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

Glenbrook Stud Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 58 Moneymore Road, Magherafelt, County Londonderry, BT45 6HG.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Conway Holdings No.2 Limited. These consolidated financial statements are available from Companies House website.

The company made a loss during the year ended 31 December 2025 and at that date, its liabilities exceeded its assets.true

The company's ability to continue as a going concern is dependent upon the continuing support of group companies. The directors have confirmed that such support will continue to be made available to the company.

On this basis, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents prize money receivable from the company’s horse racing activities, being winnings earned from horses owned or operated by the company in the ordinary course of business.

Prize winnings are recognised when the race has taken place, the official result has been confirmed, and the company’s entitlement to the prize money is established. Income is measured at the fair value of amounts receivable, net of any directly attributable deductions, levies or amounts payable to third parties where applicable.

Amounts not received by the year end are included within trade and other receivables where receipt is considered probable and the amount can be measured reliably.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Bloodstock held in connection with the company’s horse stud farm and racing operations is included within stock.

Stock comprises horses held for breeding, racing and eventual sale, including foals, yearlings and other bloodstock. Cost includes the purchase price of horses and any directly attributable costs incurred in bringing the horses to their present location and condition. For homebred horses, cost includes relevant breeding, nomination, keep, veterinary and other directly attributable costs.

The valuation of horses in racing is assessed by the directors at the reporting date with reference to the estimated open market value of each horse. In making this assessment, the directors consider factors including racing performance, pedigree and parentage, condition, age, future potential and recent market transactions for comparable horses.

Where the estimated net realisable value of bloodstock is lower than cost or valuation, an impairment provision is recognised in the profit and loss account. Any reversal of previous write-downs is recognised when the circumstances giving rise to the reduction in value no longer apply.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The valuation of stock includes an estimate of the fair value of horses held at the reporting date. The directors assess the fair value of each horse by reference to relevant factors including performances in races, deemed future potential based on parentage and pedigree, and recent open market sales transactions for horses considered comparable.

The valuation of bloodstock is inherently judgemental due to the specialist nature of the market and the individual characteristics of each horse. Actual proceeds realised on any future sale may differ from the amounts recognised in the financial statements.

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion on financial statements

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 qualified opinion

The stock figure reflected in the financial statements represents the valuation put on the company's stock of horses. At 31 December 2025 the directors deem that these horses have a total value of £1,270,592. We were unable to agree a means to satisfy ourselves over the valuation figure used. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In respect solely of the limitation on our work relating to stock, described above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records had been maintained.

The following amounts were owed by/due to related parties at the reporting end date:

The company has taken advantage of the exemption not to disclose related party transactions with other members of the group under S33.1A of FRS 102, as it is a wholly owned subsidiary.

From 1 January 2025 until 26 August 2025, the immediate parent company of Glenbrook Stud Limited was P J Conway Contractors Limited, and its registered office is is 58 Moneymore Road, Magherafelt, BT45 6HG.

The Conway Group was restructed effective 27 August 2025, therefore from this date and at 31 December 2025, Glenbrook Stud Limited's immediate parent company is Brooklands Healthcare Limited, and its registered office is 58 Moneymore Road, Magherafelt, BT45 6HG.

From 1 January 2025 until 26 August 2025, the ultimate controlling party of Glenbrook Stud Limited was P J Conway Contractors Limited, and its registered office is 58 Moneymore Road, Magherafelt, BT45 6HG.

The Conway Group was restructed effective 27 August 2025, therefore from this date and at 31 December 2025, Glenbrook Stud Limited's ultimate parent company is Conway Holdings No. 2 Limited, and its registered office is 58 Moneymore Road, Magherafelt, BT45 6HG.

There has been no change to the ownership of the group as a result of the restructuring.