Company registration number 07526579 (England and Wales)
CROWTHER & SHAW HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
CROWTHER & SHAW HOLDINGS LIMITED
COMPANY INFORMATION
Directors
M R Gledhill
A L Gledhill
Mr E A Gledhill
Mrs R L Harcourt
Company number
07526579
Registered office
Unit 23
Ringway Centre
Beck Road
Huddersfield
HD1 5DG
Auditor
Wheawill & Sudworth Limited
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
Bankers
Handelsbanken
12 Longbow Close
Pennine Business Park
Bradley
Huddersfield
HD2 1GQ
CROWTHER & SHAW HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group balance sheet
7
Company balance sheet
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 25
CROWTHER & SHAW HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Principal activities

The principal activity of the group continues to be that of commercial refrigeration and air conditioning engineers.

Review of the business

We are pleased to report another profitable year of operations.

The group saw a reduction in turnover due to delays with various installations and subdued customer demand in certain sectors.

Core KPI's monitored by the management team cover order intake, margin achievement, cash collection and customer satisfaction.

Principal risks and uncertainties

Risks to the business in the coming period include government policies increasing employment costs and the knock on effect of a reduction in investment in our sector.

Should any of our larger clients reduce their spend with us this would have a negative impact on our growth although the group does spread its work across a wide marketplace so a major impact would not be expected.

Outlook

The outlook for the coming year appears generally negative to level with an uncertain global economy coupled with UK government polices leading to uncertainly within the top end of our supply chain.

As with the post banking crash and post Covid periods we are expecting this year to see little if any growth and be a period of careful management and preparation for the economy to restart again.

On behalf of the board

M R Gledhill
Director
17 April 2026
CROWTHER & SHAW HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Results and dividends

The results for the year are set out on page 6.

Ordinary dividends were paid amounting to £100,000. 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:

M R Gledhill
A L Gledhill
Mr E A Gledhill
Mrs R L Harcourt
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent 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.

On behalf of the board
M R Gledhill
Director
17 April 2026
CROWTHER & SHAW HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWTHER & SHAW HOLDINGS LIMITED
- 3 -
Opinion

We have audited the financial statements of Crowther & Shaw Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 31 October 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.

CROWTHER & SHAW HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWTHER & SHAW HOLDINGS LIMITED
- 4 -
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 group's and 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 group or 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 focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;

- enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;

- review of minutes of the Directors' Board meetings throughout the year; and

- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

CROWTHER & SHAW HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWTHER & SHAW HOLDINGS LIMITED
- 5 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 group's 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 group's or the parent 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 group or the parent 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.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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.

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.

David Butterworth (Senior Statutory Auditor)
For and on behalf of Wheawill & Sudworth Limited, Statutory Auditor
Chartered Accountants
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
17 April 2026
CROWTHER & SHAW HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
3
12,190,306
13,478,179
Cost of sales
(9,331,596)
(10,367,889)
Gross profit
2,858,710
3,110,290
Distribution costs
(324,995)
(292,554)
Administrative expenses
(1,758,791)
(1,549,644)
Operating profit
4
774,924
1,268,092
Interest receivable and similar income
7
27,771
40,532
Interest payable and similar expenses
8
(1)
-
0
Other gains and losses
9
125,390
62,936
Profit before taxation
928,084
1,371,560
Tax on profit
10
(235,557)
(346,630)
Profit for the financial year
23
692,527
1,024,930
Profit for the financial year is attributable to:
- Owners of the parent company
699,422
1,024,930
- Non-controlling interests
(6,895)
-
692,527
1,024,930
Total comprehensive income for the year is attributable to:
- Owners of the parent company
699,422
1,024,930
- Non-controlling interests
(6,895)
-
0
692,527
1,024,930

All the activities of the group are from continuing operations.

The notes on pages 12 to 25 form part of these financial statements.

CROWTHER & SHAW HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
136,807
75,035
136,807
75,035
Current assets
Stocks
16
68,032
61,644
Debtors
17
2,719,197
3,686,143
Investments
18
1,218,950
935,354
Cash at bank and in hand
2,006,042
1,984,211
6,012,221
6,667,352
Creditors: amounts falling due within one year
19
(1,522,604)
(2,747,785)
Net current assets
4,489,617
3,919,567
Total assets less current liabilities
4,626,424
3,994,602
Provisions for liabilities
Deferred tax liability
20
61,494
22,199
(61,494)
(22,199)
Net assets
4,564,930
3,972,403
Capital and reserves
Called up share capital
22
200
200
Share premium account
23
119,400
119,400
Revaluation reserve
23
157,615
63,730
Profit and loss reserves
23
4,294,610
3,789,073
Equity attributable to owners of the parent company
4,571,825
3,972,403
Non-controlling interests
(6,895)
-
0
Total equity
4,564,930
3,972,403

The notes on pages 12 to 25 form part of these financial statements.

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 17 April 2026 and are signed on its behalf by:
17 April 2026
M R Gledhill
Director
Company registration number 07526579 (England and Wales)
CROWTHER & SHAW HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
564,086
564,035
Current assets
Debtors
17
100
100
Creditors: amounts falling due within one year
19
(51)
-
0
Net current assets
49
100
Net assets
564,135
564,135
Capital and reserves
Called up share capital
22
200
200
Share premium account
23
119,400
119,400
Profit and loss reserves
23
444,535
444,535
Total equity
564,135
564,135

The notes on pages 12 to 25 form part of these financial statements.

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 £100,000 (2024 - £300,000 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 17 April 2026 and are signed on its behalf by:
17 April 2026
M R Gledhill
Director
Company registration number 07526579 (England and Wales)
CROWTHER & SHAW HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 November 2023
200
119,400
10,435
3,117,438
3,247,473
-
3,247,473
Year ended 31 October 2024:
Profit for the year
-
-
-
1,024,930
1,024,930
-
1,024,930
Other comprehensive income:
Deferred taxation on unrealised profits
-
-
(9,545)
9,545
-
-
-
Total comprehensive income
-
-
(9,545)
1,034,475
1,024,930
-
1,024,930
Dividends
11
-
-
-
(300,000)
(300,000)
-
(300,000)
Unrealised profit on lidsted investments
-
-
62,840
(62,840)
-
-
-
Balance at 31 October 2024
200
119,400
63,730
3,789,073
3,972,403
-
0
3,972,403
Year ended 31 October 2025:
Profit for the year
-
-
-
699,422
699,422
(6,895)
692,527
Other comprehensive income:
Deferred taxation on unrealised profits
-
-
(31,347)
31,347
-
-
-
Total comprehensive income
-
-
(31,347)
730,769
699,422
(6,895)
692,527
Dividends
11
-
-
-
(100,000)
(100,000)
-
(100,000)
Unrealised profit on lidsted investments
-
-
125,232
(125,232)
-
-
-
Balance at 31 October 2025
200
119,400
157,615
4,294,610
4,571,825
(6,895)
4,564,930

The notes on pages 12 to 25 form part of these financial statements.

CROWTHER & SHAW HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2023
200
119,400
444,535
564,135
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
300,000
300,000
Dividends
11
-
-
(300,000)
(300,000)
Balance at 31 October 2024
200
119,400
444,535
564,135
Year ended 31 October 2025:
Profit and total comprehensive income
-
-
100,000
100,000
Dividends
11
-
-
(100,000)
(100,000)
Balance at 31 October 2025
200
119,400
444,535
564,135

The notes on pages 12 to 25 form part of these financial statements.

CROWTHER & SHAW HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
840,555
1,181,302
Interest paid
(1)
-
0
Income taxes paid
(490,228)
(285,845)
Net cash inflow from operating activities
350,326
895,457
Investing activities
Purchase of tangible fixed assets
(106,390)
(16,967)
Proceeds from disposal of tangible fixed assets
8,330
-
Purchase of investments
(142,935)
(59,600)
Proceeds from disposal of investments
1,000
1,000
Interest received
11,500
6,631
Net cash used in investing activities
(228,495)
(68,936)
Financing activities
Dividends paid to equity shareholders
(100,000)
(300,000)
Net cash used in financing activities
(100,000)
(300,000)
Net increase in cash and cash equivalents
21,831
526,521
Cash and cash equivalents at beginning of year
1,984,211
1,457,690
Cash and cash equivalents at end of year
2,006,042
1,984,211

The notes on pages 12 to 25 form part of these financial statements.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
1
Accounting policies
Company information

Crowther & Shaw Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Crowther & Shaw Holdings Limited 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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

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;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

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.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Crowther & Shaw Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

The financial statements of the following subsidiaries have not been audited on an individual company basis as advantage has been taken of the exemption to audit under S479A of the Companies Act 2006:-

Crowther & Shaw Mechanical Services Limited - company number 16263857.

All financial statements are made up to 31 October 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

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and 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.

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.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -

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:

Short leasehold property
Over the term of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computer equipment
25% straight line
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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
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.

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.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
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.

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

The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.

1.17
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 d asset are consumed.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
1.18

Current asset investments

Current asset investments are stated at market value.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
12,190,306
13,478,179
2025
2024
£
£
Other revenue
Interest income
11,500
6,631

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

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
6,000
6,000
Depreciation of tangible fixed assets
43,366
33,731
Profit on disposal of tangible fixed assets
(7,078)
-
Operating lease charges
348,126
294,333
CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
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
Engineering
48
42
-
-
Sales
4
4
-
-
Director and administrative
13
12
4
4
Total
65
58
4
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,683,334
2,428,719
-
0
-
0
Social security costs
312,594
252,456
-
-
Pension costs
224,990
288,342
-
0
-
0
3,220,918
2,969,517
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
250,196
230,274
Company pension contributions to defined contribution schemes
124,000
125,000
374,196
355,274

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

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
169,909
143,372
Company pension contributions to defined contribution schemes
60,000
60,000
CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
10,640
4,553
Other interest income
860
2,078
Total interest revenue
11,500
6,631
Income from fixed asset investments
Income from other fixed asset investments
16,271
33,901
Total income
27,771
40,532
8
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
1
-
9
Other gains and losses
2025
2024
£
£
Gain on disposal of financial assets held at fair value through profit or loss
125,390
62,936
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
196,262
340,228
Deferred tax
Origination and reversal of timing differences
4,657
-
0
Other adjustments
34,638
6,402
Total deferred tax
39,295
6,402
Total tax charge
235,557
346,630
CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
10
Taxation
(Continued)
- 20 -

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
928,084
1,371,560
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
232,021
342,890
Effects of:
Expenses that are not deductible in determining taxable profit
6,338
17,999
Income not taxable in determining taxable profit
(4,067)
(8,475)
Gains not taxable
39
-
0
Depreciation on assets not qualifying for tax allowances
1,226
-
0
Deferred tax adjustments in respect of prior years
-
0
(5,784)
Taxation charge in the financial statements
235,557
346,630
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
100,000
300,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2024 and 31 October 2025
5,000
Amortisation and impairment
At 1 November 2024 and 31 October 2025
5,000
Carrying amount
At 31 October 2025
-
0
At 31 October 2024
-
0
The company had no intangible fixed assets at 31 October 2025 or 31 October 2024.
CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
13
Tangible fixed assets
Group
Short leasehold property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2024
70,384
7,264
55,618
79,485
99,387
312,138
Additions
-
0
37,300
380
5,650
63,060
106,390
Disposals
-
0
-
0
-
0
-
0
(1,431)
(1,431)
At 31 October 2025
70,384
44,564
55,998
85,135
161,016
417,097
Depreciation and impairment
At 1 November 2024
56,506
2,413
49,583
73,344
55,257
237,103
Depreciation charged in the year
7,240
6,653
1,604
3,767
24,102
43,366
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(179)
(179)
At 31 October 2025
63,746
9,066
51,187
77,111
79,180
280,290
Carrying amount
At 31 October 2025
6,638
35,498
4,811
8,024
81,836
136,807
At 31 October 2024
13,878
4,851
6,035
6,141
44,130
75,035
The company had no tangible fixed assets at 31 October 2025 or 31 October 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
564,086
564,035
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2024
564,035
Additions
51
At 31 October 2025
564,086
Carrying amount
At 31 October 2025
564,086
At 31 October 2024
564,035
CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Crowther & Shaw Limited
Unit 23 The Ringway Centre, Beck Road, Huddersfield, HD1 15G
£1 Ordinary
100.00
Crowther & Shaw Mechanical Services Limited
35 Westgate, Huddersfield, HD1 1PA.
£1 Ordinary
51.00
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
68,032
61,644
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,193,702
3,235,704
-
0
-
0
Other debtors
294,601
361,220
100
100
Prepayments and accrued income
230,894
89,219
-
0
-
0
2,719,197
3,686,143
100
100
18
Current asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Other investments
1,218,950
935,354
-
-

Investments having a cost of £1,016,425 (2024: £858,061) are listed on a recognised stock exchange and had a market value of £1,218,950 (2024: £935,354).

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
868,600
1,776,554
-
0
-
0
Corporation tax payable
46,262
340,228
-
0
-
0
Other taxation and social security
55,811
60,199
-
0
-
0
Other creditors
3,161
333
51
-
0
Accruals and deferred income
548,770
570,471
-
0
-
0
1,522,604
2,747,785
51
-
0
20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
33,003
16,334
Tax losses
(14,640)
(5,760)
Revaluations
50,631
19,323
Retirement benefit obligations
(7,500)
(7,698)
61,494
22,199
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 November 2024
22,199
-
Charge to profit or loss
39,295
-
Liability at 31 October 2025
61,494
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
224,990
288,342

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.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
152
152
152
152
B Ordinary shares of £1 each
16
16
16
16
C Ordinary shares of £1 each
16
16
16
16
D Ordinary shares of £1 each
16
16
16
16
200
200
200
200
23
Reserves
Share premium

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

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Profit and loss account

This reserve records retained earnings and accumulated losses.

24
Operating lease commitments

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 1 year
303,877
294,811
-
-
Years 2-5
325,070
506,195
-
-
After 5 years
-
13,217
-
-
628,947
814,223
-
-
25
Related party transactions
Transactions with related parties

Included in debtors is a loan to Ream Estates Limited, a company under common control, amounting to £250,000 (2024: £250,000). The loan is unsecured, repayable on demand and currently interest free. During the year £75,000 (2024: £76,000) was paid in consultancy fees to Ream Estates Limited.

26
Controlling party

The company is controlled by M R Gledhill.

CROWTHER & SHAW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
692,527
1,024,930
Adjustments for:
Taxation charged
235,557
346,630
Finance costs
1
-
0
Investment income
(27,771)
(40,532)
Gain on disposal of tangible fixed assets
(7,078)
-
Depreciation and impairment of tangible fixed assets
43,366
33,731
Other gains and losses
(125,390)
(62,936)
Movements in working capital:
(Increase)/decrease in stocks
(6,388)
94,498
Decrease/(increase) in debtors
966,946
(1,054,910)
(Decrease)/increase in creditors
(931,215)
839,891
Cash generated from operations
840,555
1,181,302
28
Analysis of changes in net funds - group
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
1,984,211
21,831
2,006,042
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