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

The group's financial results for the year and its financial position at the year end can be found in the financial statements.

In summary, the group has returned to profit generating a profit before taxation of £1,417,303 compared to a loss before taxation of £4,955,133 incurred in the previous year, from turnover of £33,642,241 in 2025 and £18,697,823 in 2024.

The group consolidated balance sheet is showing net assets of £12,752,224 at 30 November 2025 (2024: £12,443,448). Cash funds held at 30 November 2025 have reduced by £244,559 to £947,620.

Whilst it is encouraging that the group has returned to profit, the results for the year are in line with the directors' expectations taking into account current challenges and market conditions..

The directors consider that the principal risks and uncertainties of the business are those relating to competition within the industry sector and the current economic environment.

Issues reported in previous years remain and include rising construction costs, onerous building regulations, rising insurance costs in the construction industry, long delays in the planning process, high cost of debt, higher cost of equity and increased equity requirements, cash calls for additional costs associated with projects in delay.

The changes to Stamp Duty Land Tax ("SDLT") effective from April 2025 on the purchase of new properties continues to add to the cost of purchase for many of our clients, making sales much more difficult. Even higher SDLT rates for overseas buyers are drastically affecting sentiment, tempering overall performance in our key market place.

All of these risks are monitored regularly by directors to ensure that they are managed effectively, and the approach to generating sales is being adjusted. To counter these effects the directors are offering incentives to buy in both UK and overseas markets, along with support for first time buyers.

The directors are also concerned about the ongoing effects of the “Building Safety Act 2022” brought in as a result of the cladding crisis. This is a particularly onerous Act and changes the usual course of business for the construction of apartment blocks, which is the principal activity of the group. There are also wider implications to consider given the changes in legislation and a requirement for an “ultimately responsible person (Duty Holder)” for all buildings.

The directors consider the key performance indicators to be gross and net profit margins, cash balances and net assets position on the balance sheet.

Fair values of investment properties

The directors have assessed the values of investment properties to ensure the balance sheet represents the fair value of those properties.

Joint Venture ("JV") Partners

The directors are very much aware of the rising cost of debt supporting the equity participation of its JV partners in various projects undertaken. Revised terms are available at higher cost adding further pressure to the viability of any new schemes.

Restructure

The restructure of the director’s roles and responsibilities carried out in the prior year includes a provision for equity stakes and performance-based profit shares. We anticipate formalising these arrangements in the forthcoming year.

On behalf of the board

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

The principal activity of the company and group continued to be that of property development.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £907,000. The directors do not recommend payment of a further dividend.

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

The group actively manages its working capital requirements to ensure it has sufficient funds for its operations. The group funds medium term and long term developments via specific development loans. Investment properties are funded via term loans.

The group has interest bearing assets and interest bearing liabilities. Interest bearing assets consist of short term deposits and cash balances which earn interest at variable rates. The group has a policy of maintaining short term deposits and cash balances at a level sufficient to fund its operations. The directors will revisit the appropriateness of this policy should the group's operations or cash balances change in size or nature.

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

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

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

• select suitable accounting policies and then apply them consistently;

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

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

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

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

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

We have audited the financial statements of Elevate Property Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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

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

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

• the parent company financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

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

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

Based on our understanding of the company, the group as a whole and the industry, we identified that the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. We evaluated 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 posting inappropriate journal entries to revenue and management bias in accounting estimates and judgemental areas of the financial statements such as valuation of investments and goodwill. Audit procedures performed included:

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

• Reviewing relevant Board meeting minutes;

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; entries posted containing unusual account descriptions, and entries posted with unusual amounts;

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and

• Challenging assumptions and judgements made by management in their significant accounting estimates in relation to the carrying value of investments, goodwill and other intangible assets.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

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

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,144,625 (2024 - £440,030 loss).

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

Elevate Property Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Pauls House, 23 St Pauls Square, Birmingham, West Midlands, B3 1RB.

The group consists of Elevate Property Group Limited and all of its subsidiaries.

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

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

The consolidated group financial statements consist of the financial statements of the parent company Elevate Property Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable on legal completion for property sales and sales of services provided in the normal course of business are shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Ground rents are recognised on a straight-line basis over the period of the lease.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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

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

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

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

Inventories are made up of land, options over land and associated planning and development costs. Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

Where it is determined that the completion of a development project is no longer probable, all previously incurred pre-development costs would be immediately expensed.

At each financial year end, the inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its net realisable value, calculated as its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Options over land and professional costs incurred in connection with land development opportunities are included within inventory and are subject to impairment reviews at each balance sheet date.

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

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

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

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

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

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

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

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

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

The group's principal judgement relates to the carrying value of its land, options over land and associated professional and planning fees held for development. The director continues to review these sites and planning risks associated.

Significant judgement is applied when evaluating both the feasibility and profitability of long term development projects ongoing at the year end and when reviewing the recoverability of development and pre-development costs included as stock of work in progress.

Where it is determined that the completion of a development project is no longer probable, all previously incurred pre-development costs would be immediately expensed. Where it is determined that the completion of a development project is probable, but the future selling price on the development project is less than the current net book value of the relating stock of work in progress, an impairment provision is made.

The group's activities involve it in a number of high value property and construction related contracts which, from time to time, result in commercial disputes, often in respect of valuations or project specifications. Most of these are amicably resolved in line with normal commercial practice. The director exercises judgement in assessing the likely outcome of disputes and whether a provision is required within the financial statements.

The company reviews the carrying value of the investments in subsidiaries at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its recoverable value.

This process will usually involve the estimation of future cash flows which are likely to be generated by the investment.

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

Their aggregate remuneration comprised:

The group's investment properties were revalued during the year, resulting in a fair value gain of £471,850. Further details on the valuation basis of investment properties are included in note 16.

In the prior year, the group revalued its investments, resulting in an impairment charge of £39,362.

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

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

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

The fair value of the group's investment properties as at 1 December 2024, which are all freehold, were arrived at on the basis of a valuation carried out by an independent firm, Lambert Smith Hampton during February 2024. The valuation was not a formal Red Book valuation, in that the properties were not inspected and no investigations were undertaken in relation to condition, available services, planning, ground conditions, contamination and deleterious materials.

The valuer adopted the investment approach or income capitalisation method of valuation which provides an indication of value by taking the income generated by the properties with an allowance for its market rent, and capitalising this at an appropriate yield based on sales of other similar properties for which transactional information is available. The valuer adjusted these comparables to reflect differences in age, size, condition, location, covenant, lease term and any other factors.

The director has assessed the fair value of the investment properties as at 30 November 2025, which resulted in a fair value gain of £471,850 being recognised. Additions during the year related to properties transferred from work in progress at their fair values.

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

Registered office addresses (all UK unless otherwise indicated):

Parent company guarantee of unaudited subsidiaries

Elevate Property Group Limited as the parent company of the group has provided a statutory guarantee to its subsidiary undertakings for all outstanding liabilities to which those subsidiaries are subject as at 30 November 2025. This enables them to take the BIS exemptions from obtaining a signed statutory audit opinion under 479A of the Companies Act 2006.

The companies provided with a statutory guarantee are

• Camden Street (Birmingham) Limited (Company No: 10899162);

• Chapmans Yard (Birmingham) Limited (Company No: 13421379;

• Charlotte Street (Birmingham) Limited (Company No: 10880044);

• Church View (Birmingham) Limited (Company No: 15741936);

• Cliveland Street (Birmingham) Limited (Company No: 10850086);

• Elevate Commercial Investments Limited (Company No: 11437133);

• Elevate Design Build Limited (Company No: 06067696);

• EPG Muller Limited (Company No: 11056732);

• Falconhurst Limited (Company No: 05281693);

• Gooch Street (Birmingham) Limited (Company No: 12338616);

• Homelands (Gotherington) Limited (Company No: 11966261);

• John Street (Derby) Limited (Company No: 12358540);;

• Landmarque Investments Limited (Company No: 05896546);

• Liversage Street (Derby) Limited (Company No: 10804957);

• P G (Solihull) Limited (Company No: 11198312);

• Priory House (Birmingham) Limited (Company No: 13153238);

• Queensway House (Birmingham) Limited (Company No: 09686847);

• Sapcote Barns (Birmingham) Limited (Company No: 10775594);

• Sapcote Yard (Birmingham) Limited (Company No: 11936606);

• Stone Manor (Broadway) Limited (Company No: 15741298);

• St Pauls House (Birmingham) Limited (Company No: 09686694);

• Upper Gough Street Limited (Company No: 13406658);

• Tennant Street (Birmingham) Limited (Company No: 09686686);

• VW (Ashford) Hotel Limited (Company No: 11170672);

• VW (Ashford) Limited (Company No: 10851552);

• Fountain Court Birmingham Limited (Company No. 16108074);

• Weavers House Investments Limited (Company No. 16666736), and

• Wool Growers (Ashford) Limited (Company No: 12398100);

Details of associates at 30 November 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

1. St Pauls House, 23 St Pauls Square, Birmingham, West Midlands, England, B3 1RB

Details of joint ventures at 30 November 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

1. St Pauls House, 23 St Pauls Square, Birmingham, West Midlands, England, B3 1RB

Bank loans are secured by way of a fixed and floating charge over all assets of the group.

During 2023, the group created remediation provisions as a result of the introduction of The Building Safety Act 2022 ("the Act"). The Act imposes new legal obligations on developers, amongst others, to protect leaseholders from paying for all, or some of, the costs of remediating relevant historical building safety defects.

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

Both Ordinary and Ordinary A shares have the right to receive notice of and to attend and vote at general meetings of the company. to participate in the profits of the company available for distribution in such amounts and in such a manner as the company may resolve in general meeting, and in the event of a winding-up. participate in the distribution of any assets of the company(including uncalled shares at the commencement of the winding-up) remaining after paying and discharging the debts and liabilities of the company and the costs of the winding-up.

Both Ordinary and Ordinary A shares have the right to receive notice of and to attend and vote at general meetings of the company. to participate in the profits of the company available for distribution in such amounts and in such a manner as the company may resolve in general meeting, and in the event of a winding-up. participate in the distribution of any assets of the company(including uncalled shares at the commencement of the winding-up) remaining after paying and discharging the debts and liabilities of the company and the costs of the winding-up.

The non-distributable reserve represents unrealised fair value gains of certain investment properties compared to their value under historical cost accounting.

The profit and loss reserves comprise of the cumulative profits or losses of the Company or Group.

The ultimate controlling party is Mr S P Dodd.