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Company No: 10809969 (England and Wales)

# HARD YARDS GLOBAL LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

HARD YARDS GLOBAL LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

HARD YARDS GLOBAL LIMITED

## COMPANY INFORMATION

For the financial year ended 31 March 2025
HARD YARDS GLOBAL LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025

DIRECTORS | L R Clarke
| R F Clarke
| J L Norman
| S T Norman

REGISTERED OFFICE | 3 St. Peter Street
| Winchester
| SO23 8BW
| United Kingdom

COMPANY NUMBER | 10809969 (England and Wales)

CHARTERED ACCOUNTANTS | Mercer & Hole LLP
| 72 London Road
| St Albans
| Hertfordshire
| AL1 1NS

HARD YARDS GLOBAL LIMITED

## BALANCE SHEET

As at 31 March 2025
HARD YARDS GLOBAL LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 1,413,050 |  | 1,487,096
Investment property | 4 | 1,629,802 |  | 2,660,989
Investments | 5 | 6,704,008 |  | 6,482,545
|  | 9,746,860 |  | 10,630,630
Current assets |  |  |  |
Debtors | 6 | 207,584 |  | 70,742
Cash at bank and in hand |  | 985,148 |  | 425,775
|  | 1,192,732 |  | 496,517
Creditors: amounts falling due within one year | 7 | ( 11,226,513) |  | ( 11,235,389)
Net current liabilities |  | (10,033,781) |  | (10,738,872)
Total assets less current liabilities |  | (286,921) |  | (108,242)
Creditors: amounts falling due after more than one year | 8 | ( 2,656,000) |  | ( 2,656,000)
Net liabilities |  | ( 2,942,921) |  | ( 2,764,242)
Capital and reserves |  |  |  |
Called-up share capital | 9 | 100 |  | 100
Profit and loss account |  | ( 2,943,021 ) |  | ( 2,764,342 )
Total shareholders' deficit |  | ( 2,942,921) |  | ( 2,764,242)

For the financial 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.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Hard Yards Global Limited (registered number: 10809969) were approved and authorised for issue by the Board of Directors on 19 March 2026. They were signed on its behalf by:

R F Clarke Director |

HARD YARDS GLOBAL LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
HARD YARDS GLOBAL LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Hard Yards Global Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 St. Peter Street, Winchester, SO23 8BW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £2,942,921. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
Fixtures and fittings | 5 years straight line
Computer equipment | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.
The Company does not apply hedge accounting.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 5 |  | 5

#### 3. Tangible assets

| Land and buildings |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 1,606,169 |  | 24,745 |  | 10,863 |  | 1,641,777
Disposals | 0 |  | ( 24,745) |  | 0 |  | ( 24,745)
At 31 March 2025 | 1,606,169 |  | 0 |  | 10,863 |  | 1,617,032
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 132,888 |  | 11,489 |  | 10,304 |  | 154,681
Charge for the financial year | 60,231 |  | 2,891 |  | 559 |  | 63,681
Disposals | 0 |  | ( 14,380) |  | 0 |  | ( 14,380)
At 31 March 2025 | 193,119 |  | 0 |  | 10,863 |  | 203,982
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 1,413,050 |  | 0 |  | 0 |  | 1,413,050
At 31 March 2024 | 1,473,281 |  | 13,256 |  | 559 |  | 1,487,096

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 2,660,989
Disposals | (1,031,187)
As at 31 March 2025 | 1,629,802

Valuation

The fair value of the investment property has not been formally assessed by an independent and qualified valuer. The value at which investment property is held at the end of the reporting period was considered by the directors and deemed to be a fair reflection of its market value as at that date on consideration of general market conditions and similar property transactions.

#### 5. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 April 2024 | 120
At 31 March 2025 | 120
Carrying value at 31 March 2025 | 120
Carrying value at 31 March 2024 | 120

| Listed investments |  | Investments in associates |  | Loans |  | Other investments |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost or valuation before impairment |  |  |  |  |  |  |  |  |
At 01 April 2024 | 2,966,551 |  | 400,152 |  | 2,714,801 |  | 2,381,921 |  | 8,463,425
Additions | 1,285,693 |  | 0 |  | 650,000 |  | 239,250 |  | 2,174,943
Disposals | ( 1,829,968) |  | 0 |  | 0 |  | 0 |  | ( 1,829,968)
Movement in fair value | 68,016 |  | 0 |  | 0 |  | 0 |  | 68,016
Change in value of loans receivable | 0 |  | 0 |  | ( 23,529) |  | 0 |  | ( 23,529)
At 31 March 2025 | 2,490,293 |  | 400,152 |  | 3,341,272 |  | 2,621,171 |  | 8,852,888
Provisions for impairment |  |  |  |  |  |  |  |  |
At 01 April 2024 | 0 |  | 0 |  | 1,112,000 |  | 869,000 |  | 1,981,000
Impairment | 0 |  | 0 |  | 90,000 |  | 78,000 |  | 168,000
At 31 March 2025 | 0 |  | 0 |  | 1,202,000 |  | 947,000 |  | 2,149,000
Carrying value at 31 March 2025 | 2,490,293 |  | 400,152 |  | 2,139,272 |  | 1,674,171 |  | 6,703,888
Carrying value at 31 March 2024 | 2,966,551 |  | 400,152 |  | 1,602,801 |  | 1,512,921 |  | 6,482,425

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £2,446,581 (2024 £4,562,363). Other investments are held at cost less impairment because their fair value cannot be measured reliably.

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by Parent undertakings | 0 |  | 13,782
Other debtors | 207,584 |  | 56,960
| 207,584 |  | 70,742

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 1,204 |  | 6,179
Amounts owed to own subsidiaries | 120 |  | 120
Amounts owed to associates | 52 |  | 52
Other taxation and social security | 842 |  | 294
Other creditors | 11,224,295 |  | 11,228,744
| 11,226,513 |  | 11,235,389

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Other creditors | 2,656,000 |  | 2,656,000

£1,600,000 (PY: £1,600,000) of the non-current other creditors are repayable in full in 2029. They are unsecured and interest is charged at a market rate.
£1,000,000 (PY: £1,000,000) of the non-current other creditors are repayable in full in 2028. They are unsecured and interest is charged at a market rate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Other creditors (repayable by instalments) | 1,600,000 |  | 1,600,000

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 10. Related party transactions

Transactions with owners holding a participating interest in the entity

| 2025 |  | 2024
| £ |  | £
Amounts due to related parties | 11,025,874 |  | 11,118,339