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Company Registration Number 04487555
| R. N. WOOLER & CO (HOLDINGS) LIMITED |
| FINANCIAL STATEMENTS |
| 31 DECEMBER 2025 |
R. N. WOOLER & CO (HOLDINGS) LIMITED COMPANY INFORMATION
Directors | R N Wooler
| M A Wooler
| A G Wooler
| G D Wooler
Company secretary | M A Wooler
Registered number | 04487555
Registered office | Florence House
| Lawkholme Business Park
| Lawkholme Lane
| Keighley
| West Yorkshire
| BD21 3LA
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Number 3
| Acorn Business Park
| Airedale Business Centre
| Skipton
| North Yorkshire
| BD23 2UE
Bankers | Handelsbanken
| Floor 1
| Centre of Excellence
| Hope Park
| Bradford
| West Yorkshire
| BD5 8HH
Solicitors | AWB Charlesworth LLP
| 12-16 North Street
| Keighley
| West Yorkshire
| BD21 3SE
R. N. WOOLER & CO (HOLDINGS) LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Statement of Financial Position | 11
Company Statement of Financial Position | 12
Consolidated Statement of Changes in Equity | 13 - 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16 - 17
Notes to the Financial Statements | 18 - 39
R. N. WOOLER & CO (HOLDINGS) LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors have pleasure in presenting their report and the financial statements of the group for the year ended 31 December 2025.
Business review
The principal activity of the group for the year under review was that of building, construction and land and property development and the group trades from their registered office at Florence House, Lawkholme Business Park, Lawkholme Lane, Keighley, BD21 3LA. The group's trading activities are organised as follows: R N Wooler & Company Limited is engaged in building and construction engineering. R N Wooler & Co (Holdings) Limited and R N Wooler & Co (Developments) Limited are engaged in building, construction and land and property development. The directors aim to present a balanced and comprehensive review of the development and performance of the group's business during the year and the group's position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.
Principal risks and uncertainties
The business environment in which the group operates continues to be challenging. The building industry in the UK is highly competitive and the risk of raw material price increases and competitive pressures continue to be the principal risks for the business. The group manages this risk by appropriate quality and service programmes and through negotiated agreements with its major suppliers. Another key risk to the business is the reduction in value of investments; the group manages this risk by the regular review of its investment portfolio. With these risks and uncertainties in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. Financial risk The group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs. Credit risk The group has implemented policies that require appropriate credit checks on corporate customers before sales are made. Liquidity & Cash Flow risk The directors believe that the group has sufficient funds available to support its activities in the future. The directors continue to maintain a strong working relationship with its bankers with whom the group has a revolving £10m credit facility. The group has a strong asset base available for pledging as security to enable further borrowing should it be required. The group also receives working capital loans from related undertakings and enjoys the support of the directors and shareholders with regard to repayment terms. The group's trading subsidiaries manage cash flow through stage payment invoicing on all contracts to ease the strain on working capital requirements. Page 1
R. N. WOOLER & CO (HOLDINGS) LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover, gross margin and profitability before taxation. The group's turnover has increased by 15% in 2025. Gross profitability margins are broadly in-line with the prior year at 11.4%. Administrative expenses have increased over the year. Profit before tax has therefore increased on the previous year. The Directors are satisfied with the results and are expecting similar profitability in 2026. After taxation and dividends, shareholders' funds have increased from £26,399,331 in 2024 to £29,236,986 in 2025 which continues to demonstrate the strength of the group as a whole and the strong asset base with which the group continues to operate.
Directors' statement of compliance with duty to promote the success of the Group
The directors believe in building long term, strong and sustainable relationships with our customers and suppliers. This approach has enabled us to win long term contracts of supply with our customers. The group actively plays a part within the local community as it aims to employ local people and utilise the services of local companies as far as is possible. The directors are committed to employees’ health, wellbeing and training, engaging with specialists for external training and providing in-house sessions for team leaders and managers during working time. This report was approved by the board and signed on its behalf.
R N Wooler Director
Date: 13 May 2026
Page 2
R. N. WOOLER & CO (HOLDINGS) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £2,837,655 (2024 - £829,276). No dividends were paid during the year and the directors have not recommended a final dividend.
Directors
The directors who served during the year were:
R N Wooler
M A Wooler
A G Wooler
G D Wooler
Future developments
The directors are not expecting to make any significant changes in the nature of the business in the near future. Page 3
R. N. WOOLER & CO (HOLDINGS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with employees
It is group policy that employees should be kept as fully informed as practical concerning the activities of the group. The group provides regular updates to its employees through different media forms, this has become particularly important with the new remote working practices being popular in the United Kingdom. The group consults employees through an annual appraisal process and through its line managerial structure on a continual basis, where views and opinions are considered and fed back to the senior management team and directors. The group results are shared with employees to ensure goal congruence and employees are appraised and remunerated on both their own personal performance and the wider performance of the group in both financial and other additional factors. Employees are aware of the medium and long-term strategy of the wider group and all factors affecting the group in commercial terms are communicated to them on an ongoing basis to ensure a common approach. The group recognises the high standards required to ensure the health, safety and welfare of its employees at work, its customers and the general public. Group policies in this regard are regularly reviewed with the object of ensuring that these standards are achieved.
Engagement with suppliers, customers and others
The directors believe in building long term, strong and sustainable relationships with our customers and suppliers. This approach has enabled us to win long term contracts of supply with our customers.
Disabled employees
The group is an equal opportunities employer. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. All disabled employees are eligible for training and promotion and, within limits of their disabilities, are given equal consideration with other applicants.
Greenhouse gas emissions, energy consumption and energy efficiency action
The total Group reporting disclosures to which the company belongs for the year ended 31 December 2025 are as follows: Consumption (KWh) Gas: 113,753 Electricity: 108,839 Total Energy Consumption: 222,592 Emissions (kgCO2) Gas: 20,809 Electricity: 22,538 Total Energy Emissions: 43,346 Intensity Ratio (Total kgCO2 per total £m sales): 888 intensity ratio Methodology The 2019 HM Government Environmental Reporting Guidelines, GHG Reporting Protocol – Corporate Standard have been followed and the 2020 UK Government’s Conversion Factors for Company Reporting have been used. Page 4
R. N. WOOLER & CO (HOLDINGS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Matters covered in the Group Strategic Report
Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.
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 and the Group'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 and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
R N Wooler Director
Date: 13 May 2026
Page 5
R. N. WOOLER & CO (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. N. WOOLER & CO (HOLDINGS) LIMITED
Opinion
We have audited the financial statements of R. N. Wooler & Co (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
R. N. WOOLER & CO (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. N. WOOLER & CO (HOLDINGS) 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 7
R. N. WOOLER & CO (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. N. WOOLER & CO (HOLDINGS) 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 Group 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis. • reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; and • enquiring of management as to actual and potential litigation and claims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 8
R. N. WOOLER & CO (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. N. WOOLER & CO (HOLDINGS) 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. Rohan Day (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants Statutory Auditors Skipton 13 May 2026 Page 9
R. N. WOOLER & CO (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 48,510,533 | 42,298,718
Cost of sales |  | (42,974,646) | (37,619,069)
Gross profit |  | 5,535,887 | 4,679,649
Profit on disposal of unlisted investments |  | 77,950 | -
Administrative expenses |  | (3,901,905) | (3,795,526)
Other operating income | 5 | 283,778 | 423,175
Fair value movements |  | (70,050) | 284,500
Operating profit | 6 | 1,925,660 | 1,591,798
Income from fixed assets investments |  | 4,562 | 12,167
Current asset investment gains |  | 52,709 | 28,024
Interest receivable and similar income | 11 | 25,781 | 43,591
Interest payable and similar expenses | 12 | (567,602) | (535,604)
Profit before taxation |  | 1,441,110 | 1,139,976
Tax on profit | 13 | 1,396,545 | (310,700)
Profit for the financial year |  | 2,837,655 | 829,276
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 2,837,655 | 829,276
|  | 2,837,655 | 829,276
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 39 form part of these financial statements.
Page 10
R. N. WOOLER & CO (HOLDINGS) LIMITED REGISTERED NUMBER: 04487555 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 2,340,196 |  | 2,116,327
Investment property | 17 |  | 8,122,450 |  | 10,672,500
|  |  | 10,462,646 |  | 12,788,827
Current assets |  |  |  |  |
Stocks | 18 | 27,061,962 |  | 22,553,369 |
Debtors: amounts falling due within one year | 19 | 6,108,063 |  | 6,254,921 |
Current asset investments | 20 | 162,223 |  | 412,158 |
Cash at bank and in hand | 21 | 2,816,530 |  | 2,847,884 |
|  | 36,148,778 |  | 32,068,332 |
Creditors: amounts falling due within one year | 22 | (15,372,436) |  | (16,518,191) |
Net current assets |  |  | 20,776,342 |  | 15,550,141
Total assets less current liabilities |  |  | 31,238,988 |  | 28,338,968
Creditors: amounts falling due after more than one year | 23 |  | (1,155,782) |  | (926,608)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 26 | (846,220) |  | (1,013,029) |
|  |  | (846,220) |  | (1,013,029)
Net assets |  |  | 29,236,986 |  | 26,399,331
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 1,000 |  | 1,000
Other reserves | 28 |  | 3,561,524 |  | 3,452,748
Profit and loss account | 28 |  | 25,674,462 |  | 22,945,583
|  |  | 29,236,986 |  | 26,399,331
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R N Wooler
Director
Date: 13 May 2026
The notes on pages 18 to 39 form part of these financial statements. Page 11
R. N. WOOLER & CO (HOLDINGS) LIMITED REGISTERED NUMBER: 04487555 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 330,085 |  | 331,485
Investments | 16 |  | 600 |  | 600
Investment Property | 17 |  | 5,675,000 |  | 6,885,000
|  |  | 6,005,685 |  | 7,217,085
Current assets |  |  |  |  |
Stocks | 18 | 937,450 |  | 929,844 |
Debtors: amounts falling due within one year | 19 | 6,823,208 |  | 10,473,295 |
Current asset investments | 20 | 162,223 |  | 412,158 |
Cash at bank and in hand | 21 | 114,035 |  | 177,511 |
|  | 8,036,916 |  | 11,992,808 |
Creditors: amounts falling due within one year | 22 | (7,598,189) |  | (12,410,416) |
Net current assets/(liabilities) |  |  | 438,727 |  | (417,608)
Total assets less current liabilities |  |  | 6,444,412 |  | 6,799,477
Provisions for liabilities |  |  |  |  |
Deferred taxation | 26 | (522,409) |  | (585,000) |
|  |  | (522,409) |  | (585,000)
Net assets |  |  | 5,922,003 |  | 6,214,477
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 1,000 |  | 1,000
Other reserves | 28 |  | 2,520,440 |  | 2,427,849
Profit and loss account | 28 |  | 3,400,563 |  | 3,785,628
|  |  | 5,922,003 |  | 6,214,477
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R N Wooler
Director
Date: 13 May 2026
The notes on pages 18 to 39 form part of these financial statements. Page 12
R. N. WOOLER & CO (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Non-distributable reserves | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 January 2025 | 1,000 | 3,452,748 | 22,945,583 | 26,399,331 | 26,399,331
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 2,837,655 | 2,837,655 | 2,837,655
Transfer to non-distributable reserves | - | - | (108,776) | (108,776) | (108,776)
Transfer from profit and loss reserves | - | 108,776 | - | 108,776 | 108,776
At 31 December 2025 | 1,000 | 3,561,524 | 25,674,462 | 29,236,986 | 29,236,986
| The notes on pages 18 to 39 form part of these financial statements.
Page 13
R. N. WOOLER & CO (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Non-distributable reserves | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 1,000 | 3,243,248 | 22,325,807 | 25,570,055 | 25,570,055
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 829,276 | 829,276 | 829,276
Transfer to non-distributable reserves | - | - | (209,500) | (209,500) | (209,500)
Transfer from profit and loss reserves | - | 209,500 | - | 209,500 | 209,500
At 31 December 2024 | 1,000 | 3,452,748 | 22,945,583 | 26,399,331 | 26,399,331
| The notes on pages 18 to 39 form part of these financial statements.
Page 14
R. N. WOOLER & CO (HOLDINGS) LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Non-distributable reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1,000 | 2,224,349 | 4,007,585 | 6,232,934
Loss for the year | - | - | (18,457) | (18,457)
Transfer to non-distributable reserves | - | - | (203,500) | (203,500)
Transfer from profit and loss reserves | - | 203,500 | - | 203,500
At 1 January 2025 | 1,000 | 2,427,849 | 3,785,628 | 6,214,477
Loss for the year | - | - | (292,474) | (292,474)
Transfer to non-distributable reserves | - | - | (92,591) | (92,591)
Transfer from profit and loss reserves | - | 92,591 | - | 92,591
At 31 December 2025 | 1,000 | 2,520,440 | 3,400,563 | 5,922,003
| The notes on pages 18 to 39 form part of these financial statements.
Page 15
R. N. WOOLER & CO (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,837,655 | 829,276
Adjustments for: |  |
Depreciation of tangible assets | 586,086 | 449,084
Profit on disposal of listed investments | (135,383) | (4,802)
Profit on disposal of tangible assets | (19,134) | (44,335)
Interest paid | 567,602 | 535,604
Investment Income / Interest received | (30,343) | (55,758)
Taxation charge | (1,396,545) | 310,700
(Increase)/decrease in stocks | (4,508,594) | 103,826
Decrease in debtors | 146,857 | 6,140,806
Increase/(decrease) in creditors | 2,544,663 | (5,126,579)
Net fair value losses/(gains) recognised in P&L | 152,724 | (307,722)
Corporation tax received/(paid) | 490,396 | (259,289)
Profit on disposal of investment properties | (117,050) | -
Net cash generated from operating activities | 1,118,934 | 2,570,811
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (842,413) | (1,067,851)
Sale of tangible fixed assets | 51,594 | 282,803
Sale of investment properties | 2,597,050 | -
Purchase of short-term listed investments | - | (15,431)
Sale of short-term listed investments | 302,645 | 17,495
Interest received | 25,781 | 43,591
Dividends received | 4,562 | 12,167
Net cash from investing activities | 2,139,219 | (727,226)
Cash flows from financing activities |  |
Repayment of loans | (3,512,133) | (305,922)
Other new loans | - | 781,604
Repayment of/new finance leases | 790,228 | 66,900
Interest paid | (567,602) | (535,604)
Net cash used in financing activities | (3,289,507) | 6,978
Page 16
R. N. WOOLER & CO (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Net (decrease)/increase in cash and cash equivalents | (31,354) | 1,850,563
Cash and cash equivalents at beginning of year | 2,847,884 | 997,321
Cash and cash equivalents at the end of year | 2,816,530 | 2,847,884
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,816,530 | 2,847,884
| 2,816,530 | 2,847,884
The notes on pages 18 to 39 form part of these financial statements.
Page 17
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
R N Wooler & Co (Holdings) Limited is the holding company to a trading group. All companies within the group are engaged in building, construction and land and property development operating from their registered office of Florence House, Lawkholme Business Park, Lawkholme Lane, Keighley, BD21 3LA. R N Wooler & Co (Holdings) Limited is a private company limited by shares incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
| 2.3 | Going concern
The directors believe that the group has adequate resources to continue in operational existence for the foreseeable future. Reaching their conclusion, the directors have considered cash flows covering a period of 12 months from the date of sign off. The group is profitable, has significant net assets, and has headroom in its facilities. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. Page 18
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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 Group 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.
| 2.5 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 19
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | Straight line
|  |  |  | Plant and machinery | - | 15% | Straight line
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Fixtures and fittings | - | 15% | Straight line
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.
| 2.6 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.8 | 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. Work in progress and finished goods include labour and attributable overheads. At each reporting 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. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. Page 20
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.11 | Financial instruments
The Group 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 Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is Page 21
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
due within one year. If not, they represent non-current liabilities. Trade payables 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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | Operating leases: the Group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.15 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.16 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.17 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.18 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 22
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | 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.
| 2.20 | 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 reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date. Page 23
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The group makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results. The directors consider the key accounting estimates to be the useful life of assets, provision for trade debtors & work-in-progress recoverability, and carrying value of Investment property. The useful lives of assets are reviewed on a regular basis by the directors. Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements are applied. Management estimate the stage of completion of long term contracts by comparing actual costs incurred to forecasts, relying on their past experience and expertise to ensure those estimates are accurate. Investment properties are formally valued when relevant with ongoing review by the directors for material changes to the carrying value.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Building and construction engineering | 41,543,603 | 31,022,165
| Land and property development | 6,966,930 | 11,276,553
|  | 48,510,533 | 42,298,718
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 237,946 | 389,156
| Other operating income | 45,832 | 34,019
|  | 283,778 | 423,175
Page 24
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 586,084 | 449,084
| Other operating lease rentals | 80,150 | 80,150
| Defined contributions pension cost | 205,148 | 359,790
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 40,000 | 37,000
| Fees payable to the Company's auditors and their associates in respect of: |  |
| All non-audit services not included above | 24,750 | 10,145
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 10,207,084 | 9,862,421
| Social security costs | 1,193,890 | 1,007,286
| Cost of defined contribution scheme | 205,148 | 359,790
|  | 11,606,122 | 11,229,497
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 221 | 224
|  | Administration and support | 20 | 18
|  |  | 241 | 242
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)
Page 25
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 507,510 | 531,180
| Group contributions to defined contribution pension schemes | 2,642 | 2,642
|  | 510,152 | 533,822
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £141,387 (2024 - £151,616).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
10. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received from listed investments | 4,562 | 12,167
|  | 4,562 | 12,167
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 25,781 | 43,591
|  | 25,781 | 43,591
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 451,872 | 498,726
| Loans from related undertakings | 95,696 | 36,878
| Finance leases and hire purchase contracts | 20,034 | -
|  | 567,602 | 535,604
Page 26
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | (123,132) | 196,845
| Adjustments in respect of previous periods | (1,106,605) | -
|  | (1,229,737) | 196,845
| Total current tax | (1,229,737) | 196,845
| Deferred tax |  |
| Origination and reversal of timing differences | 21,356 | 43,855
| Revaluations | (178,826) | 70,000
| Short term timing differences | 3,228 | -
| Losses and other deductions | (12,566) | -
| Total deferred tax | (166,808) | 113,855
| Taxation on (loss)/profit on ordinary activities | (1,396,545) | 310,700
Page 27
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower 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 | 1,441,110 | 1,139,977
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 360,278 | 284,994
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 13,375 | (43,654)
| Capital allowances for year in excess of depreciation | 2,792 | -
| Adjustments to tax charge in respect of prior periods | (1,229,737) | -
| Other timing differences leading to an increase (decrease) in taxation | 60,102 | -
| Non-taxable income | (1,049) | (2,890)
| Chargeable gains | 43,155 | 68,375
| Deferred tax asset not recognised in prior period | (354,818) | 3,875
| R&D tax credit | (290,643) | -
| Total tax charge for the year | (1,396,545) | 310,700
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
14. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £292,474 (2024 - loss £18,457). Page 28
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 354,563 | 1,111,957 | 2,837,791 | 402,788 | 4,707,099
| Additions | - | 107,558 | 734,855 | - | 842,413
| Disposals | - | (81,995) | (313,320) | - | (395,315)
| At 31 December 2025 | 354,563 | 1,137,520 | 3,259,326 | 402,788 | 5,154,197
| Depreciation |  |  |  |  |
| At 1 January 2025 | 23,078 | 746,038 | 1,447,774 | 373,882 | 2,590,772
| Charge for the year on owned assets | 1,400 | 87,373 | 186,792 | 24,568 | 300,133
| Charge for the year on financed assets | - | - | 286,011 | - | 286,011
| Disposals | - | (81,995) | (280,920) | - | (362,915)
| At 31 December 2025 | 24,478 | 751,416 | 1,639,657 | 398,450 | 2,814,001
| Net book value |  |  |  |  |
| At 31 December 2025 | 330,085 | 386,104 | 1,619,669 | 4,338 | 2,340,196
| At 31 December 2024 | 331,485 | 365,919 | 1,390,017 | 28,906 | 2,116,327
| Included within freehold property is land of £263,287 (2024 - £263,287) which is not depreciated.
Page 29
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Company
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 January 2025 | 354,563
| At 31 December 2025 | 354,563
| Depreciation |
| At 1 January 2025 | 23,078
| Charge for the year on owned assets | 1,400
| At 31 December 2025 | 24,478
| Net book value |
| At 31 December 2025 | 330,085
| At 31 December 2024 | 331,485
| Included within freehold property is land of £263,287 (2024 - £263,287) which is not depreciated.
Page 30
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 600
| At 31 December 2025 | 600
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| R N Wooler & Company Limited | Building & construction engineers | Ordinary | 100%
| R N Wooler & Co (Developments) Limited | Land and property development | Ordinary | 100%
| The registered office of the subsidiary undertakings is Florence House, Lawkholme Business Park, Lawkholme Lane, Keighley, BD21 3LA.
Page 31
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 10,672,500
| Disposals | (2,480,000)
| Deficit on revaluation | (70,050)
| At 31 December 2025 | 8,122,450
The 2025 valuations were made by Harrison Boothman, chartered surveyors, on an open market value basis.
| At 31 December 2025
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 4,843,523 | 6,499,758
|  | 4,843,523 | 6,499,758
| Company
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 6,885,000
| Disposals | (1,240,000)
| Surplus on revaluation | 30,000
| At 31 December 2025 | 5,675,000
The 2025 valuations were made by Harrison Boothman, chartered surveyors, on an open market value basis. Page 32
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17.Investment property (continued)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Revaluation reserves |  |
| Net surplus/(deficit) in movement properties | 2,930,912 | 3,872,151
| At 31 December 2025 | 2,930,912 | 3,872,151
18. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Raw materials and consumables | 101,650 | 101,650 | - | -
| Work in progress | 26,960,312 | 22,451,719 | 937,450 | 929,844
|  | 27,061,962 | 22,553,369 | 937,450 | 929,844
19. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 4,729,142 | 4,779,774 | 11,238 | 43,464
| Amounts owed by group undertakings | - | - | 6,223,111 | 9,821,230
| Other debtors | 602,628 | 676,073 | 565,436 | 585,712
| Prepayments and accrued income | 240,786 | 234,244 | 23,423 | 22,889
| Amounts recoverable on long term contracts | 535,507 | 564,830 | - | -
|  | 6,108,063 | 6,254,921 | 6,823,208 | 10,473,295
| Amounts owed by group undertakings are interest free, repayable on demand and unsecured.
20. | Current asset investments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Listed investments | 162,223 | 412,158 | 162,223 | 412,158
|  | 162,223 | 412,158 | 162,223 | 412,158
Page 33
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,816,530 | 2,847,884 | 114,035 | 177,511
|  | 2,816,530 | 2,847,884 | 114,035 | 177,511
22. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 4,000,000 | 7,000,000 | 4,000,000 | 7,000,000
| Other loans | 223,321 | 450,350 | - | -
| Trade creditors | 5,154,330 | 4,606,568 | - | 647
| Amounts owed to group undertakings | - | - | 1,040,287 | 4,248,373
| Corporation tax | - | 739,340 | - | -
| Other taxation and social security | 851,156 | 646,068 | - | 1,159
| Obligations under finance lease and hire purchase contracts | 342,850 | 66,900 | - | -
| Other creditors | 2,686,747 | 1,538,048 | 2,525,028 | 1,125,026
| Accruals and deferred income | 2,114,032 | 1,470,917 | 32,874 | 35,211
|  | 15,372,436 | 16,518,191 | 7,598,189 | 12,410,416
| Amounts owed to group undertakings are interest free, repayable on demand and unsecured. There is an unlimited cross guarantee given by all companies within the group to secure any bank borrowings. Security is given by way of a charge over certain of the group's investment property and stock. Other loans are secured by a first charge over certain assets of the group. Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
Page 34
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Other loans | 641,504 | 926,608
| Net obligations under finance leases and hire purchase contracts | 514,278 | -
|  | 1,155,782 | 926,608
| Other loans are secured by a first charge over certain assets of the group. Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
24. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 4,000,000 | 7,000,000 | 4,000,000 | 7,000,000
| Other loans | 223,321 | 450,350 | - | -
|  | 4,223,321 | 7,450,350 | 4,000,000 | 7,000,000
| Amounts falling due 1-2 years |  |  |  |
| Other loans | 295,960 | 270,007 | - | -
|  | 295,960 | 270,007 | - | -
| Amounts falling due 2-5 years |  |  |  |
| Other loans | 345,545 | 656,601 | - | -
|  | 345,545 | 656,601 | - | -
|  | 4,864,826 | 8,376,958 | 4,000,000 | 7,000,000
Page 35
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 25. | Analysis of net debt
|  |  | At 1 January 2025 | Cash flows | New loans and finance leases | Repayment of loans and finance leases | At 31 December 2025
|  |  | £ | £ | £ | £ | £
| Cash at bank and in hand | 2,847,884 | (31,354) | - | - | 2,816,530
| Other loans | (1,376,958) | - | - | 512,133 | (864,825)
| Bank loans | (7,000,000) | - | - | 3,000,000 | (4,000,000)
| Finance leases | (66,900) | - | (857,128) | 66,900 | (857,128)
| Liquid investments | 412,158 | (249,935) | - | - | 162,223
|  | (5,183,816) | (281,289) | (857,128) | 3,579,033 | (2,743,200)
26. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,013,029 | 899,174
| Charged to profit or loss | (166,809) | 113,855
| At end of year | 846,220 | 1,013,029
Page 36
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 26.Deferred taxation (continued)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 585,000 | 515,000
| Charged to profit or loss | (62,591) | 70,000
| At end of year | 522,409 | 585,000
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | 297,640 | 276,284 | - | -
| Deferred tax on revaluation surplus | 593,556 | 740,000 | 554,791 | 585,000
| Losses and other deductions | 44,948 | - | 32,382 | -
| Short term timing differences | (28) | (3,255) | - | -
|  | 846,220 | 1,013,029 | 522,409 | 585,000
27. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
| The ordinary shares carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.
28. | Reserves
Non-distributable reserves This reserve represents the accumulated unrealised profits on the revaluation of the group's and company's investment properties. The reserve is held net of deferred tax at the prevailing statement of financial position taxation rates. Page 37
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
29. | Contingent liabilities
The group has entered into an unlimited cross guarantee with its bankers in respect of the bank borrowings of all the companies within the group, secured by way of a charge on investment properties and stock. At the year end, R N Wooler & Co (Holdings) Limited had outstanding bank borrowings of £4,000,000 (2024 - £7,000,000).
30. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £205,148 (2024 - £359,790). Contributions totalling £17,299 (2024 - £13,020) were payable to the fund at the reporting date and are included in creditors.
31. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 20,650 | 20,650
| Later than 1 year and not later than 5 years | 39,579 | 60,229
|  | 60,229 | 80,879
| The company had no such commitments.
Page 38
R. N. WOOLER & CO (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
32. | Related party transactions
| The company has taken advantage of the exemption contained within Section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available. Included within other loans is an amount due to the R N Wooler & Company Limited Directors Retirement Plan of £864,825 (2024 - £1,376,958) of which R N Wooler and M A Wooler are trustees of the scheme. The loans bear interest at commercial rates and interest of £95,696 (2024 - £35,260) was charged during the year. Rent is charged under both formal and informal lease agreements for the use of property. Rent charged during the year amounted to £80,150 (2024 - £80,150). R N & M A Wooler are trustees of the R N Wooler Discretionary Trust and the M A Wooler Discretionary Trust. Included within other creditors are amounts due to the Trusts amounting to £297,768 (2024 - £297,768). The balances are interest free and repayable on demand. R N Wooler is a director of Webster Properties (Skipton) Limited. Included within debtors, amounts falling due within one year, is an amount due from Webster Properties (Skipton) Limited of £579,759 (2024 - £579,759). The balance is interest free and repayable on demand. Included in other debtors, amounts falling due within one year, is an amount due from Wooler Properties Limited, a company which has common directorships of £15,235 (2024 - £51,205). Included within other creditors due within one year is a balance due to R N & M A Wooler of £2,226,260 (2024 - £1,226,260). The balance is interest free and repayable on demand.
33. | Controlling party
The group is under the control of R N Wooler.
Page 39