IRIS Accounts Production v25.2.0.378 00926615 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities a builders merchants. true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 00926615 (England and Wales)

Hughes Forrest Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

| Hughes Forrest Limited (Registered number: 00926615) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Comprehensive Income | 6 |

| Balance Sheet | 7 |

| Statement of Changes in Equity | 8 |

| Cash Flow Statement | 9 |

| Notes to the Cash Flow Statement | 10 |

| Notes to the Financial Statements | 11 |

| Hughes Forrest Limited |

Company Information

for the Year Ended 31 December 2024

| Directors: | Mr R Brian

| Mr N Bulpin

| Mr D Edwards

| Registered office: | Bolt Street

| Newport

| South Wales

| NP20 2UP

| Registered number: | 00926615 (England and Wales)

| Auditors: | Menzies LLP, Statutory Auditors

| 5th Floor Hodge House

| 114-116 St Mary Street

| Cardiff

| CF10 1DY

| Bankers: | Barclays Bank Plc

| Soth East Wales Group

| Cwmbran

| Torfaen

| Solicitors: | Harding Evans

| Queens Chambers

| 2 North Street

| Newport

| NP20 1TE

| Hughes Forrest Limited (Registered number: 00926615) |

Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Review of business

The company is a family owned business operating a number of branches of Builders Merchants in South East Wales.

The company offers a range of products from building materials, timber and joinery, flooring, roofing, decorating, paving, decking and fencing products to kitchens and bathrooms.

The company achieved a profit before tax of £948,397 (2023: £711,222).

At the year end the balance sheet remains in a strong position with adequate liquid deposits and shareholders' funds standing at £9.13 million.

The company uses other key performance indicators on a branch by branch basis; the directors do not consider it appropriate to disclose these in the public environment.

The company continues to explore opportunities to add branches to its network.

Principal risks and uncertainties

The company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The company's principal financial instruments comprise bank balances, bank loans, trade debtors and director's loans to the company. The use of these are monitored by the board of directors.

The company's credit risk rests primarily with its trade receivables. This risk is managed by regular monitoring of credit limits and balances outstanding. There is no significant concentration of risk with exposure spread over a large number of customers. Liquid funds are held with banks with high credit ratings assigned by international credit rating agencies.

Liquidity risk is managed by maintaining sufficient working capital funding arrangements. These are monitored to ensure that they are sufficient for operations and planned expansions.

On behalf of the board:

Mr R Brian - Director

11 September 2025

| Hughes Forrest Limited (Registered number: 00926615) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Dividends

An interim dividend of £12.00 per share on the Ordinary A £1 shares was voted on 8 October 2024. The directors recommend that no final dividend be paid on this class of shares.

An interim dividend of £1.90 per share on the Ordinary B £1 shares was voted on 8 October 2024. The directors recommend that no final dividend be paid on this class of shares.

The total distribution of dividends for the year ended 31 December 2024 was £179,850.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R Brian

Mr N Bulpin

Mr D Edwards

Other changes in directors holding office are as follows:

Mr P Scarborough - resigned 13 June 2024

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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 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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Menzies LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr R Brian - Director

11 September 2025

Report of the Independent Auditors to the Members of

Hughes Forrest Limited

Opinion

We have audited the financial statements of Hughes Forrest Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 2024 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 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of

Hughes Forrest Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Director and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities;

- Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally;

- Assessing the risk of management override and review and testing of journal entries made into the accounting system;

- Challenging assumptions and judgements made by the company in relation to the significant accounting estimates employed in the preparation of the financial statements;

- Discussing with Director and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Clive Edwards (Senior Statutory Auditor)

for and on behalf of Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

12 September 2025

| Hughes Forrest Limited (Registered number: 00926615) |

Statement of Comprehensive

Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Turnover | 18,948,618 |  | 18,884,683 |  |

Cost of sales | (12,405,277 | ) | (12,535,281 | ) |

Gross profit | 6,543,341 |  | 6,349,402 |  |

Administrative expenses | (5,759,740 | ) | (5,224,716 | ) |

Operating profit | 783,601 |  | 1,124,686 |  |

Exceptional items | 4 | - |  | (503,453 | ) |

783,601 |  | 621,233 |  |

Interest receivable and similar income | 184,173 |  | 107,291 |  |

967,774 |  | 728,524 |  |

Interest payable and similar expenses | 5 | (19,377 | ) | (17,302 | ) |

Profit before taxation | 6 | 948,397 |  | 711,222 |  |

Tax on profit | 8 | (271,650 | ) | (214,633 | ) |

Profit for the financial year | 676,747 |  | 496,589 |  |

Other comprehensive income | - |  | - |  |

Total comprehensive income for the year | 676,747 |  | 496,589 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Balance Sheet

31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Fixed assets

Intangible assets | 10 | 41,286 |  | 55,040 |  |

Tangible assets | 11 | 1,754,735 |  | 1,743,088 |  |

Investments | 12 | 1,629 |  | 1,629 |  |

1,797,650 |  | 1,799,757 |  |

Current assets

Stocks | 13 | 2,348,968 |  | 2,095,342 |  |

Debtors | 14 | 2,000,816 |  | 1,810,703 |  |

Cash at bank | 5,809,989 |  | 5,516,446 |  |

10,159,773 |  | 9,422,491 |  |

Creditors

Amounts falling due within one year | 15 | (2,353,323 | ) | (2,100,298 | ) |

Net current assets | 7,806,450 |  | 7,322,193 |  |

Total assets less current liabilities | 9,604,100 |  | 9,121,950 |  |

Creditors

Amounts falling due after more than one year | 16 | (309,827 | ) | (349,137 | ) |

Provisions for liabilities | 20 | (167,046 | ) | (142,483 | ) |

Net assets | 9,127,227 |  | 8,630,330 |  |

Capital and reserves

Called up share capital | 21 | 58,500 |  | 58,500 |  |

Capital redemption reserve | 22 | 116,500 |  | 116,500 |  |

Retained earnings | 22 | 8,952,227 |  | 8,455,330 |  |

Shareholders' funds | 9,127,227 |  | 8,630,330 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Mr R Brian - Director

| Hughes Forrest Limited (Registered number: 00926615) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 58,500 |  | 8,141,741 |  | 116,500 |  | 8,316,741 |  |

Changes in equity

Dividends | - |  | (183,000 | ) | - |  | (183,000 | ) |

Total comprehensive income | - |  | 496,589 |  | - |  | 496,589 |  |

Balance at 31 December 2023 | 58,500 |  | 8,455,330 |  | 116,500 |  | 8,630,330 |  |

Changes in equity

Dividends | - |  | (179,850 | ) | - |  | (179,850 | ) |

Total comprehensive income | - |  | 676,747 |  | - |  | 676,747 |  |

Balance at 31 December 2024 | 58,500 |  | 8,952,227 |  | 116,500 |  | 9,127,227 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 824,446 |  | 1,556,524 |  |

Interest paid | (19,377 | ) | (17,302 | ) |

Tax paid | (175,446 | ) | (170,000 | ) |

Net cash from operating activities | 629,623 |  | 1,369,222 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (318,767 | ) | (349,342 | ) |

Sale of tangible fixed assets | 16,905 |  | 38,285 |  |

Interest received | 184,173 |  | 107,291 |  |

Net cash from investing activities | (117,689 | ) | (203,766 | ) |

Cash flows from financing activities

Loan repayments in year | (38,541 | ) | (36,982 | ) |

Equity dividends paid | (179,850 | ) | (183,000 | ) |

Net cash from financing activities | (218,391 | ) | (219,982 | ) |

Increase in cash and cash equivalents | 293,543 |  | 945,474 |  |

Cash and cash equivalents at beginning of year | 2 | 5,516,446 |  | 4,570,972 |  |

Cash and cash equivalents at end of year | 2 | 5,809,989 |  | 5,516,446 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2024

1. | Reconciliation of profit before taxation to cash generated from operations

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 948,397 |  | 711,222 |  |

| Depreciation charges | 303,985 |  | 316,782 |  |

| Profit on disposal of fixed assets | (16,905 | ) | (19,311 | ) |

| Finance costs | 19,377 |  | 17,302 |  |

| Finance income | (184,173 | ) | (107,291 | ) |

1,070,681 |  | 918,704 |  |

| (Increase)/decrease in stocks | (253,626 | ) | 402,005 |  |

| (Increase)/decrease in trade and other debtors | (190,113 | ) | 332,158 |  |

| Increase/(decrease) in trade and other creditors | 197,504 |  | (96,343 | ) |

| Cash generated from operations | 824,446 |  | 1,556,524 |  |

2. | Cash and cash equivalents

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 5,809,989 |  | 5,516,446 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 5,516,446 |  | 4,570,972 |  |

3. | Analysis of changes in net funds

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank | 5,516,446 |  | 293,543 |  | 5,809,989 |  |

5,516,446 |  | 293,543 |  | 5,809,989 |  |

| Debt

| Debts falling due within 1 year | (44,571 | ) | (769 | ) | (45,340 | ) |

| Debts falling due after 1 year | (349,137 | ) | 39,310 |  | (309,827 | ) |

(393,708 | ) | 38,541 |  | (355,167 | ) |

| Total | 5,122,738 |  | 332,084 |  | 5,454,822 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | Statutory information

| Hughes Forrest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Along with the registered office address, the Company also trades from sites in Blackwood, Cardiff, Ebbw Vale, Merthyr Tydfil and Pontypridd.

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Hughes Forrest Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 and 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as its inclusion is not material for the purpose of giving a true and fair view.

| Turnover

| Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods required by both established builders and members of the public.Turnover is recognised when the significant risks and rewards of ownership of the goods are transferred to the buyer.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

| Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the full financial year following the acquisition and in other periods if events or changes in circumstances indicate the carrying value may not be recoverable.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Freehold property | - | 20 years straight line

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 10% - 20% on cost

| Motor vehicles | - | 25% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | Accounting policies - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Fixed asset investments are stated at historical cost less provisions for any impairment or diminution in value.

| Basic financial assets

| Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.

| Classification of financial liabilities

| Financial liabilities are classified according to the substance of the contractual arrangements entered into.

| Basic financial liabilities

| Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cos, using the effective interest rate method.

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

| Cash and cash equivalents

| Cash and cash equivalents comprise cash balances and call deposits and are used by the company in the management of its short term commitments. They are carried at amortised cost in the Statement of Financial Position. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. | Employees and directors

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,182,330 |  | 2,983,217 |  |

| Social security costs | 298,997 |  | 274,069 |  |

| Other pension costs | 202,380 |  | 158,443 |  |

3,683,707 |  | 3,415,729 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

98 |  | 96 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 318,856 |  | 369,537 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | Employees and directors - continued

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 166,343 |  | 148,949 |  |

| The directors are considered to be the key management personnel.

4. | Exceptional items

| In the prior year there was an exceptional item in relation to a write off of debt due to a cyber attack carried out, which led to external individuals gaining unauthorised access to the company's bank account. The directors have reviewed their internal controls and are confident that this was an isolated incident.

5. | Interest payable and similar expenses |

| 2024 |  | 2023

£ | £ |

| Other interest | 3,634 |  | - |  |

| Bank loan & financing interest | 15,743 |  | 17,302 |  |

19,377 |  | 17,302 |  |

6. | Profit before taxation

| The profit is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 290,215 |  | 283,018 |  |

| Profit on disposal of fixed assets | (16,905 | ) | (19,311 | ) |

| Goodwill amortisation | 13,754 |  | 13,764 |  |

7. | Auditors' remuneration

| 2024 |  | 2023

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 6,660 |  | 6,520 |  |

8. | Taxation

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 247,087 |  | 172,632 |  |

| Deferred tax | 24,563 |  | 42,001 |  |

| Tax on profit | 271,650 |  | 214,633 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

8. | Taxation - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 948,397 |  | 711,222 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%) | 237,099 |  | 167,137 |  |

| Effects of:

| Expenses not deductible for tax purposes | 9,839 |  | 7,391 |  |

| Capital allowances in excess of depreciation | - |  | (1,896 | ) |

| Depreciation in excess of capital allowances | 149 |  | - |  |

| Deferred tax | 24,563 |  | 42,001 |  |

| Total tax charge | 271,650 |  | 214,633 |  |

9. | Dividends

| 2024 |  | 2023

£ | £ |

| Ordinary A shares of £1 each

| Interim | 120,000 |  | 120,000 |  |

| Ordinary B shares of £1 each

| Interim | 59,850 |  | 63,000 |  |

179,850 |  | 183,000 |  |

10. | Intangible fixed assets

| Goodwill

£ |

| Cost

| At 1 January 2024

| and 31 December 2024 | 137,622 |  |

| Amortisation

| At 1 January 2024 | 82,582 |  |

| Amortisation for year | 13,754 |  |

| At 31 December 2024 | 96,336 |  |

| Net book value

| At 31 December 2024 | 41,286 |  |

| At 31 December 2023 | 55,040 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

11. | Tangible fixed assets

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Cost

| At 1 January 2024 | 1,896,982 |  | 433,174 |  | 63,693 |  | 1,659,072 |  | 4,052,921 |  |

| Additions | - |  | 23,571 |  | 960 |  | 277,331 |  | 301,862 |  |

| At 31 December 2024 | 1,896,982 |  | 456,745 |  | 64,653 |  | 1,936,403 |  | 4,354,783 |  |

| Depreciation

| At 1 January 2024 | 754,133 |  | 381,429 |  | 61,936 |  | 1,112,335 |  | 2,309,833 |  |

| Charge for year | 56,136 |  | 24,936 |  | 976 |  | 208,167 |  | 290,215 |  |

| At 31 December 2024 | 810,269 |  | 406,365 |  | 62,912 |  | 1,320,502 |  | 2,600,048 |  |

| Net book value

| At 31 December 2024 | 1,086,713 |  | 50,380 |  | 1,741 |  | 615,901 |  | 1,754,735 |  |

| At 31 December 2023 | 1,142,849 |  | 51,745 |  | 1,757 |  | 546,737 |  | 1,743,088 |  |

| Included in cost of land and buildings is freehold land of £ 774,287 (2023 - £ 774,287 ) which is not depreciated.

12. | Fixed asset investments

2024 | 2023 |

£ | £ |

| Shares in group undertakings | 1 |  | 1 |  |

| Other investments not loans | 1,628 |  | 1,628 |  |

1,629 |  | 1,629 |  |

| Additional information is as follows:

| Shares in

| group

| undertakings

£ |

| Cost

| At 1 January 2024

| and 31 December 2024 | 170,000 |  |

| Provisions

| At 1 January 2024

| and 31 December 2024 | 169,999 |  |

| Net book value

| At 31 December 2024 | 1 |  |

| At 31 December 2023 | 1 |  |

| Investments (neither listed nor unlisted) were as follows:

2024 | 2023 |

£ | £ |

| Fixed Asset Investments | 1,628 |  | 1,628 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

12. | Fixed asset investments - continued

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Huw Bolderson Roofing Merchants Limited

| Registered office: United Kingdom

| Nature of business: Roofing

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

13. | Stocks

2024 | 2023 |

£ | £ |

| Stocks | 2,348,968 |  | 2,095,342 |  |

14. | Debtors: amounts falling due within one year |

2024 | 2023 |

£ | £ |

| Trade debtors | 1,643,633 |  | 1,705,100 |  |

| Other debtors | 171,483 |  | 62,799 |  |

| Prepayments | 185,700 |  | 42,804 |  |

2,000,816 |  | 1,810,703 |  |

15. | Creditors: amounts falling due within one year |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 17) | 45,340 |  | 44,571 |  |

| Trade creditors | 1,472,542 |  | 1,177,733 |  |

| Amounts owed to group undertakings | - |  | 1 |  |

| Tax | 244,272 |  | 172,631 |  |

| Social security and other taxes | 141,694 |  | 81,432 |  |

| VAT | 105,249 |  | 226,746 |  |

| Other creditors | 28,135 |  | 34,135 |  |

| Accrued expenses | 316,091 |  | 363,049 |  |

2,353,323 |  | 2,100,298 |  |

16. | Creditors: amounts falling due after more than one year |

2024 | 2023 |

£ | £ |

| Bank loans (see note 17) | 309,827 |  | 349,137 |  |

17. | Loans

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 45,340 |  | 44,571 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 45,340 |  | 44,571 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

17. | Loans - continued

2024 | 2023 |

£ | £ |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 136,021 |  | 133,712 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 128,466 |  | 170,854 |  |

18. | Leasing agreements

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 111,600 |  | 122,017 |  |

| Between one and five years | 363,900 |  | 367,200 |  |

| In more than five years | 118,159 |  | 226,459 |  |

593,659 |  | 715,676 |  |

| During the year £137,100 (2023: £136,600) was recognised as an expense in the profit and loss account in respect of operating leases.

19. | Secured debts

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 355,167 |  | 393,708 |  |

| The bank loans are secured against the properties to which they relate.

| The loan secured on Former Builders Merchants & Premises, Pantglas, Aberfan and Manor House, Ipswich Road, Cardiff is repayable by August 2032. Interest is being charged at a fixed rate of 4.2% per annum for 10 years.

20. | Provisions for liabilities

2024 | 2023 |

£ | £ |

| Deferred tax | 167,046 |  | 142,483 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 142,483 |  |

| Provided during year | 24,563 |  |

| Balance at 31 December 2024 | 167,046 |  |

| Hughes Forrest Limited (Registered number: 00926615) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

21. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 10,000 | Ordinary A | £1 | 10,000 |  | 10,000 |  |

| 31,500 | Ordinary B | £1 | 31,500 |  | 31,500 |  |

| 17,000 | Ordinary C | £1 | 17,000 |  | 17,000 |  |

58,500 |  | 58,500 |  |

| The holders of all share types are entitled to receive dividends as declared from time to time. Ordinary A shares are entitled to one vote per share at meetings of the company. Ordinary B and Ordinary C shares are non voting shares.

22. | Reserves

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 8,455,330 |  | 116,500 |  | 8,571,830 |  |

| Profit for the year | 676,747 |  | 676,747 |  |

| Dividends | (179,850 | ) | (179,850 | ) |

| At 31 December 2024 | 8,952,227 |  | 116,500 |  | 9,068,727 |  |

23. | Pension commitments

| The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £190,400 (2023: £158,443)

| Within Creditors as at 31 December 2024, included an amount totalling £nil (2023: £nil) which relates to accrued pension contributions.

24. | Related party disclosures

| Entities with control, joint control or significant influence over the entity |  |

| During the year Directors made purchases of £829 (2023: £9,072) on a trade account.

| At the balance sheet date the trade balances due from the directors was £nil (2023: £28).

| Hughes Forrest Ltd paid the Hughes Forrest Executive Pension scheme, of which one director is a member, rent for the company's premises at Ebbw Vale of £25,000 (2023: £25,000).

| One director charged Hughes Forrest Limited £22,200 (2023: £21,760) for accountancy services provided. The balance owed at the balance sheet date was £4,800 (2023: £5,760).

| Dividends were paid of £179,850 (2023: £183,000).

| Entities over which the entity has control, joint control or significant influence

2024 | 2023 |

£ | £ |

| Amount due (to)/from related party | (1 | ) | (1 | ) |

| Other related parties |

| The amount owed to shareholders at the balance sheet date was £28,135 (2023: £34,135) held within other creditors.

25. | Ultimate controlling party

| The controlling party is Mr R Brian.