ACCOUNTS - Final Accounts

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

Registered number: 03892896

GRANGEWOOD BRENTWOOD LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

GRANGEWOOD BRENTWOOD LIMITED

COMPANY INFORMATION

Directors	V J Barton (Non-Executive)
	C F Chambers
	M Thorneycroft


Registered number	03892896


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


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

GRANGEWOOD BRENTWOOD LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 - 22

GRANGEWOOD BRENTWOOD LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Company'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.

Business review

Turnover for the Company has remained consistent at £1,078,259 (2023 - £1,011,899) for the year and the Company’s property portfolio is fully let. The profit for the year after taxation amounts to £637,139 after a fair value adjustment of £80,000 (2023 - £363,558).
The Company has continued to maintain good working relationships with its existing customers and tenants, whilst also exploring and developing new business opportunities throughout the course of the financial year. Several investment properties were professionally revalued as at 31 December 2024.
The Directors continue to be satisfied with the performance of the Company.

Principal risks and uncertainties

Financial risk management objectives and policies
The Company uses various financial instruments including loans from Directors and individuals, and other items, such as trade creditors, that arise directly from its operations.
The main risks arising from the Company'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 of risk, being currency risk, interest rate risk and price risk. The Company'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 Company.
Interest rate risk
The Company 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 Company 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.
Credit risk
The Company's financial assets are cash and debtors. The credit risk associated with cash and debtors are considered to be minimal.

Page 1

GRANGEWOOD BRENTWOOD LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The Directors use the following key performance indicators to measure the performance of the Company:

2024

2023

Return on Investment	5.91%	4.82%
Return on Assets	4.76%	3.69%
Current Ratio	4.83	2.48

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.

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

During the year, the Directors have complied with their duty to act in a way most likely to promote the success of the Company, 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 Company’s employees,
• The need to foster the Company’s business relationships with suppliers, customers and others,
• The impact of the Company’s operations on the community and environment,
• The desirability of the Company maintaining a reputation for high standards of business conduct, and
• The need to act fairly as between members of the Company.

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

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

M Thorneycroft

Director

Date: 30 September 2025

Page 2

GRANGEWOOD BRENTWOOD 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 for the Company'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 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 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 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 £637,139 (2023 - £363,558).

The Directors have proposed and paid a dividend of £NIL (2023 - £NIL).

Directors

The directors who served during the year were:

V J Barton (Non-Executive)

C F Chambers

M Thorneycroft

Future developments

The Directors plan to continue to assess the needs of the Company and opportunities available as well as regularly reviewing the property portfolio to ensure return on investment is maximised.

Page 3

GRANGEWOOD BRENTWOOD LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with suppliers, customers and others

The Directors have had regard to the need to foster the Company’s business relationships with suppliers, customers and employees. This regard is considered during the decision making process for the Company 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'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's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
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

GRANGEWOOD BRENTWOOD LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGEWOOD BRENTWOOD LIMITED

Opinion

We have audited the financial statements of Grangewood Brentwood Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 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 Auditor's 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 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 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

GRANGEWOOD BRENTWOOD LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGEWOOD BRENTWOOD 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

∙adequate accounting records have not been kept, 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 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 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.

Page 6

GRANGEWOOD BRENTWOOD LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGEWOOD BRENTWOOD LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

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

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 and 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

GRANGEWOOD BRENTWOOD LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGEWOOD BRENTWOOD 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

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

GRANGEWOOD BRENTWOOD LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	1,078,259	1,011,899
Gross profit		1,078,259	1,011,899
Administrative expenses		(405,388)	(465,163)
Fair value movements		80,000	(75,000)
Operating profit	5	752,871	471,736
Interest receivable and similar income	8	43,502	-
Interest payable and similar expenses	9	-	2,163
Profit before tax		796,373	473,899
Tax on profit	10	(159,234)	(110,341)
Profit for the financial year		637,139	363,558

There was no other comprehensive income for 2024 (2023:£NIL).

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

Page 9

GRANGEWOOD BRENTWOOD LIMITED

REGISTERED NUMBER: 03892896

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investment property	11		12,550,000		12,470,000
			12,550,000		12,470,000
Current assets
Debtors	12	1,600,741		818,501
Cash at bank and in hand	13	34,931		355,836
		1,635,672		1,174,337
Creditors: amounts falling due within one year	14	(338,892)		(474,288)
Net current assets			1,296,780		700,049
Total assets less current liabilities			13,846,780		13,170,049
Provisions for liabilities
Deferred tax	15	(1,822,592)		(1,783,000)
			(1,822,592)		(1,783,000)
Net assets			12,024,188		11,387,049

Capital and reserves
Called up share capital	16	1,000,000	1,000,000
Non-distributable profit and loss account	17	5,894,459	5,834,459
Profit and loss account	17	5,129,729	4,552,590
		12,024,188	11,387,049

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 12 to 22 form part of these financial statements.

Page 10

GRANGEWOOD BRENTWOOD LIMITED

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	1,000,000	6,140,709	3,882,782	11,023,491
Comprehensive income for the year
Profit for the year	-	-	363,558	363,558
Revaluation of investment properties	-	(306,250)	306,250	-

At 1 January 2024	1,000,000	5,834,459	4,552,590	11,387,049
Comprehensive income for the year
Profit for the year	-	-	637,139	637,139
Revaluation of investment properties	-	60,000	(60,000)	-
At 31 December 2024	1,000,000	5,894,459	5,129,729	12,024,188

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

Page 11

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Grangewood Brentwood Limited is a private Company limited by shares, incorporated in England and Wales. The Company registered number is 03892896. The registered office and principal place of business is 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in pound sterling which is the functional currency of the Company and amounts are rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Grange Management (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

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 Company 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 Company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

GRANGEWOOD BRENTWOOD 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 Company 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:

2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

2.6

Operating leases: the Company as lessee

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

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

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 operates and generates 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; and

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

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.

Page 13

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Investment property

Investment property is carried at fair value determined annually by external valuers 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 value are recognised in profit or loss.

2.11

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.

2.12

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.

2.13

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.

2.14

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.

Page 14

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Financial instruments

The Company 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 Company's Balance Sheet when the Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

Page 15

GRANGEWOOD BRENTWOOD 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 Company 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 involved in that each property is unique and a value can only ultimately be reliably tested in the market itself.

	Rent receivable	1,078,259	1,011,899

All turnover arose within the United Kingdom.

Other operating lease rentals

42,005

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements

6,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Employees
	During both the current and previous reporting periods the Company incurred no staff costs.

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

	2024	2023
	No.	No.

Directors	3	3

8.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	43,502	-
		43,502	-

9.	Interest payable and similar expenses
		2024	2023
		£	£

Interest on loans from group undertakings

(2,163)

Page 17

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	120,593	129,341
Adjustments in respect of previous periods	(950)	-
	119,643	129,341

Total current tax	119,643	129,341

Deferred tax
Origination and reversal of timing differences	20,655	(19,000)
Adjustments in respect of previous periods	18,936	-
Total deferred tax	39,591	(19,000)


		159,234	110,341

Profit on ordinary activities before tax

796,373

473,899

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	199,093	111,461
Effects of:
Adjustments to tax charge in respect of prior periods - CT	(950)	(1,120)
Adjustments to tax charge in respect of prior periods - DT	18,937	-
Group relief	(57,846)	-
Total tax charge for the year	159,234	110,341

Page 18

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 January 2024	12,470,000
	Surplus on revaluation	80,000
	At 31 December 2024	12,550,000

The 2024 valuations were made by 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

4,992,291

12.

Debtors

					2024	2023
					£	£



Trade debtors	70,470	24,274
Amounts owed by group undertakings	1,481,295	743,875
Prepayments and accrued income	48,976	50,352
	1,600,741	818,501

13.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	34,931	355,836

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GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	83	76
Corporation tax	59,752	133,382
Other taxation and social security	48,768	50,870
Other creditors	-	70,470
Accruals and deferred income	230,289	219,490
	338,892	474,288

15.	Deferred taxation

		2024
		£

	At beginning of year	(1,783,000)
	Charged to profit or loss	(39,592)
	At end of year	(1,822,592)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Investment property revaluation	(1,680,921)	(1,605,750)
Accelerated capital allowances	(141,671)	(177,250)
	(1,822,592)	(1,783,000)

16.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1,000,000 (2023 - 1,000,000) Ordinary shares of £1.00 each	1,000,000	1,000,000

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GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.

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.

Not later than 1 year	42,005	42,005
Later than 1 year and not later than 5 years	168,020	168,020
Later than 5 years	2,131,754	2,173,759
	2,341,779	2,383,784


Not later than 1 year	1,116,152	1,056,614
Later than 1 year and not later than 5 years	2,121,848	3,126,455
Later than 5 years	1,656,258	1,901,996
	4,894,258	6,085,065

19.	Tenant deposits

Where deposits have been received from tenants and placed in designated bank accounts, such amounts are not included in the Balance Sheet as assets of the Company nor as liabilities to tenants. Amounts held on behalf of tenants at 31 December 2024 totalled £303,750 (2023 - £303,750).

Page 21

GRANGEWOOD BRENTWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.

Related party transactions

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 exclusive of VAT (2023 - £42,005).
The Company is taking exemption under paragraph 33.1A of FRS 102 not to disclose intra-group transactions with fellow wholly owned subsidiaries and the parent company. The Company has claimed the exemption, as a subsidiary, from disclosures required by paragraph 33.7 of FRS 102, Key Management Personnel.

21.	Controlling party

The Company is a wholly owned subsidiary of Grange Management (Holdings) Limited, a Company incorporated in England and Wales. The registered office address of Grange Management (Holdings) Limited is 4 Grange Court, The Limes, Ingatestone, Essex, CM4 0GB. Grange Management (Holdings) Limited heads up the largest and smallest group of undertakings for which group accounts have been drawn up. Copies of group accounts have been drawn up and can be obtained from Companies House.
At the Balance Sheet date the ultimate parent Company was The Grange Management Holdings Group Employee Benefit Trust and ultimate control is held by the Trustees.

Page 22