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Registered number: 06217640 HORBURY GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
HORBURY GROUP LIMITED COMPANY INFORMATION
Directors | T Wragg
| M Saunders
| M Brown
| A Gordon
Company secretary | M Saunders
Registered number | 06217640
Registered office | South Grove House
| South Grove
| Rotherham
| South Yorkshire
| S60 2AF
Independent auditors | Shorts Chartered Accountants and Statutory Auditors
| Cedar House
| 63 Napier Street
| Sheffield
| South Yorkshire
| S11 8HA
HORBURY GROUP LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 4
Directors' Report | 5 - 7
Directors' Responsibilities Statement | 8
Independent Auditors' Report | 9 - 12
Consolidated Statement of Comprehensive Income | 13
Consolidated Balance Sheet | 14 - 15
Company Balance Sheet | 16
Consolidated Statement of Changes in Equity | 17
Company Statement of Changes in Equity | 18
Consolidated Statement of Cash Flows | 19 - 20
Consolidated Analysis of Net Debt | 21
Notes to the Financial Statements | 22 - 42
HORBURY GROUP LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025 The Directors present their report and the audited financial statements of the Group for the year ended 31 May 2025.
Group Business Activities
Horbury Group Limited is a holding company for its subsidiary companies. The majority of the Group’s turnover is derived from its largest trading subsidiaries and their principal activities are: Titan Interior Solutions Limited – specialist interior fit-out subcontractor, undertaking various trades including suspended ceilings, drylining, carpets and floor finishes and demountable partitions. Titan Flooring Limited – specialist flooring contractor carrying out the supply and installation of floor preparation and floor coverings. Horbury Joinery Limited – specialist joinery contractor. Horbury Property Service Limited – specialist repairs, maintenance and compliance services contractor.
Performance Review
The Building Safety Act 2022 (BSA) has had a mixed impact on construction industry growth during the period. While its emphasis on higher standards, resident safety, and clearer accountability has enhanced quality and compliance, the introduction of new regulatory gateways—particularly for higher-risk residential buildings—has slowed the commencement of projects. Between June 2024 and May 2025, many developers and contractors experienced extended pre-construction phases due to delays in obtaining Building Safety Regulator approvals. This increased administrative workloads and compliance costs, particularly affecting high-rise residential projects, despite strong underlying demand. Despite these headwinds, the company delivered year-on-year growth with improved profit margins. The Board is satisfied with the results achieved under these challenging conditions.
Future Prospects
The company is well placed to benefit from anticipated improvements in the BSA approval process and the directors are confident it will continue to secure contracts and trade profitably. The core strategy of the group has strengthened margins, enhanced client satisfaction, and reduced risk exposure. The company continues to invest in its people and processes and remains on track to deliver its operational efficiency programme, which will provide sustained benefits. With secured orders and a strong pipeline, the company is on course to deliver further growth in FY2026 and beyond, alongside continuing margin improvement. Page 1
HORBURY GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Principal Risks and Uncertainties
The UK construction market remains highly competitive, and inflationary pressures or labour shortages may arise. These risks are mitigated through selective contract tendering, rigorous monitoring of contract performance, and disciplined working capital management. The company’s principal credit risk arises from customer receivables. This is managed through credit referencing, selective tendering, and robust collection procedures. Cash flow and debtor balances are monitored daily, supported by rolling forecasts. The company is not materially exposed to bad debts. Its selective tendering approach reduces credit risk, a factor that has contributed to failures across the wider construction sector.
Use of KPIs
The company monitors a range of financial and operational KPIs to support delivery of strategic objectives, including: •Tender margin versus final account margin on a contract by contract basis • Project status against original programme timetable • Overdue final account debts • Retention collection • Average frequency rate for health and safety data • Enquiry levels • Work in hand • Client and Contract selectivity matrix • Tender conversion monitoring – by sector and client Page 2
HORBURY GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
S172 Statement
Engaging with stakeholders The success of our business is dependent on the support of all our stakeholders. Building positive relationships with stakeholders that share our values is important to us, and working together towards shared goals assists us in delivering long-term sustainable success. Shareholders We have an open dialogue with our shareholders through monthly Board meeting and monthly management meeting, shareholders play a key role in our decision-making process, financial performance, and strategic outlook. Employees The safety of our employees and subcontractors is our foremost concern. We have processes in place to ensure the safety of our working practices and sites, we promote good practice through various incentives, and we review adherence through a site audit process. Health and Safety reporting is reviewed at all levels of the Group up to and including at Board level. Business unit managers attend monthly management meeting where we have an open dialogue to discuss the business financial performance, supplier and customer relationships and operational performance. We also run quarterly site management forums, which allows an opportunity for our site based employees to have an open dialogue with business management and play an active role in decision making. We have an open relationship with our employees and promote a two way dialogue to ensure continuous improvement of both the business and our employees. We promote the development of our employees through our “Planning for the Future” programme to upskill our staff to help make them, and us, more competitive. Employees needing help have access to support through our EAP as well as our trained Mental Health First Aiders positioned around the business. Customers Our ambition is to deliver best-in-class product and services to our customers. We continue to build strong and lasting relationships with our key customers and invest considerable time with them to understand their needs and listen to how we can improve our service. We attend regular site meeting with our customers to discuss on-going project matters and agree on key project related decisions. Suppliers We continue to build strong working relationships with our suppliers to develop long lasting partnerships. We run a central procurement team and one of their key performance targets is to continue to develop and support supplier relationships, this is done through periodic reviews with key accounts and more informally with open dialogue on a day-to-day basis. The Board recognises that relationship with suppliers is important to the Group’s long-term success and are briefed in the monthly management meeting by the Procurement team on supplier relationships and any open issues. Communities We engage with the local communities on several fronts and aim to give something back to the local communities we work in. We partner with a local charity each year to help raise awareness and we organise and fund several fund-raising events throughout the year which are keenly supported by employees. We also run an apprenticeship scheme committed to developing local talent into skilled tradespeople, professionals and managers and have formed a strategic partnership with Sheffield College. Page 3
HORBURY GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 This report was approved by the board on 22 September 2025 and signed on its behalf.
T Wragg Director
Page 4
HORBURY GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2025 The directors present their report and the financial statements for the year ended 31 May 2025.
Directors
The directors who served during the year were:
T Wragg
M Saunders
M Brown
A Gordon
Principal activity
Horbury Group Limited is a holding company for its subsidiary companies, with the majority of the group's turnover derived from its four largest trading subsidiaries and their principal activities are as follows: Titan Interior Solutions Limited - specialist interior fit-out subcontractor, undertaking various trades including suspended ceilings, dryining, carpets and floor finishes and demountable partitions. Titan Flooring Limited - specialist interior fit out subcontractor, undertaking various types of flooring including timber, carpets, vinyl and rubber and all forms of specialist floor preparation. Horbury Joinery Limited - specialist joinery contractor. Horbury Property Services Limited - specialist repairs, maintenance and compliance services contractors. The group also includes a property holding company (South Grove House Limited).
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £304,411 (2024 - £1,735,233). No ordinary dividends were paid. The directors do not recommend payment of a dividend. Page 5
HORBURY GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Horbury Group acknowledges the clear scientific evidence linking the rising concentrations of greenhouse gases in our atmosphere to a global warming effect that is resulting in changes to the Earth’s climate. As a responsible organisation, the Horbury Group seeks to minimise adverse environmental impacts resulting from its operations, including the direct and indirect release of greenhouse gas emissions from the use of energy, fuels and refrigerants across the business. Emissions by source Energy consumption used to calculate emissions Intensity ratio For the purposes of monitoring and improving our energy efficiency, we have introduced a carbon intensity metric of ‘tonnes of CO2e per £1 million of turnover’. Greenhouse gas emissions have been calculated by multiplying the energy usage by the emission factors listed on Government websites. The Horbury Group utilises fully renewable electricity sources and figures have been presented using the market-based reporting approach. Energy efficiency action Horbury Group Limited has taken a number of actions relating to its carbon footprint. End of life fleet vehicles are replaced with more efficient vehicles, either fossil fuel or electric, dependant on use cases. Charging points for electric vehicles have been installed at the Group’s head office. The Group continues to investigate ways to reduce its impact on the environment through reduction of emissions of greenhouse gasses. Page 6
HORBURY GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
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
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Shorts Chartered Accountants and Statutory Auditors, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 22 September 2025 and signed on its behalf.
T Wragg Director
Page 7
HORBURY GROUP LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MAY 2025 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 judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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. Page 8
HORBURY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP LIMITED
Opinion
We have audited the financial statements of Horbury Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated Statement of Comprehensive Income, 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 May 2025 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. Page 9
HORBURY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP 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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 8, 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. Page 10
HORBURY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Company; and ∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙considered journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; ∙considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and ∙review of legal and professional fees and of incident log for evidence of litigation. Page 11
HORBURY GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP LIMITED (CONTINUED) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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. Andy Irvine (Senior Statutory Auditor) for and on behalf of Shorts Chartered Accountants and Statutory Auditors Cedar House 63 Napier Street Sheffield South Yorkshire S11 8HA 22 September 2025 Page 12
HORBURY GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 74,529,374 | 68,919,575
Cost of sales |  | (63,428,922) | (59,114,138)
Gross profit |  | 11,100,452 | 9,805,437
Administrative expenses |  | (9,181,494) | (9,127,808)
Other operating income | 5 | 16,627 | 59,530
Operating profit before exceptional items | 6 | 1,935,585 | 737,159
Exceptional items | 10 | (566,329) | 1,776,099
Operating (loss)/profit after exceptional items |  | 1,369,256 | 2,513,258
Interest receivable and similar income | 11 | 84,184 | 1,109
Interest payable and similar expenses | 12 | (437,581) | (597,004)
Profit before taxation |  | 1,015,859 | 1,917,363
Tax on profit | 13 | (458,604) | 129,386
Profit for the financial year |  | 557,255 | 2,046,749
Total comprehensive income for the year |  | 557,255 | 2,046,749
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 252,844 | 311,516
Owners of the parent Company |  | 304,411 | 1,735,233
|  | 557,255 | 2,046,749
Total comprehensive income for the year attributable to: |  |  |
Non-controlling interest |  | 252,844 | 311,516
Owners of the parent Company |  | 304,411 | 1,735,233
|  | 557,255 | 2,046,749
The notes on pages 22 to 42 form part of these financial statements.
Page 13
HORBURY GROUP LIMITED REGISTERED NUMBER: 06217640 CONSOLIDATED BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 1,217,414 |  | 1,196,482
Tangible assets | 15 |  | 1,708,413 |  | 1,785,714
Investment property | 17 |  | 1,722,091 |  | 1,722,091
|  |  | 4,647,918 |  | 4,704,287
Current assets |  |  |  |  |
Stocks |  | 85,767 |  | - |
Debtors: amounts falling due within one year | 19 | 13,043,372 |  | 15,046,248 |
Cash at bank and in hand |  | 2,602,032 |  | - |
|  | 15,731,171 |  | 15,046,248 |
Creditors: amounts falling due within one year | 20 | (14,414,339) |  | (14,204,150) |
Net current assets |  |  | 1,316,832 |  | 842,098
Total assets less current liabilities |  |  | 5,964,750 |  | 5,546,385
Creditors: amounts falling due after more than one year | 21 |  | (625,000) |  | (875,000)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (111,110) |  | - |
|  |  | (111,110) |  | -
Net assets |  |  | 5,228,640 |  | 4,671,385
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 20,485 |  | 20,485
Share premium account | 25 |  | - |  | 5,633,456
Revaluation reserve | 25 |  | 539,939 |  | 539,939
Profit and loss account | 25 |  | 4,060,157 |  | (1,877,710)
Equity attributable to owners of the parent Company |  |  | 4,620,581 |  | 4,316,170
Non-controlling interests |  |  | 608,059 |  | 355,215
|  |  | 5,228,640 |  | 4,671,385
Page 14
HORBURY GROUP LIMITED REGISTERED NUMBER: 06217640 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025.
T Wragg
Director
The notes on pages 22 to 42 form part of these financial statements. Page 15
HORBURY GROUP LIMITED REGISTERED NUMBER: 06217640 COMPANY BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 3,951,763 |  | 3,951,763
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 19 | 7,283,072 |  | 4,416,303 |
|  | 7,283,072 |  | 4,416,303 |
Creditors: amounts falling due within one year | 20 | (8,740,246) |  | (5,632,031) |
Net current liabilities |  |  | (1,457,174) |  | (1,215,728)
Total assets less current liabilities |  |  | 2,494,589 |  | 2,736,035
Creditors: amounts falling due after more than one year | 21 |  | (625,000) |  | (875,000)
Net assets |  |  | 1,869,589 |  | 1,861,035
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 20,485 |  | 20,485
Share premium account | 25 |  | - |  | 5,633,456
Other changes in the profit and loss account |  | 5,633,456 |  | 3,842 |
Profit and loss account carried forward |  |  | 1,849,104 |  | (3,792,906)
|  |  | 1,869,589 |  | 1,861,035
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025.
T Wragg
Director
The notes on pages 22 to 42 form part of these financial statements. Page 16

|  | HORBURY GROUP LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
|  | Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 June 2023 | 19,206 | 4,313,477 | 539,939 | (3,616,785) | 1,255,837 | 43,699 | 1,299,536
| Profit for the year | - | - | - | 1,735,233 | 1,735,233 | 311,516 | 2,046,749
| Shares cancelled during the year | (3,842) | - | - | 3,842 | - | - | -
| Contributions by and distributions to owners |  |  |  |  |  |  |
| Shares issued during the year | 5,121 | 1,319,979 | - | - | 1,325,100 | - | 1,325,100
| At 1 June 2024 | 20,485 | 5,633,456 | 539,939 | (1,877,710) | 4,316,170 | 355,215 | 4,671,385
| Profit for the year | - | - | - | 304,411 | 304,411 | 252,844 | 557,255
| Transfer to/from profit and loss account | - | (5,633,456) | - | 5,633,456 | - | - | -
| At 31 May 2025 | 20,485 | - | 539,939 | 4,060,157 | 4,620,581 | 608,059 | 5,228,640
| The notes on pages 22 to 42 form part of these financial statements.
Page 17

|  | HORBURY GROUP LIMITED |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
|  | Called up share capital | Share premium account | Profit and loss account | Total equity
|  | £ | £ | £ | £
| At 1 June 2023 | 19,206 | 4,313,477 | (5,045,909) | (713,226)
| Profit for the year | - | - | 1,249,161 | 1,249,161
| Shares cancelled during the year | (3,842) | - | 3,842 | -
| Contributions by and distributions to owners |  |  |  |
| Shares issued during the year | 5,121 | 1,319,979 | - | 1,325,100
| At 1 June 2024 | 20,485 | 5,633,456 | (3,792,906) | 1,861,035
| Profit for the year | - | - | 8,554 | 8,554
| Transfer to/from profit and loss account | - | (5,633,456) | 5,633,456 | -
| At 31 May 2025 | 20,485 | - | 1,849,104 | 1,869,589
| The notes on pages 22 to 42 form part of these financial statements.
Page 18

HORBURY GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 557,255 | 2,046,749
Adjustments for: |  |
Amortisation of intangible assets | 204,926 | 194,063
Depreciation of tangible assets | 162,889 | 193,267
Loss on disposal of tangible assets | 7,096 | 20,000
Interest paid | 437,581 | 597,004
Interest received | (84,184) | (1,109)
Taxation charge | 458,604 | (129,386)
(Increase)/decrease in stocks | (85,767) | -
Decrease in debtors | 1,667,607 | 5,793,151
Increase/(decrease) in creditors | 1,248,289 | (4,844,123)
Corporation tax (paid)/received | (7,015) | 5,634
Net cash generated from operating activities | 4,567,281 | 3,875,250
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (225,858) | -
Purchase of tangible fixed assets | (102,683) | (119,549)
Sale of tangible fixed assets | 10,000 | (9,283)
Sale of investment properties | - | 800,000
Interest received | 84,184 | 1,109
Net cash from investing activities | (234,357) | 672,277
Cash flows from financing activities |  |
Issue of ordinary shares | - | 1,325,100
Repayment of loans | - | (463,240)
Repayment of other loans | - | (2,614,000)
Repayment of/new finance leases | (3,071) | (35,978)
Loans due from/(repaid to) directors | - | (16,037)
(Repayment) / Issue of preference shares | (250,000) | 875,000
Interest paid | (437,581) | (597,004)
Net cash used in financing activities | (690,652) | (1,526,159)
Net increase in cash and cash equivalents | 3,642,272 | 3,021,368
Cash and cash equivalents at beginning of year | (1,040,240) | (4,061,608)
Cash and cash equivalents at the end of year | 2,602,032 | (1,040,240)
Page 19
HORBURY GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,602,032 | -
Bank overdrafts | - | (1,040,240)
| 2,602,032 | (1,040,240)
The notes on pages 22 to 42 form part of these financial statements.
Page 20
HORBURY GROUP LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MAY 2025
|  | At 1 June 2024 | Cash flows | Other non-cash changes | At 31 May 2025
|  | £ | £ | £ | £
Cash at bank and in hand | - | 2,602,032 | - | 2,602,032
Bank overdrafts | (1,040,240) | 1,040,240 | - | -
Debt due after 1 year | (875,000) | - | 250,000 | (625,000)
Finance leases | (3,071) | - | 3,071 | -
| (1,918,311) | 3,642,272 | 253,071 | 1,977,032
The notes on pages 22 to 42 form part of these financial statements.
Page 21
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Horbury Group Limited is a private company limited by shares, incorporated in England and Wales (registered number: 06217640). Its registered office address is South Grove House, South Grove, Rotherham, South Yorkshire, S60 2AF. The principal activity of the company throughout the year was that of a holding company. 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 judgement 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 companys functional and presentation currency is pounds sterling. 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.
| 2.3 | Going concern
The directors have performed an assessment of going concern at a Group level, including a review of the Group's current cash position, available banking facilities and financial forecasts for 2026 and 2027, including the ability to adhere to banking covenants over the going concern window. In doing so the Directors have consulted with key stakeholders including financers and also considered current trading trends in our markets and extensive actions already undertaken to protect profitability and liquidity. Having considered the above factors, the directors are of the opinion that sufficient resources are in place to enable the business to continue to operate as a going concern for a period of 12 months following the date of this report. Page 22
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. In the case of long term contracts, turnover reflects the contract activity during the year and it determined by reference to the proportion of total contract value which costs incurred to date bear to total expected contract costs. Construction contracts The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project and is calculated as a percentage of total expected contract costs. Full provision is made for losses on all contracts in the year in which the loss is first foreseen. Trade debtors represent contract valuations and retentions certified up to one month after the year end. Amounts recoverable on contracts represent the balance of uncertified valuations.
| 2.5 | 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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. Page 23
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence. Page 24
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Goodwill Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised over its expected life, which is 20 years. Negative goodwill is amortised over 5 years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. 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. The estimated useful lives range as follows:
|  |  |  | Software costs | - |  | 4 years
| 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. Page 25
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. The depreciation rates used are:
|  |  |  | Freehold land & buildings | - | 2% straight line
|  |  |  | Leasehold land & Buildings | - | Over the term of the lease
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures, fittings & equipment | - | 20% - 25% 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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.15 | Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recgnised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost and effort, investment property is accounted for as tangible fixed assets. Property held for group purposes is classified within tangible fixed assets. Page 26
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.16 | 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.
| 2.17 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.18 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 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.
| 2.19 | 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. Page 27
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Turnover from long term contracts Turnover is generated from long term contracts. The group recognises contract revenue and contract costs associated with each contract using the percentage of completion method. The recognition of revenue and profit therefore rely on estimates in relation to the stage of completion and the forecast total costs of each contract. Margin is presented in the monthly management accounts for each contract as it is earned on the specific tasks undertaken in the period. A margin is used based on the job budget form completed at the outset, with variations requiring individual approval. Each project’s outturn is reforecast on a monthly basis, so any changes to expected final outturn are reflected in the accounts promptly. The profit to be recognised monthly is calculated on a cumulative basis so that the overall expected outturn is reflected in the cumulative position each month. Page 28
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 3.Judgements in applying accounting policies (continued) The method applied ensures that profit is recognised equally across the life of the project. The calculation of expected outturn is based on the following factors: ∙Variations to overall contract value (expected turnover) which have been agreed with the client ∙Costs incurred to date allocated to the project. These allocated costs are reviewed monthly by site managers and matched to site material lists and expected spend ∙Budgeted overall costs as calculated at the beginning of the project during the tender process which are used to calculate the expected costs to complete The degree of estimation uncertainty centres around the expected costs to complete the contract which, combined with the contract turnover, are used to calculate the expected margin outturn on each project. When contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably. Classification and valuation of investment property Classification of investment property In assessing the split of own use and external use, the directors have reviewed floor space and estimated communal spaces at the year end, and have applied a percentage split to the fair value of the entire property to arrive at the share of the fair value that it attributed to Property Plant and Equipment and Investment Property. Valuation of investment property The valuation of the investment property has been undertaken by the directors in conjunction with advice from their property agents. In forming the valuation the directors have reviewed evidence of office sales in the past 12 months in the region, and have used the average price per square foot as a basis for estimating the valuation of the investment property. Inherently in this assessment, the directors have applied their judgment in forming the valuation.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction contract revenue | 74,529,374 | 68,919,575
| All turnover arose within the United Kingdom.
Page 29
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | - | 42,901
| Sundry income | 16,627 | 16,629
|  | 16,627 | 59,530
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 162,889 | 125,734
| Other operating lease rentals | 551,855 | 827,237
| Loss on disposal of tangible fixed assets | 7,096 | 20,000
| Amortisation of intangible assets | 204,926 | 194,063
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 7,250 | 7,000
| Fees payable to the Company's auditors and their associates in respect of: |  |
| The auditing of accounts of associates of the Company | 71,450 | 68,000
| Taxation compliance services | 15,500 | 15,000
Page 30
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 7,577,371 | 7,991,650 | - | -
| Social security costs | 813,161 | 853,204 | - | -
| Cost of defined contribution scheme | 298,012 | 315,560 | - | -
|  | 8,688,544 | 9,160,414 | - | -
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Construction | 108 | 109
|  | Administration | 86 | 96
|  | Directors | 4 | 3
|  |  | 198 | 208
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 828,141 | 496,250
| Group contributions to defined contribution pension schemes | 41,603 | 27,675
|  | 869,744 | 523,925
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £310,196 (2024 - £265,000).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,121 (2024 - £7,800).
Page 31
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
10. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Legal costs | - | 72,318
| Redundancy costs | 212,682 | 20,430
| Exceptional contracting costs | - | 27,379
| Staff long term sickness costs | - | 13,241
| Profit on disposal of unlisted investment | - | (421,786)
| Exceptional loan write off on restructuring | - | (1,487,681)
| Bad debts write off | 253,396 | -
| Directors loan write off | 81,451 | -
| Debt restructuring | 18,800 | -
|  | 566,329 | (1,776,099)
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 84,184 | 1,109
|  | 84,184 | 1,109
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 305,132 | 594,938
| Other interest payable | 132,449 | 2,066
|  | 437,581 | 597,004
Page 32
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | 12,225 | -
| Total current tax | 12,225 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 160,316 | (129,386)
| Adjustments in respect of previous periods | 286,063 | -
| Total deferred tax | 446,379 | (129,386)
| Profit before taxation | 458,604 | (129,386)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,015,859 | 2,339,149
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 253,965 | 584,787
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | - | 37,407
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 68,724 | 330
| Adjustments to tax charge in respect of prior periods | 298,288 | (2,452)
| Deferred tax - other | - | (484,589)
| Other permanent differences | - | (264,869)
| Movment in deferred tax not recognised | (162,373) | -
| Total tax charge for the year | 458,604 | (129,386)
Page 33
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
14. | Intangible assets
| Group
|  | Software costs | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 June 2024 | 178,940 | 2,992,512 | 3,171,452
| Additions | 225,858 | - | 225,858
| At 31 May 2025 | 404,798 | 2,992,512 | 3,397,310
| Amortisation |  |  |
| At 1 June 2024 | 46,569 | 1,928,401 | 1,974,970
| Charge for the year on owned assets | 55,298 | 149,628 | 204,926
| At 31 May 2025 | 101,867 | 2,078,029 | 2,179,896
| Net book value |  |  |
| At 31 May 2025 | 302,931 | 914,483 | 1,217,414
| At 31 May 2024 | 132,371 | 1,064,111 | 1,196,482
| The company had no intangible fixed assets at 31 May 2025 or 31 May 2024.
Page 34
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
15. | Tangible fixed assets
| Group
|  | Freehold property | Long-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 June 2024 | 2,237,226 | 17,137 | 801,027 | 3,055,390
| Additions | - | - | 102,683 | 102,683
| Disposals | - | (17,137) | (154,303) | (171,440)
| At 31 May 2025 | 2,237,226 | - | 749,407 | 2,986,633
| Depreciation |  |  |  |
| At 1 June 2024 | 650,246 | 17,137 | 602,293 | 1,269,676
| Charge for the year on owned assets | 67,743 | - | 95,146 | 162,889
| Disposals | - | (17,137) | (137,208) | (154,345)
| At 31 May 2025 | 717,989 | - | 560,231 | 1,278,220
| Net book value |  |  |  |
| At 31 May 2025 | 1,519,237 | - | 189,176 | 1,708,413
| At 31 May 2024 | 1,586,980 | - | 198,734 | 1,785,714
| The company had no tangible fixed assets at 31 May 2025 or 31 May 2024.
Page 35
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 June 2024 | 3,951,763
| At 31 May 2025 | 3,951,763
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Environ Safety Management Limited | England | Ordinary | 100.00%
| Horbury Facades Limited | England | Ordinary | 100.00%
| Horbury Joinery Limited | England | Ordinary | 66.04%
| Horbury Management Services Limited | England | Ordinary | 100.00%
| Horbury Property Services Limited | England | Ordinary | 100.00%
| Horbury Systems Limited | England | Ordinary | 100.00%
| Magna Plant and Tool Hire Limited | England | Ordinary | 100.00%
| Millstone Building Limited | England | Ordinary | 73.67%
| Titan Interior Solutions limited | England | Ordinary | 83.61%
| Tubular Scaffolding Services Ltd | England | Ordinary | 85.00%
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Horbury Support Services Limited | England | Ordinary | 100.00%
| South Grove House imited | England | Ordinary | 83.20%
| TIS Services Limited | England | Ordinary | 100.00%
| Titan Flooring Limted | England | Ordinary | 79.40%
Page 36
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
17. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 June 2024 | 1,722,091
| At 31 May 2025 | 1,722,091
Investment property comprises a commercial property held at fair value in accordance with Section 16 of FRS 102 and has been split accordingly as a mixed used property. The investment property element fair value has been determined by the directors of the company at the reporting date, based on their best estimate of market value by reference to market evidence of transaction prices for similar properties. The directors do not consider there to have been a material change in the fair value of the property since the last formal valuation.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 4,580,784 | 4,580,784
| Accumulated depreciation and impairments | (1,533,593) | (1,465,850)
|  | 3,047,191 | 3,114,934
18. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 85,767 | -
Page 37
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
19. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 5,101,294 | 3,716,016 | - | -
| Amounts recoverable on long-term contracts | 5,647,470 | 9,022,840 | - | -
| Amounts owed by group undertakings | - | - | 6,726,661 | 3,448,501
| Other debtors | 1,883,093 | 1,444,521 | 392,760 | 572,434
| Prepayments and accrued income | 247,864 | 363,951 | - | 11,368
| Deferred taxation | 163,651 | 498,920 | 163,651 | 384,000
|  | 13,043,372 | 15,046,248 | 7,283,072 | 4,416,303
| Included in trade debtors is an amount of £1,211,896 (2024: £1,069,484) which are debts due in over twelve months. Included in other debtors are amounts due from the directors of the subsidiaries totalling £nil (2024: £16,374).
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | - | 1,040,240 | 4,026,304 | 4,392,492
| Trade creditors | 7,933,360 | 9,055,305 | 5,207 | 15,631
| Amounts owed to group undertakings | - | - | 4,610,541 | 1,084,428
| Corporation tax | 5,210 | - | - | -
| Other taxation and social security | 624,512 | 890,067 | - | -
| Obligations under finance lease and hire purchase contracts | - | 3,071 | - | -
| Other creditors | 1,727,104 | 1,625,314 | 13,708 | 104,242
| Accruals and deferred income | 4,124,153 | 1,590,153 | 84,486 | 35,238
|  | 14,414,339 | 14,204,150 | 8,740,246 | 5,632,031
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 24.
Page 38
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Share capital treated as debt | 625,000 | 875,000 | 625,000 | 875,000
|  | 625,000 | 875,000 | 625,000 | 875,000
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | - | 3,071
|  | - | 3,071
| Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 498,920
| Charged to profit or loss | (520,267)
| Utilised in year | 73,888
| At end of year | 52,541
Page 39
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 23.Deferred taxation (continued)
| Company
|  | 2025
|  | £
| At beginning of year | 384,000
| Charged to profit or loss | (220,349)
| At end of year | 163,651
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (111,110) | (3,828) | - | -
| Tax losses | 163,651 | 486,868 | 163,651 | 384,000
| Timing differences | - | 15,880 | - | -
|  | 52,541 | 498,920 | 163,651 | 384,000
| Comprising: |  |  |  |
| Asset - due within one year | 163,651 | 498,920 | 163,651 | 384,000
| Liability | (111,110) | - | - | -
|  | 52,541 | 498,920 | 163,651 | 384,000
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as equity
|  | Allotted, called up and fully paid |  |
|  | 15,364 (2024 - 15,364) Ordinary shares of £1.00 each | 15,364 | 15,364
|  | 5,121 (2024 - 5,121) Ordinary A shares of £1.00 each | 5,121 | 5,121
|  |  | 20,485 | 20,485
Page 40
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 24.Share capital (continued)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as debt
|  | Allotted, called up and fully paid |  |
|  | 625,000 (2024 - 875,000) Preference shares of £1.00 each | 625,000 | 875,000
| The terms of these shares are that the company shall on or before the third anniversary of the issue date, by giving one months notice, be entitled to redeem at par, together with any accrued but unpaid preference dividend, any or all of the preference shares that are outstanding on that date. The financial liability of £625,000 in relation to the preference share capital treated as debt is included in creditors due after more than one year as the directors have confirmed that it is not their intention to redeem the shares early.
25. | Reserves
Share premium account Share premium reserve represents the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve The cumulative revaluation gains and losses in respect of land and buildings, except revaluation gains and losses recognised in profit or loss. Profit and loss account Cumulative profit and loss net of distributions to owners. Page 41
HORBURY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
26. | Contingent liabilities
The Company's bankers hold an unlimited Composite Company Limited Multilateral Guarantee and debenture between the following group companies: Horbury Group Limited, Horbury Joinery Limited, Tubular Scaffolding Services Limited, Titan Interior Solutions Limited, T.I.S. Services Limited, South Grove House Limited, Millstone Building Limited, Magna Plant and Tool Hire Limited, Horbury Support Services Limited (formerly known as G.B.W. (Tool Hire) Limited), Horbury Property Services Limited, Titan Flooring Limited and Environ Safety Management Limited. The company has taken advantage of the exemption available under section 479A of Companies Act 2006 in respect of the requirement for audit of some of its wholly owned subsidiaries. The company guarantees the liabilities of the following subsidiary companies at the period end until those liabilities are settled in full: Horbury Support Services Limited South Grove House Limited Magna Plant and Tool Hire Limited Environ Safety Management Limited The contingent liability at 31 May 2025 was £1,932,828 (2024: £1,105,840).
27. | Pension commitments
The Group operates a defined contributions 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 £298,012 (2024 - £315,560). Contributions totalling £ 61,084 (2024 - £59,044) were payable to the fund at the balance sheet date and are included in creditors.
28. | Commitments under operating leases
| At 31 May 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 370,697 | 392,602
| Later than 1 year and not later than 5 years | 339,954 | 501,725
|  | 710,651 | 894,327
29. | Controlling party
The directors regard T Wragg as the ultimate controlling party by virtue of his majority shareholding.
Page 42