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REGISTERED NUMBER: 01612422 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Arkgrove Limited |

| Arkgrove Limited (Registered number: 01612422) |

Contents of the Consolidated Financial Statements

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Statement of Comprehensive Income | 8 |

| Consolidated Balance Sheet | 9 |

| Company Balance Sheet | 10 |

| Consolidated Statement of Changes in Equity | 11 |

| Company Statement of Changes in Equity | 12 |

| Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| Arkgrove Limited |

Company Information

for the Year Ended 30 September 2025

| DIRECTORS: | D I Harriman

| R T Harriman

| SECRETARIES: | P Davidson

| J Darragh

| REGISTERED OFFICE: | Mandale House Mandale Park

| Urlay Nook Road

| Eaglescliffe

| Stockton on Tees

| TS16 0TA

| REGISTERED NUMBER: | 01612422 (England and Wales)

| AUDITORS: | Anderson Barrowcliff Limited

| Statutory Auditor

| Chartered Accountants

| 3 Kingfisher Court

| Bowesfield Park

| Stockton on Tees

| TS18 3EX

| Arkgrove Limited (Registered number: 01612422) |

Group Strategic Report

for the Year Ended 30 September 2025

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The group's key performance indicators are as follows:

| 2025 |  | 2024 |

Rental yield (rent receivable/cost (b/f) of freehold investment property ) |  |  | 12.8% |  | 6.1% |

Gross margin on development work |  |  | 7.9% 7.8% |

Rental yield can be variable due to the numbers and timing of purchases and sales of investment properties.

The level of development activity has increased during the year for associated companies and related parties and the group has achieved improved overall margins on the work undertaken.

The directors are of the opinion that there are no non-financial key performance indicators necessary for the understanding of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

In common with other property development and investment companies, the principal risks affecting performance continue to be the general economic climate and in particular its effect on property prices and demand.

EXCEPTIONAL ITEM

Following the Grenfell Tower tragedy in 2017, the Government and construction sector have been carefully considering and identifying which buildings may be exposed to potentially life-critical fire risks and how these risks should be mitigated. As a legislative response the Building Safety Act became law in April 2022.

As a consequence the group has recorded a further exceptional charge of £508,935 (2024: £34,897) within these financial statements. This represents a refinement of the cost provision made in the prior year. Further details can be found in note 5.

ON BEHALF OF THE BOARD:

P Davidson - Secretary

13 August 2026

| Arkgrove Limited (Registered number: 01612422) |

Report of the Directors

for the Year Ended 30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of property development and investment.

The directors do not anticipate any significant future changes or developments.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 is £535,001 (2024 : £535,001) in respect of the ordinary shares.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

D I Harriman

R T Harriman

FINANCIAL INSTRUMENTS

The group continues to finance its operations through a combination of loans, trade debtors/creditors and intercompany balances. The group's activities expose it to a number of financial risks, principally liquidity, market and credit risk.

Liquidity risk

In order to maintain liquidity to ensure sufficient funds are available for ongoing activities the group is dependent on the support of its associated companies (refer note 16 and 17).

Market risk

The group is fundamentally affected by the level of UK property prices which in turn are affected by a number of external factors. Whilst it is not possible for the group to mitigate this risk directly it does continually monitor market conditions and attempt to balance this risk over various developments within the residential, commercial and other property sectors to minimise, as far as possible, the effect of market fluctuations.

Credit risk

The nature of the group's business results in the group having minimal exposure to credit risk. Trade debtors (rents receivable) are managed by regular monitoring of amounts outstanding for both time and credit limits. Generally full cash receipt for each sale of property occurs on legal completion. The group is however dependent on the support of its associated companies (refer note 16 and 17).

Details of the group's borrowings are set out in note 19 and 21 to the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| Arkgrove Limited (Registered number: 01612422) |

Report of the Directors

for the Year Ended 30 September 2025

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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Davidson - Secretary

13 August 2026

Report of the Independent Auditors to the Members of

Arkgrove Limited

Opinion

We have audited the financial statements of Arkgrove Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2025 and of the group's loss 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 group 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 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.

Report of the Independent Auditors to the Members of

Arkgrove Limited

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the group's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

- |  | Enquiry of management, those charged with governance and the group's solicitors around actual and potential litigation and claims. |

- |  | Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. |

- |  | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |

- |  | Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |

- |  | Challenging estimates and judgements made by management in their significant accounting estimates. |

- |  | Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period. |

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Report of the Independent Auditors to the Members of

Arkgrove Limited

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.

David Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditor

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

19 August 2026

| Arkgrove Limited (Registered number: 01612422) |

Consolidated

Statement of Comprehensive

Income

for the Year Ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 2 | 12,941,420 |  | 12,565,460 |  |

Cost of sales | 11,294,983 |  | 10,621,150 |  |

GROSS PROFIT | 1,646,437 |  | 1,944,310 |  |

Administrative expenses | 2,320,919 |  | 2,725,138 |  |

(674,482 | ) | (780,828 | ) |

Other operating income | 886,026 |  | 1,034,854 |  |

211,544 |  | 254,026 |  |

Exceptional item - combustible materials provision | 5 | (508,935 | ) | (34,897 | ) |

Impairment of investment property | 5 | - |  | (1,868,875 | ) |

Fair value movement on investment property | 5 | - |  | (1,230,166 | ) |

Profit/(loss) on disposal of investment property | 5 | 20,000 |  | 905,495 |  |

(277,391 | ) | (1,974,417 | ) |

Interest receivable and similar income | 16,671 |  | 91,793 |  |

(260,720 | ) | (1,882,624 | ) |

Interest payable and similar expenses | 6 | 195,351 |  | 437,517 |  |

LOSS BEFORE TAXATION | 7 | (456,071 | ) | (2,320,141 | ) |

Tax on loss | 8 | (15,500 | ) | (168,000 | ) |

LOSS FOR THE FINANCIAL YEAR | (440,571 | ) | (2,152,141 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (440,571 | ) | (2,152,141 | ) |

Loss attributable to:

Owners of the parent | (440,571 | ) | (2,152,141 | ) |

Total comprehensive loss attributable to:

Owners of the parent | (440,571 | ) | (2,152,141 | ) |

| Arkgrove Limited (Registered number: 01612422) |

Consolidated Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 538,949 |  | 619,789 |  |

Investments | 13 | - |  | - |  |

Investment property | 14 | 5,382,498 |  | 5,342,941 |  |

5,921,447 |  | 5,962,730 |  |

CURRENT ASSETS

Stocks | 15 | 621,232 |  | 625,748 |  |

Debtors | 16 | 33,503,473 |  | 29,474,845 |  |

Cash at bank and in hand | 1,084,923 |  | 4,183,458 |  |

35,209,628 |  | 34,284,051 |  |

CREDITORS

Amounts falling due within one year | 17 | 12,884,881 |  | 12,794,337 |  |

NET CURRENT ASSETS | 22,324,747 |  | 21,489,714 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 28,246,194 |  | 27,452,444 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (3,655,514 | ) | (2,326,032 | ) |

PROVISIONS FOR LIABILITIES | 23 | (4,374,828 | ) | (3,934,988 | ) |

NET ASSETS | 20,215,852 |  | 21,191,424 |  |

CAPITAL AND RESERVES

Called up share capital | 24 | 107 |  | 107 |  |

Non-distributable reserve | 25 | 316,243 |  | 316,243 |  |

Merger reserve | 25 | 999,993 |  | 999,993 |  |

Retained earnings | 25 | 18,899,509 |  | 19,875,081 |  |

SHAREHOLDERS' FUNDS | 20,215,852 |  | 21,191,424 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2026 and were signed on its behalf by:

R T Harriman - Director

| Arkgrove Limited (Registered number: 01612422) |

Company Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 1 |  | 1 |  |

Investments | 13 | 111 |  | 110 |  |

Investment property | 14 | 5,382,500 |  | 5,342,943 |  |

5,382,612 |  | 5,343,054 |  |

CURRENT ASSETS

Debtors | 16 | 8,958,167 |  | 5,389,623 |  |

Cash at bank | 96,969 |  | 2,122,794 |  |

9,055,136 |  | 7,512,417 |  |

CREDITORS

Amounts falling due within one year | 17 | 5,528,837 |  | 4,659,863 |  |

NET CURRENT ASSETS | 3,526,299 |  | 2,852,554 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,908,911 |  | 8,195,608 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (3,655,514 | ) | (2,326,032 | ) |

PROVISIONS FOR LIABILITIES | 23 | (4,307,328 | ) | (3,851,988 | ) |

NET ASSETS | 946,069 |  | 2,017,588 |  |

CAPITAL AND RESERVES

Called up share capital | 24 | 107 |  | 107 |  |

Non-distributable reserve | 25 | 316,243 |  | 316,243 |  |

Retained earnings | 25 | 629,719 |  | 1,701,238 |  |

SHAREHOLDERS' FUNDS | 946,069 |  | 2,017,588 |  |

Company's loss for the financial year | (536,518 | ) | (3,400,412 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2026 and were signed on its behalf by:

R T Harriman - Director

| Arkgrove Limited (Registered number: 01612422) |

Consolidated Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |

| share |  | Retained |  | Non-distributable |  | Merger |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 October 2023 | 107 |  | 20,675,057 |  | 2,203,409 |  | 999,993 |  | 23,878,566 |  |

Changes in equity

Dividends | - |  | (535,001 | ) | - |  | - |  | (535,001 | ) |

Total comprehensive loss | - |  | (264,975 | ) | (1,887,166 | ) | - |  | (2,152,141 | ) |

Balance at 30 September 2024 | 107 |  | 19,875,081 |  | 316,243 |  | 999,993 |  | 21,191,424 |  |

Changes in equity

Dividends | - |  | (535,001 | ) | - |  | - |  | (535,001 | ) |

Total comprehensive loss | - |  | (440,571 | ) | - |  | - |  | (440,571 | ) |

Balance at 30 September 2025 | 107 |  | 18,899,509 |  | 316,243 |  | 999,993 |  | 20,215,852 |  |

| Arkgrove Limited (Registered number: 01612422) |

Company Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |

| share |  | Retained |  | Non-distributable |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 October 2023 | 107 |  | 4,892,735 |  | 1,060,159 |  | 5,953,001 |  |

Changes in equity

Dividends | - |  | (535,001 | ) | - |  | (535,001 | ) |

Total comprehensive income | - |  | (2,656,496 | ) | (743,916 | ) | (3,400,412 | ) |

Balance at 30 September 2024 | 107 |  | 1,701,238 |  | 316,243 |  | 2,017,588 |  |

Changes in equity

Dividends | - |  | (535,001 | ) | - |  | (535,001 | ) |

Total comprehensive income | - |  | (536,518 | ) | - |  | (536,518 | ) |

Balance at 30 September 2025 | 107 |  | 629,719 |  | 316,243 |  | 946,069 |  |

| Arkgrove Limited (Registered number: 01612422) |

Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 243,195 |  | 2,191,767 |  |

Interest paid | (195,351 | ) | (437,517 | ) |

Tax paid | 1,036 |  | (303,088 | ) |

Net cash from operating activities | 48,880 |  | 1,451,162 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (212,648 | ) | (222,720 | ) |

Purchase of investment property | (39,557 | ) | (1,100,750 | ) |

Sale of tangible fixed assets | 90,650 |  | 75,251 |  |

Sale of investment property | 20,000 |  | 10,653,691 |  |

Interest received | 16,671 |  | 91,793 |  |

Net cash from investing activities | (124,884 | ) | 9,497,265 |  |

Cash flows from financing activities

Loan advanced | 2,955,000 |  | - |  |

Loan repayments in year | (1,562,812 | ) | (4,975,508 | ) |

Amount introduced by directors | 202,229 |  | - |  |

Amount withdrawn by directors | (614,753 | ) | (222,571 | ) |

Related undertakings financing | (3,467,194 | ) | (4,619,159 | ) |

Equity dividends paid | (535,001 | ) | (535,001 | ) |

Net cash from financing activities | (3,022,531 | ) | (10,352,239 | ) |

(Decrease)/increase in cash and cash equivalents | (3,098,535 | ) | 596,188 |  |

Cash and cash equivalents at beginning of year | 2 | 4,183,458 |  | 3,587,270 |  |

Cash and cash equivalents at end of year | 2 | 1,084,923 |  | 4,183,458 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Loss before taxation | (456,071 | ) | (2,320,141 | ) |

| Depreciation charges | 233,041 |  | 231,241 |  |

| Profit on disposal of fixed assets | (30,203 | ) | (45,847 | ) |

| Movement on fair value of inv property | - |  | 1,230,166 |  |

| Exceptional item - provisions | 508,935 |  | 34,897 |  |

| (Profit)/loss on disposal of assets | (20,000 | ) | (905,495 | ) |

| Impairment of investment property | - |  | 1,868,875 |  |

| Finance costs | 195,351 |  | 437,517 |  |

| Finance income | (16,671 | ) | (91,793 | ) |

414,382 |  | 439,420 |  |

| Decrease/(increase) in stocks | 4,516 |  | (157,082 | ) |

| Decrease in trade and other debtors | 165,262 |  | 1,889,032 |  |

| (Decrease)/increase in trade and other creditors | (340,965 | ) | 20,397 |  |

| Cash generated from operations | 243,195 |  | 2,191,767 |  |

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 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 1,084,923 |  | 4,183,458 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 4,183,458 |  | 3,587,270 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1.10.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 4,183,458 |  | (3,098,535 | ) | 1,084,923 |  |

4,183,458 |  | (3,098,535 | ) | 1,084,923 |  |

| Debt

| Debts falling due within 1 year | (387,811 | ) | (62,706 | ) | (450,517 | ) |

| Debts falling due after 1 year | (2,326,032 | ) | (1,329,482 | ) | (3,655,514 | ) |

(2,713,843 | ) | (1,392,188 | ) | (4,106,031 | ) |

| Total | 1,469,615 |  | (4,490,723 | ) | (3,021,108 | ) |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements

for the Year Ended 30 September 2025

1. | ACCOUNTING POLICIES

| General information and basis of preparation

| Arkgrove Limited is a private company incorporated in the United Kingdom under the Companies Act. The address of the registered office and place of business is given on page 1. The nature of the company's operations and its principal activities are set out in the Directors' report on page 3.

| The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest pound.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| Basis of consolidation

| The consolidated financial statements incorporate the financial statements of the company and its subsidiary companies. The results of the subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the purchase method.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, net of valued added tax, rebates and discounts.

| a) Turnover includes rents and service charges receivable, excluding value added tax.

| b) Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

| c) Sales of properties are recognised on legal completion.

| Goodwill

| Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is five years. Provision is made for any impairment.

| Tangible fixed assets

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

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 20% on cost, 20% on reducing balance and 10% on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets, except for investment properties, are stated at cost net of depreciation and any provision for impairment.

| Investment properties

| Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Cost, in relation to work in progress, comprises direct development costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the stocks to their present location and condition.

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

1. | ACCOUNTING POLICIES - continued

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.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.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued investment properties is measured using the rates and allowances that apply to the sale of the asset.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Finance costs

| Finance costs which are directly attributable to the development of property held as stock and freehold land and buildings during their development phase are capitalised as part of the cost of those developments.Capitalisation ceases when developments held as stock are sold and in respect of freehold land and buildings when those developments are ready for use.

| All other interest is charged to the profit and loss as incurred.

| Debtors and creditors receivable/payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.

| Loans and borrowings

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

1. | ACCOUNTING POLICIES - continued

| Judgements and key sources of estimation uncertainty

| In the application of the group's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The following are the critical judgements and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the financial statements:

| Valuation of investment properties

| As detailed in note 14, the investment properties have been valued at fair value by the directors. Whilst the directors are not professionally qualified valuers, they have a longstanding involvement in the local property market. The valuation of each individual property is assessed using their overall knowledge of that property and property condition combined with the appropriate industry rental yield multiples and by comparison with similar properties in the local area. Given the changing nature of the commercial and residential property market, valuations can be subject to fluctuations.

| Other provisions

| In April 2022 the Building Safety Act 2022 became law. This legislation, amongst other things, extends the limitation period in relation to defects on certain buildings to 30 years for works completed before the commencement of the new provisions.

| The group has been notified of a number of potential claims which the Directors believe create a constructive or legal obligation to remediate certain legacy buildings. This has resulted in the group recording an exceptional combustible materials related charge of £508,935 for the year ended 30 September 2025 (2024 : £34,897). This represents a refinement of the costs provision in the prior year.

| This provision is subject to the Directors' estimates on costs and timing, and the existence and identification of legacy developments where the group may have an obligation to remediate or upgrade to meet new Government guidance where it is responsible to do so.

| See notes 23 and 27 for additional information.

2. | TURNOVER

| The turnover and loss before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Rents and service charges | 682,031 |  | 1,049,110 |  |

| Development work | 12,259,389 |  | 11,516,350 |  |

12,941,420 |  | 12,565,460 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

3. | EMPLOYEES AND DIRECTORS

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Wages and salaries |  | 460,990 |  | 575,514 |  |

| Social security costs |  | 76,902 |  | 85,611 |  |

| Other pension costs |  | 76,827 |  | 86,708 |  |

|  | 614,719 |  | 747,832 |  |

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

|  | 2025 |  | 2024 |  |

| Administration |  | 40 |  | 42 |  |

| Direct labour |  | 6 |  | 7 |  |

| Directors |  | 2 |  | 2 |  |

|  | 48 |  | 51 |  |

| The payroll costs of 37 (2024 : 38) employees have been recharged to associated companies.

4. | DIRECTORS' EMOLUMENTS

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Directors' remuneration |  | 294,831 |  | 248,562 |  |

| Directors' pension contributions to money purchase schemes |  | - |  | - |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes |  | 1 |  | 1 |  |

| Directors' remuneration as disclosed above represents the gross remuneration before recharges made to group and associated companies which amounted to £260,395 (2024 : £226,987) in the year.

| The emoluments of the highest paid director included above was:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Director's remuneration |  | 158,388 |  | 135,768 |  |

| Director's pension contributions to money purchase schemes |  | - |  | - |  |

5. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Exceptional item - combustible materials provision | (508,935 | ) | (34,897 | ) |

| Impairment of investment property | - |  | (1,868,875 | ) |

| Fair value movement on investment property | - |  | (1,230,166 | ) |

| Profit/(loss) on disposal of investment property | 20,000 |  | 905,495 |  |

(488,935 | ) | (2,228,443 | ) |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

| Exceptional item - combustible materials related charges

| In April 2022 the Building Safety Act 2022 became law. This legislation, amongst other things, extends the limitation period in relation to defects on certain buildings to 30 years for works completed before the commencement of the new provisions.

| The group has been notified of a number of potential claims which the Director believes create a constructive or legal obligation to remediate certain legacy buildings. This has resulted in the group recording an exceptional combustible materials related charge of £508,935 for the year ended 30 September 2025 (2024 : £34,897). This represents a refinement of the cost provision made in the prior year. Due to the material nature of the charge, it has been recognised as an exceptional item. See note 23 for additional information.

| The prior year charge of £1,868,875 relates to the impairment of the investment property values at

| 30 September 2024.

| The prior year loss on the fair value of the investment property of £1,230,166 relates to the decrease in the fair value at 30 September 2024.

| The profit on disposal of £20,000 (2024 : £905,495) relates to the disposal of investment property in the year.

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Loan interest | 195,351 |  | 437,517 |  |

7. | LOSS BEFORE TAXATION

| The loss is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 233,041 |  | 231,241 |  |

| Profit on disposal of fixed assets | (30,203 | ) | (45,847 | ) |

| Auditors remuneration | 25,580 |  | 27,040 |  |

| Operating leases - land & buildings | 320,000 |  | 324,248 |  |

8. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| Over provision in prior years | - |  | (56,000 | ) |

| Deferred taxation | (15,500 | ) | (112,000 | ) |

| Tax on loss | (15,500 | ) | (168,000 | ) |

| UK corporation tax has been charged at 25 % .

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

8. | TAXATION - continued

| Reconciliation of total tax credit included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Loss before tax | (456,071 | ) | (2,320,141 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | (114,018 | ) | (580,035 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 8,973 |  | 19,975 |  |

| Depreciation in excess of capital allowances | - |  | 27,787 |  |

| Utilisation of tax losses | (2,339 | ) | - |  |

| Adjustments to tax charge in respect of previous periods | - |  | (56,000 | ) |

| (Release)/provision of deferred tax | - |  | (112,000 | ) |

| Capital allowances super deduction disposals | 4,811 |  | - |  |

| Losses c/f | 87,317 |  | 532,273 |  |

| Deferred tax roundings | (244 | ) | - |  |

| Total tax credit | (15,500 | ) | (168,000 | ) |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Dividend paid | 535,001 |  | 535,001 |  |

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 1,064,240 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 1,064,240 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | - |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024 | 314,806 |  | 502,808 |  | 801,154 |  | 1,618,768 |  |

| Additions | - |  | 6,150 |  | 206,498 |  | 212,648 |  |

| Disposals | - |  | - |  | (224,350 | ) | (224,350 | ) |

| At 30 September 2025 | 314,806 |  | 508,958 |  | 783,302 |  | 1,607,066 |  |

| DEPRECIATION

| At 1 October 2024 | 222,224 |  | 426,029 |  | 350,726 |  | 998,979 |  |

| Charge for year | 18,516 |  | 23,622 |  | 190,903 |  | 233,041 |  |

| Eliminated on disposal | - |  | - |  | (163,903 | ) | (163,903 | ) |

| At 30 September 2025 | 240,740 |  | 449,651 |  | 377,726 |  | 1,068,117 |  |

| NET BOOK VALUE

| At 30 September 2025 | 74,066 |  | 59,307 |  | 405,576 |  | 538,949 |  |

| At 30 September 2024 | 92,582 |  | 76,779 |  | 450,428 |  | 619,789 |  |

| Company

| Fixtures

| and

| fittings

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 34,064 |  |

| DEPRECIATION

| At 1 October 2024

| and 30 September 2025 | 34,063 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1 |  |

| At 30 September 2024 | 1 |  |

13. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 October 2024 | 110 |  |

| Additions | 1 |  |

| At 30 September 2025 | 111 |  |

| NET BOOK VALUE

| At 30 September 2025 | 111 |  |

| At 30 September 2024 | 110 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

13. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Mandale Investments Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Property investment

| %

| Class of shares: | holding |

| Ordinary shares | 72.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 17,520,549 |  | 17,511,195 |  |

| Profit/(loss) for the year | 9,354 |  | (24,616 | ) |

| The remaining 28% of the issued share capital of Mandale Investments Limited is held by the subsidiary company, Teesdale South Limited.

| Teesdale South Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Property investment

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | (317,842 | ) | (317,842 | ) |

| Mandale Property Developments Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Not trading

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | (23,719 | ) | (18,270 | ) |

| Loss for the year | (5,449 | ) | - |  |

| Teesdale Unrealised Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | (12 | ) | (12 | ) |

| This company was incorporated on 18 February 2011 and has not commenced to trade.

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

13. | FIXED ASSET INVESTMENTS - continued

| Mandale Construction Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Property development

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 3,346,196 |  | 3,247,417 |  |

| Profit for the year | 98,779 |  | 528,009 |  |

| Mandale Investments 2 Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Property investment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 844,871 |  | 851,608 |  |

| (Loss)/profit for the year | (6,737 | ) | 744,878 |  |

| Mandale Investments 3 Limited

| Registered office: Mandale House, Mandale Park, Urlay Nook Road, Eaglescliffe, Stockton on Tees TS16 0TA

| Nature of business: Property investment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 |  |

£ |  |

| Aggregate capital and reserves | 1 |  |

| The above company was incorporated on 30 July 2024 and became a subsidiary from that date.

14. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 5,342,941 |  |

| Additions | 39,557 |  |

| At 30 September 2025 | 5,382,498 |  |

| NET BOOK VALUE

| At 30 September 2025 | 5,382,498 |  |

| At 30 September 2024 | 5,342,941 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

14. | INVESTMENT PROPERTY - continued

| Group

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2009 | 950,851 |  |

| Valuation in 2014 | 550,592 |  |

| Valuation in 2015 | (246,284 | ) |

| Valuation in 2024 | (2,697,791 | ) |

| Cost | 6,825,130 |  |

5,382,498 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 6,825,130 |  | 6,785,573 |  |

| Investment properties, which are all freehold, were revalued to fair value of £5,382,498 at 30 September 2025 by the directors who are not professionally qualified valuers. The valuations have been determined by the directors based on their knowledge of the local property market and market comparable information being rent and market rental yields.

| Freehold investment properties with a carrying amount of £5,382,498 (2024 : £5,342,941) have been pledged to secure the borrowings of the group.

| As set out in note 2, property rental income earned during the year was £682,031 (2024 : £1,049,110). No contingent rents have been recognised as income in the current or prior period.

| At the balance sheet date, the group had contracted with tenants for the following future minimum lease payments:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Within one year |  | 525,530 |  | 551,297 |  |

| In the second to fifth years inclusive |  | 1,315,132 |  | 1,325,090 |  |

| After five years |  | 1,266,896 |  | 1,857,116 |  |

|  | 3,107,558 |  | 3,733,503 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 5,342,943 |  |

| Additions | 39,557 |  |

| At 30 September 2025 | 5,382,500 |  |

| NET BOOK VALUE

| At 30 September 2025 | 5,382,500 |  |

| At 30 September 2024 | 5,342,943 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

14. | INVESTMENT PROPERTY - continued

| Company

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2009 | 950,851 |  |

| Valuation in 2014 | 550,592 |  |

| Valuation in 2015 | (246,284 | ) |

| Valuation in 2024 | (3,214,041 | ) |

| Cost | 7,341,382 |  |

5,382,500 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 7,341,382 |  | 7,301,825 |  |

| Investment properties, which are all freehold, were revalued to fair value of £5,382,500 at 30 September 2025 by the directors who are not professionally qualified valuers. The valuations have been determined by the directors based on their knowledge of the local property market and market comparable information being rent and market rental yields. Freehold investment properties with a carrying amount of £5,382,500 (2024 : £5,342,943) have been pledged to secure the borrowings of the company.

| Property rental income earned during the year was £663,852 (2024 : £505,564). No contingent rents have been recognised as income in the current or prior period.

| At the balance sheet date, the company had contracted with tenants for the following future minimum lease payments:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Within one year |  | 525,530 |  | 551,297 |  |

| In the second to fifth years inclusive |  | 1,315,132 |  | 1,325,090 |  |

| After five years |  | 1,266,896 |  | 1,857,176 |  |

|  | 3,107,558 |  | 3,733,563 |  |

15. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 60,242 |  | 60,242 |  |

| Work-in-progress | 560,990 |  | 565,506 |  |

621,232 |  | 625,748 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 75,240 |  | 218,394 |  | 49,967 |  | 25,716 |  |

| Other debtors | 72,088 |  | 91,057 |  | 42,630 |  | 61,599 |  |

| Owing from group undertakings | - |  | - |  | 3,465,803 |  | 2,166,847 |  |

| Owing from assoc. undertakings | 31,482,538 |  | 27,437,744 |  | 3,799,758 |  | 1,647,139 |  |

| Directors' current accounts | 1,589,919 |  | 1,439,788 |  | 1,589,919 |  | 1,439,788 |  |

| Taxation | - |  | 1,036 |  | - |  | - |  |

| VAT | - |  | - |  | - |  | 39,647 |  |

| Prepayments | 283,688 |  | 286,826 |  | 10,090 |  | 8,887 |  |

33,503,473 |  | 29,474,845 |  | 8,958,167 |  | 5,389,623 |  |

| Group

| As shown in note 29 and above, debtors include £31,482,539 (2024: £27,437,744) owing from associated undertakings. Due to liquidity concerns within the property sector generally, and therefore within the associated debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the director to be greater than one year for a significant proportion of these amounts. There are no formal terms of repayment for these balances.

| Company

| As shown above, debtors include £7,265,561 (2024: £3,813,986) owing from group and associated undertakings. Due to liquidity concerns within the property sector generally, and therefore within the group and associated debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the director to be greater than one year for a significant proportion of these amounts. There are no formal terms of repayment for these balances.

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 19) | 50,000 |  | - |  | 50,000 |  | - |  |

| Other loans (see note 19) | 400,517 |  | 387,811 |  | 400,517 |  | 387,811 |  |

| Trade creditors | 1,419,561 |  | 2,165,725 |  | 198,718 |  | 115,906 |  |

| Social security and other taxes | 133,063 |  | 168,158 |  | 29,045 |  | 33,427 |  |

| VAT | 1,316,138 |  | 458,477 |  | 13,820 |  | - |  |

| Other creditors | 36,416 |  | 573,230 |  | 19,520 |  | 560,971 |  |

| Owing to assoc. undertakings | 8,929,827 |  | 8,352,227 |  | 1,282,348 |  | 441,570 |  |

| Owing to group undertakings | - |  | - |  | 3,055,018 |  | 2,541,324 |  |

| Other provisions | 162,880 |  | - |  | 162,880 |  | - |  |

| Directors' current accounts | 203,835 |  | 466,228 |  | 203,835 |  | 466,228 |  |

| Accrued expenses | 232,644 |  | 222,481 |  | 113,136 |  | 112,626 |  |

12,884,881 |  | 12,794,337 |  | 5,528,837 |  | 4,659,863 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Group

| As shown in note 29 and above, creditors include £8,929,827 (2024: £8,352,227) owing to associated undertakings. The group is dependent upon the support of its associated companies with regard to the timing of the payment of these associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the associated companies, the timescale for payment of these balances is unknown. The directors consider that this will be more than one year from the balance sheet date for a significant proportion of these balances. There are no formal terms of payment for these associated company balances.

| Company

| As shown above, creditors include £4,337,366 (2024: £2,982,894) owing to group and associated undertakings. The company is dependent upon the support of its group and associated companies with regard to the timing of the payment of these group and associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the group and associated companies, the timescale for payment of these balances is unknown. The directors consider that this will be more than one year from the balance sheet date for a significant proportion of these balances. There are no formal terms of payment for these group and associated company balances.

18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 19) | 3,030,000 |  | 1,300,000 |  | 3,030,000 |  | 1,300,000 |  |

| Other loans (see note 19) | 625,514 |  | 1,026,032 |  | 625,514 |  | 1,026,032 |  |

3,655,514 |  | 2,326,032 |  | 3,655,514 |  | 2,326,032 |  |

19. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans - less than 1 yr | 50,000 |  | - |  | 50,000 |  | - |  |

| Other loans | 400,517 |  | 387,811 |  | 400,517 |  | 387,811 |  |

450,517 |  | 387,811 |  | 450,517 |  | 387,811 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 3,030,000 |  | 1,300,000 |  | 3,030,000 |  | 1,300,000 |  |

| Other loans - 2-5 years | 625,514 |  | 1,026,032 |  | 625,514 |  | 1,026,032 |  |

3,655,514 |  | 2,326,032 |  | 3,655,514 |  | 2,326,032 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

19. | LOANS - continued

| Bank and other loans include the following:

| Group

| Loan 1 is payable by equal half yearly instalments of £215,318 of capital and interest with full repayment being due five years from the drawdown date of 26 October 2022. Interest is charged at a fixed rate of 3.25%.

| Bank loan 1 is an interest only facility which is repayable in five years from the drawdown date of 4 September 2023. Interest is charged at a variable rate of 2.6% above the base rate.This loan was fully repaid in the year.

| Bank loan 2 is an interest only facility which is repayable in three years from the drawdown date of 24 January 2025. Interest is charged at a variable rate of 2.25% above the base rate.

| Bank loan 3 is payable by equal quarterly installments of £12,500 of capital and interest is payable quarterly with full repayment due three years from the drawdown date of 28 January 2025. Interest is charged at a variable rate of 2.25% above the base rate.

| Company

| Loan 1 is payable by equal half yearly instalments of £215,318 of capital and interest with full repayment being due five years from the drawdown date of 26 October 2022. Interest is charged at a fixed rate of 3.25%.

| Bank loan 1 is an interest only facility which is repayable in five years from the drawdown date of 4 September 2023. Interest is charged at a variable rate of 2.6% above the base rate.This loan was fully repaid in the year.

| Bank loan 2 is an interest only facility which is repayable in three years from the drawdown date of 24 January 2025. Interest is charged at a variable rate of 2.25% above the base rate.

| Bank loan 3 is payable by equal quarterly installments of £12,500 of capital and interest is payable quarterly with full repayment due three years from the drawdown date of 28 January 2025. Interest is charged at a variable rate of 2.25% above the base rate.

20. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 320,000 |  | 320,000 |  |

| Between one and five years | 1,280,000 |  | 1,280,000 |  |

| In more than five years | 693,333 |  | 1,013,333 |  |

2,293,333 |  | 2,613,333 |  |

21. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 3,080,000 |  | 1,300,000 |  | 3,080,000 |  | 1,300,000 |  |

| Other loans | 1,026,031 |  | 1,413,843 |  | 1,026,031 |  | 1,413,843 |  |

4,106,031 |  | 2,713,843 |  | 4,106,031 |  | 2,713,843 |  |

| The bank loans and other loans are secured on certain of the group's freehold investment properties.

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

22. | FINANCIAL INSTRUMENTS

| Group

| The carrying amounts of the group's financial instruments are as follows: |  |

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Financial liabilities |  |

| Measured at amortised cost |  |

| - Bank & other loans |  | 4,106,031 |  | 2,713,843 |  |

| The expenses attributable to the group's financial instruments are summarised as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Total interest expense for financial liabilities at amortised cost |  | 195,351 |  | 437,517 |  |

| Company

| The carrying amounts of the company's financial instruments are as follows: |  |

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Financial liabilities |  |

| Measured at amortised cost |  |

| - Bank & other loans |  | 4,106,031 |  | 2,713,843 |  |

| The expenses attributable to the company's financial instruments are summarised as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Total interest expense/(credit) for financial liabilities at amortised cost |  | 195,351 |  | 149,626 |  |

23. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 67,500 |  | 83,000 |  | - |  | - |  |

| Deferred taxation relating to fair value of investment properties | 110,000 |  | 110,000 |  | 110,000 |  | 110,000 |  |

177,500 |  | 193,000 |  | 110,000 |  | 110,000 |  |

| Other provisions | 4,197,328 |  | 3,741,988 |  | 4,197,328 |  | 3,741,988 |  |

| Aggregate amounts | 4,374,828 |  | 3,934,988 |  | 4,307,328 |  | 3,851,988 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

23. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 October 2024 | 193,000 |  | 3,741,988 |  |

| Credit to Statement of Comprehensive Income during year | (15,500 | ) | - |  |

| Balance at 30 September 2025 | 177,500 |  | 3,741,988 |  |

| Company

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 October 2024 | 110,000 |  | 3,741,988 |  |

| Balance at 30 September 2025 | 110,000 |  | 3,741,988 |  |

| Group and Company

| Other provisions

| In response to the fire at Grenfell Tower, the Building Safety Act 2022 (The Act) became law in April 2022. This legislation, amongst other changes, extends the limitation period in relation to defects on certain buildings to 30 years for works completed before the commencement of the new provision.

| The group has been notified of a number of potential claims and is working with building owners and fire safety professionals to determine the scope of any necessary remedial works. Where the Director believes that the requirements of Section 21.4 of FRS102 are met provision has been made in these financial statements. Accordingly, the group recorded a combustible materials charge of £508,935 in the current year's financial statements (2024 : £34,897). This represents the movement on the group's best estimate of future remediation costs at 30 September 2025, resulting in a closing provision of £4,360,208 (2024: £3,741,988). The group will continue to assess the magnitude and utilisation of this provision in future reporting periods.

| The group expects to have completed any required remediation within a 3 year period, using £162,880 (2024 : £Nil) of the provision within one year and the balance of £4,197,328 (2024 : £3,741,988) between one and three years. The timing of the expenditure is based upon the Director's best estimates of the timing of remediating buildings. Actual timing may differ due to delays in agreeing scope of works, obtaining licences and tendering works contracts.

24. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 107 | Ordinary | £1 | 107 |  | 107 |  |

25. | RESERVES

| Group

| Retained |  | Non-distributable |  | Merger |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 October 2024 | 19,875,081 |  | 316,243 |  | 999,993 |  | 21,191,317 |  |

| Deficit for the year | (440,571 | ) | (440,571 | ) |

| Dividends | (535,001 | ) | (535,001 | ) |

| At 30 September 2025 | 18,899,509 |  | 316,243 |  | 999,993 |  | 20,215,745 |  |

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

25. | RESERVES - continued

| Company

| Retained |  | Non-distributable |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 October 2024 | 1,701,238 |  | 316,243 |  | 2,017,481 |  |

| Deficit for the year | (536,518 | ) | (536,518 | ) |

| Dividends | (535,001 | ) | (535,001 | ) |

| At 30 September 2025 | 629,719 |  | 316,243 |  | 945,962 |  |

| a) Retained earnings

| This reserve represents cumulative profits and losses net of dividends and other adjustments.

| b) Non-distributable reserve

| Investment properties are measured at fair value with a transfer being made to the non-distributable reserve net of the related deferred tax, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.

| c) Merger reserve

| In a prior year Arkgrove Limited acquired a subsidiary company via a share for share exchange. In accordance with Sections 612 to 616 of the Companies Act 2006, Arkgrove Limited did not take account of any premium on the shares issued and recorded the cost of the investment at the nominal value of the shares issued in its company accounts. The resulting difference arising on consolidation has therefore been credited to the merger reserve.

26. | PENSION COMMITMENTS

| The group operates defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss. The charge for the year amounted to £76,827 ( 2024 : £86,708 ). The amount outstanding at 30 September 2025 was £16,896 (2024 : £12,260).

27. | CONTINGENT LIABILITIES

| In the period ended 30 September 2022 the group created a combustible materials provision which has been reviewed and updated at 30 September 2023, 30 September 2024 and 30 September 2025 (see note 23). This provision is subject to the Directors' estimates on costs and timing, and the existence and identification of legacy developments where the group may have an obligation to remediate or upgrade to meet new Government guidance where it is responsible to do so.

| The group and its associated companies (as defined in The Act) are no longer the freehold owner and have no visibility over remediation requirements. Due to the Building Safety Act 2022 (The Act) becoming law in April 2022, the limitation period in relation to defects was extended to 30 years for works completed before the change in the law and 15 years for these commenced after the new provisions. If the company or group responsible for the defects no longer exists, then the High Court can provide for a Building Liability Order whereby companies associated with the responsible company (as detailed in The Act) may be liable.

| Whilst the group believes that most significant liabilities will have been identified through the process of building owners assessing buildings, contingent liabilities exist where additional buildings have not yet been identified which require remediations. This may lead to liabilities for the group.

| Due to the enduring challenges of developing a reliable estimate of these possible costs, the group cannot disclose an expected range.

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

28. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Group

| The following advances and credits to a director subsisted during the year ended 30 September 2025 and the year ended 30 September 2024.

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Balance outstanding at the start of the year |  | 1,439,788 |  | 1,251,504 |  |

| Amounts advanced |  | 1,810,131 |  | 1,587,274 |  |

| Amounts repaid |  | (1,660,000 | ) | (1,398,990 | ) |

| Balance outstanding at end of the year |  | 1,589,919 |  | 1,439,788 |  |

| The loan to the director is interest free.

| Company

| The following advances and credits to a director subsisted during the year ended 30 September 2025 and the year ended 30 September 2024.

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Balance outstanding at the start of the year |  | 1,439,788 |  | 1,251,504 |  |

| Amounts advanced |  | 1,810,131 |  | 1,587,274 |  |

| Amounts repaid |  | (1,660,000 | ) | (1,398,990 | ) |

| Balance outstanding at end of the year |  | 1,589,919 |  | 1,439,788 |  |

| The loan to the director is interest free.

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

29. | RELATED PARTY DISCLOSURES

| Group

| The total remuneration for key management personnel for the year totalled £294,831 (2024: £248,562), being remuneration disclosed in note 4.

| During the year the group traded with the following related parties, and/or provided or received funds to assist with or be assisted with working capital requirements as necessary.

| Other related parties - common control

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Development work |  | 8,075,000 |  | 10,145,000 |  |

| Management charges |  | 821,731 |  | 939,126 |  |

| Wages/salaries recharged |  | 2,349,507 |  | 1,163,415 |  |

| Sales of investment properties |  | - |  | - |  |

| Rents paid |  | (320,000 | ) | (324,248 | ) |

| Net receipt of finance |  | (9,088,313 | ) | (6,741,047 | ) |

| Balance at year end - debtor |  | 28,205,551 |  | 25,790,024 |  |

| Balance at year end - creditor |  | (8,895,276 | ) | (8,317,676 | ) |

| Loan from a related party (see note 18 and below) |  | (1,026,031 | ) | (1,413,843 | ) |

| The above debtor balance at the year end is net of a bad debt provision of £249,270 (2024 : £249,270). A bad debt release of £Nil (2024 : £Nil ) was recognised during the year in the profit and loss in respect of bad or doubtful debts.

| As shown in note 19, the group has loans from a related party of £1,026,031 (2024 : £1,413,843). Interest paid during the year amounted to £42,824 (2024 : £48,096). The terms of repayment and the security granted are as described in note 19 and 21 respectively.

| Other related parties - entities controlled by close family members of director

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Development work |  | 3,635,000 |  | 1,015,000 |  |

| Management charges |  | 49,492 |  | 40,134 |  |

| Wages/salaries recharged |  | 188,663 |  | 50,112 |  |

| Sale of investment property |  | - |  | 250,000 |  |

| Net receipt of finance |  | (2,243,887 | ) | (2,188,333 | ) |

| Balance at year end - debtor |  | 3,276,988 |  | 1,647,720 |  |

| Balance at year end - creditor |  | (34,551 | ) | (34,551 | ) |

| Company

| The total remuneration for key management personnel for the year totalled £294,831 (2024: £248,562), being remuneration disclosed in note 4.

| During the year the company traded with the following related parties, and/or provided or received funds to assist with or be assisted with working capital requirements as necessary.

| 30. RELATED PARTY DISCLOSURES - continued

| Other related parties - common control

| Arkgrove Limited (Registered number: 01612422) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Net receipt of finance |  | 1,838,404 |  | (622,310 | ) |

| Balance at year end - debtor |  | 3,495,621 |  | 1,309,199 |  |

| Balance at year end - creditor |  | (757,094 | ) | (409,076 | ) |

| The above debtor balance at the year end is net of a bad debt provision of £107,792 (2024 : £107,792). A release of £Nil (2024 : £Nil) was recognised during the year in the profit and loss in respect of bad or doubtful debts.

| As shown in note 19, the company has loans from a related party of £1,026,031 (2024 : £1,413,843). Interest charged during the year amounted to £42,824 (2024 : £48,096). The terms of repayment and the security granted are as described in note 19 and 21 respectively.

| Other related parties - entities controlled by close family members of director

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Sale of investment property |  | - |  | 250,000 |  |

| Net receipt of finance |  | (526,563 | ) | (654,936 | ) |

| Balance at year end - debtor |  | 304,137 |  | 337,940 |  |

| Balance at year end - creditor |  | (525,254 | ) | (32,494 | ) |

30. | POST BALANCE SHEET EVENTS

| After the year end, the company received dividends from subsidiaries totalling £12,140,000. Subsequently, the directors declared dividends totalling £10,094,461 (2024: £Nil). These dividends have not been provided for in the financial statements as they were not declared until after the reporting date.

31. | ULTIMATE CONTROLLING PARTY

| Mr D I Harriman and Mr R T Harriman, the directors of the company, and members of their close family control the company as a result of controlling 100% of the issued share capital of the company.

| On 11th March 2026, subsequent to the reporting date, a new holding company, AG IOM Holdings 2026 Limited, was inserted above the company pursuant to a share for share exchange. Following the group reorganisation, AG IOM Holdings 2026 Limited became the immediate parent undertaking of the company. This represents a non-adjusting event under FRS 102. The new ultimate parent undertaking is incorporated in Isle of Man.