Company registration number 00314036 (England and Wales)
HOULTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
HOULTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 9
HOULTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,068,723
11,557,958
Investment property
5
1,500,000
1,478,300
Investments
6
220,838
211,973
12,789,561
13,248,231
Current assets
Debtors
7
654,066
769,653
Cash at bank and in hand
1,622,942
2,716,448
2,277,008
3,486,101
Creditors: amounts falling due within one year
8
(5,054,665)
(5,126,589)
Net current liabilities
(2,777,657)
(1,640,488)
Total assets less current liabilities
10,011,904
11,607,743
Creditors: amounts falling due after more than one year
9
(5,838,279)
(7,547,334)
Provisions for liabilities
(397,065)
(461,055)
Net assets
3,776,560
3,599,354
Capital and reserves
Called up share capital
2,124
2,124
Other reserves
150,422
150,422
Profit and loss reserves
3,624,014
3,446,808
Total equity
3,776,560
3,599,354

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
Ms AK Hoult
Director
Company registration number 00314036 (England and Wales)
HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Hoults Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. 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

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

Sale of goods

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

- the company has transferred the significant risks and rewards of ownership to the buyer;

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

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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

- the amount of the revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract

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

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

1.4
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.

HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -

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:

Freehold land and buildings
15 or 50 years straight line basis
Leasehold land and buildings
60 or 70 years straight line basis
Plant and equipment
33% straight line basis
Fixtures and fittings
20% reducing balance basis or 20% straight line basis
Motor vehicles
25% reducing balance basis
Office refurbishments
15% straight line basis

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.

The asset's 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.

1.5
Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

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

1.7
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.

HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.8
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.

1.9
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.

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.

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.

1.10
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.

1.11
Taxation

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

HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

1.14
Government grants

Government grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

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.

HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Employees

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

2025
2024
Number
Number
Total
32
31
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
14,044,426
2,276,486
89,603
1,437,069
61,235
17,908,819
Additions
293,513
-
0
1,915
7,227
-
0
302,655
Disposals
(90,114)
-
0
(6,124)
-
0
-
0
(96,238)
At 31 March 2025
14,247,825
2,276,486
85,394
1,444,296
61,235
18,115,236
Depreciation and impairment
At 1 April 2024
4,646,043
397,381
70,104
1,228,403
8,930
6,350,861
Depreciation charged in the year
594,787
13,251
11,507
68,891
13,076
701,512
Eliminated in respect of disposals
-
0
-
0
(5,860)
-
0
-
0
(5,860)
At 31 March 2025
5,240,830
410,632
75,751
1,297,294
22,006
7,046,513
Carrying amount
At 31 March 2025
9,006,995
1,865,854
9,643
147,002
39,229
11,068,723
At 31 March 2024
9,398,383
1,879,105
19,499
208,666
52,305
11,557,958
5
Investment property
2025
£
Fair value
At 1 April 2024
1,478,300
Revaluations
21,700
At 31 March 2025
1,500,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2024 by Clutton LLP, RICS registered valuers, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
220,838
211,973
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
211,973
Valuation changes
8,865
At 31 March 2025
220,838
Carrying amount
At 31 March 2025
220,838
At 31 March 2024
211,973
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
551,592
559,675
Other debtors
102,474
209,978
654,066
769,653
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
124,602
178,144
Amounts owed to group undertakings
3,227,720
3,235,365
Corporation tax
247,811
176,460
Other taxation and social security
156,384
144,986
Other creditors
1,298,148
1,391,634
5,054,665
5,126,589
HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,850,000
5,500,000
Other creditors
1,988,279
2,047,334
5,838,279
7,547,334

The bank loan is due for repayment in December 2029. The rate of interest charged is 2.25% over Base Rate.

The bank loan is secured by any security held by the Bank for the Customer's liabilities.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 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.

Senior Statutory Auditor:
Nicholas Cunningham MSc BSc FCCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
9 September 2025
11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within 1 year
16,000
16,000
Years 2-5
80,000
80,000
After 5 years
913,285
929,285
Total commitments
1,009,285
1,025,285
HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company shares a common director and beneficial owner with Opencast Software Europe Limited. During the year rental income, electricity and service charges have been received in the amount of £277,503 (2024: £258,700), there were no recharges of other costs (2024: £10,841). At the year end included within trade debtors was an amount due of £68,705 (2024: £31,802).

The company shares a common director and beneficial owner with Futureheads Recruitment Limited. During the year storage income was received in the amount of £346 (2024: £NIL). In the prior year management charges along with various recharges were received in the amount of £552. At the year end included within trade debtors was an amount due of £NIL (2024: £55).

For part of the period, up to 29 October 2024, the company shared a common director and beneficial owner with Cheviot Insurance Services Limited. During the year rental, electricity and service charges have been received in the amount of £7,602 (2024: £10,798). At the year end included within trade debtors was an amount of £87 (2024: £1,224). Furthermore during the year the company has paid £115,481 (2024: £108,021) to Cheviot Insurance Services Limited for insurance.

13
Parent company

The ultimate parent undertaking is Hoults Holdings Limited, a company registered in England. The registered office of Hoults Holdings Limited is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.

No individual has control over Hoults Holdings Limited.

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