Company registration number 13609441 (England and Wales)
SAMUEL HODGE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SAMUEL HODGE GROUP LIMITED
COMPANY INFORMATION
Directors
N D Crisford
S L Crisford
K L Crisford
H J Fitzpatrick
Company number
13609441
Registered office
Apex Office
Water Vole Way
Doncaster
England
DN4 5JP
Auditor
BHP LLP
Albert Works
Sidney Street
Sheffield
S1 4RG
Bankers
Barclays Bank Plc
40 Pinstone Street
Sheffield
S1 2HN
SAMUEL HODGE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 36
SAMUEL HODGE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

RLBS Limited

Another productive year with ongoing focus on all aspects of refurbishment and remanufacture. The industry continues to focus on environmental issues for ongoing improvement and waste reduction and greater recycling.

New product launches have contributed to the growing turnover and are now established as “industry standards” and expected to increase turnover and profitability in the coming years.

Ongoing investment in the management team and all areas is producing greater controls and KPI achievement leading to improving efficiencies and overhead reduction.

Raw material costs have returned to more a stable condition and enabling more accurate quoting and cost controls.

Teknequip Limited and Teknequip Sp Z.oo

A good year within the aerospace sector as a whole with energy prices reducing from 2023 high point has supported increased machining hours and overall capacity. Major customers continue to support with new projects and increasing volumes which bodes well for the coming year. Investment in both UK and Polish sites in 2025 will support proposed increase in capacity of 20% across turning and milling functions.

The factory in Poland has diversified further into fabrication areas on top of its historic machining based activities. Our growing reputation for fabrication of pressure vessels and tanks for both import back into UK and European markets is helping support improved margins.

Victor Marine Limited

An improving performance in 2024 has continued into 2025 with an increased forward order book into 2026 and beyond. Our ongoing focus on bespoke engineered projects has increased profitability but we remain committed to standard products and the support through spares and servicing of an increasing installed base. A new management team is now in place and is proving to be dynamic and forward thinking as we explore new markets and opportunities. Focus remains on seeking new worldwide agents and partners in support of improving our market presence. With exports from UK making up 90% of our turnover currency stability and geopolitical factors out of our control remain key to future progress.

Principal risks and uncertainties

Given the nature of the group's activities, the directors regard the principal risks that the group faces as the

technical operational efficiency of its key product ranges, the foreign currency exposure from the overseas markets

in which the group operates and the continued access to a skilled and loyal workforce to help deliver the group's

products and services. To mitigate these risks the directors continue to invest in maintaining and improving technical

and operational efficiency of its products and investing in the group's staff and where appropriate hedge its foreign

currency exposure.

Key performance indicators

The principal key performance indicators used by the directors to monitor the group include order pipeline, gross

and operational profit percentages and debtor and creditor days. The group operates in a number of difficult market

places and the directors are satisfied with the current level of these key performance indicators.

Gross profit margin 37.9% (202 4: 37.9%)

SAMUEL HODGE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

On behalf of the board

N D Crisford
Director
30 October 2025
SAMUEL HODGE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The main activities of the subsidiary undertakings in the group are shown in note 13.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £Nil (2024: £Nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

N D Crisford
S L Crisford
K L Crisford
H J Fitzpatrick
Future developments

The group will continue to focus on maintaining stable operations across its business units.

Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

SAMUEL HODGE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N D Crisford
Director
30 October 2025
SAMUEL HODGE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAMUEL HODGE GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Samuel Hodge Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SAMUEL HODGE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SAMUEL HODGE GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector s

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

SAMUEL HODGE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SAMUEL HODGE GROUP LIMITED
- 7 -

We assessed the susceptibility of the group s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships

- tested journal entries to identify unusual transactions

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias

- investigated the rationale behind significant or unusual transaction s.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation

- enquiring of management as to actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
1 November 2025
SAMUEL HODGE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
16,647,609
14,390,502
Cost of sales
(10,346,389)
(8,931,966)
Gross profit
6,301,220
5,458,536
Distribution costs
(137,203)
(119,971)
Administrative expenses
(4,734,768)
(4,453,825)
Other operating income
363,150
412,910
Operating profit
4
1,792,399
1,297,650
Interest receivable and similar income
7
265,035
305,000
Interest payable and similar expenses
8
(170,527)
(232,183)
Fair value gains on investment properties
11
485,000
-
0
Profit before taxation
2,371,907
1,370,467
Tax on profit
9
(570,206)
(326,146)
Profit for the financial year
1,801,701
1,044,321
Profit for the financial year is all attributable to the owners of the parent company.
SAMUEL HODGE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Profit for the year
1,801,701
1,044,321
Other comprehensive income
Actuarial loss on defined benefit pension schemes
24
(4,437,000)
(1,005,000)
Currency translation differences
(23,203)
20,184
Tax relating to other comprehensive income
1,109,250
251,250
Other comprehensive income for the year
(3,350,953)
(733,566)
Total comprehensive income for the year
(1,549,252)
310,755
Total comprehensive income for the year is all attributable to the owners of the parent company.
SAMUEL HODGE GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,045,416
4,060,192
Investment property
11
4,460,000
3,975,000
8,505,416
8,035,192
Current assets
Stocks
14
4,478,425
4,281,078
Debtors
15
3,548,660
2,659,893
8,027,085
6,940,971
Creditors: amounts falling due within one year
16
(4,941,604)
(3,549,834)
Net current assets
3,085,481
3,391,137
Total assets less current liabilities
11,590,897
11,426,329
Creditors: amounts falling due after more than one year
17
(3,527,193)
(5,132,373)
Provisions for liabilities
Deferred tax liability
20
710,100
590,600
(710,100)
(590,600)
Net assets excluding pension surplus
7,353,604
5,703,356
Defined benefit pension surplus
21
930,750
4,130,250
Net assets
8,284,354
9,833,606
Capital and reserves
Called up share capital
22
500,000
500,000
Revaluation reserve
2,070,664
1,707,664
Capital redemption reserve
500,000
500,000
Other reserves
1,000,000
1,000,000
Profit and loss reserves
4,213,690
6,125,942
Total equity
8,284,354
9,833,606
SAMUEL HODGE GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2025 and are signed on its behalf by:
30 October 2025
N D Crisford
Director
Company registration number 13609441 (England and Wales)
SAMUEL HODGE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
1,000,000
1,000,000
Capital and reserves
Called up share capital
22
500,000
500,000
Capital redemption reserve
500,000
500,000
Total equity
1,000,000
1,000,000

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 October 2025 and are signed on its behalf by:
30 October 2025
N D Crisford
Director
Company registration number 13609441 (England and Wales)
SAMUEL HODGE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 April 2023
500,000
1,707,664
500,000
1,000,000
5,815,187
9,522,851
Year ended 31 March 2024:
Profit for the year
-
-
-
-
1,044,321
1,044,321
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
(1,005,000)
(1,005,000)
Currency translation differences
-
-
-
-
20,184
20,184
Tax relating to other comprehensive income
-
-
0
-
-
251,250
251,250
Total comprehensive income
-
-
-
-
310,755
310,755
Balance at 31 March 2024
500,000
1,707,664
500,000
1,000,000
6,125,942
9,833,606
Year ended 31 March 2025:
Profit for the year
-
-
-
-
1,801,701
1,801,701
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
(4,437,000)
(4,437,000)
Currency translation differences
-
-
-
-
(23,203)
(23,203)
Tax relating to other comprehensive income
-
-
0
-
-
1,109,250
1,109,250
Total comprehensive income
-
-
-
-
(1,549,252)
(1,549,252)
Transfer of revaluation and associated deferred tax
-
363,000
-
-
(363,000)
-
Balance at 31 March 2025
500,000
2,070,664
500,000
1,000,000
4,213,690
8,284,354
SAMUEL HODGE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Capital redemption reserve
Total
£
£
£
Balance at 1 April 2023
500,000
500,000
1,000,000
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2024
500,000
500,000
1,000,000
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2025
500,000
500,000
1,000,000
SAMUEL HODGE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,445,992
1,757,518
Interest paid
(170,527)
(232,183)
Income taxes paid
(349,205)
(100,176)
Net cash inflow from operating activities
926,260
1,425,159
Investing activities
Purchase of tangible fixed assets
(262,890)
(112,184)
Proceeds from disposal of tangible fixed assets
11,936
75,215
Interest received
35
-
0
Net cash used in investing activities
(250,919)
(36,969)
Financing activities
Repayment of directors loans
(319,000)
(275,388)
Repayment of borrowings
(650,000)
(107,511)
Repayment of bank loans
(122,151)
(291,272)
Payment of finance leases obligations
(218,370)
(188,808)
Net cash used in financing activities
(1,309,521)
(862,979)
Net (decrease)/increase in cash and cash equivalents
(634,180)
525,211
Cash and cash equivalents at beginning of year
(822,262)
(1,317,388)
Effect of foreign exchange rates
(28,568)
(30,085)
Cash and cash equivalents at end of year
(1,485,010)
(822,262)
Relating to:
Bank overdrafts included in creditors payable within one year
(1,485,010)
(822,262)
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Samuel Hodge Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Apex Office, Water Vole Way, Doncaster, South Yorkshire, DN4 5JP.

The group consists of Samuel Hodge Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

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

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

1.2
Prior period restatement

Comparative amounts in relation to the geographical split of turnover (Note 3), wages and salaries (Note 5) and NBV of assets held under finance lease (Note10) have been restated within the relevant notes to reflect their accurate balances. This has no impact on the profit or the reserves.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Samuel Hodge Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Income receivable from rental contracts are charged to the profit and loss account in the period that they fall due.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Plant and equipment
Between 15% and 33% straight line
Fixtures and fittings
Between 15% and 50% straight line
Motor vehicles
25% straight line

Following the revaluation depreciation is not provided on the group's freehold property. It is the group's policy to maintain the property in good repair and, as a consequence, the value of the property is not being reduced significantly by the passage of time. Hence in the opinion of the Directors any element of depreciation would be immaterial.

In line with FRS102 no provision for depreciation is made for land owned by the group or assets in the course of construction.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.17
Retirement benefits

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

The group operates a defined benefit scheme of which most group companies are members. Further information on the scheme is given in note 21.

Accounting for defined benefit pensions is in accordance with FRS 102. This requires that the operating and financing costs of the group's defined benefit scheme are recognised separately in the profit and loss account; service costs are systematically spread over service lives of employees, financing costs are recognised in the periods in which they arise. Variations from expected costs, arising from experience of the scheme or changes in the actuarial assumptions, are recognised immediately in the statement of other comprehensive income. The difference between the fair value of assets and the present value of accrued pension liabilities estimated using the projected unit credit method, is shown as a liability in the balance sheet net of deferred tax.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

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

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Depreciation, useful lives and residual values of property, plant and equipment

The company estimates the useful lives and residual values of property, plant and equipment in order to calculate depreciation charges. Changes in these estimates could result in changes being required to annual depreciation charges in the statement of comprehensive income and the carrying values of property, plant and equipment.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Defined Benefit pension scheme

The present value of the Defined Benefit pension scheme surplus depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate which is an estimate. See note 21 for more details.

Investment property valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2025 by German Fisher Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of precision machined components
5,328,850
4,590,662
Repair and manufacture of dispensing equipment
8,541,378
7,145,935
Sale of oily water seperators, tank cleaning machines and fans
2,777,381
2,653,906
16,647,609
14,390,503
Restated
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,745,368
9,027,007
Middle East
111,780
84,970
Far East
1,025,022
774,645
North America
63,805
22,525
European Union and Eastern Europe
4,405,420
4,042,412
Rest of World
296,214
438,944
16,647,609
14,390,503
2025
2024
£
£
Other revenue
Interest income
265,035
305,000
Commissions received
6,709
15,241
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(2,886)
(40,059)
Research and development costs
256
874
Fees payable to the group's auditor for the audit of the group's financial statements
7,000
7,000
Depreciation of owned tangible fixed assets
266,491
274,767
Depreciation of tangible fixed assets held under finance leases
129,247
123,256
Profit on disposal of tangible fixed assets
(11,500)
(8,000)
Operating lease charges
53,999
57,600
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
29
28
-
-
Production
134
125
-
-
Sales
5
5
-
-
Total
168
158
0
0

Their aggregate remuneration comprised:

Group
Restated
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,724,896
4,478,019
-
0
-
0
Social security costs
527,381
472,518
-
-
Pension costs
187,600
175,947
-
0
-
0
5,439,877
5,126,484
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
147,830
141,037
Company pension contributions to defined contribution schemes
31,257
30,457
179,087
171,494
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on the net defined benefit asset
265,000
305,000
Other interest income
35
-
Total income
265,035
305,000
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
105,267
158,589
Interest on finance leases and hire purchase contracts
38,860
32,344
Other interest
26,400
41,250
Total finance costs
170,527
232,183
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
408,526
281,696
Adjustments in respect of prior periods
(570)
-
0
Total current tax
407,956
281,696
Deferred tax
Origination and reversal of timing differences
119,500
5,700
Decrease in pension provision
42,750
38,750
Total deferred tax
162,250
44,450
Total tax charge
570,206
326,146

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,371,907
1,370,467
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
592,977
342,617
Tax effect of expenses that are not deductible in determining taxable profit
70
2,002
Adjustments in respect of prior years
(570)
-
0
Effect of overseas tax rates
(23,430)
(19,134)
Movement in deferred tax not recognised
1,159
56
Other tax adjustments
-
0
605
Taxation charge
570,206
326,146
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 26 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(1,109,250)
(251,250)
10
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
3,067,248
-
0
5,839,969
130,983
32,769
9,070,969
Additions
-
0
22,584
346,879
6,570
-
0
376,033
Disposals
-
0
-
0
(44,125)
-
0
(25,269)
(69,394)
Exchange adjustments
3,193
-
0
11,274
-
0
-
0
14,467
At 31 March 2025
3,070,441
22,584
6,153,997
137,553
7,500
9,392,075
Depreciation and impairment
At 1 April 2024
129,199
-
0
4,731,319
119,983
30,276
5,010,777
Depreciation charged in the year
23,107
-
0
365,470
4,404
2,757
395,738
Eliminated in respect of disposals
-
0
-
0
(43,689)
-
0
(25,269)
(68,958)
Exchange adjustments
1,240
-
0
7,862
-
0
-
0
9,102
At 31 March 2025
153,546
-
0
5,060,962
124,387
7,764
5,346,659
Carrying amount
At 31 March 2025
2,916,895
22,584
1,093,035
13,166
(264)
4,045,416
At 31 March 2024
2,938,049
-
0
1,108,650
11,000
2,493
4,060,192
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Restated
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
865,583
790,869
-
0
-
0
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Tangible fixed assets
(Continued)
- 27 -

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
3,368,476
3,368,476
Accumulated depreciation
(139,341)
(117,741)
Carrying value
3,229,135
3,250,735
11
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
3,975,000
-
Net gains or losses through fair value adjustments
485,000
-
At 31 March 2025
4,460,000
-

The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2025 by German Fisher, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The director has reviewed the investment property valuation as at 31 March 2025 and the value has been adjusted accordingly.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
2,368,365
2,368,365
-
-
Accumulated depreciation
(508,566)
(508,566)
-
-
Carrying amount
1,859,799
1,859,799
-
-
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,000,000
1,000,000
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
1,000,000
Carrying amount
At 31 March 2025
1,000,000
At 31 March 2024
1,000,000
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
RLBS Limited
Apex Office, Water Vole Way, Doncaster, DN4 5JP
Gas pressure valves and dispensing equipment
Ordinary
100.00
Samuel Hodge Limited
Same as above
Management company
Ordinary
100.00
Samuel Hodge Holdings Limited
Same as above
Holding company
Ordinary
100.00
Teknequip Limited
Same as above
Precision engineers
Ordinary
100.00
Victor Marine Limited
Same as above
Oily water separators, marine tank cleaning equipment and gas freeing tanks
Ordinary
100.00
Hodge Seperators Limited
Same as above
Dormant company
Ordinary
100.00
Victor Pyrate Limited
Same as above
Dormant company
Ordinary
100.00
Teknequip Kalisz
Paderewskiego 34, 62-800 Kalisz, Poland
Precision engineers
Ordinary
100.00
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
72,934
86,115
-
-
Finished goods and goods for resale
4,405,491
4,194,963
-
0
-
0
4,478,425
4,281,078
-
-
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,300,295
2,481,962
-
0
-
0
Other debtors
206,483
116,309
-
0
-
0
Prepayments and accrued income
41,882
38,235
-
0
-
0
3,548,660
2,636,506
-
-
Amounts falling due after more than one year:
Trade debtors
-
0
23,387
-
0
-
0
Total debtors
3,548,660
2,659,893
-
-
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
2,059,142
915,927
-
0
-
0
Obligations under finance leases
19
156,876
188,541
-
0
-
0
Other borrowings
18
240,000
280,000
-
0
-
0
Trade creditors
1,342,155
990,922
-
0
-
0
Corporation tax payable
296,784
238,033
-
0
-
0
Other taxation and social security
304,932
382,653
-
-
Other creditors
225,756
290,461
-
0
-
0
Accruals and deferred income
315,959
263,297
-
0
-
0
4,941,604
3,549,834
-
0
-
0

17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
602,618
-
0
-
0
Obligations under finance leases
19
407,193
480,755
-
0
-
0
Other borrowings
18
3,120,000
4,049,000
-
0
-
0
3,527,193
5,132,373
-
-

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
574,132
696,283
-
0
-
0
Bank overdrafts
1,485,010
822,262
-
0
-
0
Other loans
3,360,000
4,329,000
-
0
-
0
5,419,142
5,847,545
-
-
Payable within one year
2,299,142
1,195,927
-
0
-
0
Payable after one year
3,120,000
4,651,618
-
0
-
0

The bank loan and overdraft are secured by way of legal charges over certain properties held by the group.

19
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
156,876
188,541
-
0
-
0
In two to five years
407,193
480,755
-
0
-
0
564,069
669,296
-
-

Finance lease obligations are secured on the assets to which they relate.

20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
107,100
109,600
Revaluations
603,000
481,000
710,100
590,600
The company has no deferred tax assets or liabilities.
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 31 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
590,600
-
Charge to profit or loss
119,500
-
Liability at 31 March 2025
710,100
-

T he deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
187,600
175,947

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit schemes

The group operates a funded pension scheme of the defined benefit type, providing retirement benefits based on final salary. The scheme assets are held in a separately administered fund managed by a board of trustees. Valuations are carried out every three years by independent actuaries, and the contribution rate is decided on the basis of their recommendations.

At 31 March 2022, the date of the last full actuarial valuation, the market value of the scheme's assets, including money purchase assets, was £34,308,000, and the level of funding on an actuarial basis was 123%. The valuation assumed a return on investments of 9.0% per annum and increase in pension of 3.7% annually.

With effect from 31 March 2016, the scheme closed to future benefit accrual and all active members became deferred members of the scheme.

The valuation used for FRS 102 disclosures has been based on a full assessment of the liabilities of the scheme as at 31 March 2022. The present value of the defined benefit obligation, the related current service cost and any past service costs were measured using the projected unit credit method.

The principal assumptions used to calculate the liabilities under FRS 102 are set out below:

2025
2024
Key assumptions
%
%
Discount rate
5.65
4.85
Expected rate of increase of pensions in payment
3.00
3.05
RPI inflation
3.25
3.30
CPI inflation
2.50
2.40
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Retirement benefit schemes
(Continued)
- 32 -
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
85.0
85.4
- Females
87.9
88.2
Retiring in 20 years
- Males
85.9
86.7
- Females
89.0
89.7

In addition to the assumptions noted above, the assumptions are that a 60 year old male executive pensioner is assumed to live to 86.8 (20 2 4: 87.3) and a male executive pensioner reaching 60 in 20 years time is assumed to live to 88.0 (20 2 4: 88.9).

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2025
2024
Group
£
£
Present value of defined benefit obligations
16,803,000
19,115,000
Fair value of plan assets
(18,044,000)
(24,622,000)
Surplus in scheme
(1,241,000)
(5,507,000)
Deferred taxation balance
310,250
1,376,750
Total asset recognised
(930,750)
(4,130,250)
The company had no post employment benefits at 31 March 2025 or 1 April 2024.
Group
2025
2024

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(265,000)
(305,000)
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Retirement benefit schemes
(Continued)
- 33 -
Group
2025
2024

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
5,137,000
(58,000)
Less: calculated interest element
1,160,000
1,225,000
Return on scheme assets excluding interest income
6,297,000
1,167,000
Actuarial changes related to obligations
(1,860,000)
(162,000)
Total costs
4,437,000
1,005,000
Group
2025

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2024
19,115,000
Benefits paid
(1,347,000)
Actuarial gains and losses
(1,860,000)
Interest cost
895,000
At 31 March 2025
16,803,000
Group
2025

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
-
Wholly or partly funded obligations
16,803,000
16,803,000
Group
2025

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2024
24,622,000
Interest income
1,160,000
Return on plan assets (excluding amounts included in net interest)
(6,297,000)
Benefits paid
(1,347,000)
Other
(94,000)
At 31 March 2025
18,044,000

The actual return on plan assets was £5,137,000 (2024: £58,000).

SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Retirement benefit schemes
(Continued)
- 34 -

Fair value of plan assets at the reporting period end

Group
2025
2024
£
£
Debt instruments
-
24,371,000
Cash
186,000
251,000
Insurance policies
17,858,000
-
18,044,000
24,622,000
22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
1,000,000
1,000,000
500,000
500,000
23
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
65,114
62,132
-
-
Between two and five years
985
30,098
-
-
66,099
92,230
-
-
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
587,505
470,505

At the year end amounts owed to a previous director H B Kinmond in respect of loans totalled £nil (2024: £650,000) and was included within other creditors due over and under one year. During the year interest of £26,400 (2024: £41,250) was paid in respect of this loan.

25
Directors' transactions

At the year end amounts owed to N D Crisford a director of the company, in respect of interest free loans totalled £3,360,000 (2024: £3,679,000) and is included within other creditors due over and under one year.

26
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,801,701
1,044,321
Adjustments for:
Taxation charged
570,206
326,146
Finance costs
170,527
232,183
Investment income
(265,035)
(305,000)
Gain on disposal of tangible fixed assets
(11,500)
(8,000)
Fair value gain on investment properties
(485,000)
-
0
Depreciation and impairment of tangible fixed assets
395,738
398,023
Pension scheme non-cash movement
94,000
150,000
Movements in working capital:
Increase in stocks
(197,347)
(384,628)
(Increase)/decrease in debtors
(888,767)
285,123
Increase in creditors
261,469
19,350
Cash generated from operations
1,445,992
1,757,518
SAMUEL HODGE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
27
Analysis of changes in net debt - group
1 April 2024
Cash flows
New finance leases
Exchange rate movements
31 March 2025
£
£
£
£
£
Cash at bank and in hand
-
28,568
-
(28,568)
-
Bank overdrafts
(822,262)
(662,748)
-
-
(1,485,010)
(822,262)
(634,180)
-
(28,568)
(1,485,010)
Borrowings excluding overdrafts
(5,025,283)
1,091,151
-
-
(3,934,132)
Obligations under finance leases
(669,296)
218,370
(113,143)
-
(564,069)
(6,516,841)
675,341
(113,143)
(28,568)
(5,983,211)
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