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REGISTERED NUMBER: 02911969 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Hurst Group (Northern) Limited

Hurst Group (Northern) Limited (Registered number: 02911969)

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 7 |

Report of the Independent Auditors | 9 |

Consolidated Statement of Comprehensive Income | 13 |

Consolidated Balance Sheet | 14 |

Company Balance Sheet | 15 |

Consolidated Statement of Changes in Equity | 16 |

Company Statement of Changes in Equity | 17 |

Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Cash Flow Statement | 19 |

Notes to the Consolidated Financial Statements | 20 |

Hurst Group (Northern) Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | L J Hirst

| N R Hurst

| J E Hurst

| G S Hurst

| A A Mckay

| SECRETARY: | L J Hirst

| REGISTERED OFFICE: | Aynsley House

| Common Road

| Low Moor

| Bradford

| West Yorkshire

| BD12 0UF

| REGISTERED NUMBER: | 02911969 (England and Wales)

| AUDITORS: | S&W Audit

| Statutory Auditor

| Chartered Accountants

| 3rd Floor

| 56 Wellington Street

| Leeds

| West Yorkshire

| LS1 2EE

Hurst Group (Northern) Limited (Registered number: 02911969)

Group Strategic Report

for the Year Ended 31 March 2025

INTRODUCTION

The directors present their strategic report for Hurst Group (Northern) Limited and its subsidiary companies for the year ended 31 March 2025.

BUSINESS REVIEW

The principal activities of the Group are interior fit out, retail shop fitting, joinery manufacture and installation of suspended ceilings, flooring, electrical and mechanical contracting, and the manufacture of PVCu door panels and composite doors. The principal activity of the Company is a holding company.

DEVELOPMENT AND FINANCIAL PERFORMANCE DURING THE YEAR

The marketplace remains both competitive and challenging, consolidated turnover has reduced by £2.6m / 5.6% compared to the previous year. The directors continue to focus on efficient working methods with the gross margin increasing by 1.2% compared with the previous year at 27.3% (2024 - 26.1%). Overhead costs have been managed tightly during this inflationary period, but there was a 2.8% overall increase. The Group has returned a profit before tax of £4.41m (2024 - £4.67m). The directors believe the business has performed solidly and remains well positioned to grow revenues and profit.

FINANCIAL POSITION AT THE REPORTING DATE

The Group's net assets at the year-end have increased from £13.3m to £15.5m while cash balances remain healthy at £12.2m at the year-end which continues to allow the Group to pursue its strategic objectives with minimal reliance on external borrowings.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors and senior management continually review and monitor the key risks facing the Group together with assessing the controls used for managing these risks.

The principal risks and uncertainties facing the Group are as follows:

- Competition in the marketplace - the market remains extremely competitive both domestically and globally due to the wider economic conditions. The Group manages this risk as far as possible by maintaining strong relationships with existing valued customers and by providing excellent customer service and support.

- General decline in the retail sector - the Group has traditionally been heavily reliant on the UK high street retailers. The Group is working to manage this by continuing to develop relationships and increase levels of business across all areas of the UK fit out sectors.

The business strives towards a cycle of continuous improvement based on these and other measures. The risks facing the business and measurement thereof are monitored via operational and business unit reports, which are discussed at monthly meetings. A strict policy on debtor management is also in place ensuring all debtors are collected in a timely manner therefore limiting the Group's exposure.

ENGAGEMENT WITH EMPLOYEES

The Group provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Group is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Group plays a major role in maintaining its objectives. The Group encourages the involvement of employees by means of established lines of communication through departmental supervisors so that employees are kept informed about Group developments and other matters of concern to them as employees.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS IN A BUSINESS RELATIONSHIP

The Directors have identified the stakeholders of the Group and undertake review and feedback regularly to ensure adequate communication and engagement is ongoing with each stakeholder group. The Board recognises that the Group's customers, suppliers and employees are crucial to its success. The Group has established long-term relationships with key customers and suppliers, and the Board encourages feedback from them to improve decision making. For key customers and suppliers, appropriate diligence is undertaken around their working practices and ethics as well as their financial stability and viability.

Hurst Group (Northern) Limited (Registered number: 02911969)

Group Strategic Report

for the Year Ended 31 March 2025

CREDITOR PAYMENT POLICY

The company complies with the Prompt Payment Code, which states that responsible companies undertake to:

- Pay suppliers on time, within the terms agreed at the outset of the contract and without attempting to change payment terms retrospectively.

- Provide suppliers with clear and easily accessible guidance on payment procedures.

- Ensure there is a system for dealing with complaints and disputes which is communicated to suppliers.

- Advise suppliers promptly if there is any reason why an invoice will not be paid to the agreed terms.

- Encourage good practice by requesting that lead suppliers encourage adoption of the code throughout their own supply chains.

STREAMLINED ENERGY AND CARBON REPORTING (SECR) DISCLOSURE

As Hurst Group Northern Limited (the 'Group') now meets the criteria of a large unquoted company, it is required under the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 and the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulation 2018 to disclose the annual energy consumption and associated Green House Gas (GHG) emissions.

This section on energy and emissions has been prepared compliant with the SECR requirements and calculated in accordance with the GHG Protocol and SECR guidelines, with the reporting period 1 April 2024 to 31 March 2025 in line with the company's financial year.

Hurst Group (Northern) Limited (Registered number: 02911969)

Group Strategic Report

for the Year Ended 31 March 2025

QUANTIFICATION AND REPORTING METHODOLOGY

The table below details the SECR energy and GHG emission sources, using the March 2019 HM Government Reporting Guidelines and the 2023 UK Government GHG Conversion Factors for Company Reporting. The energy and emission data shown below included all UK subsidiary operations of the Group. An operational approach has been used to define boundaries.

As this is the first reporting period the company is required to provide this information in its Directors Report, there is no data for the previous reporting period, to compare.

The primary source of energy consumption is invoices and supplier interval data. The electricity and gas data has been recorded over a twelve-month period from 1 April 2024 to 31 March 2025. The data was collated directly from monthly invoices generated by suppliers. The reporting spreadsheet provides a breakdown of monthly and annual consumption for each meter in kWh.

Transport data has been recorded by the Group over a twelve-month period from 1 April 2024 to 31 March 2025, by fuel type and by subsidiary operations of the Group. Transport fuel usage has been displayed by litres of fuel purchased within the supply period per week/month. Company owned car fuel usage has been displayed by litres of fuel purchased within the supply period per week/month. Business mileage and employee-owned expensed business mileage claims have been displayed in miles driven.

The Group uses diesel fuelled distribution vehicles and a mix of diesel, petrol and hybrid fuelled cars and forklift trucks. The company also uses LPG gas fuelled forklift trucks.

The Group uses annual turnover to calculate the Intensity Metric, with the formula:

tCO2/Annual Turnover (£M)

Emissions |  | Units |  | CurrentReporting Year(2025) |  | ComparisonReporting Year(2024) |

Emissions from combustion of gas (Scope 1) |  | tC02e |  | 132.25 |  | 140.72 |

Emissions from combustion of fuelfor transport purposes (Scope 1) |  | tC02e |  | 838.46 |  | 830.37 |

Emissions from purchased electricity (Scope 2) |  | tC02e |  | 327.81 |  | 334.64 |

Emissions from generation of electricitythat is consumed in a transmission anddistribution system for which the company does not own or control (Scope 3) |  | tC02e |  | 28.97 |  | 28.96 |

Emissions from business travelin rental cars or employee-owned vehicles where company is responsiblefor purchasing the fuel (Scope 3) |  | tC02e |  | 20.29 |  | 14.63 |

Total Gross Emissions |  | tC02e |  | 1,343.68 |  | 1,349.32 |

Energy consumption used to calculate above emissions |  | kWh |  | 2,306,290 |  | 2,385,204 |

| Units |  | CurrentReporting Year(2025) |  | ComparisonReporting Year(2024) |

Intensity Metric |  | Annual Turnover (£M) |  | 45.06 |  | 47.74 |

Intensity Ratios |  | tC02e/ Annual Turnover (£M) |  | 29.82 |  | 28.26 |

Hurst Group (Northern) Limited (Registered number: 02911969)

Group Strategic Report

for the Year Ended 31 March 2025

ENERGY EFFICIENCY COMMENTARY

The Group continue to monitor and review energy usage and associated carbon dioxide emissions. The Group recognises the environmental issues associated with its principal activities relating to waste, water, energy management and vehicle emissions. The Group is committed to practical measures to limit, prevent or offset environmental pollution and Green House Gas Emissions.

To save energy, the Group has undertaken a number of initiatives, in the year:

- The Group has entered into Zero Carbon Gas supply contracts with British Gas and Renewable Electricity supply contract with British Gas.

- Fleet replacement policy to replace with hybrid vehicles.

- Factory lighting replaced with high bay LED and direct task LED lighting.

- Lighting replacement policy to replace with LED options.

- Automatic closing doors to retain factory heat.

- Flexible machinery operation, power lines turned off when machines are not in use.

- Introduced lighting timers and motion detection to turn off lights not in use.

- Use of video conferencing to limit unnecessary journeys for meetings.

DIRECTORS SECTION 172(1) STATEMENT

The Board of Directors of Hurst Group (Northern) Limited consider both individually and together that they have acted in the way they consider would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s 172(1) (a)-(f) of the Companies Act 2006) in the decisions taken during the period ended 31st March 2025.

Our plan was designed to have a long-term beneficial impact on the Group and to contribute to its success in delivering a high quality of service across all business divisions.

Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well-being of our team members is one of our primary considerations in the way we do business.

Engagement with suppliers and customers is key to our success. We meet with our major suppliers and customers throughout the year and take appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.

Our plan took into account the impact of the Group operations on the community and environment and our

wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste saving opportunities and react to local community concerns.

As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating with the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour.

Hurst Group (Northern) Limited (Registered number: 02911969)

Group Strategic Report

for the Year Ended 31 March 2025

KEY PERFORMANCE INDICATORS

Management use a range of financial performance measures to monitor and manage the business as set out below:

| 2025 |  | 2024 |

Gross Profit |  | 27.3% |  | 26.1% |

Current assets/current liabilities |  | 2.8 |  | 2.6 |

Total assets/total liabilities |  | 3.0 |  | 2.7 |

FUTURE DEVELOPMENTS

The markets continue to be characterised by legislative requirements and their associated cost profiles, high energy costs, pricing pressure and supply and demand variables. The Group is working towards maintaining performance during the coming year as a consequence of market focus, new market initiatives, sourcing improvements and cost control measures.

ON BEHALF OF THE BOARD:

G S Hurst - Director

1 December 2025

Hurst Group (Northern) Limited (Registered number: 02911969)

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2025.

DIVIDENDS

Interim and final dividends for the year ended 31 March 2025 were agreed on 10 April 2024, 4 October 2024 and 23 October 2024.

Share Type |  | Dividend Value per Share |  | Dividend Value |  |

E Ordinary 122,800 |  | £2 |  | £245,600 |  |

F Ordinary 122,800 |  | £2 |  | £245,600 |  |

G Ordinary 61,400 |  | £6 |  | £368,400 |  |

H Ordinary 61,400 |  | £4 |  | £245,600 |  |

Interim and final dividends for the year ended 31 March 2025 amounted to £1,105,200.

The total distribution of dividends for the year ended 31 March 2025 will be £1,105,200.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

L J Hirst

N R Hurst

J E Hurst

G S Hurst

Other changes in directors holding office are as follows:

A A Mckay - appointed 1 October 2024

GOING CONCERN

The directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future. The Group has net current assets of £14.1m, net assets of £15.5m and cash balances of £12.2m.

The Company has net current assets of £5.1m, net assets of £9.3m and cash balances of £5.3m.

The directors forecast the Group will remain profitable. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making their assessment.

ENGAGEMENT WITH EMPLOYEES

The Group provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Group is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Group plays a major role in maintaining its objectives. The Group encourages the involvement of employees by means of established lines of communication through departmental supervisors so that employees are kept informed about Group developments and other matters of concern to them as employees.

DISABLED EMPLOYEES

The Group’s policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities.

Disabled employees receive appropriate training to promote their career development with the Group. Employees who become disabled are retained in their existing posts where possible or retained for suitable alternative posts.

Hurst Group (Northern) Limited (Registered number: 02911969)

Report of the Directors

for the Year Ended 31 March 2025

DISCLOSURE IN THE STRATEGIC REPORT

Certain information is not shown in the Directors’ Report because it is shown in the Group Strategic Report instead under s414C (11). The Group Strategic Report includes sections entitled business review, principal risk and uncertainties, key performance indicators and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the Group 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;

- 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

L J Hirst - Secretary

1 December 2025

Report of the Independent Auditors to the Members of

Hurst Group (Northern) Limited

Opinion

We have audited the financial statements of Hurst Group (Northern) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 of the parent company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 Group Strategic Report, Report of the Directors and Consolidated Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Group Strategic Report, Report of the Directors and Consolidated Financial Statements. Our opinion on the financial statements does not cover the other information and 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Hurst Group (Northern) Limited

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page eight, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Hurst Group (Northern) Limited

Auditors' 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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Group and Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Group and Company's industry and regulation.

We understand that the Group and Company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group and Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group and Company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

- Specific industry standards

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Reviewed legal expense accounts

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries.

- Incorrect recognition of revenue

- Existence and recoverability of amounts recoverable on contract

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue is recognised in the correct period and has occurred

- Testing a sample of amounts recoverable on contract to underlying documentation and post year end receivables, ensuring amounts are correct and are recoverable

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

Report of the Independent Auditors to the Members of

Hurst Group (Northern) Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

3 December 2025

Hurst Group (Northern) Limited (Registered number: 02911969)

Consolidated Statement of Comprehensive Income

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

TURNOVER | 5 | 45,049 |  | 47,736 |  |

Cost of sales | 32,730 |  | 35,300 |  |

GROSS PROFIT | 12,319 |  | 12,436 |  |

Administrative expenses | 7,973 |  | 7,756 |  |

OPERATING PROFIT | 8 | 4,346 |  | 4,680 |  |

Interest receivable and similar income | 78 |  | 54 |  |

4,424 |  | 4,734 |  |

Interest payable and similar expenses | 9 | 13 |  | 67 |  |

PROFIT BEFORE TAXATION | 4,411 |  | 4,667 |  |

Tax on profit | 10 | 1,099 |  | 928 |  |

PROFIT FOR THE FINANCIAL YEAR | 3,312 |  | 3,739 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,312 |  | 3,739 |  |

Profit attributable to:

Owners of the parent | 3,312 |  | 3,739 |  |

Total comprehensive income attributable to:

Owners of the parent | 3,312 |  | 3,739 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Consolidated Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 13 | 1,742 |  | 1,618 |  |

Investments | 14 | - |  | - |  |

1,742 |  | 1,618 |  |

CURRENT ASSETS

Stocks | 15 | 1,076 |  | 1,120 |  |

Debtors | 16 | 8,363 |  | 9,113 |  |

Cash at bank | 12,223 |  | 9,401 |  |

21,662 |  | 19,634 |  |

CREDITORS

Amounts falling due within one year | 17 | 7,598 |  | 7,619 |  |

NET CURRENT ASSETS | 14,064 |  | 12,015 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 15,806 |  | 13,633 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (137 | ) | (206 | ) |

PROVISIONS FOR LIABILITIES | 20 | (181 | ) | (146 | ) |

NET ASSETS | 15,488 |  | 13,281 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,228 |  | 1,228 |  |

Capital redemption reserve | 22 | 75 |  | 75 |  |

Retained earnings | 22 | 14,185 |  | 11,978 |  |

15,488 |  | 13,281 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

G S Hurst - Director

Hurst Group (Northern) Limited (Registered number: 02911969)

Company Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 13 | 868 |  | 747 |  |

Investments | 14 | 3,520 |  | 3,520 |  |

4,388 |  | 4,267 |  |

CURRENT ASSETS

Debtors | 16 | 2,136 |  | 1,705 |  |

Cash at bank | 5,313 |  | 3,456 |  |

7,449 |  | 5,161 |  |

CREDITORS

Amounts falling due within one year | 17 | 2,394 |  | 1,715 |  |

NET CURRENT ASSETS | 5,055 |  | 3,446 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,443 |  | 7,713 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (60 | ) | (87 | ) |

PROVISIONS FOR LIABILITIES | 20 | (109 | ) | (71 | ) |

NET ASSETS | 9,274 |  | 7,555 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,228 |  | 1,228 |  |

Revaluation reserve | 22 | 892 |  | 892 |  |

Retained earnings | 22 | 7,154 |  | 5,435 |  |

9,274 |  | 7,555 |  |

Company's profit for the financial year | 2,824 |  | 1,819 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

G S Hurst - Director

Hurst Group (Northern) Limited (Registered number: 02911969)

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 April 2023 | 1,228 |  | 8,884 |  | 75 |  | 10,187 |  |

Changes in equity

Dividends | - |  | (645 | ) | - |  | (645 | ) |

Total comprehensive income | - |  | 3,739 |  | - |  | 3,739 |  |

Balance at 31 March 2024 | 1,228 |  | 11,978 |  | 75 |  | 13,281 |  |

Changes in equity

Dividends | - |  | (1,105 | ) | - |  | (1,105 | ) |

Total comprehensive income | - |  | 3,312 |  | - |  | 3,312 |  |

Balance at 31 March 2025 | 1,228 |  | 14,185 |  | 75 |  | 15,488 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 April 2023 | 1,228 |  | 4,261 |  | 892 |  | 6,381 |  |

Changes in equity

Dividends | - |  | (645 | ) | - |  | (645 | ) |

Total comprehensive income | - |  | 1,819 |  | - |  | 1,819 |  |

Balance at 31 March 2024 | 1,228 |  | 5,435 |  | 892 |  | 7,555 |  |

Changes in equity

Dividends | - |  | (1,105 | ) | - |  | (1,105 | ) |

Total comprehensive income | - |  | 2,824 |  | - |  | 2,824 |  |

Balance at 31 March 2025 | 1,228 |  | 7,154 |  | 892 |  | 9,274 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

Cash flows from operating activities

Cash generated from operations | 1 | 5,618 |  | 4,909 |  |

Interest paid | - |  | (40 | ) |

Interest element of hire purchase payments paid | (13 | ) | (27 | ) |

Tax paid | (1,218 | ) | (344 | ) |

Net cash from operating activities | 4,387 |  | 4,498 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (463 | ) | (690 | ) |

Sale of tangible fixed assets | 19 |  | 148 |  |

Interest received | 78 |  | 54 |  |

Net cash from investing activities | (366 | ) | (488 | ) |

Cash flows from financing activities

Capital repayments in year | (94 | ) | (94 | ) |

Equity dividends paid | (1,105 | ) | (645 | ) |

Movement in invoice discounting | - |  | 57 |  |

Net cash from financing activities | (1,199 | ) | (682 | ) |

Increase in cash and cash equivalents | 2,822 |  | 3,328 |  |

Cash and cash equivalents at beginning of year | 2 | 9,401 |  | 6,073 |  |

Cash and cash equivalents at end of year | 2 | 12,223 |  | 9,401 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£'000 | £'000 |

| Profit before taxation | 4,411 |  | 4,667 |  |

| Depreciation charges | 320 |  | 276 |  |

| Profit on disposal of fixed assets | - |  | (8 | ) |

| Finance costs | 13 |  | 67 |  |

| Finance income | (78 | ) | (54 | ) |

4,666 |  | 4,948 |  |

| Decrease in stocks | 44 |  | 6 |  |

| Decrease in trade and other debtors | 835 |  | 174 |  |

| Increase/(decrease) in trade and other creditors | 73 |  | (219 | ) |

| Cash generated from operations | 5,618 |  | 4,909 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2025

| 31/3/25 |  | 1/4/24

£'000 | £'000 |

| Cash and cash equivalents | 12,223 |  | 9,401 |  |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£'000 | £'000 |

| Cash and cash equivalents | 9,401 |  | 6,073 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/4/24 | Cash flow | At 31/3/25

£'000 | £'000 | £'000 |

| Net cash |

| Cash at bank | 9,401 |  | 2,822 |  | 12,223 |  |

9,401 |  | 2,822 |  | 12,223 |  |

| Debt

| Finance leases | (297 | ) | 94 |  | (203 | ) |

(297 | ) | 94 |  | (203 | ) |

| Total | 9,104 |  | 2,916 |  | 12,020 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Hurst Group (Northern) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Going concern

| The directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future. The Group has net current assets of £14.1m, net assets of £15.5m and cash balances of £12.2m.

| The Company has net current assets of £5.1m, net assets of £9.3m and cash balances of £5.3m.

| The directors forecast the Group will remain profitable. Thus, they continue to adopt the going concern basis for accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making their assessment.

| Basis of consolidation

| The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Revenue

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

| - the Group has transferred the significant risks and rewards of ownership to the buyer;

| - the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the group will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services

| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

| - the amount of revenue can be measured reliably;

| - it is probable that the group will receive the consideration due under the contract;

| - the stage of completion of the contract at the end of the reporting period can be measured reliably; and

| - the costs incurred and the costs to complete the contract can be measured reliably.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 20% Straight Line and Pre 1/4/98 at 4%, post 1/4/98 at 5%

| Plant and machinery | - | 10-20% straight line

| Fixtures and fittings | - | 20-33% Straight line

| Motor vehicles | - | 25% Straight line

| Computer equipment | - | 20-33% Straight line

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

| Work in progress and finished goods include labour and attributable overheads.

| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income.

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found,

| an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference

| between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| The group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard to continue to be charged over the period to the first market rent review rather than the term of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

| The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Balance Sheet. The assets of the plan are held separately from the group in independently administered funds.

| Interest income

| Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

| Finance costs

| Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Employee benefits

| Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

| Investments in subsidiaries

| Investments in subsidiaries are measured at cost less accumulated impairment.

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In applying the group's and parent company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

| 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

| Critical judgements in applying the accounting policies

| The critical judgements that the directors have made in the process of applying the group's and parent company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:

| i) Assessing indicators of impairment

| In assessing whether there have been any indicators of impairment associated with the group property, plant and equipment, and parent company investments in subsidiaries the directors have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments and economic performance.

| Key sources of estimation uncertainty

| The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

| (i) Determining the stage of completion and profitability of contracts in progress

| The group determines the stage of completion of contracts in progress and the revenue and profit or loss attributable to the financial year based on historic financial information available and also forecast information regarding expectations about future performance to completion of the contracts and therefore requires estimates and assumptions to be used by management. Judgement is applied by management when determining the final valuation of works performed and also when determining the costs expected to be inured to complete the works.

5. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£'000 | £'000 |

| United Kingdom | 44,912 |  | 47,622 |  |

| Europe | 113 |  | 94 |  |

| Rest of the world | 24 |  | 20 |  |

45,049 |  | 47,736 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

6. | EMPLOYEES AND DIRECTORS

|  | 2025 |  | 2024 |  |

|  | £'000 |  | £'000 |  |

| Wages and salaries |  | 9,792 |  | 9,518 |  |

| Social security costs |  | 969 |  | 920 |  |

| Other pension costs |  | 349 |  | 407 |  |

|  | 11,110 |  | 10,845 |  |

| The average number of employees during the year was as follows:

|  | 2025 |  | 2024 |  |

| Production |  | 183 |  | 199 |  |

| Office and management |  | 87 |  | 86 |  |

|  | 270 |  | 285 |  |

7. | DIRECTORS' EMOLUMENTS

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Directors' emoluments |  | 321 |  | 237 |  |

| Company contributions to defined contribution pension schemes |  | 19 |  | 68 |  |

|  | 340 |  | 305 |  |

| During the year retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.

| The highest paid director received remuneration of £177k (2024 - £131k).

| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7k (2024 - £7k).

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

8. | OPERATING PROFIT

| The operating profit is stated after charging / (crediting):

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Depreciation of tangible fixed assets |  | 320 |  | 276 |  |

| Other operating lease rentals |  | 819 |  | 853 |  |

| Fees payable to the Group's auditor for the audit of the parent company and consolidated annual financial statements |  | 4 |  | 2 |  |

| Fees payable to the Group's auditor for the audit of the Group subsidiaries' annual financial statements |  | 29 |  | 25 |  |

| Breakdown of Group's auditors' remuneration and other services:

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Auditors' remuneration |  | 33 |  | 27 |  |

| Taxation compliance |  | 4 |  | 4 |  |

| All other |  | 6 |  | 6 |  |

9. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£'000 | £'000 |

| Bank interest | - |  | 40 |  |

| Leasing | 13 |  | 27 |  |

13 |  | 67 |  |

10. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£'000 | £'000 |

| Current tax:

| UK corporation tax | 1,065 |  | 782 |  |

| Deferred tax:

| Deferred tax charge | 44 |  | 146 |  |

| Prior year correction | (10 | ) | - |  |

| Total deferred tax | 34 |  | 146 |  |

| Tax on profit | 1,099 |  | 928 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

10. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£'000 | £'000 |

| Profit before tax | 4,411 |  | 4,667 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,103 |  | 1,167 |  |

| Effects of:

| Expenses not deductible for tax purposes | 8 |  | 28 |  |

| Capital allowances in excess of depreciation | - |  | (10 | ) |

| Utilisation of tax losses | (1 | ) | - |  |

| Adjustments to tax charge in respect of previous periods | - |  | 7 |  |

| Rounding | (1 | ) | - |  |

| Movement in unrecognised deferred tax asset | - |  | (268 | ) |

| Change in deferred tax rate | - |  | 4 |  |

| Prior year deferred tax adjustment | (10 | ) | - |  |

| Total tax charge | 1,099 |  | 928 |  |

11. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

12. | DIVIDENDS

| Interim dividends for the year ended 31 March 2025 of £1,105,200 (2024 - £644,700) were agreed on 10 April 2024, 4 October 2024 and 23 October 2024.

| Share Type |  | Dividend Value per Share |  | Dividend Value |  |

| A Ordinary 61,400 |  | £4 |  | £245,600 |  |

| B Ordinary 61,400 |  | £4 |  | £245,600 |  |

| G Ordinary 61,400 |  | £6 |  | £368,400 |  |

| H Ordinary 61,400 |  | £4 |  | £245,600 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

13. | TANGIBLE FIXED ASSETS

| Group

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£'000 | £'000 | £'000 |

| COST

| At 1 April 2024 | 675 |  | 2,324 |  | 217 |  |

| Additions | - |  | 144 |  | 107 |  |

| Disposals | - |  | - |  | - |  |

| At 31 March 2025 | 675 |  | 2,468 |  | 324 |  |

| DEPRECIATION

| At 1 April 2024 | 242 |  | 1,434 |  | 202 |  |

| Charge for year | 35 |  | 195 |  | 10 |  |

| At 31 March 2025 | 277 |  | 1,629 |  | 212 |  |

| NET BOOK VALUE

| At 31 March 2025 | 398 |  | 839 |  | 112 |  |

| At 31 March 2024 | 433 |  | 890 |  | 15 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£'000 | £'000 | £'000 |

| COST

| At 1 April 2024 | 184 |  | 716 |  | 4,116 |  |

| Additions | 106 |  | 106 |  | 463 |  |

| Disposals | - |  | (19 | ) | (19 | ) |

| At 31 March 2025 | 290 |  | 803 |  | 4,560 |  |

| DEPRECIATION

| At 1 April 2024 | 83 |  | 537 |  | 2,498 |  |

| Charge for year | 51 |  | 29 |  | 320 |  |

| At 31 March 2025 | 134 |  | 566 |  | 2,818 |  |

| NET BOOK VALUE

| At 31 March 2025 | 156 |  | 237 |  | 1,742 |  |

| At 31 March 2024 | 101 |  | 179 |  | 1,618 |  |

| The net book value of assets held under finance leases or hire purchase contracts, included above, was £247k (2024: £298k), with depreciation on these assets charged of £119k (2024: £94k).

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

13. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£'000 | £'000 | £'000 |

| COST

| At 1 April 2024 | 518 |  | 519 |  | 75 |  |

| Additions | - |  | 41 |  | 108 |  |

| Disposals | - |  | - |  | - |  |

| At 31 March 2025 | 518 |  | 560 |  | 183 |  |

| DEPRECIATION

| At 1 April 2024 | 112 |  | 218 |  | 71 |  |

| Charge for year | 27 |  | 35 |  | 6 |  |

| At 31 March 2025 | 139 |  | 253 |  | 77 |  |

| NET BOOK VALUE

| At 31 March 2025 | 379 |  | 307 |  | 106 |  |

| At 31 March 2024 | 406 |  | 301 |  | 4 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£'000 | £'000 | £'000 |

| COST

| At 1 April 2024 | - |  | 392 |  | 1,504 |  |

| Additions | 46 |  | 30 |  | 225 |  |

| Disposals | - |  | (19 | ) | (19 | ) |

| At 31 March 2025 | 46 |  | 403 |  | 1,710 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 356 |  | 757 |  |

| Charge for year | 5 |  | 12 |  | 85 |  |

| At 31 March 2025 | 5 |  | 368 |  | 842 |  |

| NET BOOK VALUE

| At 31 March 2025 | 41 |  | 35 |  | 868 |  |

| At 31 March 2024 | - |  | 36 |  | 747 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

14. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£'000 |

| COST

| At 1 April 2024

| and 31 March 2025 | 4,529 |  |

| PROVISIONS

| At 1 April 2024

| and 31 March 2025 | 1,009 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,520 |  |

| At 31 March 2024 | 3,520 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Hurst Stores & Interiors Limited

| Registered office: United Kingdom

| Nature of business: Shop fitting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Hurst Joinery Projects Limited

| Registered office: United Kingdom

| Nature of business: Joinery manufacturers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Hurst Plastics Limited

| Registered office: United Kingdom

| Nature of business: PVCu panel and composite door manufacturers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Hurst Panels Limited

| Registered office: United Kingdom

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The registered office of all subsidiary undertakings is Aynsley House, Common Road, Low Moor, Bradford, West Yorkshire, BD12 0UF.

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

15. | STOCKS

| Group |

2025 | 2024 |

£'000 | £'000 |

| Raw materials | 916 |  | 893 |  |

| Work-in-progress | 159 |  | 227 |  |

| Finished goods | 1 |  | - |  |

1,076 |  | 1,120 |  |

16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£'000 | £'000 | £'000 | £'000 |

| Trade debtors | 6,452 |  | 7,473 |  | 27 |  | 28 |  |

| Amounts owed by group undertakings | - |  | - |  | 2,051 |  | 1,656 |  |

| Amounts recoverable on contract | 1,480 |  | 1,261 |  | - |  | - |  |

| Tax | 106 |  | 20 |  | - |  | - |  |

| Prepayments and accrued income | 325 |  | 359 |  | 58 |  | 21 |  |

8,363 |  | 9,113 |  | 2,136 |  | 1,705 |  |

| The amounts due from group undertakings are interest free and repayable on demand.

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£'000 | £'000 | £'000 | £'000 |

| Hire purchase contracts (see note 19) | 66 |  | 91 |  | 27 |  | 27 |  |

| Trade creditors | 4,052 |  | 4,124 |  | 40 |  | 20 |  |

| Amounts owed to group undertakings | - |  | - |  | 1,832 |  | 1,314 |  |

| Tax | 409 |  | 476 |  | 71 |  | 41 |  |

| Social security and other taxes | 548 |  | 635 |  | 3 |  | 6 |  |

| VAT | 248 |  | 203 |  | 274 |  | 179 |  |

| Other creditors | 118 |  | 89 |  | 20 |  | 20 |  |

| Accruals and deferred income | 2,157 |  | 2,001 |  | 127 |  | 108 |  |

7,598 |  | 7,619 |  | 2,394 |  | 1,715 |  |

| The amounts due to group undertakings are interest free and repayable on demand.

| Hire purchase contracts are secured against the assets to which they relate.

18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£'000 | £'000 | £'000 | £'000 |

| Hire purchase contracts (see note 19) | 137 |  | 206 |  | 60 |  | 87 |  |

| Hire purchase contracts are secured against the assets to which they relate.

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£'000 | £'000 |

| Net obligations repayable:

| Within one year | 66 |  | 91 |  |

| Between one and five years | 137 |  | 206 |  |

203 |  | 297 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£'000 | £'000 |

| Net obligations repayable:

| Within one year | 27 |  | 27 |  |

| Between one and five years | 60 |  | 87 |  |

87 |  | 114 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£'000 | £'000 |

| Within one year | 883 |  | 887 |  |

| Between one and five years | 1,358 |  | 2,657 |  |

| In more than five years | 129 |  | - |  |

2,370 |  | 3,544 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£'000 | £'000 |

| Within one year | 287 |  | 287 |  |

| Between one and five years | 515 |  | 1,089 |  |

802 |  | 1,376 |  |

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£'000 | £'000 | £'000 | £'000 |

| Deferred tax | 181 |  | 146 |  | 109 |  | 71 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

20. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£'000 |

| Balance at 1 April 2024 | 146 |  |

| Provided during year | 45 |  |

| Prior year adjustment | (10 | ) |

| Balance at 31 March 2025 | 181 |  |

| Company

| Deferred |

| tax |

£'000 |

| Balance at 1 April 2024 | 71 |  |

| Provided during year | 38 |  |

| Balance at 31 March 2025 | 109 |  |

| The deferred tax liabilities relate to timing differences between capital allowances and depreciation.

21. | CALLED UP SHARE CAPITAL

| Allotted, called up and fully paid

|  | 2025 |  | 2024 |  |

| 61,400 (2024 - 61,400) A ordinary shares of £1.00 each |  | 61,400 |  | 61,400 |  |

| 61,400 (2024 - 61,400) B ordinary shares of £1.00 each |  | 61,400 |  | 61,400 |  |

| 368,400 (2024 - 368,400) C ordinary shares of £1.00 each |  | 368,400 |  | 368,400 |  |

| 368,400 (2024 - 368,400) D ordinary shares of £1.00 each |  | 368,400 |  | 368,400 |  |

| 122,800 (2024 - 122,800) E ordinary shares of £1.00 each |  | 122,800 |  | 122,800 |  |

| 122,800 (2024 - 122,800) F ordinary shares of £1.00 each |  | 122,800 |  | 122,800 |  |

| 61,400 (2024 - 61,400) G ordinary shares of £1.00 each |  | 61,400 |  | 61,400 |  |

| 61,400 (2024 - 61,400) H ordinary shares of £1.00 each |  | 61,400 |  | 61,400 |  |

|  | 1,228,000 |  | 1,228,000 |  |

| All ordinary shares hold equal voting and dividend rights.

22. | RESERVES

| Group

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£'000 | £'000 | £'000 |

| At 1 April 2024 | 11,978 |  | 75 |  | 12,053 |  |

| Profit for the year | 3,312 |  | 3,312 |  |

| Dividends | (1,105 | ) | (1,105 | ) |

| At 31 March 2025 | 14,185 |  | 75 |  | 14,260 |  |

Hurst Group (Northern) Limited (Registered number: 02911969)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

22. | RESERVES - continued

| Company

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£'000 | £'000 | £'000 |

| At 1 April 2024 | 5,435 |  | 892 |  | 6,327 |  |

| Profit for the year | 2,824 |  | 2,824 |  |

| Dividends | (1,105 | ) | (1,105 | ) |

| At 31 March 2025 | 7,154 |  | 892 |  | 8,046 |  |

| Revaluation reserve

| This reserve represents the revaluation of investments prior to transition to FRS102, upon which the carrying amount at that time was taken as the deemed cost of investments.

| Capital redemption reserve

| This represents undistributable reserves relating to a buyback of the company's own shares in an earlier year.

23. | PENSION COMMITMENTS

| The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £349k (2024 - £407k).

| Contributions totalling £39k (2024 - £45k) were payable to the fund at the reporting date.

24. | CONTINGENT LIABILITIES

| The company has an unlimited multilateral banking guarantee against the banking facilities of its subsidiaries excluding Hurst Plastics Limited. At 31 March 2025, none of these facilities were utilised.

25. | CAPITAL COMMITMENTS

| Capital commitments of the Group contracted for at the year-end but not provided for within the financial statements amounted to £NIL this year (2024 - £41k).

26. | RELATED PARTY DISCLOSURES

| The parent company has taken advantage of the exemption permitted by Section 33 Related Party Disclosures, not to provide disclosures of transactions entered into with other wholly-owned members of the group.

| During the year the Group paid rent of £260k (2024 - £260k) to entities under common control.

| The balances due from related parties at the balance sheet date was £NIL (2024 - £NIL).

27. | ULTIMATE CONTROLLING PARTY

| N R Hurst and J E Hurst are the controlling parties by virtue of their controlling interest in the company's equity capital.