REGISTERED NUMBER: 13515433 (England and Wales)

Page

Company Information  

1

Group Strategic Report  

2

to

3

Report of the Director  

4

to

5

Report of the Independent Auditors  

6

to

9

Consolidated Income Statement  

10

Consolidated Other Comprehensive Income  

11

Consolidated Statement of Financial Position  

12

Company Statement of Financial Position  

13

Consolidated Statement of Changes in Equity  

14

Company Statement of Changes in Equity  

15

Consolidated Statement of Cash Flows  

16

Notes to the Consolidated Statement of Cash

Flows

17

Notes to the Consolidated Financial Statements

18

to

36

DIRECTOR:

O C Y Grob

REGISTERED OFFICE:

7 Marshall Road

Hampden Park Industrial Estate

Eastbourne

East Sussex

BN22 9AX

REGISTERED NUMBER:

13515433 (England and Wales)

AUDITORS:

GMP Audit Limited, Statutory Auditor

20 Eversley Road

Bexhill on Sea

East Sussex

TN40 1HE

The director presents his strategic report of the company and the group for the year ended 30th September 2025.

REVIEW OF BUSINESS

The board are pleased to report the Group results for the financial year ended 30 September 2025.

The year has been strong and provided good results at turnover and operating profit level, which demonstrates growth in turnover and stable operating profit performance, which is testament to our management staff and employees' ability to contract in today's market.

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

Overheads have continued to reduce and are consistently reviewed to maintain a lean structure within the Group.

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

The Group achieved Carbon Neutral status in the summer of 2023. Our scope 3 emissions assessment was completed in 2024 and we have begun our 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 our 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. We have also moved the Group's commercial fleet fuel away from diesel 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 acknowledges the contributions made by all of its employees and thanks them for their continuing efforts on behalf of the Group.

PRINCIPAL RISKS AND UNCERTAINTIES

Long term contract management: The risks that the Group are exposed to depend 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 Group maintains effective procedures for the estimation and tendering process as well as for the management and monitoring of contracts in progress.

The Group 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 Group monitors performance of suppliers and contractors throughout the contract.

SECTION 172(1) STATEMENT

The Group provide a complete package for air conditioning and ventilation and fire rated duct systems. The Group operates within the UK and depends on trust and confidence of its stakeholders to continue to operate sustainably in the long term. It seeks to put clients' interests first, invest in its employees, nurtures relationships with its supply chain, has regard to the communities and regions in which it operates and strives to generate profits for its shareholders.

The Directors of the Group have acted in accordance with their duties, in particular their duty to act in a manner in which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172 (1) of the Companies Act 2006.

The Directors of the Group support the subsidiary Managing Directors in managing the operations of each business in line with the Group's strategy.

The Directors consider the likely consequences of any decision in the long-term.  Each company within the Group is bound by Group policies, consistent with the Group's culture, which is built around the following values:

          -   Respect

          -   Trust

          -   Integrity

          -   Collaboration

          -   Value

The Group culture extends to key areas including customers, suppliers, employees and the environment.

The Directors and management operate the business in a responsible manner with the aim of ensuring that the Group maintains good governance, consistently reviews its core values and ultimately maintains a reputation for high standards and a quality product with a professional standard of business conduct.

KEY PERFORMANCE INDICATORS (KPI'S)

The director considers the revenue and operating profit of the Group to be the key performance indicators, these are set out below.

Turnover for the year was £46.9m (2024: £40.2m) and operating profit £1.6m (2024: £1.7m)

ON BEHALF OF THE BOARD:

O C Y Grob - Director

23rd June 2026

The director presents his report with the financial statements of the company and the group for the year ended 30th September 2025.

PRINCIPAL ACTIVITY

DIVIDENDS

The total distribution of dividends for the year ended 30th September 2025 will be £166,222 (2024: £140,226).

DIRECTOR

O C Y Grob held office during the whole of the period from 1st October 2024 to the date of this report.

CHARITABLE DONATIONS

During the year donations were made to charity of £37,028 (2024: £13,106).

HOTCHKISS GROUP PENSION SCHEME

Note 23 to the financial statements discloses a Financial Reporting Standard 102 funding asset for the Hotchkiss Group Pension Scheme of £9,083,000 (2024: £9,881,000), less a deferred tax liability of £1,736,000 (2024: £1,534,000). This scheme is a defined benefit pension scheme with total assets to 30 September 2025 of £26,185,000 (2024: £28,544,000).

The actuarial and MRF Valuation was last carried out on 31 March 2024 by the Scheme's actuary, and this showed the scheme was 130% funded.

A decision was made by the Trustees in late 2024, to secure the benefits for members through a Buy-In and later to convert this to full Buy-Out. During the year 2025, a lot of work was put into carrying out intensive administration on data cleansing, confirming the member benefit specifications and eventually finding an insurer suitable to meet the needs of the Scheme and this was concluded with a successful Buy-In with Legal and General in October 2025.

GOING CONCERN

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

The Group 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 Group 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 Group 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 RISK MANAGEMENT

Note 25 to the financial statements sets out the group's approach to financial risk management.

MATTERS COVERED IN THE STRATEGIC REPORT

Information in respect of business review, post balance sheet events 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.

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material

  departures disclosed and explained in the financial statements;

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. The director is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group'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 group's auditor is aware of that information.

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:

O C Y Grob - Director

23rd June 2026

Opinion

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 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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Director 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 Report of the Director.

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 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 director's remuneration specified by law are not made; or

-

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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.

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

TURNOVER

3

46,877

40,199

Cost of sales

39,777

32,201

GROSS PROFIT

7,100

7,998

Distribution costs

665

543

Administrative expenses

4,840

5,727

5,505

6,270

OPERATING PROFIT

5

1,595

1,728

Interest receivable and similar income

1

11

Other finance income

24

504

510

505

521

2,100

2,249

Interest payable and similar expenses

6

49

63

PROFIT BEFORE TAXATION

2,051

2,186

Tax on profit

7

-

-

PROFIT FOR THE FINANCIAL YEAR

2,051

2,186

Profit attributable to:

Owners of the parent

2,051

2,186

PROFIT FOR THE YEAR

2,051

2,186

OTHER COMPREHENSIVE INCOME  

Actuarial gain/(loss) on defined benefit

(1,302

)

270

pension scheme

Income tax relating to other

comprehensive income

(202

)

(571

)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

(1,504

)

(301

)

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

547

1,885

Total comprehensive income attributable to:

Owners of the parent

547

1,885

FIXED ASSETS

Intangible assets

10

(2,499

)

(2,904

)

Tangible assets

11

3,847

3,721

Investments

12

-

-

1,348

817

CURRENT ASSETS

Stocks

13

623

559

Debtors

14

9,816

10,444

Cash at bank and in hand

6,000

2,358

16,439

13,361

CREDITORS

Amounts falling due within one year

15

13,757

12,060

NET CURRENT ASSETS

2,682

1,301

TOTAL ASSETS LESS CURRENT

LIABILITIES

4,030

2,118

CREDITORS

Amounts falling due after more than

one year

16

(216

)

(404

)

PROVISIONS FOR LIABILITIES

21

(719

)

-

PENSION ASSET

24

7,347

8,347

NET ASSETS

10,442

10,061

CAPITAL AND RESERVES

Called up share capital

22

-

-

Retained earnings

23

10,442

10,061

SHAREHOLDERS' FUNDS

10,442

10,061

The financial statements were approved by the director and authorised for issue on 23rd June 2026 and were signed by:

O C Y Grob - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

5,296

5,296

5,296

5,296

CURRENT ASSETS

Cash at bank

607

18

CREDITORS

Amounts falling due within one year

15

5,887

5,305

NET CURRENT LIABILITIES

(5,280

)

(5,287

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

16

9

CAPITAL AND RESERVES

Called up share capital

22

-

-

Retained earnings

23

16

9

SHAREHOLDERS' FUNDS

16

9

Company's profit for the financial year

173

146

The financial statements were approved by the director and authorised for issue on 23rd June 2026 and were signed by:

O C Y Grob - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1st October 2023

-

8,316

8,316

Changes in equity

Profit for the year

-

2,186

2,186

Other comprehensive income

-

(301

)

(301

)

Total comprehensive income

-

1,885

1,885

Dividends

-

(140

)

(140

)

Balance at 30th September 2024

-

10,061

10,061

Changes in equity

Profit for the year

-

2,051

2,051

Other comprehensive income

-

(1,504

)

(1,504

)

Total comprehensive income

-

547

547

Dividends

-

(166

)

(166

)

Balance at 30th September 2025

-

10,442

10,442

Called up

share

Retained

Total

capital

earnings

equity