REGISTERED NUMBER: 01209354 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

GROCOLA PLC

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Profit and Loss Account

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

M D Symons

REGISTERED OFFICE:

Jackson House

Station Road

Chingford

London

E4 7BU

REGISTERED NUMBER:

01209354 (England and Wales)

SENIOR STATUTORY AUDITOR:

Glenn Armon-Jones

INDEPENDENT AUDITORS:

Barrow LLP

Statutory Auditor

Chartered Accountants

Jackson House

Station Road

Chingford

London

E4 7BU

SOLICITORS:

Amory Glass & Co

784 Harrow Road

Wembley Middlesex

HA0 3EA

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

REVIEW OF BUSINESS

The primary objective of the company is to maximise long-term returns for our shareholders by stable growth in net asset value and dividend per share, mainly via a consistent and sustainable rental income stream. The profit for the year, before taxation was £1,808,431 (2024: £5,794,234). The director considers these results to be satisfactory.

Given the straightforward nature of the business and day to day involvement of the principal shareholders in its management, the company's director is of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business. Management accounts are produced every six months, and results reviewed against the previous periods accounts to ensure the performance meets the director's expectations. Progress will be measured mainly through financial results, and the Board considers the business successful if it can increase shareholder return and asset value In the long-term, whilst keeping acceptable levels of risk by ensuring gearing covenants are well maintained.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the business is that the investment made by the company does not meet the required rate of return on that investment and becomes impaired. The company carries out study, research and evaluates each project carefully and extensively before making any investment. The company will also closely monitor the performance of the investment.

The company's financial instruments comprise cash, bank overdrafts and loans and other items such as trade debtors arising directly from operations. The main objective of the company's policy towards it's financial instruments is to maximise returns on cash balances, manage working capital requirements, maintain an excellent relationship with the company's bankers and finance on going operations.

The director's policy is to maintain a strong capital base to underpin the future development of the business. Operations are financed through bank borrowings and management of working capital.

There is a market risk attributable to the price of both commercial and residential property which arises due to fluctuations in the market prices which is generally linked to the economy.

The bank loans are not affected by movements in interest rates, as the interest rate is fixed for the duration of the terms. This ensures interest risk is mitigated.

SECTION 172(1) STATEMENT

This is a reporting requirement and relates to companies defined as large by the Companies Act 2006, this includes public companies as otherwise the company would not be considered large.

Each individual Director must act in the way he considers, in good faith, would be the most likely to promote the success of the company for benefit of its members as a whole, and in doing so the Directors have had regard to the matters set out in section 172(1) (a) to (f) when performing their duty under section 172.

The matters set out are:

(a) the likely consequences of any decision In the long term;

The longer term decisions are made at Board level ensuring a wealth of experience and a breadth of skills. It is key that long term decisions are made in respect of ensuring that property assets are well maintained, where economically viable. Other areas to ensure decisions are in tune with long term consideration are making sure the best possible financing of the Company to match the requirements of the long-term nature of property ownership.

(b) the need to foster the company's business relationships with suppliers, customers and others;

Being in the property industry the business is used to dealing with many types of businesses as tenants from large multi- national businesses to small sole traders - keeping good sound relationships with both is key. We also use many small operators and suppliers and we ensure prompt payment, paying within 30 days in most instances to again foster good working relations. We maintain weekly payment runs to support small suppliers.

(c) the Impact of the company's operations on the community and the environment;

The Company maintains and upkeeps its investment properties to a viable level which benefits the local communities they provide accommodation for, or seeks improvements in planning permission which can enhance local areas.

(d) the desirability of the company maintaining a reputation for high standards of business conduct;

The Company maintains an appropriate level of Corporate Governance that is documented within its own financial procedures. With a relatively small management team it is easier to monitor and assess the culture and encourage the appropriate standards. The Board strives to delegate and empower its management teams to ensure the high standards are maintained at all levels within the business.

MARKET VALUE OF PROPERTY

In the opinion of the director, the market value of land and buildings held at the balance sheet date is not significantly different to the current net book value.

FINANCIAL KEY PERFORMANCE INDICATORS

The director considers that the company's key performance indicators are its investments and return on those investments. The investment properties increased to £38,837,551 from £38,356,813 and return on these investments achieved to £2,098,426 from £2,004,407.

ON BEHALF OF THE BOARD:

M D Symons - Director

20 February 2026

The director presents his report with the financial statements of the company for the year ended 31 July 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of property trading and investment.

DIVIDENDS

No dividends will be distributed for the year ended 31 July 2025.

FUTURE DEVELOPMENTS

The director continues to work on maximising the shareholders wealth and evaluating the investment proposals in order to make the strategic investments that will maximise the overall value of the portfolio.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

M D Symons has held office during the whole of the period from 1 August 2024 to the date of this report.

Since the year end, the Company notes with deep regret the passing of J E Davies on 22 November 2025.

STATUTORY INFORMATION

Some of the information required to be disclosed under the Director's report are set out in the Strategic report in accordance with S.414C (11) CA 2006.

SUPPLIER PAYMENT POLICY

The company understands the benefits to be derived from maintaining good relationships with its suppliers and accordingly seeks to abide with the payment terms agreed with suppliers wherever it is satisfied that the supplier has provided goods or services in accordance with the agreed terms and conditions.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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. He is 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 director is 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 he 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, Barrow LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M D Symons - Director

20 February 2026

Opinion

We have audited the financial statements of Grocola Plc (the 'company') for the year ended 31 July 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 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 director

As explained more fully in the Director's Responsibilities Statement set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Members that presented a risk of material misstatement due to fraud.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, the accounting standards, the Financial Conduct Authority's and tax regulations.

We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included, but were not limited to:

- Agreement of the financial statement disclosures to underlying supporting documentation;

- Enquiries of management, the company directors, and those responsible for legal and compliance procedures.; and

- Review of the minutes of board meetings throughout the period.

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

Use of our report

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

Glenn Armon-Jones (Senior Statutory Auditor)

for and on behalf of Barrow LLP

Statutory Auditor

Chartered Accountants

Jackson House

Station Road

Chingford

London

E4 7BU

30 April 2026

TURNOVER

4

2,098,426

2,004,407

Administrative expenses

(609,794

)

(635,860

)

1,488,632

1,368,547

Other operating income

5

2,930

-

OPERATING PROFIT

7

1,491,562

1,368,547

Interest receivable and similar income

82,567

7,766

1,574,129

1,376,313

Gain on revaluation

of investment properties

480,738

4,654,625

2,054,867

6,030,938

Interest payable and similar expenses

8

(246,436

)

(236,704

)

PROFIT BEFORE TAXATION

1,808,431

5,794,234

Tax on profit

9

(446,702

)

(2,062,948

)

PROFIT FOR THE FINANCIAL YEAR

1,361,729

3,731,286

PROFIT FOR THE YEAR

1,361,729

3,731,286

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,361,729

3,731,286

FIXED ASSETS

Tangible assets

11

842

2,836

Investment property

12

38,837,551

38,356,813

38,838,393

38,359,649

CURRENT ASSETS

Debtors

13

443,068

256,384

Cash at bank and in hand

2,864,251

2,156,615

3,307,319

2,412,999

CREDITORS

Amounts falling due within one year

14

(1,536,810

)

(965,057

)

NET CURRENT ASSETS

1,770,509

1,447,942

TOTAL ASSETS LESS CURRENT LIABILITIES

40,608,902

39,807,591

CREDITORS

Amounts falling due after more than one year

15

(3,500,000

)

(4,174,698

)

PROVISIONS FOR LIABILITIES

18

(5,459,810

)

(5,345,530

)

NET ASSETS

31,649,092

30,287,363

CAPITAL AND RESERVES

Called up share capital

19

60,000

60,000

Non-distributable reserve

20

23,313,211

22,946,649

Retained earnings

20

8,275,881

7,280,714

SHAREHOLDERS' FUNDS

31,649,092

30,287,363

The financial statements were approved by the director and authorised for issue on 20 February 2026 and were signed by:

M D Symons - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2023

60,000

6,546,140

20,069,937

26,676,077

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

854,574

2,876,712

3,731,286

Balance at 31 July 2024

60,000

7,280,714

22,946,649

30,287,363

Changes in equity

Total comprehensive income

-

995,167

366,562

1,361,729

Balance at 31 July 2025

60,000

8,275,881

23,313,211

31,649,092

Cash flows from operating activities

Cash generated from operations

1

1,228,205

1,700,354

Interest paid

(246,436

)

(236,704

)

Tax paid

(285,027

)

(237,334

)

Net cash from operating activities

696,742

1,226,316

Cash flows from investing activities

Purchase of tangible fixed assets

(928

)

-

Purchase of investment property

-

(396,000

)

Interest received

82,567

7,766

Net cash from investing activities

81,639

(388,234

)

Cash flows from financing activities

New loans in year

-

3,500,000

Loan repayments in year

-

(3,543,972

)

Amount introduced by directors

-

120,001

Amount withdrawn by directors

(70,745

)

(56,400

)

Equity dividends paid

-

(120,000

)

Net cash from financing activities

(70,745

)

(100,371

)

Increase in cash and cash equivalents

707,636

737,711

Cash and cash equivalents at beginning of year

2

2,156,615

1,418,904

Cash and cash equivalents at end of year

2

2,864,251

2,156,615

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

31.7.25

31.7.24

£

£

Profit before taxation

1,808,431

5,794,234

Depreciation charges

87

500

Loss on disposal of fixed assets

2,836

-

Gain on revaluation of fixed assets

(480,738

)

(4,654,625

)

Finance costs

246,436

236,704

Finance income

(82,567

)

(7,766

)

1,494,485

1,369,047

Decrease in stocks

-

182,938

(Increase)/decrease in trade and other debtors

(186,684

)

142,682

(Decrease)/increase in trade and other creditors

(79,596

)

5,687

Cash generated from operations

1,228,205

1,700,354

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

2,864,251

2,156,615

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

2,156,615

1,418,904

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

2,156,615

707,636

2,864,251

2,156,615

707,636

2,864,251

Debt

Debts falling due after 1 year

(3,500,000

)

-

(3,500,000

)

(3,500,000

)

-

(3,500,000

)

Total

(1,343,385

)

707,636

(635,749

)

1.	STATUTORY INFORMATION

Grocola Plc is an unquoted public company, registered in England & Wales. The company's registered number and registered office address can be found on the Company Information page.

Grocola Plc's principal place of business is Highwood Fortune Lane, Elstree, Herts, WD6 3RY.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover, which excludes value added tax, represents rental income which is recognised evenly over the term of each lease to which it relates.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. These estimates and assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances. The following are the Company's key sources of estimation uncertainty and judgements made by the management in preparing these financial statements.

Allowance for doubtful debts

Management undertakes a review of all new customers and a periodic review of existing customers to determine whether specific risks of default exist. Beyond identification of specific risks, management undertakes periodic reviews into the calculation of allowances for doubtful debts to ensure historic trends continue to provide a basis for determining a reliable estimate for doubtful debts.

Determining residual values and useful economic lives of plant and equipment

The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of the asset is based on historic performance as well as expectations of future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.

Fair value measurement

Management uses valuation techniques to determine the fair value of investment properties £38,837,551 (2024: £38,356,813). This involves developing estimates and assumptions consistent with how market participants would price the investment property. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices. Fair value measurements were applied to all classes of the properties within the investment portfolio.

4.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

31.7.25

31.7.24

£

£

United Kingdom

2,098,426

2,004,407

2,098,426

2,004,407

5.	OTHER OPERATING INCOME

31.7.25

31.7.24

£

£

Lease premiums

2,930

-

6.	EMPLOYEES AND DIRECTORS

31.7.25

31.7.24

£

£

Wages and salaries

171,797

170,578

Social security costs

13,294

13,178

Other pension costs

529

517

185,620

184,273

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

31.7.25

31.7.24

Administration

5

5

31.7.25

31.7.24

£

£

Directors' remuneration

114,230

114,230

7.	OPERATING PROFIT

The operating profit is stated after charging:

31.7.25

31.7.24

£

£

Depreciation - owned assets

86

500

Loss on disposal of fixed assets

2,836

-

Auditors' remuneration

6,900

6,900

Auditors' remuneration for non audit work

20,754

15,600

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.7.25

31.7.24

£

£

Loan interest

246,436

236,704

9.

TAXATION

Analysis of the tax charge

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

31.7.25

31.7.24

£

£

Current tax:

UK corporation tax

332,422

285,027

Deferred tax:

Accelerated capital allowances

104

8

Deferred tax on revaluations

114,176

1,777,913

Total deferred tax

114,280

1,777,921

Tax on profit

446,702

2,062,948

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

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

31.7.25

31.7.24

£

£

Profit before tax

1,808,431

5,794,234

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

452,108

1,448,559

Effects of:

Depreciation in excess of capital allowances

603

132

Gain/loss on revaluation of assets

(120,185

)

(1,163,656

)

Deferred taxation on revaluations

114,176

1,777,913

Total tax charge

446,702

2,062,948

10.

DIVIDENDS

31.7.25

31.7.24

£

£

Ordinary shares of £1 each

Interim

-

120,000