Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd)

	Page
Balance Sheet	1
Notes to the Financial Statements	2—6

1. General Information

Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd) is a private company, limited by shares, incorporated in England & Wales, registered number 14906096 . The registered office is 100 Bollo Lane, London, W4 5LX.

Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd) changed its name to Hazen and Sawyer UK Ltd on 7th July 2025.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The Company's operational and functional currency is GBP.

The financial statements are presented in Sterling (£) and all the amounts have been rounded to the nearest £.

2.2. Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

The company has net current liabilities of £571,395 and net losses of £550,724. The Directors have obtained

confirmation from the parent that it will continue to support the company, and provide adequate funding to enable it to

meet its obligations for the forseeable future, being a period of at least twelve months from the date of approval of the

financial statements.

The Directors have considered the financial position of the parent company and consider that the parent company is

able to provide financial support as and when required. The Directors consider the parent company's assessment to be

reasonable and therefore have prepared the financial statements on a going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Revenue recognition

The Company derives its revenues primarily from engineering contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Certain engineering contracts are accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services.

The Company recognizes revenue for work performed under three major types of contracts: fixed price, time and materials, and cost plus. Under fixed price contracts, our clients pay an agreed upon fixed amount negotiated in advance for a specified scope of work. On fixed price contracts, the Company recognizes revenue on the percentage of completion method, measured by the percentage of total contract costs incurred to date compared to the estimated total contract costs for each contract (an input method).

Under time and materials contracts, the Company negotiated hourly billing rates and charges our clients based on the actual time that the Company spends on the project. In addition, clients reimburse the Company for actual out of pocket costs for materials and other direct incidental expenditures that are incurred in connection with performance under the contract. The Company recognizes revenue on time and materials contracts when the related costs are incurred (an input method). Under cost plus contracts, the Company is reimbursed for allowable or otherwise defined costs incurred plus a negotiated fee. The Company recognizes revenue from cost plus contracts based on the actual cost it has expended plus the portion of the fixed fee it has earned to date or the applicable fixed rate it has negotiated with the client (an input method).

For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation using an estimate of the standalone selling price of each distinct service in the contract. Revenues recognized on service contracts that have not been billed to clients are classified as a contract asset under current assets on the balance sheet. Amounts billed to clients in excess of revenue recognized on service contracts are classified as a contract liability under current liabilities.

Contract costs include all direct material, subcontractor, and labour costs and those indirect costs related to contract performance. General and administrative costs are charged to expense as incurred. Contract losses are provided for in the period they become known.

...CONTINUED

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Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd)

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 31 December 2024

2.3. Turnover - continued

The nature of the Company’s contracts gives rise to several types of variable consideration, including claims and unpriced change orders. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company estimates the amount of revenue to be recognized on variable consideration using the expected value or the most likely method, whichever is expected to better predict the amount.

Due to the inherent uncertainties in estimating costs, it is at least reasonably possible that the Company’s estimated costs and revenues will change in the near term. Because subcontractor services and other direct costs can change significantly from project to project and period to period, changes in gross revenues may not be indicative of business trends. If estimated total costs on contracts indicate a loss or reduction to the percentage of total contract revenues recognized to date, these losses or reductions are recognized in the period in which the revisions are known. The effect of revisions to revenues, estimated costs to complete contracts, including penalties, incentive awards, change orders, claims, anticipated losses, and others are recorded on the cumulative catch-up basis in the period in which the revisions are identified and the loss can be reasonably estimated. Such revisions could occur in any year and the effects on the results of operations for that reporting period may be material depending on the size of the project or the adjustment.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

20% Reducing balance

2.5. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd)

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 31 December 2024

2.7. Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

2.8. 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.

2.9. 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.

2.10. 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.

2.11. Operating leases

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.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 5 (2024: NIL)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 June 2024	2,208
Additions	23,846

As at 31 December 2024	26,054

Depreciation
As at 1 June 2024	162
Provided during the period	5,211

As at 31 December 2024	5,373

Net Book Value
As at 31 December 2024	20,681

As at 1 June 2024	2,046

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Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd)

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 31 December 2024

5. Debtors

	31 December 2024	31 May 2024
	£	£
Due within one year
Trade debtors	-	23,570
Prepayments and accrued income	94,703	2,432
VAT	8,079	-
Amounts owed by group undertakings	15,109	-

	117,891	26,002

6. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 May 2024
	£	£
Trade creditors	14,383	-
Other taxes and social security	39,691	8,746
VAT	-	1,602
Accruals and deferred income	28,157	18,813
Amounts owed to group undertakings	675,696	123,264

	757,927	152,425

7. Share Capital

	31 December 2024	31 May 2024
	£	£
Allotted, Called up and fully paid	10	10

8. Pension Commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,957 (previous period £5,875). Contributions totalling £Nil (31 May 2024: £1,884) were payable to the fund at the balance sheet date and are included in creditors.

9. Related Party Transactions

The Company has taken advantage of the exemption in Paragraph 33. 1A of FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

10. Ultimate Controlling Party

The company's immediate and ultimate parent is Hazen and Sawyer D.P.C., incorporated in the United States of America. There is considered to be no single ultimate controlling party.

Hazen and Sawyer D.P.C. is the parent undertaking of the largest and smallest group of undertakings to consolidate in these financial statements at 31 December 2024. A copy of the consolidated financial statements can be obtained from 498 Seventh Ave, 11th Floor, New York, NY 10018.

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Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd)

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 31 December 2024

11. Audit Information

The auditor's report on the accounts of Hazen and Sawyer UK Ltd (Formerly Hazen And Sawyer Ltd) for the period ended 31 December 2024 was unqualified.

The auditor's report was signed by Mohammad Sakib ACA (Senior Statutory Auditor) for and on behalf of RPG Crouch Chapman LLP , Statutory Auditor.

RPG Crouch Chapman LLP

40 Gracechurch Street

London

EC3V 0BT

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		31 December 2024		31 May 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		20,681		2,046

			20,681		2,046
CURRENT ASSETS
Debtors	5	117,891		26,002
Cash at bank and in hand		68,641		20,140

		186,532		46,142
Creditors: Amounts Falling Due Within One Year	6	(757,927 )		(152,425 )

NET CURRENT ASSETS (LIABILITIES)			(571,395 )		(106,283 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(550,714 )		(104,237 )

NET LIABILITIES			(550,714 )		(104,237 )

CAPITAL AND RESERVES
Called up share capital	7		10		10
Profit and Loss Account			(550,724 )		(104,247 )

SHAREHOLDERS' FUNDS			(550,714)		(104,237)