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

The company forms part of the Bassetts Group, one of the leading motor dealer groups in South Wales, representing a broad portfolio of vehicle manufacturers including Abarth, Chery, Citroën, Fiat, Honda, Jaecoo, Jeep, Nissan and Omoda. Through its established dealership network, the company continues to provide new and used vehicle sales together with comprehensive aftersales, servicing and parts operations.

During the year the company also continued to operate its Parts Centre which is an official Partslink 24 partner.

The motor retail sector remained competitive throughout 2025, with improving new vehicle supply and continued strength in the used vehicle market offset by pricing pressures, increasing manufacturer expectations and a changing product mix as the transition towards electrified vehicles continued. Against this backdrop, the company focused on maintaining market share, supporting its franchise partners and continuing to develop its aftersales and parts operations.

Revenue increased modestly by 1.9% to £47.4 million (2024: £46.6 million), reflecting stable trading across the business. Gross profit remained resilient at £5.3 million (2024: £5.4 million), although the gross profit margin reduced slightly from 11.5% to 11.3%, reflecting continued pricing pressures within the new vehicle market and changes in sales mix.

Although turnover remained stable, increased operating costs and financing costs during the year resulted in the company reporting a loss before taxation of £289,821 (2024: loss before taxation of £93,298). Whilst the financial result was below expectations, the underlying trading performance remained resilient in a challenging operating environment and the company continued to invest in its people, customer service and operational capability.

Looking ahead, the directors remain focused on improving profitability through continued cost discipline, operational efficiency and further development of the company's aftersales and parts operations. The directors remain confident that the company is well positioned to benefit from improving market conditions and opportunities arising from the continued evolution of the automotive sector.

Key performance indicators

    2025              2024

Revenue                 £47,422,520        £46,557,164

Gross Profit                 £5,334,268        £5,359,491

Gross Profit %                 11.25%            11.51%

Profit before Tax                 (£289,821)        (£103,290)

The principal risk facing Bassetts remains the wider economic and political environment and the overall strength of

the UK economy. Continued pressure from inflation, elevated interest rates and broader economic uncertainty may

impact consumer confidence and demand for both new and used vehicles.

According to the Society of Motor Manufacturers and Traders (SMMT), the UK new car market experienced modest

growth during 2025, with registrations exceeding two million units for the first time since before the pandemic.

Demand for electrified vehicles continued to increase, with approximately one in four new vehicles registered being

battery electric. However, the pace of adoption remains subject to consumer affordability, charging infrastructure

availability and evolving government policy under the Zero Emission Vehicle (ZEV) mandate.

While the transition to electrified vehicles and emerging automotive technologies continues to reshape the sector,

internal combustion engine vehicles still represent a significant proportion of the market. Legislative developments

relating to emissions and environmental targets will continue to influence manufacturer strategies and product

supply.

Despite these uncertainties, the used vehicle market has remained comparatively resilient and continues to

represent a significant opportunity for the Group. To mitigate economic risk and fluctuations in new vehicle demand,

the whole Group will continue to focus on its established used vehicle operations alongside its aftersales and servicing activities, which provide a stable and recurring revenue stream.

Financial risk management objectives and policies

Bassetts operates a number of risk management policies designed to minimise its exposure to financial risk.

Liquidity and cash flow risk

Bassetts produces detailed monthly management accounts and forecasts, which enable the directors to monitor the cash position and ensure that there is sufficient liquidity and cash flow to minimise the risk of being unable to pay debts as they fall due.

Interest rate risk

Bassetts utilises a number of financial instruments including bank overdrafts and franchise vehicle stocking loans to finance its operations. The primary risk faced by the company of its use of these financial instruments is interest rate risk.

The bank overdraft borrowings at variable rates expose the company to cash flow interest rate risk, however the directors actively manage this risk by transferring funds between group company bank accounts in order to minimise use of overdraft facilities. The company does not currently seek to hedge any interest rate risk.

Credit risk

The company operates a number of policies to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agreed. Directors must authorise any larger value loans and the company will only conduct business with customers deemed to be credit worthy.

Price risk

The company operates in a highly competitive market. Significant product innovations, technical advances or the intensification of price competition could adversely affect the results of the company. Bassetts invests in significant training of its staff to ensure that the company is well placed to provide a choice for customers, to ensure that they are aware of their options and are satisfied with the level of service we provide. Bassetts also continually works to streamline its cost base to ensure that it remains competitive.

Climate legislation risk

The potential impact of climate change and the associated future legislation on our business is a concern. As outlined in the directors’ report under our streamlined energy and carbon report, the business is proactively investing in the future and exploring ways to adapt to the changing landscape.

Electric vehicle adoption risk

The shift towards electric and hybrid vehicles is continuing to gain political traction, which could hasten its pace and potentially disrupt the traditional business model. We maintain a close partnership with our manufacturing partners, granting us access to these vehicles and enabling us to support our customer base, which currently owns or is considering purchasing electric or hybrid vehicles. We are investing in our staff to upskill them and meet the new requirements for assisting customers after their purchases.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of a motor dealership.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

Future developments and going concern

The company meets its day to day working capital requirements from its cash reserves and overdraft facilities. At the date of signing all divisions are reporting sales in line with expected budgeted levels. The company's forecasts and projections show that the company will be able to comfortably operate within those facilities.

The directors have also analysed the cash flow requirements for various scenarios with the current increasing cost of living issues. The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the company will be able to continue to operate within those facilities. However, the extent of reduced consumer spending is unclear and it is difficult to evaluate all the potential implications on the company’s trade, customers, suppliers and the wider economy.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has 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. The company will continue to focus on sustained profitability and growth.

Redwood Wales Limited will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

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

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

• select suitable accounting policies and then apply them consistently;

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

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

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

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 company’s auditor 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 company’s auditor is aware of that information.

We have audited the financial statements of Arthur Bassett & Co. Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 December 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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 company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

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

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.

We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on operations of the company. The key laws and regulations we consider in this context include the UK Companies Act and relevant tax legislation.

Audit procedures performed by the engagement team to respond to the risk of irregularities and non-compliance with laws and regulations, including fraud, include the following:

- discussions with management to enquire of any known instances of non-compliance with laws and regulations, including fraud;

- discussions with management in respect of any actual or potential litigation claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- testing the appropriateness of journal entries and other adjustments to address the risk of fraud through management override of controls;

-review of the financial statements disclosures and testing to support documentation to assess compliance with relevant laws and regulations; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures which means we are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatements due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forger or intentional misrepresentation, or through collusion.

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

Use of our report

This report is made solely to the 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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

Arthur Bassett & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Bassetts Honda, Valley Way, Swansea, UK, SA6 8QX.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ' Statement of financial position'- Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Bassetts Property Holdings Limited. These consolidated financial statements are available from its registered office.

The financial statements have been prepared on a going concern basis which assumes that the company willtrue continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.

The company meets its day to day working capital requirements from its cash reserves and overdraft facilities, from the company's forecasts and projections. However, the extent of reduced consumer spending is unclear and it is difficult to evaluate all potential implications on the companys trade, customers, suppliers and the wider economy.

The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the company will be able to continue to operate within those facilities.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has 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.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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

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 credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

The ownership of consignment stock passes from the manufacturer to the group when full payment for the vehicles is made.

The value of consignment stock is shown separately in the notes to the balance sheet as both current assets and as creditors due within one year.

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 leases asset are consumed.

Related party transactions

The company entered into transactions with related parties during the year. The related parties consist of fellow group companies where the transactions are eliminated upon consolidation in the consolidated accounts of Bassets Property Holdings Limited. The company has taken advantage of the exemption under FRS102 not to disclose such transactions.

In the application of the company’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.

Net realisable value of inventories

The company holds significant inventories of new and used motor vehicles. The directors exercise judgement in determining whether inventories are stated at the lower of cost and net realisable value by considering recent selling prices, vehicle age, manufacturer support, market conditions and expected costs to sell. Stock provisions are reviewed at each reporting date and adjusted where appropriate.

Inventory provisions

The calculation of inventory provisions requires estimates of future selling prices, expected disposal costs and the timing of sales. Actual outcomes may differ from those estimates.

Recoverability of manufacturer receivables

The company recognises amounts receivable from vehicle manufacturers in respect of volume incentives, marketing support and other contractual arrangements. Judgement is exercised in assessing the amounts recoverable at the reporting date based on the terms of the relevant agreements and expected settlement.

Accrued manufacturer income

Certain manufacturer incentives are recognised before settlement based on contractual arrangements and performance achieved at the reporting date. Estimation is required in determining the amount earned where final settlement has not yet been agreed.

Recoverability of trade receivables

The directors review trade receivables for indicators of impairment and make provision where recovery is considered doubtful, taking account of customer circumstances, payment history and subsequent cash receipts.

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

Their aggregate remuneration comprised:

The actual charge/(credit) for the year can be reconciled to the expected 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.

Included in stock is consignment stock of £568,318 (2024:£844,727).

Other creditors includes consignment stock of £568,318 (2024:£844,727)

Bank overdrafts are secured by fixed and floating charges over assets of the company.

PSA Wholesale Limited hold a legal charge in respect of liabilities included in other loans amounting to £1,800,000 (2024: £1,800,000) which are secured by the fixtures and fittings held in the company and by property held in the parent company Bassett Property Holdings Limited at Atlantic Close, Swansea. Interest on the loan is 3.3% and has flexible payment terms.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax liability set out above is expected to reverse over the useful life of the asset. Capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge to the profit and loss account during the year in respect of such schemes was £79,687 (2024: £76,974).

The company is a wholly owned subsidiary of the parent company Bassett Property Holdings Limited, a company incorporated In the UK.

Bassett Property Holdings Limited prepare consolidated financial statements of which the results of this company are included. The consolidated financial statements are available at the registered office.

Following the death of Mr E H Francis on 25th March 2026, the majority shareholding in the company is held by the executors of his estate, pending the grant of probate. The ultimate controlling party is therefore considered to the estate of Mr E H Francis.