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Registered number: 16026866 MOUNTFIELD HOLDINGS GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
MOUNTFIELD HOLDINGS GROUP LIMITED COMPANY INFORMATION
Directors | G J Read
| M J Climie
Registered number | 16026866
Registered office | Leytonstone House
| 3 Hanbury Drive
| Leytonstone
| London
| E11 1GA
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditor
| Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
MOUNTFIELD HOLDINGS GROUP LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10
Company balance sheet | 11
Consolidated statement of changes in equity | 12
Company statement of changes in equity | 13
Consolidated statement of cash flows | 14
Consolidated analysis of net debt | 15
Notes to the financial statements | 16 - 32
MOUNTFIELD HOLDINGS GROUP LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Introduction
The directors present the group strategic report of Mountfield Holdings Group Limited ("the Group" or "the Company") for the period ended 31 December 2025. The period runs from incorporation of the Company on 18 October 2024. The principal activities of the Group are specialist construction services including those related to property fabric repair and refurbishment
Business review
The Group's turnover in the period from 18 October 2024 to 31 December 2025 was £17.9m and its profit before tax was £1.39m. As at 31 December 2025, net assets amounted to £7.7m. Financial period ended 2025 amounts to another strong period for the Group as they focus on their core competencies of specialist construction services.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group relate to: Attraction and retention of key employees The Group’s future success is substantially dependent on the continued services and performance of its directors, senior management and other key personnel and its ability to continue to attract and retain highly skilled and qualified personnel. Economic downturn and other macroeconomic factors The Group's success is substantially dependent on the general level of economic activity and economic conditions in the United Kingdom. Many of the Group's contracts, including renewals or extensions of previous contracts, are awarded through competitive bidding processes. Any downturn in the economy, or any other macroeconomic factors, either in the UK or globally, may reduce the number of contracts coming up for bidding. The competitive bidding processes present a number of additional risks, including incurring substantial costs and managerial time to prepare bids and proposals for contracts that the Group may not ultimately win. The Group may face additional competition in the bidding process either from existing competitors or new market entrants. The Group seeks to mitigate the investment risk in the bidding process by selecting only those tenders for contracts where it believes it has a competitive advantage and where it believes there is significant potential for profitability. Reliance on key customers and clients The business of the Group is dependent upon the continuing contracts that it has, and relationships that it has developed, with certain customers. Whilst signed contracts are in place with key customers, the successful completion and timing of contracted projects are not guaranteed and are susceptible to external factors outside of the control of the Group. Similarly, contracted projects may in some circumstances be susceptible to delays or variation by customers or be Page 1
MOUNTFIELD HOLDINGS GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025 affected by unforeseen changes in circumstances relating to the market, technology, legislation, economic or other business factors. This may affect the cashflow and subsequent performance of the Group. Reliance on subcontractors The Group utilises subcontractors on a project-by-project basis to meet contractual obligations. Such projects will rely on the subcontractors performing their duties and obligations, not only in terms of timely delivery but also in terms of their performance obligations. Any non-performance may result in time and cost over-runs on the Group's projects and reduce the value of its returns. Subcontractors are vetted by senior management and normally engaged to work on closely defined and managed aspects of contracts. Most subcontractors have a long standing trading history with the Group. Health and safety The Group undertakes Construction activities, often working within difficult conditions and with heavy machinery which if improperly used could result in personal injury or in extreme cases, fatalities. The Group takes the health and safety of its employees and clients very seriously and employs Health and Safety advisors on all significant contracts. It also has a firm of Health and Safety Advisors with whom it consults on a regular basis. Financial risk management, including price, credit, liquidity and cashflows The Group carefully manages it's cash and liquidity position through forecasting of upcoming payments and receipts thus managing risks of liquidity and cashflows. Other risk management strategies are discussed above.
Financial and other key performance indicators
The directors use a number of performance indicators which are used to manage the business but, as with most businesses, the focus in the Statement of Comprehensive Income at the top level is on sales, margins, staff numbers and overheads compared to budget and the prior year. In the Statement of Financial Position the focus is on managing working capital. This report was approved by the board on 16 July 2026 and signed on its behalf.
G J Read Director
Page 2
MOUNTFIELD HOLDINGS GROUP LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period, after taxation, amounted to £860,873. The Directors do not propose to recommend a final dividend for the year.
Directors
The directors who served during the period were:
G J Read
M J Climie
Future developments The Group continues to pursue its core strategy of specialist construction contracts, and developing and nurturing relationships with their key stakeholders. Page 3
MOUNTFIELD HOLDINGS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Post balance sheet events There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 16 July 2026 and signed on its behalf.
G J Read Director
Leytonstone
Page 4
MOUNTFIELD HOLDINGS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS GROUP LIMITED
Opinion
We have audited the financial statements of Mountfield Holdings Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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 of the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
MOUNTFIELD HOLDINGS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS GROUP LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. 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' responsibilities statement set out on page 3, 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 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 Group or the Page 6
MOUNTFIELD HOLDINGS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS GROUP LIMITED (CONTINUED) Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. The areas that we identified as being susceptible to misstatement through fraud were: ∙Management bias in the estimates and judgements made; and ∙Management override of controls. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk Page 7
MOUNTFIELD HOLDINGS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS GROUP LIMITED (CONTINUED) increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew May (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA 17 July 2026 Page 8
MOUNTFIELD HOLDINGS GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2025
| Period ended 31 December
| 2025
Note | £
Turnover | 4 | 17,946,703
Cost of sales |  | (14,376,865)
Gross profit |  | 3,569,838
Administrative expenses |  | (2,301,316)
Operating profit |  | 1,268,522
Interest receivable and similar income | 8 | 129,546
Interest payable and similar expenses | 9 | (6,140)
Profit before tax |  | 1,391,928
Tax on profit | 10 | (531,055)
Profit after tax |  | 860,873
Profit for the period attributable to the owners of the parent |  | 860,873
The notes on pages 16 to 32 form part of these financial statements.
Page 9
MOUNTFIELD HOLDINGS GROUP LIMITED REGISTERED NUMBER: 16026866 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Intangible assets | 11 |  | 5,224,458
Tangible assets | 12 |  | 320,334
|  |  | 5,544,792
Current assets |  |  |
Debtors: amounts falling due within one year | 14 | 1,360,174 |
Cash at bank and in hand | 15 | 4,260,852 |
|  | 5,621,026 |
Creditors: amounts falling due within one year |  | (3,352,756) |
Net current assets |  |  | 2,268,270
Total assets less current liabilities |  |  | 7,813,062
Creditors: amounts falling due after more than one year |  |  | (62,090)
Provisions for liabilities |  |  |
Deferred tax | 19 |  | (25,411)
Net assets |  |  | 7,725,561
Capital and reserves |  |  |
Called up share capital | 20 |  | 95
Merger reserve | 21 |  | 6,864,593
Profit and loss account | 21 |  | 860,873
|  |  | 7,725,561
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2026.
G J Read
Director
The notes on pages 16 to 32 form part of these financial statements. Page 10
MOUNTFIELD HOLDINGS GROUP LIMITED REGISTERED NUMBER: 16026866 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Investments | 13 |  | 487,897
Current assets |  |  |
Debtors: amounts falling due within one year | 14 |  | 3
Net assets |  |  | 487,900
Capital and reserves |  |  |
Called up share capital | 20 |  | 95
Profit for the period |  | 487,805 |
Profit and loss account carried forward |  |  | 487,805
|  |  | 487,900
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2026.
G J Read
Director
The notes on pages 16 to 32 form part of these financial statements. Page 11
MOUNTFIELD HOLDINGS GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £
Profit for the period | - | - | 860,873 | 860,873
Shares issued during the period | 95 | - | - | 95
Upon acquisition of subsidiaries | - | 6,864,593 | - | 6,864,593
At 31 December 2025 | 95 | 6,864,593 | 860,873 | 7,725,561
| The notes on pages 16 to 32 form part of these financial statements.
Page 12
MOUNTFIELD HOLDINGS GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Profit for the period | - | 487,805 | 487,805
Shares issued during the period | 95 | - | 95
At 31 December 2025 | 95 | 487,805 | 487,900
| The notes on pages 16 to 32 form part of these financial statements.
Page 13
MOUNTFIELD HOLDINGS GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
|  |  | 2025
|  |  | £
Cash flows from operating activities |
Profit for the financial period | 860,873
Adjustments for: |
Amortisation of intangible assets | 703,199
Depreciation of tangible assets | 19,428
Loss on disposal of tangible assets | (11,267)
Interest received | (129,546)
Taxation charge | 531,055
Decrease in debtors | 1,347,497
(Decrease)/increase in creditors | (1,640,607)
Corporation tax (paid)/received | (535,557)
Interest paid | 6,140
Net cash generated from operating activities | 1,151,215
Cash flows from investing activities |
Interest received | 129,546
Net cash on acquisition of subsidiaries | 3,012,047
Net cash from investing activities | 3,141,593
Cash flows from financing activities |
HP interest paid | (6,140)
Repayment of HP | (25,816)
Net cash used in financing activities | (31,956)
Net increase in cash and cash equivalents | 4,260,852
Cash and cash equivalents at the end of period | 4,260,852
Cash and cash equivalents at the end of period comprise: |
Cash at bank and in hand | 4,260,852
| 4,260,852
The notes on pages 16 to 32 form part of these financial statements.
Page 14
MOUNTFIELD HOLDINGS GROUP LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 31 DECEMBER 2025
| Acquisition of subsidiairies | Cash flows | New finance leases | At 31 December 2025
| £ | £ | £ | £
Cash at bank and in hand | 3,012,047 | 1,248,805 | - | 4,260,852
Finance leases | (50,804) | 31,956 | (64,910) | (83,758)
| 2,961,243 | 1,280,761 | (64,910) | 4,177,094
The notes on pages 16 to 32 form part of these financial statements.
Page 15
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Mountfield Holdings Group Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. The Company's registered office is located at Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA. Mountfield Holdings Group Limited and its subsidiaries (the 'Group') provide specialist construction services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis. Page 16
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover is measured by reference to the stage of completion of the construction contract activity. The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entities and when specific criteria have been met as described below. Revenue is stated exclusive of VAT. Construction contracts Turnover is recognised relative to the stage of completion of the contract. The stage of completion is determined by the works completed and certified to date. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is recognised relative to the stage of completion of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for loss making contracts in the year in which they are first foreseen.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 17
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life which has been calculated by the directors to be 10 years.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Plant and machinery | - | 10% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 19
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effect interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially, at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
| 2.18 | Dividends
Equity dividends are recognised when the become legally payable. Interim equity dividends are recognised when paid. Final equity dividend are recognised when approved by the shareholders at the annual general meeting. Page 20
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in accordance with FRS102 requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Estimates and assumptions are reviewed on an ongoing basis and revision to estimates or assumptions are recognised in the period in which they are revised in future periods affected. Accounting for construction contracts In accordance with FRS102:17 Revenue on Construction Contracts, management is required to estimate total expected contract revenue and costs and the percentage of contract completion in determining the appropriate profit to recognise in the period. The Company uses the work of surveyors to determine accurately the level of work that has been completed by the year-end. The Company also has appropriate control procedures to ensure that all estimates are determined on a consistent basis and are subject to appropriate review and authorisation. Revaluation of tangible fixed assets In accordance with FRS102:23, the company accounts for freehold property under the revaluation model. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Judgments and estimates are required to determine this fair value.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Revenue from construction contracts | 17,946,703
| All turnover arose within the United Kingdom.
Page 21
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
5. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors:
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Fees payable to the Parent Company's auditors for the audit of the consolidated and Parent Company's financial statements and subsidiaries' financial statements | 20,000
| All other services | 32,252
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group
|  | Period ended 31 December 2025
|  | £
| Wages and salaries | 1,644,584
| Social security costs | 219,759
| Cost of defined contribution scheme | 36,932
|  | 1,901,275
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Period ended 31 December
|  |  | 2025
|  |  | No.
|  | Management | 2
|  | Administration | 3
|  | Cost of sales | 4
|  |  | 9
| The Company has no employees other than the director, who did not receive any remuneration.
Page 22
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
7. | Directors' remuneration
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Directors' emoluments | 814,418
| Group contributions to defined contribution pension schemes | 18,750
|  | 833,168
| During the period retirement benefits were accruing to 1 director in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £467,664.
8. | Interest receivable
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Other interest receivable | 129,546
9. | Interest payable and similar expenses
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Finance leases and hire purchase contracts | 6,140
Page 23
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Corporation tax |
| Current tax on profits for the year | 526,719
| Adjustments in respect of previous periods | 4,336
|  | 531,055
| Total current tax | 531,055
| Tax on profit | 531,055
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
|  |  |  |  | Period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Profit on ordinary activities before tax | 1,391,928
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | 347,982
| Effects of: |
| Non-tax deductible amortisation of goodwill and impairment | 175,800
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 7,273
| Total tax charge for the period | 531,055
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
11. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| Additions | 5,927,657
| At 31 December 2025 | 5,927,657
| Amortisation |
| Charge for the period | 703,199
| At 31 December 2025 | 703,199
| Net book value |
| At 31 December 2025 | 5,224,458
Page 25
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| Additions | - | - | 61,322 | 61,322
| Acquisition of subsidiary | 250,000 | 62,844 | 106,086 | 418,930
| Disposals | - | - | (53,990) | (53,990)
| At 31 December 2025 | 250,000 | 62,844 | 113,418 | 426,262
| Depreciation |  |  |  |
| Charge for the period on owned assets | - | 1,709 | 103 | 1,812
| Charge for the period on financed assets | - | - | 18,215 | 18,215
| Acquisition of subsidiary | - | 45,755 | 68,828 | 114,583
| Disposals | - | - | (28,682) | (28,682)
| At 31 December 2025 | - | 47,464 | 58,464 | 105,928
| Net book value |  |  |  |
| At 31 December 2025 | 250,000 | 15,380 | 54,954 | 320,334
| The property has been valued by the directors as at 31 December 2025 on an open market fair value basis. The cost element is £63,375, and the uplift in valuation is £186,625. This revaluation uplift occurred prior to the acquisition of the subsidiary whom owns the underlying property. If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Cost | 63,375
| Accumulated depreciation | (19,275)
| Net book value | 44,100
Page 26
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Additions | 487,897
| At 31 December 2025 | 487,897
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Mountfield Holdings Limited | Leytonstone House, London, E11 1GA | Ordinary | 100%
| Mountfield Building Group Limited* | Leytonstone House, London, E11 1GA | Ordinary | 100%
| MBG Construction Limited** | Leytonstone House, London, E11 1GA | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Mountfield Holdings Limited | 100 | -
| Mountfield Building Group Limited* | 3,000,491 | 1,072,161
| MBG Construction Limited* | 1,185,825 | 163,053
| * The shares in Mountfield Building Group Limited are held indirectly through the investment in Mountfield Holdings Limited ** The shares in MBG Construction Limited are held indirectly through the investment in Mountfield Building Group Limited. Mountfield Holdings Limited and MBG Construction Limited are exempt from the requirement to have their financial statements audited under section 479a of the Companies Act 2006. A guarantee has been provided by Mountfield Holdings Group Limited.
Page 27
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
14. | Debtors
|  | Group | Company
|  | 2025 | 2025
|  | £ | £
| Trade debtors | 1,197,015 | -
| Other debtors | 74,506 | 3
| Prepayments and accrued income | 68,886 | -
| Amounts recoverable on long-term contracts | 19,767 | -
|  | 1,360,174 | 3
15. | Cash and cash equivalents
|  | Group
|  | 2025
|  | £
| Cash at bank and in hand | 4,260,852
16. | Creditors: Amounts falling due within one year
|  | Group
|  | 2025
|  | £
| Trade creditors | 808,077
| Corporation tax | 271,562
| Other taxation and social security | 745,955
| Hire purchase contracts and finance leases | 21,668
| Other creditors | 24,788
| Accruals and deferred income | 1,480,706
|  | 3,352,756
17. | Creditors: Amounts falling due after more than one year
|  | Group
|  | 2025
|  | £
| Hire purchase contracts and finance leases | 62,090
Page 28
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group
|  | 2025
|  | £
| Within one year | 21,668
| Between 1-5 years | 62,090
|  | 83,758
19. | Deferred taxation
| Group
|  | 2025
|  | £
| Upon acquisition of subsidiary | (25,411)
| At end of year | (25,411)
| The deferred taxation balance is made up as follows:
|  | Group
|  | 2025
|  | £
| Revaluation of property | (25,411)
|  | (25,411)
Page 29
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
20. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 95 Ordinary Share shares of £1.00 each | 95
There is a single class of ordinary shares. There are no restrictions on the distributions of dividends or voting rights.
21. | Reserves
Merger reserve On 24 October 2024 92 Ordinary Shares in Mountfield Holdings Group Limited were issued to the shareholders of Mountfield Holdings Limited as part of consideration of the acquisition. The merger reserve has arisen as a result of the difference between book value and fair value of the shares issued. Profit and loss account The profit and loss account includes the accumulated earnings of the company, net of any equity dividends paid. Page 30
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
22. | Business combinations
On 24 October 2024 Mountfield Holdings Group Limited acquired 100% of the share capital of Mountfield Holdings Limited.
| Acquisition of Mountfield Holdings Limited
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value adjustments | Fair value
|  |  |  |  | £ | £ | £
| Fixed Assets |  |  |
| Tangible | 270,209 | - | 270,209
| Investments | 1,685,315 | - | 1,685,315
|  | 1,955,524 | - | 1,955,524
| Current Assets |  |  |
| Debtors | 2,701,305 | - | 2,701,305
| Cash at bank and in hand | 3,499,852 | - | 3,499,852
| Total Assets | 8,156,681 | - | 8,156,681
| Creditors |  |  |
| Due within one year | (5,011,314) | - | (5,011,314)
| Due after more than one year | (35,219) | - | (35,219)
| Total Identifiable net assets | 3,110,148 | - | 3,110,148
| Goodwill | 5,927,657
| Total purchase consideration | 9,037,805
| Consideration
|  |  |  |  | £
| Cash | 487,805
| Equity instruments | 8,550,000
| Total purchase consideration | 9,037,805
Page 31
MOUNTFIELD HOLDINGS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 22.Business combinations (continued)
| Cash outflow on acquisition
|  |  |  |  | £
| Purchase consideration settled in cash, as above | (487,805)
|  | (487,805)
| Less: Cash and cash equivalents acquired | 3,499,852
| Net cash inflow on acquisition | 3,012,047
23. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £36,932. Contributions totaling £2,604 were payable to the fund at the balance sheet date.
24. | Related party transactions
Included within Other Debtors is a balance of £66,449 owed a the director and key management personnel. Advances were made during the year of £15,138. The Company has not disclosed transactions and balances with other companies wholly owned within the group, as entitled under 33.1A of FRS102.
25. | Post balance sheet events
There have been no post balance sheet events.
26. | Controlling party
The ultimate controlling party is G J Read.
Page 32