Company registration number 06352600 (England and Wales)
HOPE AND CLAY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
HOPE AND CLAY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J.R. Hope
(Appointed 8 October 2024)
Mrs M. Hope
(Appointed 1 April 2025)
Secretary
Mrs M. Hope
Company number
06352600
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
HOPE AND CLAY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 25
HOPE AND CLAY HOLDINGS 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 HOLDINGS 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

The principal activity of the company and group continued to be that of construction contractors.

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 further 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
(Appointed 8 October 2024)
Mrs M. Hope
(Appointed 1 April 2025)
Financial instruments

The group'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 group's operations. The group 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 group's policy that no trading in financial instruments shall be undertaken.

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

Liquidity risk

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

Interest rate risk

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

Financial assets

The group 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 group will be put at a General Meeting.

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

On behalf of the board
Mr J.R. Hope
Director
19 November 2025
HOPE AND CLAY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE AND CLAY HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Hope & Clay Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise 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:

- 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOPE AND CLAY HOLDINGS LIMITED
- 5 -
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.

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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOPE AND CLAY HOLDINGS LIMITED
- 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
19 November 2025
Chartered Accountants
Statutory Auditor
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
HOPE AND CLAY HOLDINGS LIMITED
GROUP 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
(13,553,248)
(12,495,353)
Gross profit
3,525,414
791,568
Administrative expenses
(1,144,037)
(745,574)
Operating profit
4
2,381,377
45,994
Interest receivable and similar income
6
60,026
-
0
Profit before taxation
2,441,403
45,994
Tax on profit
8
(622,177)
(59,601)
Profit/(loss) for the financial year
1,819,226
(13,607)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HOPE AND CLAY HOLDINGS LIMITED
GROUP 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
10
-
0
753,962
2,639,694
2,691,934
Current assets
Stocks
13
10,000
10,000
Debtors
14
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
16
(2,094,408)
(1,627,087)
Net current assets
7,780,741
5,734,434
Total assets less current liabilities
10,420,435
8,426,368
Provisions for liabilities
Provisions
17
112,919
150,000
Deferred tax liability
18
577,847
365,925
(690,766)
(515,925)
Net assets
9,729,669
7,910,443
Capital and reserves
Called up share capital
20
206
206
Share premium account
3,900,798
3,900,798
Profit and loss reserves
5,828,665
4,009,439
Total equity
9,729,669
7,910,443
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:
19 November 2025
Mr J.R. Hope
Director
Company registration number 06352600 (England and Wales)
HOPE AND CLAY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
10
3,900,000
3,900,000
Current assets
Debtors
14
-
0
1,004
Net current assets
-
0
1,004
Net assets
3,900,000
3,901,004
Capital and reserves
Called up share capital
20
206
206
Share premium account
3,900,798
3,900,798
Profit and loss reserves
(1,004)
-
0
Total equity
3,900,000
3,901,004

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 loss for the year was £1,004 (2024 - £154,500 profit).

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

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:
19 November 2025
Mr J.R. Hope
Director
Company registration number 06352600 (England and Wales)
HOPE AND CLAY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
206
3,900,798
4,177,546
8,078,550
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(13,607)
(13,607)
Dividends
9
-
-
(154,500)
(154,500)
Balance at 31 March 2024
206
3,900,798
4,009,439
7,910,443
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,819,226
1,819,226
Balance at 31 March 2025
206
3,900,798
5,828,665
9,729,669
HOPE AND CLAY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
206
3,900,798
-
0
3,901,004
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
154,500
154,500
Dividends
9
-
-
(154,500)
(154,500)
Balance at 31 March 2024
206
3,900,798
-
0
3,901,004
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
(1,004)
(1,004)
Balance at 31 March 2025
206
3,900,798
(1,004)
3,900,000
HOPE AND CLAY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,618,972
1,510,654
Income taxes refunded
5,425
31,706
Net cash inflow from operating activities
2,624,397
1,542,360
Investing activities
Purchase of tangible fixed assets
(1,269,712)
(301,449)
Proceeds from disposal of tangible fixed assets
6,123
-
Purchase of investments
-
(13,750)
Proceeds from disposal of investments
753,962
-
Interest received
60,026
-
0
Net cash used in investing activities
(449,601)
(315,199)
Financing activities
Dividends paid to equity shareholders
-
0
(154,500)
Net cash used in financing activities
-
(154,500)
Net increase in cash and cash equivalents
2,174,796
1,072,661
Cash and cash equivalents at beginning of year
2,986,075
1,913,414
Cash and cash equivalents at end of year
5,160,871
2,986,075
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Hope & Clay Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Synergy Benyon Road, Silchester, Reading, Berkshire, United Kingdom, RG7 2PQ.

The group consists of Hope & Clay Holdings 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. 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 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

The consolidated group financial statements consist of the financial statements of the parent company Hope & Clay Holdings 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.

1.3
Going concern

Due to the level of reserves and the profitability of the group, at the time of approving the financial statements, 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.

1.4
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.

1.5
Tangible fixed assets

Fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses.

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.

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 machinery
20% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
1.6
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.

Investments in subsidiaries are stated in the parent company's balance sheet at cost less any

provisions for impairment. If the equity value of the investment is lower than cost, the investment is assessed for an indication of impairment.

HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks

Stocks are 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 in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

1.9
Taxation

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

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.

1.10
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.11
Retirement benefits

Short term employee benefits, including holiday entitlement and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Foreign exchange

Company

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Group

Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The assets and liabilities of overseas subsidiary undertakings are translated into the presentational currency at the rate of exchange ruling at the balance sheet date. Income and expenses for each statement of comprehensive income are translated at exchange rates at the dates of transaction. All resulting exchange differences are recognised in other comprehensive income.

1.13

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.14

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
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.

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
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
Directors
6
5
1
2
Administration & design
7
6
-
-
Production
44
46
-
-
Total
57
57
1
2
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,763,315
2,753,562
-
0
-
0
Social security costs
343,732
397,786
-
-
Pension costs
86,457
156,606
-
0
-
0
3,193,504
3,307,954
-
0
-
0
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
60,026
-
0
7
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and 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
8
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
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 19 -

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
2,441,403
45,994
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
610,351
11,499
Tax effect of expenses that are not deductible in determining taxable profit
10,945
(80,850)
Unutilised tax losses carried forward
-
0
34,069
Permanent capital allowances in excess of depreciation
881
(28,042)
Profit on disposal of fixed asset
-
0
(6,028)
Prior period adjustments
-
0
128,953
Taxation charge
622,177
59,601
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
-
154,500
10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
3,900,000
3,900,000
Unlisted investments
-
0
753,962
-
0
-
0
-
0
753,962
3,900,000
3,900,000
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Fixed asset investments
(Continued)
- 20 -
Movements in fixed asset investments
Group
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
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
3,900,000
Carrying amount
At 31 March 2025
3,900,000
At 31 March 2024
3,900,000
11
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hope and Clay (Construction) Limited
Synergy Benyon Road, Silchester, Reading, England, RG7 2PQ
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Hope and Clay (Construction) Limited
9,729,669
1,820,230
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
549,889
1,352,023
334,454
764,996
3,001,362
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
2,441,873
334,454
914,420
4,240,636
Depreciation and impairment
At 1 April 2024
259,908
34,243
167,286
601,953
1,063,390
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
421,758
209,033
637,748
1,600,942
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
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
10,000
10,000
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
251,420
60,204
-
0
-
0
Gross amounts owed by contract customers
2,409,654
2,050,128
-
0
-
0
Corporation tax recoverable
2,530
7,955
-
0
-
0
Other debtors
1,890,802
1,999,640
-
0
1,004
Prepayments and accrued income
149,872
247,519
-
0
-
0
4,704,278
4,365,446
-
1,004
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
15
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
753,962
-
-
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
746,888
542,339
-
0
-
0
Corporation tax payable
410,255
-
0
-
0
-
0
Other taxation and social security
81,205
99,728
-
-
Other creditors
791,877
920,949
-
0
-
0
Accruals and deferred income
64,183
64,071
-
0
-
0
2,094,408
1,627,087
-
0
-
0
17
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
112,919
150,000
-
-
At 1 April 2024
150,000
Additional provisions in the year
112,919
Reversal of provision
(150,000)
At 31 March 2025
112,919
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
18
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
579,216
402,697
Tax losses
-
(34,069)
Retirement benefit obligations
(1,369)
(2,703)
577,847
365,925
The company has no deferred tax assets or liabilities.
Group
Company
2025
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
-
19
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 £29,883 (202 4 -

£22,906) are included in other creditors at 31 March 202 5.

HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
103
103
103
103
Ordinary B of £1 each
103
103
103
103
206
206
206
206
21
Ultimate controlling party

The group has been controlled throughout the year by Mr R.C. Hope's estate, by virute of his majority shareholding.

22
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
300,000
240,000
-
-
300,000
240,000
-
-
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
119,000
-
-
HOPE AND CLAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
24
Cash generated from group operations
2025
2024
£
£
Profit/(loss) for the year after tax
1,819,226
(13,607)
Adjustments for:
Taxation charged
622,177
59,601
Investment income
(60,026)
-
0
Gain on disposal of tangible fixed assets
(1,077)
-
Depreciation and impairment of tangible fixed assets
562,944
495,253
Change in valuation of investment
-
(342,700)
Decrease in provisions
(37,081)
-
Movements in working capital:
(Increase)/decrease in debtors
(344,257)
2,218,866
Increase/(decrease) in creditors
57,066
(906,759)
Cash generated from operations
2,618,972
1,510,654
25
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,986,075
2,174,796
5,160,871
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