REGISTERED NUMBER: 15553205 (England and Wales)

GIANTS HALL HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M S Chialton

J R Gill

REGISTERED OFFICE:

Giants Hall Farm

Willow Road

Beech Hill

Wigan

Lancashire

WN6 8RY

REGISTERED NUMBER:

15553205 (England and Wales)

AUDITORS:

McDade Roberts Accountants Limited

Chartered Accountants &Statutory Auditor

316 Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

Giants Hall Holdings Limited was incorporated on 11 March 2024 to be the parent company of the group consisting of Cure It Composites Limited, Topseal Systems Limited and Tuff Waterproofing Limited.

A group restructure took place on 14 June 2024 to transfer 100% of the share capital in Cure It Composites Limited, Topseal Systems Limited and Tuff Waterproofing Limited to Giants Hall Holdings Limited.

REVIEW OF BUSINESS

The principal activity of the group is the manufacturing of GRP waterproofing products.

In the year to 31 March 2025 the group achieved a turnover of £28,303,027, an increase of 2.7% (2024: £27,557,419). The group faces cost pressures due the volatility of glass fibre prices and as a result direct costs as a percentage of sales have increased from 67.5% in 2024 to 68.9% in 2025. Consequently, the gross profit margin decreased from 32.5% in 2024 to 31.1% in 2025. Despite these pressures, the directors are pleased with the performance.

The net profit before tax for the year is £1,226,566 (2024: £3,186,801). In addtion to the cost pressures referred to above, this has been largely effected by the exceptional item reported in note 6.

Market conditions over the year have had an impact across the construction industry, and though the group has expanded it's market share, sales have been directly impacted as a result with lower spend per account and per order. The outlook for growth in the market for the group over the coming year remains uncertain, however, the directors remain confident that the group will continue to evolve its' sales strategy to reflect this.

In February 2025, the group successfully launched its new "Cure It One" brand. Cure It One takes everything that's great about GRP and simplifies it. It's a one-coat GRP system that's designed to save time, reduce waste, and deliver outstanding performance. The launch of the system will continue over the coming financial year and ensure the group remains a leader in GRP roofing products.

PRINCIPAL RISKS AND UNCERTAINTIES

Market and competition

The group is in a naturally competitive market. However, there is a high level of client retention due to the intense focus on customer service and quality product supply.

Customer Risk

The group currently manages its customer risk by continuously monitoring its exposure to debt levels and didn't face any issue this year. The plan is to continue with this strategy.

People

Retaining and attracting good people is seen as the key to maintain customer service levels. The group tries to invest in its people through a mixture of remuneration, training and providing the right working environment. The group is an equal opportunity employer.

Health and safety

The group needs to comply with all laws and regulations governing health and safety matters. It continues to maintain appropriate policies and procedures.

Financial instruments

The group has established a risk and financial management framework in relation to financial instruments whore primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk.

While we believe we have built the group on strong foundations, with low borrowing requirements and major structural investments funded from revenue, we are aware that competitive activity is still rising. The directors amend their marketing and pricing strategies accordingly.

Whilst there has been no change in the foreign exchange risk the directors try to get the price in sterling for the purchases outside the UK, wherever possible.

KEY PERFORMANCE INDICATORS

The main financial Key Performance Indicators (KPI's) are turnover and gross profit. The results for the year are as follows:

31 March 2025£

31 March 2024£

Turnover

28,303,027

27,557,419

Gross Profit

8,788,823

8,954,915

Overall, the directors are satisfied with the results for the year.

FUTURE DEVELOPMENTS

The group intends to continue investing and developing it's "Cure It One" product line, with an emphasis on improving each aspect of the sales channel and broadening the scope for sales over the coming year. This will be in achieved through investment in the sales team and production capacity.

NON FINANCIAL INFORMATION

The group will continue to enhance internal systems, including ISO 9001 and 14001

LEGAL NOTICE

Certain statements contained in the accounts of Giants Hall Holding Limited include information about current and predicted future operations. While it is the declared intention of the directors to maintain the forward strategy of the company future variations in market conditions and underlying economic conditions may force the board to make short term changes which cannot be predicted for foreseen when writing this report.

ON BEHALF OF THE BOARD:

M S Chialton - Director

11 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacturing and supplying GRP waterproofing products.

DIVIDENDS

Interim dividends per share were paid as follows:

A Ordinary £1 shares

24430.77

-

B Ordinary £1 shares

4100.00

-

C Ordinary 1 shares

NIL

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 669,800 .

RESEARCH AND DEVELOPMENT

Cure It Composites Limited, subsidiary, undertakes Research and Development work which HM Revenue and Customs have confirmed is eligible for enhanced corporation tax relief in the form of R&D tax credits.

DIRECTORS

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

M S Chialton

J R Gill

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, McDade Roberts Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M S Chialton - Director

11 December 2025

Opinion

We have audited the financial statements of Giants Hall Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 four, 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.

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the business sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors

- obtained a specific third party report to comment on areas of concern.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.Any suspicious brought to our attention and arising from the audit work conducted have been investigated thoroughly.

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.

Martin Garry BA (Hons), FCA (Senior Statutory Auditor)

for and on behalf of McDade Roberts Accountants Limited

Chartered Accountants &Statutory Auditor

316 Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

11 December 2025

TURNOVER

3

28,303,027

27,557,419

Cost of sales

19,514,204

18,602,504

GROSS PROFIT

8,788,823

8,954,915

Administrative expenses

7,610,832

5,785,406

1,177,991

3,169,509

Other operating income

16,909

29,713

OPERATING PROFIT

5

1,194,900

3,199,222

Interest receivable and similar income

57,118

51,621

1,252,018

3,250,843

Interest payable and similar expenses

7

25,453

64,042

PROFIT BEFORE TAXATION

1,226,565

3,186,801

Tax on profit

8

416,777

962,401

PROFIT FOR THE FINANCIAL YEAR

809,788

2,224,400

Profit attributable to:

Owners of the parent

809,788

2,233,274

Non-controlling interests

-

(8,874

)

809,788

2,224,400

PROFIT FOR THE YEAR

809,788

2,224,400

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

809,788

2,224,400

Total comprehensive income attributable to:

Owners of the parent

809,788

2,233,274

Non-controlling interests

-

(8,874

)

809,788

2,224,400

FIXED ASSETS

Intangible assets

11

332,331

341,895

Tangible assets

12

3,530,660

3,326,881

Investments

13

-

-

3,862,991

3,668,776

CURRENT ASSETS

Stocks

14

3,103,295

3,211,979

Debtors

15

4,366,633

3,797,311

Cash at bank and in hand

2,238,548

3,011,963

9,708,476

10,021,253

CREDITORS

Amounts falling due within one year

16

3,516,913

3,817,201

NET CURRENT ASSETS

6,191,563

6,204,052

TOTAL ASSETS LESS CURRENT LIABILITIES

10,054,554

9,872,828

CREDITORS

Amounts falling due after more than one year

17

(110,448

)

(170,408

)

PROVISIONS FOR LIABILITIES

20

(413,114

)

(311,467

)

NET ASSETS

9,530,992

9,390,953

CAPITAL AND RESERVES

Called up share capital

21

102

51

Capital redemption reserve

49

49

Retained earnings

9,530,841

9,355,803

SHAREHOLDERS' FUNDS

9,530,992

9,355,903

NON-CONTROLLING INTERESTS

22

-

35,050

TOTAL EQUITY

9,530,992

9,390,953

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

M S Chialton - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

1,506,155

-

1,506,155

-

CURRENT ASSETS

Debtors

15

112,416

-

CREDITORS

Amounts falling due within one year

16

465,705

-

NET CURRENT LIABILITIES

(353,289

)

-

TOTAL ASSETS LESS CURRENT LIABILITIES

1,152,866

-

CAPITAL AND RESERVES

Called up share capital

21

102

-

Retained earnings

1,152,764

-

SHAREHOLDERS' FUNDS

1,152,866

-

Company's profit for the financial year

1,781,764

-

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

M S Chialton - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

326

7,606,129

49

Changes in equity

Issue of share capital

(275

)

-

-

Dividends

-

(483,600

)

-

Total comprehensive income

-

2,233,274

-

Balance at 31 March 2024

51

9,355,803

49

Changes in equity

Acquisition of non controlling

interest

-

35,050

-

Dividends

-

(669,800

)

-

Total comprehensive income

-

809,788

-

Balance at 31 March 2025

51

9,530,841

49

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

7,606,504

43,924

7,650,428

Changes in equity

Issue of share capital

(275

)

-

(275

)

Dividends

(483,600

)

-

(483,600

)

Total comprehensive income

2,233,274

(8,874

)

2,224,400

Balance at 31 March 2024

9,355,903

35,050

9,390,953

Changes in equity

Acquisition of non controlling

interest

35,050

(35,050

)

-

Dividends

(669,800

)

-

(669,800

)

Total comprehensive income

809,788

-

809,788

Balance at 31 March 2025

9,530,941

-

9,530,941

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Balance at 31 March 2024

-

-

-

Changes in equity

Issue of share capital

102

-

102

Dividends

-

(629,000

)

(629,000

)

Total comprehensive income

-

1,781,764

1,781,764

Balance at 31 March 2025

102

1,152,764

1,152,866

Cash flows from operating activities

Cash generated from operations

1

1,620,224

3,860,765

Interest paid

(7,849

)

(49,373

)

Interest element of hire purchase payments paid

(17,604

)

(14,669

)

Tax paid

(908,804

)

(422,797

)

Net cash from operating activities

685,967

3,373,926

Cash flows from investing activities

Purchase of intangible fixed assets

(10,625

)

(208,500

)

Purchase of tangible fixed assets

(872,191

)

(639,521

)

Sale of tangible fixed assets

100,141

34,378

Acquisition of subsidiary

-

(1,116,565

)

Cash acquired from subsidiary

-

537,948

Interest received

57,118

51,621

Net cash from investing activities

(725,557

)

(1,340,639

)

Cash flows from financing activities

Loan repayments in year

-

(1,566,667

)

Loan to related companies

32,335

(12,709

)

Capital repayments in year

(88,166

)

50,151

Amount introduced by directors

708,299

583,434

Amount withdrawn by directors

(716,544

)

(585,558

)

Share issue

153

-

Unpaid share capital

(102

)

-

Equity dividends paid

(669,800

)

(483,600

)

Net cash from financing activities

(733,825

)

(2,014,949

)

(Decrease)/increase in cash and cash equivalents

(773,415

)

18,338

Cash and cash equivalents at beginning of year

2

3,011,963

2,993,625

Cash and cash equivalents at end of year

2

2,238,548

3,011,963

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

2025

2024

£

£

Profit before taxation

1,226,565

3,186,801

Depreciation charges

593,974

596,937

Profit on disposal of fixed assets

(5,512

)

(3,890

)

Finance costs

25,453

64,042

Finance income

(57,118

)

(51,621

)

1,783,362

3,792,269

Decrease/(increase) in stocks

108,684

(98,226

)

(Increase)/decrease in trade and other debtors

(286,879

)

131,470

Increase in trade and other creditors

15,057

35,252

Cash generated from operations

1,620,224

3,860,765

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

£

£

Cash and cash equivalents

2,238,548

3,011,963

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

3,011,963

2,993,625

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

3,011,963

(773,415

)

2,238,548

3,011,963

(773,415

)

2,238,548

Debt

Finance leases

(257,218

)

88,166

(169,052

)

(257,218

)

88,166

(169,052

)

Total

2,754,745

(685,249

)

2,069,496