Company registration number 02802131 (England and Wales)
HANSENGROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
HANSENGROUP LIMITED
COMPANY INFORMATION
Directors
H M K Hansen
T B Andersen
Secretary
Ms J Mitchell
Company number
02802131
Registered office
Hub 26
Lawrence House
Riverside Drive
Cleckheaton
BD19 4DH
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
HANSENGROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
HANSENGROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Fair review of the business

The company continues to execute contracts adopting established principles and best practices to maintain control of its business activities.

Over the last 12 months it has continued to use proven implemented systems to drive efficiencies and is building strong client relationships allowing it to achieve repeat business with the intention of increasing turnover and profitability. As part of its continuous improvement programme, it remains focused on ensuring standards are not only preserved but enhanced.

Whilst the construction industry as a whole has felt the effects of an increasing inflationary pressure and as a company it has had to endure programme slippage on a number of its live projects, additionally there have been delays in securing expected new projects due to the new Building Safety Act, however it has been robust enough to produce an operating profit.

The company will continue to develop and cultivate all aspects of its business and expects to remain on an upward trajectory.

Principal risks and uncertainties

The following are considered to be the main risks to the business:

Price Risk

Whilst it is recognised that the construction industry has endured significant increases in the cost of material, fabrication of product and installation, the company benefits from utilising HansenGroup production facilities in Poland. As a result of being able to offer its own products and systems, the company can remain competitive in the market.

Credit Risk

Before entering into any contract with a new or existing client, the company undertakes a comprehensive due diligence exercise which includes financial and credit checks. In all cases, credit insurance is obtained and/or positive payment plans are negotiated to provide the company with security in the event of client delinquency. Additionally, management meetings are held at regular intervals where cash and accounts receivable are on the agenda.

Additionally, extensive cash and sales forecasts are produced to support proposals relating to payment plans.

HANSENGROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

Liquidity and Cashflow Risk

The company reviews cash and accounts receivable on a weekly basis to ensure any debtor issues are highlighted at the earliest opportunity, thus allowing its commercial team to act promptly and effectively. Whilst the company’s strategy of providing unitised curtain wall solutions transfers the majority of the risk from site to production, providing it with better control, especially as this is undertaken “in house”, it does involve the advance purchasing of significant quantities of material several months prior to its arrival on-site, which has the ability to put an initial strain on cashflow. However, the company combats this issue by agreeing favourable terms and/or advance payments which are protected by the provision of appropriate bonds, if required. Further, annual budgets and quarterly forecasts are prepared and then monitored to track performance and identify any potential risk.

Operational Risk

The success of the company is dependent on its ability to generate sales revenue. The company prepares budgets to update costing structures and understand break even and profitability levels. Sales and marketing resources are allocated to achieving the appropriate level of business for the available engineering staff.

Employee Risk

The success of the company is built on the skill, knowledge, experience and behaviour of its staff and therefore, retaining appropriate personnel is key. The Directors endeavour to prevent the loss of employees by means of fair and sustainable remuneration and a strong development programme.

Delivery Failure Risk

All contracts are only entered into subsequent to the completion of a rigorous review and negotiation of the documents that are to bind the company and its client. Thereafter, contracts are administered by dedicated project directors and commercial leads supported by wider project teams. Project teams constantly review and monitor all aspects of performance and meet regularly. Each month, individual project teams are responsible for presenting a contract specific ‘Project Review Meeting’ and ‘Cost to Complete’ exercise to the company’s management team. The presentation format has been devised to review all aspects of a contract from design to installation and beyond and includes a detailed analysis of actual cost plus forecasted versus original cost plan.

Supply Chain and Inflation Risk

Fluctuating energy prices, the volatility of material costs and rapidly increasing labour rates all possess the real potential to impose themselves upon the company’s supply chain and its ability to secure future contracts in an industry that seeks ‘fixed price’ tendering for projects, despite there often being a 1-to-2-year period between order receipt and on-site completion. In order to mitigate these risks, the company operates with well-established and financially secure supply chain members with whom it has history, secures material rates at the earliest opportunity and continues to follow the markets to track movement.

Over the last couple of years, the company has negotiated improved payment terms and credit limits with its main supply chain partners as part of the Group centralisation strategy.

Exchange Rate Risk

The company provides services in the UK where all sales are GBP albeit most materials are purchased in PLN and EUR. Where appropriate, to minimise the risk in exchange rates and to help provide cost certainty, the company secures rates by agreeing forward contracts with a currency broker.

Development and performance

The Group supported by its subsidiaries continues to develop products that meet the performance needs of its clients. Research is heavily focused on achieving the clients’ performance needs sustainably and with minimal impact on the environment.

As part of the culture of continuous improvement, the company continues to build upon its proven processes and procedures to tightly control each project and continue to further enhance relationships with its sister company in Poland

HANSENGROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Key performance indicators

Turnover for year ended 30 June 2025 was £11,880,247 which is higher than the prior year of £10,294,787. Gross profit of £2,936,896 has been generated in the year, compared to £3,108,638 in the prior year. Fluctuations in currency exchange rates has impacted the gross profit in the year, which is beyond the control of the company, however operational performance remained consistent throughout the year and going forward.

The company has implemented and is continuing to develop a cloud-based IT system so that all information is available for every user at any given time. This information covers everything from sales forecasts, order intake, execution to anticipated sales output, margins, cost budgets, production planning, EBT etc. Further, there is a management meeting held every month where all managers are updated, in depth, on all relevant areas of the Group.

On behalf of the board

T B Andersen
Director
8 October 2025
HANSENGROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principle activity of the company is the design, supply, delivery, management and execution of Unitised Curtain Wall solutions.

Results and dividends

The results for the year are set out on page 10.

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:

H M K Hansen
T B Andersen
Future developments

The company is continuing to develop in accordance with a re-focused and more selective market strategy, maintaining positive relationships with customers. The company is expected to increase its activity compared to 2024/25 by further utilising intergroup competitive advantages and to look for opportunities to develop their products and systems.

The Group is continuing to focus on its ESG strategy.

Auditor

The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risk and uncertainties.

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.

HANSENGROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
On behalf of the board
T B Andersen
Director
8 October 2025
HANSENGROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -

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;

- 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.

HANSENGROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HANSENGROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of HansenGroup Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 30 June 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 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 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.

HANSENGROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HANSENGROUP LIMITED (CONTINUED)
- 8 -

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.

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.

Matters on which we are required to report by exception

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 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.

HANSENGROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HANSENGROUP LIMITED (CONTINUED)
- 9 -

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations;

- Enquiries with management about any known or suspected instances of fraud within the business;

- Challenging assumptions and judgements made by management in their significant accounting estimates;

- Auditing the risk of management override of controls, including thorough testing of journal entries and other adjustments for appropriateness;

- Reviewing minutes of meetings of those charged with governance and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries; and,

- Auditing the risk of fraud in revenue, through the target testing of a sample of key contracts to assess the occurrence of revenue in the financial statements and recognised in the correct accounting period.

Because of 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 noncompliance. 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.

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 auditor's 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.

Alexander Kelly BA FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
8 October 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
HANSENGROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
11,880,247
10,294,787
Cost of sales
(8,943,351)
(7,186,149)
Gross profit
2,936,896
3,108,638
Administrative expenses
(2,512,459)
(2,676,194)
Operating profit
4
424,437
432,444
Interest receivable and similar income
7
28,610
12,736
Interest payable and similar expenses
8
(31,705)
-
0
Profit before taxation
421,342
445,180
Tax on profit
9
140,000
10,000
Profit for the financial year
561,342
455,180

The statement of comprehensive income account has been prepared on the basis that all operations are continuing operations.

HANSENGROUP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
6,649
10,871
Tangible assets
11
12,456
9,553
19,105
20,424
Current assets
Debtors
12
4,432,370
8,244,916
Cash at bank and in hand
1,029,242
159,035
5,461,612
8,403,951
Creditors: amounts falling due within one year
13
(3,787,911)
(7,292,911)
Net current assets
1,673,701
1,111,040
Net assets
1,692,806
1,131,464
Capital and reserves
Called up share capital
16
1,275,002
1,275,002
Share premium account
17
3,400,000
3,400,000
Profit and loss reserves
17
(2,982,196)
(3,543,538)
Total equity
1,692,806
1,131,464

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 8 October 2025 and are signed on its behalf by:
T B Andersen
Director
Company registration number 02802131 (England and Wales)
HANSENGROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
1,275,002
3,400,000
(4,587,761)
87,241
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
455,180
455,180
Capital contribution received
-
-
589,043
589,043
Balance at 30 June 2024
1,275,002
3,400,000
(3,543,538)
1,131,464
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
561,342
561,342
Balance at 30 June 2025
1,275,002
3,400,000
(2,982,196)
1,692,806
HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Accounting policies
Company information

HansenGroup Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hub 26, Lawrence House, Riverside Drive, Cleckheaton, BD19 4DH.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of HansenGroup A/S. These consolidated financial statements are available from its registered office, Bredgade 4, 6940 Lem st., Denmark.

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
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.

Following the re-structure of the HSHansen Group companies in the UK, the UK business unit has seen a positive bounce back with 3 impressive pre-fabricated major projects delivered.

The UK directors and management team are forecasting profitable trading with a number of new orders and well-run pre-fabricated projects in the order book.

Despite continued uncertainties in the British and Global market since the Russian invasion of Ukraine and supply price inflation, making it more difficult to forecast the business performance, the re-focused Hansen UK pre-fabrication strategy and order book provides profitable business expectations for the 2 4/2 5 finance year and the foreseeable future.

I t is currently not clear how long the uncertainties in the market and the wider economy will continue, so should HansenGroup Limited require additional support, the parent undertaking HansenGroup A/S has confirmed that its intention is to make it available, for a period of at least 12 months from the date of the approval of the financial statements.

The directors believe that there is no material uncertainty and that the company is a going concern at this time.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 it is probable will be recover ed.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
5 years
HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.5
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.

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
5 years
Fixtures and fittings
5 years
Computers
5 years

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

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.

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Contract accounting

The company's revenue and profit recognition policies are central to the way the company values its work each year and have been consistently applied.

The key judgements and estimates in determining the turnover and profits of the contracts are the costs to complete, achieving the agreed contractual program and recoverability of any claims or variations.

The estimation uncertainty is reduced by the significant experience of the team which includes qualified quantity surveyors. Nevertheless, profit recognition is a key estimate and is inherently judgemental in any contracting business.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Contract revenue recognised as revenue
11,880,247
10,294,787
2025
2024
£
£
Other revenue
Interest income
28,610
12,736
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
120,703
(165,517)
Depreciation of owned tangible fixed assets
4,172
3,006
Amortisation of intangible assets
4,222
4,222
Operating lease charges
44,276
41,881
HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
24,500
20,000
6
Employees

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

2025
2024
Number
Number
19
21

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,284,526
1,322,014
Social security costs
139,897
160,155
Pension costs
29,803
25,205
1,454,226
1,507,374
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
28,610
12,736
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
31,705
-
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(140,000)
(10,000)
HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Taxation
(Continued)
- 21 -

The actual credit 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
421,342
445,180
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
105,336
111,295
Tax effect of expenses that are not deductible in determining taxable profit
384
900
Deferred tax not provided for
(245,720)
(122,195)
Taxation credit for the year
(140,000)
(10,000)
10
Intangible fixed assets
Software
£
Cost
At 1 July 2024 and 30 June 2025
21,111
Amortisation and impairment
At 1 July 2024
10,240
Amortisation charged for the year
4,222
At 30 June 2025
14,462
Carrying amount
At 30 June 2025
6,649
At 30 June 2024
10,871
HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2024
4,000
104,756
9,659
118,415
Additions
-
0
-
0
7,075
7,075
At 30 June 2025
4,000
104,756
16,734
125,490
Depreciation and impairment
At 1 July 2024
1,733
103,786
3,343
108,862
Depreciation charged in the year
800
385
2,987
4,172
At 30 June 2025
2,533
104,171
6,330
113,034
Carrying amount
At 30 June 2025
1,467
585
10,404
12,456
At 30 June 2024
2,267
970
6,316
9,553
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,392,381
3,478,891
Gross amounts owed by contract customers
765,145
4,565,529
Other debtors
64,001
104,985
Prepayments and accrued income
60,843
85,511
4,282,370
8,234,916
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
150,000
10,000
Total debtors
4,432,370
8,244,916
HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
774,578
971,106
Amounts owed to group undertakings
1,878,539
4,394,084
Taxation and social security
56,517
51,675
Accruals and deferred income
1,078,277
1,876,046
3,787,911
7,292,911

All amounts owed to the immediate parent undertaking are secured by fixed and floating charges over all property and assets both present and future of the company

14
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
Timing differences
150,000
10,000
2025
Movements in the year:
£
Asset at 1 July 2024
(10,000)
Credit to profit or loss
(140,000)
Asset at 30 June 2025
(150,000)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,803
25,205

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.

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,275,002
1,275,002
1,275,002
1,275,002
17
Reserves
Capital redemption reserve

In the financial year ending 30 June 2024, HansenGroup Limited received debt forgiveness from its parent company, HSHansen A/S. The total amount of debt forgiveness was £589,043.

In accordance with the provisions of FRS 102, this debt forgiveness has been recognised as a capital contribution in the financial statements of the subsidiary. As such, the amount of £589,043 has been credited to retained earnings. This treatment reflects the parent company's support in enhancing the subsidiary's financial position and acknowledges that the forgiveness of debt represents an injection of equity rather than a profit or loss item.

The capital contribution is not subject to repayment and will remain within the equity section of the subsidiary’s balance sheet unless otherwise agreed upon or directed by future transactions or amendments in financial agreements.

This balance represents a non distributable reserve.

18
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
44,116
42,573
Between two and five years
52,926
15,890
97,042
58,463
19
Related party transactions
Transactions with related parties

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

HANSENGROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
19
Related party transactions
(Continued)
- 25 -

During the year the company purchased no goods and made sales of £13,238 to Hansen Thermospan Limited, a company. As at the year end the company had an outstanding debtor balance of £4,665 with Hansen Thermospan Limited.

Hansen Thermospan Limited is a related party as it is under control of T B Andersen.

As the company accounts are consolidated in the accounts of HansenGroup A/S the entity has taken advantage of the reduced disclosure exemptions and has not disclosed transactions with fellow group companies. The accounts of HansenGroup A/S are publicly available.

20
Ultimate controlling party

The parent undertaking and controlling related party of this company is HansenGroup A/S incorporated in Denmark. The registered office of HansenGroup A/S is Bredgade 4, 6940 Lem st., Denmark. The ultimate controlling party is H M K Hansen.

These results will be consolidated in the group accounts of HansenGroup A/S which are publicly available.

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