REGISTERED NUMBER: 10959264 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

FOR

ALBEMARLE HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

D Barker

Mrs C Barker

REGISTERED OFFICE:

Grove Barn

11 Silica Court

Kirk Sandall

Doncaster

South Yorkshire

DN3 1EG

REGISTERED NUMBER:

10959264 (England and Wales)

AUDITORS:

Leesing Marrison Lee & Co

Chartered Certified Accountants

Register Auditor

46 Main Street

Mexborough

South Yorkshire

S64 9DU

The directors present their strategic report of the company and the group for the year ended 30th September 2025.

BUSINESS MODEL

Albemarle Holdings Limited is a holding company owning 100% of the shares in Albemarle Homes Limited, Skyblu Limited (trading name: Development Delivery Consultancy) and Albemarle Portfolio Limited, as well as 51% of the shares in Logical Plumbing Solutions Limited and 33.3% of the shares in Grove Civil Engineering Limited. We are a family run company, operating in the property development sector.

BUSINESS PERFORMANCE

Performance across all five group companies has been strong. Despite continuing economic challenges, all five companies have remained profitable.

Funds distributed upwards from subsidiaries allow Albemarle Holdings Limited to remain competitive in the land market and identify development opportunities through Albemarle Homes Limited.

BUSINESS ENVIRONMENT

The financial year ending 30th September 2025 saw continuing economic uncertainty. Whilst interest rates have fallen they are still higher than they were previous to the last two years. Inflation, although reduced, is still above Government targets. And the lack of a suitable replacement to the Government Help To Buy: Equity Loan, have all resulted in low mortgage affordability and thus sustained low demand. Government policy such as affordable housing and environmental requirements on new housing estates, as well as the lack of skilled trade, increased planning fees, shortages in planning officers and planning application delays all negatively affect the supply of housing in the sector.

Moving forward there are signs of improvement and cause for optimism. Further interest rate cuts are anticipated and the current Government have pledged to make improvements to the planning system, invest in the training of apprentices and reform the current LISA scheme to aid first time buyers, all in an attempt to meet their commitment to build 1.5 million new homes in their term.

STRATEGIC MANAGEMENT AND FUTURE PERFORMANCE

Forward planning and efficient business management is consistent across the group which ensured profits during the period. Management have secured future contracts in Logical Plumbing Solutions Limited and Grove Civil Engineering Limited to ensure revenue in the coming period.

Long standing excellent customer relationships in Skyblu Limited mean we continue to deliver on consultancy contracts set to run into the next financial period and beyond.

Albemarle Homes made significant progress with an existing forward commitment agreement during the financial period leading to an increase in revenue. Further revenue from this agreement will be achieved in the upcoming period as it is fulfilled. A number of open market reservations have also been secured meaning a strong level of revenue is anticipated in the next financial year. Management will plan the rate of build to reflect secured sales ensuring costs are kept in line with revenue. Our existing relationships with significant land owners and sites secured for the future, should ensure turnover and profit over future years.

Albemarle Portfolio Limited continues to make sufficient rental income to offset current borrowing fees and the anticipated interest rate cuts will further strengthen their profit. Management is continually identifying financially viable opportunities to expand the number of properties in Albemarle Portfolio and thus increase rental income and profitability.

ON BEHALF OF THE BOARD:

D Barker - Director

2nd January 2026

The directors present their report with the financial statements of the company and the group for the year ended 30th September 2025.

DIVIDENDS

Dividends of £231,045 (2024: £160,376) have been distributed during the year.

DIRECTORS

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

D Barker

Mrs C Barker

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Leesing Marrison Lee & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Barker - Director

2nd January 2026

Opinion

We have audited the financial statements of Albemarle Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30th September 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our procedures to respond to risks identified include the following;

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-reading minutes of meetings of those charged with governance and reviewing regulatory correspondence;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

Use of our report

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

Robert Tippett (Senior Statutory Auditor)

for and on behalf of Leesing Marrison Lee & Co

Chartered Certified Accountants

Register Auditor

46 Main Street

Mexborough

South Yorkshire

S64 9DU

6th January 2026

TURNOVER

23,789,293

16,794,757

Cost of sales

19,498,091

13,791,903

GROSS PROFIT

4,291,202

3,002,854

Administrative expenses

2,136,533

1,672,118

2,154,669

1,330,736

Other operating income

18,884

9,816

OPERATING PROFIT

4

2,173,553

1,340,552

Income from interest in associated undertakings

18,282

27,602

Interest receivable and similar income

43,711

56,143

61,993

83,745

2,235,546

1,424,297

Gain/loss on revaluation of investment property

251,705

118,152

2,487,251

1,542,449

Interest payable and similar expenses

5

144,883

110,895

PROFIT BEFORE TAXATION

2,342,368

1,431,554

Tax on profit

6

655,477

435,448

PROFIT FOR THE FINANCIAL YEAR

1,686,891

996,106

Profit attributable to:

Owners of the parent

1,592,502

831,360

Non-controlling interests

94,389

164,746

1,686,891

996,106

PROFIT FOR THE YEAR

1,686,891

996,106

OTHER COMPREHENSIVE INCOME

Transfer to minority interest

(39,372

)

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(39,372

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,647,519

996,106

Total comprehensive income attributable to:

Owners of the parent

1,513,668

831,360

Non-controlling interests

133,851

164,746

1,647,519

996,106

FIXED ASSETS

Intangible assets

9

-

243,738

Tangible assets

10

279,989

288,265

Investments

11

90,867

77,585

Investment property

12

5,930,382

4,675,697

6,301,238

5,285,285

CURRENT ASSETS

Stocks

13

4,393,221

4,978,866

Debtors

14

1,826,784

1,612,937

Cash at bank and in hand

4,862,877

3,481,057

11,082,882

10,072,860

CREDITORS

Amounts falling due within one year

15

8,697,490

8,645,802

NET CURRENT ASSETS

2,385,392

1,427,058

TOTAL ASSETS LESS CURRENT LIABILITIES

8,686,630

6,712,343

CREDITORS

Amounts falling due after more than one year

16

(2,598,500

)

(1,913,624

)

PROVISIONS FOR LIABILITIES

19

(464,809

)

(403,554

)

NET ASSETS

5,623,321

4,395,165

CAPITAL AND RESERVES

Called up share capital

20

200

200

Retained earnings

21

5,640,454

4,318,369

SHAREHOLDERS' FUNDS

5,640,654

4,318,569

NON-CONTROLLING INTERESTS

(17,333

)

76,596

TOTAL EQUITY

5,623,321

4,395,165

The financial statements were approved by the Board of Directors and authorised for issue on 2nd January 2026 and were signed on its behalf by:

D Barker - Director

FIXED ASSETS

Intangible assets

9

-

243,737

Tangible assets

10

-

-

Investments

11

500,655

500,745

Investment property

12

785,382

785,382

1,286,037

1,529,864

CURRENT ASSETS

Debtors

14

546,044

579,554

Cash at bank

580,310

194,328

1,126,354

773,882

CREDITORS

Amounts falling due within one year

15

6,503

4,053

NET CURRENT ASSETS

1,119,851

769,829

TOTAL ASSETS LESS CURRENT LIABILITIES

2,405,888

2,299,693

CAPITAL AND RESERVES

Called up share capital

20

200

200

Retained earnings

21

2,405,688

2,299,493

SHAREHOLDERS' FUNDS

2,405,888

2,299,693

Company's profit for the financial year

337,240

152,901

The financial statements were approved by the Board of Directors and authorised for issue on 2nd January 2026 and were signed on its behalf by:

D Barker - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1st October 2023

200

3,647,385

3,647,585

60,570

3,708,155

Changes in equity

Dividends

-

(160,376

)

(160,376

)

(148,720

)

(309,096

)

Total comprehensive income

-

831,360

831,360

164,746

996,106

Balance at 30th September 2024

200

4,318,369

4,318,569

76,596

4,395,165

Changes in equity

Dividends

-

(231,045

)

(231,045

)

(227,780

)

(458,825

)

Total comprehensive income

-

1,553,130

1,553,130

133,851

1,686,981

Balance at 30th September 2025

200

5,640,454

5,640,654

(17,333

)

5,623,321

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st October 2023

200

2,306,968

2,307,168

Changes in equity

Dividends

-

(160,376

)

(160,376

)

Total comprehensive income

-

152,901

152,901

Balance at 30th September 2024

200

2,299,493

2,299,693

Changes in equity

Dividends

-

(231,045

)

(231,045

)

Total comprehensive income

-

337,240

337,240

Balance at 30th September 2025

200

2,405,688

2,405,888

Cash flows from operating activities

Cash generated from operations

1

4,169,011

2,700,000

Interest paid

(143,141

)

(108,604

)

Interest element of hire purchase payments paid

(1,742

)

(2,291

)

Tax paid

(689,420

)

(468,860

)

Net cash from operating activities

3,334,708

2,120,245

Cash flows from investing activities

Purchase of tangible fixed assets

(119,594

)

(84,441

)

Purchase of investment property

(1,002,980

)

(502,213

)

Sale of tangible fixed assets

13,500

4,501

Interest received

43,711

56,143

Dividends received

5,000

10,000

Net cash from investing activities

(1,060,363

)

(516,010

)

Cash flows from financing activities

New loans in year

698,500

1,900,000

Loan repayments in year

(1,090,310

)

(1,383,310

)

Capital repayments in year

(14,081

)

(21,846

)

Amount introduced by directors

-

64,950

Amount withdrawn by directors

(60,000

)

(4,921

)

Equity dividends paid

(231,045

)

(160,376

)

Dividends paid to minority interests

(195,589

)

(148,720

)

Net cash from financing activities

(892,525

)

245,777

Increase in cash and cash equivalents

1,381,820

1,850,012

Cash and cash equivalents at beginning of year

2

3,481,057

1,631,045

Cash and cash equivalents at end of year

2

4,862,877

3,481,057

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

30.9.25

30.9.24

£

£

Profit before taxation

2,342,368

1,431,554

Depreciation charges

327,958

329,407

(Profit)/loss on disposal of fixed assets

(2,041

)

6,268

Gain on revaluation of fixed assets

(251,705

)

(118,152

)

Finance costs

144,883

110,895

Finance income

(61,993

)

(83,745

)

2,499,470

1,676,227

Decrease/(increase) in stocks

585,645

(1,865,670

)

Increase in trade and other debtors

(386,687

)

(183,054

)

Increase in trade and other creditors

1,470,583

3,072,497

Cash generated from operations

4,169,011

2,700,000

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30th September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

4,862,877

3,481,057

Year ended 30th September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

3,481,057

1,631,045

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

3,481,057

1,381,820

4,862,877

3,481,057

1,381,820

4,862,877

Debt

Finance leases

(19,585

)

14,171

(5,414

)

Debts falling due within 1 year

(1,146,151

)

1,082,096

(64,055

)

Debts falling due after 1 year

(1,908,214

)

(690,286

)

(2,598,500

)

(3,073,950

)

405,981

(2,667,969

)

Total

407,107

1,787,801

2,194,908

1.	STATUTORY INFORMATION

Albemarle Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 20% on reducing balance

Fixtures and fittings

-

25% on reducing balance and 20% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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