Company No: 01241761 (England and Wales)

Contents

• Company Information
• Directors' Report
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	Mr R E Gorringe
	Mrs J E Hopkin (Resigned 08 November 2024)
	Mr O G Searle (Appointed 08 November 2024)

Registered office	C/O Kreston Reeves Llp Nile House
	Nile Street
	Brighton
	BN1 1HW
	United Kingdom

Company number

01241761 (England and Wales)

Accountant	Kreston Reeves LLP
	Nile House
	Nile Street
	Brighton
	BN1 1HW
	United Kingdom

Bankers	National Westminster Bank Plc
	11 High Street
	Lewes, East Sussex
	BN7 2LH
	United Kingdom

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 April 2025.

Principal activities

The principal activity during the year continued to be that of a partner in the business of Gorringes Auction Galleries.

Review of the year

In April 2025, Brookgrade acquired an additional interest in Gorringe’s LLP, increasing its share from 45% to 90% following the retirement of three LLP members. This strategic step strengthens Brookgrade’s position as Gorringe’s continues to deliver solid growth in the auction market.

The retiring members were entitled to payments in respect of goodwill, which will be funded directly by the LLP. This arrangement has temporarily reduced Brookgrade’s capital account within the LLP, and an impairment provision has therefore been recognised for amounts owed by the LLP. This explains the reduction in net assets reported in this set of accounts.

The directors remain confident in the future of both businesses and look forward to building on the strong reputation of both Brookgrade and Gorringe’s locally, nationally, and internationally in the years to come.

Directors

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mr R E Gorringe
Mrs J E Hopkin	(Resigned 08 November 2024)
Mr O G Searle	(Appointed 08 November 2024)

Small companies exemption

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

Mr O G Searle Director

23 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brookgrade Limited for the financial year ended 30 April 2025 which comprise the Balance Sheet and the related notes 1 to 7 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Brookgrade Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Brookgrade Limited. You consider that Brookgrade Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Brookgrade Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Brookgrade Limited, as a body, in accordance with the terms of our engagement letter dated 18 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Brookgrade Limited and state those matters that we have agreed to state to the Board of Directors of Brookgrade Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brookgrade Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Accountant

Nile House
Nile Street
Brighton
BN1 1HW
United Kingdom

23 December 2025

	Note	2025		2024
		£		£
				Restated
Fixed assets
Investment property	3	495,762		495,762
		495,762		495,762
Current assets
Debtors	4	0		472,533
Cash at bank and in hand		217,432		274,067
		217,432		746,600
Creditors: amounts falling due within one year	5	( 70,242)		( 108,136)
Net current assets		147,190		638,464
Total assets less current liabilities		642,952		1,134,226
Net assets		642,952		1,134,226
Capital and reserves
Called-up share capital	6	10,000		10,000
Fair value reserve		96,365		96,365
Profit and loss account		536,587		1,027,861
Total shareholders' funds		642,952		1,134,226

For the financial year ending 30 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Brookgrade Limited (registered number: 01241761) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

Mr O G Searle Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Brookgrade Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Kreston Reeves Llp Nile House, Nile Street, Brighton, BN1 1HW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Prior year adjustment

A prior period adjustment was made during the year to correct the classification of a property previously recognised as Land and Buildings. The asset has been reclassified as Investment Property and comparative figures have been restated accordingly.

Turnover

The revenue is attributable to the company's main activity as a partner in Gorringes Auction Galleries and represents the company's share of the profit of the business and rental income excluding value added tax.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the income being received or receivable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Investment property

	Investment property
	£
Valuation
As at 01 May 2024	495,762
As at 30 April 2025	495,762

Valuation

Investment property of £495,762 (2024: £495,762) comprises cost of £399,397 (2024: £399,397) and subsequent accumulated revaluations of £96,365 (2024: £96,365). In the opinion of the directors the market value of the investment property is in excess of the carrying value due to proposed development in the surrounding area.

4. Debtors

	2025		2024
	£		£
Amounts owed by directors	0		781
Other debtors	0		471,752
	0		472,533

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to directors	223		781
Accruals	2,519		2,000
Corporation tax	67,500		105,355
	70,242		108,136

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each	10,000		10,000

7. Related party transactions

Other related party transactions

**Mr R E Gorringe**
(Director)
During the year the company provided the director with an interest free loan repayable on demand. At the year end, the director owed the company £Nil (2024: £502).

**Mrs J E Hopkin**
(Director)
During the year the company provided the director with an interest free loan repayable on demand. At the year end, the director was owed £223 (2024: (£279)) by the company .

**Mr P H G Gorringe**
(Director)
During the year the director provided the company with an interest free loan repayable on demand. At the year end, the company owed the director £11 (2024: £Nil).

**Mrs L J Johnson**
(Director)
During the year the company provided the director with an interest free loan repayable on demand. At the year end, the director owed the company £11 (2024: £Nil).

**Gorringes LLP**
During the year the company increased their share of Gorringes LLP from 45% to 90% at an agreed price of £1.28 million.

Additionally, the loan receivable from Gorringes LLP of £365,273 was impaired during the year. At the reporting date, the outstanding balance of the loan was £nil (2024: £471,752).