Company No: 01401409 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	8,698		11,598
Investment property	4	22,855,002		23,815,002
Investments	5	100		0
		22,863,800		23,826,600
Current assets
Debtors	6	561,453		417,590
Cash at bank and in hand		768,062		1,265,924
		1,329,515		1,683,514
Creditors: amounts falling due within one year	7	( 19,421,977)		( 21,651,886)
Net current liabilities		(18,092,462)		(19,968,372)
Total assets less current liabilities		4,771,338		3,858,228
Provision for liabilities	8	( 941,439)		( 609,047)
Net assets		3,829,899		3,249,181
Capital and reserves
Called-up share capital	9	100		100
Revaluation reserve		( 628,270 )		( 815,277 )
Profit and loss account		4,458,069		4,064,358
Total shareholder's funds		3,829,899		3,249,181

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of I.G.P. Investments Limited (registered number: 01401409) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J C Dwek Director

01 July 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

I.G.P. Investments Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue its activities for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company has net current liabilities of £18,092,462 and net assets of £3,829,899.

Included within creditors due within one year are balances of £18,573,929 owed to individuals who are shareholders of the Company's parent undertaking. It has been confirmed that these loans will not be recalled until such time that the Company can afford to do so.

The directors are confident that the Company's access to working capital and future profit generation will be sufficient to meet its liabilities as they fall due and that they will support the business for the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Revenue from a lease or licence to occupy is recognised in the period in which the amounts fall due in accordance with the terms of the lease or licence as adjusted by deferred or accrued income where the periods under the lease or licence are not co-terminus with the financial year when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably; and
- it is probable that the company will receive the consideration due under the lease or licence.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Office equipment	6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. 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 the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	4		4

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 August 2024	11,345		5,653		4,995		21,993
At 31 July 2025	11,345		5,653		4,995		21,993
Accumulated depreciation
At 01 August 2024	3,722		1,678		4,995		10,395
Charge for the financial year	1,906		994		0		2,900
At 31 July 2025	5,628		2,672		4,995		13,295
Net book value
At 31 July 2025	5,717		2,981		0		8,698
At 31 July 2024	7,623		3,975		0		11,598

4. Investment property

	Investment property
	£
Valuation
As at 01 August 2024	23,815,002
Additions	841,467
Fair value movement	(201,467)
Disposals	(1,600,000)
As at 31 July 2025	22,855,002

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 August 2024	0
Additions	100
At 31 July 2025	100
Carrying value at 31 July 2025	100
Carrying value at 31 July 2024	0

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.07.2025
IGP Stockton Ltd	35 Ballards Lane, London, N3 1XW	Dormant company	Ordinary	100.00%

6. Debtors

	2025		2024
	£		£
Trade debtors	347,257		338,033
Amounts owed by group undertakings	5,100		3,900
Prepayments and accrued income	62,396		49,766
VAT recoverable	42,884		0
Other debtors	103,816		25,891
	561,453		417,590

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	318,208		66,082
Amounts owed to group undertakings	94,392		4,790
Amounts owed to directors	18,273,929		20,766,583
Accruals and deferred income	183,037		295,763
Corporation tax	61,357		0
Other taxation and social security	450		31,028
Other creditors	490,604		487,640
	19,421,977		21,651,886

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 609,047)		( 504,668)
Charged to the Profit and Loss Account	( 332,392)		( 104,379)
At the end of financial year	( 941,439)		( 609,047)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 941,439)		( 905,434)
Revaluation of investment property	0		147,526
Tax losses carry forward	0		148,861
	( 941,439)		( 609,047)

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Related party transactions

Included within amounts owed by group undertakings are balances of £5,100 (2024: £3,900) due from the parent company. This balance is unsecured and interest-free, with no fixed repayment terms.

Included within amounts owed to group undertakings are balances of £94,392 (2024: £4,790) owed to subsidiaries and fellow subsidiaries of the Company. These balances are unsecured and interest-free, with no fixed repayment terms.

Included within amounts owed to directors are balances of £18,273,829 (2024: £20,766,583) owed to directors who have shareholdings in the ultimate parent undertaking. These balances are unsecured and interest-free, and there are no fixed repayment terms.

Also included within other creditors due within one year are balances of £300,000 (2024: £300,000) owed to other individuals who have shareholdings in the ultimate parent undertaking. These balances are unsecured and interest-free, and there are no fixed repayment terms.

11. Ultimate controlling party

The company's immediate and ultimate parent undertaking is Bronze Holdings Limited ("BHL"), a company incorporated in Guernsey whose registered office address is Elm House, St Julian's Avenue, St Peter Port, GY1 1GZ.