REGISTERED NUMBER: 10059628 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

HGP HOLDINGS (2016) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

C J Callard

M J Williams

REGISTERED OFFICE:

Furzehall Farm, Wickham Road

Fareham

Hampshire

PO16 7JH

REGISTERED NUMBER:

10059628 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

The principal activity of the Group during the year continued to be that of architectural services.

REVIEW OF BUSINESS

Turnover for the year was £4,803,804 (2024 £4,747,357), an increase of 1.2%. The performance for the year represents the current market conditions, the inflationary and interest rate impact during the financial year.

The group continues to perform well in line with the sector considering the stagnation effecting ourselves and the wider industry due to the economy and changes in legislation.

As a business we remain strong and continue to closely monitor our overheads and drive efficiencies to suit the change in climate. A strong pipeline of future work exists, and the business has adequate cash reserves for the foreseeable future

PRINCIPAL RISKS AND UNCERTAINTIES

While we enjoy a large percentage of repeat clients across all sectors, the residential sector continues to remain our strongest sector due to the ongoing investment in the South of England. We continue to nurture these existing client relationships however through winning new business with new clients we have achieved a more balanced workload across both sectors and clients. Regional implementation of the Governments housing targets should continue to have a positive impact for the Group.

The management of the business and the execution of the Group's strategy are subject to a number or risks which include but are not limited to attracting and retaining staff of the appropriate calibre, competition within the sector and treasury and financial risks.

Market conditions are considered the key external risk, and the group are somewhat exposed to the uncertainties surrounding inflation and interest rates. With the combination of high client relationship management, recruiting high quality staff, delivering leading edge designs, utilising the latest materials, and embedding strong financial processes we mitigate these risks as far as possible. The group does not hold high values of interest accruing debts.

FUTURE DEVELOPMENTS

The group continues to aim for excellent customer satisfaction to secure future contracts and to maintain a strong order book for forthcoming years.

ON BEHALF OF THE BOARD:

C J Callard - Director

15th October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2025.

DIVIDENDS

The directors do not recommend that any final dividend is paid relating to the year ended 31st March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2024 to the date of this report.

C J Callard

M J Williams

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C J Callard - Director

15th October 2025

Opinion

We have audited the financial statements of HGP Holdings (2016) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

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

We obtained an understanding of the legal and regulatory framework applicable to the group via discussions with the director and our previous knowledge of the group. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102 Section. The group complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the group's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of HGP Holdings (2016) Ltd are revenue recognition and management override. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales cut off and testing controls in place in respect of sales at retail events and those areas susceptible to management override including testing manual journals and making enquiries of management.

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Enquiry of management and those charges with governance around actual and potential litigation and claims.

Reviewing minutes of meetings of those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Harriet Sergeant BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

20th October 2025

TURNOVER

4,803,804

4,747,357

Cost of sales

2,897,726

2,810,448

GROSS PROFIT

1,906,078

1,936,909

Administrative expenses

835,202

988,351

1,070,876

948,558

Other operating income

3,015

2,485

OPERATING PROFIT

4

1,073,891

951,043

Interest receivable and similar income

109,749

69,192

1,183,640

1,020,235

Interest payable and similar expenses

5

28,150

43,074

PROFIT BEFORE TAXATION

1,155,490

977,161

Tax on profit

6

108,483

288,870

PROFIT FOR THE FINANCIAL YEAR

1,047,007

688,291

Profit attributable to:

Owners of the parent

1,047,007

688,291

PROFIT FOR THE YEAR

1,047,007

688,291

OTHER COMPREHENSIVE INCOME

Purchase of own shares

(57,777

)

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(57,777

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

989,230

688,291

Total comprehensive income attributable to:

Owners of the parent

989,230

688,291

FIXED ASSETS

Intangible assets

9

188,059

282,088

Tangible assets

10

1,275,493

1,305,791

Investments

11

-

-

1,463,552

1,587,879

CURRENT ASSETS

Stocks

12

89,218

83,477

Debtors

13

1,699,980

1,377,808

Cash at bank and in hand

1,181,146

2,845,679

2,970,344

4,306,964

CREDITORS

Amounts falling due within one year

14

1,607,420

2,074,196

NET CURRENT ASSETS

1,362,924

2,232,768

TOTAL ASSETS LESS CURRENT LIABILITIES

2,826,476

3,820,647

CREDITORS

Amounts falling due after more than one year

15

(272,129

)

(781,648

)

PROVISIONS FOR LIABILITIES

19

(69,817

)

(73,574

)

NET ASSETS

2,484,530

2,965,425

CAPITAL AND RESERVES

Called up share capital

20

938,684

1,015,000

Capital redemption reserve

21

511,316

435,000

Retained earnings

21

1,034,530

1,515,425

SHAREHOLDERS' FUNDS

2,484,530

2,965,425

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2025 and were signed on its behalf by:

C J Callard - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,080,000

1,104,000

Investments

11

3,959,192

4,181,580

5,039,192

5,285,580

CURRENT ASSETS

Cash at bank

214,695

1,591,883

CREDITORS

Amounts falling due within one year

14

91,606

607,837

NET CURRENT ASSETS

123,089

984,046

TOTAL ASSETS LESS CURRENT LIABILITIES

5,162,281

6,269,626

CREDITORS

Amounts falling due after more than one year

15

272,129

714,285

NET ASSETS

4,890,152

5,555,341

CAPITAL AND RESERVES

Called up share capital

20

938,684

1,015,000

Capital redemption reserve

21

511,316

435,000

Retained earnings

21

3,440,152

4,105,341

SHAREHOLDERS' FUNDS

4,890,152

5,555,341

Company's profit for the financial year

862,713

1,518,541

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2025 and were signed on its behalf by:

C J Callard - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2023

1,015,000

1,198,968

435,000

2,648,968

Changes in equity

Dividends

-

(371,834

)

-

(371,834

)

Total comprehensive income

-

688,291

-

688,291

Balance at 31st March 2024

1,015,000

1,515,425

435,000

2,965,425

Changes in equity

Issue of share capital

(76,316

)

-

-

(76,316

)

Dividends

-

(1,393,809

)

-

(1,393,809

)

Total comprehensive income

-

912,914

76,316

989,230

Balance at 31st March 2025

938,684

1,034,530

511,316

2,484,530

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2023

1,015,000

2,958,634

435,000

4,408,634

Changes in equity

Dividends

-

(371,834

)

-

(371,834

)

Total comprehensive income

-

1,518,541

-

1,518,541

Balance at 31st March 2024

1,015,000

4,105,341

435,000

5,555,341

Changes in equity

Issue of share capital

(76,316

)

-

-

(76,316

)

Dividends

-

(1,393,809

)

-

(1,393,809

)

Total comprehensive income

-

728,620

76,316

804,936

Balance at 31st March 2025

938,684

3,440,152

511,316

4,890,152

Cash flows from operating activities

Cash generated from operations

1

727,516

1,651,400

Interest paid

(11,336

)

(13,184

)

Interest element of hire purchase payments paid

(5,515

)

(7,293

)

Finance costs paid

(11,299

)

(22,597

)

Tax paid

(393,090

)

(290,910

)

Net cash from operating activities

306,276

1,317,416

Cash flows from investing activities

Purchase of tangible fixed assets

(90,760

)

(54,732

)

Sale of tangible fixed assets

900

-

Interest received

109,749

69,192

Net cash from investing activities

19,889

14,460

Cash flows from financing activities

Loan repayments in year

(58,698

)

(56,849

)

Capital repayments in year

(27,539

)

(25,762

)

Amount introduced by directors

63

-

Amount withdrawn by directors

-

(64

)

Share buyback

(134,093

)

-

Preference share buyback

(376,622

)

-

Equity dividends paid

(1,393,809

)

(371,834

)

Net cash from financing activities

(1,990,698

)

(454,509

)

(Decrease)/increase in cash and cash equivalents

(1,664,533

)

877,367

Cash and cash equivalents at beginning of year

2

2,845,679

1,968,312

Cash and cash equivalents at end of year

2

1,181,146

2,845,679

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,155,490

977,161

Depreciation charges

211,980

208,189

Loss on disposal of fixed assets

2,207

297

Finance costs

28,150

43,074

Finance income

(109,749

)

(69,192

)

1,288,078

1,159,529

Increase in stocks

(5,741

)

(25,687

)

(Increase)/decrease in trade and other debtors

(76,958

)

507,816

(Decrease)/increase in trade and other creditors

(477,863

)

9,742

Cash generated from operations

727,516

1,651,400

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,181,146

2,845,679

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,845,679

1,968,312

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

2,845,679

(1,664,533

)

1,181,146

2,845,679

(1,664,533

)

1,181,146

Debt

Finance leases

(94,902

)

27,539

(67,363

)

Debts falling due within 1 year

(53,708

)

(6,836

)

(60,544

)

Debts falling due after 1 year

(714,285

)

442,156

(272,129

)

(862,895

)

462,859

(400,036

)

Total

1,982,784

(1,201,674

)

781,110

1.	STATEMENT OF COMPLIANCE

HGP Holdings (2016) Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Furzehall Farm, Wickham Road, Fareham, Hampshire, PO16 7JH. The registration number is 10059628.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

The group's financial statements have been prepared in compliance with FRS 102 as it applied to the financial statements of the group for the year ended 31st March 2025.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate the results of HGP Holdings (2016) Limited and all its subsidiary undertakings as at 31st March 2025 using the acquisition method of accounting. The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimates and underlying assumptions are reviewed on an ongoing basis.

(a) Provisions against receivables

Using information available up to the date the financial statements have been approved, the Directors make judgments based on experience regarding the level of provision required to account for potentially uncollectible receivables.

(b) Valuation of the different elements of work in progress

The percentage completion of projects is reviewed by the project managers based on their knowledge of the contract and experiences incurred on similar contracts.

The group uses benchmarks as a starting point for determining whether profit can be taken on a project.

Turnover

In accordance with the principles of revenue recognition as stated in section 23, paragraph 23.14 and 23.21 of FRS 102, Reporting the Substance of Transactions, income is recognised as the right to consideration obtained through the performance of contractual obligations. Long term contracts are invoiced in line with the terms of the contract.

Interest income is recognised on bank balances in the period to which it relates.

Goodwill

Goodwill is the amount arising on consolidation and is amortised over its useful life of 10 years. As the group is unable to reliably estimate the useful life of goodwill, in accordance with FRS 102 Section 19.23 amortisation is to not exceed 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

2% on cost

Improvements to leasehold property

-

Straight line over 15 years

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and are initially recognised at the transaction price. At the end of each reporting period financial assets are assessed for objective evidence of impairment. Any impairment loss is recognised in profit or loss.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.