Company registration number 00439860 (England and Wales)
HARGREAVES ENTERPRISES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
HARGREAVES ENTERPRISES LTD
COMPANY INFORMATION
Directors
S D Hargreaves
G P Hadaway
M S Davis
Company number
00439860
Registered office
The Cabin Low Stott Park
Newby Bridge
Ulverston
LA12 8AX
Auditor
Sumer Auditco Limited
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ
HARGREAVES ENTERPRISES LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
HARGREAVES ENTERPRISES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 1 -

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

Review of the business

The principal activity of the group continued to be that of licenced restaurants and letting of own real estate.

The portfolio includes; BAHA restaurant and bar; The Fizzy Tarte premium cocktail bar and Lake View Garden Bar house and terrace.

The main focus of the business has continued to be maximising unit sales particularly in peak summer months and breaking even or better during the winter off peak months. All the while controlling labour and scrutinising our suppliers to ensure our profit margin is protected.

Turnover for the year ended March 2025 was £4.9m (2024: £4.5m) with an EBITDA of £526k (2024: £552k).

Principal risks and uncertainties

Recruitment and housing of living staff is a continued issue for hospitality operators within the region, with difficulties attracting new or quality staff from outside the area due to a lack of affordable accommodation.

With the expansion of the Lake View Garden Bar, the directors deemed it prudent to improve the level of staff accommodation the company provided in order to keep its competitive edge. Work has now completed on a new 12 bedroom staff block.

Development and performance

Lake View Garden Bar has performed particularly well this financial year, with a new head chef and kitchen team, the site has gone from strength to strength, with a £395k sales increase over the previous year.
BAHA new food concept which was launched at the end of the previous financial year, has shown promising signs with a sales growth of £148k over the prior year, with £95k coming through food sales.
As in prior years, there continues to be a slight decline in The Fizzy Tarte sales, though a premium cocktail bar, people's spending habits have started to change in part due to the increased cost of living experienced by everyone.

HARGREAVES ENTERPRISES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 2 -
Key performance indicators

They key performance indicators utilised by the units refer to net profit% conversion and food and liquor COS%

| 2025 | 2024
Garden Bar |  |
Unit Sales | £2.9m | £2.5m
Unit LCOS% | 22.40% | 24.09%
Unit FCOS% | 29.70% | 30.80%
Unit NP% | 32.99% | 30.87%
Fizzy Tarte |  |
Unit Sales | £835k | £851k
Unit LCOS% | 20.99% | 21.59%
Unit FCOS% | 31.91% | 39.58%
Unit NP% | 18.78% | 19.46%
BAHA |  |
Unit Sales | £1.2m | £1.1m
Unit LCOS% | 20.45% | 22.05%
Unit FCOS% | 31.12% | 31.53%
Unit NP% | 3.45% | 0.37%

On the whole a successful yet challenging year.

On behalf of the board

S D Hargreaves
Director
9 July 2026
HARGREAVES ENTERPRISES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the group continued to be that of licenced restaurants and letting of own real estate.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £255,500. The directors do not recommend payment of a further dividend.

Directors

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

S D Hargreaves
G P Hadaway
M S Davis
Auditor

Sumer Auditco Limited were appointed as auditor to the company during the year and are deemed to be reappointed under 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

HARGREAVES ENTERPRISES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
S D Hargreaves
Director
9 July 2026
HARGREAVES ENTERPRISES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HARGREAVES ENTERPRISES LTD
- 5 -
Opinion

We have audited the financial statements of Hargreaves Enterprises Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 30 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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:

- T he 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.

HARGREAVES ENTERPRISES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARGREAVES ENTERPRISES LTD
- 6 -
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 their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the directors' 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

We identified areas of laws and regulations that could reasonably expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout out team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pensions legislation and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: GDPR compliance, health and safety and product liability, anti-bribery and corruption, employment law, tax, recognising the nature of the company's activities.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

HARGREAVES ENTERPRISES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARGREAVES ENTERPRISES LTD
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

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.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Rogers (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ
9 July 2026
HARGREAVES ENTERPRISES LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
4,920,017
4,509,886
Cost of sales
(3,085,419)
(2,843,583)
Gross profit
1,834,598
1,666,303
Administrative expenses
(1,619,213)
(1,257,363)
Other operating income
1,441
-
0
Operating profit
4
216,826
408,940
Interest receivable and similar income
7
462
722
Interest payable and similar expenses
8
(185,555)
(110,090)
Profit before taxation
31,733
299,572
Tax on profit
9
(28,446)
(82,612)
Profit for the financial year
3,287
216,960
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HARGREAVES ENTERPRISES LTD
GROUP BALANCE SHEET
AS AT
30 MARCH 2025
30 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
46,998
-
0
Other intangible assets
11
5,784
-
0
Total intangible assets
52,782
-
0
Tangible assets
12
6,645,993
5,422,236
6,698,775
5,422,236
Current assets
Stocks
14
40,200
75,000
Debtors
15
106,944
704,525
Cash at bank and in hand
61,412
381,840
208,556
1,161,365
Creditors: amounts falling due within one year
16
(1,466,539)
(1,138,085)
Net current (liabilities)/assets
(1,257,983)
23,280
Total assets less current liabilities
5,440,792
5,445,516
Creditors: amounts falling due after more than one year
17
(2,225,651)
(1,929,736)
Provisions for liabilities
Deferred tax liability
20
174,794
223,220
(174,794)
(223,220)
Net assets
3,040,347
3,292,560
Capital and reserves
Called up share capital
22
100,000
100,000
Other reserves
130,000
130,000
Profit and loss reserves
2,810,347
3,062,560
Total equity
3,040,347
3,292,560

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

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
09 July 2026
S D Hargreaves
Director
Company registration number 00439860 (England and Wales)
HARGREAVES ENTERPRISES LTD
COMPANY BALANCE SHEET
AS AT 30 MARCH 2025
30 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
5,784
-
0
Tangible assets
12
5,223,143
5,422,236
5,228,927
5,422,236
Current assets
Stocks
14
40,200
75,000
Debtors
15
1,323,855
704,525
Cash at bank and in hand
61,119
381,840
1,425,174
1,161,365
Creditors: amounts falling due within one year
16
(1,206,240)
(1,138,085)
Net current assets
218,934
23,280
Total assets less current liabilities
5,447,861
5,445,516
Creditors: amounts falling due after more than one year
17
(2,225,651)
(1,929,736)
Provisions for liabilities
Deferred tax liability
20
174,794
223,220
(174,794)
(223,220)
Net assets
3,047,416
3,292,560
Capital and reserves
Called up share capital
22
100,000
100,000
Other reserves
130,000
130,000
Profit and loss reserves
2,817,416
3,062,560
Total equity
3,047,416
3,292,560
HARGREAVES ENTERPRISES LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2025
30 March 2025
- 11 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £10,356 (2024 - £216,960 profit).

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 9 July 2026 and are signed on its behalf by:
09 July 2026
S D Hargreaves
Director
Company registration number 00439860 (England and Wales)
HARGREAVES ENTERPRISES LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2025
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 March 2023
100,000
130,000
3,123,750
3,353,750
Year ended 30 March 2024:
Profit and total comprehensive income
-
-
216,960
216,960
Dividends
10
-
-
(278,150)
(278,150)
Balance at 30 March 2024
100,000
130,000
3,062,560
3,292,560
Year ended 30 March 2025:
Profit and total comprehensive income
-
-
3,287
3,287
Dividends
10
-
-
(255,500)
(255,500)
Balance at 30 March 2025
100,000
130,000
2,810,347
3,040,347
HARGREAVES ENTERPRISES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2025
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 March 2023
100,000
130,000
3,123,750
3,353,750
Year ended 30 March 2024:
Profit and total comprehensive income for the year
-
-
216,960
216,960
Dividends
10
-
-
(278,150)
(278,150)
Balance at 30 March 2024
100,000
130,000
3,062,560
3,292,560
Year ended 30 March 2025:
Profit and total comprehensive income
-
-
10,356
10,356
Dividends
10
-
-
(255,500)
(255,500)
Balance at 30 March 2025
100,000
130,000
2,817,416
3,047,416
HARGREAVES ENTERPRISES LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,217,389
146,334
Interest paid
(185,555)
(110,090)
Income taxes paid
-
0
(36,447)
Net cash inflow/(outflow) from operating activities
1,031,834
(203)
Investing activities
Purchase of intangible assets
(269,220)
-
Proceeds from disposal of intangibles
211,216
-
Purchase of tangible fixed assets
(1,639,843)
(126,688)
Interest received
462
722
Net cash used in investing activities
(1,697,385)
(125,966)
Financing activities
Loan from associated companies
-
(138,076)
Proceeds from borrowings
-
2,086,480
Repayment of borrowings
251,174
-
Repayment of bank loans
298,585
(1,119,112)
Payment of finance leases obligations
(7,595)
(25,161)
Movement in directors' loans
-
0
(24,271)
Dividends paid to equity shareholders
(255,500)
(278,150)
Net cash generated from financing activities
286,664
501,710
Net (decrease)/increase in cash and cash equivalents
(378,887)
375,541
Cash and cash equivalents at beginning of year
381,840
6,299
Cash and cash equivalents at end of year
2,953
381,840
Relating to:
Cash at bank and in hand
61,412
381,840
Bank overdrafts included in creditors payable within one year
(58,459)
-
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
- 15 -
1
Accounting policies
Company information

Hargreaves Enterprises Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Cabin, Low Stott Park, Newby Bridge, Ulverston, LA12 8AX.

The group consists of Hargreaves Enterprises Ltd and all of its subsidiaries.

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.

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hargreaves Enterprises Ltd together with all entities controlled by the parent company (its subsidiaries).

The subsidiary, HS Lakes Development LLP, was acquired on 30 September 2024. The prior year results are for Hargreaves Enterprises Limited company only.

All financial statements are made up to 30 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, based on the continued financial support from the shareholders and the bank.

Included within creditors of the company: amounts falling due within one year are liabilities due to a shareholder, which although technically due on demand will not be sought for repayment unless cash flow permits.

Financial support also extends to on-going working capital funding as required to ensure the group has adequate financial funds available to settle external costs and liabilities as they fall due for payment. This financial support has been confirmed for a period of at least 12 months from the signature of the accounts, supported by the preparation of financial forecasts and budgets set for 202 6 and 2027.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

The group recognises revenue from the following major sources:

- Food sales

- Bar sales

- Holiday lets

The nature, timing and satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Holiday lets: Revenue from rental holiday lets is recognised at the commencement of the guest's stay.

Food and bar sales: Revenue from bar and food sales is recognised on the date the goods are served to customers.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Intangible fixed assets other than goodwill

Intangible fixed assets relating to cryptocurrency, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at cost less impairment losses. Cryptocurrency is expected to have an indefinite useful life and is not amortised but is tested annually for impairment.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold land and buildings
2% p.a on straight line basis
Leasehold land and buildings
4% p.a on straight line basis
Plant and equipment
10% p.a on reducing balance basis
Fixtures and fittings
10% p.a on reducing balance basis
Motor vehicles
20% p.a on reducing balance basis

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 recognised in the profit and loss account.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks are stated at the lower of cost and selling price after any impairment for obsolete and slow moving items.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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 group 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.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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 group after deducting all of its liabilities.

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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 profit and loss account 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 group’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.

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 profit and loss account, 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 if, and only if, there is 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.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 d asset are consumed.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

The useful economic life of tangible fixed assets has to be estimated by the directors of the company to ensure an appropriate depreciation charge is recognised in the year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.

During the year, depreciation of £303,754 (2024: £142,575) has been charged.

Refer to note 12 for the carrying values of tangible fixed assets impacted by this key accounting estimate.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 21 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Holiday lets
137,667
100,561
Food sales
1,543,032
1,264,852
Bar sales
3,239,318
3,144,473
4,920,017
4,509,886
2025
2024
£
£
Other revenue
Interest income
462
722
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
20,000
18,500
Depreciation of owned tangible fixed assets
303,754
142,575
Loss on disposal of tangible fixed assets
112,332
-
Amortisation of intangible assets
5,222
-
Equipment hire
30,009
33,082
Operating lease charges
34,100
32,350
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Head office
4
4
4
4
Operations
70
61
70
61
Total
74
65
74
65
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,802,258
1,688,717
1,802,258
1,688,717
Social security costs
163,649
150,083
163,649
150,083
Pension costs
59,717
30,819
59,717
30,819
2,025,624
1,869,619
2,025,624
1,869,619
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
89,127
110,534
Company pension contributions to defined contribution schemes
30,321
16,321
119,448
126,855

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
462
722
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
160,176
110,090
Other interest on financial liabilities
25,379
-
Total finance costs
185,555
110,090
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
76,872
41,857
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
9
Taxation
2025
2024
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(48,261)
40,755
Adjustment in respect of prior periods
(165)
-
0
Total deferred tax
(48,426)
40,755
Total tax charge
28,446
82,612

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
31,733
299,572
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
7,933
74,893
Tax effect of expenses that are not deductible in determining taxable profit
8,199
1,425
Tax effect of income not taxable in determining taxable profit
(6,275)
-
0
Effect of change in corporation tax rate
-
(47)
Depreciation on assets not qualifying for tax allowances
17,448
6,341
Amortisation on assets not qualifying for tax allowances
1,306
-
0
Deferred tax adjustments in respect of prior years
(165)
-
0
Taxation charge
28,446
82,612
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 24 -
10
Dividends
2025
2024
2025
2024
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary B
Interim paid
6.94
7.80
195,500
219,400
Ordinary D
Interim paid
1.37
1.31
30,000
28,750
Ordinary E
Interim paid
5.89
5.89
30,000
30,000
Total dividends
Interim dividends paid
255,500
278,150
11
Intangible fixed assets
Group
Goodwill
Crypto-currency
Total
£
£
£
Cost
At 31 March 2024
-
0
-
0
-
0
Additions
52,220
217,000
269,220
Disposals
-
0
(211,216)
(211,216)
At 30 March 2025
52,220
5,784
58,004
Amortisation and impairment
At 31 March 2024
-
0
-
0
-
0
Amortisation charged for the year
5,222
-
0
5,222
At 30 March 2025
5,222
-
0
5,222
Carrying amount
At 30 March 2025
46,998
5,784
52,782
At 30 March 2024
-
0
-
0
-
0
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
11
Intangible fixed assets
(Continued)
- 25 -
Company
Crypto-currency
£
Cost
At 31 March 2024
-
0
Additions
217,000
Disposals
(211,216)
At 30 March 2025
5,784
Amortisation and impairment
At 31 March 2024 and 30 March 2025
-
0
Carrying amount
At 30 March 2025
5,784
At 30 March 2024
-
0
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 March 2024
4,598,045
143,457
535,801
1,583,971
21,900
6,883,174
Additions
109,259
18,748
1,736
87,250
-
0
216,993
Business combinations
1,422,850
-
0
-
0
-
0
-
0
1,422,850
Disposals
-
0
-
0
(65,091)
(198,339)
-
0
(263,430)
At 30 March 2025
6,130,154
162,205
472,446
1,472,882
21,900
8,259,587
Depreciation and impairment
At 31 March 2024
497,775
46,649
186,279
711,519
18,716
1,460,938
Depreciation charged in the year
176,645
6,488
32,135
87,690
796
303,754
Eliminated in respect of disposals
-
0
-
0
(35,181)
(115,917)
-
0
(151,098)
At 30 March 2025
674,420
53,137
183,233
683,292
19,512
1,613,594
Carrying amount
At 30 March 2025
5,455,734
109,068
289,213
789,590
2,388
6,645,993
At 30 March 2024
4,100,270
96,808
349,522
872,452
3,184
5,422,236
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
12
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 March 2024
4,598,045
143,457
535,801
1,583,971
21,900
6,883,174
Additions
109,259
18,748
1,736
87,250
-
0
216,993
Disposals
-
0
-
0
(65,091)
(198,339)
-
0
(263,430)
At 30 March 2025
4,707,304
162,205
472,446
1,472,882
21,900
6,836,737
Depreciation and impairment
At 31 March 2024
497,775
46,649
186,279
711,519
18,716
1,460,938
Depreciation charged in the year
176,645
6,488
32,135
87,690
796
303,754
Eliminated in respect of disposals
-
0
-
0
(35,181)
(115,917)
-
0
(151,098)
At 30 March 2025
674,420
53,137
183,233
683,292
19,512
1,613,594
Carrying amount
At 30 March 2025
4,032,884
109,068
289,213
789,590
2,388
5,223,143
At 30 March 2024
4,100,270
96,808
349,522
872,452
3,184
5,422,236

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts £Nil (2024: £43,750).

13
Subsidiaries

Details of the company's subsidiaries at 30 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
HS Lakes Developments LLP
St Andrews, Lake Road, Bownes On Windermere, Cumbria, LA23 3DE
Members interest
100.00
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
40,200
75,000
40,200
75,000
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 27 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Amounts owed by group undertakings
-
0
-
0
1,216,911
-
0
Other debtors
-
0
672,228
-
0
672,228
Prepayments and accrued income
106,944
32,297
106,944
32,297
106,944
704,525
1,323,855
704,525
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
118,113
56,984
118,113
56,984
Obligations under finance leases
19
-
0
7,595
-
0
7,595
Other borrowings
18
601,160
349,986
340,861
349,986
Trade creditors
290,709
284,689
290,709
284,689
Corporation tax payable
148,831
71,959
148,831
71,959
Other taxation and social security
201,872
191,266
201,872
191,266
Other creditors
15,676
75,364
15,676
75,364
Accruals and deferred income
90,178
100,242
90,178
100,242
1,466,539
1,138,085
1,206,240
1,138,085

Obligations under finance leases are secured on the assets concerned.

Included within other borrowings is an amount of £340,861 (2024: £349,98 6) in respect of a non-bank loan which is secured by fixed and floating charges over the undertaking and all property present and future.

17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
2,225,651
1,929,736
2,225,651
1,929,736

Included within bank loans is an amount of £2,156,055 (2024: £1,806,270) which is secured by fixed and floating charges over the undertaking and all property present and future, in favour of Cumberland Building Society.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 28 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,285,305
1,986,720
2,285,305
1,986,720
Bank overdrafts
58,459
-
0
58,459
-
0
Other loans
601,160
349,986
340,861
349,986
2,944,924
2,336,706
2,684,625
2,336,706
Payable within one year
719,273
406,970
458,974
406,970
Payable after one year
2,225,651
1,929,736
2,225,651
1,929,736
19
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
7,595
-
0
7,595
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
174,794
223,220
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
174,794
223,220
HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 31 March 2024
223,220
223,220
Credit to profit or loss
(48,426)
(48,426)
Liability at 30 March 2025
174,794
174,794

The closing deferred tax liability set out above predominately relates to accelerated capital allowances that are expected to mature over the associated fixed assets useful economic lives. Tax relief on both retirement benefit obligations will be clamed in the period when paid.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,717
30,819

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date, contributions due to the schemes in the current reporting period were £71,607 (2024: £6,060).

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
18,000
18,000
18,000
18,000
Ordinary B of £1 each
28,152
28,152
28,152
28,152
Ordinary C of £1 each
21,834
21,834
21,834
21,834
Ordinary D of £1 each
21,834
21,834
21,834
21,834
Ordinary E of £1 each
10,180
10,180
10,180
10,180
100,000
100,000
100,000
100,000

All shares rank pari passu.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 30 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
64,200
70,623
64,200
70,623
Between two and five years
214,000
270,182
214,000
270,182
In over five years
-
21,400
-
21,400
278,200
362,205
278,200
362,205
24
Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.

The company had a loan from M W Hargreaves, a family member of S D Hargreaves throughout the period. The loan was secured against 14 Quarry Brow, Bowness on Windermere, Cumbria, LA23 3DW. At the balance sheet date £340,861 (2024: £349,986) was outstanding and interest charged in the year totalled £14,876 (2024: £14,627), at an interest rate of 1.75% over base. There is no agreed term for the loan.

25
Directors' transactions

Dividends totalling £255,500 (2024 - £278,150) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The ultimate controlling party is S D Hargreaves.

HARGREAVES ENTERPRISES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 31 -
27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
3,287
216,960
Adjustments for:
Taxation charged
28,446
82,612
Finance costs
185,555
110,090
Investment income
(462)
(722)
Loss on disposal of tangible fixed assets
112,332
-
Amortisation and impairment of intangible assets
5,222
-
Depreciation and impairment of tangible fixed assets
303,754
142,575
Movements in working capital:
Decrease/(increase) in stocks
34,800
(25,000)
Decrease/(increase) in debtors
597,581
(361,994)
Decrease in creditors
(53,126)
(18,186)
Cash generated from operations
1,217,389
146,335
28
Analysis of changes in net debt - group
31 March 2024
Cash flows
30 March 2025
£
£
£
Cash at bank and in hand
381,840
(320,428)
61,412
Bank overdrafts
-
0
(58,459)
(58,459)
381,840
(378,887)
2,953
Borrowings excluding overdrafts
(2,336,706)
(549,759)
(2,886,465)
Obligations under finance leases
(7,595)
7,595
-
(1,962,461)
(921,051)
(2,883,512)
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