For the financial year ended 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Black Arrow Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Profile West, Great West Road, Brentford, Middlesex, TW8 9ES.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the Group of which this is the Parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

The directors have assessed the company's ability to operate as a going concern. After reviewing internally prepared cashflow forecast and after considering the impact of the economic factors that may impact the entity, the directors believe that the company has sufficient cashflows to continue as a going concern for a period of at least 12 months from the date of signing the financial statements.true

The company has also a healthy balance sheet for year ended 31 March 2026.

• As at 31 March 2026, the company has £359,925 cash at bank and in hand.

• Total net current liability position is £1,306,480.

• Loss for the year before tax is £1,136,796.

Turnover represents amounts receivable in respect of rental of properties.

Turnover is recognised at the fair value of the consideration receivable for the services provided in the normal course of business, and is shown net of VAT.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

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

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

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

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

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in profit or loss.

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

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

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

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

Basic financial assets, which include debtors and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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

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

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

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

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

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

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

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

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

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

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

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

The costs of short-term employee benefits are recognised as a liability and an expense.

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

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

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

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

Investment property comprises two properties.

The fair value of the first property has been arrived at on the basis of a valuation carried out at 31 March 2026 by Graham and Sibbald Chartered Surveyors, who are not connected to the Company. This property was valued at £1,790,000. The directors confirmed that they consider this to be the fair value at the reporting date.

The valuation of the second property was carried out at 31 March 2026 by Eddisons Commercial, who are not connected to the Company. This property was valued at £2,450,000. The directors confirmed that they consider this to be the fair value at the reporting date.

The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Details of the company's subsidiaries at 31 March 2026 are as follows:

During the year the company disposed of its portfolio of quoted equity investments for proceeds of £3 million. No quoted investments were held at the balance sheet date.

The investment represents an unquoted investment in Staverton (UK) Limited.

At the reporting date the Company had unrelieved tax losses of £2,824,400 (2025: £4,492,727). No deferred tax asset has been recognised in respect of these losses as the directors do not consider it probable that sufficient future taxable profits will be available against which the losses can be utilised.

The dividends were paid at such time that the company had distributable reserves, future dividends will be declared after subsidiaries have passed up further distributions and thus creating distributable reserves.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. There were outstanding contributions at the reporting date of £238 (2025: £nil).

The company operates a defined benefit scheme for qualifying employees, which is based on final pensionable pay. The assets of the scheme are held separately from those of the company.

The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was on 6 April 2024, which has been updated to reflect conditions at the balance sheet date using the following actuarial assumptions.

Amounts recognised in the profit and loss account

Amounts taken to other comprehensive income

The amounts included in the balance sheet arising from the Company's obligations in respect of defined benefit plans are as follows:

Movements in the present value of defined benefit obligations

Contributions by scheme participants are the contributions made by the Company.

Black Arrow (2009) Limited (formally Logic Office Group plc), a Company in which Black Arrow Group Limited had an investment, operated a defined benefit pension scheme which is funded by the payment of contributions to a separately administered fund.

The scheme was closed to all new employees from 1 December 2001. With the sale of the furniture and fit out business most of the members of the plan left as a result of the sale.

With effect from 1 October 2006 the Company revised the benefits payable in respect of pensionable service from 1/60th to 1/80th of the pensionable salary for each year of service after 1 October 2006, and at the same time reduced its contribution to 6% of pensionable salary. Member's contributions were standardised at 6% of pensionable salary at the same time. Employees were given the option to maintain their benefits at 1/60th of the pensionable salary by contributing 10.4% of pensionable salary instead of 6%.

In preparation for the sale of the business of Logic Office Group plc, the liability for the defined benefit pension scheme was transferred to Black Arrow Group Limited with effect from 1 April 2009.

The Scheme entered into a buy-in policy with Pension Insurance Corporation in December 2025. All liabilities are now insured and the scheme assets are substantially represented by the buy-in policy. As part of entering the buy-in policy, the Trustees agreed to adopt PIC’s factors for member options going forward.

The Company's best estimate of total contribution expected to be paid to the plan during the year commencing 1 April 2026 is £500,000.

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

There have been no events after the balance sheet date affecting the Company.

During the reporting period the Company charged administration fees of £67,231 (2025: £76,710), management charges of £36,652 (2025: £49,999) and rent of £13,800 (2025: £13,800) to a subsidiary company. At the reporting date the Company was owed £3,000,000 (2025: £3,000,000) and owed £4,232,337 (2025: £3,119,438).

During the reporting period the Company charged administration fees of £29,108 (2025: £29,235), management charges of £36,652 (2025: £49,999) and rent of £13,800 (2025: £13,800) to a further subsidiary.

All amounts are interest free and repayable upon demand.

During the reporting period dividends of £179,002 (2025: £115,265) were paid in respect of shares held by the company's directors.

The directors received remuneration of £227,185 during the year (2025: £321,040).

The company is controlled by the Edward family through their aggregate shareholdings. There is no individual who has ultimate control over the company.