Standage Group Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10—11
Company Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—25

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

Review of the Business

The principal activities of the group continued to be refurbishment and maintenance contracting together with property investment.

The Directors are pleased with the overall performance of the group during 2025, with the contracting division delivering a particularly strong trading performance whilst the property investment business continued to provide stable and improving income returns.

The refurbishment and maintenance contracting division experienced a significant increase in turnover and profitability during the year, driven by several major contracts secured during 2024 progressing into full delivery. The successful mobilisation and ongoing delivery of the Woolwich Town Hall refurbishment project for the Royal Borough of Greenwich represented an important milestone for the business and further demonstrated the group’s capability in delivering technically challenging refurbishment and heritage works within occupied and sensitive environments.

The contracting business continued to benefit from a diversified portfolio across public sector, education, healthcare, heritage and private residential sectors. Increasingly, clients are seeking contractors who can demonstrate stability, quality, social value and collaborative delivery alongside competitive pricing, and we believe the group continues to distinguish itself positively in these areas.

During the year, the contracting business also secured additional opportunities with both existing and new clients, including further works with The Arch Company, the award of a £2.5 million Design & Build project at Stoke Newington School for the London Borough of Hackney, together with continued works for the London Boroughs of Wandsworth and Enfield.

The Directors continued to invest in the group’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 remains on commercial oversight, compliance, project reporting and overall quality of delivery as the group positions itself for long-term sustainable growth.

The property investment division continued to provide stable and improving returns throughout the year. Rental income increased on the previous year following continued active management of the portfolio together with the addition of further investment property assets during the period. The Directors remain satisfied with both the long-term capital prospects and income-generating strength of the portfolio.

The group continues to seek opportunities to diversify and strengthen its property holdings where long-term value can be identified. Borrowings increased during the year in line with the group’s measured approach towards leveraging opportunities for future growth, although overall gearing remains conservative relative to the underlying asset base.

The company enters 2026 with optimism, supported by a strong secured workload within the contracting business, developing client relationships and continued opportunities across both construction and property investment activities. Early in 2026, the group 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	14,604,021	8,774,551
Gross Profit	2,538,422	1,487,120
Operating Profit	1,529,581	512,395

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Standage Group Limited

Strategic Report (continued)

For The Year Ended 31 December 2025

Principal Risks and Uncertainties

The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.

Strategic and Commercial Risk

The group continues to operate within competitive construction and property markets which remain susceptible to wider economic uncertainty, inflationary pressures and changing market conditions. These risks are mitigated through careful project and investment selection, maintaining a diversified client and property base, together with regular strategic and financial review processes.

Financial Risk

There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close relationships with importance stakeholders within the business.

Operational Risk

As projects continue to increase in technical and regulatory complexity, particularly within occupied buildings and public sector environments, the group 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.

The property investment business is also subject to operational risks associated with tenant management, maintenance obligations, financing arrangements and fluctuations within the wider property market. These risks are managed through active oversight of the portfolio and regular review of investment performance.

On behalf of the board

C Brain

Director

22nd September 2026

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Standage Group Limited

Company No. 08717796

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 group's principal activity continues to be that of refurbishment, maintenance contractors and property investment.

Dividends

The value of dividends paid amounted to £504,224 .

The directors recommended a final dividend of £NIL .

Directors

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

C Brain

S Brain

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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 and group'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 and group's auditors are aware of that information.

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Standage Group 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

C Brain

Director

22nd September 2026

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Independent Auditor's Report

to the Members of

Standage Group Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Standage Group Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated 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 group's and of the parent company's affairs as at 31 December 2025 and of the group's 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 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 and parent company'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 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. 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 Group Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and 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 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 group 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 the parent 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 group's and 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 group and 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 Group 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 Group Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	14,604,021	8,774,551
Cost of sales		(12,065,599 )	(7,287,431 )

GROSS PROFIT		2,538,422	1,487,120

Administrative expenses		(1,008,841 )	(974,901 )
Other operating income		-	176

OPERATING PROFIT	5	1,529,581	512,395
Fair value gains on investment properties		19,206	115,742
Fair value gains/(losses) on investments		63,094	(9,896 )
Income from other fixed asset investments		3,426	6,352
Loss on disposal of fixed assets		-	(12,322 )
Other interest receivable and similar income	10	79,616	85,361
Interest payable and similar charges	11	(39,728 )	(31,189 )

PROFIT BEFORE TAXATION		1,655,195	666,443
Tax on Profit	12	(419,386 )	(213,883 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,235,809	452,560

The notes on pages 15 to 25 form part of these financial statements.

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Standage Group Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,235,809	452,560
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	1,235,809	452,560

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Standage Group Limited

Consolidated Balance Sheet

As At 31 December 2025

Consolidated Balance Sheet

Registered number: 08717796

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		1,174,284		1,375,200
Investment Properties	14		6,476,169		6,513,210
Investments	15		324,096		247,576

			7,974,549		8,135,986
CURRENT ASSETS
Stocks	16	2,357,874		1,199,758
Debtors	17	1,269,545		992,045
Cash at bank and in hand		3,635,540		2,506,036

		7,262,959		4,697,839
Creditors: Amounts Falling Due Within One Year	18	(3,683,264 )		(1,769,347 )

NET CURRENT ASSETS (LIABILITIES)			3,579,695		2,928,492

TOTAL ASSETS LESS CURRENT LIABILITIES			11,554,244		11,064,478

Creditors: Amounts Falling Due After More Than One Year	19		(884,240 )		(746,750 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(399,627 )		(395,298 )

NET ASSETS			10,270,377		9,922,430

CAPITAL AND RESERVES
Called up share capital	23		1,000		1,000
Capital redemption reserve			800		800
Fair value reserve			1,081,232		1,935,586
Profit and Loss Account			9,187,345		7,985,044

SHAREHOLDERS' FUNDS			10,270,377		9,922,430

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Standage Group Limited

Consolidated Balance Sheet (continued)

As At 31 December 2025

On behalf of the board

C Brain

Director

22nd September 2026

The notes on pages 15 to 25 form part of these financial statements.

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Standage Group Limited

Company Balance Sheet

As At 31 December 2025

Company Balance Sheet

Registered number: 08717796

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		1,100		1,100

			1,100		1,100
CURRENT ASSETS
Debtors	17	2,659,173		1,342,571
Cash at bank and in hand		237,167		425,010

		2,896,340		1,767,581
Creditors: Amounts Falling Due Within One Year	18	(6,412 )		(401,210 )

NET CURRENT ASSETS (LIABILITIES)			2,889,928		1,366,371

TOTAL ASSETS LESS CURRENT LIABILITIES			2,891,028		1,367,471

NET ASSETS			2,891,028		1,367,471

CAPITAL AND RESERVES
Called up share capital	23		1,000		1,000
Profit and Loss Account			2,890,028		1,366,471

SHAREHOLDERS' FUNDS			2,891,028		1,367,471

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 2,027,781 (2024: £ 252,542 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

C Brain

Director

22nd September 2026

The notes on pages 15 to 25 form part of these financial statements.

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Standage Group Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2025

Consolidated Statement of Changes in Equity

	Share Capital	Capital Redemption	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2024	1,000	800	1,614,823	7,793,109	9,409,732
Profit for the year and total comprehensive income	-	-	-	452,560	452,560

Dividends paid	-	-	-	(323,500)	(323,500)
Movements in fair value reserve	-	-	320,763	-	320,763
Transfer to/from Fair value reserve	-	-	-	62,875	62,875

As at 31 December 2024 and 1 January 2025	1,000	800	1,935,586	7,985,044	9,922,430


Profit for the year and total comprehensive income	-	-	-	1,235,809	1,235,809

Dividends paid	-	-	-	(504,224)	(504,224)
Movements in fair value reserve	-	-	(854,354)	-	(854,354)
Transfer to/from Fair value reserve	-	-	-	470,716	470,716

As at 31 December 2025	1,000	800	1,081,232	9,187,345	10,270,377

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Standage Group Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,729,240	1,733
Interest paid		(39,728 )	(31,189 )
Tax paid		(149,732 )	(267,800 )

Net cash generated from/(used in) operating activities		1,539,780	(297,256 )

Cash flows from investing activities
Purchase of tangible assets		(193,308 )	(248,009 )
Proceeds from disposal of tangible assets		-	25,304
Purchase of other fixed asset investments		(13,426 )	(6,352 )
Interest received		79,616	85,361
Dividends received		3,426	6,352

Net cash used in investing activities		(123,692 )	(137,344 )

Cash flows from financing activities
Equity dividends paid		(504,224 )	(323,500 )
Proceeds from new bank borrowings		137,490	120,000
Repayment of finance leases		(9,729 )	(43,917 )
Amount introduced by directors		297,026	-
Amount withdrawn by directors		(207,147)	(314,670)

Net cash used in financing activities		(286,584 )	(562,087 )



Increase/(decrease) in cash and cash equivalents		1,129,504	(996,687 )
Cash and cash equivalents at beginning of year	2	2,506,036	3,502,723

Cash and cash equivalents at end of year	2	3,635,540	2,506,036

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Standage Group Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,235,809	452,560
Adjustments for:
Tax on profit	419,386	213,883
Interest expense	39,728	31,189
Interest income	(79,616 )	(85,361 )
Income from investments	(3,426)	(6,352)
Depreciation of tangible assets	66,833	65,612
Loss on disposal of tangible assets	-	12,322
Net fair value gains recognised in profit or loss	(82,300)	(105,846)
Movements in working capital:
Increase in stocks	(1,158,116 )	(83,964 )
(Increase)/decrease in trade and other debtors	(367,379 )	547,537
Increase/(decrease) in trade and other creditors	1,658,321	(1,039,847 )

Net cash generated from operations	1,729,240	1,733

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	3,635,540	2,506,036

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	2,506,036	1,129,504	3,635,540
Finance leases	(9,729)	9,729	-
Debts falling due after more than one year	(746,750)	(137,490)	(884,240)

	1,749,557	1,001,743	2,751,300

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Standage Group Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Standage Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08717796 . 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. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group 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. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. 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:

Freehold	2% on cost
Motor Vehicles	20% on cost
Fixtures & Fittings	25% on cost and 10% on cost
Computer Equipment	33.33% on cost

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.7. Investments

Investments in subsidiary undertakings are recognised at cost.

2.8. Leasing and Hire Purchase Contracts

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 group. 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 the profit and loss account as incurred.

2.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.11. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.12. Leasing agreements

Lessor: At the reporting end date the group had contracted with tenants for the following minimum lease payments. £547,564. (2024: £757,509)

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	14,604,021	8,774,551

	14,604,021	8,774,551

4. Other Operating Income

	2025	2024
	£	£
Other operating income	-	176

	-	176

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	66,833	65,612

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	19,408	13,520

7. Staff Costs

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

	2025	2024
	£	£
Wages and salaries	1,206,594	1,158,353
Social security costs	158,667	131,872
Other pension costs	112,845	133,701

	1,478,106	1,423,926

8. Average Number of Employees

Group

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

	2025	2024
Employees And Directors	22	21

	22	21

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	150,050	110,000

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	79,616	85,361
Dividends from other fixed asset investments - listed	3,426	6,352

	83,042	91,713

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	36,861	27,213
Finance charges payable under finance leases and hire purchase contracts	1,072	3,976

	37,933	31,189

12. 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%	411,871	146,504
Prior period adjustment			3,186	-

			415,057	146,504
Deferred Tax
Deferred taxation			4,329	67,379


Total tax charge for the period			419,386	213,883

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	1,655,195	666,443

Tax on profit at 25% (UK standard rate)	413,798	166,610
Goodwill/depreciation not allowed for tax	16,708	16,403
Expenses not deductible for tax purposes	(15,016 )	4,408
Tax losses utilised	-	(682 )
Capital allowances	(2,636 )	(12,868 )
Short term timing differences	4,329	67,379
Prior period adjustment	3,186	-
Difference in tax rates	(983 )	-
Revenue exempt from taxation	-	(27,367 )

Total tax charge for the period	419,386	213,883

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Tangible Assets

Group

	Land & Property
	Freehold	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 January 2025	1,320,884	232,239	77,397	1,041	1,631,561
Additions	-	-	5,553	1,248	6,801
Revaluation	(140,884 )	-	-	-	(140,884 )

As at 31 December 2025	1,180,000	232,239	82,950	2,289	1,497,478

Depreciation
As at 1 January 2025	136,164	54,951	64,205	1,041	256,361
Provided during the period	26,418	34,797	5,202	416	66,833

As at 31 December 2025	162,582	89,748	69,407	1,457	323,194

Net Book Value
As at 31 December 2025	1,017,418	142,491	13,543	832	1,174,284

As at 1 January 2025	1,184,720	177,288	13,192	-	1,375,200

Company

The company had no tangible fixed assets as at 31 December 2025 or 31 December 2024.

14. Investment Property

Group

	2025
	£
Fair Value
As at 1 January 2025	6,513,210
Additions	186,507
Revaluations	(223,548)

As at 31 December 2025	6,476,169

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	5,034,527	4,848,021

The investment properties were valued on an open market basis on 31 December 2025 by C Brain a director of the company.

Company

The company had no investment property as at 31 December 2025 or 31 December 2024.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

15. Investments

Group

	Listed
	£
Cost or Valuation
As at 1 January 2025	252,243
Additions	13,426
Revaluations	68,094

As at 31 December 2025	333,763

Provision
As at 1 January 2025	4,667
Added in period	5,000

As at 31 December 2025	9,667

Net Book Value
As at 31 December 2025	324,096

As at 1 January 2025	247,576

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	1,100

As at 31 December 2025	1,100

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	1,100

As at 1 January 2025	1,100

Subsidiaries

Details of the group's subsidiaries as at 31 December 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Standage & Co Ltd	Unit 8 Glengall Business Centre, Glengall Road, London, SE15 6NF	Ordinary £1	100.00%	-
Standage Investment Properties Ltd	Unit 8 Glengall Business Centre, Glengall Road, London, SE15 6NF	Ordinary £1	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	Capital and Reserves	Profit/(loss)
	£	£
Standage & Co Ltd	3,095,657	956,720
Standage Investment Properties Ltd	4,668,428	264,725

16. Stocks

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

	2,357,874	1,199,758

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	979,186	539,003	-	-
Amounts owed by group undertakings	-	-	2,456,422	1,045,545
Other debtors	290,359	453,042	202,751	297,026

	1,269,545	992,045	2,659,173	1,342,571

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	-	9,729	-	-
Trade creditors	567,627	493,628	-	-
Amounts owed to group undertakings	-	-	-	395,843
Other creditors	440,462	217,692	-	-
Corporation tax	413,186	147,861	3,462	5,367
Taxation and social security	687,666	274,875	-	-
Accruals and deferred income	1,574,323	625,562	2,950	-

	3,683,264	1,769,347	6,412	401,210

19. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Bank loans	884,240	746,750

Of the creditors falling due after more than one year the following amounts are due after more than five years.

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	Group
	2025	2024
	£	£
Bank loans	884,240	746,750

Of the creditors the following amounts are secured.

	Group
	2025	2024
	£	£
Bank loans and overdrafts	884,240	746,750

20. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due after more than five years:
Bank loans	884,240	746,750

21. Obligations Under Finance Leases and Hire Purchase

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

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2025	395,298	395,298
Additions	4,329	4,329

Balance at 31 December 2025	399,627	399,627

23. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000

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Standage Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

24. 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

25. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £112,845 (2024: £133,701).

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

26. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2025
	£	£	£	£	£
Mr Christopher Brain	281,694	207,146	297,025	-	191,814

The above loan is unsecured, interest free and repayable on demand. The loan was repaid on 13 April 2026.

27. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	504,224	323,500

28. Controlling Parties

The company's ultimate controlling party is C Brain by virtue of their interest in the share capital of the company.

Page 25