HEK Holdings Limited

	Page
Strategic Report	1—2
Director's Report	3
Independent Auditor's Report	4—5
Consolidated Profit and Loss Account	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14—23

The director presents his strategic report for the year ended 31 March 2025.

Principal Activity

The groups principal activity continues to be the provision of refurbishment and construction to the Leisure Industry covering the South Coast regions and counties below the M4 and into the Thames valley.

Review of the Business

The Group present their Strategic report for the year ending 31/03/2025.

The principal activity of the group is provision of refurbishment and construction to the Leisure Industry covering the South Coast regions and counties below the M4 and into the Thames valley. The group has had a good year considering inflation issues, affecting costs of materials, labour and this can be seen from the Key Performance Indicators.

The group delivers high quality refurbishments in the pub, hotel and residential sectors with the majority of our works coming from repeat business with established clients.

We are continuing to maintain well established relationships with our clients and suppliers alike despite the considerable increase across the board in labour costs and materials.

Key Performance indicators	31.03.25	31.03.24	31.03.23

Turnover	17,118,576	21,471,105	17,813,282
Gross Profit	19.5%	17.9%	14.6%
Net Profit	7.9%	9%	6.5%

Principal Risks and Uncertainties

The directors are aware of the inherent risks within the construction industry and constantly monitor the market to identify and manage potential impact on current and future trading. This is monitored through use of credit agencies.

The construction industry has experienced extreme volatility in labour and materials prices throughout the year. A clear focus on the market rates and trends has enabled us to negotiate shorter fixed term contracts to limit our risk.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable business needs and invest cash assets safely and where applicable, profitably. The group finances all its operations from retained profits.

Credit/commercial risk

The directors recognise the importance of risk management and have instigated procedures to ensure that credit and other financial checks of clients and prospective clients are undertaken as appropriate. The group uses the services of a credit referencing agency.

The group's principal financial assets are amount recoverable on contracts and cash in the bank. The risks associated with the former are mitigated by regular application for, and certification of, works completed under contractual agreement: resources are held in bank accounts with prime UK banks.

Future Developments

This year has seen our regular Clients spend more per project through their Capex budgets and by maintaining a healthy relationship with them, we have been oered many opportunities to take advantage of this and to deliver on our reputation as being one of their preferred contractors. Our clients are also investing heavily in better quality finishes giving us a means to maintain and better our profits even though the supply market is still very erratic in certain areas. We have also increased our supplier network to take advantage of better and sustained buying power whilst still maintaining our high level of delivery and finished product.

We have also seen a slight shift by some of our larger Clients into the upper tier of development and spending in our sector meaning large new build projects and major development of their assets which helps us to sustain our controlled growth whilst still giving that personal service of a smaller business. Our larger Clients have received significant investment from overseas which in turn opens larger capital spends with our company facilitating repeat business and at the same time giving us a very healthy order book.

We anticipate that 2026 will show a continued growth for the company. As directors we plan to maintain the current workloads. We feel the industry is settling down, and we can concentrate once again on sustainable purchasing to increase profit. Although Our clients have felt the increase costs in service over the last couple of years, our profit margin has remained in line with previous year, as we try to sustain good working relationships rather than looking to make the most of the erratic economic activity. We are continually reviewing our policies and procedures to ensure we are to continue to work in the most economical manor.

Page 1

Page 2

HEK Holdings Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

HEALTH, SAFETY AND ENVIRONMENTAL MANAGEMENT

As a group we recognise our responsibility to the environment. While we acknowledge that we are not at the forefront of sustainability efforts, we commit to taking small steps toward minimizing our impact.

Our approach includes:

Resource Awareness: We monitor our electric and gas central heating, plus the volume of water that is used on a daily basis. We look to use suppliers that also want to achieve the same carbon emission goals as ourselves. We monitor the waste materials removed from our sites, by working with our waste management company to report a breakdown of the products we discard from site. Products are discarded at client request but by monitoring the materials we can communicate with our clients to try and reduce the percentage that goes to land-fill.

Education and Awareness: Our staff are educated about environmental issues, even though our efforts may not be groundbreaking, they are aware of making better choices for purchases materials and dealing with suppliers who also have their own sustainability procedures and targets to reduce carbon emissions. Within our office, our employees turn off lights and equipment when not in use, recycle waste materials and consider single use plastics as a small contribution. While we can't eliminate paper entirely, we use recycled materials, promote double-sided printing, and invest in energy-efficient equipment.

Collaboration: When we are involved in large-scale sustainability projects, we collaborate with our client, partners and suppliers and try to prioritise eco-friendly practices in monitoring our procedures on site, dealing with our waste management and supplying products where evidence of reductions in emissions can be captured.

Continuous Improvement: As a group we want to be seen as showing a commitment to learning and adapting to achieving a reduction in our waste minimisation, reducing our recycling efforts by working with suppliers to eliminate unnecessary packaging, streamline packaging for the products you use to reduce fuel usage and mileage. We also plan to introduce solar energy to our offices, to reduces usage and costs over the next 12 months.

On behalf of the board

Mr Michael Bacon

Director

16 October 2025

Page 2

Page 3

HEK Holdings Limited

Company No. 12144094

Director's Report For The Year Ended 31 March 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 March 2025.

Dividends

The value of dividends paid amounted to £329,112 .

The director recommended a final dividend of £NIL .

Directors

The director who held office during the year were as follows:

Mr Michael Bacon

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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. He is 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.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, JWR Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Michael Bacon

Director

16 October 2025

Page 3

Page 4

Independent Auditor's Report

to the Members of

HEK Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of HEK Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) 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 director's 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 and parent company's ability to continue as a going concern for a period of at least 12 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 director is 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. In connection with our audit of the financial statements, 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 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

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 or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

HEK Holdings Limited

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director 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 director is responsible for assessing the group and 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
Evaluation of controls designed to prevent and detect irregularities; and
Assessing journals entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

Katie Wood FCA FCCA (Senior Statutory Auditor)

for and on behalf of JWR Audit Limited , Statutory Auditor

16 October 2025

JWR Audit Limited

24 Picton House Hussar Court

Westside View

Waterlooville

PO7 7SQ

Page 5

Page 6

HEK Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	4	17,118,576	21,471,105
Cost of sales		(13,787,088 )	(17,624,788 )

GROSS PROFIT		3,331,488	3,846,317

Administrative expenses		(2,060,707 )	(1,601,638 )
Other operating income		36,600	36,602

OPERATING PROFIT	6	1,307,381	2,281,281
Profit on revaluation of investments		-	202,931
Income from Shares in group undertakings		7,589	34,410
Profit on disposal of fixed assets		5,852	34,923
Other interest receivable and similar income	11	31,574	18,423

PROFIT BEFORE TAXATION		1,352,396	2,571,968
Tax on Profit	12	(344,327 )	(638,167 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,008,069	1,933,801


Profit attributable to:
Owners of the parent		553,058	1,182,696
Non-controlling interest		455,011	751,105

		1,008,069	1,933,801

The notes on pages 13 to 23 form part of these financial statements.

Page 6

Page 7

HEK Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,008,069	1,933,801
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,008,069	1,933,801


Total comprehensive income attributable to:
Owners of the parent	553,058	1,182,696
Non-controlling interest	455,011	751,105

	1,008,069	1,933,801

Page 7

Page 8

HEK Holdings Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 12144094

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		382,039		365,413
Investment Properties	14		1,040,001		1,040,001
Investments	15		106,792		139,203

			1,528,832		1,544,617
CURRENT ASSETS
Debtors	16	4,851,389		4,956,713
Cash at bank and in hand		998,846		1,786,486

		5,850,235		6,743,199
Creditors: Amounts Falling Due Within One Year	17	(1,894,454 )		(2,750,702 )

NET CURRENT ASSETS (LIABILITIES)			3,955,781		3,992,497

TOTAL ASSETS LESS CURRENT LIABILITIES			5,484,613		5,537,114

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(89,361 )		(73,685 )

NET ASSETS			5,395,252		5,463,429

CAPITAL AND RESERVES
Called up share capital	20		100		100
Fair value reserve			152,198		152,198
Profit and Loss Account			3,885,855		3,661,909

Equity attributable to owners of the parent			4,038,153		3,814,207
Non-controlling interest			1,357,099		1,649,222

TOTAL EQUITY			5,395,252		5,463,429

On behalf of the board

Mr Michael Bacon

Director

16 October 2025

The notes on pages 13 to 23 form part of these financial statements.

Page 8

Page 9

HEK Holdings Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 12144094

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		99,780		133,040
Investment Properties	14		1,040,000		1,040,000
Investments	15		113,993		113,993

			1,253,773		1,287,033
CURRENT ASSETS
Debtors	16	646,849		259,197
Cash at bank and in hand		549,591		132,172

		1,196,440		391,369
Creditors: Amounts Falling Due Within One Year	17	(384,510 )		(240,467 )

NET CURRENT ASSETS (LIABILITIES)			811,930		150,902

TOTAL ASSETS LESS CURRENT LIABILITIES			2,065,703		1,437,935

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(56,147 )		(55,420 )

NET ASSETS			2,009,556		1,382,515

CAPITAL AND RESERVES
Called up share capital	20		100		100
Fair value reserve			152,198		152,198
Profit and Loss Account			1,857,258		1,230,217

SHAREHOLDERS' FUNDS			2,009,556		1,382,515

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 956,153 (2024: £ 883,959 profit).

On behalf of the board

Mr Michael Bacon

Director

16 October 2025

The notes on pages 13 to 23 form part of these financial statements.

Page 9

Page 10

HEK Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Fair value reserve	Profit and Loss Account	Total Attributable to Parent
	£	£	£	£
As at 1 April 2023	100	-	2,911,411	2,911,511
Profit for the year and total comprehensive income	-	-	1,182,696	1,182,696

Dividends paid	-	-	(280,000)	(280,000)
Movements in fair value reserve	-	152,198	-	152,198
Transfer to/from Fair value reserve	-	-	(152,198)	(152,198)

As at 31 March 2024 and 1 April 2024	100	152,198	3,661,909	3,814,207


Profit for the year and total comprehensive income	-	-	553,058	553,058

Dividends paid	-	-	(329,112)	(329,112)

As at 31 March 2025	100	152,198	3,885,855	4,038,153

	Non-controlling interest	Total
	£	£
As at 1 April 2023	1,460,537	4,372,048
Profit for the year and total comprehensive income	751,105	1,933,801

Dividends paid	(562,420 )	(842,420)
Movements in fair value reserve	-	152,198
Transfer to/from Fair value reserve	-	(152,198)

As at 31 March 2024 and 1 April 2024	1,649,222	5,463,429


Profit for the year and total comprehensive income	455,011	1,008,069

Dividends paid	(747,134 )	(1,076,246)

As at 31 March 2025	1,357,099	5,395,252

Page 10

Page 11

HEK Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	100	-	778,456	778,556
Profit for the year and total comprehensive income	-	-	883,959	883,959

Dividends paid	-	-	(280,000)	(280,000)
Movements in fair value reserve	-	152,198	-	152,198
Transfer to/from Fair value reserve	-	-	(152,198)	(152,198)

As at 31 March 2024 and 1 April 2024	100	152,198	1,230,217	1,382,515


Profit for the year and total comprehensive income	-	-	956,153	956,153

Dividends paid	-	-	(329,112)	(329,112)

As at 31 March 2025	100	152,198	1,857,258	2,009,556

Page 11

Page 12

HEK Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,158,751	1,781,193
Tax paid		(592,992 )	(486,672 )

Net cash generated from operating activities		565,759	1,294,521

Cash flows from investing activities
Purchase of tangible assets		(139,949 )	(287,440 )
Proceeds from disposal of tangible assets		33,928	131,199
Purchase of investment in associated undertakings and joint ventures		-	(59,728 )
Interest received		31,574	18,423
Dividends received		40,000	-

Net cash used in investing activities		(34,447 )	(197,546 )

Cash flows from financing activities
Equity dividends paid		(1,076,246 )	(842,420 )
Amount withdrawn by directors		(242,706)	(254,425)

Net cash used in financing activities		(1,318,952 )	(1,096,845 )



(Decrease)/increase in cash and cash equivalents		(787,640 )	130
Cash and cash equivalents at beginning of year	2	1,786,486	1,786,356

Cash and cash equivalents at end of year	2	998,846	1,786,486

Page 12

Page 13

HEK Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,008,069	1,933,801
Adjustments for:
Tax on profit	344,327	638,167
Interest income	(31,574 )	(18,423 )
Income from shares in group undertakings	(7,589)	(34,410)
Depreciation of tangible assets	95,247	96,824
Profit on disposal of tangible assets	(5,852)	(34,923)
Profit on revaluation of fixed assets	-	(202,931)
Movements in working capital:
Decrease/(increase) in trade and other debtors	729,028	(186,832 )
Decrease in trade and other creditors	(972,905 )	(410,080 )

Net cash generated from operations	1,158,751	1,781,193

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	998,846	1,786,486

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,786,486	(787,640)	998,846

Page 13

Page 14

HEK Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

HEK Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12144094 . The registered office is 24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ.

2. Statement of Compliance

The 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

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

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

3.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Page 14

Page 15

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3.4. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.5. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

3.6. Significant judgements and estimations

In preparing the financial statements in accordance with FRS 102, management is required to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

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.

3.7. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% on reducing balance
Fixtures & Fittings	20% on reducing balance
Computer Equipment	25% on reducing balance

3.9. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

3.10. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

3.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 15

Page 16

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3.12. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.13. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

4. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Construction	17,110,263	21,461,297
Rental income	8,313	9,808

	17,118,576	21,471,105

5. Other Operating Income

	2025	2024
	£	£
Rental income	36,600	36,602

	36,600	36,602

6. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	458,321	2,680
Depreciation of tangible fixed assets	95,247	96,824

Page 16

Page 17

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	18,060	16,700

8. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	515,538	426,929	-	-
Social security costs	49,747	38,941	-	-
Other pension costs	97,931	69,144	-	15,000

	663,216	535,014	-	15,000

9. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Directors	2	2
Employees	9	9

	11	11

Company

Average number of employees, including directors, during the year was: 1 (2024: 1)

10. Director's remuneration

	2025	2024
	£	£
Emoluments	83,685	65,790
Company contributions to money purchase pension schemes	73,428	11,320
Company contributions to defined benefit pension schemes	-	45,000

	157,113	122,110

11. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	-	3
Interest from shares in associates	7,589	34,410
Other interest receivable type A	31,574	18,420

	39,163	52,833

Page 17

Page 18

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Tax on Profit

	2025	2024
The tax charge on the profit for the year was as follows:
	£	£
Current tax
UK Corporation Tax	328,651	578,514
Deferred Tax
Deferred taxation	15,676	59,653


Total tax charge for the period	344,327	638,167


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
	2025	2024
	£	£
Profit before tax	1,352,396	2,571,968

Tax on profit at 25% (UK standard rate)	338,099	642,992
Goodwill/depreciation not allowed for tax	23,812	24,206
Expenses not deductible for tax purposes	4,711	(4,825 )
Tax losses utilised	(9,042 )	-
Capital allowances	(30,352 )	(61,700 )
Short term timing differences	15,676	37,494
Tax losses unutilised carried forward	1,423	-

Total tax charge for the period	344,327	638,167

13. Tangible Assets

Group

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	628,362	24,589	8,419	661,370
Additions	135,026	1,937	2,986	139,949
Disposals	(64,295 )	-	-	(64,295 )

As at 31 March 2025	699,093	26,526	11,405	737,024

Depreciation
As at 1 April 2024	278,179	12,461	5,317	295,957
Provided during the period	90,912	2,813	1,522	95,247
Disposals	(36,219 )	-	-	(36,219 )

As at 31 March 2025	332,872	15,274	6,839	354,985

Net Book Value
As at 31 March 2025	366,221	11,252	4,566	382,039

As at 1 April 2024	350,183	12,128	3,102	365,413

Page 18

Page 19

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Company

	Motor Vehicles
	£
Cost
As at 1 April 2024	153,760

As at 31 March 2025	153,760

Depreciation
As at 1 April 2024	20,720
Provided during the period	33,260

As at 31 March 2025	53,980

Net Book Value
As at 31 March 2025	99,780

As at 1 April 2024	133,040

14. Investment Property

Group

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,040,001

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	837,069	837,069

Company

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,040,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	837,069	837,069

The 31st March 2025 valuation of investment properties were made by Directors on an open market value for existing use basis.

Page 19

Page 20

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Investments

Group

	Associates
	£
Cost
As at 1 April 2024	139,203
Other	(32,411 )

As at 31 March 2025	106,792

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	106,792

As at 1 April 2024	139,203

Company

	Subsidiaries	Associates	Total
	£	£	£
Cost
As at 1 April 2024	9,200	104,793	113,993

As at 31 March 2025	9,200	104,793	113,993

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

Net Book Value
As at 31 March 2025	9,200	104,793	113,993

As at 1 April 2024	9,200	104,793	113,993

Subsidiaries

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

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Turvey Construction Ltd	24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ	Ordinary A Shares	60.00%	-
Turvey Group Ltd	24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ	Ordianry Shares	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Turvey Construction Ltd	1,843,466	1,007,076
Turvey Group Ltd	1,829,876	994,310

Page 20

Page 21

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Associates

Details of the group's associates as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Artifex Limited	24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ	Ordinary	50.00%	-
AT Scaffolding Services Ltd	2 Cricket Drive, Waterlooville, Hampshire, PO8 9QT	Ordinary B	50.00%	-

At the balance sheet date amounts due from/(to) asscoiated companies, as included Included in in trade and other debtors and creditors were as follows: -

	2025	2024
	£	£
Artifex Limited	(12,071)	(35,017)
AT Scaffolding Services Ltd	8,859	2,859

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	2,747,894	3,281,481	5,900	3,500
Other debtors	1,967,349	1,675,232	504,803	255,697

	4,715,243	4,956,713	510,703	259,197
Due after more than one year
Other debtors	136,146	-	136,146	-

	4,851,389	4,956,713	646,849	259,197

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	779,980	1,495,709	(1 )	-
Amounts owed to group undertakings	-	-	229,925	229,925
Other creditors	369,907	124,350	12,206	5,362
Corporation tax	216,269	344,464	136,146	-
Taxation and social security	472,043	616,216	-	-
Accruals and deferred income	56,255	169,963	6,234	5,180

	1,894,454	2,750,702	384,510	240,467

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Revaluation of investment properties	50,733	50,733	50,733	50,733
Other timing differences	38,628	22,952	5,414	4,687

	89,361	73,685	56,147	55,420

Page 21

Page 22

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

19. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	73,685	73,685
Deferred taxation	15,676	15,676

Balance at 31 March 2025	89,361	89,361

Company
	Deferred Tax	Total
	£	£
As at 1 April 2024	55,420	55,420

Balance at 31 March 2025	55,420	55,420

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

21. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £97,931 (2024: £24,144).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

22. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Michael Bacon	512,809	571,818	329,112	-	755,515

The above loan is unsecured, interest bearing and repayable on demand.

23. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Mr P Turvey, a director and shareholder of a member of the group, is a director of Turvey Developments Limited and Joinery Solutions Southern Limited. Included within profit and loss is rent paid to Turvey Developments Ltd of £38,500 (2024: £38,500) and management charges of £75,000 (2024:£60,000).

There is an amount due from Turvey Development Ltd at the balance sheet date of £3,128 (2024:£3,128). At the balance sheet date there was an amount owing to Joinery Solutions Southern Ltd of £487 (2024:£487).

HEK Holdings Limited is a Shareholder of A T Scaffolding Limited, Artifex Limited and Turvey Group Limited.

There was an amount due from A T Scaffolding Limited at the balance sheet date of £10,058 (2024:£10,058).

Included within profit and loss is rental income received from A T Scaffolding of £8,313 (2024:£9,808l).

There is an amount due to Artifex Ltd at the balance sheet date of £11,306 (2024:£6,844 due from Artifex).

...CONTINUED

Page 22

Page 23

HEK Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

23. Related Party Disclosures - continued

There was an amount due to Turvey Group Limited at the balance sheet date of £229,925 (2024:£229,925).

24. Controlling Parties

The company's ultimate controlling party is M Bacon by virtue of their interest in the share capital of the company.

Page 23