ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 02005488

GRANGE MANAGEMENT (HOLDINGS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GRANGE MANAGEMENT (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	C F Chambers
	V J Barton (Non-Executive)
	M Thorneycroft
	S R Barton
	M Brooks (Non-Executive) (appointed 28 July 2026)


Registered number	02005488


Registered office	4 Grange Court
	The Limes
	Ingatestone
	Essex
	CM4 0GB


Independent auditor	MHA
	Building 4
	Foundation Park
	Roxborough Way
	Maidenhead
	Berkshire
	SL6 3UD

GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditor's Report	6 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11 - 12
Company Balance Sheet	13 - 14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17
Consolidated Analysis of Net Debt	18
Notes to the Financial Statements	19 - 41

GRANGE MANAGEMENT (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Group's principal activities during the year were commercial property investment and management, together with the retail sale of country sporting goods and clothing through Eastern Sporting Limited. During the year, the Group incorporated Bennetts Farm Shooting Ground Limited as a wholly owned subsidiary to hold and operate the Group's shooting ground activities and associated property assets. The Group also continued to derive income from its investment property portfolio, which remained substantially fully let throughout the year.

The Grange Retreat ceased trading during 2024 and no significant trading activity was undertaken by that business during 2025.

Business review

Group turnover for the year was £4,222,921 (2024: £4,286,440). Rental income increased to £2,546,628 (2024: £2,476,776), reflecting continued strong occupancy across the Group's property portfolio, which remained substantially fully let throughout the year. Revenue generated from retail operations totalled £1,658,957 (2024: £1,571,661).

The Group reported an operating profit of £383,066 (2024: £1,964,504) and profit after taxation of £487,985 (2024: £1,406,655). The reduction in profitability compared with the prior year is primarily attributable to the absence of the significant investment property revaluation gains recognised in 2024 and an increase in operating costs across the Group.

During the year, the Group undertook an internal reorganisation of certain property assets. As part of this process, investment properties with a value of £8,450,000 were transferred between subsidiary undertakings and a property with a carrying value of £2,750,000 was transferred from investment property to operational use within the Group. These transfers were internal to the Group and did not give rise to any material profit or loss on consolidation.

The Directors continue to focus on maintaining high occupancy levels, prudent cash management and the long-term enhancement of the Group's property portfolio, whilst supporting the continued development of Eastern Sporting Limited.

Principal risks and uncertainties

Financial risk management objectives and policies

The Group uses various financial instruments including cash balances, trade debtors, trade creditors and other balances arising directly from its operations.

The main risks arising from the Group's financial instruments are market risk, interest rate risk, liquidity risk and credit risk. The Directors review and agree policies for managing each of these risks and they are summarised below:

Market risk

Market risk encompasses three types of risk, being currency risk, interest rate risk and price risk. The Group's policies for managing interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection "Interest rate risk". The Directors do not consider currency risk or price risk to be relevant to the Group.

Page 1

GRANGE MANAGEMENT (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Interest rate risk

The Group finances its operations through a mixture of retained profits, cash and trade creditors. The Directors are of the opinion that associated interest rate risks are monitored, minimal and mitigated accordingly.

Liquidity risk

The Group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash safely and profitably. The Directors monitor cash flows and liquidity requirements throughout the Group and are satisfied that sufficient resources are available to meet the foreseeable requirements of the business.

Credit risk

The Group's financial assets are cash and debtors. The credit risks associated with cash and debtors are considered to be minimal.

Key performance indicators

The Directors use the following key performance indicators to measure the performance of the Group:

2025 2024
Return on investment 1.22% 2.16%
Return on assets 0.91% 2.65%
Current ratio 10.67 9.19

The above key performance indicators are stated before accounting for investment property revaluations as they feel that these give a clearer indication of the results of the underlying business.

Non-financial key performance indicators

The Group also measures performance using other indicators, such as customer satisfaction, employee satisfaction and engagement

Directors' statement of compliance with duty to promote the success of the Group

During the year, the Directors have complied with their duty to act in a way most likely to promote the success of the Group, as per section 172(1) of the Companies Act 2006. In doing so they have had regard to:

• The likely consequences of any decision in the long term,
• The interests of the Group’s employees,
• The need to foster the Group’s business relationships with suppliers, customers and others,
• The impact of the Group’s operations on the community and environment,
• The desirability of the Group maintaining a reputation for high standards of business conduct, and
• The need to act fairly as between members of the Group.

Page 2

GRANGE MANAGEMENT (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board and signed on its behalf.

................................................

M Thorneycroft

Director

Date: 29 September 2026

Page 3

GRANGE MANAGEMENT (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

∙state whether applicable UK Accounting Standards 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 Group 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 the Group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £487,985 (2024 - £1,406,655).

The Directors recommended and paid a dividend of £100,000 (2024 - £100,000) during the year.

Directors

The directors who served during the year were:

C F Chambers

V J Barton (Non-Executive)

M Thorneycroft

S R Barton

Page 4

GRANGE MANAGEMENT (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

M Thorneycroft

Director

Date: 29 September 2026

Page 5

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Grange Management (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's profit 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 6

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 and returns; or

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

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

Page 7

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 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's and the 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management around actual and potential litigation and claims;

∙Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙Reviewing minutes of meetings of those charged with governance; and

∙Reviewing the financial statement disclosures and testing against supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Page 8

GRANGE MANAGEMENT (HOLDINGS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANGE MANAGEMENT (HOLDINGS) LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.

Justin Moss MA FCA (Senior Statutory Auditor)

for and on behalf of

MHA, Statutory Auditor

Maidenhead, United Kingdom

Date: 30 September 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542)

Page 9

GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	4,222,921	4,286,440
Cost of sales		(1,391,507)	(1,271,753)
Gross profit		2,831,414	3,014,687
Distribution costs		(12,212)	(787)
Administrative expenses		(2,386,115)	(2,273,188)
Other operating income	5	24,979	133,792
Fair value movements		(75,000)	1,090,000
Operating profit	6	383,066	1,964,504
Profit on disposal of investments		64,260	31,874
Interest receivable and similar income	10	239,006	238,641
Profit before taxation		686,332	2,235,019
Tax on profit	11	(198,347)	(828,364)
Profit for the financial year		487,985	1,406,655

Profit for the year attributable to:
Owners of the Parent Company	487,985	1,406,655
	487,985	1,406,655

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 19 to 41 form part of these financial statements.

Page 10

GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		234,472		281,367
Tangible assets	14		4,919,138		2,087,902
Investments	15		2		2
Investment property	16		37,605,000		40,430,000
			42,758,612		42,799,271
Current assets
Stocks	17	1,605,102		1,459,063
Debtors: amounts falling due within one year	18	415,869		346,054
Cash at bank and in hand	19	8,556,073		8,466,459
		10,577,044		10,271,576
Creditors: amounts falling due within one year	20	(991,040)		(1,117,246)
Net current assets			9,586,004		9,154,330
Total assets less current liabilities			52,344,616		51,953,601
Provisions for liabilities
Deferred taxation	22	(4,909,694)		(4,929,349)
Other provisions	23	(57,467)		(34,782)
			(4,967,161)		(4,964,131)
Net assets			47,377,455		46,989,470

Capital and reserves
Called up share capital	24	8,000	8,000
Investment property reserve	25	15,699,776	15,755,926
Profit and loss account	25	31,669,679	31,225,544
		47,377,455	46,989,470

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M Thorneycroft

Director

Date: 29 September 2026

The notes on pages 19 to 41 form part of these financial statements.

Page 12

GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		1,929,908		1,971,177
Investments	15		3,911,955		761,955
Investment Property	16		3,845,000		3,920,000
			9,686,863		6,653,132
Current assets
Debtors: amounts falling due after more than one year	18	-		2,559,768
Debtors: amounts falling due within one year	18	1,916,129		1,810,963
Cash at bank and in hand	19	7,561,793		8,135,454
		9,477,922		12,506,185
Creditors: amounts falling due within one year	20	(1,819,680)		(1,726,324)
Net current assets			7,658,242		10,779,861
Total assets less current liabilities			17,345,105		17,432,993

Provisions for liabilities
Deferred taxation	22	(242,498)		(281,579)
			(242,498)		(281,579)
Net assets			17,102,607		17,151,414

Capital and reserves
Called up share capital	24	8,000	8,000
Non-distributable profit and loss account	25	1,332,831	1,389,081
Profit and loss account carried forward		15,761,776	15,754,333
		17,102,607	17,151,414

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

REGISTERED NUMBER: 02005488

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M Thorneycroft

Director

Date: 29 September 2026

The notes on pages 19 to 41 form part of these financial statements.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit before tax of the parent Company for the year was £63,570 (2024 - £167,814).

Page 14

GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Non-distributable reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	8,000	14,938,426	30,736,389	45,682,815
Comprehensive income for the year
Profit for the year	-	-	1,406,655	1,406,655
Revaluation of investment properties	-	817,500	(817,500)	-
Dividends: Equity capital	-	-	(100,000)	(100,000)

At 1 January 2025	8,000	15,755,926	31,225,544	46,989,470
Comprehensive income for the year
Profit for the year	-	-	487,985	487,985
Revaluation of investment properties	-	(56,150)	56,150	-
Dividends: Equity capital	-	-	(100,000)	(100,000)
At 31 December 2025	8,000	15,699,776	31,669,679	47,377,455

The notes on pages 19 to 41 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Non-distributable reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	8,000	1,351,581	15,849,814	17,209,395
Comprehensive income for the year
Profit for the year	-	-	42,019	42,019
Revaluation of investment properties	-	37,500	(37,500)	-
Dividends: Equity capital	-	-	(100,000)	(100,000)

At 1 January 2025	8,000	1,389,081	15,754,333	17,151,414
Comprehensive income for the year
Profit for the year	-	-	51,193	51,193
Revaluation of investment properties	-	(56,250)	56,250	-
Dividends: Equity capital	-	-	(100,000)	(100,000)
At 31 December 2025	8,000	1,332,831	15,761,776	17,102,607

The notes on pages 19 to 41 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	487,985	1,406,655
Adjustments for:
Amortisation of intangible assets	46,895	46,895
Depreciation of tangible assets	52,564	53,242
(profit) / loss on disposal of tangible assets	(5,761)	3,178
Interest received	(239,006)	(238,641)
Taxation charge	198,347	828,364
(Increase) in stocks	(146,039)	(224,810)
(Increase) in debtors	(63,458)	(43,779)
(Decrease)/increase in creditors	(105,823)	64,061
Increase/(decrease) in provisions	31,825	(4,564)
Net fair value losses/(gains) recognised in P&L	75,000	(1,090,000)
Corporation tax (paid)	(253,882)	(329,776)
Net cash generated from operating activities	78,647	470,825

Cash flows from investing activities
Purchase of tangible fixed assets	(149,139)	(118,490)
Sale of tangible fixed assets	21,100	1,114
Interest received	239,006	238,641
Net cash from investing activities	110,967	121,265
Cash flows from financing activities
Dividends paid	(100,000)	(100,000)
Net cash used in financing activities	(100,000)	(100,000)
Net increase in cash and cash equivalents	89,614	492,090
Cash and cash equivalents at beginning of year	8,466,459	7,974,369
Cash and cash equivalents at the end of year	8,556,073	8,466,459

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	8,556,073	8,466,459

The notes on pages 19 to 41 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	8,466,459	89,614	8,556,073
Debt due within 1 year	(14,116)	-	(14,116)
	8,452,343	89,614	8,541,957

The notes on pages 19 to 41 form part of these financial statements.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Grange Management (Holdings) Limited is a private Company limited by shares, incorporated in England and Wales. The Company's registered number is 02005488. The registered office and principal place of business is at 4 Grange Court, The Limes, Ingatestone, Essex, CM4 0GB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in Pound Sterling which is the functional currency of the Group and amounts are rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The Directors have assessed the appropriateness of adopting the going concern basis in preparing the financial statements. In making this assessment, they have considered the Group’s financial position, cash-flow forecasts and available resources. The directors are satisfied that the Group has sufficient resources to continue in operational existence for the foreseeable future and have therefore prepared the financial statements on the going concern basis.

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GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The Group derives the majority of its revenue from charging rental income on the investment properties held. The level of rental income is determined by the lease agreement held with each tenant, and is charged on either a monthly or quarterly basis. This revenue is recognised on an accruals basis.

2.5

Operating leases: the Group as lessor

Assets leased to customers on operating leases are treated as fixed assets in the Consolidated Balance Sheet and the income is recognised on an arising basis in accordance with the terms of the lease agreement.

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 20

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.11

Tangible fixed assets

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	2%
Plant and machinery	-	10 - 25%
Motor vehicles	-	25%
Fixtures and fittings	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 22

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Investment property

Investment property is carried at fair value determined annually by the Group 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. Changes in fair values are recognised in Profit or Loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 23

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 24

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out below:

3.1 Investment properties.

The valuation of investment properties represents the Group's most significant area of estimation uncertainty. Where external valuations are not obtained, the Directors determine fair value using market-based valuation techniques, taking into account rental income, property yields, location, condition and comparable market transactions.

The valuation process requires the exercise of judgement in assessing the assumptions used and applying them to individual properties. Given the unique nature of each property, changes in market conditions, rental values or investment yields could result in a material change to the carrying value of the Group's investment property portfolio.

Page 25

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Rent receivable	2,546,628	2,476,776
Miscellaneous income	16,449	9,017
Kennel services	887	228,986
Sale of goods	1,658,957	1,571,661
	4,222,921	4,286,440

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Other operating income	24,979	135,534
Loss on disposal of tangible assets	-	(1,742)
	24,979	133,792

Amortisation of intangible fixed assets	46,895	46,895
Depreciation on tangible fixed assets	52,564	53,274
Other operating lease rentals	128,492	112,047

Page 26

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors and its associates for the audit of the consolidated and Parent Company's financial statements	54,500	38,000
Fees payable to the Company's auditors and its associates in respect of:
Audit-related assurance services	6,650	5,000
All non-audit services not included above	6,300	5,000

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	947,239	1,060,322	751,000	892,369
Social security costs	141,199	129,043	118,026	110,245
Cost of defined contribution scheme	27,849	33,366	18,275	24,604
	1,116,287	1,222,731	887,301	1,027,218

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Administrative staff	8	29	8	21
Management staff	4	4	4	3

	12	33	12	24

Page 27

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	706,628	531,445

	The highest paid director received remuneration of £337,412 (2024 - £305,364).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,524 (2024 - £3,524).

10.	Interest receivable
		2025	2024
		£	£

Other interest receivable

239,006

238,641

Corporation tax
Current tax on profits for the year	247,241	278,010
Adjustments in respect of previous periods	(29,239)	18,941

Total current tax	218,002	296,951

Deferred tax
Origination and reversal of timing differences	(11,459)	295,888
Adjustments in respect of previous periods	(8,196)	235,525
Total deferred tax	(19,655)	531,413


	Tax on profit	198,347	828,364

Page 28

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Profit on ordinary activities before tax

686,332

2,235,019

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	171,583	558,755
Effects of:
Expenses not deductible for tax purposes	86,212	258,822
Adjustments to tax charge in respect of prior periods - CT	(29,239)	18,941
Adjustments to tax charge in respect of prior periods - DT	(30,209)	(8,154)
Total tax charge for the year	198,347	828,364

12.	Dividends
		2025	2024
		£	£

Dividends paid on equity capital

100,000

Page 29

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Intangible assets
	Group

		Goodwill
		£

	At 1 January 2025	468,947
	At 31 December 2025	468,947

	At 1 January 2025	187,580
	Charge for the year	46,895
	At 31 December 2025	234,475
	Net book value
	At 31 December 2025	234,472
	At 31 December 2024	281,367

The Company had no intangible fixed assets in either the current or previous reporting period.

Page 30

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	1,863,713	440,286	110,006	182,960	2,596,965
Additions	-	138,730	-	10,409	149,139
Disposals	-	(23,739)	(22,987)	-	(46,726)
Transfers between classes	2,750,000	-	-	-	2,750,000
At 31 December 2025	4,613,713	555,277	87,019	193,369	5,449,378
Depreciation
At 1 January 2025	-	360,454	81,854	66,755	509,063
Charge for the year	-	28,791	5,645	18,128	52,564
Disposals	-	(17,824)	(13,563)	-	(31,387)
At 31 December 2025	-	371,421	73,936	84,883	530,240
Net book value
At 31 December 2025	4,613,713	183,856	13,083	108,486	4,919,138
At 31 December 2024	1,863,713	79,832	28,152	116,205	2,087,902

Page 31

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	1,863,713	438,108	110,006	2,411,827
Additions	-	1,575	-	1,575
Disposals	-	(23,739)	(22,987)	(46,726)
At 31 December 2025	1,863,713	415,944	87,019	2,366,676
Depreciation
At 1 January 2025	-	358,796	81,854	440,650
Charge for the year on owned assets	-	21,860	5,645	27,505
Disposals	-	(17,824)	(13,563)	(31,387)
At 31 December 2025	-	362,832	73,936	436,768
Net book value
At 31 December 2025	1,863,713	53,112	13,083	1,929,908
At 31 December 2024	1,863,713	79,312	28,152	1,971,177

Page 32

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments
	Group

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2025	2
	At 31 December 2025	2

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	761,955
	Additions	3,150,000
	At 31 December 2025	3,911,955

Page 33

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Grangebrook Estates Limited	Ordinary	100%
Grangewood Brentwood Limited	Ordinary	100%
Eastern Sporting Limited	Ordinary	100%
The Grange Group Limited	Ordinary	100%
Bennetts Farm Shooting Ground Limited	Ordinary	100%

Registered office(s)
The registered office for all the above subsidiaries is 4 Grange Court, The Limes, Ingatestone, Essex, CM4 0GB.

Incorporation of Bennetts Farm Shooting Ground Limited
During the year, the Company incorporated Bennetts Farm Shooting Ground Limited as a wholly owned subsidiary. As part of the Group's restructuring activities, a property used in the operation of the shooting ground was transferred into the new subsidiary, together with the subscription for share capital of £3,150,000. The subsidiary will hold and manage the Group's shooting ground operations going forward.

The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Grangebrook Estates Limited	20,282,965	2,081,397
Grangewood Brentwood Limited	10,835,126	(1,189,062)
Eastern Sporting Limited	(118,254)	(211,041)
The Grange Group Limited	100	-
Bennetts Farm Shooting Ground Limited	2,952,393	(197,607)

Page 34

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 January 2025	40,430,000
	Surplus on revaluation	(75,000)
	Transfers between classes	(2,750,000)
	At 31 December 2025	37,605,000

The 2025 valuations were made by the Directors, on an open market value basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost

18,065,899

20,509,617

	Company

		Freehold investment property
		£
	Valuation
	At 1 January 2025	3,920,000
	Surplus on revaluation	(75,000)
	At 31 December 2025	3,845,000

The 2025 valuations were made by the Directors, on an open market value basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as £3,098,944 (2024 - £3,098,944).

Page 35

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Stocks
		Group	Group
		2025	2024
		£	£

	Finished goods and goods for resale	1,605,102	1,459,063

18.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Amounts owed by group undertakings	-	-	-	2,559,768

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	110,831	79,711	3,696	4,101
Amounts owed by group undertakings	-	-	1,850,120	1,762,999
Other debtors	126,649	103,272	40,683	28,554
Prepayments and accrued income	178,389	161,157	21,630	15,309
Tax recoverable	-	1,914	-	-
	415,869	346,054	1,916,129	1,810,963

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	8,556,073	8,466,459	7,561,793	8,135,454

Page 36

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	133,249	186,474	17,374	9,251
Amounts owed to group undertakings	-	-	1,674,039	1,481,395
Corporation tax	84,446	233,295	-	89,201
Other taxation and social security	163,531	182,660	38,841	68,043
Other creditors	96,667	124,761	21,439	50,120
Accruals and deferred income	513,147	390,056	67,987	28,314
	991,040	1,117,246	1,819,680	1,726,324

21.	Tenant deposits

Where deposits have been received from tenants and placed in designated bank accounts, such amounts are not included in the Consolidated Balance Sheet as assets of the Group or as liabilities to tenants. Amounts held on behalf of tenants at 31 December 2025 totalled £303,750 (2024 - £303,750).

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(4,929,349)
	Charged to profit or loss	19,655
	At end of year	(4,909,694)

Page 37

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.Deferred taxation (continued)

Company

		2025
		£

	At beginning of year	(281,579)
	Charged to profit or loss	39,081
	At end of year	(242,498)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	(559,867)	(527,000)	(81,194)	(101,525)
Investment property revaluation	(4,131,750)	(4,150,500)	(161,304)	(180,054)
Other timing differences	(218,077)	(251,849)	-	-
	(4,909,694)	(4,929,349)	(242,498)	(281,579)

23.	Provisions
	Group

		Other provision
		£

	At 1 January 2025	34,782
	Charged to profit or loss	26,444
	Released in year	(3,759)
	At 31 December 2025	57,467

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

8,000 (2024 - 8,000) Ordinary shares of £1.00 each	8,000	8,000

Page 38

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.

Reserves

Non-distributable profit and loss account

The Non-distributable profit and loss account reflects the accumulated gains on the investment properties held by the Company. This reserve is non-distributable. The revaluations are initially recognised in profit or loss and a subsequent transfer is then made to move these amounts into the Non-distributable profit and loss account along with any deferred tax incurred.

Profit and loss account

The Profit and Loss account represents the accumulation of retained profits, net of dividends, that are in the form of distributable reserves.

26.	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. The pension cost charge represents contributions payable by the Group to the fund and amounted to £27,849 (2024 - £33,366). Contributions of £1,516 (2024 - £777) were payable to the fund at the Balance Sheet date.

The Group has a commitment to pay a pension to the widow of a former Director of £9,360 per annum. The related payments are charged to profit or loss for the year in which they are made and no provision has been made for future obligations.

27.	Commitments under operating leases
	Amounts receivable under operating leases At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	132,253	128,492
Later than 1 year and not later than 5 years	529,010	513,969
Later than 5 years	2,383,053	2,499,325
	3,044,316	3,141,786

Page 39

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.	Amounts receivable under operating leases
		Group	Group	Company	Company
		2025	2024	2025	2024
		£		£


Not later than 1 year	2,036,760	2,260,778	118,447	165,084
Later than 1 year and not later than 5 years	6,170,190	5,337,617	392,286	536,436
Later than 5 years	3,609,100	2,779,837	190,267	137,507
	11,816,050	10,378,232	701,000	839,027

Page 40

GRANGE MANAGEMENT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.

Related party transactions

In the year, the Directors made payments to the Group and drew down on their directors current accounts. At the year end, the Group was owed £27,768 (2024 - £27,768) by C F Chambers estate and C F Chambers £344 (2024-£9), the Group owed G C Chambers estate £14,115 (2024 -£14,115) and Mrs V Barton £1 (2024 - £1).

C F Chambers, a Director of the Group in the year, occupied a property owned by the Group free of charge. C F Chambers is assessed for benefit-in-kind charges in respect of this property.

P R Chambers, a relative of some of the directors, occupies a property owned by Grangebrook Estates Limited free of charge.

Freehold properties owned by The Grange Trust, of which C F Chambers and V J Barton are Trustees, are let to Grangewood Brentwood Limited at an annual rent of £42,005 (2024 - £42,005).

During the year, two (2024 - two) direct family members of the Directors were paid remuneration of £56,690 (2024 - £66,928) in respect of employment services and pension contributions. One of these employees, in their role as manager of The Grange Retreat occupies a property owned by the group. They are assessed for benefit-in-kind charges in respect of this property.

During the year, purchases on behalf of the company of £Nil (2024 - £1,288) were made by a family member of the Directors.

During the year, a dividend of £100,000 was paid (2024 - £100,000) to the Grange Management Holdings Group Employee benefit Trust. During the year, contributions of £80,000 (2024 - £50,000) were also made to the running costs of the Grange management Holdings Group Employee Benefit Trust.

During the year, purchases from Eastern Sporting were made of £161 (2024 - £674), £1,223 (2024 - £268), £36 (2024 - £Nil) by M Thorneycroft, CF Chambers and Mr S Barton respectively, who, in accordance with FRS 102, are considered to be Key Management Personnel, with £Nil (2024 - £NIL) and £Nil (2024 - £NIL) respectively outstanding at year end. Additionally, purchases of £165, £188 and £60 were made by C Chambers, S Barton and M Thorneycroft on behalf of the company which were reimbursed, with £Nil outstanding at the year end.

The Group has taken advantage of the exemption in Section 33.1A under FRS 102 not to disclose transactions with wholly owned members of the Group.

The Group has taken advantage of the exemption in Section 33.7A under FRS 102 not to disclose remuneration of Key Management Personnel, as this information has already been reported in the Directors' remuneration section of these accounts.

29.	Controlling party

At 31 December 2025, the ultimate controlling party was the Grange Management Holdings Group Employee Benefit Trust, with ultimate control held by its trustees.

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