ACCOUNTS - Final Accounts

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

Registered number: 10015572

HUNTERS CONTRACTS (HOLDINGS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HUNTERS CONTRACTS (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	N Campbell
	S Brennan
	L Harman
	R Cannon


Company secretary	N Campbell


Registered number	10015572


Registered office	Unit A OYO Business Units
	Hindmans Way
	Dagenham
	Essex
	RM9 6LP


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

HUNTERS CONTRACTS (HOLDINGS) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10
Company balance sheet	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 34

HUNTERS CONTRACTS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Group's principal activity is helping companies specify, procure and install furniture.

Business review

The Group’s financial position remains positive despite a decrease in retained profits to £832,923 (2023: £878,820)
The Group's results have shown acceptable position for the year despite turnover decreasing slightly to £24m compared to 2023. This was due to confirmed orders delayed until January 2025.
The market in London remains highly competitive, however our existence within the industry for nearly 35 years clearly demonstrates our ability to service both new and existing clients and strengthens our relationships with our many manufacturers.
The board of directors regularly monitor it’s KPIs to respond to any changes that may affect its risk. With an already strong order book for 2025 the group will only continue to improve its financial position.
The directors are satisfied with the performance for the year.

Principal risks and uncertainties

Despite the competitive market, gross margins and cost-effective operational overheads were maintained.
The Board regularly review the risks facing the Group and are confident that its internal policies minimise and control any such risks. Cash reserves continue to remain positive at a level suitable for day-to-day cash flow requirements.
Trade debtors and creditors are also managed according to policies to reduce such risk to cash flow by monitoring credit facilities, payment terms and liquidity risk to meet its obligations.

Financial key performance indicators

The Directors regularly monitor the effectiveness and growth of the business by delivering exceptional service to our customers with the aid of their employees who are key to its continued success.
Maintaining gross profit margins & operational overheads focusing on each department shall help achieve these objectives.
Sales performance for the year dropped 8% compared to 2023.
Administrative and distribution expense continue to be monitored and controlled.
Administrative costs 17.62% of turnover (15.94% in 2023), excluding amortisation of goodwill.
Distribution costs of 0.50% compared to turnover, comparable to that of 2023 (0.65%).

Page 1

HUNTERS CONTRACTS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments
The business continues to monitor our KPIs on a regular basis to ensure that our new technology, systems and processes support our business model.
With Hunters reputation maintaining our excellent standing within the industry coupled with an experienced and dedicated leadership team, we expect turnover to increase to approx. £32m for 2025, having an already secured order book of £27m at the end of July 2025.
The Group is positioned well to navigate the continued challenges the market faces during 2025 and with a confident financial sales forecast as mentioned for 2025 in the region of £32m

This report was approved by the board on 29 September 2025 and signed on its behalf.

N Campbell

Director

Page 2

HUNTERS CONTRACTS (HOLDINGS) 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £54,103 (2023 - £365,718).

There was a dividend of £100,000 in the year (2023 - £Nil).

Directors

The directors who served during the year were:

N Campbell

S Brennan

L Harman

R Cannon

G M Thomas (resigned 30 January 2025)

M Playell (resigned 30 January 2025)

Page 3

HUNTERS CONTRACTS (HOLDINGS) 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

In January 2025, Martin Playell and Gary Thomas resigned as directors from the company. Each of these directors held 125 class A ordinary shares which were brought back by the Company once they resigned.
The company paid back £300,000 of the loan notes to the relevant noteholders, leaving a carried forward balance of £1.2 million.
There are no other post balance sheet events to note.

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

This report was approved by the board on 29 September 2025 and signed on its behalf.

N Campbell

Director

Page 4

HUNTERS CONTRACTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUNTERS CONTRACTS (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Hunters Contracts (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the , the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the Parent 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.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUNTERS CONTRACTS (HOLDINGS) 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 6

HUNTERS CONTRACTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUNTERS CONTRACTS (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and the Parent 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 Group or the Parent 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 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 Group 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 assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;

∙ Reviewing the financial statements and testing the disclosures against supporting documentation;

∙ Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙ Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙ Assessing whether judgement and assumptions made in determining significant accounting estimates,
including bad debt provisions, were indicative of management bias

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

HUNTERS CONTRACTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUNTERS CONTRACTS (HOLDINGS) LIMITED (CONTINUED)

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.

Ricky Downey (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA

30 September 2025

Page 8

HUNTERS CONTRACTS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	24,006,272	26,074,482
Cost of sales		(19,030,176)	(20,665,904)
Gross profit		4,976,096	5,408,578
Distribution costs		(120,696)	(169,258)
Administrative expenses		(4,672,112)	(4,596,679)
Other operating income	5	93,394	46,353
Operating profit	6	276,682	688,994
Interest receivable and similar income	10	17,983	17,083
Interest payable and similar charges	11	(34,194)	(57,385)
Profit before tax		260,471	648,692
Tax on profit	12	(206,368)	(282,974)
Profit for the financial year		54,103	365,718

Profit for the year attributable to:
Owners of the Parent Company		(54,103)	(365,718)

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

There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

REGISTERED NUMBER: 10015572

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

	2024	2024	2023	2023
Note	£	£	£	£

Fixed assets
Intangible assets	15		2,054,367		2,494,588
Tangible assets	16		72,947		103,692
			2,127,314		2,598,280
Current assets
Debtors: amounts falling due within one year	18	4,077,371		2,855,013
Cash at bank and in hand	19	2,563,608		1,656,282
		6,640,979		4,511,295
Creditors: amounts falling due within one year	20	(7,899,856)		(6,178,432)
Net current liabilities			(1,258,877)		(1,667,137)
Total assets less current liabilities			868,437		931,143
Creditors: amounts falling due after more than one year	21		(27,527)		(44,336)
Provisions for liabilities
Deferred taxation	24		(6,987)		(6,987)
Net assets			833,923		879,820

Capital and reserves
Called up share capital	25	1,000	1,000
Profit and loss account		832,923	878,820
Equity attributable to owners of the Parent Company		833,923	879,820

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

S Brennan	N Campbell
Director	Director

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

REGISTERED NUMBER: 10015572

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

	2024	2024	2023	2023
Note	£	£	£	£

Fixed assets
Investments	17		6,733,514		6,733,514
Current assets
Cash at bank and in hand	19	111,814		93,683
Creditors: amounts falling due within one year	20	(6,844,267)		(6,826,126)
Net current liabilities			(6,732,453)		(6,732,443)
Net assets			1,061		1,071

Capital and reserves
Called up share capital	25		1,000		1,000
Profit and loss account brought forward		71		113
Profit/(loss) for the year		99,990		(42)
Dividends paid		(100,000)		-
Profit and loss account carried forward			61		71
			1,061		1,071

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

S Brennan	N Campbell
Director	Director

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

CONSOLIDATED 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	1,000	513,102	514,102
Comprehensive income for the year
Profit for the year	-	365,718	365,718

At 1 January 2024	1,000	878,820	879,820
Comprehensive income for the year
Profit for the year	-	54,103	54,103
Contributions by and distributions to owners
Dividends: Equity capital	-	(100,000)	(100,000)
At 31 December 2024	1,000	832,923	833,923

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

COMPANY 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	1,000	113	1,113
Comprehensive income for the year
Loss for the year	-	(42)	(42)

At 1 January 2024	1,000	71	1,071
Comprehensive income for the year
Profit for the year	-	99,990	99,990
Contributions by and distributions to owners
Dividends: Equity capital	-	(100,000)	(100,000)
At 31 December 2024	1,000	61	1,061

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	54,103	365,718
Adjustments for:
Amortisation of intangible assets	440,221	440,221
Depreciation of tangible assets	36,202	43,426
Interest paid	34,194	57,385
Interest received	(17,983)	(17,083)
Taxation charge	206,368	282,974
(Increase)/decrease in debtors	(1,222,358)	1,713,400
Increase/(decrease) in creditors	1,741,546	(2,524,717)
Corporation tax (paid)	(190,000)	(299,312)
Net cash generated from operating activities	1,082,293	62,012

Cash flows from investing activities
Purchase of tangible fixed assets	(5,457)	(45,860)
Interest received	17,983	17,083
Net cash from investing activities	12,526	(28,777)
Cash flows from financing activities
Repayment of loans	(36,490)	(527,883)
Repayment of/new finance leases	(16,809)	9,215
Dividends paid	(100,000)	-
Interest paid	(34,194)	(57,385)
Net cash used in financing activities	(187,493)	(576,053)
Net increase/(decrease) in cash and cash equivalents	907,326	(542,818)
Cash and cash equivalents at beginning of year	1,656,282	2,199,100
Cash and cash equivalents at the end of year	2,563,608	1,656,282

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,563,608	1,656,282

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	1,656,282	907,326	2,563,608
Debt due within 1 year	(1,536,302)	36,302	(1,500,000)
Finance leases	(61,145)	16,809	(44,336)
	58,835	960,437	1,019,272

The notes on pages 16 to 34 form part of these financial statements.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Hunters Contracts (Holdings) Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its Registered office is Unit A, OYO Business Units, Hindmans Way, Dagenham, Essex, RM9 6LP.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2018.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

The financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Group will have sufficient resources to enable it to meet its liabilities as they fall due.
As at 31 December 2024, the Group had net current liabilities of £1,258,877 and net assets of £833,923 and the Parent Company had net current liabilities of £6,732,453 and net assets of £1,061. Parent company liabilities include amounts owed to shareholders of £1,500,000 which are recognised as current year liabilities under the recognition criteria of FRS 102, as they are technically repayable on demand. However at the year end date and up to the date of signing this report, these loans have not been called due.
The trading subsidiary, Hunters Contracts Limited, continues to be profitable and solvent, reporting a profit after tax for the year ended 31 December 2024 of £494,522.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

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

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

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

∙the amount of revenue can be measured reliably;

∙it is probable that the Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

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

2.11

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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 19

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Intangible assets

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 the Group's share 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 Consolidated statement of comprehensive income over its useful economic llife.

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.

Amortisation is provided on the following bases:

Goodwill

10%

2.13

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.

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:

Short-term leasehold property	-	20%	per annum
Motor vehicles	-	33%	per annum
Office equipment	-	20%	to 33% per annum

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group 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 Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 20

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Financial instruments

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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Page 21

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

2.20

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.

Page 22

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The Directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets an liabilities within the next financial year are addressed below.
(a) Useful economic lives of tangible assets
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. See note 16 for the carrying amount of the property, plant and equipment, and note 2.13 for the useful economic lives for each class of asset.
(b) Impairment period for intangible assets
The annual impairment charge for intangible assets has been determined to be over 10 years. See note 15 for the carrying amount of the goodwill, and note 2.12 for the useful economic life of the goodwill.
(c) Provision for doubtful debts
The directors review the trade debtor balance at the year end and introduce provisions where it is deemed necessary due to a customer being unlikely to pay the debt. The provision is based on discussions had with the customer and the directors' historical experience.

Page 23

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Turnover	24,006,272	26,074,482

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	21,185,498	25,451,331
Rest of Europe	2,818,435	584,159
Rest of the world	2,339	38,992
	24,006,272	26,074,482

5.	Other operating income
		2024	2023
		£	£

	Other operating income	93,394	46,353

Depreciation	36,202	43,426
Amortisation	440,221	440,221
Other operating lease rentals	376,148	325,478
Exchange differences	(1,716)	-

Page 24

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Auditors' remuneration
	During the year, the Group obtained the following services from the Company's auditors:
		2024	2023
		£	£


Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	16,250	15,000
Taxation compliance services	2,800	2,600
All other services	-	720
	19,050	18,320

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	2,775,322	2,651,529	937,949	930,309
Social security costs	230,592	368,627	1,765	123,274
Cost of defined contribution scheme	59,776	55,447	14,093	13,290
	3,065,690	3,075,603	953,807	1,066,873

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

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Sales	14	12	-	-
Administration	23	23	-	-
Warehouse	6	7	-	-
Directors	6	6	6	6

	49	48	6	6

Page 25

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	937,949	930,309
Group contributions to defined contribution pension schemes	14,093	13,290
	952,042	943,599

	During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £310,644 (2023 - £266,682).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,900 (2023 - £3,900).

10.	Interest receivable and similar income
		2024	2023
		£	£

Bank interest receivable

17,983

17,083

11.	Interest payable and similar charges
		2024	2023
		£	£

Loan interest payable	188	16,634
Finance leases and hire purchase contracts	34,006	32,940
Interest on overdue tax	-	7,811
	34,194	57,385

Page 26

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	206,368	282,974

Total current tax	206,368	282,974

	Deferred tax
	Total deferred tax	-	-


		206,368	282,974

Profit on ordinary activities before tax

260,471

648,692

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	65,118	162,173
Effects of:
Non-tax deductible amortisation of goodwill and impairment	110,055	110,055
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	23,753	28,545
Capital allowances for year in excess of depreciation	-	(17,799)
Short-term timing difference leading to an increase (decrease) in taxation	7,489	-
Other differences leading to an increase (decrease) in the tax charge	(47)	-
Total tax charge for the year	206,368	282,974

Factors that may affect future tax charges

There are no factors that may affect the future tax charge.

Page 27

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Dividends
		2024	2023
		£	£

Equity dividends paid

100,000

14.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £99,990 (2023 - loss £42).

15.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 January 2024	4,402,212
	At 31 December 2024	4,402,212
	Amortisation
	At 1 January 2024	1,907,624
	Charge for the year on owned assets	440,221
	At 31 December 2024	2,347,845
	Net book value
	At 31 December 2024	2,054,367
	At 31 December 2023	2,494,588

Page 28

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Tangible fixed assets
	Group

	Short-term leasehold property	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	205,140	68,686	541,127	814,953
Additions	-	-	5,457	5,457
At 31 December 2024	205,140	68,686	546,584	820,410
Depreciation
At 1 January 2024	147,596	68,685	494,980	711,261
Charge for the year on owned assets	16,466	-	19,736	36,202
At 31 December 2024	164,062	68,685	514,716	747,463
Net book value
At 31 December 2024	41,078	1	31,868	72,947
At 31 December 2023	57,544	1	46,147	103,692

Page 29

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	6,733,514
	At 31 December 2024	6,733,514

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Hunters Contracts Limited

Unit A, OYO Business Units, Hindmans Way, Dagenham, RM9 6LP

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves £	Profit £

Hunters Contracts Limited

5,512,009

494,522

18.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	3,342,862	2,287,015	-	-
Other debtors	7,430	7,064	-	-
Prepayments and accrued income	727,079	560,934	-	-
	4,077,371	2,855,013	-	-

Page 30

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Cash at bank and in hand	2,563,608	1,656,282	111,814	93,683

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Other loans	1,500,000	1,536,302	1,500,000	1,536,302
Trade creditors	3,409,241	2,475,315	-	-
Amounts owed to group undertakings	-	-	5,233,377	5,180,432
Corporation tax	199,320	182,952	-	-
Other taxation and social security	460,512	483,465	110,890	92,758
Obligations under finance lease and hire purchase contracts	16,809	16,809	-	-
Other creditors	-	18,684	-	16,634
Accruals and deferred income	2,313,974	1,464,905	-	-
	7,899,856	6,178,432	6,844,267	6,826,126

21.	Creditors: Amounts falling due after more than one year
		Group	Group
		2024	2023
		£	£

	Net obligations under finance leases and hire purchase contracts	27,527	44,336

Loans amounting to £1,500,000 (2023 - £1,536,302) comprise of loan notes which are secured by fixed and floating charges over the assets of the subsidiary company.

Page 31

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

Within one year	16,809	16,809
Between 1-5 years	27,527	44,336
	44,336	61,145

23.	Financial instruments
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	2,563,608	1,656,282	111,814	93,683
Financial assets measured at amortised cost	3,350,292	2,294,079	-	-
	5,913,900	3,950,361	111,814	93,683

	Financial liabilities
	Financial liabilities measured at amortised cost	(5,723,215)	(3,958,904)	(5,223,565)	(5,197,066)

Financial assets measured at fair value through profit or loss comprise of cash at bank.
Financial assets that are measured at amortised cost comprise of trade debtors, other debtors and amounts owed by group undertakings.
Financial liabilities are measured at amortised cost and comprise of trade creditors, other creditors and accruals.

Page 32

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(6,987)
	At end of year	(6,987)

Company

		2024

	At beginning of year	-
	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2024	2023
	£	£

Accelerated capital allowances

6,987

25.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

750 (2023 - 750) Ordinary shares of £1.00 each	750	750
250 (2023 - 250) Ordinary A shares of £1.00 each	250	250

	1,000	1,000

26.	Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £59,776 (2023 - £55,447). There were accrued pension contributions of £Nil (2023 - £Nil) at the year end.

Page 33

HUNTERS CONTRACTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

27.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	179,430	179,430
Later than 1 year and not later than 5 years	324,050	503,480
	503,480	682,910

		Group	Group
		2024	2023
		£	£

Not later than 1 year

5,146

2,314

28.	Related party transactions
	Under Section 33 of FRS 102, the Group has taken advantage of the exemption from the requirement to disclose transactions with the wholly owned group companies.
		2024	2023
		£	£


Transactions with key management personnel	937,949	930,309
Balance owed to key management personnel	1,500,000	1,552,936
Purchases with other related parties	100,000	100,000
	2,537,949	2,583,245

29.	Controlling party

In the opinion of the Directors there is no single ultimate controlling party.

30.	Post balance sheet event

In January 2025, Martin Playell and Gary Thomas resigned as directors from the Company. Each of these directors held 125 class A ordinary shares which were brought back by the company once they resigned.
The company paid back £300,000 of the loan notes to the relevant noteholders, leaving a carried forward balance of £1.2 million.
There are no other post balance sheet events to note.

Page 34