REGISTERED NUMBER: 01633981 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

Benham and Reeves Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

13

DIRECTORS:

Mrs A Mehra

M Von Grundherr

V Mehra

Mrs S Prasad

G Neligan

REGISTERED OFFICE:

c/o Parker Cavendish, Suite 301

Stanmore Business and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

REGISTERED NUMBER:

01633981 (England and Wales)

AUDITORS:

Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

Benham and Reeves is a well-established brand covering residential property sales and lettings across London through 21 branch offices.

The Company's core strengths:

" Well known and trusted brand

" A combination of a professional but also personal service, led by example from the Directors

" A traditional customer-centred approach with strong retention rates

" A global presence providing effective customer service for overseas residents

" Strategic alliances with associated companies to create a complete service

The Company's strategic priorities are to:

" Maintain levels of trading income despite challenges in the market.

" Capitalise on the strength and experience of our long-standing team to achieve this.

" Engage with potential customers through targeted digital marketing.

" Provide a professional property management service and help our clients to comply with all necessary regulations.

" Look at ways of creating efficiencies through the use of technology.

REVIEW OF BUSINESS

Key Performance Indicators

The year ended 31 March 2025 continued to present challenges for the property industry. Although interest rates saw modest reductions, they remained high relative to previous years, and inflationary pressures persisted. Despite this environment, by leveraging our core strengths we achieved growth in revenue across both property sales and lettings.

To support and manage this expansion, the Company made significant investments in staff and marketing, which resulted in a slight reduction in net profit compared with the previous year. Additional costs were also incurred in the refurbishment of existing branches.

The Company has also invested some of its cash reserves into buy to let properties through its subsidiary Benhams Limited.

Future developments

Property prices and investment returns remain relatively restrained, influenced in part by the change of Government in 2024 and several forthcoming regulatory and tax reforms.

Despite these challenges, by continuing to emphasise the high quality of our service, strengthening relationships with existing clients, and running a series of targeted promotional events, we have been able to maintain our income levels.

We anticipate a further increase in trading activity in the year ahead. Although we expect costs to rise, as required to support this growth, the business continues to operate profitably.

A significant proportion of our remaining cash reserves has been placed in a range of high-interest deposit accounts and supporting our associated companies.

PRINCIPAL RISKS AND UNCERTAINTIES

Market Risk

Impact on the Company: The wider economy is experiencing limited growth, which is exerting downward pressure on property prices and investment returns and resulting in fewer transactions.

Mitigation: By maintaining high service standards, implementing targeted advertising, and emphasising the long-term advantages of property ownership in London, we are continuing to strengthen our market position and grow our market share.

Regulatory Risk

Impact on the Company: The Renters Rights Bill has now been passed, with the first phase of implementation scheduled for 1 May 2026. This new legislative framework may discourage some landlords from participating in the private rented sector, potentially reducing overall business activity.

Mitigation:

The Company has carried out extensive research into the new requirements and ensured clients are informed about how it will affect them. We are implementing new procedures and using technology to mitigate against any adverse effects. Additionally, we are actively pursuing new landlords and as such believe the overall effect on the Company will be minimal.

Cyber Risks:

Impact on the Company: The increasing sophistication of cyber-crime presents a heightened risk of a cyber-attack.

Mitigation: The Company provides regular staff training to ensure employees can recognise and respond appropriately to potential threats and maintains a culture of vigilance across all areas of the business.

ON BEHALF OF THE BOARD:

V Mehra - Director

22 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

Dividends totalling £411,743 were paid during the year.

DIRECTORS

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

Mrs A Mehra

M Von Grundherr

V Mehra

Mrs S Prasad

G Neligan

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Parker Cavendish, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

V Mehra - Director

22 December 2025

Opinion

We have audited the financial statements of Benham and Reeves Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- identification of laws and regulations applicable to the company which may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health & safety legislation;

- assessing the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and other relevant correspondence;

- discussions with the management on consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- evaluation of internal controls designed to prevent and detect irregularities;

- performing analytical procedures to identify any unusual or unexpected relationships;

- testing journal entries to identify unusual transactions;

- assessing whether there was evidence of bias by the management in relation to accounting estimates;

- investigating the rationale behind significant or unusual transactions;

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

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

Rashmin Shah (Senior Statutory Auditor)

for and on behalf of Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

22 December 2025

TURNOVER

3

16,492,447

15,605,279

Cost of sales

(176,386

)

(312,653

)

GROSS PROFIT

16,316,061

15,292,626

Distribution costs

(3,830,847

)

(3,843,700

)

Administrative expenses

(11,266,695

)

(10,043,710

)

OPERATING PROFIT

5

1,218,519

1,405,216

Interest receivable and similar income

641,905

513,489

1,860,424

1,918,705

Gain/loss on revaluation of investment property

(77,158

)

-

1,783,266

1,918,705

Interest payable and similar expenses

6

(22,254

)

(1,150

)

PROFIT BEFORE TAXATION

1,761,012

1,917,555

Tax on profit

7

(498,270

)

(509,241

)

PROFIT FOR THE FINANCIAL YEAR

1,262,742

1,408,314

Retained earnings at beginning of year

9,586,127

8,299,811

Dividends

9

(411,743

)

(121,998

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

10,437,126

9,586,127

Profit attributable to:

Owners of the parent

1,262,742

1,408,314

FIXED ASSETS

Intangible assets

10

467,020

594,333

Tangible assets

11

1,247,151

1,278,494

Investments

12

-

71,687

Investment property

13

1,250,000

-

2,964,171

1,944,514

CURRENT ASSETS

Debtors

14

4,138,768

3,582,152

Investments

15

500,000

-

Cash at bank and in hand

6,131,649

7,564,561

10,770,417

11,146,713

CREDITORS

Amounts falling due within one year

16

(3,099,744

)

(3,341,779

)

NET CURRENT ASSETS

7,670,673

7,804,934

TOTAL ASSETS LESS CURRENT LIABILITIES

10,634,844

9,749,448

CREDITORS

Amounts falling due after more than one year

17

(31,499

)

(5,389

)

PROVISIONS FOR LIABILITIES

20

(105,220

)

(96,933

)

NET ASSETS

10,498,125

9,647,126

CAPITAL AND RESERVES

Called up share capital

21

60,999

60,999

Retained earnings

22

10,437,126

9,586,127

SHAREHOLDERS' FUNDS

10,498,125

9,647,126

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

V Mehra - Director

FIXED ASSETS

Intangible assets

10

467,020

594,333

Tangible assets

11

1,247,151

1,278,494

Investments

12

200

71,887

Investment property

13

-

-

1,714,371

1,944,714

CURRENT ASSETS

Debtors

14

5,465,826

3,582,052

Investments

15

500,000

-

Cash at bank and in hand

6,109,385

7,564,461

12,075,211

11,146,513

CREDITORS

Amounts falling due within one year

16

(3,089,536

)

(3,341,779

)

NET CURRENT ASSETS

8,985,675

7,804,734

TOTAL ASSETS LESS CURRENT LIABILITIES

10,700,046

9,749,448

CREDITORS

Amounts falling due after more than one year

17

(31,499

)

(5,389

)

PROVISIONS FOR LIABILITIES

20

(105,220

)

(96,933

)

NET ASSETS

10,563,327

9,647,126

CAPITAL AND RESERVES

Called up share capital

21

60,999

60,999

Retained earnings

22

10,502,328

9,586,127

SHAREHOLDERS' FUNDS

10,563,327

9,647,126

Company's profit for the financial year

1,327,944

1,408,314

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

V Mehra - Director

Cash flows from operating activities

Cash generated from operations

1

779,024

274,550

Interest paid

(20,137

)

-

Interest element of hire purchase payments paid

(2,117

)

(1,150

)

Tax paid

(599,154

)

(265,000

)

Net cash from operating activities

157,616

8,400

Cash flows from investing activities

Purchase of tangible fixed assets

(136,572

)

(251,621

)

Purchase of investment property

(1,327,158

)

-

Sale of fixed asset investments

71,687

-

Interest received

641,905

513,489

Purchase of current asset investments

(500,000

)

-

Net cash from investing activities

(1,250,138

)

261,868

Cash flows from financing activities

Capital repayments in year

40,503

(7,185

)

Amount introduced by directors

30,850

9,150

Amount withdrawn by directors

-

(20,651

)

Equity dividends paid

(411,743

)

(121,998

)

Net cash from financing activities

(340,390

)

(140,684

)

(Decrease)/increase in cash and cash equivalents

(1,432,912

)

129,584

Cash and cash equivalents at beginning of year

2

7,564,561

7,434,977

Cash and cash equivalents at end of year

2

6,131,649

7,564,561

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,761,012

1,917,555

Depreciation charges

295,228

291,686

Loss/(gain) on revaluation of fixed assets

77,158

(26,394

)

Finance costs

22,254

1,150

Finance income

(641,905

)

(513,489

)

1,513,747

1,670,508

Increase in trade and other debtors

(587,466

)

(1,396,342

)

(Decrease)/increase in trade and other creditors

(147,257

)

384

Cash generated from operations

779,024

274,550

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

6,131,649

7,564,561

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

7,564,561

7,434,977

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

7,564,561

(1,432,912

)

6,131,649

7,564,561

(1,432,912

)

6,131,649

Liquid resources

Current asset investments

-

500,000

500,000

-

500,000

500,000

Debt

Finance leases

(12,574

)

(40,503

)

(53,077

)

(12,574

)

(40,503

)

(53,077

)

Total

7,551,987

(973,415

)

6,578,572

1.	STATUTORY INFORMATION

Benham and Reeves 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts (if any) and VAT. Revenue is generated from the company's operations that are wholly based in the UK.

Rendering of services

Commission earned on sales of residential property is recognised in line with the agreement with the vendor. For re sales of property, commission is normally recognised on completion of the sale. For off plan sales, commission is normally recognised 50% on exchange of contracts and 50% on completion of the sale.

In connection with lettings, the company offers the following services:

(1) Securing the letting for the landlord including rent collection; and

(2) Managing the letting on behalf of the landlord.

Commissions earned on the above services are recognised as follows:

(1) Commissions on securing the letting or providing a rent collection service are recognised at the start date of the tenancy. Similarly, on tenancy renewals is recognised on the start of the extension date.

(2) Where the company manages the property, the fees are billed quarterly or in line with the rent payment where the rent is collected less frequently at a fixed percentage. The income is recognised over the duration of the tenancy on a straight-line basis in accordance with the Company's performance obligations.

Income from other services is recognised in the period or periods when the services are provided.

Rent receivable

The company provides a fixed rent to a small number of landlords for a period during which the property is sublet. Income is recognised as the net cash flow during the reporting period.

The subsidiary company receives rent from the investment properties and this is recognised on an accruals basis.

Interest income

The company deposits its cash with reputable financial institutions. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. The company earns interest income on own funds which is shown as finance income. It also earns interest on loans provided included in other debtors.

Intangible assets

The brand name is amortised over its expected useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

5% straight line

Long leasehold

-

2% on cost

Fixtures and fittings

-

see note below

Motor vehicles

-

25% Straight line

Fixtures & fittings are depreciated at between 10% and 33% on cost.

Investment property

Initial measurement

Investment properties are initially measured at cost.

Subsequent measurement

Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Financial instruments

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and deposits with maturities of three months or less.

Client funds

Client funds Client monies and the associated liabilities are not shown on the balance sheet because the Company treats the monies as belonging to clients and not as its own funds. Client monies are held by the Company in specifically designated client accounts and, on that basis, the company expects that, in the event of the Company becoming insolvent, such monies would be ring-fenced and not be available to the Company's creditors as a whole. They are not available for offset against any other account held with the bank. Treatment of client monies is subject to the rules of Propertymark, a professional body for property agents.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Trade and other creditors

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

Listed investments

Listed investments are initially measured at cost. Subsequently, they are measured at fair value at each reporting date with changes in fair values recognised in profit or loss.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

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

2025

2024

£

£

Letting Commission & Fees

12,049,846

11,604,894

Sales Commission

3,427,279

2,696,862

Other sales Income

885,797

924,773

Rents receivable

129,525

378,750

16,492,447

15,605,279

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

16,492,447

15,605,279

16,492,447

15,605,279

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

6,799,301

6,175,132

Social security costs

758,240

661,003

Other pension costs

416,370

401,986

7,973,911

7,238,121