School House Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Profit and Loss Account	9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11—12
Company Balance Sheet	13—14
Consolidated Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Consolidated Statement of Cash Flows	17
Notes to the Financial Statements	18—29

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

Principal Activity

This strategic report outlines the key strategic aspects of School House Holdings Ltd as a single company and a group for the financial year ending 31/03/2025. The purpose of this report is to provide auditors with an overview of the company's strategy, performance, and future outlook.

School House Holdings is the parent company of John Mee Construction Ltd and J.F.M. Plant Hire Ltd. John Mee Construction Ltd t/a John Mee Vac-Ex Hire is a specialist vacuum excavation company. The business provides elite and accredited operators, to excavate around buried utilities, with a mission to ensure zero strikes.

The group's principal activity continues to be that of hire of operated vacuum excavation equipment.

Review of the Business

For the financial year ending 31/03/2025, the group focused on the following strategic objectives:

- Customer Growth: The provision of elite and accredited operators has allowed the group to attract new customers, further compounding the overall increase in sales.

- Customer Service: We have been able to exceed our customer expectations by rapidly reacting to changing requirements and leveraging our extensive experience to provide expert guidance and advice.

The following key performance indicators (KPIs) were tracked to measure progress:

- Revenue Growth: Turnover for the year was up 23.50% year on year, driven by successful marketing strategies and the development of key accounts.

- Utilisation: Fleet utilization is monitored on a daily basis to support the development and growth of the group and in FY2025 increased by 3.50%

- Trade Debtors: Debtors are monitored on a weekly basis to ensure that the risk of bad debt is mitigated.

During the financial year, the following significant developments occurred:

- Modernisation of the Fleet: The group successfully managed to dispose a number of older vehicles in the year replacing them with new, thereby further differentiating itself from its competitors by providing a more modern and reliable fleet.

Principal Risks and Uncertainties

The group identified and addressed several key risks during the year:

- Market Risks: The business environment remains challenging. However, the development of a diversified customer base has ensured that the group was not overly reliant one sector and therefore was able to achieve and exceed its growth aspirations

- Interest Rate Risk: The group uses hire purchase agreements to fund the acquisition of new vehicles. Therefore, it is exposed to the risk of rising interest rates. This risk is mitigated by the development of panel of funders to ensure that the group is able to secure the most competitive funding available.

- Bad Debt: There have been a number of high profile failures in the construction sector. The risk of bad debt is mitigated by the implementation of a robust credit control procedure and weekly debtors meetings.

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School House Holdings Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Future Developments

Looking ahead, the group is well-positioned for continued growth in FY25, as the it continues to focus on its three core pillars of success, namely:

• Growth

• Customer Service and;

• Cost Control

The consolidated financial performance of School House Holdings Ltd for the year ending 31/03/2025 exceeded expectations The group’s strong customer service ethic has enhanced its reputation in the sector and further strengthened existing customer relations.

Management has laid the groundwork for accelerated growth in FY25, with a focus on strategic marketing, operational improvements, and effective risk management

On behalf of the board

Christopher Bown

Director

18 December 2025

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School House Holdings Limited

Company No. 13104466

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.

Directors

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

Christopher Bown

Joanne Bown

Steven Paxton

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:

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.

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School House Holdings Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Independent Auditors

The auditors, PJE Chartered Accountants, 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

Christopher Bown

Director

18 December 2025

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Independent Auditor's Report

to the Members of

School House Holdings Limited

Independent Auditor's Report

Opinion

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

In our opinion the financial statements:

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

Basis for Opinion

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

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the 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.

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Independent Auditor's Report (continued)

to the Members of

School House Holdings Limited

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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of 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 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.

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Independent Auditor's Report (continued)

to the Members of

School House Holdings Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are FRS 102 Section 1A (United Kingdom Generally Accepted Accounting Practice), UK Companies Act and tax legislation, General Data Protection requirements, health and safety laws, employment regulations, The Equality Act 2010, anti-bribery and corruption regulations;and those that had a fundamental effect on the operations of the Company.

• We understood how Coronado Research Limited is complying with those frameworks by holding enquiries with management and those charged with governance. We understood the potential incentive and ability to override controls, and employee access to guidance of how to report any instances on non-compliance. We understood any controls put in place to reduce the opportunities for fraudulent transactions.

• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by holding enquiries with management and those charged with governance. Through these procedures we considered the risk of management override with revenue recognition as the key area of focus in particular. We addressed this risk through testing the underlying revenue transactional data throughout the year and after the year end date. We also reviewed manual journal entries posted to revenue, amounts recoverable on contracts and deferred income as well as post year end credit notes and debtors cut-off.

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved:

• Enquiry of management and those charged with governance as to any fraud identified or suspected in the period, any actual or potential litigation or claims or breaches of significant laws or regulations applicable to the company;

• Auditing the risk of management override of controls, through testing of a sample of journal entries and other adjustments for appropriateness;

• Enquiry of management, coupled with testing of journal entries, in order to identify and understand any significant transactions outside of the normal course of business;

• Challenging the judgements made by management through corroborating the basis for those judgments and considering contradicting evidence; and

• Reading financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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.

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Independent Auditor's Report (continued)

to the Members of

School House Holdings Limited

Philip Evans FCA (Senior Statutory Auditor)

for and on behalf of PJE Chartered Accountants , Statutory Auditor

18 December 2025

PJE Chartered Accountants

2 Oakfield Road

Clifton

Bristol

BS8 2AL

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School House Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		9,729,972	7,876,427
Cost of sales		(4,623,534 )	(3,783,099 )

GROSS PROFIT		5,106,438	4,093,328

Administrative expenses		(3,582,580 )	(2,869,264 )
Other operating income		18,647	24,978

OPERATING PROFIT	4	1,542,505	1,249,042
Profit on disposal of fixed assets		504,424	230,400
Other interest receivable and similar income	9	7,693	7,604
Interest payable and similar charges	10	(433,463 )	(533,527 )

PROFIT BEFORE TAXATION		1,621,159	953,519
Tax on Profit	11	(466,467 )	(566,645 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,154,692	386,874

The notes on pages 17 to 29 form part of these financial statements.

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School House Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,154,692	386,874
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	1,154,692	386,874

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School House Holdings Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 13104466

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		2,451,317		2,738,430
Tangible Assets	13		9,078,904		6,271,126

			11,530,221		9,009,556
CURRENT ASSETS
Stocks	15	16,815		17,694
Debtors	16	2,457,010		2,003,273
Cash at bank and in hand		424,562		238,855

		2,898,387		2,259,822
Creditors: Amounts Falling Due Within One Year	17	(3,928,642 )		(3,974,935 )

NET CURRENT ASSETS (LIABILITIES)			(1,030,255 )		(1,715,113 )

TOTAL ASSETS LESS CURRENT LIABILITIES			10,499,966		7,294,443

Creditors: Amounts Falling Due After More Than One Year	18		(6,478,071 )		(4,862,205 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(1,516,401 )		(1,049,934 )

NET ASSETS			2,505,494		1,382,304

CAPITAL AND RESERVES
Called up share capital	23		2		2
Profit and Loss Account			2,505,492		1,382,302

SHAREHOLDERS' FUNDS			2,505,494		1,382,304

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School House Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 March 2025

On behalf of the board

Steven Paxton

Director

18 December 2025

The notes on pages 17 to 29 form part of these financial statements.

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School House Holdings Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 13104466

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		2,113		3,215
Investments	14		10,922,900		10,922,900

			10,925,013		10,926,115
CURRENT ASSETS
Debtors	16	4,333		4,833
Cash at bank and in hand		123,901		82,468

		128,234		87,301
Creditors: Amounts Falling Due Within One Year	17	(11,048,804 )		(11,014,958 )

NET CURRENT ASSETS (LIABILITIES)			(10,920,570 )		(10,927,657 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,443		(1,542 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(530 )		-

NET ASSETS/(LIABILITIES)			3,913		(1,542 )

CAPITAL AND RESERVES
Called up share capital	23		2		2
Profit and Loss Account			3,911		(1,544 )

SHAREHOLDERS' FUNDS			3,913		(1,542)

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School House Holdings Limited

Company Balance Sheet (continued)

As At 31 March 2025

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 £ 36,957 (2024: £ 45,447 profit).

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Steven Paxton

Director

18 December 2025

The notes on pages 17 to 29 form part of these financial statements.

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School House Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	2	995,428	995,430
Profit for the year and total comprehensive income	-	386,874	386,874

As at 31 March 2024 and 1 April 2024	2	1,382,302	1,382,304


Profit for the year and total comprehensive income	-	1,154,692	1,154,692

Dividends paid	-	(31,502)	(31,502)

As at 31 March 2025	2	2,505,492	2,505,494

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School House Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,300,641	2,816,400
Interest paid		(433,463 )	(533,527 )
Tax refunded		-	86,611

Net cash generated from operating activities		867,178	2,369,484

Cash flows from investing activities
Purchase of intangible assets		(47,454 )	-
Purchase of tangible assets		(3,874,314 )	(4,062,338 )
Proceeds from disposal of tangible assets		578,176	230,400
Interest received		7,693	7,604

Net cash used in investing activities		(3,335,899 )	(3,824,334 )

Cash flows from financing activities
Equity dividends paid		(31,502 )	-
Proceeds from new bank borrowings		3,454,321	1,816,328
Repayment of finance leases		(768,391 )	(410,382 )

Net cash generated from financing activities		2,654,428	1,405,946



Increase/(decrease) in cash and cash equivalents		185,707	(48,904 )
Cash and cash equivalents at beginning of year	2	238,855	287,759

Cash and cash equivalents at end of year	2	424,562	238,855

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School House Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

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

	2025	2024
	£	£
Profit for the financial year	1,154,692	386,874
Adjustments for:
Tax on profit	466,467	566,645
Interest expense	433,463	533,527
Interest income	(7,693 )	(7,604 )
Amortisation of intangible assets	339,862	331,931
Depreciation of tangible assets	935,743	550,960
Impairment of tangible assets	51,746	-
Profit on disposal of tangible assets	(504,424)	(230,400)
Movements in working capital:
Decrease in stocks	879	105,762
(Increase)/decrease in trade and other debtors	(453,737 )	5,276,990
Decrease in trade and other creditors	(1,116,357 )	(4,698,285 )

Net cash generated from operations	1,300,641	2,816,400

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	424,562	238,855

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	238,855	185,707	424,562
Finance leases	(1,624,979)	768,391	(856,588)
Debts falling due within one year	(1,735,014 )	(1,132,924)	(2,867,938 )
Debts falling due after more than one year	(3,543,220)	(2,321,397)	(5,864,617)

	(6,664,358)	(2,500,223)	(9,164,581)

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School House Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

School House Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13104466 . The registered office is 56 Broad Street, Chipping Sodbury, Bristol, BS37 6AG.

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.

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be ten years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are computer software. It is amortised to the profit and loss account over its estimated economic life of three years.

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. 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:

Leasehold	20% straight line
Plant & Machinery	15% reducing balance
Motor Vehicles	25% straight line
Fixtures & Fittings	20% straight line
Computer Equipment	33% straight line

2.8. 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.

2.9. Stocks and Work in Progress

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

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

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

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

2.10. Cash and Cash Equivalents

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

Page 20

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.11. Taxation

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

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

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

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

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

3. Other Operating Income

	2025	2024
	£	£
Commission income	12,865	19,747
Other operating income	5,782	5,231

	18,647	24,978

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	-	11,420
Depreciation of tangible fixed assets	935,743	550,960
Amortisation of intangible fixed assets	339,862	331,931
Impairment losses - tangible fixed assets	51,746	-

5. Auditor's Remuneration

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

Audit of the Company: £4,500

Audit of the Group: £12,500

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Staff Costs

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	3,968,458	2,933,373	387,000	270,000
Social security costs	124,168	313,551	45,796	29,362
Other pension costs	402,246	51,754	390,000	-

	4,494,872	3,298,678	822,796	299,362

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 59 (2024: 52)

Company

Average number of employees, including directors, during the year was: 3 (2024: 3)

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	387,000	270,000
Company contributions to money purchase pension schemes	390,000	-

	777,000	270,000

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	129,000	-

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	5,718	7,604
Interest on short term deposits	1,975	-

	7,693	7,604

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	283,321	426,090
Factoring charges	108,170	84,996
Finance charges payable under finance leases and hire purchase contracts	35,326	21,806
Other finance charges	6,646	635

	433,463	533,527

11. 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%	-	-	(86,611 )
Deferred Tax
Deferred taxation			466,467	653,256


Total tax charge for the period			466,467	566,645


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,621,159	953,519

Tax on profit at 25% (UK standard rate)			405,290	238,380
Goodwill/depreciation not allowed for tax			331,833	220,975
Expenses not deductible for tax purposes			2,484	2,167
Capital allowances			(932,126 )	(547,224 )
Short term timing differences			466,467	566,645
Tax losses unutilised carried forward			318,621	143,302
Revenue exempt from taxation			(126,102 )	(57,600 )

Total tax charge for the period			466,467	566,645

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	3,319,309	-	3,319,309
Additions	-	47,454	47,454
Transfers	-	23,205	23,205

As at 31 March 2025	3,319,309	70,659	3,389,968

Amortisation
As at 1 April 2024	580,879	-	580,879
Provided during the period	331,931	7,931	339,862
Transfers	-	17,910	17,910

As at 31 March 2025	912,810	25,841	938,651

Net Book Value
As at 31 March 2025	2,406,499	44,818	2,451,317

As at 1 April 2024	2,738,430	-	2,738,430

Company

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

13. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	-	10,907,222	1,188,894	814,058
Additions	70,728	3,741,585	7,497	46,803
Disposals	-	(1,949,739 )	(215,304 )	-
Transfers	-	-	-	-

As at 31 March 2025	70,728	12,699,068	981,087	860,861

Depreciation
As at 1 April 2024	-	5,364,898	586,840	717,052
Provided during the period	18,609	674,464	186,670	42,039

...CONTINUED

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Impairment losses	-	51,746	-	-
Disposals	-	(1,939,267 )	(152,024 )	-
Transfers	-	(1,168 )	-	-

As at 31 March 2025	18,609	4,150,673	621,486	759,091

Net Book Value
As at 31 March 2025	52,119	8,548,395	359,601	101,770

As at 1 April 2024	-	5,542,324	602,054	97,006


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	67,591	12,977,765
Additions	7,701	3,874,314
Disposals	-	(2,165,043 )
Transfers	(23,205 )	(23,205 )

As at 31 March 2025	52,087	14,663,831

Depreciation
As at 1 April 2024	37,849	6,706,639
Provided during the period	13,961	935,743
Impairment losses	-	51,746
Disposals	-	(2,091,291 )
Transfers	(16,742 )	(17,910 )

As at 31 March 2025	35,068	5,584,927

Net Book Value
As at 31 March 2025	17,019	9,078,904

As at 1 April 2024	29,742	6,271,126

Company

	Computer Equipment
	£
Cost
As at 1 April 2024	3,307

As at 31 March 2025	3,307

...CONTINUED

Page 25

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	92
Provided during the period	1,102

As at 31 March 2025	1,194

Net Book Value
As at 31 March 2025	2,113

As at 1 April 2024	3,215

14. Investments

Company

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	10,922,900

As at 31 March 2025	10,922,900

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	10,922,900

As at 1 April 2024	10,922,900

15. Stocks

	2025	2024
	£	£
Stock	16,815	17,694

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	2,206,198	1,381,973	-	-
Amounts owed by group undertakings	(1)	-	-	-
Other debtors	250,813	621,300	4,333	4,833

	2,457,010	2,003,273	4,333	4,833

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	243,134	305,994	-	-
Trade creditors	149,715	1,312,868	-	-
Bank loans and overdrafts	2,867,938	1,735,014	-	-
Amounts owed to group undertakings	-	-	10,846,624	10,796,563
Other creditors	126,777	186,051	112,623	176,473
Taxation and social security	167,196	106,883	85,057	41,922
Accruals and deferred income	373,882	328,125	4,500	-

	3,928,642	3,974,935	11,048,804	11,014,958

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

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	613,454	1,318,985
Bank loans	5,864,617	3,543,220

	6,478,071	4,862,205

The bank loans are secured by a fixed and floating charge over teh assets of the company.

19. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	2,867,938	1,735,014

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	5,864,617	3,543,220

Page 27

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

20. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	243,134	305,994
Later than one year and not later than five years	613,454	1,318,985

	856,588	1,624,979

	856,588	1,624,979

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other timing differences	1,516,401	1,049,934	530	-

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	1,049,934	1,049,934
Deferred taxation	466,467	466,467

Balance at 31 March 2025	1,516,401	1,516,401

23. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
200,000 Ordinary Shares of £ 0.00001 each	2	2

24. 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 £402,246 (2024: £51,754).

At the balance sheet date contributions of £13,155 (2024: £11,003) were due to the fund and are included in creditors.

Page 28

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School House Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

25. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	31,502	-

Page 29