Goldring Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Company Statement of Cash Flows	14
Notes to the Company Statement of Cash Flows	15
Notes to the Financial Statements	16—25

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

Review of the Business

Goldring Holdings Limited owns 76.5% (2024-76.5%) of the issued share capital of Scapes Group Limited. The Scapes Group continues to operate as a provider of contract cleaning and gardening services and maintains a strong reputation in the market. The business remains profitable and cash generative, with robust customer and staff loyalty.

However, the group faced a significant challenge this year with a 12% drop in turnover, primarily due to the loss of a major long-term client on 31 March 2024. This has directly contributed to a £503,202 decrease in profit before tax in the trading group, although the group has managed to maintain relatively stable gross profit margins over the past three years.

Despite this setback, the business is actively pursuing recovery and growth by focusing on securing new contracts and leveraging its solid operational foundation.

The results for the year and the financial position of the group are shown in the annexed financial statements.

Key Financial Performance Indicators

The key financial performance measure for Goldring Holdings Ltd is EBITDA and in the year ended 31st March 2025 this was £2.545m. The group's gross margin on our normal reporting basis is 18.58%. The group held £5.051m in cash at the year end. Net assets of the group were £9.875m at the end of the year.

Despite the decline in turnover and profit before tax, these key financial performance indicators reflect a group that remains financially sound with adequate liquidity and capital strength.

Principal Risks and Uncertainties

The directors have identified a key strategic risk:

Customer Concentration Risk:

A limited number of key customers increases vulnerability to contract losses or non-renewals, impacting revenue and increasing bad debt exposure.

Mitigation Strategy:

Diversification of the customer base.

Target to ensure no single customer accounts for more than 10% of turnover.

Avoid contracts with clients contributing less than 1% of projected turnover.

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Goldring Holdings Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Future Developments

Scapes Group is focusing on strategic growth by enhancing its service proposition and expanding within its existing geographic footprint (London and the Home Counties).

Key components of the outlook include:

Target Market:

Communal residential areas (social housing, care homes, student accommodation).

Contract Profile:

Multi-year (3+ years) agreements to ensure revenue stability.

Client Diversification:

No client >10% of turnover; no target <1% of turnover.

Business Development Strategy:

o Formal tender/procurement responses.

o Direct sales and relationship-building initiatives.

o Proactive use of market intelligence.

This forward-looking approach aligns well with the group's aim to build resilience, maintain growth, and reduce risk exposure in future periods.

Conclusion

While the 2025 financial year presented notable challenges—most significantly the loss of a major customer—Scapes Group has responded with a structured strategic pivot. With a strong balance sheet, a clear go-to-market plan, and proactive risk management, the group is well-positioned to restore growth and enhance stability in the coming years.

On behalf of the board

D S Goldring

Director

2nd December 2025

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Goldring Holdings Limited

Company No. 13368544

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Principal Activity

The group's principal activity continues to be that of contract cleaning and gardening services.

Dividends

The value of dividends paid amounted to £501,650.

The directors recommended a final dividend of £Nil.

Political Donations and Expenditure

Political donations amounted to £NIL .

Political expenditure amounted to £NIL .

Directors

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

D S Goldring

H S Goldring

Employee Engagement Statement

The group has a number of policies for engaging with its employees.

IT systems are used to gather and share information with employees.Team managers hold regular one to one meetings with their teams where concerns can be raised, discussed, solved and communicated to other employees. In addition, periodically, staff surveys are completed and the results analysed and communicated to employees as appropriate. Annual team days also ensure that all employees' views and opinions are captured. Improvements to employee benefits are reviewed continually to attract a higher quantity and quality of employee to improve the service delivery to clients.

On a more general basis, there is a culture of careful spending amongst all staff and they are well aware of the economic factors affecting the performance of the group, both operationally and financially. The group directors engage with employees on a regular basis. A good example of this is when some new employees recommended some alternative equipment. The equipment was trialled and is now used as a standard model.

The group has an Equal Opportunities and Diversity policy which is provided to all employees through the employee portal. This confirms the group's approach to offering opportunities to all on an equal standing. A work councillor is provided for those employees identified as requiring additional support.

Disabled employees

Employment policies are designed to provide equal opportunities for all existing and prospective employees. In particular, full and fair consideration is given to applications made by disabled persons bearing in mind their respective aptitudes and abilities. Where possible, arrangements are also made for the continuing employment within a safe working environment of employees who have become disabled.

Matters covered in the Strategic Report

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

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

...CONTINUED

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Goldring Holdings Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Statement of Directors' Responsibilities - continued

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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

Statement of Disclosure of Information to Auditors

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

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

Independent Auditors

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

On behalf of the board

D S Goldring

Director

2nd December 2025

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Independent Auditor's Report

to the Members of

Goldring Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Goldring Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the 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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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.

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Independent Auditor's Report (continued)

to the Members of

Goldring Holdings Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience of businesses of a similar size and nature, through discussion with the directors and other management, and from inspection of the company's regulatory and legal correspondence. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

•Owner managed businesses inherently carry a risk of management override, segregation of duties and departmental function is not always practically possible. Senior management of such a business are also in a position where internal controls may be overridden. Whilst our enquiry and observation procedures identify the effectiveness of internal controls, our audit has focused on substantive testing procedures to test transactions for evidence of misstatement, error or fraud.

•Significant transactions have been reviewed, in particular we evaluate the business rationale and seek to identify transactions or arrangements which appear unusual or outside the company's normal course of business.

•Internal controls in respect of access to cash and banking systems have been reviewed, observed and evaluated.

•We reviewed minutes of meetings of those charged with governance.

•We reviewed the financial statements and tested the disclosures against supporting information. Where appropriate we have made further enquiries with management or their professional advisors.

•We reviewed the assumptions and judgements used by management for any bias or significant changes compared to previous financial reporting periods. Where appropriate we compare the historical management assumptions and judgements to known outcomes in order to asses the validity of managements judgement.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use Of Our Report

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

P D Longstaff (Senior Statutory Auditor)

for and on behalf of Ellis Atkins , Statutory Auditor

2nd December 2025

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Goldring Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER		21,749,796	24,633,439
Cost of sales		(17,709,339 )	(20,041,601 )

GROSS PROFIT		4,040,457	4,591,838

Administrative expenses		(3,795,053 )	(3,704,143 )

OPERATING PROFIT	3	245,404	887,695
Loss on disposal of fixed assets		-	(413 )
Other interest receivable and similar income	8	135,598	47,399
Interest payable and similar charges	9	(25,316 )	(69,558 )

PROFIT BEFORE TAXATION		355,686	865,123
Tax on Profit	10	(461,822 )	(591,890 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(106,136 )	273,233
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		(106,136 )	273,233


(Loss)/profit attributable to:
Owners of the parent		(421,705)	(130,231)
Non-controlling interest		315,569	403,464

		(106,136 )	273,233


Total comprehensive income attributable to:
Owners of the parent		(421,705)	(130,231)
Non-controlling interest		315,569	403,464

		(106,136 )	273,233

The notes on pages 13 to 25 form part of these financial statements.

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Goldring Holdings Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 13368544

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		1,481,173		2,962,346
Tangible Assets	12		1,750,692		1,924,012

			3,231,865		4,886,358
CURRENT ASSETS
Debtors	14	4,178,405		5,193,838
Cash at bank and in hand		5,051,035		3,503,079

		9,229,440		8,696,917
Creditors: Amounts Falling Due Within One Year	15	(1,966,227 )		(2,166,914 )

NET CURRENT ASSETS (LIABILITIES)			7,263,213		6,530,003

TOTAL ASSETS LESS CURRENT LIABILITIES			10,495,078		11,416,361

Creditors: Amounts Falling Due After More Than One Year	16		(283,051 )		(355,021 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(336,962 )		(350,989 )

NET ASSETS			9,875,065		10,710,351

CAPITAL AND RESERVES
Called up share capital	20		7,100		7,100
Merger reserve			9,183,448		9,183,448
Profit and Loss Account			(1,151,497 )		(228,142 )

Equity attributable to owners of the parent			8,039,051		8,962,406
Non-controlling interest			1,836,014		1,747,945

TOTAL EQUITY			9,875,065		10,710,351

On behalf of the board

D S Goldring

Director

2nd December 2025

The notes on pages 13 to 25 form part of these financial statements.

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Goldring Holdings Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 13368544

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		173,875		194,039
Investments	13		8,832,310		8,832,310

			9,006,185		9,026,349
CURRENT ASSETS
Debtors	14	36,714		440,716
Cash at bank and in hand		2,780,396		2,199,813

		2,817,110		2,640,529
Creditors: Amounts Falling Due Within One Year	15	(24,843 )		(7,545 )

NET CURRENT ASSETS (LIABILITIES)			2,792,267		2,632,984

TOTAL ASSETS LESS CURRENT LIABILITIES			11,798,452		11,659,333

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(9,680 )		(7,253 )

NET ASSETS			11,788,772		11,652,080

CAPITAL AND RESERVES
Called up share capital	20		7,100		7,100
Merger reserve			9,183,448		9,183,448
Profit and Loss Account			2,598,224		2,461,532

SHAREHOLDERS' FUNDS			11,788,772		11,652,080

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 638,342 (2024: £ 1,406,904 profit).

On behalf of the board

D S Goldring

Director

2nd December 2025

The notes on pages 13 to 25 form part of these financial statements.

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Goldring Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Merger reserve	Profit and Loss Account	Total Attributable to Parent
	£	£	£	£
As at 1 April 2023	7,100	9,183,448	239,453	9,430,001
Profit for the year and total comprehensive income	-	-	(130,231 )	(130,231 )

Dividends paid	-	-	(337,364)	(337,364)

As at 31 March 2024 and 1 April 2024	7,100	9,183,448	(228,142 )	8,962,406


Loss for the year and total comprehensive income	-	-	(421,705 )	(421,705 )

Dividends paid	-	-	(501,650)	(501,650)

As at 31 March 2025	7,100	9,183,448	(1,151,497 )	8,039,051

	Non-controlling interest	Total
	£	£
As at 1 April 2023	1,614,481	11,044,482
Profit for the year and total comprehensive income	403,464	273,233

Dividends paid	(270,000 )	(607,364)

As at 31 March 2024 and 1 April 2024	1,747,945	10,710,351


Loss for the year and total comprehensive income	315,569	(106,136)

Dividends paid	(227,500 )	(729,150)

As at 31 March 2025	1,836,014	9,875,065

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Goldring Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital	Merger reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	7,100	9,183,448	1,391,992	10,582,540
Profit for the year and total comprehensive income	-	-	1,406,904	1,406,904

Dividends paid	-	-	(337,364)	(337,364)

As at 31 March 2024 and 1 April 2024	7,100	9,183,448	2,461,532	11,652,080


Profit for the year and total comprehensive income	-	-	638,342	638,342

Dividends paid	-	-	(501,650)	(501,650)

As at 31 March 2025	7,100	9,183,448	2,598,224	11,788,772

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Goldring Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,549,582	3,143,662
Interest paid		(25,316 )	(69,558 )
Tax paid		(592,462 )	(596,272 )

Net cash generated from operating activities		2,931,804	2,477,832

Cash flows from investing activities
Purchase of tangible assets		(773,255 )	(675,188 )
Proceeds from disposal of tangible assets		128,209	50,168
Interest received		135,598	47,399

Net cash used in investing activities		(509,448 )	(577,621 )

Cash flows from financing activities
Equity dividends paid		(729,150 )	(607,364 )
Repayment of finance leases		(128,584 )	(478,199 )
Amount introduced by directors		-	16,666
Amount withdrawn by directors		(16,666)	-

Net cash used in financing activities		(874,400 )	(1,068,897 )



Increase in cash and cash equivalents		1,547,956	831,314
Cash and cash equivalents at beginning of year	2	3,503,079	2,671,765

Cash and cash equivalents at end of year	2	5,051,035	3,503,079

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Goldring Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

	2025	2024
	£	£
(Loss)/profit for the financial year	(106,136 )	273,233
Adjustments for:
Tax on (loss)/profit	461,822	591,890
Interest expense	25,316	69,558
Interest income	(135,598 )	(47,399 )
Amortisation of intangible assets	1,481,173	1,481,173
Depreciation of tangible assets	919,537	952,236
Profit on disposal of tangible assets	(101,171)	(40,587)
Movements in working capital:
Decrease in trade and other debtors	1,015,433	2,808,103
Decrease in trade and other creditors	(10,794 )	(2,944,545 )

Net cash generated from operations	3,549,582	3,143,662

2. Cash and cash equivalents

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

	2025	2024
	£	£
Cash at bank and in hand	5,051,035	3,503,079

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	3,503,079	1,547,956	5,051,035
Finance leases	(687,847)	128,584	(559,263)

	2,815,232	1,676,540	4,491,772

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Goldring Holdings Limited

Company Statement of Cash Flows

For The Year Ended 31 March 2025

Company Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	371,319	(425,151 )
Interest paid		(14 )	-
Tax paid		(5,029 )	-

Net cash generated from/(used in) operating activities		366,276	(425,151 )

Cash flows from investing activities
Purchase of tangible assets		-	(201,999 )
Interest received		109,807	48,991
Dividends received		606,150	1,369,364

Net cash generated from investing activities		715,957	1,216,356

Cash flows from financing activities
Equity dividends paid		(501,650 )	(337,364 )



Increase in cash and cash equivalents		580,583	453,841
Cash and cash equivalents at beginning of year	2	2,199,813	1,745,972

Cash and cash equivalents at end of year	2	2,780,396	2,199,813

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Goldring Holdings Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	638,342	1,406,904
Adjustments for:
Tax on profit	11,397	12,282
Interest expense	14	-
Interest income	(109,807 )	(48,991 )
Income from shares in group undertakings	(606,150)	(1,369,364)
Depreciation of tangible assets	20,164	10,640
Loss on disposal of tangible assets	-	413
Movements in working capital:
Decrease/(increase) in trade and other debtors	404,002	(439,551 )
Increase in trade and other creditors	13,357	2,516

Net cash generated from/(used in) operations	371,319	(425,151 )

2. Cash and cash equivalents

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

	2025	2024
	£	£
Cash at bank and in hand	2,780,396	2,199,813

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	2,199,813	580,583	2,780,396

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Goldring Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Goldring Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13368544 . The registered office is Constable Court, 62 Dene Street, Dorking, Surrey, RH4 2DP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

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

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

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

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

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

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

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

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

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

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

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

2.4. Turnover

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

Rendering of services

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

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.

2.6. Tangible Fixed Assets and Depreciation

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

Improvements	10% on cost
Plant & Machinery	25% on cost
Motor Vehicles	25% on cost and over the term of the lease
Fixtures & Fittings	25% on cost
Computer Equipment	33% on cost

For all classes of tangible fixed assets, additions are measured at cost.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Cash and Cash Equivalents

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

2.9. Taxation

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

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

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	40,277	13,032
Depreciation of tangible fixed assets - owned	451,055	366,646
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	468,482	585,590
Amortisation of intangible fixed assets	1,481,173	1,481,173
Profit on disposal of tangible fixed assets	(101,171 )	(41,000 )

4. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	22,755	22,475

5. Staff Costs

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	12,567,734	14,538,782	-	-
Social security costs	1,128,394	1,253,090	2,219	1,056
Other pension costs	283,039	294,614	24,000	10,000

	13,979,167	16,086,486	26,219	11,056

6. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 535 (2024: 693)

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

7. Directors' remuneration

	2025	2024
	£	£
Emoluments	225,920	222,914
Company contributions to money purchase pension schemes	58,036	41,182

	283,956	264,096

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	4		4

Information regarding the highest paid director was as follows:

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

	2025	2024
	£	£
Emoluments	111,279	105,040
Company contributions to money purchase pension schemes	5,564	3,941

	116,843	108,981

8. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	135,598	47,399

9. Interest Payable and Similar Charges

	2025	2024
	£	£
Finance charges payable under finance leases and hire purchase contracts	4,031	64,244
Other finance charges	21,285	5,314

	25,316	69,558

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	474,427	695,137
Prior period adjustment			1,422	(4,458 )

			475,849	690,679
Deferred Tax
Deferred taxation			(14,027 )	(98,789 )


Total tax charge for the period			461,822	591,890


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			355,686	865,123

Tax on profit at 25% (UK standard rate)			88,923	216,281
Goodwill/depreciation not allowed for tax			564,242	592,534
Expenses not deductible for tax purposes			1,305	982
Capital allowances			(178,917 )	(113,765 )
Short term timing differences			(14,027 )	(98,789 )
Prior period adjustment			1,422	(4,458 )
Difference in tax rates			(1,126 )	(895 )

Total tax charge for the period			461,822	591,890

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2024	7,405,866

As at 31 March 2025	7,405,866

Amortisation
As at 1 April 2024	4,443,520
Provided during the period	1,481,173

As at 31 March 2025	5,924,693

Net Book Value
As at 31 March 2025	1,481,173

As at 1 April 2024	2,962,346

Company

The company had no intangible fixed assets as at 31 March 2025 or 31 March 2024.

12. Tangible Assets

Group

	Land & Property
	Improvements	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	357,101	679,029	5,714,928	59,435
Additions	-	59,360	699,510	3,283
Disposals	-	-	(477,539 )	-

As at 31 March 2025	357,101	738,389	5,936,899	62,718

Depreciation
As at 1 April 2024	336,497	500,649	4,031,967	55,310
Provided during the period	4,986	75,502	807,926	2,425
Disposals	-	-	(450,501 )	-

As at 31 March 2025	341,483	576,151	4,389,392	57,735

Net Book Value
As at 31 March 2025	15,618	162,238	1,547,507	4,983

As at 1 April 2024	20,604	178,380	1,682,961	4,125

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	194,063	7,004,556
Additions	11,102	773,255
Disposals	-	(477,539 )

As at 31 March 2025	205,165	7,300,272

Depreciation
As at 1 April 2024	156,121	5,080,544
Provided during the period	28,698	919,537
Disposals	-	(450,501 )

As at 31 March 2025	184,819	5,549,580

Net Book Value
As at 31 March 2025	20,346	1,750,692

As at 1 April 2024	37,942	1,924,012

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	630,180	780,657

Company

	Motor Vehicles	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	200,999	5,018	206,017

As at 31 March 2025	200,999	5,018	206,017

Depreciation
As at 1 April 2024	9,162	2,816	11,978
Provided during the period	18,491	1,673	20,164

As at 31 March 2025	27,653	4,489	32,142

Net Book Value
As at 31 March 2025	173,346	529	173,875

As at 1 April 2024	191,837	2,202	194,039

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Page 22

Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Investments

Company

	Subsidiaries
	£
Cost
As at 1 April 2024	8,832,310

As at 31 March 2025	8,832,310

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	8,832,310

As at 1 April 2024	8,832,310

Subsidiaries

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

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Scapes Group Limited	Coles Lane, Ockley, Dorking, Surrey, UK	Ordinary	76.50%	-
Cleanscapes Limited	Coles Lane, Ockley, Dorking, Surrey, UK	Ordinary	-	76.50%
Groundscapes Limited	Coles Lane, Ockley, Dorking, Surrey, UK	Ordinary	-	76.50%
Bulkscapes Limited	Coles Lane, Ockley, Dorking, Surrey, UK	Ordinary	-	76.50%
Pestscapes Limited	Coles Lane, Ockley, Dorking, Surrey, UK	Ordinary	-	76.50%
Treescapes Limited	Coles Lane, Ockley, Dorking, Surrey, UK	Ordinary	-	76.50%

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

	Capital and Reserves	Profit/(loss)
	£	£
Scapes Group Limited	4,032,718	1,342,783
Cleanscapes Limited	5,900,159	845,059
Groundscapes Limited	1,800,006	487,674
Bulkscapes Limited	100	-
Pestscapes Limited	100	-
Treescapes Limited	1	-

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

14. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	3,704,493	4,383,367	-	-
Amounts owed by group undertakings	-	-	29,165	429,165
Other debtors	473,912	810,471	7,549	11,551

	4,178,405	5,193,838	36,714	440,716

15. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	276,212	332,826	-	-
Trade creditors	500,307	324,417	-	-
Amounts owed to group undertakings	-	-	9,885	-
Other creditors	46,217	67,247	-	-
Corporation tax	297,100	413,713	8,970	5,029
Taxation and social security	765,095	946,916	-	-
Accruals and deferred income	81,296	81,795	5,988	2,516

	1,966,227	2,166,914	24,843	7,545

16. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	283,051	355,021

Of the creditors the following amounts are secured.

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	559,263	687,847

The hire purchase and finance lease liabilities are secured on the group's motor vehicles on which the loans are taken out.

17. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	276,212	332,826
Later than one year and not later than five years	283,051	355,021

	559,263	687,847

	559,263	687,847

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Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other timing differences	336,962	350,989	9,680	7,253

19. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	350,989	350,989
Utilised	(14,027 )	(14,027)

Balance at 31 March 2025	336,962	336,962

Company
	Deferred Tax	Total
	£	£
As at 1 April 2024	7,253	7,253
Additions	2,427	2,427

Balance at 31 March 2025	9,680	9,680

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
7,100 Ordinary Shares of £ 1.00 each	7,100	7,100

The ordinary shares carry one vote per share and each share gives equal rights to dividends and distribution of the company's assets in the event of winding up or sale.

21. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	76,020	79,345
Later than one year and not later than five years	8,750	19,250

	84,770	98,595

22. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £283,039 (2024: £294,614).

At the balance sheet date contributions of £44,898 (2024: £51,121) were due to the fund and are included in creditors.

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Page 25

Goldring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

23. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	501,650	337,364

24. Non-Controlling Interest

The non-controlling interest relates to a 23.5% (2024- £23.5%) holding in the issue share capital of Scapes Group Limited.

25. Related Party Disclosures

Other Related parties

Rent paid to related party £65,520 (2024- £65,520).

Material interests of directors

During the year the group paid rent of £24,000 (2024- £24,000) to GNC Investments Limited, a company in which D S Goldring is materially interested as a shareholder. The transaction was made on normal trading terms.

26. Controlling Parties

The company's ultimate controlling party is D S and H S Goldring by virtue of their interest in the share capital of the company.

Page 25