ACCOUNTS - Final Accounts

Accounting Policy: Turnover on long term contracts
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 and collection is probable. Turnover is measured as the fair
value of the consideration received or receivable, excluding discounts, rebates, value added tax and
other sales taxes.
Turnover on long term contracts is recognised according to the stage of completion at the period end
date by deferring or accruing amounts as necessary. The stage of completion is based upon a review of
the contract progress and proportion of the total estimated contract value of the costs after accruing for
work performed.
Critical accounting estimates and judgements: Contract revenues and costs
Where it is probable the total contract costs will exceed the contract revenues on a construction contract,
the expected loss is recognised as an expense immediately with a corresponding provision for the excess
costs in accruals. In making their assessment of the total contract costs the directors have considered the probable outcomes arising from potential contractual claims.

An analysis of turnover by class of business is as follows:

Registered number: 04400298

HOULDER LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HOULDER LIMITED

COMPANY INFORMATION

Directors	R W A Hare
	S J Hill
	M E V Goalen
	J D Strachan


Registered number	04400298


Registered office	Leytonstone House
	3 Hanbury Drive
	Leytonstone
	London
	E11 1GA


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

HOULDER LIMITED

CONTENTS

	Page
Strategic report	1 - 3
Directors' report	4 - 5
Independent auditors' report	6 - 9
Statement of comprehensive income	10
Balance sheet	11
Statement of changes in equity	12
Notes to the financial statements	13 - 29

HOULDER LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Business review

The directors report that the company made a loss after tax of £562,766 (2023 667,202 profit). This result reflects a year of transition – conscious decisions to mitigate risk, invest in technology and address underlying profitability.

Houlder continues to demonstrate strength in technical delivery and longstanding deep client relationships in the maritime industry.
Risk mitigation
The business discontinued its offshore construction and other turnkey implementation activities during the year. The short-term loss in contribution should be balanced against a diminution in risk. Looking forward an improvement in the quality of income is expected.
Technology Investment
Houlder has dedicated resources to apply the latest in data, coding and computing to model and optimise real world ‘decision support’ challenges in the maritime industry. An example is the assessment of wind assisted propulsion to evaluate efficiency opportunities and equipment suppliers’ claims. Costs incurred have been expensed in 2024 but will support revenue in 2025 and beyond.
Underlying profitability
Losses incurred in H1 2024 were not fully recovered in H2 but management moved to reduce overheads and hence improve underlying profitability. Normalised EBITDA for H2, before one-off restructuring costs, showed a modest profit.
The board recognises that changes in Houlder’s key market sectors present significant opportunities for the business, particularly the need to rise to the challenges of a transition to a lower carbon world.

Page 1

HOULDER LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

Strategic risks
Two themes prevail in the markets Houlder serves – the transition to low carbon energy production and the decarbonisation of shipping. Each gives rise to challenge and opportunity through which we support our clients with advisory and design services and supported by our inhouse technology. The board continues to direct the development of our capabilities to address growing demand in the maritime industry including its passenger transportation, superyacht and ocean research sectors.
All of those engaged in domestic and international marine activity face significant challenges in meeting evolving taxation and regulatory frameworks driving the energy transition to net zero. This will impact new and existing vessels adding new technologies as they strive to improve fuel efficiency. Clients must balance the investment and technology risk while remaining competitive and compliant. The board is focused on ensuring that the company’s activities evolve to help its clients meet these challenges.
Several geopolitical factors which affected global trade and supply chains during 2024 persist into 2025 such as the war in Ukraine and the insecurity of Red Sea shipping routes. Changes to US policy and their impact on global trade contribute to an uncertain economic environment. Houlder expects to prove resilient despite these headwinds. Increased emphasis on energy security for example will help sustain investment in our key markets. For our clients, however, investment decisions are becoming increasingly complex in the face of market volatility from foreign exchange to commodity prices. Aspects of this complexity are addressed directly by Houlder’s solutions which support technology selection and deployment through evidenced-based decision making.
We are confident, however, that we have the financial and operational strength to withstand the various challenges, support our clients through the crises and continue serving them, whilst pursuing our growth plans.
The company will continue to refine its operating model to keep risk and return at acceptable levels.

Financial risks

The company's sales and purchases are denominated mainly in GBP.
Liquidity and cash flow risk are managed through agreeing appropriate payment terms with clients and suppliers.
Operational risks
Operational risks are mitigated by the company's commitment to quality assurance. Houlder is accredited to ISO 9001 and operates under a Business Quality Management System (BQMS).

Project risks
All hazards and risks are evaluated through the project and HSE functions within the company and mitigated using the group’s HSE management systems.

Financial key performance indicators

The directors actively review the monthly management accounts, forecasts, and cash levels as key indicators to monitor the performance of the company.

Page 2

HOULDER LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators

The company’s BQMS helps formalise a culture of objective setting and performance measurement of a broad range of KPIs including health and safety.
Future developments
The directors continually strive to invest in safety, project management and product development to ensure that the highest level of service is provided to our clients.
Sustainability is at the heart of Houlder's business and accordingly the directors are taking steps to baseline and improve its Environmental, Social and Governance (ESG) performance. A plan is in place to chart a path to net zero carbon.

This report was approved by the board on 2 September 2025 and signed on its behalf.

R W A Hare

Director

Page 3

HOULDER LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

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;

∙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.

Principal activity

The principal activity of Houlder Limited is the design, engineering and management of projects and the supply of equipment for its clients in the offshore oil & gas, marine, defence and offshore renewable energy industries.

Results and dividends

The loss for the year, after taxation, amounted to £562,766 (2023 - profit £667,202).

The directors do not recommend a final dividend.

Directors

The directors who served during the year were:

R W A Hare

S J Hill

M E V Goalen

J D Strachan

Page 4

HOULDER LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 2 September 2025 and signed on its behalf.

R W A Hare

Director

Page 5

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED

Opinion

We have audited the financial statements of Houlder Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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.

Page 6

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)

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.

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 7

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;

∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:

∙UK GAAP FRS 102 and Companies Act; and

∙Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:

∙Review of the financial statement disclosures and testing to supporting documentation;

∙Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:

∙Revenue Recognition (including deferred income);

∙Management Override; and

∙Amounts Recoverable on Long Term Contracts

Audit procedures in response to the identified areas above:

∙Obtaining an understanding of the processes and controls around revenue recognition;

∙Substantively testing revenue via various testing including transactional and cut off;

∙Review and test amounts recoverable on long term contracts to the contract and revenue recognition points;

∙Evaluation of the appropriateness of the accounting policies;

∙Testing the appropriateness of journal entries and other adjustments;

∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Page 8

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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.

Stuart Moon (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

Date: 16 September 2025

Page 9

HOULDER LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	3	9,420,897	14,074,799
Cost of sales		(6,286,059)	(10,408,315)
Gross profit		3,134,838	3,666,484
Administrative expenses		(3,584,876)	(3,060,239)
Other operating income	4	-	7,541
Other operating charges		(109,567)	(397,417)
Operating (loss)/profit	5	(559,605)	216,369
Interest receivable and similar income	8	-	177,575
Interest payable and similar expenses	9	(3,161)	-
(Loss)/profit before tax		(562,766)	393,944
Tax on (loss)/profit	10	-	273,258
(Loss)/profit for the financial year		(562,766)	667,202

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 29 form part of these financial statements.

Page 10

HOULDER LIMITED

REGISTERED NUMBER: 04400298

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	11		93,344		133,340
Tangible assets	12		38,534		74,112
Investments	13		102		102
			131,980		207,554
Current assets
Debtors: amounts falling due within one year	14	8,529,070		9,761,184
Cash at bank and in hand	15	252,962		718,939
		8,782,032		10,480,123
Creditors: amounts falling due within one year	16	(1,171,366)		(2,382,265)
Net current assets			7,610,666		8,097,858

Net assets			7,742,646		8,305,412

Capital and reserves
Called up share capital	17	103,285	103,285
Profit and loss account	18	7,639,361	8,202,127
		7,742,646	8,305,412

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2025.

R W A Hare	S J Hill
Director	Director

The notes on pages 13 to 29 form part of these financial statements.

Page 11

HOULDER LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	103,285	7,534,925	7,638,210
Comprehensive income for the year
Profit for the year	-	667,202	667,202

At 1 January 2024	103,285	8,202,127	8,305,412
Comprehensive income for the year
Loss for the year	-	(562,766)	(562,766)
At 31 December 2024	103,285	7,639,361	7,742,646

The notes on pages 13 to 29 form part of these financial statements.

Page 12

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Houlder Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its
registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA.

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.

2.2

Consolidated financial statements

The company is itself a subsidiary company of CC223 Limited (incorporated in England and Wales) and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CC223 Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

2.4

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.

Page 13

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Turnover from long term contracts	9,420,897	14,074,799

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	6,264,310	7,487,492
Rest of Europe	451,452	689,871
Rest of the world	2,705,135	5,897,436
	9,420,897	14,074,799

Page 14

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	OTHER OPERATING INCOME
		2024	2023
		£	£

	Other operating income	-	7,541

Other operating income relates to a further favourable settlement on legal action in a prior year.

Page 15

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's remuneration	20,000	20,000
Exchange differences	22,724	25,911
Other operating lease rentals	279,373	265,330
Depreciation of tangible assets	47,651	50,149
Defined contribution pension cost	421,329	447,111
Other operating charges	109,567	397,417
Amortisation of intangibles	39,996	39,996

Page 16

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


Wages and salaries	4,498,835	4,493,574
Social security costs	519,941	522,693
Other pension costs	421,329	447,111
	5,440,105	5,463,378

The average monthly number of professional and administrative employees, including the directors, during the year was 70 (2023 - 73).

Page 17

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	DIRECTORS' REMUNERATION
		2024	2023
		£	£

Directors' emoluments	492,105	617,348
Company contributions to defined contribution pension schemes	82,309	65,994

	During the year retirement benefits were accruing to 4 directors (2023 - 5) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £148,949 (2023 - £155,201).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,760 (2023 - £20,051).

Other interest receivable

177,575

Other loan interest payable

3,161

Page 18

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Adjustments in respect of previous periods	-	(273,258)

Total current tax	-	(273,258)

Page 19

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.TAXATION (continued)

(Loss)/profit on ordinary activities before tax

(562,766)

393,944

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	(140,692)	92,656
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,887	70,921
Capital allowances for year in excess of depreciation	8,894	4,276
Tax rate changes	-	2,282
Adjustments to tax charge in respect of prior periods	-	(273,258)
Non-taxable income	(2,337)	(420)
Unrelieved tax losses carried forward	112,248	-
Tax losses utilised	-	(169,715)
Group relief	20,000	-
Total tax charge for the year	-	(273,258)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 20

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	INTANGIBLE FIXED ASSETS
	Accounting policy: Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. Accounting policy: Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

	Development expenditure	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	281,901	200,000	481,901
At 31 December 2024	281,901	200,000	481,901
Amortisation
At 1 January 2024	281,901	66,660	348,561
Charge for the year on owned assets	-	39,996	39,996
At 31 December 2024	281,901	106,656	388,557
Net book value
At 31 December 2024	-	93,344	93,344
At 31 December 2023	-	133,340	133,340

Page 21

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	TANGIBLE FIXED ASSETS
	Accounting Policy: 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. Costs incurred directly attributable to plant and equipment where construction is in progress are capitalised. No depreciation is charged on construction in progress. Upon completion the historic cost is transferred to plant and equipment. Cost includes all raw materials and consumables and the direct costs of construction including staff engaged directly in the construction. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income. Accounting Policy: Depreciation Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: - Office Equipment - 3 to 10 years straight line. - Plant & machinery - 2 to 4 years straight line. 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. Critical accounting estimates and judgements: Useful economic lives The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Page 22

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.TANGIBLE FIXED ASSETS (continued)

		Fixtures and fittings
		£
	COST
	At 1 January 2024	886,223
	Additions	12,073
	At 31 December 2024	898,296
	Depreciation
	At 1 January 2024	812,111
	Charge for the year on owned assets	47,651
	At 31 December 2024	859,762
	Net book value
	At 31 December 2024	38,534
	At 31 December 2023	74,112

Page 23

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	FIXED ASSET INVESTMENTS
	Accounting Policy: Fixed asset investments Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2024	102
	At 31 December 2024	102

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

	Hart Fenton & Co Limited	Leytonstone House, 3 Hanbury Drive, London, England, E11 1GA	Ordinary	100%
	Seaspeed Marine Consultancy Limited	Leytonstone House, 3 Hanbury Drive, London, England, E11 1GA	Ordinary	100%

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.

DEBTORS

Accounting Policy: Debtors Short term debtors are measured at transaction price, less any impairment. The company only enters into basic financial instruments transactions that result in the recognition of financial assets like trade and other accounts receivable. Debt instruments that are receivable within one year, typically receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received. Critical Accounting Estimates and Judgements: Impairment of Debtors The management make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, factors including the credit rating of the debtor, the ageing profile of debtors and historical experience are considered. Critical Accounting Estimates and Judgements: Amounts Recoverable on Long Term Contracts The company recognises amounts recoverable on long term contracts based upon estimation of the outcome based on estimated stage of completion, future cost and collectability of billings.
	2024	2023
	£	£


Trade debtors	1,006,857	1,653,297
Amounts owed by group undertakings	6,293,357	6,359,111
Other debtors	342,225	281,628
Amounts recoverable on long-term contracts	886,631	1,467,148
	8,529,070	9,761,184

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Cash at bank and in hand	252,962	718,939

Security
The company's bankers hold fixed and floating charges over the assets of the company. The amount secured in connection with the sales finance agreement is a debit balance of £Nil (2023 - £2,235) and is included within other debtors.

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Trade creditors and deferred income	541,523	846,826
Amounts owed to group undertakings	325	325
Other taxation and social security	293,968	347,341
Other creditors	90,060	181,923
Accruals	245,490	1,005,850
	1,171,366	2,382,265

Allotted, called up and fully paid

103,285 (2023 - 103,285) Ordinary shares of £1.00 each	103,285	103,285

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.

RESERVES

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.

19.	PENSION COMMITMENTS

Accounting Policy: Defined Contribution Pension Plans
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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.
Defined Contribution Pension Plan
The pension cost represents contributions payable by the company to the fund and amounted to £421,329 (2023 - £447,111). Contributions totalling £47,733 (2023 - £57,082) were payable to the fund at the balance sheet date.

Not later than 1 year	45,245	43,457
Later than 1 year and not later than 5 years	-	60,587
	45,245	104,044

21.	RELATED PARTY TRANSACTIONS
	Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 paragraph 33.1A. The group publishes consolidated accounts which are available from Companies House at https://www.gov.uk/government /organisations /companies-house.

Page 28

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	CONTROLLING PARTY

The company regards CC223 Limited as its ultimate controlling parent company.
CC223 Limited is the smallest and largest consolidation including the final results of Houlder Limited.

Page 29