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REGISTERED NUMBER: 03099018 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

GRM DEVELOPMENT SOLUTIONS LIMITED

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| GRM DEVELOPMENT SOLUTIONS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| Directors: | R Upton

| G W Beckett

| Secretary: | Mrs A Bryant

| Registered office: | Laurus House First Avenue

| Centrum 100

| Burton Upon Trent

| Staffordshire

| DE14 2WH

| Registered number: | 03099018 (England and Wales)

| Accountants: | TC Group

| 10 Stadium Business Court

| Millennium Way

| Pride Park

| Derby

| Derbyshire

| DE24 8HP

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

BALANCE SHEET

30 APRIL 2025

2025 | 2024 |

| Notes | £ | £

Fixed assets

Tangible assets | 4 | 1,715,733 |  | 1,799,370 |  |

Current assets

Stocks | 102,439 |  | 90,776 |  |

Debtors | 5 | 785,718 |  | 866,973 |  |

Cash at bank and in hand | 356,990 |  | 592,468 |  |

1,245,147 |  | 1,550,217 |  |

Creditors

Amounts falling due within one year | 6 | (515,442 | ) | (575,068 | ) |

Net current assets | 729,705 |  | 975,149 |  |

Total assets less current liabilities | 2,445,438 |  | 2,774,519 |  |

Creditors

Amounts falling due after more than one year | 7 | - |  | (3,646 | ) |

Provisions for liabilities | (170,621 | ) | (180,532 | ) |

Net assets | 2,274,817 |  | 2,590,341 |  |

Capital and reserves

Called up share capital | 7,810 |  | 7,810 |  |

Share premium | 13,188 |  | 13,188 |  |

Revaluation reserve | 9 | 482,500 |  | 482,500 |  |

Capital redemption reserve | 7,720 |  | 7,720 |  |

Retained earnings | 1,763,599 |  | 2,079,123 |  |

Shareholders' funds | 2,274,817 |  | 2,590,341 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

BALANCE SHEET - continued

30 APRIL 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2026 and were signed on its behalf by:

G W Beckett - Director

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| GRM Development Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are prepared in sterling, which is the functional currency of the entity.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold property | - | 2% on cost

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 33% on reducing balance

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| Work in progress

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Work in progress is valued at sales value less any provisions for the foreseeable losses where appropriate.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Operating leases

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

| The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

| Lease income is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

| Pension costs and other post-retirement benefits

| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

| Finance leases and hire purchase contracts

| Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.

| Provisions

| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 50 (2024 - 51 ) .

4. | TANGIBLE FIXED ASSETS

Fixtures |  |

Leasehold | Plant and | and | Motor |  |

property | machinery | fittings | vehicles | Totals |

| £ | £ | £ | £ | £

| Cost

| At 1 May 2024 | 1,600,000 |  | 31,843 |  | 458,553 |  | 294,252 |  | 2,384,648 |  |

| Additions | - |  | 2,643 |  | 4,012 |  | - |  | 6,655 |  |

| Disposals | - |  | - |  | - |  | (16,749 | ) | (16,749 | ) |

| At 30 April 2025 | 1,600,000 |  | 34,486 |  | 462,565 |  | 277,503 |  | 2,374,554 |  |

| Depreciation

| At 1 May 2024 | - |  | 17,824 |  | 344,925 |  | 222,529 |  | 585,278 |  |

| Charge for year | 32,000 |  | 3,934 |  | 23,214 |  | 21,192 |  | 80,340 |  |

| Eliminated on disposal | - |  | - |  | - |  | (6,797 | ) | (6,797 | ) |

| At 30 April 2025 | 32,000 |  | 21,758 |  | 368,139 |  | 236,924 |  | 658,821 |  |

| Net book value

| At 30 April 2025 | 1,568,000 |  | 12,728 |  | 94,426 |  | 40,579 |  | 1,715,733 |  |

| At 30 April 2024 | 1,600,000 |  | 14,019 |  | 113,628 |  | 71,723 |  | 1,799,370 |  |

| Leasehold property was revalued in July 2024 at an open market value by Salloway Property Consultants. The historical cost of freehold property is £1,200,000 (2024: £1,200,000).

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Trade debtors | 730,024 |  | 812,200 |  |

| Other debtors | 45,728 |  | 54,773 |  |

| Directors' current accounts | 9,966 |  | - |  |

785,718 |  | 866,973 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Bank loans and overdrafts | 3,646 |  | 43,750 |  |

| Trade creditors | 169,689 |  | 239,956 |  |

| Amounts owed to group undertakings | 460 |  | - |  |

| Taxation and social security | 256,528 |  | 178,260 |  |

| Other creditors | 85,119 |  | 113,102 |  |

515,442 |  | 575,068 |  |

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

| £ | £

| Bank loans | - |  | 3,646 |  |

| Amounts owed under bank loans are secured by a fixed and floating charge over the property of the company.

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

| £ | £

| Within one year | 5,680 |  | 17,040 |  |

| Between one and five years | 18,469 |  | 24,436 |  |

| In more than five years | 973 |  | - |  |

25,122 |  | 41,476 |  |

9. | RESERVES

Revaluation |

reserve |

| £

| At 1 May 2024

| and 30 April 2025 | 482,500 |  |

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 30 April 2025 and 30 April 2024:

2025 | 2024 |

| £ | £

| Dr W S Peacock

| Balance outstanding at start of year | (34,705 | ) | (69,808 | ) |

| Amounts advanced | 73,024 |  | 151,731 |  |

| Amounts repaid | (37,024 | ) | (116,628 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,295 |  | (34,705 | ) |

| G W Beckett

| Balance outstanding at start of year | (3,369 | ) | (9,459 | ) |

| Amounts advanced | 77,932 |  | 85,327 |  |

| Amounts repaid | (70,095 | ) | (79,237 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 4,468 |  | (3,369 | ) |

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| R Upton

| Balance outstanding at start of year | (3,634 | ) | (9,131 | ) |

| Amounts advanced | 77,932 |  | 77,454 |  |

| Amounts repaid | (70,095 | ) | (71,957 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 4,203 |  | (3,634 | ) |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number |  | Class |  | Nominal Value |  | 30/04/2025 |  | 30/04/2024 |  |

| 2,000 |  | C ordinary |  | £1 |  | 2,000 |  | 2,000 |  |

| 1,000 |  | D ordinary |  | £1 |  | 1,000 |  | 1,000 |  |

| Allotted and issued:

| Number |  | Class |  | Nominal Value |  | 30/04/2025 |  | 30/04/2024 |  |

| 37,878 |  | W ordinary |  | 10p |  | 3,788 |  | 3,788 |  |

| 4,912 |  | X ordinary |  | 10p |  | 491 |  | 491 |  |

| 4,912 |  | Y ordinary |  | 10p |  | 491 |  | 491 |  |

| 400 |  | Z ordinary |  | 10p |  | 40 |  | 40 |  |

| During the year, all of the above shares were transferred to GRM Solutions Limited, as ultimate parent undertaking.