REGISTERED NUMBER: 05965784 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended

30 September 2024

for

Granemore Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

S T McGuigan

M R Lee

REGISTERED OFFICE:

Staveley Yard

Thrapston Road

Cranford

Kettering

Northamptonshire

NN14 4DZ

REGISTERED NUMBER:

05965784 (England and Wales)

AUDITORS:

DJH Audit Limited

Statutory Auditors

Church Court

Stourbridge Road

Halesowen

West Midlands

B63 3TT

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS

The directors are pleased with the group's results for the year.

The directors monitor closely the group's service and aim to maintain excellent quality within agreed completion times. The group and its directors strive to achieve excellent customer service to match its quality product.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's principal risks are identified as follows;

Credit risk

This refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the group. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit. At the balance sheet date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.

Cash flow and liquidity risk

Liquidity risk is the risk that the group may not be able to meet its financial obligations as they fall due. The group ensures that there are sufficient levels of cash and cash equivalents to ensure that the group is, at all times, able to meet its financial commitments as they become due. Liquidity risk is managed by continuous monitoring of forecast and actual cash flows. The group's income and cash flows are largely independent of changes in market interest rates. The group has high liquidity at the balance sheet date. It does not use interest rate swaps or other instruments to manage its interest rate exposure.

RESULTS

The results for the year are set out in the Income Statement.

The group monitors various key financial and other performance indicators during the year and identifies the following as significant at the year end:

2024

2023

£

£

Turnover

50,152,748

58,990,430

Operating profit (loss)

4,395,156

(1,662,452)

Profit (loss) for the year

5,373,791

(97,228)

FORECASTS AND OUTLOOK

The directors remain optimistic about future trading prospects for the group despite the difficult and uncertain environment which the country is facing at this present time.

ON BEHALF OF THE BOARD:

S T McGuigan - Director

22 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS

An interim dividend of £200 per share was paid on 30 September 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 6,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

S T McGuigan

M R Lee

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, DJH Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S T McGuigan - Director

22 October 2025

Opinion

We have audited the financial statements of Granemore Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 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 qualified opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 Report of the Directors.

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

-	adequate accounting records have not been kept 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

We identify and assess risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companies Act 2006.

As a result of these procedures we considered the opportunities that may exist within the organisation for fraud resulting in material misstatement in the financial statements. We considered that any such opportunities are mitigated by the fact that the company is under the close control of its directors.

Our procedures to arrive at this conclusion included the following:

- reviewing balance sheet control accounts to ensure properly reconciled;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring with management concerning actual and potential litigation claims.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Howell (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Statutory Auditors

Church Court

Stourbridge Road

Halesowen

West Midlands

B63 3TT

23 October 2025

TURNOVER

50,152,748

58,990,430

Cost of sales

26,275,675

43,245,417

GROSS PROFIT

23,877,073

15,745,013

Administrative expenses

19,581,802

17,456,436

4,295,271

(1,711,423

)

Other operating income

99,885

48,971

OPERATING PROFIT/(LOSS)

4

4,395,156

(1,662,452

)

Interest receivable and similar income

70,630

37,230

PROFIT/(LOSS) BEFORE TAXATION

4,465,786

(1,625,222

)

Tax on profit/(loss)

5

(908,005

)

(1,527,994

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

5,373,791

(97,228

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,373,791

(97,228

)

Profit/(loss) attributable to:

Owners of the parent

5,373,791

(97,228

)

Total comprehensive income attributable to:

Owners of the parent

5,373,791

(97,228

)

FIXED ASSETS

Tangible assets

8

2,202,268

2,740,901

Investments

9

10

10

2,202,278

2,740,911

CURRENT ASSETS

Stocks

10

2,418,222

1,612,337

Debtors

11

9,927,471

4,255,394

Cash at bank

10,111,254

10,360,642

22,456,947

16,228,373

CREDITORS

Amounts falling due within one year

12

6,766,609

6,779,459

NET CURRENT ASSETS

15,690,338

9,448,914

TOTAL ASSETS LESS CURRENT LIABILITIES

17,892,616

12,189,825

PROVISIONS FOR LIABILITIES

13

525,000

190,000

NET ASSETS

17,367,616

11,999,825

CAPITAL AND RESERVES

Called up share capital

14

10

10

Capital redemption reserve

15

5

5

Retained earnings

15

17,367,601

11,999,810

SHAREHOLDERS' FUNDS

17,367,616

11,999,825

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2025 and were signed on its behalf by:

S T McGuigan - Director

FIXED ASSETS

Tangible assets

8

2,153,573

2,675,972

Investments

9

1,010

1,010

2,154,583

2,676,982

CURRENT ASSETS

Stocks

10

2,418,222

1,612,337

Debtors

11

10,759,865

5,018,269

Cash at bank

10,104,183

10,335,495

23,282,270

16,966,101

CREDITORS

Amounts falling due within one year

12

6,727,309

6,702,974

NET CURRENT ASSETS

16,554,961

10,263,127

TOTAL ASSETS LESS CURRENT LIABILITIES

18,709,544

12,940,109

PROVISIONS FOR LIABILITIES

13

525,000

190,000

NET ASSETS

18,184,544

12,750,109

CAPITAL AND RESERVES

Called up share capital

14

10

10

Capital redemption reserve

15

5

5

Retained earnings

15

18,184,529

12,750,094

SHAREHOLDERS' FUNDS

18,184,544

12,750,109

Company's profit/(loss) for the financial year

5,440,435

(18,361

)

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2025 and were signed on its behalf by:

S T McGuigan - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2022

10

12,101,038

5

12,101,053

Changes in equity

Dividends

-

(4,000

)

-

(4,000

)

Total comprehensive income

-

(97,228

)

-

(97,228

)

Balance at 30 September 2023

10

11,999,810

5

11,999,825

Changes in equity

Dividends

-

(6,000

)

-

(6,000

)

Total comprehensive income

-

5,373,791

-

5,373,791

Balance at 30 September 2024

10

17,367,601

5

17,367,616

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2022

10

12,772,455

5

12,772,470

Changes in equity

Dividends

-

(4,000

)

-

(4,000

)

Total comprehensive income

-

(18,361

)

-

(18,361

)

Balance at 30 September 2023

10

12,750,094

5

12,750,109

Changes in equity

Dividends

-

(6,000

)

-

(6,000

)

Total comprehensive income

-

5,440,435

-

5,440,435

Balance at 30 September 2024

10

18,184,529

5

18,184,544

Cash flows from operating activities

Cash generated from operations

1

(59,819

)

2,031,664

Tax paid

(99,256

)

1,669,255

Net cash from operating activities

(159,075

)

3,700,919

Cash flows from investing activities

Purchase of tangible fixed assets

(583,084

)

(1,469,525

)

Sale of tangible fixed assets

437,000

70,773

Interest received

70,630

37,230

Net cash from investing activities

(75,454

)

(1,361,522

)

Cash flows from financing activities

Amount introduced by directors

-

5,676

Amount withdrawn by directors

(8,859

)

-

Equity dividends paid

(6,000

)

(4,000

)

Net cash from financing activities

(14,859

)

1,676

(Decrease)/increase in cash and cash equivalents

(249,388

)

2,341,073

Cash and cash equivalents at beginning of year

2

10,360,642

8,019,569

Cash and cash equivalents at end of year

2

10,111,254

10,360,642

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) before taxation

4,465,786

(1,625,222

)

Depreciation charges

860,708

1,067,018

Profit on disposal of fixed assets

(175,994

)

(42,779

)

Finance income

(70,630

)

(37,230

)

5,079,870

(638,213

)

(Increase)/decrease in stocks

(805,885

)

418,869

Increase in trade and other debtors

(4,329,813

)

(542,953

)

(Decrease)/increase in trade and other creditors

(3,991

)

2,793,961

Cash generated from operations

(59,819

)

2,031,664

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

10,111,254

10,360,642

Year ended 30 September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

10,360,642

8,019,569

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23

Cash flow

At 30.9.24

£

£

£

Net cash

Cash at bank

10,360,642

(249,388

)

10,111,254

10,360,642

(249,388

)

10,111,254

Total

10,360,642

(249,388

)

10,111,254

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on reducing balance and 25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

13,995,917

11,421,497

Social security costs

1,919,390

1,568,261

Other pension costs

124,635

123,020

16,039,942

13,112,778

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

2024

2023

Administration

8

8

Production

1

1

9

9

2024

2023

£

£

Directors' remuneration

13,764,446

11,211,341

Directors' pension contributions to money purchase schemes

120,000

120,000

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

6,882,223

5,605,671

Pension contributions to money purchase schemes

60,000

60,000

4.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

2,048,850

2,654,704

Depreciation - owned assets

860,711

1,067,018

Profit on disposal of fixed assets

(175,994

)

(42,779

)

Auditors' remuneration

18,000

19,600

5.

TAXATION

Analysis of the tax credit

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

2024

2023

£

£

Current tax:

UK corporation tax

605,955

-

Taxation earlier years

(1,848,960

)

(1,157,994

)

Total current tax

(1,243,005

)

(1,157,994

)

Deferred tax

335,000

(370,000

)

Tax on profit/(loss)

(908,005

)

(1,527,994

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit/(loss) before tax

4,465,786

(1,625,222

)

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

1,116,447

(406,306

)

Effects of:

Expenses not deductible for tax purposes

33,773

-

Depreciation in excess of capital allowances

-

14,482

Utilisation of tax losses

(207,108

)

-

Adjustments to tax charge in respect of previous periods

(1,845,247

)

(1,157,994

)

Other timing differences

(5,870

)

21,824

Total tax credit

(908,005

)

(1,527,994

)

6.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

7.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

6,000

4,000

8.	TANGIBLE FIXED ASSETS

Group

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2023

49,181

3,326,228

3,687,514

107,036

7,169,959

Additions

-

333,103

249,981

-

583,084

Disposals

-

(184,300

)

(378,388

)

-

(562,688

)

At 30 September 2024

49,181

3,475,031

3,559,107

107,036

7,190,355

DEPRECIATION

At 1 October 2023

-

2,200,116

2,160,847

68,095

4,429,058

Charge for year

-

457,368

393,607

9,736

860,711

Eliminated on disposal

-

(125,513

)

(176,169

)

-

(301,682

)

At 30 September 2024

-

2,531,971

2,378,285

77,831

4,988,087

NET BOOK VALUE

At 30 September 2024

49,181

943,060

1,180,822

29,205

2,202,268

At 30 September 2023

49,181

1,126,112

1,526,667

38,941

2,740,901