REGISTERED NUMBER: 11156915 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

BROLGA LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr. J. G. Monkhouse

Mrs. E. M. Corcoran

Miss J. R. Herbert

Mr. B. W. Herbert

REGISTERED OFFICE:

Spitfire House

19 Falcon Court

Preston Farm Industrial Estate

Stockton-on-Tees

TS18 3TU

REGISTERED NUMBER:

11156915 (England and Wales)

SENIOR STATUTORY AUDITOR:

Donald Adams F.C.A.

AUDITORS:

Baines Jewitt Limited

Statutory Auditors

Spitfire House

19 Falcon Court

Preston Farm Industrial Estate

Stockton-on-Tees

TS18 3TU

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

REVIEW OF BUSINESS

The company's investments are managed by professional advisers and the performance of the portfolio over the period under review is set out below.

The victory of Donald Trump in the US Presidential Election of November 2024, had a significant bearing on the economic and geopolitical events that unfolded during the period under review. Trump's success was also reinforced by The Republican Party securing majorities in the House of Representatives and the Senate. Upon assuming office in January 2025, Trump, consistent with his campaign rhetoric, set the course for a combative trade policy. The full panoply of his trade agenda was displayed during his "Liberation Day" event in early April 2025. Here, Trump unveiled a list of tariffs to be levied upon trading partners around the world. These varied greatly in severity and evoked much confusion as to the methodology underpinning the menu of tariffs, which looked to have been arbitrarily applied. There was a flurry of negotiations, and, as time progressed, Trump's bombast was often supplemented with pragmatism, depending on the approach taken by his counterparties. The relationship with China proved to be of a more complex nature, with negotiations being more strategic. As the months passed, volatility in financial markets abated, as trade continued and concerns about a tariff related inflations surge, failed to manifest itself in respective Consumer Prices Index readings. Anecdotally, it appeared that many companies were absorbing the impact of tariffs, rather than passing on costs to customers. One theme that was omnipresent during the period, was artificial intelligence (AI) and the large-scale investment allocated to such. The technology heavy Nasdaq Composite Index delivered a return exceeding 30%. The persistent outperformance of large technology stocks globally, has led to concerns about concentration risk in respective equity indices, from the US to Asia markets such as South Korea and Taiwan. The S&P 500 index, whilst underperforming the Nasdaq Composite, generated a return of nearly 20%.

The UK FTSE 100, so often seen as a global laggard, enjoyed a good period, recording a total return of nearly 20%. The blue-chip index outperformed its mid and small cap rivals, with sectors such as banking and mining driving performance. The overall UK market continued to see significant takeover activity, a positive sign for value, but less so for ambitions to revitalise the equity market, with the pace of leavers outpacing new issues. Sentiment improved towards the UK, as the country enjoyed a more productive trading relationship with the Trump administration than several peers. Indeed, the FTSE 100 outpaced many European peer indices, with Trump's relationship with the European Union, being more fractious. Gilts had a steady period, as inflation fears subsided, although there was some volatility in later months, caused by uncertainty pertaining to the delayed budget.

Japan's Nikkei 225 enjoyed a stellar period, with growth of over 37%. Investors maintained an interest in ongoing equity market and corporate governance reforms. Enthusiasm was stoked by the election of the business-friendly Prime Minister, Sanae Takaichi, in October 2025.

The MSCI Emerging Markets Index gained over 23%. The South Korean and Taiwanese markets being notably strong. Both are home to technology behemoths benefiting from the investment boom into AI. However, such is the dominance of businesses such as Samsung Electronics, SK Hynix and TMSC, investors are become more circumspect about high levels of concentration risk in equity indices and the associated volatility that might arise in periods of fragile sentiment.

The directors are satisfied with the company's performance over the period under review. After paying dividends in the sum of £142,000, the market value of the investments has increased from £4,086,968 to £4,312,912.

ON BEHALF OF THE BOARD:

Mr. B. W. Herbert - Director

30 July 2026

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

DIVIDENDS

Interim dividends per share were paid during the year as follows:

A Ordinary 1p

-

£2.70

- 12 March 2025

D Ordinary 1p

-

£1.20

- 12 March 2025

E Ordinary 1p

-

£1.20

- 12 March 2025

F Ordinary 1p

- £1.90

- 12 March 2025

H Ordinary 1p

- £3.00

- 12 March 2025

I Ordinary 1p

- £3.00

- 12 March 2025

J Ordinary 1p

- £1.20

- 12 March 2025

The total distribution of dividends for the year ended 31 October 2025 will be £ 142,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr. J. G. Monkhouse

Mrs. E. M. Corcoran

Miss J. R. Herbert

Mr. B. W. Herbert

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mr. B. W. Herbert - Director

30 July 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the company we considered the laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

-

discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

-

challenging assumptions and judgements made by management in their significant accounting estimates; and

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the further removed noncompliance 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Donald Adams F.C.A. (Senior Statutory Auditor)

for and on behalf of Baines Jewitt Limited

Statutory Auditors

Spitfire House

19 Falcon Court

Preston Farm Industrial Estate

Stockton-on-Tees

TS18 3TU

30 July 2026

TURNOVER

-

-

Administrative expenses

42,641

39,955

(42,641

)

(39,955

)

Gain on disposal/revaluation of investments

389,096

409,425

346,455

369,470

Income from fixed asset investments

24,680

38,797

Interest receivable and similar income

26,519

12,059

51,199

50,856

PROFIT BEFORE TAXATION

4

397,654

420,326

Tax on profit

5

72,622

99,059

PROFIT FOR THE FINANCIAL YEAR

325,032

321,267

PROFIT FOR THE YEAR

325,032

321,267

OTHER COMPREHENSIVE INCOME

Gain on revaluation of investments

(370,459

)

(376,769

)

Transfer to fair value reserve

370,459

376,769

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

325,032

321,267

FIXED ASSETS

Investments

7

4,312,912

4,086,968

CURRENT ASSETS

Debtors

8

332

250

Cash at bank

49,149

23,047

49,481

23,297

CREDITORS

Amounts falling due within one year

9

9,961

13,487

NET CURRENT ASSETS

39,520

9,810

TOTAL ASSETS LESS CURRENT LIABILITIES

4,352,432

4,096,778

PROVISIONS FOR LIABILITIES

10

241,351

168,729

NET ASSETS

4,111,081

3,928,049

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Fair value reserve

12

734,873

1,361,409

Retained earnings

12

3,375,208

2,565,640

SHAREHOLDERS' FUNDS

4,111,081

3,928,049

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr. B. W. Herbert - Director

Called up

share

Retained

Fair value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

1,000

2,862,562

855,220

3,718,782

Changes in equity

Fair value movement

-

(506,189

)

506,189

-

Dividends

-

(112,000

)

-

(112,000

)

Total comprehensive income

-

321,267

-

321,267

Balance at 31 October 2024

1,000

2,565,640

1,361,409

3,928,049

Changes in equity

Fair value movement

-

626,536

(626,536

)

-

Dividends

-

(142,000

)

-

(142,000

)

Total comprehensive income

-

325,032

-

325,032

Balance at 31 October 2025

1,000

3,375,208

734,873

4,111,081

Cash flows from operating activities

Cash generated from operations

1

(46,261

)

(35,655

)

Tax paid

(82

)

795

Net cash from operating activities

(46,343

)

(34,860

)

Cash flows from investing activities

Purchase of fixed asset investments

(1,274,019

)

(1,016,242

)

Sale of fixed asset investments

1,437,171

1,115,841

Interest received

26,519

12,059

Dividends received

24,680

38,797

Net cash from investing activities

214,351

150,455

Cash flows from financing activities

Group balances

94

(28,237

)

Equity dividends paid

(142,000

)

(112,000

)

Net cash from financing activities

(141,906

)

(140,237

)

Increase/(decrease) in cash and cash equivalents

26,102

(24,642

)

Cash and cash equivalents at beginning of year

2

23,047

47,689

Cash and cash equivalents at end of year

2

49,149

23,047

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

2025

2024

£

£

Profit before taxation

397,654

420,326

Profit on disposal of fixed assets

(18,637

)

(32,656

)

Gain on revaluation of fixed assets

(370,459

)

(376,769

)

Finance income

(51,199

)

(50,856

)

(42,641

)

(39,955

)

(Decrease)/increase in trade and other creditors

(3,620

)

4,300

Cash generated from operations

(46,261

)

(35,655

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

49,149

23,047

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

23,047

47,689

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

23,047

26,102

49,149

23,047

26,102

49,149

Total

23,047

26,102

49,149

1.	STATUTORY INFORMATION

Brolga Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Fixed asset investments

Fixed asset investments, which comprise listed investments are reflected at their fair value. Any surplus or deficit arising from changes in fair value is recognised in the profit or loss for the year and included in the investments fair value reserve on the balance sheet. In the event that unrealised deficits exceed the accumulated unrealised gains, the deficit arising is transferred to the profit and loss account reserve.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 October 2025 nor for the year ended 31 October 2024.

The average number of employees during the year was NIL (2024 - NIL).

2025

2024

£

£

Directors' remuneration

-

-

4.	PROFIT BEFORE TAXATION

The loss is stated after charging:

2025

2024

£

£

Gain/(Loss) on disposal of fixed assets

18,637

32,656

Auditors' remuneration

9,500

9,420

5.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Deferred tax

72,622

99,059

Tax on profit

72,622

99,059

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

397,654

420,326

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

99,414

105,082

Effects of:

Income not taxable for tax purposes

(6,170

)

(9,715

)

Impact of tax losses not recognised in prior year

(20,622

)

20,622

Impact of tax losses not recognised in earlier periods

-

(16,930

)

Total tax charge

72,622

99,059

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Gain on revaluation of investments

(370,459

)

72,622

(297,837

)

Transfer to fair value reserve

370,459

(72,622

)

297,837

-

-

-

2024

Gross

Tax

Net

£

£

£

Gain on revaluation of investments

(376,769

)

99,059

(277,710

)

Transfer to fair value reserve

376,769

(99,059

)

277,710

-

-

-

6.

DIVIDENDS

2025

2024

£

£

A Ordinary shares of 1p each

Interim

27,000

32,000

D Ordinary shares of 1p each

Interim

12,000

12,000

E Ordinary shares of 1p each

Interim

12,000

12,000

F Ordinary shares of 1p each

Interim

19,000

20,000

H Ordinary shares of 1p each

Interim

30,000

12,000

I Ordinary shares of 1p each

Interim

30,000

12,000

J Ordinary shares of 1p each

Interim

12,000

12,000

142,000

112,000

7.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 November 2024

4,086,968

Additions

1,274,019

Disposals

(1,418,534

)

Revaluations

370,459

At 31 October 2025

4,312,912

NET BOOK VALUE

At 31 October 2025

4,312,912

At 31 October 2024

4,086,968

Cost or valuation at 31 October 2025 is represented by:

Listed

investments

£

Valuation in 2025

4,312,912

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Tax

332

250

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

167

73

Corporation tax

294

294

Management charge payable

-

4,000

Accruals and deferred income

9,500

9,120

9,961

13,487

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Tax losses carried forward

(3,196

)

-

Revaluation of investments

244,547

168,729

241,351

168,729

Deferred tax

£

Balance at 1 November 2024

168,729

Provided during year

72,622

Balance at 31 October 2025

241,351

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

10,001

A Ordinary

1p

100

100

10,001

B Ordinary

1p

100

100

10,001

C Ordinary

1p

100

100

10,001

D Ordinary

1p

100

100

10,001

E Ordinary

1p

100

100

10,001

F Ordinary

1p

100

100

10,001

G Ordinary

1p

100

100

10,001

H Ordinary

1p

100

100

10,001

I Ordinary

1p

100

100

10,001

J Ordinary

1p

100

100

1,000

1,000