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REGISTERED NUMBER: 12161169 (England and Wales)

BARON & GRANT INVESTMENT MANAGEMENT LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 6 |

Report of the Independent Auditors | 7 |

Statement of Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

BARON & GRANT INVESTMENT MANAGEMENT LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | C I Grant

| T Poynton

| REGISTERED OFFICE: | 66 Lincoln's Inn Fields

| London

| WC2A 3LH

| REGISTERED NUMBER: | 12161169 (England and Wales)

| AUDITORS: | MCA Audit Limited

| Chartered Accountants and Statutory Auditors

| 7 St. Johns Road

| Harrow

| Middlesex

| HA1 2EY

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report for the year ended 31 December 2025.

The principal activity of Baron & Grant Investment Management Limited (B&G) is the provision of financial planning, advice, and discretionary investment management services.

B&G is a boutique Financial Conduct Authority (FCA) regulated financial planning, advice, and discretionary investment management company that has been authorised since 4 January 2021. We are specialists in managing investment trust focused portfolios, complemented by a carefully selected range of exchange-traded funds (ETFs). We provide financial planning, advice, and discretionary investment management services to individuals, companies, pension schemes, trusts, and charities. We also provide outsourced discretionary fund management (DFM) services to other financial advice firms. We offer industry-leading expertise and experience and pride ourselves on providing clients with exceptional personal service.

B&G does not hold client assets, including cash, in its name and executes trades on an agency basis only.

REVIEW OF BUSINESS

The year ended 31 December 2025 represented the Company's fifth full year as an FCA-regulated business. The Company ended the year with an increase in funds under management and generated total income of £1,228,833 an increase of 31% from the previous year (2024: £941,225).

The turnover includes income from the Company's Appointed Representative, Integritas Financial Planners Limited. The remittance of this income is recognised within the Company's cost of sales.

The investment trust sector, which remains the Company's principal area of focus, began to show improved performance during the year. Investors increasingly recognised the value on offer in the sector, the long-standing 'cost disclosure' issue was partly resolved, and investment company boards took meaningful action to improve shareholder returns and narrow discounts.

Throughout the year, the Company remained committed to delivering a high-quality service to its clients while continuing to strengthen its cash reserves.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's activities are subject to regulation, which gives rise to a number of risks, including censure by the FCA. The Company has a robust framework of regulatory policies, procedures, systems and controls to mitigate this.

BUSINESS AND MARKET RISK

The principal risks to B&G are a loss of key clients or a long-term decline in stock market valuations, with both events resulting in diminished revenues (fee income is based on portfolio valuations).

CREDIT AND COUNTERPARTY RISK

The Company has low counterparty risk. Credit risk exposures include the Company's bank deposits, loans, clients billed but not yet paid, prepayments, and accrued income. The banks the Company uses have good quality credit ratings, which are monitored, and it is considered acceptable for the Company to rely on the credit ratings. The Company also considers other sources of information/news that would flag any potential concerns for institutional exposures.

OPERATIONAL RISK

The Company relies on its staff, internal systems and controls, and critical information technology (IT) systems to deliver its services. If an operational risk event were to occur, this could impact profitability. To help monitor and mitigate these risks, an operational risk register is maintained, which is used to identify key operational risks, assess the likelihood and impact of each risk, document mitigating factors, and identify action points to reduce risk further. Work is also performed to protect the business against evolving IT-related risks like cyber security. To reduce operational risk, robust policies and procedures are maintained. Staff complete relevant training to ensure they are competent to fulfil their roles.

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REGULATORY RISK

The Company is regulated by the FCA and is subject to its rules, regulations, principles, and guidance. Failure to comply could lead to investigation and fines. The Company runs a compliance manual and a risk-based compliance monitoring programme that is proportionate to the business's size, nature, and complexity.

The directors produce and submit the regulatory returns via the FCA's RegData portal. They also monitor changes in relevant regulations, supported by the Company's compliance consultants, to determine the likely impact on business activities.

The UK Investment Firms Prudential Regime (IFPR) came into force on 1 January 2022, and B&G is classed as a MiFIDPRU Small and Non-Interconnected Investment (SNI) firm.

As a firm that falls within the scope of the IFPR, B&G has submitted its latest Internal Capital Adequacy and Risk Assessment (ICARA) to the FCA. The FCA now require reporting on the Basic Liquid Assets Requirements (BLAR) and the Liquid Assets Threshold Requirement.

Based on the Company's audited financial accounts for the year ended 31 December 2025, B&G comfortably adheres to its capital adequacy and access to immediate funds requirements.

B&G is managed conservatively and has no bank debt or debt owed to external parties. Furthermore, it maintains a significant cash balance over and above capital requirements. At the reporting date, the company held £663,171 (2024: £526,126) in capital resources.

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

SECTION 172(1) STATEMENT

The directors have a duty to promote the success of the Company for the benefit of Shareholders as a whole and to describe how they have performed this duty with regard to matters set out in section 172 (1) of the Companies Act 2006.

The likely consequences of long-term decisions

The Company holds regular meetings. Shareholder representation is strong at all these meetings, and the business's ongoing performance and future direction are at the heart of discussions. Additionally, staff wellbeing and practical matters regarding the operational aspects of the Company are considered, and issues are addressed.

The interests of the Company's employees

The Company's business relies on its staff, so the calibre of employees and their wellbeing is crucial. An open communication process is in place to encourage conversation, raise concerns, and consider training and support requirements.

The need to foster good business relationships with suppliers, customers, and others

The Company puts great effort into its relationships with suppliers, clients, and the local community. The Company regularly communicates with clients and prides itself on clients' understanding of its services and portfolios.

The Company places particular importance on its due diligence and ongoing relationships with the wrap/investment platforms through whom it arranges trades and who have custody of the Company's clients' assets.

The desirability of the Company maintaining a reputation for high standards of business conduct

The Company is committed to maintaining high standards of corporate governance in relation to business conduct. The Company has a robust framework of policies and procedures, which are reviewed and approved periodically to ensure internal and external standards are maintained.

The Company also monitors and expects good standards of conduct from the companies in which its portfolios invest. Environmental, Social, and Governance (ESG) considerations are part of the investment management decision process. In support of this and mindful of "greenwashing", the Company offers clients a "Positive Impact" Portfolio.

The impact of the Company's operations on the community and the environment

The Company understands the importance of being a good corporate citizen and supports the local community through local sports team sponsorship and charitable donations.

The need to act fairly between members of the Company

Through the open communication process, members of the Company are encouraged to contribute ideas and thoughts as to a future strategy. The Board believes that consistently delivering investor expectations in terms of returns and client servicing is the best way to grow funds under management and that new opportunities provide a platform for step change to the business. This benefits everyone and ensures the long-term success of the Company.

KEY PERFORMANCE INDICATORS

Internal management accounts and cash-flow forecasts are reviewed monthly and are a sufficient and suitable indicator of our underlying business position and performance. They also allow us to comply with our FCA RegData reporting requirements.

During the reporting period, B&G had no compliance breaches or client complaints reported. The directors also consider the following to be key financial performance indicators:

Turnover - £1,228,833 (2024: £941,225)

Profit before tax - £418,900 (2024: £322,497)

As of 31 December 2025, B&G had combined assets under management (AUM) and assets under advice (AUA) of £163,718,319 (2024: £123,591,957).

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REMUNERATION POLICY

B&G is subject to the MIFIDPRU remuneration code, which applies to all FCA investment firms within the scope of the IFPR. It replaces the former IFPRU and BIPRU remuneration codes. The code is designed to achieve a proportionate remuneration regime for investment firms, which furthers the objectives of ensuring alignment between risk and individual reward, discouraging excessive risk-taking, and promoting effective risk management. A copy of our Remuneration Policy can be found on the company's website: www.baronandgrant.com.

FUTURE DEVELOPMENT IN THE BUSINESS

Looking ahead, the Company's primary focus remains on expanding its retail client base, with particular emphasis on attracting high-net-worth individuals with substantial investment and/or pension assets.

The Company also intends to develop its presence in the outsourced discretionary fund management (DFM) market. In this model, financial advisers who do not themselves hold the requisite FCA permissions to manage investments delegate that function to an authorised third-party firm. As the appointed discretionary manager, B&G has the authority to make investment decisions on behalf of clients in accordance with an agreed investment strategy, without the need for client approval of individual transactions.

The Company already manages assets on this basis for a number of financial advice firms and is currently in discussions with further advice firms regarding outsourced DFM partnerships.

ON BEHALF OF THE BOARD:

C I Grant - Director

10 April 2026

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

DIVIDENDS

An interim dividend of £1.17042 per share (2024: £1 per share) on the Ordinary A £1 shares and Ordinary B £1 shares was paid on 7 April 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 was £175,563 (2024: £150,000).

FUTURE DEVELOPMENTS

Details can be found in the Strategic Report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C I Grant

T Poynton

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, MCA Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C I Grant - Director

10 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BARON & GRANT INVESTMENT MANAGEMENT LTD

Opinion

We have audited the financial statements of Baron & Grant Investment Management Ltd (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

- | adequate accounting records have not been kept, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BARON & GRANT INVESTMENT MANAGEMENT LTD

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BARON & GRANT INVESTMENT MANAGEMENT LTD

Auditors' responsibilities for the audit of the financial statements

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

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

We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

Firstly, the company 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 company is subject to 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 effect: laws and regulations relevant to an FCA regulated company; employment legislation; health and safety legislation; data protection legislation; anti-bribery and corruption legislation.

International Auditing Standards (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. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

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;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management;

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

- Ensuring that testing undertaken on both the Income Statement and the Balance Sheet includes a number of items selected on a random basis.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BARON & GRANT INVESTMENT MANAGEMENT LTD

Use of our report

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

Pankaj Rajani (Senior Statutory Auditor)

for and on behalf of MCA Audit Limited

Chartered Accountants and Statutory Auditors

7 St. Johns Road

Harrow

Middlesex

HA1 2EY

10 April 2026

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

31.12.25 | 31.12.24 |

| Notes | £ | £

TURNOVER | 4 | 1,228,833 |  | 941,225 |  |

Cost of sales | 533,228 |  | 374,517 |  |

GROSS PROFIT | 695,605 |  | 566,708 |  |

Administrative expenses | 296,159 |  | 259,297 |  |

OPERATING PROFIT | 6 | 399,446 |  | 307,411 |  |

Interest receivable and similar income | 19,454 |  | 15,086 |  |

PROFIT BEFORE TAXATION | 418,900 |  | 322,497 |  |

Tax on profit | 7 | 106,292 |  | 82,832 |  |

PROFIT FOR THE FINANCIAL YEAR | 312,608 |  | 239,665 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 312,608 |  | 239,665 |  |

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

BALANCE SHEET

31 DECEMBER 2025

31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 9 | 4,028 |  | 4,209 |  |

CURRENT ASSETS

Debtors | 10 | 95,642 |  | 62,973 |  |

Cash at bank | 697,441 |  | 557,431 |  |

793,083 |  | 620,404 |  |

CREDITORS

Amounts falling due within one year | 11 | 133,940 |  | 98,487 |  |

NET CURRENT ASSETS | 659,143 |  | 521,917 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 663,171 |  | 526,126 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 150,000 |  | 150,000 |  |

Share premium | 14 | 25,000 |  | 25,000 |  |

Retained earnings | 14 | 488,171 |  | 351,126 |  |

SHAREHOLDERS' FUNDS | 663,171 |  | 526,126 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2026 and were signed on its behalf by:

C I Grant - Director

T Poynton - Director

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

Called up |  |

share | Retained | Share | Total |

capital | earnings | premium | equity |

| £ | £ | £ | £

Balance at 1 January 2024 | 150,000 |  | 261,461 |  | 25,000 |  | 436,461 |  |

Changes in equity

Dividends | - |  | (150,000 | ) | - |  | (150,000 | ) |

Total comprehensive income | - |  | 239,665 |  | - |  | 239,665 |  |

Balance at 31 December 2024 | 150,000 |  | 351,126 |  | 25,000 |  | 526,126 |  |

Changes in equity

Dividends | - |  | (175,563 | ) | - |  | (175,563 | ) |

Total comprehensive income | - |  | 312,608 |  | - |  | 312,608 |  |

Balance at 31 December 2025 | 150,000 |  | 488,171 |  | 25,000 |  | 663,171 |  |

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

31.12.25 | 31.12.24 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 15 | 380,542 |  | 292,074 |  |

Tax paid | (82,832 | ) | (54,206 | ) |

Net cash from operating activities | 297,710 |  | 237,868 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,591 | ) | (3,976 | ) |

Interest received | 19,454 |  | 15,086 |  |

Net cash from investing activities | 17,863 |  | 11,110 |  |

Cash flows from financing activities

Equity dividends paid | (175,563 | ) | (150,000 | ) |

Net cash from financing activities | (175,563 | ) | (150,000 | ) |

Increase in cash and cash equivalents | 140,010 |  | 98,978 |  |

Cash and cash equivalents at beginning of year | 16 | 557,431 |  | 458,453 |  |

Cash and cash equivalents at end of year | 16 | 697,441 |  | 557,431 |  |

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Baron & Grant Investment Management Ltd is a private company, limited by shares, registered in England and Wales. The company's registered office address is 66 Lincoln's Inn Fields, London England WC2A 3LH.

2. | ACCOUNTING POLICIES

| Going concern

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

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be at least 12 months from signing the financial statements. Therefore it is appropriate that the company continues to apply the going concern basis.

| Turnover

| Turnover is measured at the fair value consideration received or receivable and represents amounts receivable for services provided in the normal course of business net of VAT and other taxes. Services comprise investment management services supplied and comprise advisory, management fees and commissions in relation to the management of third party investment portfolios.

| Tangible fixed assets

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

| Office equipment | - | 20% on cost

| Computer equipment | - | 33% on cost

| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Financial instruments

| a) Debtors

| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

| b) Creditors

| Basic financial liabilities, including trade creditors, other creditors and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

| Cash at bank and in hand

| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| The tax expense for the year comprises current and deferred tax.

| Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

| - |  | the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |  |

| - |  | any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |  |

| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Pension costs and other post-retirement benefits

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

| Equity instruments

| Equity instruments issued by the company 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 company.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, the directors are 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.

4. | TURNOVER

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

| The whole of the turnover is attributable to financial advice and investment management fees.

| The turnover figure of £1,228,833 comprises £769,830 (2024: £597,622) relating to Baron & Grant Investment Management Limited, £459,003 (2024: £343,603) in relation to Integritas Financial Planners Limited (IFP), its Appointed Representative.

| All turnover arose within the United Kingdom.

5. | EMPLOYEES AND DIRECTORS

31.12.25 | 31.12.24 |

| £ | £

| Wages and salaries | 126,771 |  | 90,519 |  |

| Social security costs | 5,062 |  | 3,726 |  |

| Other pension costs | 14,338 |  | 25,718 |  |

146,171 |  | 119,963 |  |

| The average number of employees during the year was as follows:

31.12.25 | 31.12.24 |

| Investment management | 4 |  | 3 |  |

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | EMPLOYEES AND DIRECTORS - continued

31.12.25 | 31.12.24 |

| £ | £

| Directors' remuneration | 64,740 |  | 60,346 |  |

| Directors' pension contributions to money purchase schemes | - |  | 25,000 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

31.12.25 | 31.12.24 |

| £ | £

| Depreciation - owned assets | 1,772 |  | 3,613 |  |

| Auditors' remuneration | 4,500 |  | 2,500 |  |

| Auditors' remuneration - other services | 9,415 |  | 3,188 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

31.12.25 | 31.12.24 |

| £ | £

| Current tax:

| UK corporation tax | 106,292 |  | 82,832 |  |

| Tax on profit | 106,292 |  | 82,832 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25 | 31.12.24 |

| £ | £

| Profit before tax | 418,900 |  | 322,497 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 104,725 |  | 80,624 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,965 |  | 3,202 |  |

| Capital allowances in excess of depreciation | (398 | ) | (994 | ) |

| Total tax charge | 106,292 |  | 82,832 |  |

8. | DIVIDENDS

| During the year, an interim dividend of £152,155 was paid on Ordinary A £1 shares (2024: £130,000)

| During the year, an interim dividend of £23,408 was paid on Ordinary B £1 shares (2024: £20,000)

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

9. | TANGIBLE FIXED ASSETS

Office | Computer |

equipment | equipment | Totals |

| £ | £ | £

| COST

| At 1 January 2025 | 11,610 |  | 11,847 |  | 23,457 |  |

| Additions | 1,282 |  | 309 |  | 1,591 |  |

| At 31 December 2025 | 12,892 |  | 12,156 |  | 25,048 |  |

| DEPRECIATION

| At 1 January 2025 | 11,103 |  | 8,145 |  | 19,248 |  |

| Charge for year | 296 |  | 1,476 |  | 1,772 |  |

| At 31 December 2025 | 11,399 |  | 9,621 |  | 21,020 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,493 |  | 2,535 |  | 4,028 |  |

| At 31 December 2024 | 507 |  | 3,702 |  | 4,209 |  |

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

31.12.25 | 31.12.24 |

| £ | £

| Trade debtors | 72,856 |  | 55,885 |  |

| Accrued income | 369 |  | 369 |  |

| Prepayments | 22,417 |  | 6,719 |  |

95,642 |  | 62,973 |  |

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

31.12.25 | 31.12.24 |

| £ | £

| Trade creditors | 11,549 |  | 2,075 |  |

| Tax | 106,292 |  | 82,832 |  |

| Social security and other taxes | 1,851 |  | 2,063 |  |

| Other creditors | 2,894 |  | 2,567 |  |

| Accrued expenses | 11,354 |  | 8,950 |  |

133,940 |  | 98,487 |  |

12. | LEASING AGREEMENTS

| The company has no operating lease commitment as at the balance sheet date.

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 | 31.12.24 |

value: |  | £ | £

| 130,000 | Ordinary A | £1 | 130,000 |  | 130,000 |  |

| 20,000 | Ordinary B | £1 | 20,000 |  | 20,000 |  |

150,000 |  | 150,000 |  |

| Ordinary A share has full voting rights, rights to dividends, rights to participate in a distribution (including on winding up).

| Ordinary B share has no voting rights, rights to dividends, rights to participate in a distribution (including on winding up).

BARON & GRANT INVESTMENT MANAGEMENT LTD (REGISTERED NUMBER: 12161169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | RESERVES

Retained | Share |

earnings | premium | Totals |

| £ | £ | £

| At 1 January 2025 | 351,126 |  | 25,000 |  | 376,126 |  |

| Profit for the year | 312,608 |  | 312,608 |  |

| Dividends | (175,563 | ) | (175,563 | ) |

| At 31 December 2025 | 488,171 |  | 25,000 |  | 513,171 |  |

| Retained earnings includes all current and prior retained profits and losses. All amounts are distributable.

15. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25 | 31.12.24 |

| £ | £

| Profit before taxation | 418,900 |  | 322,497 |  |

| Depreciation charges | 1,772 |  | 3,613 |  |

| Finance income | (19,454 | ) | (15,086 | ) |

401,218 |  | 311,024 |  |

| Increase in trade and other debtors | (32,669 | ) | (11,031 | ) |

| Increase/(decrease) in trade and other creditors | 11,993 |  | (7,919 | ) |

| Cash generated from operations | 380,542 |  | 292,074 |  |

16. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

| £ | £

| Cash and cash equivalents | 697,441 |  | 557,431 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

| £ | £

| Cash and cash equivalents | 557,431 |  | 458,453 |  |

17. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

| £ | £ | £

| Net cash |

| Cash at bank | 557,431 |  | 140,010 |  | 697,441 |  |

557,431 |  | 140,010 |  | 697,441 |  |

| Total | 557,431 |  | 140,010 |  | 697,441 |  |