Company registration number 00052572 (England and Wales)
SAMUEL HODGE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SAMUEL HODGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
SAMUEL HODGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,459,211
2,462,592
Investment property
3
4,460,000
3,975,000
6,919,211
6,437,592
Current assets
Debtors
5
4,569,851
4,966,476
Cash at bank and in hand
26,158
117,678
4,596,009
5,084,154
Creditors: amounts falling due within one year
6
(4,402,000)
(3,473,113)
Net current assets
194,009
1,611,041
Total assets less current liabilities
7,113,220
8,048,633
Creditors: amounts falling due after more than one year
7
(3,120,000)
(4,651,618)
Provisions for liabilities
(632,000)
(502,000)
Net assets excluding pension surplus
3,361,220
2,895,015
Defined benefit pension surplus
8
930,750
4,130,250
Net assets
4,291,970
7,025,265
Capital and reserves
Called up share capital
9
382,667
382,667
Revaluation reserve
2,070,664
1,707,664
Profit and loss reserves
1,838,639
4,934,934
Total equity
4,291,970
7,025,265

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 30 October 2025
N D Crisford
Director
Company registration number 00052572 (England and Wales)
SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Samuel Hodge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Apex Office, Water Vole Way, Doncaster, England, DN4 5JP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The freehold property of the company is not depreciated this is a departure from the Companies Act 2006. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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. true

1.3
Turnover
Turnover shown in the accounts consists of administration and machine rental charges to subsidiary undertakings. Income is recognised in the period it falls due.
1.4
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:

Land and buildings Freehold
Not depreciated
Plant and machinery
15% - 25% straight line

Following the revaluation depreciation is not provided on freehold property. It is the company'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 FRS 1 02 no provision for depreciation is made for land owned by the company.

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

1.5
Investment property

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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.7
Financial instruments

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

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

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

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

Current tax

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

Deferred tax

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

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

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.10
Retirement benefits

The company operates a defined benefit scheme of which most group companies are members. Further information on the scheme is given in note 8.

Accounting for defined benefit pensions is in accordance with FRS 102. This requires that the operating and financing costs of the company'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 or asset in the balance sheet net of deferred tax.

The net interest element is determined by multiplying the net defined benefit asset by the discount rate, taking into account any changes in the net defined benefit asset 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 asset 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.

1.11
Leases

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.

SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Employees

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

2025
2024
Number
Number
Total
5
5
3
Investment property
2025
£
Fair value
At 1 April 2024
3,975,000
Revaluations
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 Fisher German, 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:
2025
2024
£
£
Cost
2,368,365
2,368,365
Accumulated depreciation
(508,566)
(508,566)
Carrying amount
1,859,799
1,859,799
SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 April 2024 and 31 March 2025
2,459,211
1,097,239
3,556,450
Depreciation and impairment
At 1 April 2024
-
0
1,093,858
1,093,858
Depreciation charged in the year
-
0
3,381
3,381
At 31 March 2025
-
0
1,097,239
1,097,239
Carrying amount
At 31 March 2025
2,459,211
-
0
2,459,211
At 31 March 2024
2,459,211
3,381
2,462,592

In accordance with FRS 102 paragraph 35.0(d) the company elected on transition in 2016 to use the valuation of freehold property as deemed cost.

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

2025
2024
£
£
Cost
2,420,333
2,420,333
Accumulated depreciation
(34,584)
(34,584)
Carrying value
2,385,749
2,385,749
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,530,263
4,927,261
Other debtors
39,588
39,215
4,569,851
4,966,476
SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
3,397,563
2,325,039
Other borrowings
240,000
280,000
Amounts owed to group undertakings
622,860
622,860
Corporation tax
25,957
22,341
Other taxation and social security
15,849
121,070
Other creditors
4,771
4,004
Accruals and deferred income
95,000
97,799
4,402,000
3,473,113

The bank overdraft is secured by way of a cross guarantee and debenture between Samuel Hodge Limited, Samuel Hodge Holdings Limited, Teknequip Limited, RLBS Limited and Victor Marine Limited.

The bank loan is secured by way of legal charges over certain freehold properties held by the company and over the investment property.

7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
-
0
602,618
Other borrowings
3,120,000
4,049,000
3,120,000
4,651,618

The bank loan of £Nil (202 4: £602,618) is secured by way of legal charges over certain freehold properties held by the company and over the investment property.

8
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,557
38,657

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Retirement benefit schemes
(Continued)
- 8 -
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
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65 for non executive members:

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 (2024: 87.3) and a male executive pensioner reaching 60 in 20 years time is assumed to live to 88.0 (2024: 88.9).

Amounts recognised in the profit and loss account
2025
2024
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
(265,000)
(305,000)
SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Retirement benefit schemes
(Continued)
- 9 -
Amounts recognised in other comprehensive income
2025
2024
Costs/(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

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

2025
2024
Liabilities/(assets):
£
£
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)
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

The defined benefit obligations arise from plans which are wholly or partly funded.

SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Retirement benefit schemes
(Continued)
- 10 -
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).

2025
2024
Fair value of plan assets
£
£
Debt instruments
-
24,371,000
Cash
186,000
251,000
Insurance policies
17,858,000
-
18,044,000
24,622,000
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
382,667
382,667
382,667
382,667
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

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

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

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

Senior Statutory Auditor:
Terri Pierpoint
Statutory Auditor:
BHP LLP
Date of audit report:
1 November 2025
SAMUEL HODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
11
Financial commitments, guarantees and contingent liabilities

An unlimited guarantee has been given in favour of Samuel Hodge Holdings Limited and its subsidiaries to the company's bankers. At 31 March 20 2 5 the total group borrowings amounted to £1,485,010 (2024: £822,262).

12
Operating lease commitments
Lessee

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

2025
2024
£
£
27,801
52,619
13
Directors' transactions

At the year end amounts owed to the director in respect of interest free loans totalled £3,360,000 (202 4: £3,679,000) and is included within other creditors due over and under one year.

14
Parent company

Samuel Hodge Holdings Limited, a company incorporated in Great Britain and registered in England and Wales, is the company's intermediate parent undertaking.

Samuel Hodge Group Limited, a company incorporated in Great Britain and registered in England and Wales, is the company's ultimate parent undertaking.

15
Related party transactions
Transactions with related parties

As permitted by FRS 102, these financial statements do not disclose transactions with the parent undertaking and fellow subsidiaries where 100% of the voting rights are held within the group.

Amounts owed to a previous director H B Kinmond in respect of a loan totalled £N il (202 4: £650,000) and is included within other creditors due over and under one year. During the year the company paid interest of £26,400 (202 4: £41,250) on this loan.

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