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REGISTERED NUMBER: 00394583 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GREX LIMITED

| GREX LIMITED (REGISTERED NUMBER: 00394583) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| GREX LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | Russell Gammell

| REGISTERED OFFICE: | 102 Cricklewood Broadway

| London

| NW2 3EJ

| REGISTERED NUMBER: | 00394583 (England and Wales)

| ACCOUNTANTS: | Simmons Gainsford Professional Services Limited

| 14th Floor

| 33 Cavendish Square

| London

| W1G 0PW

| GREX LIMITED (REGISTERED NUMBER: 00394583) |

BALANCE SHEET

31 MARCH 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investment property | 4 | 7,985,000 |  | 7,985,000 |  |

CURRENT ASSETS

Debtors | 5 | 58,440 |  | 61,609 |  |

Investments | 6 | 2,648,000 |  | 2,500,000 |  |

Cash at bank | 589 |  | 51,862 |  |

2,707,029 |  | 2,613,471 |  |

CREDITORS

Amounts falling due within one year | 7 | 95,735 |  | 177,081 |  |

NET CURRENT ASSETS | 2,611,294 |  | 2,436,390 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,596,294 |  | 10,421,390 |  |

PROVISIONS FOR LIABILITIES | 433,124 |  | 433,124 |  |

NET ASSETS | 10,163,170 |  | 9,988,266 |  |

CAPITAL AND RESERVES

Called up share capital | 2,000 |  | 2,000 |  |

Fair value reserve | 8 | 2,136,768 |  | 2,136,768 |  |

Retained earnings | 8,024,402 |  | 7,849,498 |  |

SHAREHOLDERS' FUNDS | 10,163,170 |  | 9,988,266 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| GREX LIMITED (REGISTERED NUMBER: 00394583) |

BALANCE SHEET - continued

31 MARCH 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2025 and were signed by:

Russell Gammell - Director

| GREX LIMITED (REGISTERED NUMBER: 00394583) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover represents net invoiced rents receivable, excluding value added tax.

| Investment properties

| Investment properties are accounted for in accordance with the provisions of section 16 of FRS 102. They are valued annually by the directors, and from time to time by an independent professional valuer, on a fair value basis. The surplus or deficit on revaluation is transferred to the income statement. Deferred tax is provided on revaluation gains at the rate expected to apply when the property is sold.

| Financial instruments

| Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

| GREX LIMITED (REGISTERED NUMBER: 00394583) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024

| and 31 March 2025 | 7,985,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 7,985,000 |  |

| At 31 March 2024 | 7,985,000 |  |

| If investment properties had not been annually revalued they would have been included at a cost of £5,415,108 (2024: £5,415,108).

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 648 |  | - |  |

| Other debtors | 57,792 |  | 61,609 |  |

58,440 |  | 61,609 |  |

6. | CURRENT ASSET INVESTMENTS

| 31.3.25 |  | 31.3.24

£ | £ |

| Treasury deposit | 2,648,000 |  | 2,500,000 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 12,820 |  | 4,804 |  |

| Taxation and social security | 57,958 |  | 147,683 |  |

| Other creditors | 24,957 |  | 24,594 |  |

95,735 |  | 177,081 |  |

8. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 April 2024

| and 31 March 2025 | 2,136,768 |  |

9. | ULTIMATE HOLDING COMPANY

| The ultimate holding company is Grex Holdings Limited for which the registered office is 102 Cricklewood Broadway, London NW2 3EJ.