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Registered number: 11698509
SHEPPARD HOLDINGS (U.K) LIMITED
Unaudited Financial Statements
For The Year Ended 30 November 2025
SHEPPARD HOLDINGS (U.K) LIMITED
Contents
Contents

| Page
--- | ---
Director's Report | 1
Consolidated Statement of Income and Retained Earnings | 2
Consolidated Balance Sheet | 3—4
Company Balance Sheet | 5—6
Notes to the Financial Statements | 7—12

Page 1
SHEPPARD HOLDINGS (U.K) LIMITED
Company No. 11698509
Director's Report For The Year Ended 30 November 2025
Director's Report
The director presents his report and the financial statements for the year ended 30 November 2025.
Directors
The director who held office during the year were as follows:

Mr Barry Sheppard

Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

The director is 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. He is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board

Mr Barry Sheppard Director
3rd July 2026

Page 1
Page 2
SHEPPARD HOLDINGS (U.K) LIMITED
Consolidated Statement of Income and Retained Earnings
For The Year Ended 30 November 2025
Consolidated Statement of Income and Retained Earnings

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER |  | 12,415,907 |  | 14,562,809
Cost of sales |  | (9,202,528 ) |  | (11,423,263 )
GROSS PROFIT |  | 3,213,379 |  | 3,139,546
Administrative expenses |  | (2,245,321 ) |  | (1,965,525 )
Other operating income |  | 450,000 |  | -
OPERATING PROFIT |  | 1,418,058 |  | 1,174,021
Income from other current asset investments |  | 12,222 |  | -
(Loss)/profit on disposal of fixed assets |  | (4,417 ) |  | 2,602
Other interest receivable and similar income |  | 478 |  | 5,685
Interest payable and similar charges |  | (405,948 ) |  | (545,804 )
PROFIT BEFORE TAXATION |  | 1,020,393 |  | 636,504
Tax on Profit |  | (131,327 ) |  | (170,825 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 889,066 |  | 465,679
Profit attributable to:
Owners of the parent |  | 889,066 |  | 433,564
Non-controlling interest |  | - |  | 32,115
|  | 889,066 |  | 465,679
RETAINED EARNINGS
As at 1 December 2024 |  | 2,970,263 |  | 2,892,536
Dividends paid |  | (1,439,500) |  | (420,500)
As at 30 November 2025 |  | 2,419,829 |  | 2,905,600

The notes on pages 7 to 12 form part of these financial statements.
Page 2
Page 3
SHEPPARD HOLDINGS (U.K) LIMITED
Consolidated Balance Sheet
As At 30 November 2025
Consolidated Balance Sheet
Registered number: 11698509

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 6,537,656 |  | 7,070,451
Investments | 5 |  | 181 |  | 181
|  |  | 6,537,837 |  | 7,070,632
CURRENT ASSETS
Stocks | 6 | 270,645 |  | 270,190 |
Debtors | 7 | 3,797,360 |  | 3,984,552 |
Cash at bank and in hand |  | 20,706 |  | 179,121 |
|  | 4,088,711 |  | 4,433,863 |
Creditors: Amounts Falling Due Within One Year | 8 | (3,671,049 ) |  | (4,331,495 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 417,662 |  | 102,368
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,955,499 |  | 7,173,000
Creditors: Amounts Falling Due After More Than One Year | 9 |  | (3,255,437 ) |  | (2,900,771 )
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | (1,279,964 ) |  | (1,301,695 )
NET ASSETS |  |  | 2,420,098 |  | 2,970,534
CAPITAL AND RESERVES
Called up share capital | 11 |  | 269 |  | 269
Profit and Loss Account |  |  | 2,419,829 |  | 2,905,600
Equity attributable to owners of the parent |  |  | 2,420,098 |  | 2,905,869
Non-controlling interest |  |  | - |  | 64,665
TOTAL EQUITY |  |  | 2,420,098 |  | 2,970,534

Page 3
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SHEPPARD HOLDINGS (U.K) LIMITED
Consolidated Balance Sheet (continued)
As At 30 November 2025
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board

Mr Barry Sheppard Director
3rd July 2026

The notes on pages 7 to 12 form part of these financial statements.
Page 4
Page 5
SHEPPARD HOLDINGS (U.K) LIMITED
Company Balance Sheet
As At 30 November 2025
Company Balance Sheet
Registered number: 11698509

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Investments | 5 |  | 181 |  | 181
|  |  | 181 |  | 181
CURRENT ASSETS
Debtors | 7 | 499,770 |  | 1,055,213 |
Cash at bank and in hand |  | 21,937 |  | 192 |
|  | 521,707 |  | 1,055,405 |
Creditors: Amounts Falling Due Within One Year | 8 | (348,571 ) |  | (888,418 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 173,136 |  | 166,987
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 173,317 |  | 167,168
NET ASSETS |  |  | 173,317 |  | 167,168
CAPITAL AND RESERVES
Called up share capital | 11 |  | 64 |  | 64
Profit and Loss Account |  |  | 173,253 |  | 167,104
SHAREHOLDERS' FUNDS |  |  | 173,317 |  | 167,168

Page 5
Page 6
SHEPPARD HOLDINGS (U.K) LIMITED
Company Balance Sheet (continued)
As At 30 November 2025
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,062,149 (2024: £ 250,000 profit).
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr Barry Sheppard Director
3rd July 2026

The notes on pages 7 to 12 form part of these financial statements.
Page 6
Page 7
SHEPPARD HOLDINGS (U.K) LIMITED
Notes to the Financial Statements
For The Year Ended 30 November 2025
Notes to the Financial Statements
1. General Information
SHEPPARD HOLDINGS (U.K) LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 11698509 . The registered office is Unit 28 Basepoint Business Centre, Jubilee Close, Weymouth, Dorset, DT4 7BS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 November 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 7
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SHEPPARD HOLDINGS (U.K) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold | 10% straight line
Plant & Machinery | 25% on reducing balance
Motor Vehicles | 25% on reducing balance
Fixtures & Fittings | 20% on reducing balance
Computer Equipment | 33% on cost

2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 8
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SHEPPARD HOLDINGS (U.K) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
2.8. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 16 (2024: 16)
Company
Average number of employees, including directors, during the year was: NIL (2024: NIL)
16 16
- -
4. Tangible Assets
Group

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings
| £ | £ | £ | £
Cost
As at 1 December 2024 | 117,175 | 9,459,857 | 794,035 | 137,224
Additions | - | 263,865 | 79,353 | 4,305
Disposals | - | - | (75,578 ) | -
As at 30 November 2025 | 117,175 | 9,723,722 | 797,810 | 141,529
Depreciation
As at 1 December 2024 | 32,174 | 3,017,508 | 332,553 | 61,633
Provided during the period | 13,223 | 744,234 | 65,933 | 9,719
Disposals | - | - | (28,070 ) | -
As at 30 November 2025 | 45,397 | 3,761,742 | 370,416 | 71,352
Net Book Value
As at 30 November 2025 | 71,778 | 5,961,980 | 427,394 | 70,177
As at 1 December 2024 | 85,001 | 6,442,349 | 461,482 | 75,591

Page 9
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SHEPPARD HOLDINGS (U.K) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025

| Computer Equipment | Total
--- | --- | ---
| £ | £
Cost
As at 1 December 2024 | 54,594 | 10,562,885
Additions | 4,299 | 351,822
Disposals | - | (75,578 )
As at 30 November 2025 | 58,893 | 10,839,129
Depreciation
As at 1 December 2024 | 48,566 | 3,492,434
Provided during the period | 4,000 | 837,109
Disposals | - | (28,070 )
As at 30 November 2025 | 52,566 | 4,301,473
Net Book Value
As at 30 November 2025 | 6,327 | 6,537,656
As at 1 December 2024 | 6,028 | 7,070,451

Company
The company had no tangible fixed assets as at 30 November 2025 or 30 November 2024.
5. Investments
Group

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 December 2024 | 181
As at 30 November 2025 | 181
Provision
As at 1 December 2024 | -
As at 30 November 2025 | -
Net Book Value
As at 30 November 2025 | 181
As at 1 December 2024 | 181

Company

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 December 2024 | 181
As at 30 November 2025 | 181

...CONTINUED
Page 10
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SHEPPARD HOLDINGS (U.K) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025

Provision
As at 1 December 2024 | -
As at 30 November 2025 | -
Net Book Value
As at 30 November 2025 | 181
As at 1 December 2024 | 181

6. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock | 94,111 |  | 68,490
Work in progress | 176,534 |  | 201,700
| 270,645 |  | 270,190

7. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 2,075,960 |  | 2,044,321 |  | - |  | -
Amounts owed by group undertakings | 346,491 |  | - |  | - |  | -
Amounts owed by participating interests | 100 |  | - |  | - |  | -
Other debtors | 1,374,809 |  | 1,940,231 |  | 499,770 |  | 1,055,213
| 3,797,360 |  | 3,984,552 |  | 499,770 |  | 1,055,213

The trade debtors are subject to an invoice discount agreement. Amounts owed to the discounting company are secured on the book value of the trade debtors to which they relate.
8. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Net obligations under finance lease and hire purchase contracts | 829,978 |  | 937,833 |  | - |  | -
Trade creditors | 1,877,287 |  | 2,452,128 |  | - |  | -
Bank loans and overdrafts | 418,604 |  | 7,848 |  | - |  | -
Debentures | - |  | 692,409 |  | - |  | -
Amounts owed to group undertakings | 348,671 |  | - |  | 348,571 |  | 888,418
Other creditors | 20,759 |  | 190,409 |  | - |  | -
Taxation and social security | 175,750 |  | 50,868 |  | - |  | -
| 3,671,049 |  | 4,331,495 |  | 348,571 |  | 888,418

Page 11
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SHEPPARD HOLDINGS (U.K) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
9. Creditors: Amounts Falling Due After More Than One Year

| Group |
--- | --- | ---
| 2025 |  | 2024
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 2,143,784 |  | 2,838,063
Bank loans | 1,111,653 |  | 62,708
| 3,255,437 |  | 2,900,771

10. Obligations Under Finance Leases and Hire Purchase

| Group |
--- | --- | ---
| 2025 |  | 2024
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 829,978 |  | 937,833
Later than one year and not later than five years | 2,143,784 |  | 2,838,063
| 2,973,762 |  | 3,775,896
| 2,973,762 |  | 3,775,896

11. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 269 |  | 269

12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:

| As at 1 December 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 November 2025
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Mr Barry Sheppard | 1,055,163 | 500,557 | 1,056,000 | - | 499,720

The above loan is unsecured, interest free and repayable on demand.
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