The directors present the strategic report for the year ended 30 September 2025.

The consolidated Group EBITDA of £10,001,034 pre the provision for the loss on discontinued activities of £541,981 compares to the prior year figure of £10,713,878. The resulting shortfall is caused by unifying the financial years of the companies, therefore the Dentons Group is only consolidated for 9 months. In addition, the impact of Government policies can be seen in the reduced revenues and profitability in Grangers. However, in the seven months of the present financial year, Group management accounts indicate that EBITDA profitability exceeded 90% of that achieved in the twelve month period reported on in these accounts.

There are two principal businesses within the Group's activities:

Dentons Holdings plc

During the nine-month period, the Group continued to perform well in terms of cash generation and capital value growth. Revenues proved resilient which has continued into the present financial year and which together with economies of scale and control of costs led to a satisfactory increase in profit before tax and before taking account of costs associated with discontinued operations.

It is encouraging that the Group is now back to full strength, both in terms of headcount and activity and therefore looks forward to producing record results for the present financial period.

The Group has continued to win awards. Since 2012 we have received five stars on eleven occasions in the Financial Adviser Service Awards, as voted for by Financial Advisers. These externally accredited awards are a testament to our dedicated, knowledgeable and experienced pension consultants and administrative staff and to the quality of our SIPP and SSAS products.

The Group's Balance Sheet remains strong. All debt has been repaid and cash represents 45% of net assets. All deferred payments for acquisitions have been settled. The freehold of the property from which the Group operates is owned and is unencumbered.

It is the Directors' belief that, having continued to invest in its own bespoke software, which provides an in-house scalable resource, the Group has the capacity to make further acquisitions without significantly increasing its operating costs.

The Group's in-house IT capability also gives greater flexibility in the management of the risks associated with cybersecurity. The necessity during the last two years to operate with staff working from home has resulted in a strengthening of the backup of data which has in turn given the Group greater resilience in dealing with any future cyber attack or degradation of premises.

The Group has successfully integrated its acquisitions to date and as a result is in a position to make further acquisitions as the opportunity arises.

Following the resumption of marketing activity, earnings before interest, tax, depreciation and amortisation (EBITDA), excluding discontinued operations, have during the nine-month period comfortably exceeded the previous whole year's performance. The Directors remain confident that the Group will continue to be well-placed to meet the regulatory rules covering capital adequacy and reserves which were maintained during the period at a level substantially in excess of FCA requirements.

The directors have reviewed the key risks to which the Group is exposed together with the operating and financial compliance controls which have been implemented to mitigate those risks.

The main risks are as follows:

Liquidity risk

The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

The Group has at present substantial cash surpluses, the use of which must be cleared by the Board but are held wholly and exclusively for the benefit of the Group's operating companies.

At the year end the Group had cash reserves of £17.4m (2024:£11.8m). As a result the Directors consider that the Group is well placed, particularly in cash terms, to ensure that there are no long term consequences on its businesses. Directors continue to monitor cash closely.

Dentons Holdings plc

Within the Dentons Group, the key risks identified are:

Strategic risk

This is the risk of the failure to deliver against the strategic objectives of the Group alongside the risks created by operating that strategy itself. The Directors are accountable for the monitoring of strategic risk and achieve this by regular review at meetings.

Staffing and recruitment

The Group's current and future success is dependent on the services and performance of its staff and senior management and its ability to retain skilled and qualified staff and attract further such personnel as required.

To mitigate this risk the Group seeks to offer competitive remuneration packages together with appropriate training and a positive work environment. All employees are offered a clear career progression route from administrator level up to and including consultants with home-grown talent filling a number of senior roles.

Treasury taxation policy

The UK government continues to review the tax regime relating to pensions and may introduce changes which could reduce the advantages of pension provision to the Group's target client base. The Group is well-placed to reduce costs should a significant fall-off in business result from such changes.

The Group continues to invest heavily for the long term benefit of the Group companies, with continued stronger performance this year. The long term investment approach has served these companies well and the Board believe that that will continue in the future.

Dentons Holdings plc

The key priorities for the Dentons Group for 2026 are:

- the growth of the SIPP and SSAS books by acquisition and internal generation with the resulting increases in profitability and capital value;

- the continued emphasis on the marketing programmes for the pension business, including following on with the successful and popular webinars developed to meet the special circumstances of 2020;

- further growth of the investment management business by acquisition and through the existing client base;

- continued investment in staff resources and infrastructure in order to maintain the high level of customer service; ensure total UK coverage with business development managers for the pension business located in all regions.

Grangers International Limited

The company continues to enjoy the confidence of its bank, Handelsbanken and its parent company and stands ready to exploit any opportunities which may present themselves.

Martyn Rose Ltd Group

The board reviews the business performance using the following financial KPIs:

Dentons Holdings PLC

The board reviews the business performance using the following financial KPIs:

Grangers International Limited

The board reviews the business performance using the following financial KPIs:

Dentons Holdings plc

Other key performance indicators are considered to be client satisfaction and retention and continuity of high quality and well-trained staff. The Directors monitor these areas using internal data and client and introducer feed-back and consider that the Group achieved a high standard by comparison to the pension industry in both areas. The high number of awards won and the scheme retention rates achieved in relation to acquisitions provide further testimony to the quality of services provided.

Directors' statement of compliance with duty to promote the success of the Group

During the year, the Directors have complied with their duty to act in a way most likely to promote the success of the Group, as per section 172(1) of the Companies Act 2006. In doing so they have had regard to:

- the likely consequences of any decision in the long term,

- the interests of the Group’s employees,

- the need to foster the Group’s business relationships with suppliers, customers and others,

- the impact of the Group’s operations on the community and environment,

- the desirability of the Group maintaining a reputation for high standards of business conduct, and;

- the need to act fairly as between members of the Group.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2025.

The principal activity of the company is as a holding company for a trading group and providing consultancy services to other companies. The Group's activities include manufacturing, art dealers, pensions and investment advice.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The results for the year are set out on pages 14 to 15. Ordinary dividends were declared amounting to £924,077. The directors do not recommend payment of a further dividend.

Dentons Holdings plc

Dividends payable in respect of the period amounted to £2,600,000 (2024: £1,300,000).

Grangers International Limited

An interim ordinary dividend was paid amounting to £2,740,000 (2024: £2,541,216). The directors have not recommended the payment of a final dividend (2024: £nil).

Grangers International Limited

During the year, the company continues to take pride in and invest in its quality brands, improving their performance whilst at the same time creating the most environmentally advanced products within their sector. The company continues to seek improved supply chain performance and has a pipeline of new product development, both for its branded range and demonstrating to its private label customers its expertise in meeting their requirements.

The directors are not aware of any post reporting date events.

Grangers International Limited:

As was foreshadowed in last year’s accounts, the retail environment across Europe but particularly in the UK has continued to weaken and it has been and continues to be to the immense credit to the management team as a whole that they have been able to continue to provide the level of service as well as profitability with such a difficult market place. The company continues to be debt free, generating cash and investing in improving efficiencies and it is fortunate that many of the brands are market leaders in the UK as well as exporting to over 50 countries around the world.

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the Annual Report 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 prepared the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, 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 and then apply them consistently;

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

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The accounts have been prepared on a going concern basis. However, one of the companies within the group has net liabilities, and is dependent on continued support from the parent company. Following transfer of all of the company's stock to the parent entity, this company has now ceased to trade. The financial statements of this company have therefore been prepared on a basis other than going concern. No further adjustments would be made to its balance sheet as a result of this however. The Directors note the net liability position and confirm that the company is still supported by the Group. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements on a group basis.

In accordance with section 414c(11) of the Companies Act 2006 the Directors have chose to include the following items in the Strategic Report:

• Fair review of the business

• Principal risks and uncertainties

• Development and performance

We have audited the financial statements of Martyn Rose Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows, the company statement of financial position and notes to the financial statements, including 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 the parent company's affairs as at 30 September 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 and parent 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 group's and 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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.

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors , communication with component auditors and by updating our understanding of the sectors in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications with component auditors included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,648,422 (2024 - £2,791,707).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Martyn Rose Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 7 Trebeck Street, Mayfair, London, W1J 7LU.

The group consists of Martyn Rose Limited and all of its subsidiaries which are listed in note 18.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Martyn Rose Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Their results are incorporated from the date that control passes.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Dentons Holdings Limited's, its subsidiaries, and Granger International Ltd's results to the year ended 30 September 2025 are consolidated in to the Group accounts and appropriate adjustments have been made for all material transactions. The Denton's Holdings Ltd group previously prepared accounts to 31 December and as such results included in the consolidation are for a 9 month period, and therefore the results from the previous period are not directly comparable.

Frost and Reed Limited's results to the year ended 31 October 2025 are consolidated in the Group accounts and appropriate adjustments have been made for all material transactions.

The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors have reviewed forecasts for the next 12 months and as a result, believe the company is a going concern.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Revenue in respect of fees receivable for pension administration services and investment advice are recognised when a right to consideration has been obtained in exchange for performance of contractual obligations.

In all cases where the ability to recover fees on a matter is non-contingent, income is recognised on the basis of time spent. For those cases where the ability to recover fees on a matter is contingent, income will not be recognised until the matter is completed.

To the extent that revenue is recognised on matters for which an invoice has not yet been raised, it is included in other debtors and disclosed separately.

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 10 to 20 years on a straight line basis.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is not recognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. No element of profit is included in the valuation of work in progress.

Cost is calculated using the first-in-first out method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 the Statement of Comprehensive Income 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.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

Dividends

Equity dividends are recognised when they become legally payable.

Finance costs

Finance costs are charged 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.

In the application of the group’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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue in respect of management services is recognised on the basis of the time input of the staff involved. At the period end an assessment is made of the recoverability of the costs accrued and unbilled. A provision is made for any costs considered to be irrecoverable. This assessment is made on a case by case basis considering a range of factors relevant to each case.

The Directors provide for potential bad debts on a case by case basis. A provision is made where the Directors consider it is more likely than not that the debt will prove irrecoverable or there is other uncertainty surrounding its recovery.

The Directors assess the period for the amortisation of goodwill based on the considered longevity of the underlying SSAS and SSIP schemes that the goodwill represents.

Goodwill arising from consolidation at a group level is assessed for impairment by considering the performance of underlying subsidiaries.

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

All remuneration disclosed above relates to the three directors of the parent company Martyn Rose Limited.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

During the year the directors took the voluntary decision to cease providing legal services and close down DPM Legal Services Ltd. All staff have now left the business.

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

More information on impairment movements in the year is given in note 12.

More information on impairment movements in the year is given in note 12.

Details of the company's subsidiaries at 30 September 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Whilst Martyn Rose Limited is the beneficial owner of 57% of Dentons Holdings PLC and its associated subsidiaries, MC Rose Settlement, a trust of which a director, Martyn Rose is the principal beneficiary, owns 23%, making a combined holding of 80% ultimately controlled by Martyn Rose. Therefore, in respect to the reported non-controlling interest on the balance sheet £4,526,341 (2024: £4,267,323) is under the same control as Martyn Rose Limited and £3,935,948 (2024: £3,710,716) is the external interest in the group.

The Ordinary Shares and the B Ordinary Shares shall rank pari passu save as specifically set out in the articles.

The B Ordinary Shares shall not confer on the holders thereof (in that capacity) any right to receive notices of or to attend, speak or vote at any general meetings of the Company or any right to vote on any written resolutions or on a poll or written resolution. The B Ordinary Shares do not entitle the holder thereof to participate in dividends. The B Ordinary shares are not entitled to a return of assets subject to exceeding a threshold amount.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The reserves records the increase in fair value of freehold land and buildings and decreases to the extent that such decrease relates to an increase in the same asset.

This reserve records the nominal value of shares repurchased by the Group.

Amounts contracted for but not provided in the financial statements:

The remuneration of key management personnel is as follows.

The Group has taken the exemption afforded by section 33 of FRS102 not to disclose transactions with wholly-owned companies of the Group.

Dividends payable during the year to Martyn Rose amounted to £924,077 (2024: £2,074,026).

As at 30 September 2025 the group owes, and has a loan balance creditor of, £2,089,688 (2024: £332,567) to Martyn Rose.

During the year payments totalling £6,141 (2024: £6,141) were made to Philippa Rose in respect of her loan. At the year end the company owed Philippa Rose £71,581 (2024: £71,581). Gross interest at £1,557 per quarter is paid on this loan and the loan is repayable on demand. Philippa Rose is Martyn Rose's wife.

The Group incurred management charges of £30,000 (2024: £30,000) with David Wake-Walker Limited, a company associated with David Wake-Walker who is a director of the Dentons Group. During the year £18,000 (2024: £18,000) of rental income was received by the Group from David Wake-Walker Limited. At the year end £3,000 (2024: £3,000) was due to David Wake-Walker Limited.

The Dentons Group incurred management charges and recharges of £161,796 (2024: £143,754) with Martyn Rose Limited, which owns 57% of the Dentons Group share capital.

During the period, management fees totalling £77,000 (2024: £77,000) were paid to Martyn Rose Limited by Grangers International Limited.

As at 30 September 2025 the Company is owed £1,140,126 by Dentons Holdings Plc in respect of a dividend.