Company registration number 01912296 (England and Wales)
HOPE AND CLAY (CONSTRUCTION) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
HOPE AND CLAY (CONSTRUCTION) LIMITED
COMPANY INFORMATION
Directors
Mr J.R. Hope
Mr A.J.N. Roberts
Mrs M. Hope
(Appointed 1 April 2025)
Secretary
Mrs M. Hope
Company number
01912296
Registered office
Synergy Benyon Road
Silchester
Reading
Berkshire
United Kingdom
RG7 2PQ
Auditor
Azets Audit Services
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
Bankers
Lloyds Bank Plc
2 Winchester Street
Basingstoke
Hampshire
United Kingdom
RG21 7NT
HOPE AND CLAY (CONSTRUCTION) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
HOPE AND CLAY (CONSTRUCTION) 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 business

Our profits for the year have exceeded our expectations, and this is due to return to increase in Turnover as well as our dedicated staff. Turnover has increased as forecast this year due to securing large value and longer duration works.

Whilst our current order book remains healthy, there is a rick that Turnover will drop for the upcoming year, due to our developer clients not progressing in new sites because of the low rate of house sales.

Principal risks and uncertainties

The hoped increase has not materialised as promised by the new Government and thus this has caused stagnation in new sites being started.

We continue to diversify our works to include frameworks contracts, Local authority work and commercial clients.

Future developments

We maintain a strong reputation for providing our clients with completed projects on time, budget and to the quality required. This enables us to win repeat work with our loyal client base.

We continue to invest in modern plant and machinery to serve our workforce and clients.

On behalf of the board

Mr J.R. Hope
Director
19 November 2025
HOPE AND CLAY (CONSTRUCTION) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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

Principal activities
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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:

Mrs W.K. Hope
(Deceased 8 May 2025)
Mr J.R. Hope
Mr R.S. Aslett
(Retired 31 March 2025)
Mr A.J.N. Roberts
Mrs M. Hope
(Appointed 1 April 2025)
Financial instruments

The company's financial instruments at the balance sheet date comprised cash and liquid resources. The main purpose of these financial instruments is for direct use in the company's operations. The company has various other financial instruments such as trade debtors and trade creditors, that arise directly from its operations.

It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken.

The main risks arising from the company's financial instruments are interest rate and liquidity risk.

Liquidity risk

The company had significant net cash balances as at the balance sheet date.

Interest rate risk

The company has a policy to manage any exposure to interest rate fluctuations so as to finance its operations through retained profits.

Financial assets

The company has no financial assets other than short-term debtors, cash at bank and loans to companies under common control which are repayable in less than one year.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

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 company and of the profit or loss of the company for that period.

HOPE AND CLAY (CONSTRUCTION) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor is aware of that information.

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
Mr J.R. Hope
Director
19 November 2025
HOPE AND CLAY (CONSTRUCTION) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE AND CLAY (CONSTRUCTION) LIMITED
- 4 -
Opinion

We have audited the financial statements of Hope and Clay (Construction) Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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.

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 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 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:

- the 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.

HOPE AND CLAY (CONSTRUCTION) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE AND CLAY (CONSTRUCTION) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 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 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.

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.

HOPE AND CLAY (CONSTRUCTION) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE AND CLAY (CONSTRUCTION) LIMITED (CONTINUED)
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Sam Thomas (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Gladstone House
77-79 High Street
Egham
Surrey
TW20 9HY
19 November 2025
HOPE AND CLAY (CONSTRUCTION) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
17,078,662
13,286,921
Cost of sales
(13,288,026)
(12,029,399)
Gross profit
3,790,636
1,257,522
Administrative expenses
(1,409,259)
(1,211,528)
Operating profit
4
2,381,377
45,994
Interest receivable and similar income
8
60,026
-
0
Amounts forgiven on intercompany loans
9
1,004
-
Profit before taxation
2,442,407
45,994
Tax on profit
10
(622,177)
(59,601)
Profit/(loss) for the financial year
1,820,230
(13,607)
HOPE AND CLAY (CONSTRUCTION) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,639,694
1,937,972
Investments
13
-
0
753,962
2,639,694
2,691,934
Current assets
Stocks
15
10,000
10,000
Debtors
16
4,704,278
4,365,446
Cash at bank and in hand
5,160,871
2,986,075
9,875,149
7,361,521
Creditors: amounts falling due within one year
17
(2,094,408)
(1,628,091)
Net current assets
7,780,741
5,733,430
Total assets less current liabilities
10,420,435
8,425,364
Provisions for liabilities
Provisions
18
112,919
150,000
Deferred tax liability
19
577,847
365,925
(690,766)
(515,925)
Net assets
9,729,669
7,909,439
Capital and reserves
Called up share capital
21
2,000
2,000
Profit and loss reserves
9,727,669
7,907,439
Total equity
9,729,669
7,909,439

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

The financial statements were approved by the board of directors and authorised for issue on 19 November 2025 and are signed on its behalf by:
Mr J.R. Hope
Director
Company registration number 01912296 (England and Wales)
HOPE AND CLAY (CONSTRUCTION) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
2,000
8,075,546
8,077,546
Year ended 31 March 2024:
Loss and total comprehensive income
-
(13,607)
(13,607)
Dividends
11
-
(154,500)
(154,500)
Balance at 31 March 2024
2,000
7,907,439
7,909,439
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,820,230
1,820,230
Balance at 31 March 2025
2,000
9,727,669
9,729,669
HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information

Hope and Clay (Construction) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Synergy Benyon Road, Silchester, Reading, Berkshire, United Kingdom, RG7 2PQ.

The principal activities of the company are that of construction contractors.

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 £.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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.

The financial statements of the company are consolidated in the financial statements of Hope and Clay Holdings Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

Due to the level of reserves and the profitability of the company, at the time of approving the financial statements and the time the Company has been in existence, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents net invoiced sales. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs.

Income from investments

Investment income comprises interest received during the accounting period.

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:

Leasehold improvements
25% on reducing balance
Plant and equipment
20% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Fixed asset investments

Investments comprise the Company's Keyman insurance policy and is measured at cost. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting date, property, plant and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in profit or loss.

1.7
Stocks

Stocks have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
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 company 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.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15

Amounts recoverable on contracts

Amounts recoverable on long-term contracts are stated at the lower of cost and net realisable value. Long-term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. Provided that the outcome of long-term contracts can be assessed with reasonable certainty, such contracts are valued at cost plus attributable profit earned to date. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs plus attributable profit earned to date.

HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Amounts recoverable on contracts

The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs plus attributable profit earned to date.

3
Turnover and other revenue
2025
2024
£
£
Other revenue
Interest income
60,026
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
562,944
495,253
Profit on disposal of tangible fixed assets
(1,077)
-
Operating lease charges
308,195
304,873
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,850
24,950
For other services
Taxation compliance services
2,290
2,200
All other non-audit services
3,120
1,630
5,410
3,830
HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
6
Employees

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

2025
2024
Number
Number
Directors
5
5
Administration & design
7
6
Production
44
46
Total
56
57

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,763,315
2,753,562
Social security costs
343,732
397,786
Pension costs
86,457
156,606
3,193,504
3,307,954
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
300,757
349,713
Company pension contributions to defined contribution schemes
17,366
71,642
318,123
421,355

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
113,562
112,673
Company pension contributions to defined contribution schemes
11,802
7,223

Key management personnel is regarded as comprising the board of directors and the total remuneration of key management personnel is disclosed above.

HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
60,026
-
0
9
Amounts written off investments
2025
2024
£
£
Amounts forgiven on intercompany loans
1,004
-
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
410,255
-
0
Adjustments in respect of prior periods
-
0
128,953
Total current tax
410,255
128,953
Deferred tax
Origination and reversal of timing differences
211,922
(69,352)
Total tax charge
622,177
59,601

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
2,442,407
45,994
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
610,602
11,499
Tax effect of expenses that are not deductible in determining taxable profit
10,694
(80,850)
Unutilised tax losses carried forward
-
0
34,069
Permanent capital allowances in excess of depreciation
881
(28,042)
Pension timing difference
-
0
(6,028)
Prior period adjustments
-
0
128,953
Taxation charge for the year
622,177
59,601
HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
11
Dividends
2025
2024
£
£
Interim paid
-
0
154,500
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
549,889
2,816,831
351,426
1,302,540
5,020,686
Additions
-
0
1,089,850
-
0
179,862
1,269,712
Disposals
-
0
-
0
-
0
(30,438)
(30,438)
At 31 March 2025
549,889
3,906,681
351,426
1,451,964
6,259,960
Depreciation and impairment
At 1 April 2024
259,908
1,499,051
184,258
1,139,497
3,082,714
Depreciation charged in the year
72,495
387,515
41,747
61,187
562,944
Eliminated in respect of disposals
-
0
-
0
-
0
(25,392)
(25,392)
At 31 March 2025
332,403
1,886,566
226,005
1,175,292
3,620,266
Carrying amount
At 31 March 2025
217,486
2,020,115
125,421
276,672
2,639,694
At 31 March 2024
289,981
1,317,780
167,168
163,043
1,937,972
13
Fixed asset investments
2025
2024
£
£
Unlisted investments
-
0
753,962

Fixed asset investments of £Nil (20 24 - £753,962) relate to the company's Keyman insurance policy.

At 31 March 20 25 the Keyman insurance had been fully disposed of as the insurance payout had been received.

HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
753,962
Disposals
(753,962)
At 31 March 2025
-
Carrying amount
At 31 March 2025
-
At 31 March 2024
753,962
14
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
-
753,962
15
Stocks
2025
2024
£
£
Raw materials and consumables
10,000
10,000
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
251,420
60,204
Gross amounts owed by contract customers
2,409,654
2,050,128
Corporation tax recoverable
2,530
7,955
Other debtors
1,890,802
1,999,640
Prepayments and accrued income
149,872
247,519
4,704,278
4,365,446

Included within amounts recoverable on contracts is £1,231,739 (20 24 - £1,254,480) representing retentions receivable which may not be fully recovered within one year.

HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
17
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
746,888
542,339
Amounts owed to group undertakings
-
0
1,004
Corporation tax
410,255
-
0
Other taxation and social security
81,205
99,728
Other creditors
791,877
920,949
Accruals and deferred income
64,183
64,071
2,094,408
1,628,091
18
Provisions for liabilities
2025
2024
£
£
112,919
150,000
Movements on provisions:
£
At 1 April 2024
150,000
Additional provisions in the year
112,919
Reversal of provision
(150,000)
At 31 March 2025
112,919
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
579,216
402,697
Tax losses
-
(34,069)
Retirement benefit obligations
(1,369)
(2,703)
577,847
365,925
HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
19
Deferred taxation
(Continued)
- 20 -
2025
Movements in the year:
£
Liability at 1 April 2024
365,925
Charge to profit or loss
211,922
Liability at 31 March 2025
577,847
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
86,457
156,606

The company operates a money purchase pension scheme for the benefit of the directors and eligible employees.

The assets of each scheme are administered by trustees independent from the assets of the company. The pension charge represents contributions payable by the company. Contributions amounts to £5,475 (20 24 - £5,194) are included in other creditors at 31 March 20 25.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,000
1,000
1,000
1,000
Ordinary B of £1 each
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000

The Ordinary B shares do no entitle the holders to receive notice of, attend at, or vote (either on a show of hands or poll) at General Meetings of the company, but shall in all other respects rank pari passu with the Ordinary A shares.

22
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
300,000
240,000
HOPE AND CLAY (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
119,000
24
Related party transactions

During the year the company was invoiced £60,000 (20 24 - £60,000) in respect of trading and storage premises and made transfers totaling £60,000 (20 24 - £60,000) to Thornton House Developments Limited, a company under common ultimate control of Mr R.C. Hope. As at 31 March 20 25 the balance owed to Thornton House Developments Limited was £580,648 (20 24 - £597,942). The balance is included within other creditors. This loan is interest free and there are no fixed terms for repayment.

Durin g the year the company was invoiced £240,000 (20 24 - £24 0,000) in respect of rent and made payments totaling £200,000 (20 24 - £360,000) to Hope Investments and Properties Limited. As at 31 March 20 25 the balance owed by Hope Investments and Properties Limited was £1,644,973 (20 24 - £1,830,297). The balance is included within other debtors. This loan is interest free and there are no fixed terms for repayment.

As at 31 Ma r ch 20 25 the balance due to the immediate parent company, Hope & Clay Holdings Limited, was £Nil (20 24 - £1,004) The balance was included within other creditors.

25
Directors' transactions

As at the 31 March 2025 Mr J Hope a director of the company is owed £6,000 (2024 - £284 owed to company) from the company.

26
Ultimate controlling party

The ultimate parent company is Hope & Clay Holdings Limited by virtue of its 100% shareholding in the company. Hope & Clay Holdings Limited is registered in Great Britain and produces group accounts which are publicly available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

The company is controlled by Mr R.C. Hope's estate, by virtue of his majority shareholding in the parent company, Hope & Clay Holdings Limited.

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