ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 03893285

HAWKINS & ASSOCIATES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

HAWKINS & ASSOCIATES LIMITED

COMPANY INFORMATION

Directors	Mr A R Bryce
	Mr A D Chambers
	Mr I Giddings
	Dr A C Prickett
	Dr R Edwards
	Mr A B Reeves


Company secretary	Mr A D Chambers


Registered number	03893285


Registered office	88 Leadenhall Street
	London
	EC3A 3BP


Independent auditors	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	Tennyson House
	Cambridge Business Park
	Cambridge
	CB4 0WZ

HAWKINS & ASSOCIATES LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 4
Directors' Report	5 - 6
Independent Auditors' Report	7 - 10
Consolidated Profit and Loss Account	11
Consolidated Statement of Comprehensive Income	12
Consolidated Balance Sheet	13 - 14
Company Balance Sheet	15 - 16
Consolidated Statement of Changes in Equity	17 - 21
Company Statement of Changes in Equity	22 - 23
Consolidated Statement of Cash Flows	24
Consolidated Analysis of Net Debt	25
Notes to the Financial Statements	26 - 56

HAWKINS & ASSOCIATES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Group is owned by its employees and provides forensic engineering and scientific services to support its clients with cause and origin investigation and validation work. Of overriding importance to the Group is knowledge retention in order to provide the appropriate skills to service the highly technical work the Group is appointed to undertake.
Employee attraction and retention is vital to our strategy, accordingly, the Group aims to provide an interesting, rewarding and stable environment in which everyone can work. The result of investing in our staff and working environments, maintaining staff retention and our knowledge culture enables the Group to build on our high levels of customer service and add further value to our clients’ operations.
The Share Incentive Plan is now in its 25th year and owns 76.3% of the equity. The strategy for the share incentive plan to acquire shares from retiring employees has been maintained. These shares will be distributed to existing employees of the Group as part of our strategy to widen and diversify the share ownership among all employees.
Core to Hawkins’ values is to promote a secure sustainable Group of companies which have a positive impact on its stakeholders and the communities in which it is present. The development and management of our Environmental, Social and Governance (ESG) strategy supports the underlying business and our continued success.
Environmental
• Hawkins is committed to reducing direct carbon emissions to zero (or as close to zero as practicably possible) well before the UK Government’s “Net Zero” target of 2050.
• Hawkins has assisted its employees in replacing traditional combustion vehicles with newer electric vehicles both improving road safety & our carbon footprint.
• We are investing in longer term solutions to accelerate our carbon emissions reduction by investing in solar PV panels, EV chargers, and improving the EPC rating of our offices to reduce our impact on the environment.
Social
• Where possible, we support the local communities we are part of globally, with 5% of our net profits donated to charitable causes each year.
• We have consistently been awarded the ROSPA Gold Award and Medal for our Health & Safety practices encompassing not only our employees but also third parties and members of the public who are working on sites that we are responsible for.
• We continue to promote diversity in our recruitment, and also the development of diversity through assisting with STEM initiatives within the education system.
Governance
• Hawkins complies with the QCA Corporate Governance Code 2018.
• We are solely employee owned with the majority of the shares owned via a Share Incentive Plan to incentivise long term investment in the Group. The governance of the Group is enhanced by an Employee Trust Board that provides oversight to the main Board of Directors.
Hawkins has had no RIDDOR reportable accidents in the year, and we have successfully retained the ROSPA Gold award again this year, in recognition of our robust health and safety culture which safeguard our employees and those affected by our activities. This is a testament to the quality of our health and safety management whilst overseeing a client site.

Page 1

HAWKINS & ASSOCIATES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Business review

During the year, the Group built on its reputation for technical excellence, and exceptional client service. As a result of this the Group improved its Turnover by 13.6% to £31.3m, delivering an operating profit of 8.8% of Turnover.
The Group continued to invest into it’s freehold properties and laboratories to support the balance sheet strength and to further develop our client service offering. Investment into our information communication technology and information security provision has continued throughout the year to ensure we comply with and exceed regulatory requirements and improve our data analytics and client deliverables.
After the year end the Group incorporated two subsidiaries, one located in South Africa and the other in United Arab Emirates, to further support our strategic intent to be closer to our clients and provide a local service on a global basis.

Page 2

HAWKINS & ASSOCIATES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties

The key risks facing the business are primarily operational and economic.
The operational risks centre on our ability to attract and retain the correct number of highly qualified staff and to continue a strong health and safety culture in order to maintain our exemplary record.
Economic uncertainty and geopolitical volatility pose a risk as the Group has operations globally in Europe, UAE, Singapore and Hong Kong together with a significant number of clients being large financial institutions who themselves are affected by the macroeconomic and geopolitical environment. The business has reviewed its exposure to changes in the political environment under a variety of scenarios and does not forecast any significant material impact to its operations or future performance. The business does foresee, in certain scenarios, a short term impact on both cash flow and turnover. The required actions to mitigate these impacts have been built into our operational and financial plans.
A significant asset of the business is the amount recoverable on contracts and outstanding trade debtors. In order to minimise the risk to the business, procedures exist to manage the working capital cycle and to reduce specific risks by undertaking credit reviews.
Financial risk management
The Group has exposure to three main areas of risk foreign exchange currency, liquidity and customer credit exposure.
Foreign exchange transactional currency exposure
The Group is exposed to currency exchange rate risk due to some revenue and operating expenses being denominated in non Sterling currencies. The net exposure of each currency is monitored and active management through the use of forward foreign currency exchange contracts is undertaken where appropriate. Overall risk is reduced through natural hedging by offsetting foreign currency receivables against payables.
Liquidity risk
The objective of the Group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, the Group would seek to secure additional credit facilities.
Customer credit exposure
The Group offers credit terms to its customers which allow payment of the debt after delivery of the goods or services. The Group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by well developed long term client relationships and with the majority of the client base being established financial institutions with strong Standard & Poor’s ratings. Further internal controls are in place when accepting a new client to minimise credit risk and manage the overall commercial exposure.
Future Developments
The market continues to be buoyant and the Group is confident that it will continue to grow in a controlled manner by maintaining our market share in existing disciplines and the development of new markets and service offerings. The Group will continue to develop its employees through training and other means of support to ensure employee retention rates are maintained.

Page 3

HAWKINS & ASSOCIATES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Going Concern
The Group continued to trade profitably during the year and the directors have prepared forecasts for 2025/26 and the trading period beyond this. Based upon this review, coupled with the comments made in the Strategic Report, the directors believe the Group will continue to trade profitably and generate sufficient cash to meet the Group's liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
The directors therefore believe the Group continues to be a going concern and have prepared the financial statements on this basis.

Key performance indicators

The business is accredited to ISO 9001 and we use a set of key performance indicators, financial and non-financial, to monitor the business linked to the principal risks.
2025 2024
Turnover (£'000) 31,350 27,586
Cash (£'000) 1,608 2,673
Debtors (£'000) 14,332 12,649
Headcount 190 174
Health and safety reportable accidents 0 0

This report was approved by the board on 17 September 2025 and signed on its behalf.

................................................

Mr A D Chambers

Director

Page 4

HAWKINS & ASSOCIATES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors

The directors who served during the year were:

Mr A R Bryce

Mr A D Chambers

Mr I Giddings

Dr A C Prickett

Dr R Edwards

Mr A B Reeves

Results and dividends

The profit for the year, after taxation, amounted to £1,892,929 (2024 - £117,149).

During the year dividends of £237,137 were paid (2024: £241,705).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

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

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

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 5

HAWKINS & ASSOCIATES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Post balance sheet events

After the year-end, the Group incorporated two new subsidiaries: one in the United Arab Emirates and one in South Africa. These entities were established to support the Group’s international expansion strategy and were incorporated prior to the signing of these financial statements.

Auditors

Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 17 September 2025 and signed on its behalf.

Mr A D Chambers

Director

Dr A C Prickett

Director

Page 6

HAWKINS & ASSOCIATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED

Opinion

We have audited the financial statements of Hawkins & Associates Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 7

HAWKINS & ASSOCIATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 8

HAWKINS & ASSOCIATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and company.
Our approach was as follows:
• We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management.
• We obtained an understanding of the legal and regulatory requirements applicable to the group and company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety.
• We obtained an understanding of how the group and company complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
• We discussed during the audit engagement team briefing regarding how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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

Page 9

HAWKINS & ASSOCIATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Booth (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ

18 September 2025

Page 10

HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	31,349,999	27,585,605
Cost of sales		(22,721,863)	(20,017,617)
Gross profit		8,628,136	7,567,988
Administrative expenses		(5,928,719)	(5,876,432)
Exceptional administrative expenses		8,745	(13,423)
Other operating income	5	105,735	77,726
Exceptional other operating charges		-	(1,364,795)
Operating profit	6	2,813,897	391,064
Interest payable and similar expenses	10	(248,959)	(186,094)
Profit before tax		2,564,938	204,970
Tax on profit	11	(672,009)	(87,821)
Profit for the financial year		1,892,929	117,149

Profit for the year attributable to:
Owners of the parent	1,892,929	117,149
	1,892,929	117,149

The notes on pages 26 to 56 form part of these financial statements.

Page 11

HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

				2025	2024
				£	£

Profit for the financial year	1,892,929	117,149
Other comprehensive income
Currency translation differences	25,168	30,475
Total comprehensive income for the year	1,918,097	147,624

Profit for the year attributable to:
Owners of the parent Company		1,892,929	117,149

The notes on pages 26 to 56 form part of these financial statements.

Page 12

HAWKINS & ASSOCIATES LIMITED

REGISTERED NUMBER: 03893285

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		3,417,806		889,055
Tangible assets	14		7,824,339		6,130,898
Investments	15		4		4
			11,242,149		7,019,957
Current assets
Debtors		14,331,999		12,648,874
Cash at bank and in hand	17	1,608,495		2,673,028
		15,940,494		15,321,902
Creditors: amounts falling due within one year	18	(7,490,397)		(5,816,824)
Net current assets			8,450,097		9,505,078
Total assets less current liabilities			19,692,246		16,525,035
Creditors: amounts falling due after more than one year	19		(4,067,991)		(2,462,680)
Provisions for liabilities
Deferred taxation	22		(1,199,437)		(1,122,239)
Net assets			14,424,818		12,940,116

Page 13

HAWKINS & ASSOCIATES LIMITED

REGISTERED NUMBER: 03893285

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Capital and reserves
Called up share capital	23	1,213,458	1,208,526
Share premium account	25	4,146,059	4,102,362
Share based payment reserve	25	1,248,184	1,049,290
Capital redemption reserve	25	323,990	323,990
Foreign exchange reserve	25	35,130	9,962
ESOP reserve	25	(4,507,547)	(4,103,932)
Profit and loss account	25	11,965,544	10,349,918
Equity attributable to owners of the parent Company		14,424,818	12,940,116

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2025.

................................................ Mr A D Chambers	................................................ Dr A C Prickett
Director	Director

Page 14

HAWKINS & ASSOCIATES LIMITED

REGISTERED NUMBER: 03893285

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		840,917		889,055
Tangible assets	14		7,734,171		6,050,232
Investments	15		3,593,353		794,048
			12,168,441		7,733,335
Current assets
Debtors		10,335,083		10,017,194
Cash at bank and in hand	17	813,595		2,285,034
		11,148,678		12,302,228
Creditors: amounts falling due within one year	18	(6,505,520)		(5,650,930)
Net current assets			4,643,158		6,651,298
Total assets less current liabilities			16,811,599		14,384,633

Creditors: amounts falling due after more than one year	19		(3,686,981)		(2,401,226)
Provisions for liabilities
Deferred taxation	22		(1,198,823)		(1,122,239)
Net assets			11,925,795		10,861,168

Page 15

HAWKINS & ASSOCIATES LIMITED

REGISTERED NUMBER: 03893285

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

	2025	2024
Note	£	£

Capital and reserves
Called up share capital	23	1,213,458	1,208,526
Share premium account	25	4,146,059	4,102,362
Share based payment reserve	25	1,248,184	1,049,290
Capital redemption reserve	25	323,990	323,990
ESOP reserve	25	(4,507,547)	(4,103,932)
Profit and loss account		9,501,651	8,280,932
		11,925,795	10,861,168

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2025.

................................................ Mr A D Chambers	................................................ Dr A C Prickett
Director	Director

The notes on pages 26 to 56 form part of these financial statements.

Page 16


		HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Share based payment reserve	Foreign exchange reserve	ESOP reserve	Profit and loss account	Equity attributable to owners of parent Company
	£	£	£	£	£	£	£	£
At 1 April 2024	1,208,526	4,102,362	323,990	1,049,290	9,962	(4,103,932)	10,349,918	12,940,116
Comprehensive income for the year
Profit for the year	-	-	-	-	-	-	1,892,929	1,892,929
Currency translation differences	-	-	-	-	25,168	-	-	25,168
Total comprehensive income for the year	-	-	-	-	25,168	-	1,892,929	1,918,097
Dividends: Equity capital	-	-	-	-	-	-	(237,137)	(237,137)
Shares issued during the year	4,932	43,697	-	-	-	-	-	48,629
Transfer between reserves on vesting	-	-	-	(425,035)	-	465,201	(40,166)	-
Share based payment movement in the year	-	-	-	623,929	-	-	-	623,929
ESOP movement in the year	-	-	-	-	-	(868,816)	-	(868,816)
Total transactions with owners	4,932	43,697	-	198,894	-	(403,615)	(277,303)	(433,395)
At 31 March 2025	1,213,458	4,146,059	323,990	1,248,184	35,130	(4,507,547)	11,965,544	14,424,818

Page 17


		HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		Total equity
		£
	At 1 April 2024	12,940,116
	Comprehensive income for the year
	Profit for the year	1,892,929
	Currency translation differences	25,168
	Total comprehensive income for the year	1,918,097
	Dividends: Equity capital	(237,137)
	Shares issued during the year	48,629
	Transfer between reserves on vesting	-
	Share based payment movement in the year	623,929
	ESOP movement in the year	(868,816)
	Total transactions with owners	(433,395)
	At 31 March 2025	14,424,818

Page 18


		HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

The notes on pages 26 to 56 form part of these financial statements.

Page 19


		HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Capital redemption reserve	Share based payment reserve	Foreign exchange reserve	ESOP reserve	Profit and loss account	Equity attributable to owners of parent Company
	£	£	£	£	£	£	£	£
At 1 April 2023	1,208,526	4,104,631	332,211	665,756	(20,513)	(3,998,675)	10,474,474	12,766,410
Comprehensive income for the year
Profit for the year	-	-	-	-	-	-	117,149	117,149
Currency translation differences	-	-	-	-	30,475	-	-	30,475
Total comprehensive income for the year	-	-	-	-	30,475	-	117,149	147,624
Dividends: Equity capital	-	-	-	-	-	-	(241,705)	(241,705)
Share based payment movement in the year	-	(2,269)	(8,221)	383,534	-	-	-	373,044
ESOP movement in the year	-	-	-	-	-	(105,257)	-	(105,257)
Total transactions with owners	-	(2,269)	(8,221)	383,534	-	(105,257)	(241,705)	26,082
At 31 March 2024	1,208,526	4,102,362	323,990	1,049,290	9,962	(4,103,932)	10,349,918	12,940,116

Page 20


		HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

		Total equity
		£
	At 1 April 2023	12,766,410
	Comprehensive income for the year
	Profit for the year	117,149
	Currency translation differences	30,475
	Total comprehensive income for the year	147,624
	Dividends: Equity capital	(241,705)
	Share based payment movement in the year	373,044
	ESOP movement in the year	(105,257)
	Total transactions with owners	26,082
	At 31 March 2024	12,940,116

The notes on pages 26 to 56 form part of these financial statements.

Page 21


		HAWKINS & ASSOCIATES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Share based payment reserve	ESOP reserve	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 April 2024	1,208,526	4,102,362	323,990	1,049,290	(4,103,932)	8,280,932	10,861,168

Profit for the year	-	-	-	-	-	1,498,022	1,498,022
Dividends: Equity capital	-	-	-	-	-	(237,137)	(237,137)
Shares issued during the year	4,932	43,697	-	-	-	-	48,629
Transfer to/from profit and loss account	-	-	-	(425,035)	465,201	(40,166)	-
Share based payment movement in the year	-	-	-	623,929	-	-	623,929
ESOP movement in the year	-	-	-	-	(868,816)	-	(868,816)
At 31 March 2025	1,213,458	4,146,059	323,990	1,248,184	(4,507,547)	9,501,651	11,925,795

The notes on pages 26 to 56 form part of these financial statements.

Page 22


		HAWKINS & ASSOCIATES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Capital redemption reserve	Share based payment reserve	ESOP reserve	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 April 2023	1,208,526	4,102,362	323,990	665,756	(3,998,675)	8,868,932	11,170,891

Loss for the year	-	-	-	-	-	(346,295)	(346,295)
Dividends: Equity capital	-	-	-	-	-	(241,705)	(241,705)
Share based payment movement in the year	-	-	-	383,534	-	-	383,534
ESOP movement in the year	-	-	-	-	(105,257)	-	(105,257)
At 31 March 2024	1,208,526	4,102,362	323,990	1,049,290	(4,103,932)	8,280,932	10,861,168

The notes on pages 26 to 56 form part of these financial statements.

Page 23

HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,892,929	117,149
Adjustments for:
Amortisation of intangible assets	69,327	-
Depreciation of tangible assets	451,198	474,257
Impairments of intangible fixed assets	-	1,364,795
Loss on disposal of tangible assets	926	27,644
Interest paid	248,959	186,094
Taxation charge	672,009	87,821
(Increase) in debtors	(959,486)	(1,373,504)
Increase/(decrease) in creditors	27,600	(302,661)
Foreign exchange	25,307	30,474
Net cash generated from operating activities	2,428,769	612,069

Cash flows from investing activities
Purchase of intangible fixed assets	(21,189)	(751,966)
Purchase of tangible fixed assets	(2,134,324)	(1,542,798)
Net cash acquired on acquisition of subsidiaries	(913,125)	-
Net cash from investing activities	(3,068,638)	(2,294,764)
Cash flows from financing activities
Issue of ordinary shares	48,629	-
Repayment of loans	257,829	135,139
Dividends paid	(237,137)	(241,705)
Interest paid	(248,959)	(186,094)
Net movement on ESOP	(245,026)	267,788
Net cash used in financing activities	(424,664)	(24,872)
Net (decrease) in cash and cash equivalents	(1,064,533)	(1,707,567)
Cash and cash equivalents at beginning of year	2,673,028	4,380,595
Cash and cash equivalents at the end of year	1,608,495	2,673,028

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,608,495	2,673,028

The notes on pages 26 to 56 form part of these financial statements.

Page 24

HAWKINS & ASSOCIATES LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	2,673,028	(1,064,533)	1,608,495
Debt due after 1 year	(2,462,680)	(429,894)	(2,892,574)
Debt due within 1 year	(270,375)	(63,649)	(334,024)
	(60,027)	(1,558,076)	(1,618,103)

The notes on pages 26 to 56 form part of these financial statements.

Page 25

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Hawkins & Associates Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. Its registered head office is located at 88 Leadenhall Street, London, EC3A 3BP.
The principal activity of the Group is the provision of services as consulting scientists and engineers to clients who are primarily in the insurance and legal professions.
The parent company's profit for the year was £1,498,022 (2024 - Loss of £346,295).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing the company's individual financial statements, as permitted by the FRS 102:
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements.
The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own profit and loss account.

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 26

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Going concern

The group continued to trade profitably during the year and the directors have prepared forecasts for 2025/26 and have considered the trading period beyond this. Based upon this review, coupled with the comments made in the Strategic Report, the directors believe the group will continue to trade profitably and generate sufficient cash to meet the group’s liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
The directors therefore believe the group continues to be a going concern and have prepared the financial statements on this basis.

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 27

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;

∙it is probable that the Group 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.

2.7

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.8

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.9

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

Page 28

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Borrowing costs

All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.14

Corporation and deferred taxation

The tax expense for the year comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 29

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.16

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over the expected useful life of the individual asset in relation to the cash generating unit.
Computer Software is initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the directors assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Computer software is amortised on a straight line basis to the Profit and loss account over its useful economic life, considered to be 3 years.

2.17

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	3.33%
Long-term leasehold property	-	3.33%
Short-term leasehold property	-	5-10%
Motor vehicles	-	20%
Fixtures and fittings	-	15%
Computer equipment	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 30

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.19

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.20

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.21

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.22

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.23

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 31

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.24

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.25

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.26

Employee share incentive plan

The cost of the company's shares held by the share incentive plan (SIP) that have not been acquired and allocated to employees are deducted from equity in the company and group balance sheets under the heading ESOP reserve. Any cash received by the SIP on disposal of shares it holds is also recognised directly in equity. Other assets and liabilities of the SIP (including borrowings) are recognised as assets and liabilities of the company.

Page 32

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.27

Share based payments

Cash settled share based awards are granted to eligible employees in the form of ordinary shares under the company's share incentive plan (SIP). A liability and expense equal to the fair value of the award is recognised over the vesting period, based on the estimate of the awards that will vest. The liability is remeasured to current fair value at each balance sheet date. Changes in fair value are recognised in the profit and loss account. The fair value is measured in accordance with the approved scheme rules.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The key judgements and estimates are:
i.
The ability of the company to recover fees on part-complete assignments. The company recognises amounts recoverable on contracts once a contractual entitlement has arisen and in proportion to the stage of completeness of each assignment having shown due regard for all available information relating to the progress of a case.
ii.
The company operates a bonus scheme with costs in relation to current activity based on both future and past performance of the company. The future performance of the company is estimated based on the historic performance over the previous year.
iii.
The nature of the industry that the company operates in requires elongated payment terms on outstanding debtors. Bad debt provisions are calculated both on a specific and general basis using all information available to the company at the time.
iv.
The company holds investments in companies operating within similar niche markets. Impairment reviews on these investments are undertaken periodically utilising the information available to the company and the historic trends pertaining to the markets in which it operates.

Page 33

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	Consultancy services	31,349,999	27,585,605

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	26,774,275	24,030,116
Rest of the world	4,575,724	3,555,489
	31,349,999	27,585,605

5.	Other operating income
		2025	2024
		£	£

	Net rents receivable	105,735	77,726

Depreciation of tangible fixed assets	451,198	474,257
Amortisation of intangible assets, including goodwill	69,327	-
Impairment of intangible assets	-	1,364,795
Exchange differences	78,805	52,558
Other operating lease rentals	606,352	683,430
Share-based payment	577,142	455,281

Page 34

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements	40,000	26,600
Fees payable to the Group's auditor and its associates in respect of:
The audit of the company's subsidiaries	29,000	7,500
The audit of the company's subsidiaries - other auditors	22,338	19,640
Taxation compliance services	8,750	6,300
All other services	8,350	5,550

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	17,054,385	15,265,132	14,926,429	13,740,915
Social security costs	1,812,895	1,688,386	1,812,895	1,688,386
Cost of defined contribution scheme	2,786,966	1,922,317	2,786,966	1,910,896
	21,654,246	18,875,835	19,526,290	17,340,197

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	6	6	6	6
Fee earners	128	115	113	105
Support staff	56	53	54	53

	190	174	173	164

Page 35

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	1,201,153	1,237,348
Group contributions to defined contribution pension schemes	169,214	178,905
	1,370,367	1,416,253

	During the year retirement benefits were accruing to 6 directors (2024 - 6) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £237,757 (2024 - £250,919).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,222 (2024 - £19,222).

In addition to the figures quoted above, during the year 6 directors (2024 - 6) received ordinary shares worth £53,843 in total (2024 - £53,451), under the company's share incentive plan. These shares were issued as partnership, matching and free shares at a maximum value per Director of £8,974. These shares were issued on the same basis to all employees.

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable

248,959

186,094

Page 36

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	595,425	3,894
Adjustments in respect of previous periods	-	(40,646)
	595,425	(36,752)

Total current tax	595,425	(36,752)

Deferred tax
Origination and reversal of timing differences	76,584	124,573
Total deferred tax	76,584	124,573


		672,009	87,821

Page 37

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

2,564,938

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	641,235	51,243
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(20,830)	20,800
Capital allowances for year in excess of depreciation	36,039	(54,429)
Tax losses carried forward	74,305	131,949
Adjustments to tax charge in respect of prior periods	-	(26,314)
Other timing differences leading to an increase (decrease) in taxation	19,200	2,016
Changes in provisions leading to an increase (decrease) in the tax charge	(77,940)	40,212
Utilistaion of tax losses brought forward	-	(77,656)
Total tax charge for the year	672,009	87,821

Factors that may affect future tax charges
No deferred tax asset has been recognised in respect of tax losses arising in the subsidiary entities due to uncertainty regarding the timing of crystallisation. At 31 March 2025 Hawkins & Associates (Singapore) Pte Ltd had tax losses carried forward of £834,000 (2024 - £818,000) and Hawkins & Associates (Hong Kong) Limited has tax losses carried forward of £350,000 (2024 - £79,000).

12.	Dividends
		2025	2024
		£	£

Dividends paid on equity capital

237,137

241,705

Page 38

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Intangible assets
	Group

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 April 2024	2,253,850	176,906	2,430,756
Additions	21,189	2,576,889	2,598,078
At 31 March 2025	2,275,039	2,753,795	5,028,834
Amortisation
At 1 April 2024	1,364,795	176,906	1,541,701
Charge for the year on owned assets	69,327	-	69,327
At 31 March 2025	1,434,122	176,906	1,611,028
Net book value
At 31 March 2025	840,917	2,576,889	3,417,806
At 31 March 2024	889,055	-	889,055

Page 39

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.Intangible assets (continued)

	Company

		Computer software
		£
	Cost
	At 1 April 2024	2,253,850
	Additions	21,189
	At 31 March 2025	2,275,039
	Amortisation
	At 1 April 2024	1,364,795
	Charge for the year	69,327
	At 31 March 2025	1,434,122
	Net book value
	At 31 March 2025	840,917
	At 31 March 2024	889,055

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		HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

	14.	Tangible fixed assets
		Group

	Freehold property	Long-term leasehold property	Short-term leasehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	4,561,367	474,423	1,401,693	27,855	1,290,917	892,338	8,648,593
Additions	1,786,533	-	36,225	-	98,324	224,483	2,145,565
Disposals	-	-	(58,259)	(27,855)	(1,930)	-	(88,044)
At 31 March 2025	6,347,900	474,423	1,379,659	-	1,387,311	1,116,821	10,706,114
Depreciation
At 1 April 2024	215,032	101,708	613,273	27,855	784,586	775,241	2,517,695
Charge for the year on owned assets	152,277	15,798	96,131	-	103,190	83,802	451,198
Disposals	-	-	(57,333)	(27,855)	(1,930)	-	(87,118)
At 31 March 2025	367,309	117,506	652,071	-	885,846	859,043	2,881,775

Page 41


		HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

Net book value
At 31 March 2025	5,980,591	356,917	727,588	-	501,465	257,778	7,824,339
At 31 March 2024	4,346,335	372,715	788,420	-	506,331	117,097	6,130,898

Page 42


		HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

		Company

	Freehold property	Long-term leasehold property	Short-term leasehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	4,561,367	474,423	1,339,996	27,855	1,079,760	852,924	8,336,325
Additions	1,786,533	-	36,225	-	87,076	221,706	2,131,540
Disposals	-	-	(58,259)	(27,855)	(1,930)	-	(88,044)
At 31 March 2025	6,347,900	474,423	1,317,962	-	1,164,906	1,074,630	10,379,821
Depreciation
At 1 April 2024	215,032	101,708	613,273	27,855	585,902	742,323	2,286,093
Charge for the year on owned assets	152,277	15,798	95,835	-	104,734	78,031	446,675
Disposals	-	-	(57,333)	(27,855)	(1,930)	-	(87,118)
At 31 March 2025	367,309	117,506	651,775	-	688,706	820,354	2,645,650

Page 43


		HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

Net book value
At 31 March 2025	5,980,591	356,917	666,187	-	476,200	254,276	7,734,171
At 31 March 2024	4,346,335	372,715	726,723	-	493,858	110,601	6,050,232

Page 44

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Fixed asset investments
	Group

		Unlisted investments
		£
	Cost
	At 1 April 2024	4
	At 31 March 2025	4

	Company

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost
At 1 April 2024	794,044	4	794,048
Additions	2,799,305	-	2,799,305
At 31 March 2025	3,593,349	4	3,593,353

Page 45

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Hawkins Forensics Limited	Dormant	Ordinary	100%
Hawkins (International) Limited	Provision of consulting scientists and engineers services	Ordinary	100%
Hawkins & Associates (Hong Kong) Limited	Provision of consulting scientists and engineers services	Ordinary	100%
Hawkins & Associates (Singapore) Pte Ltd	Provision of consulting scientists and engineers services	Ordinary	100%
Hawkins Forensics (Europe) Limited	Provision of consulting scientists and engineers services	Ordinary	100%
A. Lamb Associates Limited	Provision of quantity surveying and related consultancy services	Ordinary	100%
Morham & Brotchie Limited*	Provision of quantity surveying and related consultancy services	Ordinary	100%
Hawkins Forensics (Ireland) Limited*	Provision of consulting scientists and engineers services	Ordinary	100%

*Denotes entities that are indirectly wholly owned by the group.
On 31 March 2025, the Group acquired 100% of the issued share capital of A. Lamb Associates Limited. As a result, A. Lamb Associates Limited became a wholly owned subsidiary of the Group. A. Lamb Associates Limited holds 100% of the issued share capital of Morham & Brotchie Limited, which therefore also became an indirect subsidiary of the Group on the same date.
Hawkins Forensics Limited, Hawkins (International) Limited and A. Lamb Associates Limited are incorporated in England and Wales. Hawkins & Associates (Hong Kong) Limited is incorporated and domiciled in Hong Kong. Hawkins & Associates (Singapore) Pte Ltd is incorporated and domiciled in Singapore. Hawkins Forensics (Europe) Limited and Hawkins Forensics (Ireland) Limited are incorporated and domiciled in Ireland. Morham & Brotchie Limited is incorporated and domiciled in Scotland.

Page 46

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Trade debtors	10,528,479	9,422,681	7,066,486	7,197,959
Amounts owed by group companies	-	-	304,713	-
Other debtors	56,078	299,967	45,190	290,099
Prepayments and accrued income	1,307,124	1,173,802	1,076,305	1,012,960
Amounts recoverable on L/T contracts	2,440,318	1,752,424	1,842,389	1,516,176
	14,331,999	12,648,874	10,335,083	10,017,194

Group
An impairment provision of £542,812 (2024 - £686,141) has been recognised against the group's trade
debtors. In addition a provision of £712,462 (2024 - £447,161) was made against the group's amounts
recoverable on contract.
Company
An impairment provision of £318,215 (2024 - £430,065) has been recognised against the company's trade debtors. In addition a provision of £486,918 (2024 - £351,563) was made against the company's amounts recoverable on contract.

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	1,608,495	2,673,028	813,595	2,285,034

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	322,421	268,375	249,088	268,375
Trade creditors	624,407	786,368	542,242	784,419
Corporation tax	399,699	-	306,041	-
Other taxation and social security	1,743,253	1,168,123	1,491,052	1,156,263
Other creditors	648,220	180,330	552,643	178,330
Accruals and deferred income	3,752,397	3,413,628	3,364,454	3,263,543
	7,490,397	5,816,824	6,505,520	5,650,930

Page 47

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	2,892,574	2,462,680	2,605,314	2,401,226
Other creditors	1,175,417	-	1,081,667	-
	4,067,991	2,462,680	3,686,981	2,401,226

20.	Loans

		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	322,421	268,375	249,088	268,375
Amounts falling due 1-2 years
Bank loans	649,157	340,890	361,897	279,436
Amounts falling due 2-5 years
Bank loans	721,836	565,517	721,836	565,517
Amounts falling due after more than 5 years
Bank loans	1,521,581	1,556,273	1,521,581	1,556,273
	3,214,995	2,731,055	2,854,402	2,669,601

The bank loans are secured by charges over the freehold properties owned by the group. The bank loans are repayable by installments. Interest is charged at different rates. Two variable loans are charged at between 1.95 - 2.2% over base rate. One fixed loan is charged at 8.09%.

Page 48

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

21.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Financial assets
	Financial assets measured at amortised cost	14,633,370	14,148,100	10,072,373	11,289,268

	Financial liabilities
	Financial liabilities measured at amortised cost	(8,237,643)	(7,110,374)	(7,313,741)	(6,895,893)

	Financial assets measured at amortised costs comprise cash, trade debtors, other debtors, amounts receivable on contracts and, where applicable, amounts due from subsidiary companies.
	Financial liabilities measured at amortised cost comprise bank loans, trade creditors, other creditors and accruals.

Page 49

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(1,122,239)
	Charged to profit or loss	(76,584)
	Arising on business combinations	(614)
	At end of year	(1,199,437)

Company

		2025
		£

	At beginning of year	(1,122,239)
	Charged to profit or loss	(76,584)
	At end of year	(1,198,823)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	(584,951)	(647,488)	(584,951)	(647,488)
Share based payments	(664,950)	(519,613)	(664,950)	(519,613)
Other timing differences	50,464	44,862	51,078	44,862
	(1,199,437)	(1,122,239)	(1,198,823)	(1,122,239)

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,213,458 (2024 - 1,208,526) Ordinary shares of £1.00 each	1,213,458	1,208,526

During the year 4,932 (2024 - none) Ordinary £1 shares were issued for £48,629 consideration (2023 - £NIL). The premium of £43,697 (2024 - £NIL) paid on these shares has been credited to the share premium account.

Page 50

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.	Share based payments
	The group's share incentive plan (SIP) provides eligible employees with the opportunity to purchase ordinary shares in the company. Eligible employees may also, under certain terms, receive free issue shares as part of performance conditions under contracts of employment and dividend shares as an alternative to cash dividend. If the employee leaves the service of the group, the SIP is required to purchase the shares at their fair value, in accordance with the scheme rules.
		2025	2024
		Number	Number

Movement in SIP shares are as follows:
Opening balance	751,736	652,418
Granted in the year	17,889	18,136
Free issues in the year	113,295	97,367
Withdrawn from the scheme	(69,763)	(16,185)
	813,157	751,736

At the year end 813,157 shares (2024 - 751,736 shares) were allocated to eligible employees leaving 113,193 shares (2024 - 138,207) which were held by the scheme but not allocated.
During the year the company issued 113,295 (2024 - 97,367) shares free of charge. The market value of these shares has been estimated to be £1,203,193 (2024 - £960,039). These shares are subject to a five year vesting period.

Page 51

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

25.

Reserves

Share premium account

Includes any premiums received on the issued of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Share based payment reserve

Represents the cumulative value of the share based payment expense recognised in the profit and loss account for shares which have not yet vested.

Capital redemption reserve

Represents the nominal value of shares that have been cancelled.

Foreign exchange reserve

Comprises translation differences arising from the translation of financial statements of the Group's foreign entities into Sterling.

ESOP reserve

Represents the cost of the unvested and unallocated shares held by the Employee Share Ownership Plan (ESOP) at the year end.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 52

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26.	Business combinations

The group made the following acquisitions in the year, all of which were accounted for using the acquisition method:
- A. Lamb Associates Limited
- Morham & Brotchie Limited

	Recognised amounts of identifiable assets acquired and liabilities assumed
					Fair value
					£

	Fixed Assets
	Tangible	11,241
		11,241
	Current Assets
	Debtors	723,639
	Cash at bank and in hand	286,875
	Total Assets	1,021,755
	Creditors
	Due within one year	(648,169)
	Due after more than one year	(319,861)
	Deferred taxation	(614)
	Total Identifiable net assets	53,111


	Goodwill	2,576,889
	Total purchase consideration	2,630,000

	Consideration
					£


	Cash	1,200,000
	Deferred consideration	1,430,000
	Total purchase consideration	2,630,000

Page 53

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	1,200,000
		1,200,000
	Less: Cash and cash equivalents acquired	(286,875)
	Net cash outflow on acquisition	913,125

The goodwill arising on acquisition will be amortised over the expected useful life of the asset.

27.	Capital commitments
	As at 31 March 2025, the Group and Company had capital commitments amounting to £80,780 (2024 - £447,621).

28.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £2,794,466 (2024 - £1,922,317). Contributions totalling £214,372 (2024 - £179,448) were payable to the fund at the balance sheet date and are included in creditors.

Page 54

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	692,689	618,870	529,115	618,870
Later than 1 year and not later than 5 years	2,109,158	2,073,704	2,059,452	2,073,704
Later than 5 years	1,523,223	2,038,086	1,523,223	2,038,086
	4,325,070	4,730,660	4,111,790	4,730,660

At 31 March 2025 the Group and the Company had an underlease for each of the following periods:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Not later than 1 year	103,635	103,635	103,635	103,635
Later than 1 year and not later than 5 years	414,540	414,540	414,540	414,540
Later than 5 years	343,557	447,192	343,557	447,192
	861,732	965,367	861,732	965,367

30.	Related party transactions
	The group takes advantage of the FRS 102 section 33 "Related Party Disclosures" exemption, permitting it not to disclose transactions with group undertakings where 100% of the voting rights are controlled within the group and consolidated group accounts are prepared. Key management personnel compensation amounted to £1,444,066 (2024 - £1,469,702). Dividends were paid to directors during the year as follows:

		2025	2024
		£	£

Mr A R Bryce	4,739	4,560
Mr A D Chambers	1,139	944
Dr A C Prickett	2,810	2,663
Mr I Giddings	3,134	3,081
Dr R Edwards	4,501	5,143
Mr A Reeves	3,532	2,899
	19,855	19,290

Page 55

HAWKINS & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

31.	Post balance sheet events

Page 56