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Registered Number:01075189 WATSON & HILLHOUSE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
WATSON & HILLHOUSE LIMITED COMPANY INFORMATION
Directors | R H G Watson
| M R Watson
| P E Bell
| P J King
Company secretary | P J King
Registered number | 01075189
Registered office | 51 Whitehouse Road
| Ipswich
| Suffolk
| IP1 5NT
Independent auditors | Sumer Auditco Limited
| Fitzroy House
| Crown Street
| Ipswich
| Suffolk
| IP1 3LG
Bankers | HSBC
| 12 Tavern Street
| Ipswich
| Suffolk
| IP1 3AZ
Solicitors | Birketts LLP
| Providence House
| 141-145 Princes St
| Ipswich
| Suffolk
| IP1 1QJ
WATSON & HILLHOUSE LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 10
Profit and Loss Account | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14 - 15
Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 31
WATSON & HILLHOUSE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The Directors present their strategic report for the year ended 30 November 2025.
Business review
We are pleased to present the accounts for the financial year ending November 2025. Despite an economic backdrop of higher costs and suppressed growth in investment and infrastructure, we have returned trading results ahead of budget. Although the beginning of the financial year experienced a slow start, this did escalate and provide a platform for a positive year ahead. Year on year utilisation was marginally down, but the impact of this has been offset by favourable rates and cost management. The continued investment during the year in our own hire fleet has reduced the need for rehired plant and with new distributor agreements being agreed during the year, we believe the Company is in a great position for growth in both hire and sales. Total net investment in the hire fleet was £1.1m, with this focusing on larger vibratory hammers. The distributor portfolios that we represent continue to expand and with new distributor agreements commencing this not only compliments our services, but allows us to expand into the wider market. The financial position at the year end was considered satisfactory by the Directors of the Company to enter its operations for the following year.
Financial key performance indicators
The Company considers its financial key performance indicators to be growth in turnover, gross profit margin and EBITDA. Turnover has decreased by 15.9% in the year (2024 – decrease of 4.8%), which was a result of lower agency sales and re-hire revenue. Gross profit margin has increased to 39.8% (2024 – 38.9%) resulting in gross profit of £4,364,771 (2024 - £5,072,106). The Company reports an EBITDA of £2,460,720 (2024 - £3,019,651). - 1 -
WATSON & HILLHOUSE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
Principal risks and uncertainties
The key risks to the Company include, but are not limited to, compliance with legislative and regulatory requirements, business continuity and actions of customers, suppliers and competitors. Financial instruments: The Company’s principal financial instruments are trade debtors and trade creditors arising directly from operations. The Company ensures that there is sufficient liquid resources to meet its liabilities and trade debtors are managed through regular review to ensure the cash flow risk is reduced to an acceptable level. Some of our key suppliers that we represent are based outside of the UK and we mitigate any exchange risk by using forward exchange arrangements provided by our banking partners. Liquidity and cash flow risk: The Company’s proactive strategy of investment is supported by our strong cash position and the banking facilities that we have in place. We manage this by monitoring cash daily and preparing detailed cash flow forecasts so that any potential funding requirements are identified at an early stage. Supply and price risk: The suppliers we represent are well established with strong brands who also trade globally. Given the strength of the suppliers we work with and our position in the UK market, as a leading provider of piling and foundation equipment, we are well placed to manage any trading risk. Credit Risk Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, with credit insurance arrangements also in place. All credit levels and amounts outstanding are reviewed regularly. This report was approved by the board on 16 March 2026 and signed on its behalf.
P J King Director
- 2 -
WATSON & HILLHOUSE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The Directors present their report and the financial statements for the year ended 30 November 2025.
Directors' responsibilities statement
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,063,789 (2024 - £1,532,953). Dividends amounting to £752,234 (2024 - £1,091,008) were paid in the year. The Directors do not recommend the payment of a final dividend (2024 - £Nil).
Directors
The Directors who served during the year were:
R H G Watson
M R Watson
P E Bell
P J King
- 3 -
WATSON & HILLHOUSE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
Future developments
The expected investment in infrastructure within the UK over the coming years is significant and will be undertaken on projects that would require the services we provide. Port and Harbour development, Rail infrastructure and Energy infrastructure are some examples of where we expect to be involved. Furthermore, we start the financial year with a strong order book for distributor sales and are excited by the opportunities that are on offer from the manufacturers we represent. This supports our view that despite a continued cautious economy, we expect to see continued growth for both our hire and agency sectors. The Company will continue to invest in the hire fleet, with circa £657k already being committed to for the coming financial year, with additional spend likely. We pride ourselves on the quality of services we provide, which is only possible as a result of our employee’s commitment and skills. We continue to ensure the working environment, training and working arrangements are in keeping with industry best practice and market conditions.
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force at the reporting date.
Matters covered in the Strategic Report
Details of the Company's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. - 4 -
WATSON & HILLHOUSE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
Auditors
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 16 March 2026 and signed on its behalf.
P J King Director
- 5 -
WATSON & HILLHOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED
Opinion
We have audited the financial statements of Watson & Hillhouse Limited (the 'Company') for the year ended 30 November 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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, 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 Company's affairs as at 30 November 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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. - 6 -
WATSON & HILLHOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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.
Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records 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. - 7 -
WATSON & HILLHOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. - 8 -
WATSON & HILLHOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)
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 an Auditors' 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. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company. The following laws and regulations were identified as being of significance to the Company: • Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law. •Those laws and regulations considered to have an indirect effect on the financial statements including The Health & Safety Act 1974, GDPR, anti-bribery and corruption, human rights and Employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing of journal entries, performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). 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 Auditors' Report. - 9 -
WATSON & HILLHOUSE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Steven Burgess (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Fitzroy House Crown Street Ipswich Suffolk IP1 3LG 16 March 2026 - 10 -
WATSON & HILLHOUSE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 10,968,072 | 13,052,890
Cost of sales |  | (6,603,301) | (7,980,784)
Gross profit |  | 4,364,771 | 5,072,106
Distribution costs |  | (878,890) | (933,503)
Administrative expenses |  | (2,265,982) | (2,281,754)
Other operating income | 5 | 291,834 | 222,783
Operating profit | 6 | 1,511,733 | 2,079,632
Interest receivable and similar income | 10 | 270 | 33,863
Interest payable and similar expenses | 11 | (52,260) | (63,924)
Profit before tax |  | 1,459,743 | 2,049,571
Tax on profit | 12 | (395,954) | (516,618)
Profit for the financial year |  | 1,063,789 | 1,532,953
There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 17 to 31 form part of these financial statements.
- 11 -
WATSON & HILLHOUSE LIMITED REGISTERED NUMBER: 01075189 BALANCE SHEET AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 6,688,111 |  | 6,166,853
|  |  | 6,688,111 |  | 6,166,853
Current assets |  |  |  |  |
Stocks | 14 | 662,539 |  | 591,992 |
Debtors: amounts falling due within one year | 15 | 2,463,376 |  | 2,353,263 |
Cash at bank and in hand |  | 2,195,443 |  | 2,656,576 |
|  | 5,321,358 |  | 5,601,831 |
Creditors: amounts falling due within one year | 16 | (2,584,242) |  | (3,299,533) |
Net current assets |  |  | 2,737,116 |  | 2,302,298
Total assets less current liabilities |  |  | 9,425,227 |  | 8,469,151
Creditors: amounts falling due after more than one year | 17 |  | (833,726) |  | (325,853)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (1,607,757) |  | (1,471,109)
Net assets |  |  | 6,983,744 |  | 6,672,189
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 29,713 |  | 29,713
Share premium account | 21 |  | 63,164 |  | 63,164
Capital redemption reserve | 21 |  | 25,000 |  | 25,000
Profit and loss account | 21 |  | 6,865,867 |  | 6,554,312
|  |  | 6,983,744 |  | 6,672,189
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 March 2026.
R H G Watson | P J King
Director | Director
The notes on pages 17 to 31 form part of these financial statements. - 12 -
WATSON & HILLHOUSE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 December 2023 | 29,713 | 63,164 | 25,000 | 6,112,367 | 6,230,244
Profit for the year | - | - | - | 1,532,953 | 1,532,953
Dividends: Equity capital | - | - | - | (1,091,008) | (1,091,008)
At 1 December 2024 | 29,713 | 63,164 | 25,000 | 6,554,312 | 6,672,189
Profit for the year | - | - | - | 1,063,789 | 1,063,789
Dividends: Equity capital | - | - | - | (752,234) | (752,234)
At 30 November 2025 | 29,713 | 63,164 | 25,000 | 6,865,867 | 6,983,744
| The notes on pages 17 to 31 form part of these financial statements.
- 13 -
WATSON & HILLHOUSE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,063,789 | 1,532,953
Adjustments for: |  |
Depreciation of tangible assets | 948,987 | 940,019
Profit on disposal of tangible assets | (291,832) | (222,783)
Interest paid | 52,260 | 63,924
Interest received | (270) | (33,863)
Taxation charge | 395,954 | 516,618
(Increase) in stocks | (70,547) | (56,870)
(Increase)/decrease in debtors | (110,113) | 632,267
(Decrease) in creditors | (618,872) | (981,862)
Corporation tax (paid) | (428,169) | (625,345)
Net cash generated from operating activities | 941,187 | 1,765,058
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (684,792) | (1,079,780)
Sale of tangible fixed assets | 655,006 | 683,028
Interest received | 270 | 33,863
HP interest paid | (50,116) | (63,254)
Net cash from investing activities | (79,632) | (426,143)
- 14 -
WATSON & HILLHOUSE LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of finance leases | (568,310) | (715,265)
Dividends paid | (752,234) | (1,091,008)
Interest paid | (2,144) | (670)
Net cash used in financing activities | (1,322,688) | (1,806,943)
Net (decrease) in cash and cash equivalents | (461,133) | (468,028)
Cash and cash equivalents at beginning of year | 2,656,576 | 3,124,604
Cash and cash equivalents at the end of year | 2,195,443 | 2,656,576
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,195,443 | 2,656,576
| 2,195,443 | 2,656,576
The notes on pages 17 to 31 form part of these financial statements.
- 15 -
WATSON & HILLHOUSE LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 NOVEMBER 2025
|  | At 1 December 2024 | Cash flows | New finance leases | At 30 November 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 2,656,576 | (461,133) | - | 2,195,443
Finance leases | (741,419) | 568,310 | (1,148,627) | (1,321,736)
| 1,915,157 | 107,177 | (1,148,627) | 873,707
The notes on pages 17 to 31 form part of these financial statements.
- 16 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | General information
Watson & Hillhouse Limited is a private company limited by shares and incorporated and domiciled in England and Wales. The address of the registered office is 51 Whitehouse Road, Ipswich, Suffolk, IP1 5NT. The principal activity of the Company is the sale and hire of plant. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements are drawn up on a going concern basis. The Directors have made enquiries and reviewed forecasts and believe that the Company is in a strong position to continue to trade and meet its liabilities as they fall due for a period of 12 months from the date of approval of these financial statements.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover in respect to the sale of plant is recognised upon dispatch. Turnover in respect to the hire of plant is recognised over the period to which the service relates.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. - 17 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 12.5% to 15% per annum reducing balance
|  |  |  | Motor vehicles | - | 25% per annum on cost
|  |  |  | Computer equipment | - | 33.3% per annum on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, - 18 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. - 19 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - 20 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.10 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.14 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. - 21 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.15 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. - 22 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. No significant judgements (apart from those involving estimates) have been made when preparing the financial statements. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Stock Stocks are stated at the lower of cost and net realisable value, after making due allowance for the stock provision. Management reviews the stock holdings and make a provision based upon historical experience where the recoverable amount on a stock item has fallen below the cost. Useful economic life of assets Depreciation is charged so as to allocate the cost of assets their residual value over their estimated useful lives. The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if there is an indication of a significant change since the last reporting date.
4. | Turnover
| Analysis of turnover by country of destination:
|  | 2025 | 2024
|  | % | %
| United Kingdom | 75 | 80
| Europe | 25 | 20
|  | 100 | 100
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on disposal of fixed assets | 291,834 | 222,783
|  | 291,834 | 222,783
- 23 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 948,987 | 940,019
| Exchange differences | 4,166 | 36,622
| Other operating lease rentals | 187,954 | 185,891
| (Profit) on disposal of tangible fixed assets | (291,834) | (222,783)
7. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,850 | 16,500
8. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,505,529 | 2,597,231
| Social security costs | 234,083 | 352,967
| Cost of defined contribution scheme | 40,331 | 52,250
|  | 2,779,943 | 3,002,448
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 30 | 31
- 24 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 882,770 | 1,009,276
| Company contributions to defined contribution pension schemes | 8,712 | 7,825
|  | 891,482 | 1,017,101
| During the year retirement benefits were accruing to 1 Director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £341,958 (2024 - £377,984).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2024 - £NIL).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 270 | 33,863
|  | 270 | 33,863
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 2,144 | 670
| Finance leases and hire purchase contracts | 50,116 | 63,254
|  | 52,260 | 63,924
- 25 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 258,465 | 518,196
| Adjustments in respect of previous periods | 841 | (27)
| Total current tax | 259,306 | 518,169
| Deferred tax |  |
| Origination and reversal of timing differences | 136,648 | (1,551)
| Total deferred tax | 136,648 | (1,551)
|  | 395,954 | 516,618
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,459,743 | 2,049,571
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 364,936 | 512,393
| Effects of: |  |
| Expenses not deductible for tax purposes | 23,677 | (8,998)
| Adjustments to tax charge in respect of prior periods | 841 | (27)
| Non-taxable income | - | 431
| Chargeable gains | 6,500 | 12,819
| Total tax charge for the year | 395,954 | 516,618
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 26 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
13. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures, Fittings and Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 December 2024 | 241,140 | 13,256,506 | 233,180 | 117,222 | 13,848,048
| Additions | - | 1,758,212 | - | 75,207 | 1,833,419
| Disposals | - | (709,601) | - | - | (709,601)
| At 30 November 2025 | 241,140 | 14,305,117 | 233,180 | 192,429 | 14,971,866
| Depreciation |  |  |  |  |
| At 1 December 2024 | 127,334 | 7,352,613 | 84,026 | 117,222 | 7,681,195
| Charge for the year on owned assets | 22,296 | 859,308 | 56,938 | 10,445 | 948,987
| Disposals | - | (346,427) | - | - | (346,427)
| At 30 November 2025 | 149,630 | 7,865,494 | 140,964 | 127,667 | 8,283,755
| Net book value |  |  |  |  |
| At 30 November 2025 | 91,510 | 6,439,623 | 92,216 | 64,762 | 6,688,111
| At 30 November 2024 | 113,806 | 5,903,893 | 149,154 | - | 6,166,853
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 1,800,743 | 1,406,662
|  | 1,800,743 | 1,406,662
- 27 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 662,539 | 591,992
|  | 662,539 | 591,992
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,092,287 | 1,848,186
| Other debtors | - | 123,326
| Prepayments and accrued income | 371,089 | 381,751
|  | 2,463,376 | 2,353,263
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 770,728 | 1,152,800
| Corporation tax | 129,306 | 298,169
| Other taxation and social security | 373,877 | 377,312
| Obligations under finance lease and hire purchase contracts | 488,010 | 415,566
| Other creditors | 27,143 | 13,751
| Accruals and deferred income | 795,178 | 1,041,935
|  | 2,584,242 | 3,299,533
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 833,726 | 325,853
| Hire purchase contracts are secured on the underlying assets to which they relate.
- 28 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 567,705 | 366,310
| Between 1-5 years | 1,169,529 | 328,796
|  | 1,737,234 | 695,106
19. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (1,471,109) | (1,472,660)
| Charged to profit or loss | (136,648) | 1,551
| At end of year | (1,607,757) | (1,471,109)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,607,757) | (1,471,109)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 25,000 (2024 - 25,000) Ordinary shares of £1.00 each | 25,000 | 25,000
|  | 4,713 (2024 - 4,713) 'A' Ordinary shares of £1.00 each | 4,713 | 4,713
|  |  | 29,713 | 29,713
| The Ordinary shares and 'A' Ordinary shares rank pari passu with each other in all respects.
- 29 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
21. | Reserves
Share premium account The share premium account represents consideration received in excess of the nominal value of shares. Capital redemption reserve The capital redemption reserve represents the redemption or purchase of a company's own shares out of distributable profits. Profit and loss account Profit and loss account represents cumulative profits or losses, less dividends paid.
22. | Capital commitments
| At 30 November 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 657,352 | 983,790
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,331 (2024 - £52,250). Contributions totalling £10,923 (2024 - £10,932) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 227,303 | 273,760
| Later than 1 year and not later than 5 years | 283,178 | 436,257
|  | 510,481 | 710,017
- 30 -
WATSON & HILLHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 25.Other financial commitments At 30 November 2025 the Company had foreign currency forward contracts to buy: - 586k Euros at exchange rates against GBP between 1.1251 and 1.1619 At 30 November 2024 the Company had foreign currency forward contracts to buy: - 1.2m Euros at exchange rates against GBP between 1.1862 and 1.1939 - 70.3m Japanese Yen at exchange rates against GBP of 192.6178
26. | Related party transactions
| During the year the company paid rent of £110,000 (2024 - £110,000) to the pension scheme of certain directors. During the year the company paid consultancy fees of £60,000 (2024 - £60,000) to a company controlled by one of the directors. £Nil (2024 - £Nil) was outstanding at 30 November 2025. During the year, wages were paid to a close family member of a director amounting to £6,011 (2024 - £6,011). Key management personnel are those deemed to have authority and responsibility for planning, directing and controlling the activities of the Company. Key management personnel remuneration for the year amounted to £1,029,302 (2024 - £1,143,336).
27. | Controlling party
The ultimate controlling party is Mr R H G Watson by virtue of his shareholding in the Company.
- 31 -