REGISTERED NUMBER: 01123897 (England and Wales)

GRANGE MARSH PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

9

DIRECTORS:

Mr J A Hills

Mr J E C Cox

SECRETARY:

Mr J A Hills

REGISTERED OFFICE:

Bridge Mill House

Brook Street Business Centre

Brook Street

Colchester

Essex

CO12UZ

REGISTERED NUMBER:

01123897 (England and Wales)

AUDITORS:

TC Group

Town Wall House

Balkerne Hill

Colchester

Essex

CO3 3AD

FIXED ASSETS

Investment property

4

351,000

351,000

CURRENT ASSETS

Stocks

5

20,540,577

19,409,789

Debtors

6

765,970

663,987

Cash at bank

1,291,681

-

22,598,228

20,073,776

CREDITORS

Amounts falling due within one year

7

(21,431,815

)

(16,753,279

)

NET CURRENT ASSETS

1,166,413

3,320,497

TOTAL ASSETS LESS CURRENT LIABILITIES

1,517,413

3,671,497

CREDITORS

Amounts falling due after more than one year

8

(1,377,972

)

(3,174,439

)

NET ASSETS

139,441

497,058

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Fair value reserve

10

118,385

118,385

Retained earnings

18,056

375,673

SHAREHOLDERS' FUNDS

139,441

497,058

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 Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr J A Hills - Director

1.	STATUTORY INFORMATION

Grange Marsh Properties 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 Company Information page.

The presentational and functional currency of these financial statements is Pound Sterling. Values are rounded to the nearest Pound (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have reviewed the company’s forecasts, cash flow projections and budgets for a period of at least twelve months from the date of approval of the financial statements. These projections indicate that the company will be able to meet its liabilities as they fall due.

Post year end the company has also secured sufficient working capital facilities, including the funding arrangements detailed in Note 10, which provide the directors with confidence that adequate financial resources remain available to support ongoing operations.

Based on these considerations, the directors are satisfied that the company has the resources to continue in operational existence for the foreseeable future and therefore consider the adoption of the going concern basis to be appropriate.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported as revenue and expenses during the year. However, the nature of estimations means that the actual outcomes could differ from these estimates. The following items are highlighted as judgements that have had the most significant effect on amounts recognised in the financial statements and the key source of estimation uncertainty.

Revaluation of investment property

Investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss for the period. Fair value represents open market value and has been determined by the directors using market-based evidence, including recent comparable market transactions and prevailing market conditions. The directors consider that the valuation represents a reliable estimate of fair value at the reporting date.

Investment properties

Investment property is shown at fair value. The surplus or deficit arising from changes in fair value is recognised in the income statement.

Revaluation gains are maintained net of the associated deferred tax liability within the fair value reserve.

Work in progress

Work in progress comprises of land under development and is stated at the lower of cost and net realisable value. Cost includes land acquisition costs, construction and development expenditure, professional fees, and borrowing costs incurred during the development period.

Borrowing costs that are directly attributable to the financing of property developments are capitalised at the point of the commencement of infrastructure activity.

Borrowing costs on specific borrowings are capitalised based on the actual interest incurred. All other borrowing costs are recognised as an expense in the profit and loss account in the period in which they are incurred.

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 taxation

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.

Subvention policy

Where tax losses are surrendered between group companies the company surrendering the loss receives compensation from the recipient company in the form of subvention payments. The value of the subvention payment is the amount of tax saved by the recipient.

Deferred consideration

Deferred consideration is payable in connection with the Company's purchase of land for development sites, which is held in stock at the end of the reporting year. Since there are finance elements included in these transactions, an effective interest of 1% plus the Bank of England base rate has been used to discount the amounts payable. The rate used represents the interest rates of third-party borrowings with similar lending periods and security terms at the time of completion of the respective acquisitions.

Financial instruments

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

De-recognition of financial liabilities

Financial liabilities are de-recognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

351,000

NET BOOK VALUE

At 31 March 2025

351,000

At 31 March 2024

351,000

The investment properties were valued on an open market basis on 31 March 2025. The directors believe that this valuation to be indicative of the position at the year end. The historical cost of the investment property is £219,540 (2024: £219,540).

5.

STOCKS

2025

2024

£

£

Work-in-progress

20,540,577

19,409,789

Work in progress comprises of land acquisitions, directly attributable construction and development expenditure, professional fees and borrowing costs stated at the lower of cost and net realisable value. Borrowing costs capitalised in the year amounted to £173,593 (2024: £Nil). These costs relate to interest incurred on borrowings used to finance the development at the commencement of infrastructure activity.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

4,345

Amounts due from group undertakings

519,854

423,824

Amounts due from related undertaking

10,060

10,060

Other debtors

9,799

9,234

Deferred tax asset

226,257

155,197

Prepayments and accrued income

-

61,327

765,970

663,987

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,000

29,011

Other loans

553,916

553,916

Trade creditors

11,640

2,615

Amounts due to related undertaking

11,111,641

7,670,644

Corporation tax

-

27,838

Other creditors

2,141,587

106,267

Directors' loan accounts

6,154,514

6,154,514

Accruals and deferred income

1,448,517

2,208,474

21,431,815

16,753,279

The other loans balance relates to a loan due to P. H. Hills. The loan attracts interest of 5% p.a above the Bank of England base rate.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

1,667

10,000

Bank loans - 2-5 years

-

1,667

Other creditors

1,376,305

3,162,772

1,377,972

3,174,439

The other creditors balance contains deferred consideration subject to discount of which £3,500,000 will be paid on maturity. The balance has been discounted at a rate of 1% over the Bank of England Base Rate. On initial recognition, the interest discount was £562,236. During the year, £213,533 (2024: £101,839) was released, leaving a discount balance of £123,695 carried forward (2024: £337,228).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other creditors - deferred consideration

3,376,305

3,162,772

Director's current account

6,154,514

6,154,514

Bank loans

-

-

9,317,286

9,317,286

The deferred consideration is secured by way of a legal charge over the land to which it relates.

The director's loan account is secured by way of a fixed and floating charge over the assets of the Company.

The bank loan that was repaid in June 2022 was secured by way of debenture over the assets of the Company in favour of Lloyds Bank Plc. This charge was registered as satisfied on 2 September 2025.

Charges registered since the year end

The bank loan taken out after the year end is secured by way of legal charge over the land to which it relates. This charge was registered on 2 October 2025 and is in favour of Close Brother Limited.

On 3 October 2025 an additional charge was registered in the form of a debenture over the assets of the Company in favour of Close Brothers Limited.

10.

RESERVES

Fair

value

reserve

£

At 1 April 2024

and 31 March 2025

118,385

Fair value reserve

The fair value reserve represents cumulative revaluation gains and losses in respect of the investment property.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Melinda Simpson (Senior Statutory Auditor)

for and on behalf of TC Group

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the Company owed J.A. Hills a balance of £6,154,514 (2024: £6,154,514).

The balance is secured by way of a fixed and floating charge over the assets of the company and attracts interest of 1% above the base rate of Lloyds Bank PLC. The balance is due to be repaid on 31st January 2026.