1,459,063	1,234,253	-	1,056

19.	Debtors
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£


Amounts owed by group undertakings	-	-	2,559,768	2,895,047

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	79,711	94,598	4,101	22,767
Amounts owed by group undertakings	-	-	1,762,999	1,339,755
Other debtors	70,031	58,925	28,554	25,976
Prepayments and accrued income	194,398	146,838	15,309	18,814
Tax recoverable	1,914	-	-	-
	346,054	300,361	1,810,963	1,407,312

20.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Cash at bank and in hand	8,466,459	7,974,369	8,135,454	7,445,929

Page 37

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	186,474	93,391	9,251	17,760
Amounts owed to group undertakings	-	-	1,481,395	743,975
Corporation tax	233,295	264,142	89,201	97,891
Other taxation and social security	182,660	169,401	68,043	54,710
Other creditors	124,761	167,614	50,120	63,355
Accruals and deferred income	390,056	389,484	28,314	28,711
	1,117,246	1,084,032	1,726,324	1,006,402

22.	Tenant deposits

Where deposits have been received from tenants and placed in designated bank accounts, such amounts are not included in the Consolidated Balance Sheet as assets of the Group or as liabilities to tenants. Amounts held on behalf of tenants at 31 December 2024 totalled £303,750 (2023 - £303,750).

23.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(4,398,000)
	Charged to profit or loss	(531,349)
	At end of year	(4,929,349)

Page 38

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.Deferred taxation (continued)

Company

		2024
		£

	At beginning of year	(170,000)
	Charged to profit or loss	(111,579)
	At end of year	(281,579)

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Accelerated capital allowances	(527,000)	(527,000)	(269,211)	(110,750)
Investment property revaluation	(4,150,500)	(3,878,000)	(12,368)	(59,250)
Other timing differences	(251,849)	7,000	-	-
	(4,929,349)	(4,398,000)	(281,579)	(170,000)

24.	Provisions
	Group

		Other provision
		£

	At 1 January 2024	39,346
	Charged to profit or loss	(4,564)
	At 31 December 2024	34,782

25.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

8,000 (2023 - 8,000) Ordinary shares of £1.00 each	8,000	8,000

Page 39

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

26.

Reserves

Non-distributable profit and loss account

The Non-distributable profit and loss account reflects the accumulated gains on the investment properties held by the Company. This reserve is non-distributable. The revaluations are initially recognised in profit or loss and a subsequent transfer is then made to move these amounts into the Non-distributable profit and loss account along with any deferred tax incurred.

Profit and loss account

The Profit and Loss account represents the accumulation of retained profits, net of dividends, that are in the form of distributable reserves.

27.	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. The pension cost charge represents contributions payable by the Group to the fund and amounted to £33,366 (2023 - £34,261). Contributions of £777 (2023 - £652 payable) were receivable to the fund at the Balance Sheet date.
The Group has a commitment to pay a pension to the widow of a former Director of £9,360 per annum. The related payments are charged to profit or loss for the year in which they are made and no provision has been made for future obligations.

28.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	128,492	42,005
Later than 1 year and not later than 5 years	513,969	168,020
Later than 5 years	2,499,325	2,173,759
	3,141,786	2,383,784

Page 40

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.	Amounts receivable under operating leases (continued)
		Group	Group	Company	Company
		2024	2023	2024	2023
		£		£


Not later than 1 year	2,260,778	2,299,093	165,084	165,084
Later than 1 year and not later than 5 years	5,337,617	6,898,743	536,436	620,336
Later than 5 years	2,779,837	4,049,120	137,507	383,939
	10,378,232	13,246,956	839,027	1,169,359

Page 41

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

29.

Related party transactions

In the year, the Directors made payments to the Group and drew down on their directors current accounts. At the year end, the Group was owed £27,768 (2023 - £25,195) by C F Chambers estate and C F Chambers £9 (2023-£530), the Group owed G C Chambers estate £14,115 (2023 -£14,115) and Mrs V Barton £1 (2023 - £1).
C F Chambers, a Director of the Group in the year, occupied a property owned by the Group free of charge. C F Chambers is assessed for benefit-in-kind charges in respect of this property.

P R Chambers, a relative of some of the directors, occupies a property owned by Grangebrook Estates Limited free of charge.

Freehold properties owned by The Grange Trust, of which C F Chambers and V J Barton are Trustees, are let to Grangewood Brentwood Limited at an annual rent of £42,005 (2023 - £42,005).
During the year, two (2023 - two) direct family members of the Directors were paid remuneration of £66,928 (2023 - £48,293) in respect of employment services and pension contributions. One of these employees, In their role as manager of The Grange Retreat occupies a property owned by the group. They are assessed for benefit-in-kind charges in respect of this property.
An individual employed by GMH and the spouse of a current director was appointed as a director on 5 November 2024 and received remuneration totalling £81,738 in respect of employment services and pension contributions. Purchases of £528 were made on behalf of the company which were reimbursed, and £Nil was outstanding at the year end.
During the year, purchases on behalf of the company of £1,288 (2023 - £1,779) were made by a family member of the Directors, with £Nil outstanding, (2023 - £Nil) at year end.
During the year, a dividend of £100,000 was paid (2023 - £100,000) to the Grange Management Holdings Group Employee benefit Trust. During the year, contributions of £50,000 (2023 - £89,000) were also made to the running costs of the Grange management Holdings Group Employee Benefit Trust.

During the year, purchases from Eastern Sporting were made of £674(2023 - £467) and £268(2023 - £7,040) by M Thorneycroft and CF Chambers respectively, who, in accordance with FRS 102, are considered to be Key Management Personnel, with £NIL (2023 - £NIL) and £Nil (2023 - £NIL) respectively outstanding at year end. Additionally, purchases of £1,210 and £896 were made by C Chambers and M Thorneycroft on behalf of the company which were reimbursed, with £Nil outstanding at the year end.
The Group has taken advantage of the exemption in Section 33.1A under FRS 102 not to disclose transactions with wholly owned members of the Group.
The Group has taken advantage of the exemption in Section 33.7A under FRS 102 not to disclose remuneration of Key Management Personnel, as this information has already been reported in the Directors' remuneration section of these accounts.

30.	Controlling party

As at 31 December 2024 the ultimate parent company was the Grange Management Holdings Group Employee Benefit Trust and ultimate control is held by the Trustees.

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