REGISTERED NUMBER: 00488331 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HOGREFE LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Dr G J Hogrefe

N Schuchart

Ms P S Becker

P M Da Cruz

SECRETARY:

Ms P S Becker

REGISTERED OFFICE:

Hogrefe House

Albion Place

Oxford

Oxfordshire

OX1 1QZ

REGISTERED NUMBER:

00488331 (England and Wales)

SENIOR STATUTORY AUDITOR:

R M L Taylor FCCA

AUDITORS:

Banks & Co Limited

Chartered Certified Accountants

1 Carnegie Road

Newbury

Berkshire

RG14 5DJ

BANKERS:

National Westminster Bank plc

40 Whitgift Centre

Croydon

Surrey

CR0 1UQ

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company during the year under review continued to be that of developers and publishers of Psychometric Assessments for the Occupational, Clinical, Paediatric and Educational markets.

REVIEW OF BUSINESS

The business has performed well during the year and reports a 14.95% increase in turnover and a 11.31% increase in gross profit.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Dr G J Hogrefe

N Schuchart

Ms P S Becker

P M Da Cruz

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Dr G J Hogrefe - Director

20 April 2026

FIXED ASSETS

Tangible assets

4

2,106,478

2,146,126

CURRENT ASSETS

Stocks

781,822

777,702

Debtors

5

354,142

350,338

Cash at bank

1,220,847

1,110,828

2,356,811

2,238,868

CREDITORS

Amounts falling due within one year

6

1,174,971

1,070,701

NET CURRENT ASSETS

1,181,840

1,168,167

TOTAL ASSETS LESS CURRENT LIABILITIES

3,288,318

3,314,293

PROVISIONS FOR LIABILITIES

1,091

-

NET ASSETS

3,287,227

3,314,293

CAPITAL AND RESERVES

Called up share capital

8

2,425,000

2,425,000

Retained earnings

862,227

889,293

SHAREHOLDERS' FUNDS

3,287,227

3,314,293

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2026 and were signed on its behalf by:

Dr G J Hogrefe - Director

1.	STATUTORY INFORMATION

Hogrefe Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00488331 and has its registered office and place of business at Albion Place, Oxford, Oxfordshire, OX1 1QZ.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is GB Pounds Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when the goods are despatched, in the case of printed matter, which is the same day as the goods are delivered. In the case of web sales, revenue is recognised on payment, which is when access is provided to online content. These are the points at which the risks and rewards of ownership pass to the buyer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, has been amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued, and any adjustments are made in accordance with the group policy.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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 estimates cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Impairment of financial assets

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current iabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

2,401,964

30,319

37,918

2,470,201

Additions

-

900

1,153

2,053

Disposals

-

(1,800

)

-

(1,800

)

At 31 December 2025

2,401,964

29,419

39,071

2,470,454

DEPRECIATION

At 1 January 2025

268,236

26,510

29,329

324,075

Charge for year

33,539

2,114

4,248

39,901

At 31 December 2025

301,775

28,624

33,577

363,976

NET BOOK VALUE

At 31 December 2025

2,100,189

795

5,494

2,106,478

At 31 December 2024

2,133,728

3,809

8,589

2,146,126

Included in cost of land and buildings is freehold land of £ 725,000 (2024 - £ 725,000 ) which is not depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

195,311

151,653

Amounts owed by group undertakings

101,993

107,605

Deferred tax asset

-

10,685

Prepayments

56,838

80,395

354,142

350,338

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

106,301

114,626

Trade creditors

360,217

414,109

Tax

151,961

19

Social security and other taxes

17,515

17,469

VAT

109,441

110,136

Accruals and deferred income

429,536

414,342

1,174,971

1,070,701

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

1,965

2,127

Between one and five years

5,113

306

7,078

2,433

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2,425,000

Ordinary

£1.00

2,425,000

2,425,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

R M L Taylor FCCA (Senior Statutory Auditor)

for and on behalf of Banks & Co Limited

10.	PENSION COMMITMENTS

As at 31 December 2025 the company had no outstanding pension commitment (2024 nil).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Hogrefe AG.

Hogrefe AG, has its registered office at Langgass-Strasse 76, 3000 Berne 9, Switzerland.

The ultimate controlling party is Hogrefe Verlagsgruppe GmbH.

Hogrefe Verlagsgruppe GmbH has its registered office at Merkelstr. 3, 37085 Gottingen.