REGISTERED NUMBER: 14392588 (England and Wales)

Hollingsworth Group Ltd

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2025

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:

Mr J P Hollingsworth

Mr R E S Hollingsworth

REGISTERED OFFICE:

C/o Salisbury & Company Irish Square

Upper Denbigh Road

St Asaph

Clwyd

LL17 0RN

REGISTERED NUMBER:

14392588 (England and Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

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

The Group generated revenue of £22.7m during the year, and profit before tax of £4.4m. This compared to £27.0m revenue in the year to 30/04/24, and profit before tax of £4.6m.

Gross profit improved in 2025, at 28.4% compared to 24.6% in 2024.

The Group balance sheet remains strong, with net assets of £3.5m at year end (2024: £3.0m).

REVIEW OF BUSINESS

The Directors are once again happy with a pleasing set of results.

The group went through a reorganisation in October 2022, divesting the investment properties portfolio.

The group went through a further restructure in January 2024, resulting in the formation of HG Employee Ownership Trust (EOT).

The Directors, would like to thank all our employees, for their continued dedication & loyalty, with many employees exceeding 20 years of service to the business.

The Directors believe that the forming of the EOT will give well deserved rewards to our employees & believe they will continue to drive the Group forward and provide the excellent service expected of the Hollingsworth Group to our clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates in a sector where there is always inherent risk. However, the Group's main client base are large, blue chip companies that they consider to be less risky.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group tends to operate with positive cashflow and does not have any debt servicing requirement.

KEY PERFORMANCE INDICATORS

A key part of how we operate is measuring our performance. The success of the business is measured by reference to quarterly accounting, monitoring, turnover, operating profit, margin & order book. These are monitored closely and reviewed as necessary.

Group results for the financial year are:

Turnover of £22.7m compared to £27.0m in the prior period

Despite Turnover dropping between years, gross profit has improved, from 24.6% in 2024 to 28.4% in 2025.

The Directors believe that the current position is satisfactory and based on forecast activity levels and current order book are confident about the future.

ON BEHALF OF THE BOARD:

Mr R E S Hollingsworth - Director

29 October 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of construction and civil engineering.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

FUTURE DEVELOPMENTS

There is a strong order book in place, and further growth is expected in 2025/26.

DIRECTORS

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

Mr J P Hollingsworth

Mr R E S Hollingsworth

DONATIONS AND EXPENDITURE

Donations were made to various UK registered Charities during the year. No political donations were made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R E S Hollingsworth - Director

29 October 2025

Opinion

We have audited the financial statements of Hollingsworth Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 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 30 April 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and Group and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We assessed the susceptibility of the Company's and Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;

- Obtaining an understanding of the internal controls that management have in place to prevent and detect fraud;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;

- Identifying and testing journal entries, in particular manual or unusual entries;

- Obtaining third party confirmations of all the companies banking arrangements;

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

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all 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 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.

Aled Roberts (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

29 October 2025

TURNOVER

22,687,893

27,017,540

Cost of sales

(16,239,196

)

(20,376,946

)

GROSS PROFIT

6,448,697

6,640,594

Administrative expenses

(2,123,924

)

(2,021,233

)

4,324,773

4,619,361

Other operating income

27,983

-

OPERATING PROFIT

4

4,352,756

4,619,361

Interest receivable and similar income

31,310

5,702

4,384,066

4,625,063

Interest payable and similar expenses

5

(24,850

)

(28,117

)

PROFIT BEFORE TAXATION

4,359,216

4,596,946

Tax on profit

6

(1,084,811

)

(1,205,695

)

PROFIT FOR THE FINANCIAL YEAR

3,274,405

3,391,251

Profit attributable to:

Owners of the parent

3,274,405

3,391,251

PROFIT FOR THE YEAR

3,274,405

3,391,251

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,274,405

3,391,251

Total comprehensive income attributable to:

Owners of the parent

3,274,405

3,391,251

FIXED ASSETS

Tangible assets

9

834,251

1,071,209

Investments

10

-

-

834,251

1,071,209

CURRENT ASSETS

Debtors

11

5,682,954

2,550,513

Cash at bank

1,685,562

3,124,211

7,368,516

5,674,724

CREDITORS

Amounts falling due within one year

12

4,431,100

3,303,306

NET CURRENT ASSETS

2,937,416

2,371,418

TOTAL ASSETS LESS CURRENT LIABILITIES

3,771,667

3,442,627

CREDITORS

Amounts falling due after more than one year

13

(52,142

)

(144,768

)

PROVISIONS FOR LIABILITIES

15

(208,563

)

(265,844

)

NET ASSETS

3,510,962

3,032,015

CAPITAL AND RESERVES

Called up share capital

16

124

124

Retained earnings

17

3,510,838

3,031,891

SHAREHOLDERS' FUNDS

3,510,962

3,032,015

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Mr R E S Hollingsworth - Director

CURRENT ASSETS

Debtors

11

124

124

Cash at bank

225,490

-

TOTAL ASSETS LESS CURRENT LIABILITIES

225,614

124

CAPITAL AND RESERVES

Called up share capital

16

124

124

Retained earnings

225,490

-

SHAREHOLDERS' FUNDS

225,614

124

Company's profit for the financial year

3,020,948

3,860,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Mr R E S Hollingsworth - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 May 2023

110

4,361,800

4,361,910

446,783

4,808,693

Changes in equity

Profit for the year

-

3,391,251

3,391,251

-

3,391,251

Total comprehensive income

-

3,391,251

3,391,251

-

3,391,251

Dividends

-

(189,474

)

(189,474

)

-

(189,474

)

Increase in share capital

14

-

14

-

14

Acquisition of NCI

-

446,836

446,836

-

446,836

Gifts to HG Employee Ownership Trust

-

(4,978,522

)

(4,978,522

)

-

(4,978,522

)

Total transactions with owners, recognised directly in equity

14

(4,721,160

)

(4,721,146

)

-

(4,721,146

)

Acquisition of non-controlling interest

-

-

-

(446,783

)

(446,783

)

Balance at 30 April 2024

124

3,031,891

3,032,015

-

3,032,015

Changes in equity

Profit for the year

-

3,274,405

3,274,405

-

3,274,405

Total comprehensive income

-

3,274,405

3,274,405

-

3,274,405

Gifts to HG Employee Ownership Trust

-

(2,795,458

)

(2,795,458

)

-

(2,795,458

)

Total transactions with owners, recognised directly in equity

-

(2,795,458

)

(2,795,458

)

-

(2,795,458

)

Balance at 30 April 2025

124

3,510,838

3,510,962

-

3,510,962

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

110

-

110

Changes in equity

Profit for the year

-

3,860,000

3,860,000

Total comprehensive income

-

3,860,000

3,860,000

Increase in share capital

14

-

14

Gifts to HG Employee Ownership Trust

-

(3,860,000

)

(3,860,000

)

Balance at 30 April 2024

124

-

124

Changes in equity

Profit for the year

-

3,020,948

3,020,948

Total comprehensive income

-

3,020,948

3,020,948

Gifts to HG Employee Ownership Trust

-

(2,795,458

)

(2,795,458

)

Balance at 30 April 2025

124

225,490

225,614

Cash flows from operating activities

Cash generated from operations

1

2,202,387

6,441,697

Interest element of hire purchase payments paid

(24,850

)

(28,117

)

Tax paid

(665,036

)

(1,476,398

)

Net cash from operating activities

1,512,501

4,937,182

Cash flows from investing activities

Purchase of tangible fixed assets

(68,276

)

(242,700

)

Sale of tangible fixed assets

103,511

14,209

Sale of fixed asset investments

-

(76

)

Interest received

31,310

5,702

Net cash from investing activities

66,545

(222,865

)

Cash flows from financing activities

Capital repayments in year

(222,125

)

(54,639

)

Amount introduced by directors

-

266,000

Amount withdrawn by directors

-

(17,108

)

Share issue

-

14

Gifts to HG Employee Ownership Trust

(2,795,570

)

(4,978,522

)

Equity dividends paid

-

(189,474

)

Net cash from financing activities

(3,017,695

)

(4,973,729

)

Decrease in cash and cash equivalents

(1,438,649

)

(259,412

)

Cash and cash equivalents at beginning of year

2

3,124,211

3,383,623

Cash and cash equivalents at end of year

2

1,685,562

3,124,211

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

2025

2024

£

£

Profit before taxation

4,359,216

4,596,946

Depreciation charges

236,360

285,223

Profit on disposal of fixed assets

(34,635

)

(7,695

)

Finance costs

24,850

28,117

Finance income

(31,310

)

(5,702

)

4,554,481

4,896,889

(Increase)/decrease in trade and other debtors

(3,132,331

)

1,644,982

Increase/(decrease) in trade and other creditors

780,237

(100,174

)

Cash generated from operations

2,202,387

6,441,697

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 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

1,685,562

3,124,211

Year ended 30 April 2024

30/4/24

1/5/23

£

£

Cash and cash equivalents

3,124,211

3,383,623

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/24

Cash flow

At 30/4/25

£

£

£

Net cash

Cash at bank

3,124,211

(1,438,649

)

1,685,562

3,124,211

(1,438,649

)

1,685,562

Debt

Finance leases

(385,881

)

222,125

(163,756

)

(385,881

)

222,125

(163,756

)

Total

2,738,330

(1,216,524

)

1,521,806

1.	STATUTORY INFORMATION

Hollingsworth Group Ltd 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.

Basis of consolidation

The consolidated financial statements incorporate those of Hollingsworth Group Limited and its subsidiaries. All intra-group transactions and balances are eliminated on consolidation.

In accordance with Section 408 of the Companies Act 2006, the Company has elected not to present its own Statement of Comprehensive Income. The Company's profit for the period and total comprehensive income was £3.02m (2024: £3.86m)

Turnover

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

Turnover, derived from the principle activity, is calculated on the basis of the value of work executed during the period, excluding retentions.

The basis for not recognising retentions income is that the directors feel that retentions cannot be measured reliably until point of receipt.

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.

Long leasehold

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.

Contract costs are recognised as the higher of actual costs to date or costs as a proportion of final costs, using the reference of turnover to date as a proportion of final turnover.

Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,845,940

2,684,965

Social security costs

315,880

298,795

Other pension costs

63,664

87,205

3,225,484

3,070,965

The average number of employees during the year was as follows:

2025

2024

Productive staff

47

46

Admin

4

4

51

50

2025

2024

£

£

Directors' remuneration

755,697

380,594

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

108,051

28,462