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REGISTERED NUMBER: 01056067 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| AUDITED |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 28 FEBRUARY 2025 |

| FOR |

| THE LAWRENCE GROUP LIMITED |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Consolidated Profit and Loss account | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 13 |

| Consolidated Statement of Changes in Equity | 14 |

| Company Statement of Changes in Equity | 15 |

| Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| THE LAWRENCE GROUP LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 28 FEBRUARY 2025

| DIRECTORS: | L M Collins

| Mrs J Collins

| S R Collins

| J S Collins

| SECRETARY: | S R Collins

| REGISTERED OFFICE: | 63-66 Hatton Garden

| LONDON

| EC1N 8LE

| REGISTERED NUMBER: | 01056067 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| Chartered Accountants

| Statutory Auditors

| 8th Floor Becket House

| 36 Old Jewry

| London

| EC2R 8DD

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2025

The directors present their strategic report of the company and the group for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activities of the group in the year under review remained those of buying, selling, refining, manufacturing, processing, melting and assaying of precious metals and investments in real estate and development of properties.

REVIEW OF BUSINESS

The Group's overall performance for the year ended 28 February 2025 was stronger than the prior year, primarily due to improving outcomes in precious metals trading, although as expected there were lower returns from joint venture investments, and reduced losses incurred on listed investments.

In line with the Group's ongoing investment strategy, efforts were made to further diversify the investment portfolio during the year. However, available opportunities remained limited and largely unattractive. The uncertainty surrounding the policies of both the UK Government and the new USA Government also contributed to reduced activity in both the real estate and joint venture markets. The Directors anticipate that investment prospects in these areas will improve in the medium term. Despite these challenges, the Directors remain satisfied with the performance of existing investments and are confident that these will continue to strengthen the Group's asset base over the medium to long term.

The Group's property portfolio continued to perform steadily, although rental income saw a decrease. Operating costs remained stable, although there are some significant challenges in tenant retention or replacement.

Group turnover for the financial year increased to £84.5 million (2024: £51.7 million), reflecting a significant rise in trading activity. However, the gross profit margin declined to 3.93% (2024: 5.0%) due primarily to lower margins as a result of hedging operations. Administrative expenses rose to £2.76 million (2024: £2.27 million) mainly as a result of increased operational activity and increased salaries and associated costs.

Group trade debtors increased to £10.2 million (2024: £8.9 million), largely attributable to one significant client. The outstanding balance is fully secured against stock held by the subsidiary, Gerrards (Precious Metals) Limited, on behalf of that client.

Cash and bank balances decreased to £1.07 million (2024: £2.08 million), mainly reflecting the higher level of trade debtors at year-end.

The Group declared dividends of £235,944 (2024: £303,914) during the year. Retained earnings remained stable at £20.7 million as at 28 February 2025. The Group continues to maintain a strong financial position, supported by a solid asset base and prudent financial management.

FINANCIAL KEY PERFORMANCE INDICATORS

The key financial highlights are as follows:

| 2025 |  | 2024 |  |

| £ |  | £ |  |

Turnover |  |  | 84,581,531 |  | 51,740,860 |  |

Gross profit |  |  | 3,326,997 |  | 2,591,538 |  |

Profit before taxation |  |  | 708,935 |  | 456,131 |  |

Stocks |  |  | 1,005,875 |  | 462,335 |  |

Trade debtors |  |  | 10,194,273 |  | 8,997,022 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks associated with the group include fluctuations in metal prices while the other risks faced by the group include credit, liquidity, foreign currency and interest rate risks as well as property investment risk. The group adopts suitable strategies to ensure that each risk is effectively mitigated, as explained below:

Market price risk

Market price risk arises mainly from uncertainty about future prices of precious metals traded by the group. It represents the potential loss the group might suffer through price fixing in the face of the metal price movements. The directors constantly monitor the price of all the metals traded by the group on a real-time basis, which makes sure that the group is exposed to a minimum market price risk.

Credit risk

The management monitor credit risk closely and consider that its current policies and procedures meets its objectives of managing exposure to credit risk. All the customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors and other debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. The group has no significant concentrations of credit risk.

Liquidity risk

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

Foreign currency risk

Foreign currency risk arises from trading with overseas companies, but since all of the group's transactions are mainly receivable or payable in Pound sterling, US Dollar and Swiss Franc, the group is not exposed to any material currency risk.

Interest rate risk

Interest rate risk arises in respect of the group's bank loans and overdrafts. As at 28 February 2025, the directors do not consider that the group's trading performance is likely to be materially affected by the interest rate fluctuations within the next twelve months.

Property investment risk

Property investment risk is that is that there is a substantial downturn within the property market, affecting the group's ability to generate rental income or breach of any covenants in place. Risk is mitigated via the group's property portfolio being diverse, in addition to property terms with tenants being proactively managed, e.g. regular rent reviews. The directors do not consider that the group's property investments performance will be materially affected, within the next twelve months.

STRATEGY AND OBJECTIVES

The group is committed to strengthening its balance sheet, which it plans to achieve by trading profitably and reinvesting retained profits into the business to generate future growth. The precious metal sector has been significantly more active and its cash requirements are expected to be high for that side of the business for the entire period. The group will still seek to expand its Real Estate portfolio in both the commercial and residential sectors and will continue to explore other areas in these markets.

Across the business, the directors continue to look for opportunities and new ideas in the United Kingdom, Europe, United States of America, Africa and the Far East and will continue these efforts in the year ahead. The group is also seeking to expand its trade with new and existing customers and to participate in new markets within the precious metals industry. The group is constantly reviewing its financial controls and expenditures.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2025

SECTION 172(1) STATEMENT

The Directors of the group, as those of all UK companies, must act in accordance with a set of general duties.

These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

"A director of a company must act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

- the likely consequences of any decisions 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 shareholders of the Company."

As part of their induction, a Director is briefed on their duties and they can access professional advice on these, either from the Company Secretary or, if they judge it necessary, from an independent advisor.

The board of directors consider that during the year ended 28 February 2025, individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and in accordance with the matters set out above.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The board considers fostering business relationships with stakeholders, such as customers and suppliers key to the group's success. The board maintains visibility of these relationships so that it is able to take stakeholders considerations into account when making decisions. In their decision making the directors have regard to the impact of the group's activities not only on the stakeholders, but also the community and environment.

FUTURE PROSPECTS

At the date of signing this report, the Group's future prospects remain encouraging. Gross profit to date is ahead of the corresponding period in the financial year ended 28 February 2025, and the Group's Balance Sheet position continues to be strong. Retained earnings are expected to grow significantly during the current financial period; however, the outlook for the following period remains uncertain given the ongoing geopolitical environment, including the uncertainty of the UK Governments policies to tax, the USA Governments unpredictability and the continuing conflicts in Ukraine and the Middle East.

The United Kingdom's evolving relationship with the European Union, together with the broader global instability, continues to create some uncertainty. Nevertheless, the Directors are actively managing these risks and implementing measures to minimise any potential impact on the Group's operations. Trading activity at the Group's subsidiary, Gerrards (Precious Metals) Limited, has increased significantly, although the business continues to face challenges arising from the current economic climate in the UK. Other divisions of the Group have remained stable or shown steady improvement despite these external pressures. The Group also continues to benefit from its membership of the London Bullion Market Association (LBMA) and the London Platinum and Palladium Market (LPPM), which enhance its market presence and trading opportunities in the precious metals sector.

ON BEHALF OF THE BOARD:

S R Collins - Director

7 November 2025

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 28 FEBRUARY 2025

The directors present their report with the financial statements of the company and the group for the year ended 28 February 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

287 |  | - 1 May 2024

391 |  | - 5 December 2024

678 |

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28 February 2025 will be £ 235,944 .

DIRECTORS

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

L M Collins

Mrs J Collins

S R Collins

J S Collins

FINANCIAL INSTRUMENTS

The group's principal financial instruments for the purpose of financing include bank overdrafts, loans and other metal borrowings while other financial assets and liabilities arising directly from operations include trade and other debtors and trade creditors. The group does not usually use derivative financial instruments to hedge risk as they are not deemed significant. The policies of the group in relation to the use of financial instruments are included in the notes 3.15 and 21 to the accounts.

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group's activities, The risk management objectives are included in the strategic report on page 3.

INDEMNITY INSURANCE

The group has taken out third party indemnity insurance on behalf of its directors.

STREAMLINED ENERGY AND CARBON REPORTING

The group has taken exemption from reporting energy and carbon consumption on the basis that it has consumed less than 40,000 kWh of energy during the financial year.

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;

- | state whether applicable 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 LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 28 FEBRUARY 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S R Collins - Director

7 November 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE LAWRENCE GROUP LIMITED

Opinion

We have audited the financial statements of The Lawrence Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the Consolidated Profit and Loss account, 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 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 28 February 2025 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE LAWRENCE GROUP LIMITED

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 pages five and six, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE LAWRENCE GROUP LIMITED

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:

Discussions with and enquiries of those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group. Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud is detailed below:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We have identified the laws and regulations applicable to the group through discussions with directors and from our commercial knowledge and experience of relevant sector. The following laws and regulations as being of significance to the group:

(i) Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Employment Law, Tax and Pensions legislation, and distributable profits legislation.

(ii) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include financial and due diligent regulation, the global precious metals trading code, money laundering regulations, landlord and tenant Act and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

(i) enquiries of those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims;

(ii) to address the risk of fraud through management bias and override of control, we test the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE LAWRENCE GROUP LIMITED

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.

Julian Landau (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Chartered Accountants

Statutory Auditors

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD

13 November 2025

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

CONSOLIDATED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 28 FEBRUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 5 | 84,581,531 |  | 51,740,860 |  |

Cost of sales | 81,254,534 |  | 49,149,322 |  |

GROSS PROFIT | 3,326,997 |  | 2,591,538 |  |

Administrative expenses | 2,766,046 |  | 2,275,292 |  |

560,951 |  | 316,246 |  |

Other operating income | 6 | 39,695 |  | 189,042 |  |

Unrealised loss on investments revaluation | (27,080 | ) | (229,153 | ) |

OPERATING PROFIT | 8 | 573,566 |  | 276,135 |  |

Interest receivable and similar income | 9 | 135,369 |  | 179,994 |  |

PROFIT BEFORE TAXATION | 708,935 |  | 456,129 |  |

Tax on profit | 10 | 175,152 |  | 128,647 |  |

PROFIT FOR THE FINANCIAL YEAR | 533,783 |  | 327,482 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

CONSOLIDATED BALANCE SHEET

28 FEBRUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | 57,787 |  | 65,353 |  |

Investments | 15 |

| Interest in associated and

| joint venture undertakings | 1,003,270 |  | 1,003,270 |  |

| Other investments | 1,534,577 |  | 1,205,343 |  |

Investment property | 16 | 7,227,705 |  | 7,227,705 |  |

9,823,339 |  | 9,501,671 |  |

CURRENT ASSETS

Stocks | 17 | 1,005,875 |  | 462,335 |  |

Debtors | 18 | 12,492,245 |  | 11,982,841 |  |

Cash at bank and in hand | 1,077,219 |  | 2,080,440 |  |

14,575,339 |  | 14,525,616 |  |

CREDITORS

Amounts falling due within one year | 19 | 649,877 |  | 576,325 |  |

NET CURRENT ASSETS | 13,925,462 |  | 13,949,291 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 23,748,801 |  | 23,450,962 |  |

PROVISIONS FOR LIABILITIES | 22 | 199,000 |  | 199,000 |  |

NET ASSETS | 23,549,801 |  | 23,251,962 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 348 |  | 348 |  |

Reserve on consolidation | 24 | 1,172,002 |  | 1,172,002 |  |

Non-distributable fair value reserve | 24 | 1,654,409 |  | 1,654,409 |  |

Retained earnings | 24 | 20,723,042 |  | 20,425,203 |  |

SHAREHOLDERS' FUNDS | 23,549,801 |  | 23,251,962 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 7 November 2025 and were signed on its behalf by:

S R Collins - Director

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

COMPANY BALANCE SHEET

28 FEBRUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | 15,950 |  | 19,581 |  |

Investments | 15 | 2,543,948 |  | 2,214,714 |  |

Investment property | 16 | 4,717,705 |  | 4,717,705 |  |

7,277,603 |  | 6,952,000 |  |

CURRENT ASSETS

Stocks | 17 | 447,197 |  | - |  |

Debtors | 18 | 8,016,931 |  | 9,814,060 |  |

Cash at bank and in hand | 4,766 |  | 4,972 |  |

8,468,894 |  | 9,819,032 |  |

CREDITORS

Amounts falling due within one year | 19 | 154,829 |  | 104,865 |  |

NET CURRENT ASSETS | 8,314,065 |  | 9,714,167 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 15,591,668 |  | 16,666,167 |  |

PROVISIONS FOR LIABILITIES | 22 | 34,033 |  | 34,033 |  |

NET ASSETS | 15,557,635 |  | 16,632,134 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 348 |  | 348 |  |

Non-distributable fair value reserve | 24 | 225,616 |  | 225,616 |  |

Retained earnings | 24 | 15,331,671 |  | 16,406,170 |  |

SHAREHOLDERS' FUNDS | 15,557,635 |  | 16,632,134 |  |

Company's loss for the financial year | (838,555 | ) | (763,062 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2025 and were signed on its behalf by:

S R Collins - Director

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 28 FEBRUARY 2025

| Non-distributable |

| Called up |  | Reserve |  | fair |

| share |  | Retained |  | on |  | value |  | Total

| capital |  | earnings |  | consolidation |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 March 2023 | 348 |  | 20,401,635 |  | 1,172,002 |  | 1,654,409 |  | 23,228,394 |  |

Changes in equity

Dividends | - |  | (303,914 | ) | - |  | - |  | (303,914 | ) |

Total comprehensive income | - |  | 327,482 |  | - |  | - |  | 327,482 |  |

Balance at 29 February 2024 | 348 |  | 20,425,203 |  | 1,172,002 |  | 1,654,409 |  | 23,251,962 |  |

Changes in equity

Dividends | - |  | (235,944 | ) | - |  | - |  | (235,944 | ) |

Total comprehensive income | - |  | 533,783 |  | - |  | - |  | 533,783 |  |

Balance at 28 February 2025 | 348 |  | 20,723,042 |  | 1,172,002 |  | 1,654,409 |  | 23,549,801 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 28 FEBRUARY 2025

| Non-distributable |

| Called up |  | fair |

| share |  | Retained |  | value |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 March 2023 | 348 |  | 17,473,146 |  | 225,616 |  | 17,699,110 |  |

Changes in equity

Dividends | - |  | (303,914 | ) | - |  | (303,914 | ) |

Total comprehensive loss | - |  | (763,062 | ) | - |  | (763,062 | ) |

Balance at 29 February 2024 | 348 |  | 16,406,170 |  | 225,616 |  | 16,632,134 |  |

Changes in equity

Dividends | - |  | (235,944 | ) | - |  | (235,944 | ) |

Total comprehensive loss | - |  | (838,555 | ) | - |  | (838,555 | ) |

Balance at 28 February 2025 | 348 |  | 15,331,671 |  | 225,616 |  | 15,557,635 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 28 FEBRUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 29 | (412,888 | ) | 1,333,582 |  |

Tax paid | (128,647 | ) | (70,622 | ) |

Net cash from operating activities | (541,535 | ) | 1,262,960 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (4,769 | ) | (17,196 | ) |

Purchase of fixed asset investments | (356,342 | ) | (118,179 | ) |

Interest received | 135,369 |  | 179,994 |  |

Net cash from investing activities | (225,742 | ) | 44,619 |  |

Cash flows from financing activities

Equity dividends paid | (235,944 | ) | (303,914 | ) |

Net cash from financing activities | (235,944 | ) | (303,914 | ) |

(Decrease)/increase in cash and cash equivalents | (1,003,221 | ) | 1,003,665 |  |

Cash and cash equivalents at beginning of year | 30 | 2,080,440 |  | 1,076,775 |  |

Cash and cash equivalents at end of year | 30 | 1,077,219 |  | 2,080,440 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

1. | GENERAL INFORMATION

| The Lawrence Group Limited ("the Company") and its subsidiaries (together "the Group") specialise in buying, selling, refining, manufacturing, processing, melting and assaying of precious metals such as Gold, Silver, Platinum, Palladium and Rhodium. The group's other activities include investments in real estate and property development.

2. | STATUTORY INFORMATION

| The Lawrence 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.

3. | STATEMENT OF COMPLIANCE

| 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. Under the Companies Act 2006 , Section 454 , on a voluntary basis, the directors can amend the financial statements if they subsequently prove to be defective.

4. | ACCOUNTING POLICIES

| 3.1 Basis of preparing the financial statements

| The financial statements have been prepared on the historical cost basis, except for the revaluation of investment properties and certain fixed asset investments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of consideration given in exchange for the goods and services.

| 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 group's accounting policies in note 3.4.

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

| 3.2 Going concern

| The group meets its day-to -day working capital requirements through careful management of working capital positions. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate without any third party support. After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

| 3.3 Basis of consolidation

| The group consolidated financial statements include the financial statements of the company and all of its subsidiaries undertakings made up to 28 February 2025.

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of the entity, it accounts for that as a subsidiary. Similarly where the group owns 50% or more of the voting powers of an entity but does not control the entity by virtue of an agreement with other investors which makes it relieve its control of the financial and operating policies of the entity, it does not account for that as a subsidiary.

| All intra-group transactions, balances, income and expenses are eliminated on consolidation.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

4. | ACCOUNTING POLICIES - continued

| 3.4 Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| i) Critical judgement in applying the entity's accounting policies

| (a) Stock valuation basis

| As described in note 3.11, the group values stock of precious metals at the lower of cost and estimated selling price less costs to complete and sell. This policy is in accordance with FRS 102, paragraph 13.4 and given the nature of stock, mainly represents the stock being generally valued in accordance with source value from which the precious metal is obtained.

| (b) Revenue recognition and financial instruments

| The group adopts the revenue recognition and financial instruments policies as noted in note 3.5 and 3.15, and the group does not regard any of its transactions as falling within the scope of section 12 of FRS 102 'Other Financial Instrument Issues'. In particular paragraph 12.5 of this section does not apply. As a result, except where the group's stated policies themselves would result in the netting off of sales and cost of sales, the gross value of sales and purchase transactions are recorded within turnover and cost of sales respectively in these financial statements. The directors believe that this approach is the most appropriate in the group's circumstances, is in accordance with prevailing generally accepted accounting practice and adopting such a policy helps to maintain a consistent understanding for typical users of these accounts.

| ii) Critical accounting estimates and assumptions

| The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

| (a) Useful economic lives of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for net carrying value of tangible fixed assets.

| (b) Investment properties

| Fair value of investment properties are estimated annually either internally or externally, based on the properties' highest-and-best-use, to determine the most appropriate open market valuation. See note 16 for net carrying value of investment properties.

| (c) Impairment of debtors

| The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 18 for the net carrying amount of the debtors.

| (d) Taxation

| The group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

4. | ACCOUNTING POLICIES - continued

| 3.5 Revenue recognition

| Revenue is measured as the fair value of the consideration received or receivable, for the sale of goods and lease rentals, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

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

| i) the group has transferred the significant risks and rewards of ownership to the buyer;

| ii) the amount of revenue can be measured reliably;

| iii) it is probable that the group will receive the consideration due under the transaction;

| iv) the costs incurred or to be incurred in respect of the transaction can be measure reliably;

| v) when any other specific criteria relating to each of the group's sales types have been met, as described below.

| a) Sale of goods - wholesale

| All of the group's significant sources of revenue derive from the sale of precious metal to its customers. Due to the nature of the industry in which the group operates, the contractual arrangements surrounding certain transactions can be complex. The key elements of these contractual arrangements, which are necessary for an understanding of these financial statements, are explained in more detail below. However, unless as separately described below, the key revenue recognition criteria above shall apply to all transactions.

| Similarly, the industry in which the group operates gives rise to significant additional commercial activity associated with the commodities and products that the group sells, for example, bullion brokerage, arbitrage and investment. The group does not participate in such. All of the group's sales derive from metal owned by the group. The group does not seek to earn any revenue from movements in the price of the underlying commodity. The group's stock and trading positions are balanced accordingly to avoid such price exposure.

| Sales are made on either an allocated or unallocated basis.

| Allocated metal sales

| Allocated metal sales involve the physical transfer of specific metal bars and/or coins to a customer or to be set aside and held on behalf of a customer, such metal being uniquely and separately identifiable as belonging to the customer.

| Unallocated metal sales

| Unallocated sales are sales in which there is often no immediate requirement or desire to transfer the physical metal to the customer, or for such metal to be separately identifiable. Given the nature of the commodity, selling on an unallocated basis is common. Unallocated metal account holders have a contractual entitlement to the metal sold to them.

| b) Sale of goods - retail

| The group also operates a retail operation for the sale of gold and certain related products. Sale of gold and related products are recognised on sale to the customers when the key revenue recognition criteria has been met.

| 3.6 Cost of sales

| Cost of sales represents amounts payable for the purchase of various precious metals and related products. Cost of sales are recognised on the trade date of a transaction.

| 3.7 Intangible fixed assets

| Intangible fixed 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 can not be made, the useful life shall not exceed five years. Intangible assets that are not yet brought into use are not amortised. The directors will assess the useful economic life of such intangibles when they are brought into use.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

4. | ACCOUNTING POLICIES - continued

| 3.8 Tangible fixed assets

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

| Short leasehold | - | Straight line over 5 years

| Improvements to property | - | Straight line over 5 years

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | Straight line over 3 years

| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

| 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 within the profit and loss account.

| 3.9 Fixed asset Investments:

| The group has invested mainly in the following fixed asset investments:

| i) Investments in associated undertakings and joint ventures

| An associated undertaking is an entity over which the group is in a position to exercise significant influence, but not control or jointly control, through participation in the financial and operating policy decisions of the investee, whereas a joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.

| As the group mainly holds its investments in associated undertakings and a joint venture as a part of its investment portfolio and as no fair value is reliably determinable without undue cost or effort, the group has chosen to adopt FRS 102, section 14 (paragraphs 14.4B and 14.10) for investments in associated undertakings and section 15 (paragraphs 15.9B and 15.15) for investments in joint ventures and decided not to adopt the equity method of accounting and has instead carried the investments in associated undertakings and joint ventures in the balance sheet at cost, less any impairment in the value of individual investments. Losses of the associated undertakings and joint ventures in excess of the group's interest in those investments are not recognised, unless the group has incurred a legal or constructive obligation or made payments on behalf of the associated undertakings and joint venture.

| ii) Other Investments

| Other investments represent investments in equity securities that present the group with opportunity for return through dividend income and capital gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices. For unlisted securities, where market value is not available, the group estimates relevant fair values on the basis of publicly available information from outside sources. Where this is not possible, investments are held at cost and are reviewed for impairment.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

4. | ACCOUNTING POLICIES - continued

| 3.10 Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| In accordance with Section 16 of Investment Properties of FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", investment properties are measured at cost at initial recognition. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal, property transfer taxes and other transactions costs.

| Investment properties are revalued annually, and subsequently measured and included in the accounts at fair value at each year end. Any surplus or deficit on revaluation is recognised initially in the profit and loss account. All revaluation movements are transferred to a non-distributable reserve called "Non-distributable fair value reserve", unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent in which case it remains in the profit and loss account reserve.

| 3.11 Stocks

| Stocks consist of precious metals held by the group and are valued at the lower of cost and estimated selling price less costs to complete and sell. This policy is in accordance with FRS 102, paragraph 13.4 and given the nature of stock, mainly represents the stock being generally valued in accordance with source value from which the precious metal is obtained. All precious metal which has been purchased and committed to future sales to customers or hedged in metal markets is valued at the price at which it is currently contractually committed or hedged, any remaining metals are valued at year end closing values as published by the London Bullion Market Association (LBMA), an internationally recognised pricing mechanism. Such prices are based on the 'fine' metal benchmark for each type of precious metal, which is similarly internationally recognised. As stocks of precious metals are held in various forms, only the fine metal content is included in stock valuation, all other metal content is ignored as such values would be wholly immaterial.

| Post year end diminution in value will only be considered as an indicator of impairment of precious metal stocks to the extent that total precious metal stocks exceed total precious metal liabilities at the balance sheet date. In other words, impairment is only considered to the extent the group has a net precious metal stock exposure.

| 3.12 Taxation

| Taxation for the year comprises corporation tax and deferred tax. Tax is recognised in the Consolidated Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Corporation tax or deferred taxation assets and liabilities are not discounted.

| Corporation 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.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

4. | ACCOUNTING POLICIES - continued

| 3.13 Foreign currencies

| i) Functional and presentational currency

| The group's functional and presentational currency is Pound Sterling for all years presented.

| (ii) Transactions and balances

| Foreign currency transactions are translated into the functional currency using spot exchange rates at the date of transactions.

| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using average exchange rates at the date of transactions, and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss account.

| 3.14 Operating lease commitments

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

| 3.15 Financial instruments

| The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where a transaction is measured at the present vale of the future receipts discounted at a market rate of interest.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other payable, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest method.

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

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

4. | ACCOUNTING POLICIES - continued

| 3.16 Cash and cash equivalent

| Cash includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

| 3.17 Employee benefits

| The group provides a range of benefits to its directors and eligible employees as explained below:

| i) Short term benefits

| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

| ii) Defined contribution pension plans

| The group makes contributions to the personal pension plans of its directors and employees. Once the contributions have been paid, the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plans are held separately from the group in independently administered funds.

| 3.18 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.

| 3.19 Interest income

| Interest income is recognised in the Profit and Loss account using the effective interest method.

| 3.20 Finance costs

| Finance costs, which include interest and bank charges, are recognised in the Profit and Loss account in the period in which they are incurred.

| 3.21 Provision for liabilities

| Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the profit and loss account in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the balance sheet.

| 3.22 Share capital

| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as deduction, net of tax, from the proceeds.

5. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sale of precious metals | 84,116,866 |  | 51,235,594 |  |

| Rent receivable | 464,665 |  | 505,266 |  |

84,581,531 |  | 51,740,860 |  |

| In the opinion of the directors, the disclosure of revenue by geographical area would be seriously prejudicial to the interests of the group.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

6. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Dividends receivable | 38,171 |  | 185,501 |  |

| Sundry receipts | 1,524 |  | 3,541 |  |

39,695 |  | 189,042 |  |

| Dividends receivable included income from participating interest of £37,958 (2024: £150,000).

7. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,534,089 |  | 1,214,104 |  |

| Social security costs | 260,190 |  | 146,866 |  |

| Other pension costs | 125,307 |  | 125,084 |  |

1,919,586 |  | 1,486,054 |  |

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

| 2025 |  | 2024

| Directors | 4 |  | 4 |  |

| Sales | 6 |  | 6 |  |

| Administration | 6 |  | 6 |  |

16 |  | 16 |  |

| The average number of employees by category during the year for the company was 4 directors (2024: 4) and 6 Administration ( 2024: 6).

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 1,292,738 |  | 1,017,145 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 536,213 |  | 454,818 |  |

8. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Other operating leases | 74,300 |  | 73,667 |  |

| Depreciation - owned assets | 12,335 |  | 13,412 |  |

| Auditors' remuneration | 34,500 |  | 33,500 |  |

| Non audit fees | 5,300 |  | 5,000 |  |

| The auditors' remuneration for the parent company and its subsidiaries are £16,500 and £18,000 respectively.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

9. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Deposit account interest | 17,069 |  | 23,500 |  |

| Loan interest receivable | 118,300 |  | 156,494 |  |

135,369 |  | 179,994 |  |

10. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 175,152 |  | 128,647 |  |

| Tax on profit | 175,152 |  | 128,647 |  |

| UK corporation tax has been charged at 25 % .

| Reconciliation of total tax charge 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 708,935 |  | 456,129 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 24.858 % (2024 - 24.388 %) | 176,227 |  | 111,241 |  |

| Effects of:

| Expenses not deductible for tax purposes | 7,269 |  | 55,520 |  |

| Income not taxable for tax purposes | (9,480 | ) | (36,314 | ) |

| Capital allowances in excess of depreciation | - |  | (1,800 | ) |

| Depreciation in excess of capital allowances | 1,136 |  | - |  |

| Total tax charge | 175,152 |  | 128,647 |  |

11. | INDIVIDUAL PROFIT AND LOSS ACCOUNT

| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss account of the parent company is not presented as part of these financial statements.

12. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 235,944 |  | 303,914 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

13. | INTANGIBLE FIXED ASSETS

| Group

| Domain

| name

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 36,000 |  |

| AMORTISATION

| At 1 March 2024

| and 28 February 2025 | 36,000 |  |

| NET BOOK VALUE

| At 28 February 2025 | - |  |

| At 29 February 2024 | - |  |

| Company

| Domain

| name

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 36,000 |  |

| AMORTISATION

| At 1 March 2024

| and 28 February 2025 | 36,000 |  |

| NET BOOK VALUE

| At 28 February 2025 | - |  |

| At 29 February 2024 | - |  |

14. | TANGIBLE FIXED ASSETS

| Group

| Improvements |  | Fixtures

| Short |  | to |  | and

| leasehold |  | property |  | fittings

£ | £ | £ |

| COST

| At 1 March 2024 | 2,806 |  | 62,657 |  | 230,509 |  |

| Additions | - |  | - |  | 3,921 |  |

| At 28 February 2025 | 2,806 |  | 62,657 |  | 234,430 |  |

| DEPRECIATION

| At 1 March 2024 | 2,806 |  | 62,657 |  | 172,842 |  |

| Charge for year | - |  | - |  | 9,153 |  |

| At 28 February 2025 | 2,806 |  | 62,657 |  | 181,995 |  |

| NET BOOK VALUE

| At 28 February 2025 | - |  | - |  | 52,435 |  |

| At 29 February 2024 | - |  | - |  | 57,667 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

14. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 March 2024 | 23,500 |  | 54,820 |  | 374,292 |  |

| Additions | - |  | 848 |  | 4,769 |  |

| At 28 February 2025 | 23,500 |  | 55,668 |  | 379,061 |  |

| DEPRECIATION

| At 1 March 2024 | 17,149 |  | 53,485 |  | 308,939 |  |

| Charge for year | 1,588 |  | 1,594 |  | 12,335 |  |

| At 28 February 2025 | 18,737 |  | 55,079 |  | 321,274 |  |

| NET BOOK VALUE

| At 28 February 2025 | 4,763 |  | 589 |  | 57,787 |  |

| At 29 February 2024 | 6,351 |  | 1,335 |  | 65,353 |  |

| Company

| Improvements |  | Fixtures |

| Short |  | to |  | and |  | Computer |

| leasehold |  | property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 March 2024 | 2,806 |  | 62,657 |  | 43,624 |  | 54,821 |  | 163,908 |  |

| Additions | - |  | - |  | - |  | 848 |  | 848 |  |

| At 28 February 2025 | 2,806 |  | 62,657 |  | 43,624 |  | 55,669 |  | 164,756 |  |

| DEPRECIATION

| At 1 March 2024 | 2,806 |  | 62,657 |  | 25,379 |  | 53,485 |  | 144,327 |  |

| Charge for year | - |  | - |  | 2,885 |  | 1,594 |  | 4,479 |  |

| At 28 February 2025 | 2,806 |  | 62,657 |  | 28,264 |  | 55,079 |  | 148,806 |  |

| NET BOOK VALUE

| At 28 February 2025 | - |  | - |  | 15,360 |  | 590 |  | 15,950 |  |

| At 29 February 2024 | - |  | - |  | 18,245 |  | 1,336 |  | 19,581 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

15. | FIXED ASSET INVESTMENTS

| Group

| Interest |

| in |

| associated |

| and joint |

| venture |  | Listed |  | Unlisted |

| undertakings |  | investments |  | investments |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 March 2024 | 1,003,270 |  | 439,192 |  | 766,151 |  | 2,208,613 |  |

| Additions | - |  | - |  | 85,674 |  | 85,674 |  |

| Revaluations | - |  | (27,108 | ) | - |  | (27,108 | ) |

| Reclassification/transfer | - |  | - |  | 270,668 |  | 270,668 |  |

| At 28 February 2025 | 1,003,270 |  | 412,084 |  | 1,122,493 |  | 2,537,847 |  |

| NET BOOK VALUE

| At 28 February 2025 | 1,003,270 |  | 412,084 |  | 1,122,493 |  | 2,537,847 |  |

| At 29 February 2024 | 1,003,270 |  | 439,192 |  | 766,151 |  | 2,208,613 |  |

| Cost or valuation at 28 February 2025 is represented by:

| Interest |

| in |

| associated |

| and joint |

| venture |  | Listed |  | Unlisted |

| undertakings |  | investments |  | investments |  | Totals

£ | £ | £ | £ |

| Valuation in 2015 | - |  | 59,504 |  | - |  | 59,504 |  |

| Valuation in 2017 | - |  | (20,439 | ) | - |  | (20,439 | ) |

| Valuation in 2018 | - |  | (11,953 | ) | - |  | (11,953 | ) |

| Valuation in 2019 | - |  | (9,993 | ) | - |  | (9,993 | ) |

| Valuation in 2020 | - |  | 32,474 |  | - |  | 32,474 |  |

| Valuation in 2021 | - |  | 533,610 |  | - |  | 533,610 |  |

| Valuation in 2022 | - |  | (306,668 | ) | - |  | (306,668 | ) |

| Valuation in 2023 | - |  | (442,144 | ) | - |  | (442,144 | ) |

| Valuation in 2024 | - |  | (229,152 | ) | - |  | (229,152 | ) |

| Valuation in 2025 | - |  | (27,108 | ) | - |  | (27,108 | ) |

| Cost | 1,003,270 |  | 833,953 |  | 1,122,493 |  | 2,959,716 |  |

1,003,270 |  | 412,084 |  | 1,122,493 |  | 2,537,847 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

15. | FIXED ASSET INVESTMENTS - continued

| Company

| Interest |

| in |

| associated |

| Shares in |  | and joint |

| group |  | venture |  | Listed |  | Unlisted |

| undertakings |  | undertakings |  | investments |  | investments |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 March 2024 | 6,100 |  | 1,003,270 |  | 439,193 |  | 766,151 |  | 2,214,714 |  |

| Additions | - |  | - |  | - |  | 85,674 |  | 85,674 |  |

| Revaluations | - |  | - |  | (27,108 | ) | - |  | (27,108 | ) |

| Reclassification/transfer | - |  | - |  | - |  | 270,668 |  | 270,668 |  |

| At 28 February 2025 | 6,100 |  | 1,003,270 |  | 412,085 |  | 1,122,493 |  | 2,543,948 |  |

| NET BOOK VALUE

| At 28 February 2025 | 6,100 |  | 1,003,270 |  | 412,085 |  | 1,122,493 |  | 2,543,948 |  |

| At 29 February 2024 | 6,100 |  | 1,003,270 |  | 439,193 |  | 766,151 |  | 2,214,714 |  |

| Cost or valuation at 28 February 2025 is represented by:

| Interest |

| in |

| associated |

| Shares in |  | and joint |

| group |  | venture |  | Listed |  | Unlisted |

| undertakings |  | undertakings |  | investments |  | investments |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2015 | - |  | - |  | 59,504 |  | - |  | 59,504 |  |

| Valuation in 2017 | - |  | - |  | (20,439 | ) | - |  | (20,439 | ) |

| Valuation in 2018 | - |  | - |  | (11,953 | ) | - |  | (11,953 | ) |

| Valuation in 2019 | - |  | - |  | (9,993 | ) | - |  | (9,993 | ) |

| Valuation in 2020 | - |  | - |  | 32,474 |  | - |  | 32,474 |  |

| Valuation in 2021 | - |  | - |  | 533,610 |  | - |  | 533,610 |  |

| Valuation in 2022 | - |  | - |  | (306,668 | ) | - |  | (306,668 | ) |

| Valuation in 2023 | - |  | - |  | (442,144 | ) | - |  | (442,144 | ) |

| Valuation in 2024 | - |  | - |  | (229,152 | ) | - |  | (229,152 | ) |

| Valuation in 2025 | - |  | - |  | (27,108 | ) | - |  | (27,108 | ) |

| Cost | 6,100 |  | 1,003,270 |  | 833,954 |  | 1,122,493 |  | 2,965,817 |  |

6,100 |  | 1,003,270 |  | 412,085 |  | 1,122,493 |  | 2,543,948 |  |

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

| Subsidiaries

| Gerrards (Precious Metals) Limited

| Registered office: Same as parent company

| Nature of business: Dealers in precious metals

| %

| Class of shares: | holding |

| Ordinary £1 | 100.00 |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

15. | FIXED ASSET INVESTMENTS - continued

| The Lawrence Group (Properties) Limited

| Registered office: Same as parent company

| Nature of business: Investment property business

| %

| Class of shares: | holding |

| Ordinary £1 | 100.00 |

| Gerrards Precious Metals (UK) Limited

| Registered office: Same as parent company

| Nature of business: Dormant throughout the year

| %

| Class of shares: | holding |

| Ordinary £1 | 100.00 |

| Joint ventures

| Colspace Limited

| Registered office: Constable Court, 62 Dene Street, Dorking, United Kingdom, RH4 2DP

| Nature of business: Property Development

| %

| Class of shares: | holding |

| Ordinary £1 | 50.00 |

| Freehold Land Buyers Limited

| Registered office: Constable Court, 62 Dene Street, Dorking, United Kingdom, RH4 2DP

| Nature of business: Property Development

| %

| Class of shares: | holding |

| Ordinary £1 | 50.00 |

| Associated companies

| Land Charter (Harlow) Limited

| Registered office: The Barn, Woods Farm, Grange Road, Pleshey, Chelmsford, Essex, CM3 1HZ, United Kingdom

| Nature of business: Property development

| %

| Class of shares: | holding |

| Ordinary £1 | 20.00 |

| Abbey House (Leicester) Limited

| Registered office: 4 Chester Court, Chester Hall Lane, Basildon, Essex, England, SS14 3WR

| Nature of business: Property Development

| %

| Class of shares: | holding |

| Ordinary £1 | 40.00 |

| LC Mellon Limited

| Registered office: The Barn, Woods Farm, Grange Road, Pleshey, Chelmsford, Essex, CM3 1HZ, United Kingdom

| Nature of business: Property Development

| %

| Class of shares: | holding |

| Ordinary £1 | 31.60 |

| Investments in associated and joint venture undertakings have been valued by using the cost model as the group is holding these investments as a part of an investment portfolio only and as it is impracticable to measure their fair value reliably without incurring undue cost or effort.

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

16. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 March 2024

| and 28 February 2025 | 7,227,705 |  |

| NET BOOK VALUE

| At 28 February 2025 | 7,227,705 |  |

| At 29 February 2024 | 7,227,705 |  |

| Investment properties are carried at fair values as at the balance sheet date, as determined by the directors. These valuations are made annually based on the properties' highest-and-best-use using the Direct Market Comparison Method which also involves the directors taking advice of relevant commercial and residential property agents, where applicable, in determining the correct open market valuation.

| Investment properties are leased to non-related parties under operating leases.

| Company

| Total

£ |

| FAIR VALUE

| At 1 March 2024

| and 28 February 2025 | 4,717,705 |  |

| NET BOOK VALUE

| At 28 February 2025 | 4,717,705 |  |

| At 29 February 2024 | 4,717,705 |  |

| Investment properties are carried at fair values as at the balance sheet date, as determined by the directors. These valuations are made annually based on the properties' highest-and-best-use using the Direct Market Comparison Method which also involves the directors taking advice of relevant commercial and residential property agents, where applicable, in determining the correct open market valuation.

| Investment properties are leased to non-related parties under operating leases.

17. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Stocks | 1,005,875 |  | 462,335 |  | 447,197 |  | - |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

18. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 10,194,273 |  | 8,997,022 |  | 3,964 |  | 3,459 |  |

| Other debtors | 2,024,287 |  | 2,826,650 |  | 2,017,649 |  | 2,819,477 |  |

| Amount owed by group companies | - |  | - |  | 5,865,432 |  | 6,916,794 |  |

| VAT | 101,733 |  | 49,895 |  | 17,512 |  | - |  |

| Prepayments and accrued income | 171,952 |  | 109,274 |  | 112,374 |  | 74,330 |  |

12,492,245 |  | 11,982,841 |  | 8,016,931 |  | 9,814,060 |  |

| Included in debtors, due within one year, are short term financing loans totalling £1,979,609 (2024: £2,036,038) advanced to associated and joint venture undertakings. The directors are confident that the balances will be repaid within the next twelve months.

19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 157,827 |  | 128,734 |  | 34,496 |  | 6,021 |  |

| Corporation tax | 175,152 |  | 128,647 |  | - |  | - |  |

| Social security and other taxes | 58,378 |  | 18,325 |  | 51,232 |  | 18,325 |  |

| VAT | - |  | - |  | - |  | 9,035 |  |

| Other creditors | 171,614 |  | 141,298 |  | 25,279 |  | 25,014 |  |

| Amount owed to group companies | - |  | - |  | 75 |  | 75 |  |

| Accrued expenses | 86,906 |  | 159,321 |  | 43,747 |  | 46,395 |  |

649,877 |  | 576,325 |  | 154,829 |  | 104,865 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

20. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| The group as lessee

| At the balance sheet date, the group has outstanding commitment for future minimum lease payments under non-cancellable operating leases fall due as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Within one year |  | 74,300 |  |  | 73,000 |  |

| The group as lessor

| At the balance sheet date, the group has contracted with tenants for the following future minimum lease payments:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Within one year |  | 423,869 |  |  | 425,632 |  |

| Between one and five years |  | 905,075 |  |  | 687,293 |  |

| In more than five years |  | 998,636 |  |  | 1,267,405 |  |

21. | FINANCIAL INSTRUMENTS

| The group's principal financial instruments include bank overdrafts, loans and other metal borrowings, the main purpose of which is to raise finance for the group's operations. In addition, the group has various other financial assets and liabilities such as trade and other debtors and trade creditors arising directly from operations. The group does not usually use derivatives financial instruments to hedge risk as they are not deemed to be significant.

| The group has the following financial instruments:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Measured at fair value through profit and loss account |  |

| Unrealised loss on fair value of listed investments |  | 27,080 |  |  | 229,153 |  |

| Financial assets |  |

| Debt instruments |  |

| Measured at fair value - listed investments (within one year) |  | 412,085 |  |  | 439,193 |  |

| Debt instruments |  |

| Measured at amortised cost (within one year) |  | 15,427,643 |  |  | 15,673,533 |  |

| Financial liabilities |  |

| Financial liabilities measured at amortised cost |  | 329,441 |  |  | 270,033 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

22. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 199,000 |  | 199,000 |  | 34,033 |  | 34,033 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 March 2024 | 199,000 |  |

| Balance at 28 February 2025 | 199,000 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 March 2024 | 34,033 |  |

| Released during year |

| Balance at 28 February 2025 | 34,033 |  |

| Deferred tax provision relates to revaluation of investment properties and listed investments.

23. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 348 | Ordinary | £1 | 348 |  | 348 |  |

| These shares have equal voting rights, equal rights to dividends and equal rights on a winding up. These shares are not redeemable.

24. | RESERVES

| Group

| Non-distributable |

| Reserve |  | fair |

| Retained |  | on |  | value |

| earnings |  | consolidation |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 March 2024 | 20,425,203 |  | 1,172,002 |  | 1,654,409 |  | 23,251,614 |  |

| Profit for the year | 533,783 |  | - |  | - |  | 533,783 |  |

| Dividends | (235,944 | ) | - |  | - |  | (235,944 | ) |

| At 28 February 2025 | 20,723,042 |  | 1,172,002 |  | 1,654,409 |  | 23,549,453 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

24. | RESERVES - continued

| Company

| Non-distributable |

| fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 March 2024 | 16,406,170 |  | 225,616 |  | 16,631,786 |  |

| Deficit for the year | (838,555 | ) | - |  | (838,555 | ) |

| Dividends | (235,944 | ) | - |  | (235,944 | ) |

| At 28 February 2025 | 15,331,671 |  | 225,616 |  | 15,557,287 |  |

| Retained earnings

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

| Non-distributable fair value reserve

| The non-distributable fair value reserve represents cumulative unrealised gains on revaluation of investments less any relevant deferred tax.

| Reserve on consolidation

| The represents net assets of the group at the point of initial business combination.

25. | CONTINGENT LIABILITIES

| There is an omnibus guarantee and letter of set-off agreement between the group companies and Lloyds Bank Plc in respect of group overdrafts.

26. | OTHER COMMITMENTS

| The total net value of various metals which the group has contractually committed to deliver to the customers and acquire from the suppliers as at 28 February 2025 is £8,333,629 (2024: £7,655,619). Please find below the detailed breakdown for each of the metals committed:

| As at the 28 February 2025, the group was committed to deliver 3,600 (2024: 4,616) ounces of gold valued at £8,168,606 (2024: £7,460,422), 6,680 (2024: 14,327) ounces of silver valued at £165,023 (2024: £256,549). The group was also committed to acquire other metals valued at £0 (2024: £61,351).

27. | RELATED PARTY DISCLOSURES

| The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, and have therefore eliminated transactions between the group entities on consolidation.

| All amounts due from / (to) related parties listed below are unsecured, repayable on demand and interest free. No provisions have been made for doubtful debts in respect of the amounts owed by the related parties.

| Other related parties

2025 | 2024 |

£ | £ |

| Remuneration paid to directors' close family members | 338,876 |  | 291,634 |  |

| Amount due from related party | 1,979,609 |  | 2,036,038 |  |

THE LAWRENCE GROUP LIMITED (REGISTERED NUMBER: 01056067) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

28. | ULTIMATE CONTROLLING PARTY

| The group is controlled throughout the current and previous periods by L M Collins and Mrs J Collins who are the trustees of the various trusts that control 74% of its issued share capital.

29. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit for the financial year | 533,783 |  | 327,482 |  |

| Depreciation charges | 12,334 |  | 13,412 |  |

| Loss on revaluation of fixed assets | 27,109 |  | 229,153 |  |

| Finance income | (135,369 | ) | (179,994 | ) |

| Taxation | 175,152 |  | 128,647 |  |

613,009 |  | 518,700 |  |

| Increase in stocks | (543,540 | ) | (371,634 | ) |

| (Increase)/decrease in trade and other debtors | (509,404 | ) | 1,295,618 |  |

| Increase/(decrease) in trade and other creditors | 27,047 |  | (109,102 | ) |

| Cash generated from operations | (412,888 | ) | 1,333,582 |  |

30. | 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 28 February 2025

| 28.2.25 |  | 1.3.24

£ | £ |

| Cash and cash equivalents | 1,077,219 |  | 2,080,440 |  |

| Year ended 29 February 2024

| 29.2.24 |  | 1.3.23

£ | £ |

| Cash and cash equivalents | 2,080,440 |  | 1,076,775 |  |

31. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.3.24 | Cash flow | At 28.2.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,080,440 |  | (1,003,221 | ) | 1,077,219 |  |

2,080,440 |  | (1,003,221 | ) | 1,077,219 |  |

| Total | 2,080,440 |  | (1,003,221 | ) | 1,077,219 |  |