Company registration number SC071884 (Scotland)
HUTCHEON SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
HUTCHEON SERVICES LIMITED
COMPANY INFORMATION
Directors
Gregor A Robb
Graeme P Farquhar
Garry J Shand
Donald H Galloway
Secretary
Stronachs Secretaries Limited
Company number
SC071884
Registered office
28 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
Auditor
bk plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
Bankers
Royal Bank of Scotland PLC
40 Albyn Place
Aberdeen
AB10 1YN
Solicitors
Stronachs
28 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
HUTCHEON SERVICES LIMITED
CONTENTS
Page
Strategic report
3 - 4
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 - 23
HUTCHEON SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Gregor A Robb
Graeme P Farquhar
Garry J Shand
Donald H Galloway
Gary D Campbell
(Resigned 9 June 2026)
Martin Leiper
(Resigned 28 May 2026)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Gregor A Robb
Director
3 July 2026
HUTCHEON SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

The directors are responsible for preparing the annual report 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HUTCHEON SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present the strategic report for the year ended 30 November 2025.

Principal activities

The principal activity of the company continued to be that of general electrical, mechanical and plumbing contractors.

Business Review
Principal risks and uncertainties

Market and economic risk

The majority of the company's trade occurs locally in the UK. As a result, the company has limited exposure to exchange rate and associated risks.

Economic Factors affecting the Industr y

In recent years, the construction industry like most other sectors has been affected both by upward inflationary pressures and increasing borrowing costs which have had an impact on capital project expenditure within the UK. However, these negative economic factors eased during the course of the year and as a result have not had a material impact on the trading results of the company.

The continuing decline in the offshore oil and gas sector in the North Sea continues to have a negative impact on the wider economy in the North East of Scotland and has directly impacted the construction industry in general through a lack of capital investment in new construction projects.

The company has also been impacted by increased labour market costs across its workforce as a result of UK Government policies in recent years.

However, the company has adapted, diversified and developed various strategies to minimise these negative impacts.

Funding and Liquidity Risk

The company is not materially affected by any funding or liquidity risks and the impact of increased borrowing costs will be minimal due to the positive liquidity position of the company and the low level of borrowing.

Financial Risk

The company's principal financial assets are cash balances and trade receivables. Our customers are subject to credit checks and credit limits. The trade debtors' figure is stated net of any bad debt provision, which we do not consider to be material. The company strives to ensure that it maintains a broad client base and undertakes a diverse range of commercial, industrial and private sector works. In addition, the fact that the company provides a multi-service facility ensures that it is less exposed to fluctuations in one specific market area.

Development and performance

Turnover for the year to 30 November 202 5 has decreased from the 202 4 level of £2 0.5 m to around £20.2 m. This was to be expected given the record level of turnover in prior years. The company has maintained profitability in the year to November 202 5 due to the continuing high levels of turnover, effective control of overheads and efficiencies being made in its tendering, buying and operational processes.

The company continued with its principal activities based around the construction industry. The directors are aware that the company needs to continually review its core business activities in light of the ever-changing marketplace. As a result, the client base was widened, operational efficiency savings were implemented, and investment was made in training to ensure that its services meet the current requirements of the marketplace in which it operates.

The company performed in line with expectations in the year both in terms of turnover and profitability. This was due to a combination of achieving higher trading margins within our core divisions and focusing upon efficiencies within all aspects of the business.

HUTCHEON SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
Key performance indicators

The company used several appropriate key performance measures to monitor the performance of the business during the year to 30 November 202 5. The directors review management accounts for all the operating divisions each month with particular reference to turnover, labour costs and project profitability. These results are reviewed in conjunction with projections of future works accepted for and those yet to be awarded.

.

.

Future Developments

The company intends to continue to focus on its core activities in the construction industry over the next 12 months while also seeking other avenues for investment in areas such as renewables and infrastructure. Although the company will continue to be impacted to some degree by economic factors affecting the industry in general, the company anticipates that its trading results will see a levelling off but will not be significantly adversely affected during the year to November 2026 as strategies have been implemented to mitigate against any such future impact.

On behalf of the board

Gregor A Robb
Director
3 July 2026
HUTCHEON SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUTCHEON SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Hutcheon Services Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including 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 30 November 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HUTCHEON SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUTCHEON SERVICES LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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.

Auditor's 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 auditor's 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 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:

HUTCHEON SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUTCHEON SERVICES LIMITED (CONTINUED)
- 7 -

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following:

- Ensured that the engagement team have the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;

- Identified at planning the specific laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;

- Focused on the laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006, employment regulations and tax compliance legislation;

- Reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations;

- Made enquiries of management; and

- Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, the potential for management bias and the override of controls we have:

- Obtained an understanding at planning of the entity's operations, including the nature of its sources of revenue to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement;

- Made enquiries of management at planning as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;

- Vouched balances and reconciling items in key control account reconciliations to supporting documentation;

- Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances;

- Challenged assumptions and judgements made by management in their significant accounting estimates;

- Performed analytical procedures to identify any significant or unusual transactions; and

- I nvestigated the business rationale behind any significant or unusual transactions.

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

HUTCHEON SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUTCHEON SERVICES LIMITED (CONTINUED)
- 8 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
England
3 July 2026
HUTCHEON SERVICES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
20,135,519
20,545,437
Cost of sales
(16,607,943)
(16,547,691)
Gross profit
3,527,576
3,997,746
Administrative expenses
(2,914,187)
(2,853,933)
Other operating income
244,200
282,564
Operating profit
6
857,589
1,426,377
Interest receivable and similar income
8
47,736
52,442
Interest payable and similar expenses
9
(61,718)
(8,389)
Amounts written off investments
10
-
(100,000)
Profit before taxation
843,607
1,370,430
Tax on profit
11
(359,564)
(380,078)
Profit for the financial year
484,043
990,352
Retained earnings brought forward
2,434,799
2,194,447
Dividends
12
-
0
(750,000)
Retained earnings carried forward
2,918,842
2,434,799

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 23 form part of these financial statements.

HUTCHEON SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
730,107
601,071
Current assets
Stocks
15
838,840
847,207
Debtors
16
4,691,590
3,622,897
Cash at bank and in hand
2,656,615
2,809,672
8,187,045
7,279,776
Creditors: amounts falling due within one year
17
(5,776,969)
(5,262,127)
Net current assets
2,410,076
2,017,649
Total assets less current liabilities
3,140,183
2,618,720
Creditors: amounts falling due after more than one year
18
(29,658)
-
0
Provisions for liabilities
Deferred tax liability
20
59,887
52,125
(59,887)
(52,125)
Net assets
3,050,638
2,566,595
Capital and reserves
Called up share capital
22
33,400
33,400
Share premium account
23
98,396
98,396
Profit and loss reserves
2,918,842
2,434,799
Total equity
3,050,638
2,566,595

The notes on pages 11 to 23 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
Graeme P Farquhar
Director
Company registration number SC071884 (Scotland)
HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
1
Accounting policies
Company information

Hutcheon Services Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, United Kingdom, AB10 1YL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Hutcheon Investments Limited. These consolidated financial statements are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

The turnover shown in the profit and loss account represents the value of work done, including estimates of amounts not invoiced, based on the stage of completion of services provided during the year, exclusive of Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenants improvements
20% reducing balance
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

1.6
Stocks

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

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Leases
As lessee

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provision

During the course of the year, and during the year end process, management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Contingencies

During the year end process, management use their extensive industry experience to estimate the cost of completion of remedial work.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
20,135,519
20,545,437
2025
2024
£
£
Other revenue
Interest income
47,736
52,442

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,000
18,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production staff
151
159
Administrative staff
12
13
Total
163
172

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
9,179,004
8,521,846
Social security costs
657,407
641,770
Pension costs
415,384
318,414
10,251,795
9,482,030
6
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
188,231
196,918
Impairment of owned tangible fixed assets
-
90,000
Loss/(profit) on disposal of tangible fixed assets
641
(1,201)
Impairment of investment
-
0
100,000
Office rental charges
175,869
180,692
7
Directors' remuneration
2025
2024
£
£
Company pension contributions to defined contribution schemes
203,173
106,717

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 6).

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
47,736
52,442
9
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
4,453
6,553
Other interest
57,265
1,836
61,718
8,389
10
Amounts written off investments
2025
2024
£
£
Other gains and losses
-
(100,000)
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
210,296
438,483
Adjustments in respect of prior periods
141,506
-
0
Total current tax
351,802
438,483
Deferred tax
Origination and reversal of timing differences
7,762
(58,405)
Total tax charge
359,564
380,078
HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
11
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
843,607
1,370,430
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
210,902
342,608
Tax effect of expenses that are not deductible in determining taxable profit
7,156
37,470
Adjustments in respect of prior years
141,506
-
0
Taxation charge for the year
359,564
380,078
12
Dividends
2025
2024
£
£
Final paid
-
0
750,000
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Property, plant and equipment
14
-
90,000
Fixed asset investments
-
100,000
Recognised in:
Administrative expenses
-
90,000
Amounts written off investments
-
100,000

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
14
Tangible fixed assets
Tenants improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024
482,255
493,090
377,285
1,220,831
2,573,461
Additions
-
0
29,082
5,323
374,303
408,708
Disposals
-
0
(134,550)
-
0
(247,951)
(382,501)
At 30 November 2025
482,255
387,622
382,608
1,347,183
2,599,668
Depreciation and impairment
At 1 December 2024
482,255
461,311
365,079
663,745
1,972,390
Depreciation charged in the year
-
0
11,679
6,000
170,552
188,231
Eliminated in respect of disposals
-
0
(105,500)
-
0
(185,560)
(291,060)
At 30 November 2025
482,255
367,490
371,079
648,737
1,869,561
Carrying amount
At 30 November 2025
-
20,132
11,529
698,446
730,107
At 30 November 2024
-
0
31,779
12,206
557,086
601,071

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
146,286
117,975

More information on impairment movements in the year is given in note 13.

15
Stocks
2025
2024
£
£
Raw materials and consumables
45,037
14,663
Work in progress
793,803
832,544
838,840
847,207
HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,817,109
1,430,446
Amounts owed by group undertakings
2,213,822
1,470,745
Other debtors
340,411
402,210
Prepayments and accrued income
320,248
319,496
4,691,590
3,622,897
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
19
12,474
45,236
Trade creditors
2,040,982
1,877,158
Corporation tax
79,068
238,483
Other taxation and social security
204,022
186,491
Other creditors
1,059,370
649,359
Accruals and deferred income
2,381,053
2,265,400
5,776,969
5,262,127
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
19
29,658
-
0
19
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
12,474
45,236
After more than one year
29,658
-
0
42,132
45,236
2025
2024
Future minimum lease payments due:
£
£
Within one year
12,474
45,236
In two to five years
29,658
-
0
42,132
45,236
HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
91,567
66,891
Retirement benefit obligations
(31,680)
(10,766)
Provision for liabilities
-
(4,000)
59,887
52,125
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
415,384
318,414

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
33,400
33,400
33,400
33,400
23
Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

24
Contingent liabilities

The company has provided an inter-company guarantee in relation to bank borrowings of its immediate parent company, HSB Holdings Limited. The amount due by HSB Holdings Limited at 30 November 202 5 was £159,986 (202 4 - £565,580 ).

25
Related party transactions
Transactions with related parties

At the year end company was under the control of its directors.

At the year end, the balance due by members of the Hutcheon Investments Limited group of companies was £2,213,822 (2024 - £1,470,745) and amounts due are repayable on demand and do not attract interest.

HUTCHEON SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
26
Ultimate controlling party

Hutcheon Investments Limited, a company registered in Scotland, is the ultimate controlling party.

2025-11-30 2024-12-01 false false false CCH Software CCH Accounts Production 2026.100 Gregor A Robb Graeme P Farquhar Garry J Shand Donald H Galloway Gary D Campbell Martin Leiper Stronachs Secretaries Limited SC071884 2024-12-01 2025-11-30 SC071884 bus:Director1 2024-12-01 2025-11-30 SC071884 bus:Director2 2024-12-01 2025-11-30 SC071884 bus:Director3 2024-12-01 2025-11-30 SC071884 bus:Director4 2024-12-01 2025-11-30 SC071884 bus:CompanySecretary1 2024-12-01 2025-11-30 SC071884 bus:Director5 2024-12-01 2025-11-30 SC071884 bus:Director6 2024-12-01 2025-11-30 SC071884 bus:RegisteredOffice 2024-12-01 2025-11-30 SC071884 bus:Agent1 2024-12-01 2025-11-30 SC071884 2025-11-30 SC071884 2023-12-01 2024-11-30 SC071884 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC071884 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC071884 core:ShareCapital 2025-11-30 SC071884 core:ShareCapital 2024-11-30 SC071884 core:SharePremium 2025-11-30 SC071884 core:SharePremium 2024-11-30 SC071884 core:RetainedEarningsAccumulatedLosses 2025-11-30 SC071884 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC071884 2024-11-30 SC071884 core:ShareCapitalOrdinaryShareClass1 2025-11-30 SC071884 core:ShareCapitalOrdinaryShareClass1 2024-11-30 SC071884 core:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 SC071884 core:PlantMachinery 2025-11-30 SC071884 core:FurnitureFittings 2025-11-30 SC071884 core:MotorVehicles 2025-11-30 SC071884 core:LandBuildings 2024-11-30 SC071884 core:PlantMachinery 2024-11-30 SC071884 core:FurnitureFittings 2024-11-30 SC071884 core:MotorVehicles 2024-11-30 SC071884 core:CurrentFinancialInstruments core:WithinOneYear 2025-11-30 SC071884 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 SC071884 core:Non-currentFinancialInstruments core:AfterOneYear 2025-11-30 SC071884 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 SC071884 core:LandBuildings core:LongLeaseholdAssets 2024-12-01 2025-11-30 SC071884 core:PlantMachinery 2024-12-01 2025-11-30 SC071884 core:FurnitureFittings 2024-12-01 2025-11-30 SC071884 core:MotorVehicles 2024-12-01 2025-11-30 SC071884 core:PlantMachinery 2023-12-01 2024-11-30 SC071884 1 2024-12-01 2025-11-30 SC071884 1 2023-12-01 2024-11-30 SC071884 core:UKTax 2024-12-01 2025-11-30 SC071884 core:UKTax 2023-12-01 2024-11-30 SC071884 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-11-30 SC071884 core:PlantMachinery 2024-11-30 SC071884 core:FurnitureFittings 2024-11-30 SC071884 core:MotorVehicles 2024-11-30 SC071884 2024-11-30 SC071884 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-11-30 SC071884 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-01 2025-11-30 SC071884 core:CurrentFinancialInstruments 2025-11-30 SC071884 core:CurrentFinancialInstruments 2024-11-30 SC071884 core:WithinOneYear 2025-11-30 SC071884 core:WithinOneYear 2024-11-30 SC071884 core:BetweenTwoFiveYears 2025-11-30 SC071884 core:BetweenTwoFiveYears 2024-11-30 SC071884 bus:OrdinaryShareClass1 2024-12-01 2025-11-30 SC071884 bus:OrdinaryShareClass1 2025-11-30 SC071884 bus:OrdinaryShareClass1 2024-11-30 SC071884 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 SC071884 bus:FRS102 2024-12-01 2025-11-30 SC071884 bus:Audited 2024-12-01 2025-11-30 SC071884 bus:FullAccounts 2024-12-01 2025-11-30 xbrli:pure xbrli:shares iso4217:GBP