Gravel Rock Limited 31/03/2025 iXBRL

Company registration number: 11023599

Gravel Rock Limited

Financial statements

31 March 2025

Gravel Rock Limited

Contents

Directors and other information

Strategic report

Director's report

Independent auditor's report to the member

Profit & loss account

Balance sheet

Statement of cash flows

Notes to the financial statements

Gravel Rock Limited

Directors and other information


	Director	G M El-Kassir


	Company number	11023599


	Registered office	7200 The Quorum
		Oxford Business Park North
		Oxford
		OX4 2JZ


	Auditor	Cox Hinkins Audit Services Limited
		The Old Dairy
		12 Stephen Road
		Headington
		Oxford
		OX3 9AY

Gravel Rock Limited

Strategic report

Year ended 31st March 2025

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Business development and performance

The company is part of the GRE Capital Group and its principal activity is property construction, initially at a site being developed by a fellow subsidiary company, Ashford Riverside Park Limited, and thereafter on a contracting basis to companies outside of the GRE Capital Group.

The financial performance of the company during the year ended 31 March 2025 resulted in a loss of £28,770, due to remedial works and customer care costs that were not passed onto Ashford Riverside Park.

The company had net assets at the year end of £501,440, including cash at bank of £5,847.

Completion of the Ashford site has further enhanced the reputation of the GRE Capital Group within the property development market and future construction contracts for the company are under consideration by the director.

Financial instruments

The principal financial instruments used by the company comprise bank balances, loan accounts with group undertakings, trade debtors and trade creditors. The main purpose of these instruments is to finance the operations of the business.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

The liquidity risk associated with trade creditors is managed by ensuring sufficient funds are available for amounts as they fall due for payment.

Principal risks and uncertainty

The activities of the business expose it primarily to changes in the property market, however adequate controls are in place to mitigate these risks. The Group's property development activities are geographically diversified within the UK and into Europe. The Board regularly reviews and updates the forecasted performance of the Group in conjunction with a detailed cash flow model.

The management of the company takes professional advice as necessary to ensure compliance with all the legal obligations of the company.

The management of the company regularly reviews the appropriate actions required to ensure that business activities will continue in the event of unforeseen events affecting IT, communication and/or logistical systems.

Environmental sustainability

The GRE Capital Group believes that having a thorough understanding of local socio-economic trends and the environment ensures that developments are designed and delivered to meet the current and future needs of customers, the community and all stakeholders.

Health and safety

The company has not had any recorded incidents or fatalities and we continue to place a top priority on health and safety. Health and safety is a major consideration when selecting contractors for our development sites and all regulatory requirements and recommended best practices are tracked and monitored very closely.

People

Our vision is to engage with positive, proactive and dynamic people who are committed to the business which we believe provide the best platform from which to deliver an excellent investor service and strong financial returns.

This report was approved by the board of directors on 23rd December 2025 and signed on behalf of the board by:

G M El-Kassir

Director

Gravel Rock Limited

Director's report

Year ended 31st March 2025

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

Director

The director who served the company during the year was as follows:

G M El-Kassir

Dividends

Future developments

The likely future development of the business is included within the preceding strategic report.

Financial instruments

The company only enters into basic financial instruments transactions. Details of the basis for their recognition and measurement are provided in the accounting policies within the notes to the financial statements.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 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 company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

G M El-Kassir

Director

Gravel Rock Limited

Independent auditor's report to the member of

Gravel Rock Limited

Year ended 31st March 2025

Opinion

We have audited the financial statements of Gravel Rock Limited (the 'company') for the year ended 31st March 2025 which comprise the Profit & loss account, Balance sheet, 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 company's affairs as at 31st March 2025 and of its loss 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 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.

Material uncertainty related to going concern

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 3 to the financial statements concerning the company's ability to continue as a going concern.

As described in note 3 to the financial statements, the director has considered the likelihood of the group recovering its marketing advance by securing sufficient future joint projects with its marketing agent. The going concern assessment of the company is linked to the going concern of the group due to its loans to and from other group companies, as described in notes 10 and 11 to the financial statements. Given the risks associated with securing viable construction projects, the director has drawn attention to this in disclosing a material uncertainty relating to going concern in the basis of preparation within note 3 to the financial statements.

The existence of a material uncertainty may cast significant doubt about the ability of the company to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of director's 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 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 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.

Auditor's 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 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: Based on our understanding of the company and industry, we identified the laws and regulations central to the operation of the company and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls.Having assessed the risks of material misstatement in the financial statements as above, our resultant audit procedures performed included:- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;- Reviewing the controls set in place by management;- Identifying and reviewing journal entries to ensure that we understood the reasoning behind them, particularly those which appear to be unusual or outside the normal course of business;- Assessing management assumptions with regard to accounting estimates for any indications of a potential bias;- Selecting a sample of transactions and tracing to documentation to establish that they are bonafide business transactions; and- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting irregularities due to fraud is greater than irregularities due to error, as fraud may involve intentional concealment by, for example, forgery, misrepresentation or collusion.There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit, we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's member, 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 member those matters we are required to state to him in an auditors 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 company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.

Rodney Mark Morgan (Senior Statutory Auditor)

For and on behalf of

Cox Hinkins Audit Services Limited

Chartered Accountants and Statutory Auditors

The Old Dairy

12 Stephen Road

Headington

Oxford

OX3 9AY

23 December 2025

Gravel Rock Limited

Profit & loss account

Year ended 31st March 2025

		2025	2024
	Note	£	£


Turnover	4	5,151,474	14,324,145

Cost of sales		( 5,591,337)	( 14,525,477)
		_______	_______
Gross loss		( 439,863)	( 201,332)

Administrative expenses		( 133,869)	( 63,033)
Other operating income	5	546,639	251,147
		_______	_______
Operating loss	6	( 27,093)	( 13,218)

Interest payable and similar expenses	8	( 1,677)	-
Tax on loss	9	-	-
		_______	_______
Loss for the financial year and total comprehensive income		( 28,770)	( 13,218)

Retained earnings at the start of the year		530,110	543,328
		_______	_______
Retained earnings at the end of the year		501,340	530,110
		_______	_______

Gravel Rock Limited

Balance sheet

31st March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	10	28,454		-
		_______		_______
			28,454		-

Current assets
Stocks	11	67,012		3,238,166
Debtors	12	2,421,355		14,713,122
Cash at bank and in hand		5,847		9,909
		_______		_______
		2,494,214		17,961,197
Creditors: amounts falling due
within one year	13	( 2,000,427)		( 17,430,987)
		_______		_______
Net current assets			493,787		530,210
			_______		_______
Total assets less current liabilities			522,241		530,210

Creditors: amounts falling due
after more than one year	14		( 20,801)		-
			_______		_______
Net assets			501,440		530,210
			_______		_______

Capital and reserves
Called up share capital	17		100		100
Profit and loss account	18		501,340		530,110
			_______		_______
Shareholder funds			501,440		530,210
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

G M El-Kassir

Director

Company registration number: 11023599

Gravel Rock Limited

Statement of cash flows

Year ended 31st March 2025

	2025	2024
	£	£

Cash flows from operating activities
Loss for the financial year	( 28,770)	( 13,218)

Adjustments for:
Depreciation of tangible assets	5,665	-
Interest payable and similar expenses	1,677	-
Accrued expenses/(income)	( 569,700)	( 248,950)

Changes in:
Stocks	3,171,154	15,479,682
Trade and other debtors	( 218,827)	( 9,927)
Trade and other creditors	167,737	( 772,976)
	_______	_______
Cash generated from operations	2,528,936	14,434,611
Interest paid	( 1,677)	-
Tax paid	-	-
	_______	_______
Net cash from operating activities	2,527,259	14,434,611
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 34,119)	-
	_______	_______
Net cash (used in)/from investing activities	( 34,119)	-
	_______	_______

Cash flows from financing activities
Proceeds from loans from group undertakings	( 2,525,684)	( 14,425,587)
Payment of finance lease liabilities	28,482	-
	_______	_______
Net cash used in financing activities	( 2,497,202)	( 14,425,587)
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 4,062)	9,024
Cash and cash equivalents at beginning of year	9,909	885
	_______	_______
Cash and cash equivalents at end of year	5,847	9,909
	_______	_______

Gravel Rock Limited

Notes to the financial statements

Year ended 31st March 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7200 The Quorum, Oxford Business Park North, Oxford, OX4 2JZ. There was no significant change in the company's principal activity during the year which continued to be that of property construction.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

These financial statements have been prepared on a going concern basis. At 31st March 2025, the company was owed £1,152,514 by and owed £1,438,628 to other members of the group. The recoverability of the monies owed and the ability of other group companies to provide continued financial support is dependent on the group continuing as a going concern.The group has advanced £50.5m to its marketing agent that is due to be recovered against marketing costs on future joint projects. The ability of the group to recover the marketing advance by securing sufficient future joint projects with its marketing agent will depend on many factors including land availability, construction costs, interest rates and demand for housing, either to buy or rent. These risks are inherent to the industry, which is also sensitive to changes in the general economic climate and represent a material uncertainty that may cast significant doubt on the recovery of the debt and the group's ability to continue as a going concern.Having assessed the current project pipeline, the principal risks and having regard for the above, the director considers it appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements. Therefore these financial statements do not include any adjustments that would result if the going concern basis of preparation was inappropriate.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The accounting estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The director exercises due care and attention to make reasonable estimates and has not been required to use a significant degree of judgement in determining the timing and the value of amounts recognised in these financial statements.The accounting 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:


Computer equipment	-	3 years straight line
Motor vehicles	-	Over the term of the lease

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the Balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Other operating income	546,639	251,147
	_______	_______

6. Operating loss

Operating loss is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	5,665	-
Fees payable for the audit of the financial statements	3,195	3,135
Wages and salaries	88,170	226,550
Social security costs	9,970	32,419
Pension costs	1,984	7,965
	_______	_______

7. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 5 ).

8. Interest payable and similar expenses

		2025	2024
		£	£
Other loans made to the company:
	Finance leases and hire purchase contracts	1,677	-
		_______	_______
		1,677	-
		_______	_______

9. Tax on loss

Reconciliation of tax expense

The tax assessed on the loss for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 19.00 % (2024: 19.00%).

	2025	2024
	£	£
Loss before taxation	( 28,770)	( 13,218)
	_______	_______

Loss multiplied by rate of tax	( 5,466)	( 2,511)
Tax losses surrendered or carried forward	5,466	2,511
	_______	_______
Tax on loss	-	-
	_______	_______

10. Tangible assets

	Computer equipment	Motor vehicles	Total
	£	£	£
Cost
At 1st April 2024	-	-	-
Additions	2,334	31,785	34,119
	_______	_______	_______
At 31st March 2025	2,334	31,785	34,119
	_______	_______	_______
Depreciation
At 1st April 2024	-	-	-
Charge for the year	367	5,298	5,665
	_______	_______	_______
At 31st March 2025	367	5,298	5,665
	_______	_______	_______
Carrying amount
At 31st March 2025	1,967	26,487	28,454
	_______	_______	_______
At 31st March 2024	-	-	-
	_______	_______	_______

Included within tangible assets are motor vehicles of £26,487 (2024: £nil) held under finance leases or hire purchase agreements.

11. Stocks

	2025	2024
	£	£
Work in progress	67,012	3,238,166
	_______	_______

12. Debtors

	2025	2024
	£	£
Trade debtors	110,989	34,663
Amounts owed by group undertakings	1,152,514	14,212,070
Prepayments and accrued income	982,033	433,071
Other debtors	175,819	33,318
	_______	_______
	2,421,355	14,713,122
	_______	_______

13. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	257,410	137,467
Amounts owed to group undertakings	1,438,628	17,023,868
Accruals and deferred income	8,760	29,498
Social security and other taxes	-	5,950
Obligations under finance leases	7,681	-
Other creditors	287,948	234,204
	_______	_______
	2,000,427	17,430,987
	_______	_______

14. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Obligations under finance leases	20,801	-
	_______	_______

15. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2025	2024
	£	£
Not later than 1 year	7,681	-
Later than 1 year and not later than 5 years	20,801	-
	_______	_______
	28,482	-
	_______	_______
Present value of minimum lease payments	28,482	-
	_______	_______

16. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£
Financial assets that are debt instruments measured at amortised cost
Trade debtors	110,989	34,663
Other debtors	1,328,333	14,245,388
Cash at bank and in hand	5,847	9,909
	_______	_______
	1,445,169	14,289,960
	_______	_______

Financial liabilities measured at amortised cost
Trade creditors	257,410	137,467
Other creditors	1,726,576	17,264,022
Finance leases	28,482	(-)
	_______	_______
	2,012,468	17,401,489
	_______	_______

17. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

18. Reserves

The profit and loss account reserve records retained earnings and accumulated losses.

19. Analysis of changes in net debt

	At 1 April 2024	Cash flows	At 31 March 2025
	£	£	£
Cash and cash equivalents	9,909	(4,062)	5,847
Debt due within one year	(17,023,868)	15,577,559	(1,446,309)
Debt due after one year	-	(20,801)	(20,801)
	_______	_______	_______
	( 17,013,959)	15,552,696	( 1,461,263)
	_______	_______	_______

20. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Services provided by related parties	161,442	-	( 112,765)	( 3,854)
Services provided to related paties	66,866	-	50,275	-
	_______	_______	_______	_______

21. Controlling party

The company is under the control of GRE Capital Ltd, a company incorporated in England & Wales, which owns 100% of the issued share capital. GRE Capital Ltd prepares consolidated financial statements for the group.