Company No: 08416172 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	1,805		2,407
Investment property	4	13,099,804		12,469,992
		13,101,609		12,472,399
Current assets
Debtors	5	104,307		102,425
Cash at bank and in hand		1,295,087		1,746,951
		1,399,394		1,849,376
Creditors: amounts falling due within one year	6	( 424,395)		( 553,969)
Net current assets		974,999		1,295,407
Total assets less current liabilities		14,076,608		13,767,806
Provision for liabilities		39,031		39,031
Net assets		14,115,639		13,806,837
Capital and reserves
Called-up share capital	7	667		667
Share premium account		8,927,950		8,927,950
Fair value reserve		642,965		642,965
Profit and loss account		4,544,057		4,235,255
Total shareholders' funds		14,115,639		13,806,837

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

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Granite Associates Limited (registered number: 08416172) were approved and authorised for issue by the Board of Directors on 06 October 2026. They were signed on its behalf by:

J Fussell Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Granite Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Little Highlands, Blachford Road, Ivybridge, PL21 0AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised in the period of which occupancy occurred.

Employee benefits

Defined benefit schemes
For defined benefit schemes the amounts charged to operating profit are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to the Profit and Loss Account and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the Statement of Comprehensive Income.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. Actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date.

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 valuations.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over their expected useful life, as follows:

Vehicles	25 % reducing balance
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 April 2025	21,192		3,356		24,548
At 31 March 2026	21,192		3,356		24,548
Accumulated depreciation
At 01 April 2025	19,601		2,540		22,141
Charge for the financial year	398		204		602
At 31 March 2026	19,999		2,744		22,743
Net book value
At 31 March 2026	1,193		612		1,805
At 31 March 2025	1,591		816		2,407

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	12,469,992
Additions	1,591,516
Disposals	(961,704)
As at 31 March 2026	13,099,804

Valuation

The fair value of the investment properties held by the company have been provided by the directors as at 31 March 2026.

5. Debtors

	2026		2025
	£		£
Trade debtors	43,240		1,800
Other debtors	61,067		100,625
	104,307		102,425

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	34,507		17,373
Taxation and social security	152,025		205,226
Other creditors	237,863		331,370
	424,395		553,969

7. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00	1		1
294 Ordinary B shares of £ 1.00 each	294		294
98 Ordinary C shares of £ 1.00 each	98		98
99 Ordinary D shares of £ 1.00 each	99		99
44 Ordinary E shares of £ 1.00 each	44		44
44 Ordinary F shares of £ 1.00 each	44		44
29 Ordinary G shares of £ 1.00 each	29		29
29 Ordinary H shares of £ 1.00 each	29		29
29 Ordinary J shares of £ 1.00 each	29		29
	667		667