Company registration number 01632717 (England and Wales)
GEO HOULTON & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2025
GEO HOULTON & SONS LIMITED
COMPANY INFORMATION
Directors
Mr R G Houlton
K W Knights
P S Dickerson
J I Craft
A M Kingston
N B Travis
P R Gibson
M B Johnson
Secretary
N B Travis
Company number
01632717
Registered office
Hyperion Street
Hull
HU9 1BD
Auditor
Fawley Judge & Easton
Chartered Certified Accountants
1 Parliament Street
Hull
East Yorkshire
HU1 2AS
GEO HOULTON & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
GEO HOULTON & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 29 April 2025.

REVIEW OF THE BUSINESS

The business is principally engaged in the provision of high quality, award-winning construction, building maintenance, fire protection and property development services within the Yorkshire and Lincolnshire areas. The group continues to focus on partnering established clients through negotiated construction projects, as well as opportunities afforded by large public sector frameworks to which it is appointed. The company also attracts a significant volume of tender enquiries attributable to recent performance and recommendation.

The broad mix of clients and projects reflects the company's ability to deliver ‘best in class’ results across a wide range of sectors. The company continues to substantially invest in training, systems and procedures, and clients recognise that our project teams provide an excellent level of service, contributing directly to the success of these investments.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risk affecting the company is considered to relate to competition from regional and local builders. The restructuring of the business in May 2021 has effectively de-risked competition from national Tier 1 contractors. Other risks include local construction market conditions, including build cost inflation arising from recent worldwide events.

DEVELOPMENT AND PERFORMANCE DURING THE PERIOD

The company recorded an operating profit of £211,140 (202 3/2 4 profit: £191,902) based upon an annual turnover of £2 6,646,344 (202 3/2 4: £25,569,298).

The markets in which the business operates continue to be challenging. Whilst the rampant commodity and energy price inflation seen in 2023 has subsided, changes in government in both the UK and US during 2024 and resulting policy shifts has created much uncertainty. International tariffs introduced by the US as well as an increase in national insurance contributions, announced in the 2024 UK Autumn Statement, have increased the costs of ‘doing business’ in the UK. The prospect of futures tax rises necessary to ‘balance the books’ has further depressed market sentiment.

The company, whilst remaining cognizant of these macroeconomic, as well as microeconomic risks to which it is exposed, has, against this backdrop, been able to report a 4% increase in turnover in relation to 2023/24 in addition to taking forward a more substantial pipeline of work into future years than it has done for some time.

Furthermore, management’s continued focus on winning and delivering work at competitive, sustainable margins has delivered a year-on-year improvement in gross margins. This together with rigorous control of the business’s costs has resulted in a 10% increase in operating profit compared to the previous year. This emphasis on stability rather than volume will continue into 2025/26 and beyond.

The directors are therefore pleased to report a positive performance and are confident that with the work secured, our highly capable workforce, loyal customer base and supply chain, the business has a bright, prosperous future.

GEO HOULTON & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 2 -
GOING CONCERN

The company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, and its exposure to liquidity, price and credit risk are described in the Strategic report and Directors' report.

With improved trading seen in 2024/​25 continuing into 2025/26 and a review of recent management accounts, together with corresponding cashflow and profit forecasts, we have concluded that the presumption of adopting the going concern basis in preparing the Annual Report and financial statements continues to be appropriate. In performing this assessment, the Directors have reviewed the company's cash flow forecasts for the next 12 months from the date of the approval of the financial statements, and they have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. The financial position will continue to be monitored very closely by Directors.

The directors therefore expect that, the going concern assumption will continue to apply for the foreseeable future.

Regarding the company’s legacy defined benefit pension scheme, the previous actuarial triannual valuation of the Pension Scheme of 30 April 2023, reported a very substantial surplus and valuation updates since this date suggest that this surplus has further increased in both 2023/24 and 2024/25. Therefore, the associated costs and their impact on the business are expected to be much lower in future than hitherto was the case.

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk awareness program that seeks to understand the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Price risk

The company is not exposed to any significant price risk because before projects are undertaken price tenders from suppliers and sub-contractors are obtained. Sub-contractors are responsible for the materials used in their contracts with the company.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers and sub-contractors before contracts are entered into. A significant portion of the company's activities are with Governmental organisations and as such credit risks are minimised.

Liquidity risk

Debt is project based and is supported by charged assets.

Interest rate cash flow risk

The company considers the cash flow risk on a monthly basis and the costs associated thereto are not significant to the business.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors of the company and the group manage the group's operations on a divisional basis. For this reason, the company's directors believe that analysis using key performance indicators for the company is not necessary or appropriate for an understanding of the development, performance or position of the business of the company. The shareholders have a good understanding of the progress and movement of the business.

The company constantly measures its performance through detailed periodic reviews of each ongoing contract, and by monthly management accounts and meetings.

GEO HOULTON & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 3 -

On behalf of the board

P S Dickerson
Director
1 October 2025
GEO HOULTON & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 APRIL 2025
- 4 -

The directors present their annual report and financial statements for the year ended 29 April 2025.

Principal activities

The principal activity of the company continued to be that of a building contractor.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R G Houlton
K W Knights
P S Dickerson
J I Craft
A M Kingston
N B Travis
P R Gibson
M B Johnson
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

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

On behalf of the board
P S Dickerson
Director
1 October 2025
GEO HOULTON & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 APRIL 2025
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GEO HOULTON & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEO HOULTON & SONS LIMITED
- 6 -
Opinion

We have audited the financial statements of Geo Houlton & Sons Limited (the 'company') for the year ended 29 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 29 April 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GEO HOULTON & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEO HOULTON & SONS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

GEO HOULTON & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEO HOULTON & SONS LIMITED
- 8 -

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 focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory 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 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 and unusual or unexpected relationships;

- tested journals 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; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Jonathan Leathley (Senior Statutory Auditor)
For and on behalf of Fawley Judge & Easton
1 October 2025
Chartered Certified Accountants
Statutory Auditor
1 Parliament Street
Hull
East Yorkshire
HU1 2AS
GEO HOULTON & SONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 APRIL 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
26,646,344
25,569,298
Cost of sales
(22,820,432)
(21,970,524)
Gross profit
3,825,912
3,598,774
Administrative expenses
(3,614,772)
(3,406,872)
Operating profit
4
211,140
191,902
Interest receivable and similar income
7
146,581
137,928
Interest payable and similar expenses
8
(25,577)
(30,006)
Profit before taxation
332,144
299,824
Tax on profit
9
23,398
(33,997)
Profit for the financial year
355,542
265,827

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GEO HOULTON & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 APRIL 2025
- 10 -
2025
2024
£
£
Profit for the year
355,542
265,827
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
125,000
(917,000)
Tax relating to other comprehensive income
(31,250)
174,230
Total other comprehensive income for the year
93,750
(742,770)
Total comprehensive income for the year
449,292
(476,943)
GEO HOULTON & SONS LIMITED
BALANCE SHEET
AS AT
29 APRIL 2025
29 April 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
377,842
299,436
Current assets
Stocks
11
10,823
14,130
Debtors
12
5,381,434
6,092,447
Cash at bank and in hand
2,425,525
1,782,006
7,817,782
7,888,583
Creditors: amounts falling due within one year
13
(6,189,212)
(6,413,004)
Net current assets
1,628,570
1,475,579
Total assets less current liabilities
2,006,412
1,775,015
Creditors: amounts falling due after more than one year
14
(46,634)
(94,559)
Provisions for liabilities
Deferred tax liability
16
417,189
369,159
(417,189)
(369,159)
Net assets excluding pension surplus
1,542,589
1,311,297
Defined benefit pension surplus
17
1,983,000
1,765,000
Net assets
3,525,589
3,076,297
Capital and reserves
Called up share capital
18
500,000
500,000
Profit and loss reserves
3,025,589
2,576,297
Total equity
3,525,589
3,076,297

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 October 2025 and are signed on its behalf by:
P S Dickerson
A M Kingston
Director
Director
Company registration number 01632717 (England and Wales)
GEO HOULTON & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 APRIL 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 April 2023
500,000
3,053,240
3,553,240
Year ended 29 April 2024:
Profit for the year
-
265,827
265,827
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(917,000)
(917,000)
Tax relating to other comprehensive income
-
174,230
174,230
Total comprehensive income for the year
-
0
(476,943)
(476,943)
Balance at 29 April 2024
500,000
2,576,297
3,076,297
Year ended 29 April 2025:
Profit for the year
-
355,542
355,542
Other comprehensive income:
Actuarial gains on defined benefit plans
-
125,000
125,000
Tax relating to other comprehensive income
-
(31,250)
(31,250)
Total comprehensive income for the year
-
449,292
449,292
Balance at 29 April 2025
500,000
3,025,589
3,525,589
GEO HOULTON & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 APRIL 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
847,211
1,533,629
Interest paid
(25,577)
(30,006)
Income taxes refunded/(paid)
40,178
(2,452)
Net cash inflow from operating activities
861,812
1,501,171
Investing activities
Purchase of tangible fixed assets
(232,702)
(137,734)
Proceeds from disposal of tangible fixed assets
8,753
10,868
Interest received
53,581
15,928
Net cash used in investing activities
(170,368)
(110,938)
Financing activities
Payment of finance leases obligations
(47,925)
(3,234)
Net cash used in financing activities
(47,925)
(3,234)
Net increase in cash and cash equivalents
643,519
1,386,999
Cash and cash equivalents at beginning of year
1,782,006
395,007
Cash and cash equivalents at end of year
2,425,525
1,782,006
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2025
- 14 -
1
Accounting policies
Company information

Geo Houlton & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hyperion Street, Hull, HU9 1BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Construction services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Construction services

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10-33% on cost
Fixtures and fittings
10-33% on cost
Motor vehicles
20-33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
26,646,344
25,569,298
2025
2024
£
£
Turnover analysed by geographical market
UK
26,646,344
25,569,298
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
18,000
Depreciation of owned tangible fixed assets
107,267
122,739
Profit on disposal of tangible fixed assets
(7,620)
(9,587)
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
87
82
Admin
42
42
Total
129
124

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,781,406
4,615,294
Social security costs
503,929
461,636
Pension costs
261,460
205,162
5,546,795
5,282,092
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
605,295
596,818
Company pension contributions to defined contribution schemes
122,177
77,331
727,472
674,149
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
110,399
111,943
Company pension contributions to defined contribution schemes
17,473
14,850
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 21 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
53,581
15,928
Other Finance Income
Unwinding of discount on pension obligation
93000
122000
Total income
146,581
137,928
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
14,043
15,645
Other finance costs:
Interest on finance leases and hire purchase contracts
11,534
14,361
25,577
30,006
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(416)
Deferred tax
Origination and reversal of timing differences
(23,398)
34,413
Total tax (credit)/charge
(23,398)
33,997
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
9
Taxation
(Continued)
- 22 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
332,144
299,824
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
83,036
74,956
Tax effect of utilisation of tax losses not previously recognised
(43,393)
-
0
Unutilised tax losses carried forward
-
0
(48,463)
Change in unrecognised deferred tax assets
(23,398)
(416)
Permanent capital allowances in excess of depreciation
(19,714)
25,892
Tax at marginal rate
(19,929)
(17,972)
Taxation (credit)/charge for the year
(23,398)
33,997

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
31,250
(174,230)
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 23 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 30 April 2024
912,383
611,139
705,147
2,228,669
Additions
33,135
87,661
111,906
232,702
Disposals
(61,560)
(67,995)
(101,835)
(231,390)
At 29 April 2025
883,958
630,805
715,218
2,229,981
Depreciation and impairment
At 30 April 2024
790,052
589,005
550,176
1,929,233
Depreciation charged in the year
55,830
21,985
75,348
153,163
Eliminated in respect of disposals
(60,651)
(67,809)
(101,797)
(230,257)
At 29 April 2025
785,231
543,181
523,727
1,852,139
Carrying amount
At 29 April 2025
98,727
87,624
191,491
377,842
At 29 April 2024
122,331
22,134
154,971
299,436
11
Stocks
2025
2024
£
£
Raw materials and consumables
10,823
14,130
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,099,906
2,371,124
Gross amounts owed by contract customers
779,042
1,623,419
Amounts owed by group undertakings
1,345,042
2,024,619
Prepayments and accrued income
157,444
73,285
5,381,434
6,092,447
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 24 -
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
15
48,365
48,365
Trade creditors
5,313,218
5,163,824
Taxation and social security
402,321
850,350
Other creditors
92,405
69,242
Accruals and deferred income
332,903
281,223
6,189,212
6,413,004
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
15
46,634
94,559
15
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
48,365
48,365
In two to five years
46,634
94,559
94,999
142,924

Finance lease payments represent rentals payable by the company 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 the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
50,409
33,629
Retirement benefit obligations
366,780
335,530
417,189
369,159
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
16
Deferred taxation
(Continued)
- 25 -
2025
Movements in the year:
£
Liability at 30 April 2024
369,159
Charge to profit or loss
16,780
Charge to other comprehensive income
31,250
Liability at 29 April 2025
417,189

The expected net reversal of deferred tax assets and liabilities in the year to 29th April 202 5 is £24,813. This is due to the reversal of accelerated capital allowances and other short term timing differences.

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
261,460
205,162

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The company closed the staff defined benefit pension scheme, Geo Houlton & Sons (Holdings) Limited Pension and Assurance Scheme, which provided benefits based on final pensionable earnings on 31st March 2015

The assets of the scheme are held separately from those of the company, in an independently administered fund. The contributions are determined by the directors with due consideration being given to the advice of a qualified actuary. The contributions determined by the actuary are on the basis of triennial valuations using the projected unit method. The most recent formal valuation in respect of the staff scheme was at 30th April 2022.

2025
2024
Key assumptions
%
%
Discount rate
5.6
5.25
Rate of inflation and pension increases
3
3.3
Statutory revaluation of leaver pensions
2.1
2.3
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
86.4
86.4
Retiring in 20 years
- Males
85.4
85.4
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
17
Retirement benefit schemes
(Continued)
- 26 -
Amounts recognised in the profit and loss account
2025
2024
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
629,000
778,000
Amounts recognised in other comprehensive income
2025
2024
Costs/(income):
£
£
Actual return on scheme assets
312,000
505,000
Less: calculated interest element
(312,000)
(505,000)
Return on scheme assets excluding interest income
-
-
Actuarial changes related to obligations
(437,000)
411,000
Total costs/(income)
(437,000)
411,000

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
Liabilities/(assets):
£
£
Present value of defined benefit obligations
5,729,000
6,227,000
Fair value of plan assets
(7,712,000)
(7,992,000)
Surplus in scheme
(1,983,000)
(1,765,000)
2025
Movements in the present value of defined benefit obligations
£
Liabilities at 30 April 2024
6,227,000
Benefits paid
(378,000)
Actuarial gains and losses
(437,000)
Interest cost
317,000
At 29 April 2025
5,729,000
2025
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
5,729,000
Wholly or partly funded obligations
-
5,729,000
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
17
Retirement benefit schemes
(Continued)
- 27 -
2025
Movements in the fair value of plan assets
£
Fair value of assets at 30 April 2024
7,992,000
Interest income
(312,000)
Plan introductions, changes, curtailments and settlements
410,000
Benefits paid
(378,000)
At 29 April 2025
7,712,000

The actual return on plan assets was £312,000 (2024 - £505,000).

2025
2024
Fair value of plan assets
£
£
Equity instruments
3,028,000
3,195,000
Property
189,000
197,000
Bonds
4,166,000
4,141,000
Cash (Cash & Deposits)
311,000
440,000
Insured Pension Contracts
18,000
19,000
7,712,000
7,992,000
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
500,000
500,000
500,000
500,000
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2025
- 28 -
19
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
355,542
265,827
Adjustments for:
Taxation (credited)/charged
(23,398)
33,658
Finance costs
(121,004)
(91,994)
Investment income
-
(15,928)
Gain on disposal of tangible fixed assets
(7,620)
(9,587)
Depreciation and impairment of tangible fixed assets
153,163
122,739
Pension scheme non-cash movement
(93,000)
(132,000)
Increase in provisions
93,000
122,000
Movements in working capital:
Decrease in stocks
3,307
10,436
Decrease/(increase) in debtors
711,013
(243,198)
(Decrease)/increase in creditors
(223,792)
1,471,676
Cash generated from operations
847,211
1,533,629
20
Analysis of changes in net funds
30 April 2024
Cash flows
29 April 2025
£
£
£
Cash at bank and in hand
1,782,006
643,519
2,425,525
Lease liabilities
(142,924)
47,925
(94,999)
1,639,082
691,444
2,330,526
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