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Registered number: 03078164 HURFORD SALVI CARR LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
HURFORD SALVI CARR LIMITED REGISTERED NUMBER: 03078164 BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 155,183 |  | 193,054
Investments | 8 |  | - |  | 100
|  |  | 155,183 |  | 193,154
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 344,152 |  | 244,885 |
Cash at bank and in hand | 10 | 789,844 |  | 1,644,711 |
|  | 1,133,996 |  | 1,889,596 |
Creditors: amounts falling due within one year | 11 | (481,810) |  | (600,770) |
Net current assets |  |  | 652,186 |  | 1,288,826
Total assets less current liabilities |  |  | 807,369 |  | 1,481,980
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (7,843) |  | (9,032) |
|  |  | (7,843) |  | (9,032)
Net assets |  |  | 799,526 |  | 1,472,948
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 6,053 |  | 6,053
Capital redemption reserve |  |  | 3,948 |  | 3,948
Profit and loss account |  |  | 789,525 |  | 1,462,947
|  |  | 799,526 |  | 1,472,948
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Page 1
HURFORD SALVI CARR LIMITED REGISTERED NUMBER: 03078164 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2026.
P Driscoll
Director
The notes on pages 3 to 12 form part of these financial statements. Page 2
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Hurford Savi Carr Limited (the 'Company') is a private company, limited by shares, registered in England and Wales. The Company's registered number is 03078164, and registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA. 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Revenue represents commission received on services provided to customers and is recognised on the following bases: ∙Commission on the property sales is recognised on the exchange of contracts; ∙Commission on letting and renewals is recognised at the date of invoice; and ∙Commission on management and other minor income streams are recognised in the period to which the underlying fee income relates. Page 3
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | 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. Page 4
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following annual basis:
|  |  |  | Short-term leasehold property | - | in accordance with the lease term
|  |  |  | Fixtures and fittings | - | 15% on cost
|  |  |  | Computer equipment | - | 33% 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.
| 2.10 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.12 | 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.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Page 5
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | 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. 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. Basic 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. 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. Page 6
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.16 | 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in that period of revision and future periods where the revision affects both current and future periods. The directors have made no significant judgements or estimates.
4. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 41 | 40
5. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Intercompany loans written off | - | 438,000
| Impairment of investment in subsidiary | - | 400,000
|  | - | 838,000
| During the prior year the group underwent a reorganisation in which a subsidiary ceased trading and during the year was subsequently struck off.
Page 7
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
6. | Client monies
At the year end the Company held in trust client monies in the client account. This balance has been excluded from the assets and liabilities of the Company.
7. | Tangible fixed assets
|  | Short-term leasehold property | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 August 2024 | 711,021 | 180,933 | 53,931 | 945,885
| Additions | - | 1,855 | 13,932 | 15,787
| At 31 July 2025 | 711,021 | 182,788 | 67,863 | 961,672
| Depreciation |  |  |  |
| At 1 August 2024 | 559,121 | 144,141 | 49,569 | 752,831
| Charge for the year on owned assets | 32,210 | 17,071 | 4,377 | 53,658
| At 31 July 2025 | 591,331 | 161,212 | 53,946 | 806,489
| Net book value |  |  |  |
| At 31 July 2025 | 119,690 | 21,576 | 13,917 | 155,183
| At 31 July 2024 | 151,900 | 36,792 | 4,362 | 193,054
Page 8
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
8. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 August 2024 | 100
| Disposals | (100)
| At 31 July 2025 | -
| Net book value |
| At 31 July 2025 | -
| At 31 July 2024 | 100
9. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 55,391 | 88,224
| Amounts owed by associated undertakings | - | 39,994
| Other debtors | 12,971 | 1,426
| Prepayments and accrued income | 275,790 | 115,241
|  | 344,152 | 244,885
10. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 789,844 | 1,644,711
Page 9
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 74,812 | 76,538
| Corporation tax | 106,634 | 247,723
| Other taxation and social security | 212,796 | 224,983
| Other creditors | 12,165 | 159
| Accruals and deferred income | 75,403 | 51,367
|  | 481,810 | 600,770
Page 10
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
12. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 9,032
| Utilised in year | (1,189)
| At end of year | 7,843
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 7,843 | 9,032
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4,250 Ordinary A shares of £1.00 each | 4,250 | 4,250
|  | 500 Ordinary B shares of £1.00 each | 500 | 500
|  | 1,000 Ordinary C shares of £1.00 each | 1,000 | 1,000
|  | 303 Ordinary D shares of £1.00 each | 303 | 303
|  |  | 6,053 | 6,053
| The shares rank pari passu in all respects.
14. | 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 £47,603 (2024 - £37,238). No contributions (2024 - No contributions) were payable to the fund at the balance sheet date. Page 11
HURFORD SALVI CARR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Commitments under operating leases
| At 31 July 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 | 283,750 | 283,750
| Later than 1 year and not later than 5 years | 1,084,370 | 1,135,000
| Later than 5 years | 697,190 | 928,560
|  | 2,065,310 | 2,347,310
16. | Related party transactions
| During the year the Company made net purchases in the normal course of business to a direct subsidiary of £584 (2024 - net sales of £32,236) and associates of £Nil (2024 - £Nil). At the year end the balance owed by direct subsidiaries is £Nil (2024 - £39,994). During the year the Company paid rental charges of £270,750 (2024 - £283,750) in respect of properties owned or partly owned by key management personnel. During the year the Company made payments of £347,105 (2024 - £242,040) in respect of key management personnel compensation.
17. | Controlling party
The ultimate controlling party is Castara Investments Limited by virtue of their majority shareholding.
18. | Auditors' information
The auditors' report on the financial statements for the year ended 31 July 2025 was unqualified. The audit report was signed on 17 April 2026 by Jamie Henderson (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
Page 12