IRIS Accounts Production v26.1.10.61 00900611 Board of Directors 1.10.24 30.9.25 30.9.25 Medium entities 64 95 true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00900611 2024-09-30 00900611 2025-09-30 00900611 2024-10-01 2025-09-30 00900611 2023-09-30 00900611 2023-10-01 2024-09-30 00900611 2024-09-30 00900611 ns15:EnglandWales 2024-10-01 2025-09-30 00900611 ns14:PoundSterling 2024-10-01 2025-09-30 00900611 ns10:Director1 2024-10-01 2025-09-30 00900611 ns10:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 00900611 ns10:MediumEntities 2024-10-01 2025-09-30 00900611 ns10:Audited 2024-10-01 2025-09-30 00900611 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-10-01 2025-09-30 00900611 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-10-01 2025-09-30 00900611 ns10:FullAccounts 2024-10-01 2025-09-30 00900611 1 2024-10-01 2025-09-30 00900611 ns10:OrdinaryShareClass1 2024-10-01 2025-09-30 00900611 ns10:Director3 2024-10-01 2025-09-30 00900611 ns10:Director4 2024-10-01 2025-09-30 00900611 ns10:Director5 2024-10-01 2025-09-30 00900611 ns10:RegisteredOffice 2024-10-01 2025-09-30 00900611 ns10:Director2 2024-10-01 2025-09-30 00900611 ns5:RetainedEarningsAccumulatedLosses 2024-09-30 00900611 ns5:RetainedEarningsAccumulatedLosses 2023-09-30 00900611 ns5:RetainedEarningsAccumulatedLosses 2025-09-30 00900611 ns5:RetainedEarningsAccumulatedLosses 2024-09-30 00900611 ns5:CurrentFinancialInstruments 2025-09-30 00900611 ns5:CurrentFinancialInstruments 2024-09-30 00900611 ns5:Non-currentFinancialInstruments 2025-09-30 00900611 ns5:Non-currentFinancialInstruments 2024-09-30 00900611 ns5:ShareCapital 2025-09-30 00900611 ns5:ShareCapital 2024-09-30 00900611 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-10-01 2025-09-30 00900611 ns5:PlantMachinery 2024-10-01 2025-09-30 00900611 ns5:FurnitureFittings 2024-10-01 2025-09-30 00900611 1 2024-10-01 2025-09-30 00900611 1 2023-10-01 2024-09-30 00900611 2 2024-10-01 2025-09-30 00900611 2 2023-10-01 2024-09-30 00900611 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 00900611 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-09-30 00900611 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 00900611 ns5:PlantMachinery 2024-09-30 00900611 ns5:FurnitureFittings 2024-09-30 00900611 ns5:PlantMachinery 2025-09-30 00900611 ns5:FurnitureFittings 2025-09-30 00900611 ns5:PlantMachinery 2024-09-30 00900611 ns5:FurnitureFittings 2024-09-30 00900611 ns5:CostValuation 2024-09-30 00900611 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-09-30 00900611 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-09-30 00900611 ns5:CurrentFinancialInstruments 2024-10-01 2025-09-30 00900611 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2024-09-30 00900611 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:FinanceLeases 2025-09-30 00900611 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:FinanceLeases 2024-09-30 00900611 ns5:FinanceLeases ns5:BetweenOneFiveYears 2025-09-30 00900611 ns5:FinanceLeases ns5:BetweenOneFiveYears 2024-09-30 00900611 ns5:FinanceLeases 2025-09-30 00900611 ns5:FinanceLeases 2024-09-30 00900611 ns5:WithinOneYear 2025-09-30 00900611 ns5:WithinOneYear 2024-09-30 00900611 ns5:BetweenOneFiveYears 2025-09-30 00900611 ns5:BetweenOneFiveYears 2024-09-30 00900611 ns5:MoreThanFiveYears 2025-09-30 00900611 ns5:MoreThanFiveYears 2024-09-30 00900611 ns5:AllPeriods 2025-09-30 00900611 ns5:AllPeriods 2024-09-30 00900611 ns5:DeferredTaxation 2024-09-30 00900611 ns5:DeferredTaxation 2024-10-01 2025-09-30 00900611 ns5:DeferredTaxation 2025-09-30 00900611 ns10:OrdinaryShareClass1 2025-09-30 00900611 ns5:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30

REGISTERED NUMBER: 00900611 (England and Wales)

| HOTCHKISS LTD |

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED |

| 30TH SEPTEMBER 2025 |

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Directors | 4 |  | to |  | 6

Report of the Independent Auditors | 7 |  | to |  | 10

Statement of Income and Retained Earnings | 11 |

Statement of Financial Position | 12 |

Notes to the Financial Statements | 13 |  | to |  | 23

HOTCHKISS LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| DIRECTORS: | T Cooper

| C Lapina-Amarelle FMAAT FCCA

| O C Y Grob

| R Plummer

| REGISTERED OFFICE: | 7 Marshall Road

| Hampden Park Industrial Estate

| Eastbourne

| East Sussex

| BN22 9AX

| REGISTERED NUMBER: | 00900611 (England and Wales)

| AUDITORS: | GMP Audit Limited, Statutory Auditor

| 20 Eversley Road

| Bexhill on Sea

| East Sussex

| TN40 1HE

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

The directors present their strategic report for the year ended 30th September 2025.

BUSINESS REVIEW

The directors are pleased to report a turnover for the year ended 30th September 2024 of £28.9m (2024: £22.8m) and operating profit £2.3m (2024: £2.3m).

The year has been very steady and provided us with a consistent result at operating profit level, which is testament to our contracting teams ability to close out large airside projects.

Our Sales and Estimating teams have had excellent success in growing our order book for the coming years and have secured three large airside projects in Q4 2025 totalling c.£50m.

Overheads have continued to reduce and are now at a level we would expect to be maintained based on a lean structure. Flexibility on site requirements can be managed internally using the Group resources available to us.

Based on the forecasts and projections, the Board anticipates satisfactory profitable performance in the next financial year and we continue to work towards the wider Group's sustainability strategy.

The Group, of which Hotchkiss Ltd is a member of, achieved Carbon Neutral status in the summer of 2023 in accordance with PAS2060:2014. Our scope 3 emissions assessment were completed in 2024 and we began engagements with the supply chain to enable us to start building our own Net Zero Strategy.

Sustainable projects we have now completed are; installation of EV Car Chargers, a completely new central heating system with energy efficient boilers within Eastbourne offices, Gas and Electricity tariffs are now renewed on Green energy plans, installation of 520 Solar Panels to the Eastbourne factory roof, which should generate c.245,000 Kwh or save c.55 tonnes of CO2e annually. The Group's commercial fleet has moved away from diesel fuel and are fueling with HVO (Hydrotreated Vegetable Oil), which will reduce emissions by c.90% or c.80 tonnes of CO2 annually. We have also been the first Ductwork company to offer our customers "Green Steel", which is produced by The Steel Manufacturers using reduced CO2 emissions.

The board thanks every employee for their continuing hard work and efforts on behalf of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

Long term contract management: The risks that the Company are exposed to depends on the size and complexity of the project together with the legal form of the contract. The development and retention of high-quality staff is essential to the success of our business and the effective operation of our contract management processes. The Company maintains effective procedures for the estimation and tendering process as well as for the management and monitoring of contracts in progress.

The Company is exposed to risks that could impact the delivery of our contracts to our clients on time and within the estimated costs. Robust controls exist to monitor and manage contract performance throughout the contract to identify and manage risks as they arise throughout the contract. The Company monitors performance of its suppliers and contractors throughout the contract.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

KEY PERFORMANCE INDICATORS (KPIS)

The Company directors consider the revenue and operating profit of the business to be the key performance indicators, these are set out below.

Turnover increased to £28.9m from £22.8m whilst operating profit was unchanged at £2.3m on prior year operations.

ON BEHALF OF THE BOARD:

C Lapina-Amarelle FMAAT FCCA - Director

23rd June 2026

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

The directors present their report with the financial statements of the company for the year ended 30th September 2025.

PRINCIPAL ACTIVITY

The activity of the Hotchkiss Ltd (the "Company") continues to be that of ventilation and air conditioning ductwork contractors.

DIVIDENDS

The directors have not declared or settled any dividends in the year to Grob Group Ltd (2024: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1st October 2024 to the date of this report.

T Cooper

C Lapina-Amarelle FMAAT FCCA

O C Y Grob

Other changes in directors holding office are as follows:

D J Baldock - resigned 1st March 2025

R Plummer - appointed 1st March 2025

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risk, liquidity risk and customer credit exposure. The directors review and agree policies for managing each of these risks and they are summarised below.

Interest rate risk

The company finances its operations through retained profits. The directors do not consider that there is a risk of significant fluctuation in the rate for the foreseeable future.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably. Debt is structured so repayments can be made out of cash generated through operations.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Customer credit exposure

The company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and active debt management.

Going concern

The directors have given careful consideration to the going concern status of the Company and, in doing so, have reviewed the Company's current financial position, cash flow forecasts and projected performance.

The Company has a strong order book at the date of approval of these financial statements, which provides a high degree of visibility over future revenues. Forecasts prepared by management indicate that the Company will continue to generate sufficient cash flows to meet its liabilities as they fall due.

Having undertaken this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.

Matters covered in the strategic report

Information in respect of business review and key performance indicators (KPIs) are not shown in the Directors' Report because they are presented in the Strategic Report in accordance with s414c(ii) of the Companies Act 2006.

QUALIFYING THIRD PARTY INDEMNITY PROVISION

In accordance with clause 20.1.1 of the Articles of Association, a qualifying indemnity provision is in force for the benefit of each of the directors of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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;

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 AUDITOR

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 auditor is 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 auditor is aware of that information.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

AUDITORS

The Auditors, GMP Audit Limited, Statutory Auditor offer themselves for re-appointment as auditor in accordance with Section 485(4) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C Lapina-Amarelle FMAAT FCCA - Director

23rd June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOTCHKISS LTD

Opinion

We have audited the financial statements of Hotchkiss Ltd (the 'company') for the year ended 30th September 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30th September 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOTCHKISS LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOTCHKISS LTD

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The objective of our audit include:

- |  | To identify and assess the risks of material misstatement of the financial statements due to fraud or error; |

- |  | To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and |

- |  | To respond appropriately to those risks. |

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, our procedures included the following:

- |  | We obtained an understanding of the legal and regulatory framework applicable to the company andthe sector in which they operate. We determined that the following laws and regulations were mostsignificant: Companies Act 2006, relevant tax legislation and health and safety laws. |

- |  | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management of the company. We corroborated our enquiries through our review of legal costs, associated papers and regulator correspondence, where available, along with consideration of the results of our audit procedures for the company. |

- |  | We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included: |

| - |  | Identifying and assessing the design-effectiveness of controls management has in place to prevent and detect fraud; |

| - |  | Understanding how those charged with governance considered and addressed the potential override of controls or other appropriate influence over the financial reporting process; |

| - |  | Challenging assumptions and judgements made by management in its significant accounting estimates; |

| - |  | Identifying and testing journal entries, in particular any journal entries posted outside of the financial team; and |

| - |  | Assessing the extent of compliance with the relevant 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOTCHKISS LTD

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 a Report of the Auditors 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.

Daniel Sallows FCA (Senior Statutory Auditor)

for and on behalf of GMP Audit Limited, Statutory Auditor

20 Eversley Road

Bexhill on Sea

East Sussex

TN40 1HE

24th June 2026

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £'000 | £'000 | £'000 | £'000 |

TURNOVER | 3 | 28,882 |  | 22,809 |  |

Cost of sales | 24,086 |  | 17,356 |  |

GROSS PROFIT | 4,796 |  | 5,453 |  |

Distribution costs | - |  | 122 |  |

Administrative expenses | 2,506 |  | 3,046 |  |

|  | 2,506 |  |  |  | 3,168 |  |

OPERATING PROFIT | 5 | 2,290 |  | 2,285 |  |

Interest receivable and similar income | 6 | 47 |  | 11 |  |

2,337 |  | 2,296 |  |

Interest payable and similar expenses | 7 | 32 |  | 60 |  |

PROFIT BEFORE TAXATION | 2,305 |  | 2,236 |  |

Tax on profit | 8 | 468 |  | 618 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,837 |  | 1,618 |  |

Retained earnings at beginning of year | 5,708 |  | 4,090 |  |

RETAINED EARNINGS AT END OF YEAR | 7,545 |  | 5,708 |  |

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

STATEMENT OF FINANCIAL POSITION

30TH SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Intangible assets | 9 | 5 |  | 10 |  |

Tangible assets | 10 | 79 |  | 18 |  |

Investments | 11 | 17 |  | 17 |  |

101 |  | 45 |  |

CURRENT ASSETS

Debtors: amounts falling due within one year | 12 | 10,222 |  | 10,383 |  |

Debtors: amounts falling due after more than one year | 12 | 987 |  | 623 |  |

Cash at bank and in hand | 5,033 |  | 1,874 |  |

16,242 |  | 12,880 |  |

CREDITORS

Amounts falling due within one year | 13 | 8,686 |  | 6,805 |  |

NET CURRENT ASSETS | 7,556 |  | 6,075 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,657 |  | 6,120 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (107 | ) | (404 | ) |

PROVISIONS FOR LIABILITIES | 18 | - |  | (3 | ) |

NET ASSETS | 7,550 |  | 5,713 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 5 |  | 5 |  |

Retained earnings | 20 | 7,545 |  | 5,708 |  |

SHAREHOLDERS' FUNDS | 7,550 |  | 5,713 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 23rd June 2026 and were signed on its behalf by:

C Lapina-Amarelle FMAAT FCCA - Director

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Hotchkiss Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The directors have given careful consideration to the going concern status of the Company and, in doing so, have reviewed the Company's current financial position, cash flow forecasts and projected performance.

| The Company has a strong order book at the date of approval of these financial statements, which provides a high degree of visibility over future revenues. Forecasts prepared by management indicate that the Company will continue to generate sufficient cash flows to meet its liabilities as they fall due.

| Having undertaken this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The accounts of Hotchkiss Ltd have adopted the following disclosure exemptions:

| - the requirement to present a statement of cash flows and related notes

| - financial instrument disclosures, including:

| 1. categories of financial instruments,

| 2. items of income, expenses, gains or losses relating to financial instruments, and

| exposure to and management of financial risks.

| Preparation of consolidated financial statements

| The financial statements contain information about Hotchkiss Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its ultimate parent undertaking, Grob & Co Holdings Limited, registered in England and Wales.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include the following:

| Long term contracts:

| The Turnover policy, described below, requires forecasts to be made of the outcomes of long term contracts, which require assessments and judgements to be made on the costs to complete, changes in the scope of work, contract programmes and changes in costs. There are several long term contracts where the Company has incorporated significant judgements over contractual entitlements. The range of potential outcomes could result in a positive or negative change to the underlying profitability and cash flow.

| The Company maintains robust controls to monitor performance and review those judgements. Where it is considered that the outcome of a long term contract can be assessed with reasonable certainty, attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract. Provision is made on a contract by contract basis for all foreseeable losses.

| The value of long term contract work in progress, including retentions, at the year end for the company was £2,411,706 (2024: £2,482,048).

| Turnover

| Turnover represents the fair value of consideration receivable for goods supplied and services provided in the ordinary course of business, net of trade discounts, value added tax and other similar taxes. Revenue is recognised when (or as) the entity satisfies its performance obligations by transferring promised goods or services to customers.

| Long term contracts

| Turnover from long-term contracts is recognised over time by reference to the stage of completion of the contract activity at the reporting date, where the outcome of the contract can be measured reliably. The stage of completion is assessed by reference to work performed and costs incurred to date as a percentage of total estimated contract costs. Contract costs are recognised as incurred. Variations, claims and incentive payments are included within turnover to the extent that entitlement exists, the amount can be measured reliably, and receipt is considered probable. Where it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised immediately in the profit and loss account.

| Intangible fixed assets and amortisation

| Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

| Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over their estimated useful economic lives at the following rates:

| Licences 10% to 33% per annum on cost

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery | - | 10% to 20% per annum on cost

| Office furniture and equipment | - | 10% to 33% per annum on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.

| A financial instrument is recognised if the company becomes party to the contractual provisions of the instrument. Financial instruments are derecognised if the company's contractual rights to the cash flows from the financial asset expire. Financial liabilities are derecognised if the company's obligations specified in the contract expire or are discharged or cancelled.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

| Where tax losses are transferred between group companies and consideration is paid for those losses, the associated tax effects are recognised within the tax charge in the individual entity's Income Statement, with any related intercompany balances recognised as amounts due from or due to group undertakings, as appropriate.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Operating leases

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Retirement benefits

| The company is a member of a group which operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the group. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the group.

| The company also operates an auto enrolment pension scheme and a personal pension scheme. The assets of the schemes are held separately from those of the company in independently administered funds. The amount charged against profits represents the contributions payable to the schemes in respect of the accounting period.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

3. | TURNOVER

| All turnover arises within the UK and relates to the supply of, or supply and installation of ventilation and air conditioning ductwork.

| The amount of contract revenue recognised as turnover in the year was £28,882,143 (2024: £22,070,341).

4. | EMPLOYEES AND DIRECTORS

| Staff costs during the year were as follows:

|  | 2025 |  | 2024 |  |

|  | £'000 |  | £'000 |  |

| Wages and salaries |  | 2,955 |  | 3,453 |  |

| Social security costs |  | 339 |  | 369 |  |

| Other pension costs |  | 69 |  | 89 |  |

|  | 3,363 |  | 3,911 |  |

| The average number of employees of the company (including directors) during the year was:

|  | 2025 |  | 2024 |  |

|  | Number |  | Number |  |

| Production |  | 11 |  | 37 |  |

| Administration |  | 53 |  | 58 |  |

|  | 64 |  | 95 |  |

| Remuneration in respect of directors was as follows:

|  | 2025 |  | 2024 |  |

|  | £'000 |  | £'000 |  |

| Emoluments |  | 67 |  | 90 |  |

| Pension contributions |  | 4 |  | 9 |  |

|  | 71 |  | 99 |  |

| During the period 1 director (2024: 1) participated in a money purchase pension scheme.

| Key management personnel includes directors of other group companies, however, they are remunerated by the respective group entities in which they hold their directorships, and no remuneration is paid by the Company in respect of this.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

5. | OPERATING PROFIT

| The profit on ordinary activities before taxation is stated after:

|  | 2025 |  | 2024 |  |

|  | £'000 |  | £'000 |  |

| Auditor's remuneration |  | 24 |  | 22 |  |

| Depreciation |  | 17 |  | 36 |  |

| Amortisation |  | 4 |  | 19 |  |

| (Profit) / loss on sale of fixed assets |  | (0 | ) | (0 | ) |

| Hire of plant and machinery |  | 351 |  | 443 |  |

| Operating lease rentals |  |

| - other assets |  | 72 |  | 92 |  |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£'000 | £'000 |

| Interest from group companies | 47 |  | 5 |  |

| Other interest receivable | - |  | 6 |  |

47 |  | 11 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£'000 | £'000 |

| Other interest | 32 |  | 60 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£'000 | £'000 |

| Current tax:

| UK corporation tax | 502 |  | 615 |  |

| Deferred tax | (34 | ) | 3 |  |

| Tax on profit | 468 |  | 618 |  |

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£'000 | £'000 |

| Profit before tax | 2,305 |  | 2,236 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 576 |  | 559 |  |

| Effects of:

| Expenses not deductible for tax purposes | (27 | ) | 42 |  |

| Adjustments to tax charge in respect of previous periods | (18 | ) | 6 |  |

| Origination and reversal of timing differences | (63 | ) | 11 |  |

| Total tax charge | 468 |  | 618 |  |

9. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£'000 |

| COST

| At 1st October 2024 | 275 |  |

| Disposals | (4 | ) |

| At 30th September 2025 | 271 |  |

| AMORTISATION

| At 1st October 2024 | 265 |  |

| Amortisation for year | 4 |  |

| Eliminated on disposal | (3 | ) |

| At 30th September 2025 | 266 |  |

| NET BOOK VALUE

| At 30th September 2025 | 5 |  |

| At 30th September 2024 | 10 |  |

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

10. | TANGIBLE FIXED ASSETS

| Office |

| furniture |

| Plant and |  | and |

| machinery |  | equipment |  | Totals

£'000 | £'000 | £'000 |

| COST

| At 1st October 2024 | 10 |  | 522 |  | 532 |  |

| Additions | - |  | 79 |  | 79 |  |

| Disposals | - |  | (137 | ) | (137 | ) |

| At 30th September 2025 | 10 |  | 464 |  | 474 |  |

| DEPRECIATION

| At 1st October 2024 | 10 |  | 504 |  | 514 |  |

| Charge for year | - |  | 18 |  | 18 |  |

| Eliminated on disposal | - |  | (137 | ) | (137 | ) |

| At 30th September 2025 | 10 |  | 385 |  | 395 |  |

| NET BOOK VALUE

| At 30th September 2025 | - |  | 79 |  | 79 |  |

| At 30th September 2024 | - |  | 18 |  | 18 |  |

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£'000 |

| COST

| At 1st October 2024

| and 30th September 2025 | 17 |  |

| NET BOOK VALUE

| At 30th September 2025 | 17 |  |

| At 30th September 2024 | 17 |  |

| The company owns 100% of the issued ordinary shares of £1 each of D G Palmer Limited, a company incorporated in England and Wales, registered address 7 Marshall Road, Eastbourne, BN22 9AX, whose principal activity is the installation of ventilation and air conditioning systems.

| The D G Palmer Limited profit for the period and the aggregate amount of capital and reserves at the end of the year were £4,875 (2024: £626) and £18,598 (2024: £13,723) respectively.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

12. | DEBTORS

2025 | 2024 |

£'000 | £'000 |

| Amounts falling due within one year:

| Trade debtors | 3,814 |  | 1,865 |  |

| Amounts owed by group undertakings | 4,989 |  | 6,463 |  |

| Amounts recoverable on contract | 980 |  | 1,859 |  |

| Other debtors | 4 |  | 3 |  |

| VAT | 344 |  | 156 |  |

| Deferred tax asset | 31 |  | - |  |

| Prepayments | 60 |  | 37 |  |

10,222 |  | 10,383 |  |

| Amounts falling due after more than one year:

| Amounts recoverable on contract | 987 |  | 623 |  |

| Aggregate amounts | 11,209 |  | 11,006 |  |

| Included in amounts recoverable on contracts is an amount of £987,013 (2024: £622,968) which falls due after more than 1 year.

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£'000 | £'000 |

| Other loans (see note 15) | 107 |  | 118 |  |

| Finance leases (see note 16) | 65 |  | 60 |  |

| Trade creditors | 4,178 |  | 3,107 |  |

| Tax | - |  | 609 |  |

| Social security and other taxes | 312 |  | 248 |  |

| Other creditors | 47 |  | 52 |  |

| Payments received on account | 2,721 |  | 1,714 |  |

| Accrued expenses | 1,256 |  | 897 |  |

8,686 |  | 6,805 |  |

| Payments received on account represents amounts due to customers in respect of contract work.

| Other creditors includes £43,030 (2024: £43,607) due in respect of pension contributions. The amount of contributions included therein in relation to directors is £1,642 (2024: £nil).

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£'000 | £'000 |

| Other loans (see note 15) | - |  | 107 |  |

| Finance leases (see note 16) | 107 |  | 172 |  |

| Contract liability accrual | - |  | 125 |  |

107 |  | 404 |  |

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

15. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£'000 | £'000 |

| Amounts falling due within one year or on demand:

| Other loans | 107 |  | 118 |  |

| Amounts falling due between one and two years:

| Other loans - 1-2 years | - |  | 107 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Finance leases |

2025 | 2024 |

£'000 | £'000 |

| Net obligations repayable:

| Within one year | 65 |  | 60 |  |

| Between one and five years | 107 |  | 172 |  |

172 |  | 232 |  |

| The above finance lease commitments are secured against the Coil Line asset to which the lease relates.This asset has since been transferred to LeFactory Ltd on commencement of LeFactory Ltd's trading date of April 2024. The liability within Hotchkiss Ltd is met with a downstream debtor, via invoice to LeFactory Ltd, which is being paid monthly by way of reimbursed funds from LeFactory Ltd to Hotchkiss Ltd, in order for Hotchkiss Ltd to pay the lease agreement.

| Non-cancellable |

| operating leases |

2025 | 2024 |

£'000 | £'000 |

| Within one year | 46 |  | 75 |  |

| Between one and five years | 65 |  | 94 |  |

| In more than five years | - |  | 4 |  |

111 |  | 173 |  |

17. | SECURED DEBTS

| The company, together with other members of the group, has provided a debenture and cross guarantee in favour of Barclays Bank PLC as security for all money, obligations and liabilities owing to them. The security is capped at a maximum aggregate value of £600,000. Barclays Bank have a fixed charge over properties owned by the group and a floating charge over all other assets of the group.

| At the balance sheet date, there were no amounts owed to Barclays Bank PLC by any group company with regard to which the security could be called upon.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

18. | PROVISIONS FOR LIABILITIES

2024 |

£'000 |

| Deferred tax | 3 |  |

| Deferred |

| tax |

£'000 |

| Balance at 1st October 2024 | 3 |  |

| Provided during year | (34 | ) |

| Balance at 30th September 2025 | (31 | ) |

| The company has recognised its deferred taxation asset of £31,431 (2024: £3,025 liability).

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £'000 | £'000 |

| 5,000 | Ordinary | £1 | 5 |  | 5 |  |

| Called up share capital represents the nominal value of shares that have been issued.

20. | RESERVES

| Retained

| earnings

£'000 |

| At 1st October 2024 | 5,708 |  |

| Profit for the year | 1,837 |  |

| At 30th September 2025 | 7,545 |  |

21. | PENSION COMMITMENTS

| The company participates in three pension schemes operated by Grob Group Limited. Particulars of the group schemes are contained in the financial statements of Grob & Co Holdings Limited, the ultimate parent undertaking.

HOTCHKISS LTD (REGISTERED NUMBER: 00900611)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

22. | RELATED PARTY DISCLOSURES

| The company's ultimate parent undertaking is Grob & Co Holdings Ltd. Grob & Co Holdings Ltd is a company registered in England and Wales and heads the overall group in which the results of the company are consolidated.

| The ultimate controlling party of the group is Mr O C Y Grob.

| As the company is a wholly owned subsidiary of Grob & Co Holdings Limited, the company has taken advantage of the exemption contained in FRS 102 and has not disclosed transactions or balances with entities which form part of the group. The financial statements of Grob & Co Holdings Limited can be obtained from the company's registered office at 7 Marshall Road, Hampden Park Industrial Estate, Eastbourne, East Sussex, BN22 9AX.

| Directors consider that all key management personnel are directors of the company, information regarding key management personnel compensation is included in note 4 of these accounts.

23. | CONTROLLING PARTIES

| The company's parent undertaking is Grob & Co Holdings Limited. The ultimate controlling party of the group is Mr O C Y Grob.

| Grob & Co Holdings Limited is a company registered in England and Wales. It is the company's ultimate parent undertaking and heads the largest group in which the results of the company are consolidated.