ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 05145645

S G ESTATES LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

S G ESTATES LTD

COMPANY INFORMATION

Directors	Mr S Griffin
	Mr D Griffin (appointed 2 March 2026)


Company secretary	Ms H Martin (resigned 11 March 2026)


Registered number	05145645


Registered office	The Croft House
	Old Wrexham Road
	Gresford
	Wrexham
	Wales
	LL12 8UA


Independent auditors	AAB Audit & Accountancy Limited
	Carlyle House
	78 Chorley New Road
	Bolton
	BL1 4BY

S G ESTATES LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3
Directors' responsibilities statement	4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Statement of cash flows	12
Notes to the financial statements	13 - 25

S G ESTATES LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

	2025	2024
	£	£

Turnover	18,555,124	11,317,771
Gross profit	3,657,264	824,030
Gross profit %	19.71%	16.12%
Profit before tax	2,573,576	1,270,638

Fair review of the business and key performance indicators

2025 saw turnover increase by 63.95% when compared with 2024. Gross profit margin has increased this year being 19.71% in 2025 and 16.12% in 2024.

At the reporting date, the Company had a portfolio of property assets and/or development opportunities which the directors consider provide a platform for future growth. The directors continue to assess opportunities to acquire further land and development sites where these are considered to offer an appropriate risk-adjusted return.

The directors consider that the Company's principal strengths are its knowledge of the UK property market, its ability to identify and assess development opportunities, its relationships with professional advisers and contractors, and its focus on disciplined financial and project management.

At the year end, shareholders' funds amounted to £13.3 million. The directors believe the company's position to be financially robust particularly given that current assets exceed current liabilities to the extent of £13.1 million.

Principal risks and uncertainties

There are several potential risks and uncertainties which could have a material impact on the business performance and could cause actual results to differ materially from expected and historical results.

The principal risks inherent in the business model, include the following:

Operational risk

The Company activities are subject to the requirements of the Welsh planning system and the policies and decisions of local planning authorities. Delays in obtaining planning permission, changes to local development plans, planning policy or other regulatory requirements could affect the timing, viability and cost of development projects.

The Company seeks to manage this risk through detailed site appraisal and due diligence, early engagement with planning authorities and other relevant stakeholders, and the use of experienced planning and professional advisers.

Competitor risk

The business faces competition in the core markets in which it operates. There is a danger that its profitability may be impaired. To manage this risk, the business maintains close relationships with its customers, introducers, and other significant participants.

Page 1

S G ESTATES LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Supplier risk

The Company relies on a range of contractors, subcontractors, professional advisers and suppliers to deliver its developments. Disruption to the construction supply chain, shortages of materials or skilled labour, or significant increases in material and labour costs could adversely affect development programmes and profitability.

The Company seeks to mitigate this risk through effective procurement, early identification of potential supply-chain constraints and maintaining established relationships with suitably experienced contractors and suppliers.

Credit risk

The Company is exposed to credit risk principally through amounts due from customers, purchasers, contractors and other counterparties. The Company seeks to manage this risk through appropriate due diligence, monitoring of outstanding balances and, where appropriate, contractual protections and staged payment arrangements.

Future developments

Site delays have negatively impacted on our turnover and profit levels, despite the signifant improvement in the year. Therefore, we have widened our operations into England to mitigate the risk of local nutrient neutrality laws. This will ensure that the company is not dependant on one local marketplace and will help us secure long term profitability.

This report was approved by the board on 9 October 2026 and signed on its behalf.

Mr S Griffin

Director

Page 2

S G ESTATES LTD

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.

Principal activity

The principal activity of the company continued to be that of a property developer.

Results and dividends

The profit for the year, after taxation, amounted to £1,912,113 (2024 - £957,855).

The results of the company are set out on page 9.

Director

The director who served during the year was:

Mr S Griffin

Qualifying third-party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Disclosure of information to auditors

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

Auditors

The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Medium company exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

This report was approved by the board on 9 October 2026 and signed on its behalf.

Mr S Griffin

Director

Page 3

S G ESTATES LTD

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

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

∙make judgments 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

S G ESTATES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S G ESTATES LTD

Opinion

We have audited the financial statements of S G Estates Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity, the Statement of cash flows 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 Company's affairs as at 31 December 2025 and of its 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 Auditors' 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 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 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Page 5

S G ESTATES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S G ESTATES LTD (CONTINUED)

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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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.

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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 6

S G ESTATES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S G ESTATES LTD (CONTINUED)

Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates,

focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to
be:

∙management override of controls to manipulate the company’s key performance indicators to meet targets;

∙timing of revenue recognition; and

∙compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:

∙testing of journal entries that met a predefined risk-based criteria to assess their appropriateness;

∙testing a sample of revenue transactions and associated recognition of revenue around the year end to ensure appropriate recognition;

∙evaluating the business rationale of significant transactions outside the normal course of business;

∙enquiries of management about litigation and claims and inspection of relevant correspondence;

∙reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations;

∙performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied; and

∙analytical procedures to identify any unusual or unexpected trends or relationship.

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 Auditors' report.

Page 7

S G ESTATES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S G ESTATES LTD (CONTINUED)

Other matters which we are required to address

The financial statements of S G Estates Ltd for the year ended 31 December 2024 were not audited under UK GAAP. As such, the comparative figures in the financial statements for the year ended 31 December 2024 are unaudited.

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 Auditors' 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.

Muhammad Sharif (Senior statutory auditor)

for and on behalf of

AAB Audit & Accountancy Limited

Statutory Auditor

Carlyle House

78 Chorley New Road

Bolton

BL1 4BY

9 October 2026

Page 8

S G ESTATES LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	18,555,124	11,317,771
Cost of sales		(14,897,860)	(9,493,741)
Gross profit		3,657,264	1,824,030
Administrative expenses		(1,199,238)	(781,515)
Other operating income		8,164	10,039
Operating profit		2,466,190	1,052,554
Interest receivable and similar income	9	107,386	218,084
Profit before tax		2,573,576	1,270,638
Tax on profit	10	(661,463)	(312,783)
Profit for the financial year		1,912,113	957,855

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

Page 9

S G ESTATES LTD

REGISTERED NUMBER: 05145645

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		318,305		382,416
			318,305		382,416
Current assets
Stocks	13	7,516,477		7,035,026
Debtors: amounts falling due within one year	14	166,412		591,548
Bank and cash balances		9,865,444		5,929,267
		17,548,333		13,555,841
Creditors: amounts falling due within one year	15	(4,452,345)		(2,117,873)
Net current assets			13,095,988		11,437,968
Total assets less current liabilities			13,414,293		11,820,384
Provisions for liabilities
Deferred tax	16	(55,753)		(71,797)
			(55,753)		(71,797)
Net assets			13,358,540		11,748,587

Capital and reserves
Called up share capital	17	4	4
Profit and loss account		13,358,536	11,748,583
		13,358,540	11,748,587

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2026.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

Mr S Griffin

Director

Page 10

S G ESTATES LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	4	11,059,528	11,059,532
Comprehensive income for the year
Profit for the year	-	957,855	957,855
Contributions by and distributions to owners
Dividends: Equity capital	-	(268,800)	(268,800)

At 1 January 2025	4	11,748,583	11,748,587
Comprehensive income for the year
Profit for the year	-	1,912,113	1,912,113
Contributions by and distributions to owners
Dividends: Equity capital	-	(302,160)	(302,160)
At 31 December 2025	4	13,358,536	13,358,540

Page 11

S G ESTATES LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,912,113	957,855
Adjustments for:
Depreciation of tangible assets	101,855	127,472
Profit on disposal of tangible assets	950	(16,500)
Interest received	(107,386)	(218,084)
Taxation charge	661,463	312,783
(Increase) in stocks	(481,451)	(2,750,342)
Decrease in debtors	179,949	44,854
Increase in creditors	2,061,270	109,377
Corporation tax (paid)	(162,002)	(534,302)
Interest received	107,386	218,084
Net cash generated from operating activities	4,274,147	(1,748,803)

Cash flows from investing activities
Purchase of tangible fixed assets	(42,384)	(303,453)
Sale of tangible fixed assets	3,690	16,500
Net cash from investing activities	(38,694)	(286,953)
Cash flows from financing activities
Increase in director's loans	2,884	11,532
Dividends paid	(302,160)	(268,800)
Net cash used in financing activities	(299,276)	(257,268)
Net increase/(decrease) in cash and cash equivalents	3,936,177	(2,293,024)
Cash and cash equivalents at beginning of year	5,929,267	8,222,291
Cash and cash equivalents at the end of year	9,865,444	5,929,267

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	9,865,444	5,929,267
	9,865,444	5,929,267

Page 12

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	Company information

S G Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Croft House Old Wrexham Road, Gresford, Wrexham, Wales.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Turnover from legal completions

Turnover represents sales of new houses during the year. Turnover is recognised at legal completion.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

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

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

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

∙the amount of turnover can be measured reliably;

∙it is probable that the Company 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.

2.3

Tangible fixed assets

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.

Page 13

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

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:

Plant and machinery	-	25%	on reducing balance
Motor vehicles	-	25%	on reducing balance
Computer equipment	-	25%	on reducing balance

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.

2.4

Work in progress

Work in progress comprises property developments held for sale in the ordinary course of business and is classified as inventory in accordance with Section 13, Inventories, of FRS 102.

Development properties are initially recognised at cost. Cost includes expenditure directly attributable to the acquisition, construction and development of the properties, together with other costs incurred in bringing the properties to their present location and condition and costs that are directly attributable to securing the sale of the development.

2.5

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 operates and generates 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; and

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

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 14

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Operating leases: the Company as lessee

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

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

2.8

Going concern

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 next 12 months from the date of signing the financial statements.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial
statements.

The expectation is based on forecasts prepared by the directors and management team,
which show that the company has the necessary liquidity to continue trading at least 12 months from
the date of sign off.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits.

2.10

Financial instruments

The Company 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 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

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.

Page 15

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors 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.

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 16

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

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.	Judgments in applying accounting policies and key sources of estimation uncertainty

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.

Key sources of estimation of uncertainty

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.

Work in progress

The company holds work in progress relating to property development projects, which is stated at the lower of cost and estimated net realisable. The key judgement in determining the carrying value of work in progress is the recoverability of the costs incurred to date. Management assesses recoverability based on the expected selling prices of the developments and the costs incurred to date.

The company’s property development projects are expected to be profitable on completion, with the estimated net realisable value exceeding the costs incurred to date. Once a project is completed, the related costs are compared with the final selling value, and the completed projects are expected to remain profitable.

Accordingly, the principal area of judgement relates to whether the work in progress costs incurred to date are recoverable through the expected sale of the underlying properties. Management reviews the carrying value of work in progress using the latest available information and recognises any required adjustment where the carrying value is not considered recoverable.

Turnover

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

Turnover	18,555,124	11,317,771
	18,555,124	11,317,771

All turnover arose within the United Kingdom.

Page 17

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£	£

Sundry income	8,164	10,039
	8,164	10,039

Depreciation	101,855	127,472
Operating lease rentals	33,005	30,214
Auditor's remuneration	28,600	-

Wages and salaries	620,392	523,964
Social security costs	73,659	25,032
Cost of defined contribution scheme	324,300	107,742
	1,018,351	656,738

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

	2025	2024
	No.	No.

Site staff	7	7
Admin	10	10

	17	17

Page 18

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	9,100	9,100
Company contributions to defined contribution pension schemes	60,000	65,000
	69,100	74,100

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	107,386	218,084
		107,386	218,084

Corporation tax
Current tax on profits for the year	677,507	312,783
	677,507	312,783

Total current tax	677,507	312,783

Deferred tax
Origination and reversal of timing differences	(16,044)	-
Total deferred tax	(16,044)	-


	Tax on profit	661,463	312,783

Page 19

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.Taxation (continued)

Profit on ordinary activities before tax

2,573,576

1,270,638

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	643,394	317,660
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	19,545	7,859
Capital allowances for year in excess of depreciation	141	-
Utilisation of tax losses	(1,617)	(12,736)
Total tax charge for the year	661,463	312,783

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Dividends
		2025	2024
		£	£

	Dividends paid	302,160	268,800
		302,160	268,800

Page 20

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	510,504	224,880	30,665	766,049
Additions	6,652	23,326	12,406	42,384
Disposals	(15,280)	(11,815)	(500)	(27,595)
At 31 December 2025	501,876	236,391	42,571	780,838
Depreciation
At 1 January 2025	250,621	109,683	23,329	383,633
Charge for the year on owned assets	65,315	34,141	2,399	101,855
Disposals	(12,667)	(9,855)	(433)	(22,955)
At 31 December 2025	303,269	133,969	25,295	462,533
Net book value
At 31 December 2025	198,607	102,422	17,276	318,305
At 31 December 2024	259,883	115,197	7,336	382,416

Page 21

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Stocks
		2025	2024
		£	£

Work in progress	7,516,477	7,035,026
	7,516,477	7,035,026

14.

Debtors

					2025	2024
					£	£


Trade debtors	200	5,356
Other debtors	20,020	20,020
Prepayments and accrued income	42,047	229,258
VAT recoverable	104,145	99,167
Corporation tax recoverable	-	237,747
	166,412	591,548

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	309,636	341,403
Shareholder loans	23,814	23,814
Corporation tax	270,320	-
Other taxation and social security	68,728	76,158
Other creditors	54,713	175,216
Accruals and deferred income	3,692,817	1,471,849
Director's loan account	32,317	29,433
	4,452,345	2,117,873

Amounts owed to directors and shareholders comprise balances that are unsecured, interest-free and repayable on demand.

Page 22

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Deferred taxation

		2025
		£

	At beginning of year	(71,797)
	Charged to profit or loss	16,044
	At end of year	(55,753)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(55,753)	(71,797)
		(55,753)	(71,797)

17.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

4 (2024 - 4) Ordinary A shares of £1.000 each	4	4
36 (2024 - 36) Ordinary B shares of £0.010 each	-	-
18 (2024 - 18) Ordinary C shares of £0.010 each	-	-

	4	4

18.	Retirement benefit schemes
		2025	2024
		£	£

Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes	324,300	107,742
	324,300	107,742

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.

Contributions totalling £11,603 (2024: £3,235) were payable to the scheme at the end of the year and are included in creditors.

Page 23

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	Prior year comparative information

The Company was previously treated as qualifying for the disclosure exemptions applicable to small entities under Section 1A of FRS 102. The prior year financial statements were unaudited and prepared on that basis. In the current year, the Company has prepared financial statements in accordance with the disclosure requirements applicable to a medium-sized entity. This has had no effect on the amounts recognised in the financial statements, profit for the year or net assets.

These changes have had no effect on the Company's total operating expenses, profit for the year, net assets or cash flows.

Not later than 1 year	42,950	34,136
Later than 1 year and not later than 5 years	59,287	83,281
	102,237	117,417

21.

Related party transactions

During the year the company entered into transactions totalling £174,777 (2024: £241,248) with a company controlled by the directors in respect of estate agency and property marketing services.

Pension contributions were made during the year in respect of directors and close family members of directors employed by the company under the company's pension arrangements.

Included within Other Creditors are shareholders loan balances of £23,814.

Included within Other Creditors are director's loan balances of £32,317.

All balances are unsecured, interest free and repayable on demand.

22.	Capital Commitment

At the reporting date, the company was committed to entering into a transaction with The National Trust for Places of Historic Interest or Natural Beauty to purchase Phase 4 of the Manor Farm land. The estimated purchase price as at 31 December 2025 is £737,043. No provision has been recognised as the transaction had not yet been completed at the reporting date.

Page 24

S G ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Analysis of Net Debt
		At 1 January 2025	Cashflows	At 31 December 2025
		£	£	£


Cash at bank and in hand	5,929,267	3,936,177	9,865,444
	5,929,267	3,936,177	9,865,444

Page 25