The director presents the strategic report for the year ended 31 March 2025.

The principal activity of the company continued to be that of the holding of investments and the management of subsidiaries.

The principal activities of the company's seven subsidiary undertakings were that of Residential and Commercial estate agencies, property surveying, property management, lettings and financial services.

This year the group has returned to profitability after improved performances from all subsidiaries. Turnovers across the group have increased, especially residential property sales and other income streams directly linked to that market. A period of interest rate stability followed by rates falling in the second half of the year contributed to this. Lettings and property management continue to be a strong and consistent core element of the group’s business model.

Performance from residential sales, financial services and surveys faired particularly well in the fourth quarter as changes to SDLT accelerated the timeline of many property transactions. However, this impacted the first quarter of the next financial year, but the group has been able to overcome this challenging period with stronger results as the year progresses.

The group continues to adopt a positive marketing strategy, implementing cost controls where required, and continuously monitors its cash flow requirements to ensure it is well placed to meet any future challenges.

The industry is sensitive to changes in the economic climate including risks from inflation and fluctuating interest rates. Regulatory change also poses additional risks to the Group.

The director believes that the group is a strong position to be able to mitigate these risks with robust senior management and proactive strategic decision making.

The group has a healthy cash position and is well placed to see out any challenges ahead.

The key performance indicators used to review and monitor the group's success are turnover, net profit before tax, and net assets.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 March 2025.

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

The parent company and group operates a centralised treasury function which is responsible for managing the liquidity and interest risks associated with the parent company and group's activities.

The parent company and group manages interest rate risks arising from the parent company and group's activities, including bank overdrafts and loans, the main purpose of which is to raise finance for the parent company and group's operations. In addition, the parent company and group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.

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

The parent company and group are exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The parent company and group negotiate interest rates on finance to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the group will be put at a General Meeting.

The director is responsible for preparing the Annual Report and the group and parent company financial statements in accordance with applicable law and regulations.

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

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the group and parent company financial statements;

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

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

So far as the director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of Beresford Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 FRS 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 the parent company's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 strategic report and the director's report.

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.

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is responsible for assessing the group's and 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 an auditor's report 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.

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the group’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the parent company and the group is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the parent company and the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; the regulatory requirements of the FCA; data protection legislation; anti-bribery and anti-corruption legislation; Estate Agents Act and consumer protection legislation; Landlord and Tenant Act, and landlords and surveyors practicing regulations.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

• Challenging assumptions made by management in its significant accounting estimates in particular: provisions and valuations of investment properties;

• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting any revenue account, scrutiny of large and unusual journals, and consolidation journals;

• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

• Ensuring that testing undertaken on both the Profit and Loss Account, and the Balance Sheet includes a number of items selected on a random basis; and

• Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £61,017 (2024 - £122,343 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Beresford Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Springfield Lyons Approach, Springfield, Chelmsford, Essex, CM2 5LB.

The group consists of Beresford Group Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the company prepares publicly available consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Beresford Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

These financial statements are prepared on the going concern basis.

The director is satisfied that the company is able to meet its liabilities as and when they fall due, for at least the next twelve months from the date of approval of these financial statements. Therefore the director considers that it is appropriate to prepare these financial statements on the going concern basis.

Turnover represents amounts receivable for property management fees, survey fees, commissions on sales of financial services and commissions on property sales which the group is legally entitled to at the balance sheet date. Turnover represents amounts receivable stated net of provision for clawback from cancelled sales and the net release of provision for unearned commission income, all where applicable, net of VAT and trade discounts.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years from the date of transition to FRS 102 for previously acquired goodwill and 8 years for goodwill acquired since.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries and joint ventures are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. These are accounted for under the equity method and the share of results of jointly controlled entities are included within profit and loss.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any obsolescence.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

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.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where 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 have been affected. 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 or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies 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 receipts 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 business 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.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Any benefits the company is committed to providing an employee when they cease employment are recognised immediately as an expense in the profit and loss account.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the option-pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Certain overheads incurred are apportioned to group companies to reflect an appropriate allocation of costs based on usage. Group companies may also apportion certain overheads in a similar manner. A management charge is either receivable or payable and is included in the profit and loss account to reflect the relevant charge for these overheads. No management charge is made where a subsidiary is loss making.

Client money

Some of the subsidiary companies hold client money in designated client accounts on behalf of landlords. These balances are not included in the financial statements as they do not represent a company asset. Client account balances at the balance sheet date totalled £6,169,508 (2024: £6,237,680).

Group relief of tax losses

Tax losses are group relieved within the group so as to reduce the corporation tax charge within the group. Tax losses that have been group relieved are paid for by the receiving company based on the amount of corporation tax saved.

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties are held at fair value in accordance with FRS 102. Valuations have been made on an open market basis using estimated rental values and also made with reference to market conditions and recent market activity. The director has reviewed the valuations and considers the values in the financial statements to be materially correct as at the reporting date.

A provision is made for commissions that are clawed back by insurance companies as a result of clients who cancel their policies within a specified period. These clawbacks are estimated based on prior experience of the percentage of clawbacks incurred by the company and this is reviewed at each year end.

A provision is made for amounts due in the event of claim being successful. A certain level of estimation is made on the expected outcome of the claim.

An analysis of the group's turnover is as follows:

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

As at the balance sheet date the group had taxable losses carried forward of £177,409 (2024: £1,073,198).

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Investment properties comprises of land and buildings rented out to subsidiaries and third parties. Valuations have been made on an open market basis using estimated rental values and also made with reference to market conditions and recent market activity. The director has reviewed the valuations and considers the values in the financial statements to be materially correct as at the reporting date.

The historical cost of the investment properties for the group is £1,837,010 (2024: £2,262,152).

The historical cost of the investment properties for the parent company is £2,534,979 (2024: £2,845,021).

Details of the company's subsidiaries at 31 March 2025 are as follows:

The registered office address of Beresfords Lettings Ltd, Beresfords Financial Services Ltd, Beresfords Residential Ltd, Flagstone Financial Management Ltd and Beresfords Commercial Ltd is: 10 Springfield Lyons Approach, Springfield, Chelmsford, Essex, CM2 5LB. The registered office of R Cheke & Co Limited is: 1st Floor County House, 100 New London Road, Chelmsford, Essex, CM2 0RG. The registered office of Whybrow & Dodds Ltd is: 2 De Grey Road, Colchester, Essex, CO4 5YQ.

The bank loans are secured by a fixed and floating charge over the freehold properties owned by the Company and an intercompany cross guarantee.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

The long-term loans are secured by a fixed and floating charge over the freehold properties owned by the company and an intercompany cross guarantee.

Of the bank loans due in over five years: £370,782 (2024: £361,442) is repayable in monthly instalments to 2036 with interest charged at 1.97% above the bank's base rate; £118,814 (2024: £111,437) is repayable in monthly instalments to 2041 with interest charged at 1.75% above the bank's base rate; and £196,229 (2024: £184,797) is repayable in monthly instalments to 2038 with interest charged at 2.75% above the bank's base rate.

Finance lease payments represent rentals payable by the group for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax asset set out above is expected to reverse after 12 months and relates to accelerated capital allowances, tax losses and revaluations.

The claims provision relates to amounts due in relation to potential claims.

The commissions provision is for the clawback of unearned insurance income.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £33,303 (2024: £31,034) were payable to the fund at the year end and are included in creditors. Contributions for the year stated also include contributions to a director's personal pension scheme.

On 23 June 2015, an Enterprise Management Incentive (EMI) share option scheme was established.

The EMI share option scheme will give key management the option to acquire a total of 2.4% of the company's ordinary share capital.

The options will be exercisable only in the event of the sale of the company to a third party purchaser within ten years of the scheme inception, subject to the employees still being employed by the company at the point of sale.

At the time of exercise of the options, 359 shares will be sold to management for £114 per share. A total sum of £40,926 will therefore be due from this employee.

The company has one class of Ordinary shares which carries one vote and no right to fixed income.

Company

The company had distributable profit and loss reserves of £1,914,760 (2024: £1,858,034) as at 31 March 2025.

The company is party to an unlimited cross guarantee and a fixed and floating charge over all current and future assets in favour of National Westminster Bank Plc.

Operating lease payments represent rentals payable by the company for leasehold properties. The leases are negotiated over terms of one to fifteen years and rentals are fixed over the same periods.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The operating leases represent leases of investment properties and a sublease to third parties. The leases are negotiated over terms of six months to four years and rentals are fixed over the same periods. There are no options in place for either party to extend the lease terms.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

The remuneration of key management personnel, which includes the director, is as follows.

The company has taken advantage of the exemption available in FRS 102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Company

At the balance sheet date the company owed £759,201 (2024: £1,275,425) to its subsidiary undertakings and was owed £13,340 (2024: £52,823) by its subsidiary undertakings.

During the year, management charges of £22,980 (2024: £22,800) were paid to a company under common influence.

At the year end, the company was owed amounts totalling £532,784 (2024: £982,784) by companies, and owed amounts totalling £50,192 (2024: £50,192) to companies related by virtue of the director being a director and shareholder of both companies.

During the year salaries including pension contributions of £122,380 (2024: £124,907) were paid to related parties of the director.

Rent totalling £9,510 (2024: £10,118) was paid to a pension scheme during the year, a related party by virtue of the Director being a beneficiary.

Group

Beresfords Residential Limited

During the year the company paid rent at a market rate totalling £82,215 (2024: £80,420) to the Beresfords Directors' Pension Scheme, of which two directors are beneficiaries.

During the year, family members of directors received an aggregate remuneration of £4,800 (2024: £14,100).

At the balance sheet date, the company was owed £3,968 (2024: £368) by a company under common control.

Beresfords Lettings Limited

During the year the company paid rent at a market rate totalling £42,723 (2024: £43,147) to the Beresfords Directors' Pension Scheme of which one of the Directors is a beneficiary.

Flagstone Financial Management Limited

During the year the company paid rent at a market rate totalling £28,550 (2024: £30,067) to the Beresfords Directors Pension Scheme.

During the year the company paid rent at a market rate totalling £12,000 (2024: £12,000) to the pension scheme of a related party by virtue of being a close family member of a shareholder.

During the year the company received rent at a market rate totalling £10,890 (2024: £Nil) from a related party by virtue of being under common control.

Whybrow & Dodds Limited

At the balance sheet date, the company was owed £Nil (2024: £4,399) by a director of the company. During the year, a further advance of £16,585 was made and £20,984 was repaid by a director of the company. Interest totalling £Nil (2024: £Nil) was paid in respect of this loan.

At the balance sheet date, the company owed a director's family member £1,440 (2024: £Nil).

During the year, the company paid rent totalling £43,242 (2024: £45,509) to a self invested pension scheme of which one of the directors is a beneficiary.

During the year, the company received £1,250 (2024: £Nil) from a related party by virtue of being under common control. This amount was still outstanding at the year end and is included within trade debtors.

The ultimate controlling party during both the current and prior year was P Beresford.