These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

During the year the directors have reassessed the appropriateness of the accounting policies adopted by the company, with particular focus on the policy adopted for the recognition, measurement and disclosure of the company's current asset investments, which predominantly comprise UK Government Gilt investments ('Gilts').

At end of each financial reporting period the directors established the year end market value of the current asset investments and recognised any change in the value as an unrealised fair value gain or loss within the profit and loss account. To provide clarity on distributable and non-distributable reserves the fair value change was transferred to a revaluation reserve.

The directors have concluded that the gilts policy was not appropriate. The gilts held by the company are deemed to be standard, and so basic financial instruments. However, as the company collects contractual cash flows and periodically buys and sells the gilts the directors have elected to adopt the recognition and measurement provisions of IFRS 9 Financial Instruments, with the fair value change being recognised within other comprehensive income ('OCI') rather than the profit and loss account. As this is a policy change the correction will be applied to the prior years. This policy change has only impacted the recognition basis of the gilts.

The revaluation reserve as previously disclosed has been renamed as the fair value reserve.

This policy change has had no impact on the opening reserves as at 1 January 2024 or 1 January 2025. The comparative fair value gain of £326,373 has been re-allocated from other operating income to OCI. As a result, the comparative profit after taxation has increased by £326,373, but the total comprehensive income for the comparative year has remained unchanged.

Turnover recognition

Tax

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

The investment in A. E. Securities Ltd was acquired through a share-for-share exchange whereby the Company issued equity shares as consideration for the acquisition of the issued share capital of A. E. Securities Ltd. The transaction qualified for merger relief under Chapter 7 of Part 17 of the Companies Act 2006.

In accordance with section 615 of the Companies Act 2006, the amount that would otherwise have arisen as share premium has been disregarded in determining the carrying amount of the investment. Consequently, no merger reserve has been recognised in these financial statements.

The Company has elected to apply the recognition and measurement requirements of IFRS 9 Financial Instruments to financial assets and financial liabilities. Current asset investments are classified and measured based on the Company's business model for managing the assets and their contractual cash flow characteristics.

A fair value for the company's current asset investments is readily ascertainable from appropriate publicly available data and so considered reliable. The assets are initially measured at fair value, reflecting the cost at acquisition. Changes in fair value are recognised as follows:

• Listed investments - recognised in profit or loss
• Government gilts - recognised in other comprehensive income.

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Creditor balances relating to intercompany loans are interest free and payable on demand.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

The investment properties class of fixed assets was adjusted on 31 December 2025 to fair value by the directors who are internal to the company. The basis of this valuation was open market value.

This class of assets has a current value of £21,370,000 (2024 - £22,117,500) and a carrying amount at historical cost of £14,397,515 (2024 - 15,820,354).

There has been no valuation of investment property by an independent valuer.