Standage & Co. Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Statement of Cash Flows	13
Notes to the Financial Statements	14—20

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

Review of the Business

Strong Financial Performance & Operational Delivery

The Directors are pleased with the company’s performance during 2025, with the business delivering a significant increase in turnover and profitability compared to the previous year. Several major contracts secured during 2024 progressed into full delivery throughout the year, including the continued refurbishment works at Woolwich Town Hall for the Royal Borough of Greenwich together with a number of other substantial public and private sector schemes.

The Directors are particularly satisfied not only with the increase in activity, but with the quality of delivery and operational performance achieved throughout the period. Careful project selection, disciplined commercial management and the continued emphasis on long-term relationships with clients and supply chain partners have enabled the business to maintain healthy margins despite continuing pressures across the wider construction market.

The successful mobilisation and delivery of our largest contract to date at Woolwich Town Hall represented another important milestone for the business and further demonstrated the company’s capability in delivering technically challenging refurbishment and heritage projects within occupied and sensitive environments.

Diversification & Market Position

Our strategy of maintaining a balanced portfolio across public sector, education, healthcare, heritage and private residential sectors continued to provide resilience throughout the year. Whilst certain areas of the construction market remained uncertain amid ongoing economic pressures and cautious client spending, our diversified client base and strong order book allowed the company to maintain momentum and selectively pursue opportunities aligned with our operational strengths and commercial objectives.

The private residential and heritage sectors continue to represent areas of growing opportunity for the business. Projects such as 32 Morden Road progressed well throughout the year and further reinforced our capabilities within high-end refurbishment and complex listed building works. We also noted a welcome increase in opportunities from The Arch Company during the latter part of the year, resulting in several project awards towards the close of 2025. We are hopeful this developing relationship will continue to strengthen going into 2026 and beyond.

Our public sector relationships remain central to the company’s future. Increasingly, clients are seeking contractors who can demonstrate stability, quality, social value and collaborative delivery alongside competitive pricing, and we believe Standage & Co continues to distinguish itself positively in these areas.

Following the successful completion of Comet Nursery for the London Borough of Hackney, we were particularly pleased to secure a further Design & Build project for them at Stoke Newington School valued at approximately £2.5 million, which will commence in 2026.

The company also continued recent successful working relationships with both the London Borough of Wandsworth and Enfield Council through refurbishment and cyclical works projects, including the Kambala Estate cyclical repairs and redecoration programme in Battersea and the Grade II listed Bramley House Court sheltered housing refurbishment scheme.

Investment in the Business

The Directors continued to invest in the company’s systems, management structure and operational processes during the year as part of a broader commitment to continuous improvement and maintaining high standards across the business.

Particular focus continues to be placed on commercial oversight, compliance, project reporting and overall quality of delivery as the company positions itself for long-term sustainable growth. The company continues to review its operational and management resources to ensure the right structure is in place to support clients and maintain the standards expected of the business.

The company enters 2026 with optimism, supported by a strong secured workload, developing client relationships and continued opportunities across both public and private sectors. Early in 2026, the company also received notification of a successful outcome in relation to a new Royal Borough of Greenwich framework, further strengthening an already important long-term client relationship.

The Directors remain focused on controlled, sustainable growth together with continued investment in the business and its service offering.

The key financial performance indicators for the year ended 31 December 2025 are set out below:

	2025	2024
	£	£
Turnover	14,288,188	8,506.838
Gross Profit	2,160,162	1,153,130
Operating Profit	1,247,608	234,786

...CONTINUED

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Standage & Co. Limited

Strategic Report (continued)

For The Year Ended 31 December 2025

Review of the Business - continued

During the year, Standage & Co Ltd declared and paid a dividend of £1,806,720 to Standage Group Ltd, principally in settlement of outstanding intercompany balances. Consequently, the Company's net capital and reserves reduced from £3.9 million in 2024 to £3.0 million in 2025.

On the following pages of these financial statements are the results for the year ended 31 December 2025.

Principal Risks and Uncertainties

Strategic and Commercial Risk

The construction sector continues to face economic uncertainty, inflationary pressures and highly competitive tendering conditions. The company mitigates these risks through careful project selection, maintaining a diverse client base and focusing on long-term relationships rather than short-term turnover growth.

Financial Risk

The Directors continue to closely monitor cash flow, project performance and working capital requirements. Monthly financial reporting, forecasting and commercial reviews ensure that the company remains financially robust and able to respond quickly to changing market conditions.

Operational Risk

As projects continue to increase in technical and regulatory complexity, particularly within occupied buildings and public sector environments, the company continues to focus on operational controls, health and safety, building safety compliance, resource management and supply chain performance to ensure projects are delivered safely, efficiently and to the standards expected by clients.

Community & Charitable Engagement

Standage & Co remains committed to delivering positive social value outcomes within the communities in which we operate. Throughout 2025, we continued to support local charities, sports clubs, schools and borough initiatives, alongside project-specific social value commitments delivered through our public sector contracts.

Our Woolwich Town Hall project for the Royal Borough of Greenwich continued to generate significant social value benefits during the year. In addition to local employment and training initiatives, the project included a £10,000 contribution towards local amenity improvements within the borough, together with educational engagement and work experience opportunities linked to the building’s heritage refurbishment works. The project also continued to exceed its local supply chain commitments through the use of local subcontractors and suppliers wherever practical.

As part of our ongoing commitment to supporting local communities, we contributed £5,000 through our Miller House Mortuary project for the Royal Borough of Greenwich to assist with community initiatives identified by the client. At Comet Nursery for the London Borough of Hackney, we funded the provision of early years educational resources directly for the school.

We also commenced our social value commitments on the Bramley House Court project for the London Borough of Enfield, including the employment of a locally based Resident Liaison Officer, with further initiatives planned as the project progresses through 2026.

On behalf of the board

Mr C Brain

Director

22nd September 2026

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Standage & Co. Limited

Company No. 00345675

Directors' Report For The Year Ended 31 December 2025

Directors' Report

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

Principal Activity

The principle of activity of the company was that of refurbishment and maintenance contractors.

Dividends

The value of dividends paid amounted to £1,806,720 .

The directors recommended a final dividend of £NIL .

Directors

The directors who held office during the year were as follows:

Mrs G Brain	Resigned	15/07/2025
Mr C Brain
Mr C Moore

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Standage & Co. Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Independent Auditors

The auditors, McKenzies ATS Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr C Brain

Director

22nd September 2026

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Independent Auditor's Report

to the Members of

Standage & Co. Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Standage & Co. Limited for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 profit/(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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

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

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

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

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Standage & Co. Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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 or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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.

Auditor's 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 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:

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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Independent Auditor's Report (continued)

to the Members of

Standage & Co. 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 that 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Colin MCCoy BA FCA (Senior Statutory Auditor)

for and on behalf of McKenzies ATS Ltd , Statutory Auditor

22nd September 2026

McKenzies ATS Ltd

2 Station Road West

Oxted

Surrey

RH8 9EP

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Standage & Co. Limited

Profit and Loss Account

For The Year Ended 31 December 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	14,288,188	8,506,838
Cost of sales		(12,128,026 )	(7,353,708 )

GROSS PROFIT		2,160,162	1,153,130

Administrative expenses		(912,554 )	(918,344 )

OPERATING PROFIT	4	1,247,608	234,786
Loss on disposal of fixed assets		-	(12,322 )
Other interest receivable and similar income	9	70,448	60,920
Interest payable and similar charges	10	(1,072 )	(3,976 )

PROFIT BEFORE TAXATION		1,316,984	279,408
Tax on Profit	11	(360,264 )	(48,701 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		956,720	230,707

The notes on pages 13 to 20 form part of these financial statements.

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Standage & Co. Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	956,720	230,707
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	956,720	230,707

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Standage & Co. Limited

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 00345675

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		156,034		190,481

			156,034		190,481
CURRENT ASSETS
Stocks	13	2,357,874		1,199,758
Debtors	14	976,684		2,374,707
Cash at bank and in hand		3,201,124		1,838,328

		6,535,682		5,412,793
Creditors: Amounts Falling Due Within One Year	15	(3,557,050 )		(1,632,306 )

NET CURRENT ASSETS (LIABILITIES)			2,978,632		3,780,487

TOTAL ASSETS LESS CURRENT LIABILITIES			3,134,666		3,970,968

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(39,009 )		(25,311 )

NET ASSETS			3,095,657		3,945,657

CAPITAL AND RESERVES
Called up share capital	18		1,000		1,000
Capital redemption reserve			800		800
Profit and Loss Account			3,093,857		3,943,857

SHAREHOLDERS' FUNDS			3,095,657		3,945,657

On behalf of the board

Mr C Brain

Director

22nd September 2026

The notes on pages 13 to 20 form part of these financial statements.

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Standage & Co. Limited

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2024	1,000	800	3,913,150	3,914,950
Profit for the year and total comprehensive income	-	-	230,707	230,707

Dividends paid	-	-	(200,000)	(200,000)

As at 31 December 2024 and 1 January 2025	1,000	800	3,943,857	3,945,657


Profit for the year and total comprehensive income	-	-	956,720	956,720

Dividends paid	-	-	(1,806,720)	(1,806,720)

As at 31 December 2025	1,000	800	3,093,857	3,095,657

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Standage & Co. Limited

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	3,190,919	(94,181 )
Interest paid		(1,072 )	(3,976 )
Tax paid		(75,497 )	(217,658 )

Net cash generated from/(used in) operating activities		3,114,350	(315,815 )

Cash flows from investing activities
Purchase of tangible assets		(5,553 )	(63,798 )
Proceeds from disposal of tangible assets		-	25,304
Interest received		70,448	60,920

Net cash generated from investing activities		64,895	22,426

Cash flows from financing activities
Equity dividends paid		(1,806,720 )	(200,000 )
Repayment of finance leases		(9,729 )	(43,917 )

Net cash used in financing activities		(1,816,449 )	(243,917 )



Increase/(decrease) in cash and cash equivalents		1,362,796	(537,306 )
Cash and cash equivalents at beginning of year	2	1,838,328	2,375,634

Cash and cash equivalents at end of year	2	3,201,124	1,838,328

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Standage & Co. Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	956,720	230,707
Adjustments for:
Tax on profit	360,264	48,701
Interest expense	1,072	3,976
Interest income	(70,448 )	(60,920 )
Depreciation of tangible assets	40,000	43,505
Loss on disposal of tangible assets	-	12,322
Movements in working capital:
Increase in stocks	(1,158,116 )	(83,964 )
Decrease in trade and other debtors	1,398,023	181,091
Increase/(decrease) in trade and other creditors	1,663,404	(469,599 )

Net cash generated from/(used in) operations	3,190,919	(94,181 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	3,201,124	1,838,328

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	1,838,328	1,362,796	3,201,124
Finance leases	(9,729)	9,729	-

	1,828,599	1,372,525	3,201,124

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Standage & Co. Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Standage & Co. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00345675 . The registered office is Unit 8 Glengall Business Centre, Glengall Road, London, SE15 6NF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover represents amounts recievable for goods and services net of value added tax and trade discounts.

Revenue is applied for in the relation to the completion stage of goods and services provided. Revenue is recognised when a certificate for payment has been agreed and recieved and an invoice raised.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% on cost
Fixtures & Fittings	25% on cost and 10% on cost
Computer Equipment	25% on cost

2.4. Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value.

Work in progress is stated at cost plus attributable profit less cash received or receivable. Cost includes all direct expenditure based on a normal level of activity. Where cash received or receivable exceeds cost plus attributable profit the excess has been shown as payments received on account or amounts recoverable on contract.

2.6. Financial Instruments

i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in 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.

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.

...CONTINUED

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Standage & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Financial Instruments - continued

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 publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.7. Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax pay

Deferred tax

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

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

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

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	14,288,188	8,506,838

	14,288,188	8,506,838

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Standage & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Operating lease rentals	86,287	86,608
Depreciation of tangible fixed assets	40,000	43,505

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	8,600	8,500

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,187,244	1,148,320
Social security costs	156,740	133,136
Other pension costs	112,702	133,330

	1,456,686	1,414,786

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office	16	15
Administration	5	5

	21	20

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	267,765	304,273
Company contributions to money purchase pension schemes	-	10,000

	267,765	314,273

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

	2025		2024
Money purchase pension schemes	2		2

Information regarding the highest paid director was as follows:

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Standage & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	2025	2024
	£	£
Emoluments	167,432	170,272
Company contributions to money purchase pension schemes	-	10,000

	167,432	180,272

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	70,448	60,920

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Finance charges payable under finance leases and hire purchase contracts	1,072	3,976

11. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	343,337	72,268
Prior period adjustment			3,229	-

			346,566	72,268
Deferred Tax
Deferred taxation			13,698	(23,567 )


Total tax charge for the period			360,264	48,701

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	1,316,984	279,408

Tax on profit at 25% (UK standard rate)	329,246	69,852
Goodwill/depreciation not allowed for tax	10,000	-
Expenses not deductible for tax purposes	5,479	18,365
Capital allowances	(1,388 )	(15,949 )
Short term timing differences	13,698	(23,567 )
Prior period adjustment	3,229	-

Total tax charge for the period	360,264	48,701

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Standage & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2025	232,240	77,397	309,637
Additions	-	5,553	5,553

As at 31 December 2025	232,240	82,950	315,190

Depreciation
As at 1 January 2025	54,951	64,205	119,156
Provided during the period	34,798	5,202	40,000

As at 31 December 2025	89,749	69,407	159,156

Net Book Value
As at 31 December 2025	142,491	13,543	156,034

As at 1 January 2025	177,289	13,192	190,481

13. Stocks

	2025	2024
	£	£
Finished goods	500	500
Work in progress	2,357,374	1,199,258

	2,357,874	1,199,758

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	943,139	529,907
Prepayments and accrued income	33,545	38,080
Amounts owed by group undertakings	-	1,806,720

	976,684	2,374,707

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	9,729
Trade creditors	566,960	492,566
Other creditors	438,735	216,190
Corporation tax	343,337	72,268
Taxation and social security	675,114	267,533
Accruals and deferred income	1,532,904	574,020

	3,557,050	1,632,306

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Standage & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	9,729

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	39,009	25,311

18. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.000 each	1,000	1,000

19. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	87,055	87,055
Later than one year and not later than five years	293,123	329,204
Later than five years	-	50,974

	380,178	467,233

20. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £112,702 (2024: £133,330).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

21. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	1,806,720	200,000

22. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

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Standage & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

23. Controlling Parties

The company's immediate parent undertaking is Standage Group Limited .

The ultimate parent undertaking and that of the smallest and largest group for which group accounts are drawn up of which the company is a member is Standage Group Limited (incorporated in England & Wales). Its registered office is Unit 8, Glengall Business Centre, Glengall Road, London, SE15 6NF .

Copies of the group accounts may be obtained from the company's registered office.

The company's ultimate controlling party is Mr C Brain .

Page 20