Salboy Limited - Period Ending 2025-03-31

Registration number: 09123542

Salboy Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2025

Salboy Limited

Contents

Group Information	1
Group Strategic Report	2 to 3
Group Directors' Report	4 to 5
Statement of Directors' Responsibilities	6
Independent Auditor's Report	7 to 9
Consolidated Profit and Loss Account	10
Consolidated Balance Sheet	11
Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16 to 46

Salboy Limited

Group Information

Directors

F Done

S A Ismail

P D Done

N A Done-Orrell

L A Done-Jackson

J A Hall

J E Ismail

A P Cavanagh

Registered office

Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG

Auditors

Alextra Audit Limited
Chartered Certified Accountants7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Salboy Limited

Group Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the group is the provision of loan finance to property development businesses, property letting, that of marketing and estate agency and the development of building projects.

Fair review of the business

Over the financial year the group has continued to grow, principally due to the positive ongoing progress of the development projects. As can be seen from the Profit and Loss account on page 10, group turnover has increased from £48,479,276 to £80,961,299. However the overall gross profit margin has dropped with profit before taxation having decreased from £1,731,823 to £1,418,776. The Balance sheet has strengthened with retained capital and reserves increasing from £15,834,826 to £15,956,699. The directors consider the development and performance of the group during the year ended 31 March 2025 to be in line with expectations.

Key performance indicators
As in previous years, the directors monitor the performance of the group through monthly management accounts. The directors consider the following to be key performance indicators:

	2025	2024
Gross profit margin	23%	31.46%
Current Ratio	11.85	1.83
EBITDA	7,844,819	6,511,418

Future developments
The group will continue to supply loan finance to property development businesses, seeking new opportunities to expand its borrowings through new and existing partners.

Principal risks and uncertainties

The group's operations may expose it to a variety of potential financial risks, these include liquidity, credit, currency and interest rate risks.

Salboy Limited

Group Strategic Report for the Year Ended 31 March 2025

Liquidity risk
The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group regularly reviews business performance to ensure it has sufficient liquidity to meet its financial obligations as and when they fall due.

Credit risk
The directors continuously review customer balances to ensure the recoverability of debtor balances and credit checks are carried out where applicable.

Currency risk
The directors consider hedging policies on a regular basis and monitor exchange rates to ensure that any company cash held in foreign currency accounts is managed to reduce the risk of a foreign currency loss.

Interest rate risk
Interest rates are monitored, and hedging policies reviewed by the directors to ensure the group's risk and exposure to interest rate movements is kept to a minimum.

Section 172(1) statement

The directors are aware of their responsibilities pursuant to section 172 of the Companies Act 2006.

In order to promote the success of the business for all stakeholders and for the long term the directors regularly review internal and external stakeholder relationships and the impact that the activities of the business have on these stakeholders. Engagement with work colleagues, suppliers, customers, and others is considered an important aspect of the business and so time is dedicated to strengthening relationships with customers and suppliers, considering information from across the organisation to help understand the impact of operations and behaving responsibly and sustainably towards the environment.

As a result of these activities, the directors believe that they have demonstrated compliance with their legal duty under s.172 of the Companies Act 2006.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:

.........................................
A P Cavanagh
Director

Salboy Limited

Group Directors' Report for the Year Ended 31 March 2025

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

Directors of the group

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

F Done

S A Ismail

P D Done

N A Done-Orrell

L A Done-Jackson

J A Hall

J E Ismail

A P Cavanagh

Dividends
There were no dividends paid in the financial year (2024: £Nil). The directors do not recommend payment of a final dividend.

Environmental matters

During the year ended 31 March 2025, Salboy Limited gathered data regarding scope one, two and three carbon emissions (as defined by the GHG protocol) from its UK operations as defined by the requirement of the Streamlined Energy Carbon Reporting (SECR) legislation.

Energy (kWh)
Total Energy consumption used to calculate GHG emissions - 4,450 (2024: 87,758)

Emissions (tCO2e)
Scope 1 (direct energy and processes) - 25.84 (2024: 12.69)
Scope 2 (indirect impact from electricity) - 1.14 (2024: 3.64)
Scope 3 (other indirect emissions) - 28.14 (2024: 48.24)

Total SECR emissions - 55.12 (2024: 64.57)

Specific Carbon Consumption
SCC (TCO2e / £000 revenue) - 0.001 (2024: 0.001)

There were no energy efficiency actions reported in 2025 (2024: Nil).

Salboy Limited

Group Directors' Report for the Year Ended 31 March 2025

Social and community issues

Considering the potential consequences that a decision may have on employees, suppliers, customers and other related parties is paramount. Acting with integrity and promoting high standards across the business is fundamental to how we operate as a business.

The company is aware of its responsibility to the local community and the environment, making charitable donations and contributing to the local community on a number of different initiatives.

Ultimately, we aim to increase the value of the business through building lasting relationships with our external partners and creating opportunities for employees and stakeholders to achieve their potential.

Principal Risks & Uncertainties
The group's principal risks and uncertainties have been disclosed in full in the strategic report.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Alextra Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:

.........................................
A P Cavanagh
Director

Salboy Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Salboy Limited

Independent Auditor's Report to the Members of Salboy Limited

Opinion

We have audited the financial statements of Salboy 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 Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Salboy Limited

Independent Auditor's Report to the Members of Salboy Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

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

•	the Group Strategic Report and Group Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Group Directors' Report.

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 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

Salboy Limited

Independent Auditor's Report to the Members of Salboy Limited

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks and irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation, pension legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included GDPR, employment law, health and safety and building regulations.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Damian Wayne Riley FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

30 September 2025

Salboy Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Turnover	3	80,961,299	48,479,276
Cost of sales		(62,336,254)	(33,225,528)
Gross profit		18,625,045	15,253,748
Administrative expenses		(12,082,814)	(9,222,386)
Other operating income		94,273	203
Operating profit	4	6,636,504	6,031,565
Interest payable and similar expenses	5	(6,033,445)	(4,631,773)
Share of profit of equity accounted investees		815,717	332,031
Profit before tax		1,418,776	1,731,823
Tax on profit	8	(775,338)	(326,371)
Profit for the financial year		643,438	1,405,452
Profit attributable to:
Owners of the company		872,913	1,446,852
Minority interests		(229,475)	(41,400)
		643,438	1,405,452

Salboy Limited

(Registration number: 09123542)
Consolidated Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Goodwill	9	1,860,231	-
Tangible assets	10	1,738,206	382,213
Investment property	11	9,785,345	4,420,345
Investments	12	20,675,859	18,893,665
		32,199,410	23,696,223
Current assets
Stocks	14	110,187,908	80,070,608
Debtors (including £34,586,775 (2024: £36,592,845) due after one year)	15	163,175,776	148,942,735
Cash at bank and in hand		7,362,056	1,762,337
		280,725,740	230,775,680
Creditors: Amounts falling due within one year	16	(23,683,684)	(126,111,104)
Net current assets		257,042,056	104,664,576
Total assets less current liabilities		291,101,697	128,360,799
Creditors: Amounts falling due after more than one year	16	(274,479,583)	(112,453,621)
Provisions for liabilities	8	(665,415)	(72,352)
Net assets		15,956,699	15,834,826
Capital and reserves
Called up share capital	18	160	160
Other reserves	19	(368,626)	(308,237)
Profit and loss account	19	16,173,609	15,300,696
Equity attributable to owners of the company		15,805,143	14,992,619
Minority interests		151,556	842,207
Shareholders' funds		15,956,699	15,834,826

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:

.........................................
A P Cavanagh
Director

Salboy Limited

(Registration number: 09123542)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	10	169,223	167,531
Investments	12	20,318,166	20,501,512
		20,487,389	20,669,043
Current assets
Debtors (including £34,586,775 (2024: £32,494,427) due after one year)	15	131,372,770	107,378,475
Cash at bank and in hand		2,319,221	21,840
		133,691,991	107,400,315
Creditors: Amounts falling due within one year	16	(9,990,386)	(8,018,117)
Net current assets		123,701,605	99,382,198
Total assets less current liabilities		144,188,994	120,051,241
Creditors: Amounts falling due after more than one year	16	(127,786,704)	(104,661,114)
Provisions for liabilities		(42,305)	(41,883)
Net assets		16,359,985	15,348,244
Capital and reserves
Called up share capital	18	160	160
Profit and loss account		16,359,825	15,348,084
Shareholders' funds		16,359,985	15,348,244

The company made a profit after tax for the financial year of £1,011,741 (2024 - profit of £2,314,246).

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:

.........................................
A P Cavanagh
Director

Salboy Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

	Share capital £	Retained earnings £	Total £
At 1 April 2024	160	15,348,084	15,348,244
Profit for the year	-	1,011,741	1,011,741
At 31 March 2025	160	16,359,825	16,359,985

	Share capital £	Retained earnings £	Total £
At 1 April 2023	160	13,033,838	13,033,998
Profit for the year	-	2,314,246	2,314,246
At 31 March 2024	160	15,348,084	15,348,244

Salboy Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		643,438	1,405,452
Adjustments to cash flows from non-cash items
Depreciation and amortisation	4, 10	392,598	147,822
Changes in fair value of investment property	11	(275,000)	-
Interest payable and similar expenses	5	6,033,445	4,631,773
Share of profits within associated companies		(815,717)	(332,031)
Tax expense	8	775,338	326,371
		6,754,102	6,179,387
Working capital adjustments
Decrease/(increase) in stocks	14	6,591,151	(17,330,087)
Increase in trade & other debtors	15	(10,890,978)	(74,119,839)
(Decrease)/increase in trade & other creditors	16	(4,657,380)	14,452,600
Cash generated from operations		(2,203,105)	(70,817,939)
Corporation tax paid	8	(1,055,111)	(1,811,223)
Net cash flow from operating activities		(3,258,216)	(72,629,162)
Cash flows from investing activities
Acquisitions of tangible assets		(408,459)	(212,651)
Acquisition of investment properties	11	(5,090,000)	-
Net external dividends		500,000	-
Acquisition of investments in associates	12	(1,816,517)	(8,500,950)
Net cash flows from investing activities		(6,814,976)	(8,713,601)
Cash flows from financing activities
Interest paid	5	(3,778,777)	(3,093,001)
Advances of bank borrowings		21,784,042	48,548,202
Acquisition of cash from purchase of subsidiary	13	21,555	-
Proceeds from issue of convertible debt, net of issue costs		-	31,817,758
Receipts/(Payments) to finance lease creditors		(40,608)	-
Preference share dividends		(2,254,668)	(1,538,772)
Net cash flows from financing activities		15,731,544	75,734,187
Net increase/(decrease) in cash and cash equivalents		5,658,352	(5,608,576)
Cash and cash equivalents at 1 April		1,762,337	7,531,703
Effect of exchange rate fluctuations on translation		(58,633)	(160,790)
Cash and cash equivalents at 31 March		7,362,056	1,762,337

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
England

These financial statements were authorised for issue by the Board on 30 September 2025.

2	Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The company profit for the year is £1,011,741 (2024: £2,314,246).

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to continue to trade for the foreseeable future.

The validity of the going concern basis is dependant upon the Group managing the risks of the business as identified in the Directors' Report and Strategic Report and its financial arrangements.

The Group have prepared a budget, and this forecasts a strong trading performance and significant cash reserves for the forecasted 12-month period from the date of signing. On this basis the directors consider it appropriate to prepare financial statements on a going concern basis.

Adjusting events after the financial period

There have been no significant events affecting the Group since the year end.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Judgements

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profits or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible fixed assets held under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets less their residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	Straight line over 3, 4 & 50 years
Motor vehicles	Straight line over 5 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Any changes in fair value are recognised within the profit or loss account within the period it relates to.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.
Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs, borrowing costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

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

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

	2025 £	2024 £
Sale of goods	32,527,878	18,455,015
Rendering of services	30,769,130	19,914,840
Rental income from investment property	328,683	239,082
Interest received	17,335,608	9,870,339
	80,961,299	48,479,276

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	300,243	147,822
Amortisation expense	92,355	-
Foreign exchange losses	21,114	49,248
Operating lease expense - plant and machinery	54,328	26,227
Loss on disposal of property, plant and equipment	809	-
Auditor's remuneration	18,500	7,500
Auditor's remuneration - The audit of the company's subsidiaries' annual accounts	229,150	158,600
Auditors' remuneration - non audit work	139,300	240,755

5	Interest payable and similar expenses

	2025 £	2024 £
Dividends on preference shares	2,254,668	1,538,772
Interest expense on other finance liabilities	3,778,777	3,093,001
	6,033,445	4,631,773

6	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	3,509,884	3,338,422
Social security costs	249,953	297,874
Pension costs, defined contribution scheme	201,305	71,287
	3,961,142	3,707,583

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Management	22	7
Production	5	-
Administration and support	25	24
Research and development	14	12
Sales, marketing and distribution	19	20
	85	63

7	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	640,434	683,077
Contributions paid to money purchase schemes	32,406	3,861
	672,840	686,938

The number of directors who received pension contributions was 3 (2024: 3).

In respect of the highest paid director:

	2025 £	2024 £
Remuneration	173,780	288,462
Company contributions to money purchase pension schemes	11,318	1,321

The highest paid director did not exercise any share options and no shares were received or receivable in respect of qualifying services under a long-term incentive scheme.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Taxation

Tax charged in the profit and loss account.

	2025 £	2024 £
Current taxation
UK corporation tax	113,261	1,390,591
UK corporation tax adjustment to prior periods	(898)	-
	112,363	1,390,591
Deferred taxation
Arising from origination and reversal of timing differences	544,075	(1,068,285)
Arising from changes in tax rates and laws	12,197	-
Arising from accelerated capital allowances	(12,870)	4,065
Arising from revaluation gains	119,573	-
Total deferred taxation	662,975	(1,064,220)
Tax expense in the profit and loss account	775,338	326,371

.

	2025 £	2024 £
Profit before tax	1,418,776	1,731,823
Corporation tax at standard rate - 25% (2023: 19%)	354,694	432,956
Effect of expenses not deductible for tax purposes	358,335	(242,462)
Effect of tax losses brought forward and carried forward	(13,969)	55,684
Effect of differences in tax rates of overseas subsidiaries	64,979	868
Deferred tax expense relating to changes in tax rates or laws	12,197	-
(Decrease)/increase in corporation tax on amended prior period tax return	(898)	79,325
Total tax charge	775,338	326,371

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Deferred tax

Group

2025

Asset
£

Liability
£

Other timing differences

1,690,633

486,360

Revaluation gains

-

119,573

Accelerated capital allowances

-

59,482

1,690,633

665,415

2024

Asset
£

Liability
£

Other timing differences

1,901,032

-

Accelerated capital allowances

-

72,352

1,901,032

72,352

Company

2025

Asset
£

Liability
£

Accelerated capital allowances

-

42,305

Other timing differences

1,328,231

-

1,328,231

42,305

2024

Asset
£

Liability
£

Accelerated capital allowances

-

41,883

Other timing differences

1,025,097

-

1,025,097

41,883

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

9	Intangible assets

Group

Goodwill
£

Total
£

Cost or valuation

Additions

1,952,585

1,952,585

At 31 March 2025

1,952,585

1,952,585

Amortisation

Amortisation charge

92,354

92,354

At 31 March 2025

92,354

92,354

Carrying amount

At 31 March 2025

1,860,231

1,860,231

10

Tangible assets

Group

Furniture, fittings and equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 April 2024

966,524

-

966,524

Additions

1,533,044

124,946

1,657,990

Disposals

(16,970)

-

(16,970)

At 31 March 2025

2,482,598

124,946

2,607,544

Depreciation

At 1 April 2024

584,311

-

584,311

Charge for the year

294,707

5,534

300,241

Eliminated on disposal

(16,970)

-

(16,970)

Foreign exchange movements

1,756

-

1,756

At 31 March 2025

863,804

5,534

869,338

Carrying amount

At 31 March 2025

1,618,794

119,412

1,738,206

At 31 March 2024

382,213

-

382,213

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Company

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2024

287,372

287,372

Additions

67,400

67,400

At 31 March 2025

354,772

354,772

Depreciation

At 1 April 2024

119,841

119,841

Charge for the year

65,708

65,708

At 31 March 2025

185,549

185,549

Carrying amount

At 31 March 2025

169,223

169,223

At 31 March 2024

167,531

167,531

11

Investment properties

Group

	2025 £
At 1 April 2024	4,420,345
Additions	5,090,000
Fair value adjustments	275,000
At 31 March 2025	9,785,345

The Directors' have reviewed the valuation of the investment properties as at 31 March 2025 based on their experience in the property market, location and class of the investment property and do not consider any significant changes to be relevant. This valuation has not been verified independently.

The historical cost of the investment property is £9,307,054.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

12	Investments

Group

Associates	£
Cost or valuation
At 1 April 2024	18,893,665
Additions	1,816,517
Revaluation	(34,286)
Disposals	(37)
At 31 March 2025	20,675,859
Carrying amount
At 31 March 2025	20,675,859
At 31 March 2024	18,893,665

Company

	2025 £	2024 £
Investments in subsidiaries	577	2,000,403
Investments in associates	20,317,589	18,501,109
	20,318,166	20,501,512

Subsidiaries	£
Cost or valuation
At 1 April 2024	2,000,403
Additions	174
Disposals	(2,000,000)
At 31 March 2025	577
Carrying amount
At 31 March 2025	577
At 31 March 2024	2,000,403

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Associates	£
Cost
At 1 April 2024	18,501,109
Additions	1,816,517
Disposals	(37)
At 31 March 2025	20,317,589
Carrying amount
At 31 March 2025	20,317,589
At 31 March 2024	18,501,109

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiaries

All companies below hold the registered office of :

Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, England, M5 4ZG.

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Salboy International Limited	Direct	100%	100%	Marketing & real estate agency
Ingersley Crescent Limited	Direct	100%	100%	Development of building projects
Salboy Property Limited	Direct	100%	100%	Holding investments
Salboy BP SPV 2 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 3 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 4 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 5 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 6 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 7 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 8 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 9 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 10 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 11 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 12 Limited	Indirect	100%	100%	Development of building projects

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Salboy BP SPV 13 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 14 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 15 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 16 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 17 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 18 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 19 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 20 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 21 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 22 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 23 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 24 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 25 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 26 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 27 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 28 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 29 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 30 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 31 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 32 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 33 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 34 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 35 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 36 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 37 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 38 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 39 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 40 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 41 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 42 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 43 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 44 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 45 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 46 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 47 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 48 Limited	Indirect	100%	100%	Development of building projects

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Salboy BP SPV 49 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 50 Limited	Indirect	100%	100%	Development of building projects
Salboy BP SPV 51 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 52 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 53 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 54 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 55 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 56 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 57 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 58 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 59 Limited	Indirect	100%	-	Dormant company
Salboy BP SPV 60 Limited	Indirect	100%	-	Dormant company
James Nicholas Homes SPV 1 Limited	Indirect	100%	100%	Development of building projects
Salboy Real Estate Limited	Direct	100%	100%	Holding company
Convenient Developments Limited	Indirect	-	100%	Development of building projects
Transmission NQ Limited	Indirect	100%	100%	Property letting
Salboy St Ives Limited	Direct	100%	100%	Development of building projects
Salboy (SPV Co 3) Limited	Direct	100%	100%	Dormant
Salboy Midco Limited	Direct	100%	100%	Holding Investments
Salboy Partnerships Limited	Indirect	100%	100%	Financing activities
Salboy BP Limited	Indirect	100%	100%	Financing activities
Naples Street Properties Limited	Indirect	50%	50%	Development of building projects
Naples Street Properties 1 Limited	Indirect	50%	50%	Development of building projects
Naples Street Properties 2 Limited	Indirect	50%	50%	Development of building projects
Salboy East Anglia BTL SPV Limited	Indirect	100%	-	Property letting
Salboy London BTL SPV Limited	Indirect	100%	-	Property letting
Salboy North East BTL SPV Limited	Indirect	100%	-	Dormant company
Salboy North West BTL SPV Limited	Indirect	100%	-	Dormant company
Salboy South East BTL SPV Limited	Indirect	100%	-	Dormant company
Salboy South West BTL SPV Limited	Indirect	100%	-	Dormant company
Salboy West Midlands BTL SPV Limited	Indirect	100%	-	Dormant company
Salboy East Midlands BTL SPV Limited	Indirect	100%	-	Property letting
Salboy Yorkshire BTL SPV Limited	Indirect	100%	-	Dormant company
Stinders Homes Limited	Indirect	100%	50%	Development of building projects
Stinders Homes Construction Limited	Indirect	100%	50%	Development of building projects
Stinders Homes SPV 2 Limited	Indirect	100%	50%	Development of building projects

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Stinders Homes SPV 3 Limited	Indirect	100%	50%	Development of building projects
Stinders Homes SPV 4 Limited	Indirect	100%	50%	Development of building projects
Salboy Construction Management Limited	Direct	100%	-	Other specialised construction activities
Salboy Property Management Limited	Direct	100%	-	Management of real estate

The company below holds the registered office of :

Room 2901, 29th Floor, The Centrium, 60 Wyndham Street, Central. Hong Kong.

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Salboy International Hong Kong Limited	Indirect	100%	100%	Real Estate Consultancy Services

The country of registration and operation is Hong Kong.

The company below holds the registered office of :

Room 802, 8th Floor, Platinum Tower, 233 Taicang Road, Huangpu, Shanghai 200001. China

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Salboyi (Shanghai) Real Estate Consulting Co Limited	Indirect	100%	100%	Real Estate Consultancy Services

The country of registration and operation is China.

The company below holds the registered office of :

Northgate, 118 North Street, Leeds, England, LS2 7PN.

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Homezzz Limited	Direct	50%	50%	Development of building projects

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The company below holds the registered office of :

Llys Tawe Complex Players Industrial Estate, Clydach, Swansea, Wales, SA6 5BQ

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
F.R.E.D.S. Timberframe Limited	Direct	74%	37%	Development of building projects

The following subsidiaries are exempt from audit under the requirements of S479A of the Companies Act 2006. Salboy Limited (the ultimate parent company, Company number 09123542) guarantees the liabilities of the companies under S479C of the Companies Act 2006 in respect of the year ended 31 March 2025.

Salboy BP SPV 31 Limited (Company number: 13706493)
Salboy BP SPV 32 Limited (Company number: 13706597)
Salboy BP SPV 40 Limited (Company number: 13707676)
Salboy BP SPV 41 Limited (Company number: 14019254)
Salboy BP SPV 43 Limited (Company number: 14019543)
Salboy BP SPV 46 Limited (Company number: 14035747)
Stinders Homes SPV 3 Limited (Company number: 14343632)
Stinders Homes SPV 4 Limited (Company number: 14716656)

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Associates

The companies below hold the registered office of :

Unit 2, Block C, 14 Hulme Street, Salford, England, M5 4ZG.

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Salboy Central Limited	Direct	50%	50%	Development of building projects
Salboy Central Commercial Limited	Indirect	50%	50%	Development of building projects
FG Victoria House Limited	Direct	25%	25%	Development of building projects
FG Victoria House Commercial Limited	Indirect	25%	25%	Development of building projects
St Michaels UK Propco 2 Limited	Direct	50%	50%	Development of building projects
Forge UK Homes Limited	Indirect	50%	50%	Development of building projects
Forge UK Homes SPV 1 Limited	Indirect	50%	50%	Development of building projects
Forge UK Homes SPV 2 Limited	Indirect	50%	50%	Development of building projects
Forge UK Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
Forge UK Homes Construction Limited	Indirect	50%	50%	Development of building projects
Forge UK Homes SPV 4 Limited	Indirect	50%	-	Development of building projects
Forge UK Homes SPV 5 Limited	Indirect	50%	-	Development of building projects
Thomas Alexander Homes (Yorkshire) Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes Construction Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 1 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 2 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 4 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 5 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 6 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 7 Limited	Indirect	50%	50%	Development of building projects
Thomas Alexander Homes SPV 8 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes Construction Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 1 Limited	Indirect	50%	50%	Development of building projects

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Yorkshire Choice Homes SPV 2 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 4 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 5 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 6 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 7 Limited	Indirect	50%	50%	Development of building projects
Yorkshire Choice Homes SPV 8 Limited	Indirect	50%	50%	Development of building projects
North Essex Homes Limited	Indirect	50%	50%	Development of building projects
North Essex Homes Construction Limited	Indirect	50%	50%	Development of building projects
North Essex Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
North Essex Homes SPV 4 Limited	Indirect	50%	50%	Development of building projects
North Essex Homes SPV 5 Limited	Indirect	50%	50%	Development of building projects
North Essex Homes SPV 6 Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes Construction Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes SPV 1 Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes SPV 2 Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes SPV 4 Limited	Indirect	50%	50%	Development of building projects
James Nicholas Homes SPV 5 Limited	Indirect	50%	50%	Development of building projects
Markden Homes Limited	Indirect	50%	50%	Development of building projects
Markden Homes Construction Limited	Indirect	50%	50%	Development of building projects
Markden Homes SPV 1 Limited	Indirect	50%	50%	Development of building projects
Markden Homes SPV 2 Limited	Indirect	50%	50%	Development of building projects
Markden Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
Markden Homes SPV 4 Limited	Indirect	50%	50%	Development of building projects
Markden Homes SPV 5 Limited	Indirect	50%	50%	Development of building projects
Markden Homes SPV 6 Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes Construction Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes SPV 1 Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes SPV 2 Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes SPV 3 Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes SPV 4 Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes SPV 5 Limited	Indirect	50%	50%	Development of building projects

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Roddy New Homes SPV 6 Limited	Indirect	50%	50%	Development of building projects
Roddy New Homes SPV 7 Limited	Indirect	50%	-	Development of building projects
Salboy Central (SPV Co 1) Limited	Indirect	50%	-	Development of building projects
Enzo's Homes (Abbey Woods) Limited	Indirect	50%	50%	Development of building projects

The companies below hold the registered office of :

Unit 6 Block A, Llys Y Barcud Clos Gelliwerdd, Cross Hands, Llanelli, SA14 6RX. England and Wales

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Enzo's Developments Limited	Indirect	50%	50%	Development of building projects
Enzo's Homes (Great Torrington) Limited	Indirect	50%	50%	Development of building projects
Enzo's Homes SPV 3 Limited	Indirect	50%	50%	Dormant company
Enzo's Homes (Gyllene Grove) Limited	Indirect	-	50%	Development of building projects
The Smiths Arms Llangyndeyrn Limited	Direct	50%	50%	Licensed restaurant
Sand Mews Management Company Limited	Indirect	50%	50%	Dormant company

The companies below hold the registered office of :

PKF Littlejohn Advisory Limited, 15 Westferry Circus, Canary Wharf, London, E14 4HD

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Enzo's Homes Limited	Direct	50%	50%	Construction of domestic buildings

The company below holds the registered office of :

Gcng House Unit 12, Tawe Business Village, Swansea Enterprise Park, Swansea, Wales, SA7 9LA.

		Proportion of voting rights
		and shares held
Undertaking	Holding	2025	2024	Principal Activity
Mansion Gardens Limited	Indirect	50%	50%	Residents property management

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13	Business combinations

On 31 December 2024, Salboy Partnerships Limited acquired the remaining 50% of the issued share capital of Stinders Homes Limited , obtaining 100% control.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

	Book value 2025 £	Fair value 2025 £
Assets and liabilities acquired
Financial assets	2,654,647	2,654,647
Stocks	36,221,437	36,221,437
Tangible assets	677,344	677,344
Financial liabilities	(41,189,517)	(41,189,517)
Total identifiable assets	(1,636,089)	(1,636,089)
Goodwill	1,636,090	1,636,090
Total consideration	1	1
Cash flow analysis:
Cash and cash equivalent balances acquired	13,239	13,239

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

On 28 January 2025, Salboy Ltd acquired a further 37% of the issued share capital of F.R.E.D.S. Timberframe Limited , obtaining control with a 74% shareholding.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

	Book value 2025 £	Fair value 2025 £
Assets and liabilities acquired
Financial assets	919,371	919,371
Stocks	487,014	487,014
Tangible assets	572,187	572,187
Financial liabilities	(2,406,206)	(2,406,206)
Total identifiable assets	(427,634)	(427,634)
Goodwill	427,671	427,671
Total consideration	37	37
Cash flow analysis:
Cash consideration	37	37
Less: cash and cash equivalent balances acquired	8,279	8,279
Net cash inflow arising on acquisition	8,316	8,316

14

Stocks

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Work in progress	110,078,191	79,442,657	-	-
Finished goods and goods for resale	109,717	627,951	-	-
	110,187,908	80,070,608	-	-

The amount of interest capitalised within work in progress is £14,425,802 (2024: £7,351,965)

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

15

Debtors

		Group		Company
Current	Note	2025 £	2024 £	2025 £	2024 £
Trade debtors		593,306	354,681	-	91,110
Amounts owed by related parties	22	135,115,149	126,561,745	34,896,840	35,041,204
Amounts owed by group entities		-	-	92,587,954	67,255,168
Other debtors		887,719	512,469	594,903	184,411
Prepayments		24,888,969	19,612,808	1,964,842	3,781,485
Deferred tax assets	8	1,690,633	1,901,032	1,328,231	1,025,097
		163,175,776	148,942,735	131,372,770	107,378,475

	Group		Company
	2025	2024	2025	2024
Non current	£	£	£	£
Owed by related parties	34,586,775	36,592,837	34,586,775	32,494,427

	34,586,775	36,592,837	34,586,775	32,494,427

16

Creditors

		Group		Company
	Note	2025 £	2024 £	2025 £	2024 £
Due within one year
Loans and borrowings	20	209,593	108,919,761	-	-
Trade creditors		2,290,435	1,633,244	125,775	159,021
Owed to related parties	22	2,252,749	2,778,723	2,386,258	2,731,536
Amounts owed to group entities		-	-	2,596,938	2,002,030
Social security and other taxes		442,951	511,933	256,203	199,853
Outstanding defined contribution pension costs		24,168	6,418	24,024	6,418
Corporation tax liability	8	124,629	1,056,469	-	308,656
Other payables		1,268,513	1,360,433	357,811	93,231
Accrued expenses		17,070,646	9,844,123	4,243,377	2,517,372
		23,683,684	126,111,104	9,990,386	8,018,117
Due after one year
Loans and borrowings	20	188,749,179	57,560,022	55,363,195	55,753,734
Owed to related parties	22	85,730,404	54,893,599	72,423,509	48,907,380
		274,479,583	112,453,621	127,786,704	104,661,114

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Included within loans and borrowings are the following secured debts:

A loan due in over 1 year of £125,147,828 (2024 - £99,074,360 due within 1 year) which is secured by a charge created on 4 February 2025 by CBRE Services Limited. The legal mortgage created a fixed and floating charge over any freehold or leasehold property of Salboy Midco Limited as well as a floating charge over all the property or undertakings of the company.

A loan due in over 1 year of £5,951,000 (2024 - £9,845,400) is secured by a charge created by Alter Domus Trustees (UK) Limited as Security Trustee on 21 February 2025. The charge created a fixed and floating charge over all present and future freehold or leasehold land and all intellectual property of Salboy Property Limited. The floating charge covers all the property or undertaking of the company.

A loan due after one year of £1,801,803 (2024 - £1,806,288) in relation to a loan which is secured by three charges created on 15 December 2023.

The charges were created by Cynergy Bank Limited and created a fixed and floating charge over all the property or undertaking of Transmission NQ Limited as well as a charge over all the leasehold interest in the land and property known as apartment 103, plot number 3, third floor, Transmission House, Tib street, Manchester M4 along with all other interests and estates in freehold, leasehold and commonhold property together with all buildings and fixtures (including trade fixtures) and fixed plant and machinery at any time thereon.

On 10 March 2020, Psc Credit Holdings LLP created a fixed charge which contains a negative pledge over Salboy Limited.

On 16 December 2021, CBRE Loan Services Limited created fixed charges which contains a negative pledge over Salboy Limited.

On 23 December 2021 Psc Credit Holdings LLP created a fixed charge which contains a negative pledge over the shares in Salboy Partnerships Limited held by Salboy Limited.

On 18 May 2022, Alter Domus Trustees (UK) Limited as security trustee created a fixed charge which contains a negative pledge over Salboy Limited.

Alter Domus Trustees (UK) Limited created a supplemental debenture on 8 May 2024. The debenture created a fixed and floating charge over the company. The floating charge covers all the property or undertaking of the
company.

On 2 February 2023 CBRE Loan Services Limited created a fixed charge which contains a negative pledge over Salboy Limited. The charge created a first fixed charge over the chargor’s shares.

On 14 February 2025 CBRE Loan Services Limited created two fixed charges which contain negative pledges over Salboy Limited. The charges created first fixed charges over the chargor’s shares.

On 14 February 2025 Fred Done Property Trading Group Limited created two fixed charges which contain negative pledges over Salboy Limited.

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

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

17	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £201,305 (2024 - £71,287).

Contributions totalling £24,168 (2024 - £6,418) were payable to the scheme at the end of the year and are included in creditors.

18	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	160	160	160	160

The company also has in issue 50,103,734 preference shares of £1 each which are classed as debt in the financial statements, as shown in note 20.

19

Reserves

Group

Other reserves

Foreign currency translation reserve

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Foreign currency translation £	Total £
Foreign currency translation gains/losses	(60,389)	(60,389)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Foreign currency translation £	Total £
Foreign currency translation gains/losses	(160,790)	(160,790)

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

20	Loans and borrowings

Non-current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Bank borrowings	132,917,544	1,806,288	-	-
Hire purchase contracts	468,441	-	-	-
Redeemable preference shares	50,103,734	50,103,734	50,103,734	50,103,734
Other borrowings	5,259,460	5,650,000	5,259,461	5,650,000
	188,749,179	57,560,022	55,363,195	55,753,734

Current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Bank borrowings	-	108,919,761	-	-
Hire purchase contracts	209,593	-	-	-
	209,593	108,919,761	-	-

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

21	Analysis of changes in net debt

Group

		Acquired on		Foreign
	At 31 March	business	Financing	exchange	At 31 March
	2024	combinations	Cash Flows	movements	2025
	£	£	£	£	£
Cash and cash equivalents
Cash at bank and in hand	1,762,337		5,658,352	(58,633)	7,362,056
Borrowings
Long term borrowings	(57,560,022)	(16,912)	(130,703,804)	-	(188,280,738)
Hire purchase	-	(718,642)	40,608	-	(678,034)
Short term borrowings	(108,919,761)		108,919,761	-	-
	(166,479,783)	(735,554)	(21,743,435)	-	(188,958,772)

	(164,717,446)	(735,554)	(16,085,083)	(58,633)	(181,596,716)

Page 44

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

22	Related party transactions

Group

Loans to related parties

2025	Total £
At start of period	126,561,744
Advanced	90,016,917
Repaid	(54,927,155)
At end of period	161,651,506

2024	Total £
At start of period	61,052,610
Advanced	80,293,400
Repaid	(14,784,266)
At end of period	126,561,744

Loans from related parties

2025	Total £
At start of period	57,672,322
Advanced	43,580,486
Repaid	(13,269,650)
At end of period	87,983,158

2024	Total £
At start of period	40,756,453
Advanced	55,969,486
Repaid	(39,053,617)
At end of period	57,672,322

There is a charge over the shares held by Salboy Limited in it's associate Salboy Central Limited dated 16 December 2021. This is for a loan received in the associate and contains a fixed charge and a negative pledge.

There is a guarantee in place for a loan owed by the group from Fred Done Property Trading Group Limited, a company with common directors.

Salboy Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Transactions with related parties

	2025	2024
	£	£
Income from related parties	50,383,113	14,280,075
Expenditure with related parties	3,475,950	2,788,015

Summary of transactions with other related parties

The group has transacted with several related parties by virtue of common directors or shareholders with these entities, including loans to and from the group. The loans received are unsecured.

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.

Company

Income and receivables from related parties

2025	Other related parties £
Receipt of services	7,179,000

2024	Other related parties £
Receipt of services	14,280,075

Expenditure with and payables to related parties

2025	Other related parties £
Rendering of services	2,939,118

2024	Other related parties £
Rendering of services	2,788,015

23	Controlling party

The company was under the control of members of the Done Family throughout the year to 31 March 2025 and the prior year.

	Share capital £	Foreign currency translation reserve £	Retained earnings £	Total £	Non-controlling interests - Equity £	Total equity £
At 1 April 2024	160	(308,237)	15,300,696	14,992,619	842,207	15,834,826
Profit/(loss) for the year	-	-	872,913	872,913	(229,475)	643,438
Other comprehensive income	-	(60,389)	-	(60,389)	-	(60,389)
Total comprehensive income	-	(60,389)	872,913	812,524	(229,475)	583,049
Dividends	-	-	-	-	(350,000)	(350,000)
Increase in ownership interests in subsidiaries	-	-	-	-	(111,176)	(111,176)
At 31 March 2025	160	(368,626)	16,173,609	15,805,143	151,556	15,956,699

2025	Asset £	Liability £
Other timing differences	1,690,633	486,360
Revaluation gains	-	119,573
Accelerated capital allowances	-	59,482
	1,690,633	665,415

	Goodwill £	Total £
Cost or valuation
Additions	1,952,585	1,952,585
At 31 March 2025	1,952,585	1,952,585
Amortisation
Amortisation charge	92,354	92,354
At 31 March 2025	92,354	92,354
Carrying amount
At 31 March 2025	1,860,231	1,860,231

	Furniture, fittings and equipment £	Motor vehicles £	Total £
Cost or valuation
At 1 April 2024	966,524	-	966,524
Additions	1,533,044	124,946	1,657,990
Disposals	(16,970)	-	(16,970)
At 31 March 2025	2,482,598	124,946	2,607,544
Depreciation
At 1 April 2024	584,311	-	584,311
Charge for the year	294,707	5,534	300,241
Eliminated on disposal	(16,970)	-	(16,970)
Foreign exchange movements	1,756	-	1,756
At 31 March 2025	863,804	5,534	869,338
Carrying amount
At 31 March 2025	1,618,794	119,412	1,738,206
At 31 March 2024	382,213	-	382,213