ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 15199746

LMP GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

LMP GROUP LIMITED

COMPANY INFORMATION

Directors	L D Payne
	M Payne


Registered number	15199746


Registered office	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Level 41A
	Tower 42
	25 Old Broad Street
	London
	EC2N 1HQ

LMP GROUP LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Consolidated statement of comprehensive income	9 - 10
Consolidated balance sheet	11 - 12
Company balance sheet	13
Consolidated statement of changes in equity	14 - 15
Company statement of changes in equity	16
Consolidated statement of cash flows	17 - 18
Consolidated analysis of net debt	19
Notes to the financial statements	20 - 38

LMP GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present the Group strategic report for LMP Group Limited for the year ended 31 March 2025.

LMP Group Limited is a property investment, development and management group focused primarily on the acquisition, management and enhancement of UK property assets together with the provision of associated management services to connected businesses and property interests.

During the year, the Group continued to strengthen and consolidate its property portfolio through targeted acquisitions and asset management initiatives. The directors remain focused on long-term capital growth, recurring rental income generation and the strategic development of selected sites within the Group’s portfolio.

Business review

During the year, the Group continued to focus on its core property investment, development and management activities.

Turnover for the year was £5.76 million (2024 - £14.49 million). The reduction compared to the prior year primarily reflects the absence of discontinued trading operations included within the previous financial year.

The Group continued to expand and manage its property portfolio during the year, with investment property assets increasing to £25.43 million at 31 March 2025 (2024 - £21.30 million).

The directors remain focused on long-term asset growth, recurring rental income and maintaining a strong underlying asset base. The Group continues to review investment opportunities and manage its funding and working capital requirements prudently.

Principal risks and uncertainties

The Group operates in sectors that are subject to a number of commercial and financial risks. The directors continually monitor these risks and implement measures intended to mitigate their potential impact.

Property market risk

The Group is exposed to movements in the UK property market, including fluctuations in asset values, rental demand and occupancy levels. Adverse market conditions could impact both profitability and asset valuations.

Interest rate and financing risk

The Group utilises external borrowings and overdraft facilities to support its operations and investment activities. Increases in interest rates or reduced availability of funding could adversely affect cash flow and profitability.

Liquidity risk

The Group’s operations require significant working capital, particularly in relation to property acquisitions and development projects. The directors closely monitor cash flow forecasts and maintain regular dialogue with lenders and funding partners.

Development risk

Development activities are subject to planning, construction, contractor and cost inflation risks. Delays or increased costs may impact expected project returns.

Page 1

LMP GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Economic and regulatory risk

The Group is affected by wider economic conditions, inflationary pressures and changes in taxation, planning regulations and property legislation which may impact operational performance and investment returns.

Financial key performance indicators

The directors monitor the performance of the Group using a range of financial KPIs, including:

KPI 2025 2024
Turnover £5.76m £14.49m
Gross profit £4.12m £5.63m
Operating profit £0.37m £2.78m
Profit after tax £0.04m £1.30m
Net assets £48.16m £48.12m
Investment property portfolio £25.43m £21.30m

The directors consider growth in recurring rental income, asset values and net asset position to be key indicators of long-term performance.

Other key performance indicators

In addition to financial measures, the directors monitor operational and strategic KPIs including:

• Occupancy and tenant retention across the investment property portfolio;
• Progression and profitability of development projects;
• Cash collection and debtor management;
• Funding availability and banking relationships; and
• Identification and acquisition of strategically aligned investment opportunities.

The directors believe that maintaining strong operational oversight and disciplined investment criteria will support the long-term growth objectives of the Group.

This report was approved by the board on 26 May 2026 and signed on its behalf.

L D Payne

Director

Page 2

LMP GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £35,215 (2024 - £1,303,665).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

L D Payne

M Payne

Page 3

LMP GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

This report was approved by the board on 26 May 2026 and signed on its behalf.

L D Payne

Director

Page 4

LMP GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LMP GROUP LIMITED

Opinion

We have audited the financial statements of LMP Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated analysis of net debt and the related notes, 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 Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 5

LMP GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LMP GROUP LIMITED (CONTINUED)

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 directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

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

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 6

LMP GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LMP GROUP LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have 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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows:

°Companies Act 2006;

°Financial Reporting Standard 102;

°Health and Safety legislation;

∙We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and inspecting legal correspondence; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.

Page 7

LMP GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LMP GROUP LIMITED (CONTINUED)

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgments and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.

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.

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 Auditor's report.

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 an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Barnes (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Level 41A

Tower 42

25 Old Broad Street

London

EC2N 1HQ

Date: 9 June 2026

Page 8

LMP GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	Continuing operations	Discontin'd operations	Total	Continuing operations	Discontin'd operations	Total
	2025	2025	2025	2024	2024	2024
Note	£	£	£	£	£	£


Turnover	4	5,760,159	-	5,760,159	4,143,227	10,350,517	14,493,744
Cost of sales		(1,640,751)	-	(1,640,751)	(148,664)	(8,715,653)	(8,864,317)
Gross profit		4,119,408	-	4,119,408	3,994,563	1,634,864	5,629,427
Administrative expenses		(3,870,523)	-	(3,870,523)	(2,319,841)	(868,997)	(3,188,838)
Other operating income	5	-	-	-	-	38,681	38,681
Fair value movements		116,254	-	116,254	300,000	-	300,000
Operating profit	6	365,139	-	365,139	1,974,722	804,548	2,779,270
Income from fixed assets investments		-	-	-	5,342	-	5,342
Loss on disposal of investments		-	-	-	-	(512,558)	(512,558)
Interest receivable and similar income	9	600,052	-	600,052	26,467	-	26,467
Interest payable and similar charges	10	(655,381)	-	(655,381)	(519,655)	(23,005)	(542,660)
Profit before taxation		309,810	-	309,810	1,486,876	268,985	1,755,861
Tax on profit	11	(274,595)	-	(274,595)	(385,164)	(67,032)	(452,196)
Profit for the financial year		35,215	-	35,215	1,101,712	201,953	1,303,665

Page 9

LMP GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

	Continuing operations	Discontin'd operations	Total	Continuing operations	Discontin'd operations	Total
	2025	2025	2025	2024	2024	2024
Note	£	£	£	£	£	£


Unrealised (deficit)/surplus on revaluation of tangible fixed assets	(429,424)	580,000
Total other comprehensive income for the year	(429,424)	580,000
Total comprehensive income for the year	(394,209)	1,883,665

Profit for the year attributable to:
Owners of the Parent Company	35,215	-	35,215	1,303,665	-	1,303,665
	35,215	-	35,215	1,303,665	-	1,303,665

Total comprehensive income for the year attributable to:
Owners of the Parent Company	(394,209)	1,883,665
	(394,209)	1,883,665

The notes on pages 20 to 38 form part of these financial statements.

Page 10

LMP GROUP LIMITED

REGISTERED NUMBER: 15199746

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		2,554		-
Investment property	16		25,428,127		21,300,899
			25,430,681		21,300,899
Current assets
Stocks	17	9,028,068		9,701,816
Debtors: amounts falling due within one year	18	26,560,847		28,713,848
Cash at bank and in hand	19	3,314		4,301,995
		35,592,229		42,717,659
Creditors: amounts falling due within one year	20	(12,295,536)		(15,359,831)
Net current assets			23,296,693		27,357,828
Provisions for liabilities
Deferred taxation	21	(567,346)		(533,914)
			(567,346)		(533,914)
Net assets			48,160,028		48,124,813

Capital and reserves
Called up share capital	22	52,000,000	52,000,000
Revaluation reserve	23	10,098,818	10,528,242
Merger reserve	23	(14,223,753)	(14,223,753)
Profit and loss account	23	284,963	(179,676)
Equity attributable to owners of the Parent Company		48,160,028	48,124,813

Page 11

LMP GROUP LIMITED

REGISTERED NUMBER: 15199746

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2026.

L D Payne

Director

The notes on pages 20 to 38 form part of these financial statements.

Page 12

LMP GROUP LIMITED

REGISTERED NUMBER: 15199746

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

	2025	2024
Note	£	£

Fixed assets
Investments	15	52,000,000	52,000,000
Net assets		52,000,000	52,000,000

Capital and reserves
Called up share capital	22	52,000,000	52,000,000
Profit and loss account brought forward
Profit for the year
Profit and loss account carried forward		-	-
		52,000,000	52,000,000

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2026.

L D Payne

Director

The notes on pages 20 to 38 form part of these financial statements.

Page 13


		LMP GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Merger reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£	£
At 1 April 2024	52,000,000	10,528,242	(14,223,753)	(179,676)	48,124,813	48,124,813
Comprehensive income for the year
Profit for the year	-	-	-	35,215	35,215	35,215
Surplus on disposal of investment property	-	(429,424)	-	429,424	-	-
Total comprehensive income for the year	-	(429,424)	-	464,639	35,215	35,215
Total transactions with owners	-	-	-	-	-	-
At 31 March 2025	52,000,000	10,098,818	(14,223,753)	284,963	48,160,028	48,160,028

The notes on pages 20 to 38 form part of these financial statements.

Page 14


		LMP GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Revaluation reserve	Merger reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£	£
At 1 April 2023	-	9,948,242	(14,223,753)	(902,341)	(5,177,852)	(5,177,852)
Comprehensive income for the year
Profit for the year	-	-	-	1,303,665	1,303,665	1,303,665
Surplus on revaluation of investment property	-	580,000	-	(580,000)	-	-
Total comprehensive income for the year	-	580,000	-	723,665	1,303,665	1,303,665
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,000)	(1,000)	(1,000)
Shares issued during the year	55,000,000	-	-	-	55,000,000	55,000,000
Shares cancelled during the year	(3,000,000)	-	-	-	(3,000,000)	(3,000,000)
Total transactions with owners	52,000,000	-	-	(1,000)	51,999,000	51,999,000
At 31 March 2024	52,000,000	10,528,242	(14,223,753)	(179,676)	48,124,813	48,124,813

The notes on pages 20 to 38 form part of these financial statements.

Page 15

LMP GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Total equity
	£	£
Contributions by and distributions to owners
Shares issued during the year	55,000,000	55,000,000
Shares cancelled during the year	(3,000,000)	(3,000,000)
Total transactions with owners	52,000,000	52,000,000

At 1 April 2024	52,000,000	52,000,000
At 31 March 2025	52,000,000	52,000,000

The notes on pages 20 to 38 form part of these financial statements.

Page 16

LMP GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	35,215	1,303,665
Adjustments for:
Amortisation of intangible assets	33	-
Interest paid	655,381	542,660
Interest received	(600,052)	(26,467)
Taxation charge	274,595	452,196
Decrease/(increase) in stocks	673,748	(2,724,283)
Decrease in debtors	1,981,666	45,316,939
Decrease/(increase) in amounts owed by connected entities	171,335	(39,492,350)
(Decrease)/increase in creditors	(1,341,389)	201,772
Net fair value gains recognised	(116,254)	(300,000)
Corporation tax (paid)	(1,338,770)	(1,944,950)
Net cash generated from operating activities	395,508	3,329,182

Cash flows from investing activities
Purchase of intangible fixed assets	(2,587)	-
Purchase of investment properties	(5,310,974)	(17,459)
Sale of investment properties	1,300,000	283,577
Interest received	600,052	26,467
Net cash from investing activities	(3,413,509)	292,585
Cash flows from financing activities
Dividends paid	-	(1,000)
Interest paid	(655,381)	(542,660)
Net cash used in financing activities	(655,381)	(543,660)
Net (decrease)/increase in cash and cash equivalents	(3,673,382)	3,078,107
Cash and cash equivalents at beginning of year	(3,653,028)	(6,731,135)
Cash and cash equivalents at the end of year	(7,326,410)	(3,653,028)

Page 17

LMP GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,314	4,301,995
Bank overdrafts	(7,329,724)	(7,955,023)
	(7,326,410)	(3,653,028)

The notes on pages 20 to 38 form part of these financial statements.

Page 18

LMP GROUP LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	4,301,995	(4,298,681)	3,314
Bank overdrafts	(7,955,023)	625,299	(7,329,724)
Debt due within 1 year	(496,911)	219,679	(277,232)
	(4,149,939)	(3,453,703)	(7,603,642)

The notes on pages 20 to 38 form part of these financial statements.

Page 19

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

LMP Group Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

On 31 March 2024, there was a share for share exchange and LMP Group Limited became the
ultimate parent company of the Group. Merger accounting has been used as permitted under
Financial Reporting Standard 102 section 19. Accordingly, the financial information for the current
and prior periods has been presented as if LMP Group Limited has always been the parent company
of the Group.

2.3

Going concern

The directors have considered the period ending 12 months from the approval of these financial statements. No material uncertainties that cast significant doubt about the ability of the Group to continue as a going concern have been identified by the directors.

Page 20

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Management services

The company receives income for management services. Revenue is recognised in the accounting
period in which the services are rendered.

Sale of land and buildings

Income is generated through the sale of land and buildings held within stock. Revenue is recognised
upon completion of the sale.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 22

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 23

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property	-	Over the period of the lease
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15% to 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 24

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Stocks

Stocks consist of development properties held for sale. Stocks are stated at the lower of cost and
net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in the Statement of comprehensive income.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 25

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 26

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgments in applying the entity’s accounting policies

i) Valuation of investment properties

The valuation of investment properties has been made by the directors based on their own personal expertise, expert advice and knowledge of the market.

b) Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i) Valuation and impairment of development properties within stock

The group makes estimates on the valuation of the properties held as stock. In order to do this the directors will review the properties as of the end of the year and make estimates and assumptions based on their historic experiences and the expected value of the property. This impacts profits and the valuation of the stock within the balance sheet.

Page 27

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Rental income	1,521,610	1,347,488
Sales of properties	1,230,000	-
Management charges	3,008,549	2,795,739
Sale of goods	-	10,350,517
	5,760,159	14,493,744

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	5,724,454	14,352,380
Rest of Europe	35,705	141,364
	5,760,159	14,493,744

5.	Other operating income
		2025	2024
		£	£

	Other operating income	-	38,681

Exchange differences	-	(44,633)
Other operating lease rentals	2,000	90,344
Other pension costs	-	9,578
Amortisation of intangible fixed assets	33	-
Depreciation of tangible fixed assets	-	37,062

Page 28

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Fees payable to the Company's auditor for the audit of the consolidated and Parent Company's financial statements

15,000

8.	Employees
	Staff costs were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	-	564,997	-	-
Social security costs	-	(30,473)	-	-
Cost of defined contribution scheme	-	9,578	-	-
	-	544,102	-	-

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	3	3	2	2
Administrative	-	9	-	-
Warehouse	-	19	-	-

	3	31	2	2

No directors were renumerated during the period.

9.	Interest receivable and similar income
		2025	2024
		£	£

Other interest receivable

600,052

26,467

Page 29

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Interest payable and similar charges
		2025	2024
		£	£

Bank interest payable	45	97,731
Other loan interest payable	654,308	516,185
Interest payable/(refund received) on overdue tax	1,028	(71,256)
	655,381	542,660

Corporation tax
Current tax on profits for the year	175,927	377,196
Adjustments in respect of previous periods	65,236	-
Total current tax	241,163	377,196

Deferred tax
Origination and reversal of timing differences	33,432	75,000
Total deferred tax	33,432	75,000


	Tax on profit	274,595	452,196

Page 30

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

309,810

1,755,861

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	77,453	438,965
Effects of:
Non-tax deductible amortisation of goodwill and impairment	8	-
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,667	75,808
Adjustments to tax charge in respect of prior periods	65,236	-
Other timing differences leading to an increase in taxation	4,369	-
Capital gains	123,896	-
Unrelieved tax losses carried forward	-	4,357
Marginal relief	(34)	-
Transfer pricing adjustments	-	(66,934)
Total tax charge for the year	274,595	452,196

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	2024
		£	£

Ordinary dividend

1,000

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £Ni1 (2024 - £NIL).

Page 31

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Intangible assets
	Group

		Goodwill
		£
	Cost
	Additions	2,587
	At 31 March 2025	2,587
	Amortisation
	Charge for the year on owned assets	33
	At 31 March 2025	33
	Net book value
	At 31 March 2025	2,554
	At 31 March 2024	-

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	52,000,000
	At 31 March 2025	52,000,000

Page 32

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

LMP Investments Limited	Ordinary	100%
LMP Central Services Limited	Ordinary	100%
LMP Development Properties Limited	Ordinary	100%
LMP Properties & Logistics Limited	Ordinary	100%
Bilaman N Limited	Ordinary	100%
Wood Street Logistics Limited	Ordinary	100%
CHS Trustees Limited	Ordinary	100%
BMS Europe Limited	Ordinary	100%
Pand Holdings Limited	Ordinary	100%

16.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 April 2024	21,300,899
	Additions at cost	5,310,974
	Disposals	(1,300,000)
	Surplus on revaluation	116,254
	At 31 March 2025	25,428,127

The 2025 valuations were made by the directors, with professional valuations undertaken in financial year ended 2023, with assistance from the Chartered Surveyors Eddisons, on an open market value basis.

Page 33

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Stocks
		Group	Group
		2025	2024
		£	£

	Finished goods and goods for resale	9,028,068	9,701,816

The difference between purchase price or production cost of stocks and their replacement cost is not material.

18.

Debtors

		Group	Group
		2025	2024
		£	£


Trade debtors	226,692	2,693,300
Amounts owed by connected entities	20,850,584	21,021,919
Other debtors	3,336,528	3,723,597
Prepayments and accrued income	2,147,043	1,275,032
	26,560,847	28,713,848

19.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	3,314	4,301,995
Less: bank overdrafts	(7,329,724)	(7,955,023)
	(7,326,410)	(3,653,028)

Page 34

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Creditors: Amounts falling due within one year
		Group	Group
		2025	2024
		£	£

Bank overdrafts	7,329,724	7,955,023
Trade creditors	412,834	1,678,423
Corporation tax	441,751	1,539,358
Other taxation and social security	33,283	27,000
Other creditors	1,646,540	2,604,263
Accruals and deferred income	2,431,404	1,555,764
	12,295,536	15,359,831

21.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(533,914)
	Charged to profit or loss	(161,494)
	Utilised in year	128,062
	At end of year	(567,346)

Company

		2025

	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Deferred charges in relation to revaluation of investment property

(567,346)

(533,914)

Page 35

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

52,000,000 (2024 - 52,000,000) Ordinary shares of £1.00 each	52,000,000	52,000,000

During the prior year, LMP Group Limited issued 54,999,999 Ordinary £1 shares at par in exchange for the share capital of £50,837,269 held in LMP Investments Limied.

Where consideration for a subsidiary is an exchange of shares and only limited resources leave the group, merger accounting has been used as permitted under Financial Reporting Standard 102 section 19. Accordingly, the financial information for the current and prior periods has been presented as if LMP
Group Limited has always been the parent company of the Group.

As such, the share capital issue of £54,999,999 has been presented along with the original £1 share on incorporation as though it has always been the Group's share capital.

During the prior year, LMP Group Limited cancelled its entire holding of A shares.

23.

Reserves

Revaluation reserve

This is the reserve that contains the movement in the value of the properties from revaluations that are carried out during the period.

Merger Reserve

The Merger Reserves are amounts arising on the acquisition of investments in subsiduary entities via a share-for share exchange where Merger Relief is applicable. This represents the difference in the nominal value of the shares and the value of the assets acquired.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.

Page 36

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.	Business combinations

On 12 Feburary 2025 the Group acquired the entire issued share capital of Pand Holdings Limited whose principle activity is the development of properties.

The transaction has been accounted for by the acquisition method of accounting, with consideration value of £100 giving rise to goodwill.

Information regarding the acquired entity is detailed below.

Fixed Assets
Tangible	372,097	372,097
Current Assets
Debtors	100	100
Total Assets	372,197	372,197
Creditors
Due within one year	(374,683)	(374,683)
Total Identifiable net liabilities	(2,486)	(2,486)


	Goodwill	2,586
	Total purchase consideration	100

	Consideration
					£


	Cash	100
	Total purchase consideration	100

The goodwill arising on acquisition is attributable to LMP Investments.

Page 37

LMP GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

25.

Related party transactions

The Group has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

During the year the Group engaged in transactions with entities, all of which are connected by virtue of having directors, members or shareholders in common.

Total sales in the year amounted to £4,844,217 (2024 - £7,887,615).

Total purchases in the year amounted to £3,245,658 (2024 - £5,632,172) including management charges.

Amounts due from these entities at the year end totalled £21,086,353 (2024 - £22,024,218).

26.	Controlling party

The ultimate controlling party is M Payne as at the reporting date. Post year end, the group was acquired by RussNick Group Limited and the ultimate controlling parties are now R Payne and N Payne.

Page 38