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Company Registration Number: 05417720 HACS HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
HACS HOLDINGS LIMITED COMPANY INFORMATION
Director | M R Smith
Registered number | 05417720
Registered office | Nidderdale House
| Station Yard
| Ripley
| Harrogate
| North Yorkshire
| HG3 3BA
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Third Floor
| 10 South Parade
| Leeds
| LS1 5QS
HACS HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Director's Report | 3
Director's Responsibilities Statement | 4
Independent Auditors' Report | 5 - 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Statement of Financial Position | 10
Company Statement of Financial Position | 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 - 33
HACS HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors have pleasure in presenting their report and the financial statements of the Group for the year ended 31 December 2025.
Business review
The principal activity of the group for the year under review was that of building, construction and plant hire. The group trades from their registered office at Nidderdale House, Station Yard, Ripley, Harrogate, North Yorkshire, HG3 3BA. The group's trading activities are organised as follows: ∙HACS Holdings Limited is engaged in property management and a holding company to a trading group ∙HACS Construction Limited is engaged in building and civil engineering ∙HACS Plant Hire Limited is engaged in plant hire. The directors aim to present a balanced and comprehensive review of the development and performance of the group's business during the year and the group's position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.
Principal risks and uncertainties
The business environment in which the group operates continues to be challenging. The principal risks continue to be the general economic climate, staff, third party suppliers and health and safety. With these risks and uncertainties in mind, the directors are aware that any plans for future development of the business may be subject to unforeseen future events outside our control. Financial risk The group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs. Credit risk The group has implemented policies that require appropriate credit checks on corporate customers before sales are made. Liquidity risk The directors believe that the group has sufficient funds available to support its activities in the future. However they have taken the precaution to put in place the ability to call off additional bank funding going forwards into 2026 following the global economic impacts in the current and previous accounting year. Page 1
HACS HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover and gross margin.
| 2025 | 2024
| £ | £
Turnover | 24,146,889 | 22,904,864
Gross profit | 3,713,457 | 2,937,014
Profit before tax | 1,170,735 | 735,310
Shareholders' funds | 3,833,228 | 3,678,612
This report was approved by the board and signed on its behalf.
................................................ M R Smith Director
Date: 20 July 2026
Page 2
HACS HOLDINGS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £838,119 (2024 - £538,026). Dividends of £683,503 (2024 - £145,017) were paid during the year.
Director
The director who served during the year was:
M R Smith
Matters covered in the Group Strategic Report
Information is not shown in the directors' report because it is shown in the strategic report instead under S414C (11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙he 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.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ M R Smith Director
Date: 20 July 2026
Page 3
HACS HOLDINGS LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with 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 director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. Page 4
HACS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED
Opinion
We have audited the financial statements of HACS Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report. Page 5
HACS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS 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 director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
HACS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED (CONTINUED)
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: ∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation. ∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. ∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. ∙The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. ∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. ∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. ∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. 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 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. Page 7
HACS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED (CONTINUED)
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. Matthew Osbourne (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Leeds 20 July 2026 Page 8
HACS HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 24,146,889 | 22,904,864
Cost of sales |  | (20,433,432) | (19,967,850)
Gross profit |  | 3,713,457 | 2,937,014
Administrative expenses |  | (2,670,024) | (2,698,521)
Other operating income | 5 | 197,388 | 573,171
Operating profit | 6 | 1,240,821 | 811,664
Interest receivable and similar income | 10 | 21,634 | 14,645
Interest payable and similar expenses | 11 | (91,720) | (90,999)
Profit before taxation |  | 1,170,735 | 735,310
Tax on profit | 12 | (332,616) | (197,284)
Profit for the financial year |  | 838,119 | 538,026
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 77,952 | 22,279
Owners of the Parent Company |  | 760,167 | 515,747
|  | 838,119 | 538,026
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 16 to 33 form part of these financial statements.
Page 9
HACS HOLDINGS LIMITED REGISTERED NUMBER: 05417720 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 6,216,121 |  | 6,080,943
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 4,541,139 |  | 5,763,822 |
Cash at bank and in hand | 19 | 3,628,443 |  | 2,746,289 |
|  | 8,169,582 |  | 8,510,111 |
Creditors: amounts falling due within one year | 20 | (9,014,749) |  | (9,419,960) |
Net current liabilities |  |  | (845,167) |  | (909,849)
Total assets less current liabilities |  |  | 5,370,954 |  | 5,171,094
Creditors: amounts falling due after more than one year | 21 |  | (575,284) |  | (688,072)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (962,442) |  | (804,410) |
|  |  | (962,442) |  | (804,410)
Net assets |  |  | 3,833,228 |  | 3,678,612
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Profit and loss account | 26 |  | 4,729,268 |  | 4,495,504
Equity attributable to owners of the Parent Company |  |  | 4,729,368 |  | 4,495,604
Non-controlling interests |  |  | (896,140) |  | (816,992)
|  |  | 3,833,228 |  | 3,678,612
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M R Smith
Director
Date: 20 July 2026
The notes on pages 16 to 33 form part of these financial statements. Page 10
HACS HOLDINGS LIMITED REGISTERED NUMBER: 05417720 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 1,059,500 |  | 559,500
Investment property | 18 |  | 2,400,000 |  | 2,400,000
|  |  | 3,459,500 |  | 2,959,500
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 259,818 |  | 565,725 |
Cash at bank and in hand | 19 | 6,751 |  | 9,460 |
|  | 266,569 |  | 575,185 |
Creditors: amounts falling due within one year | 20 | (972,342) |  | (1,250,242) |
Net current liabilities |  |  | (705,773) |  | (675,057)
Total assets less current liabilities |  |  | 2,753,727 |  | 2,284,443
Creditors: amounts falling due after more than one year | 21 |  | (94,575) |  | (144,179)
Net assets |  |  | 2,659,152 |  | 2,140,264
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Revaluation reserve | 26 |  | 331,936 |  | 331,936
Profit and loss account | 26 |  | 2,327,116 |  | 1,808,228
|  |  | 2,659,152 |  | 2,140,264
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M R Smith
Director
Date: 20 July 2026
The notes on pages 16 to 33 form part of these financial statements. Page 11
HACS HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 100 | 3,979,757 | 3,979,857 | (694,254) | 3,285,603
Profit for the year | - | 515,747 | 515,747 | 22,279 | 538,026
Dividends paid | - | - | - | (145,017) | (145,017)
At 1 January 2025 | 100 | 4,495,504 | 4,495,604 | (816,992) | 3,678,612
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | 760,167 | 760,167 | 77,952 | 838,119
Dividends paid | - | (526,403) | (526,403) | (157,100) | (683,503)
At 31 December 2025 | 100 | 4,729,268 | 4,729,368 | (896,140) | 3,833,228
| The notes on pages 16 to 33 form part of these financial statements.
Page 12
HACS HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 100 | 331,936 | 1,210,333 | 1,542,369
Profit for the year | - | - | 597,895 | 597,895
At 1 January 2025 | 100 | 331,936 | 1,808,228 | 2,140,264
Profit for the year | - | - | 1,045,291 | 1,045,291
Dividends paid | - | - | (526,403) | (526,403)
At 31 December 2025 | 100 | 331,936 | 2,327,116 | 2,659,152
| The notes on pages 16 to 33 form part of these financial statements.
Page 13
HACS HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 838,119 | 538,026
Adjustments for: |  |
Depreciation of tangible assets | 821,274 | 776,526
Loss on disposal of tangible assets | 20,771 | 1,303
Interest paid | 91,720 | 90,999
Interest received | (21,634) | (14,645)
Taxation charge | 332,616 | 197,284
Decrease/(increase) in debtors | 1,222,685 | (1,641,502)
(Decrease)/increase in creditors | (262,998) | 3,183,675
Corporation tax paid | (226,197) | -
Net cash generated from operating activities | 2,816,356 | 3,131,666
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (437,927) | (605,536)
Sale of tangible fixed assets | 144,304 | 166,875
Interest received | 21,634 | 14,645
HP interest paid | (68,725) | (70,137)
Net cash from investing activities | (340,714) | (494,153)
Cash flows from financing activities |  |
Repayment of loans | (152,897) | (155,547)
Repayment of finance leases | (734,093) | (681,849)
Dividends paid | (526,403) | -
Interest paid | (22,995) | (20,862)
Dividends paid to non-controlling interests | (157,100) | (145,017)
Net cash used in financing activities | (1,593,488) | (1,003,275)
Net increase in cash and cash equivalents | 882,154 | 1,634,238
Cash and cash equivalents at beginning of year | 2,746,289 | 1,112,051
Cash and cash equivalents at the end of year | 3,628,443 | 2,746,289
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,628,443 | 2,746,289
The notes on pages 16 to 33 form part of these financial statements.
Page 14
HACS HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 2,746,289 | 882,154 | 3,628,443
Bank loans after 1 year | (244,179) | 149,604 | (94,575)
Bank loans due within 1 year | (156,190) | 3,293 | (152,897)
Finance leases | (1,105,640) | 50,493 | (1,055,147)
The notes on pages 16 to 33 form part of these financial statements.
Page 15
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
HACS Holdings Limited is engaged in property management and a holding company to a trading group. The companies within the group are engaged in building, construction and plant hire. The group operates from their registered office address at Nidderdale House, Station Yard, Ripley, Harrogate, North Yorkshire, HG3 3BA. HACS Holdings Limited is a limited liability company limited by shares incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. 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 judgement 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 Statement of Financial Position, 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, being 01 January 2015.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue to receive the support of its wider group undertaking, HACS Construction Limited. The financial statements do not include any adjustments that would result from a withdrawal of this support. The group has traded profitably during this period and after the year end and has sufficient available reserves to meet its liabilities as they fall due. In reaching their conclusion, the directors have considered their cash flow for a period of 12 months from the date of signing the financial statements Page 16
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 17
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Plant and machinery | - | 15% - 33% reducing balance and straight line
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Equipment | - | 15% straight line
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.
| 2.12 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 18
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 19
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Current and deferred taxation
The tax expense for the year 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 reporting 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 reporting 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 reporting date. Page 20
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results. The directors consider the key accounting estimates to be amounts recoverable on long term contracts, useful lives and residual values of fixed assets, provision for trade debtors and carrying value of investment in subsidiaries. Management estimate the stage of completion of long term contracts by comparing actual costs incurred to forecasts, relying on their past experience and expertise to ensure those estimates are accurate. The useful lives and residual values of assets are reviewed on an ongoing basis by the directors. Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements. The carrying value of investments in subsidiaries is reviewed for impairment on an ongoing basis.
4. | Turnover
The whole of the turnover is attributable to the one principal activity of the group.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 191,908 | 549,694
| Government grants receivable | 5,480 | 23,477
|  | 197,388 | 573,171
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 821,274 | 776,526
| Loss on disposal of fixed assets | 20,771 | 1,303
| Defined contribution pension cost | 85,668 | 71,451
Page 21
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 25,000 | 23,000
| Preparation of statutory accounts | 4,500 | 4,000
| All other services | 7,180 | 6,800
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 2,508,186 | 2,098,872
| Social security costs | 359,804 | 303,371
| Cost of defined contribution scheme | 85,668 | 71,451
|  | 2,953,658 | 2,473,694
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Production staff | 43 | 41 | - | -
|  | Administrative staff | 27 | 27 | - | -
|  | Management staff | 3 | 3 | 1 | 1
|  |  | 73 | 71 | 1 | 1
Page 22
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 24,000 | 24,000
| Group contributions to defined contribution pension schemes | 533 | 533
|  | 24,533 | 24,533
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 21,634 | 14,645
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 22,995 | 20,862
| Finance leases and hire purchase contracts | 68,725 | 70,137
|  | 91,720 | 90,999
Page 23
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 284,751 | 178,110
| Adjustments in respect of previous periods | (31,958) | -
| Total current tax | 252,793 | 178,110
| Deferred tax |  |
| Origination and reversal of timing differences | 80,045 | 70,658
| Adjustments in respect of prior periods | (222) | (50,846)
| Short term timing differences | - | (638)
| Total deferred tax | 79,823 | 19,174
| Tax on profit | 332,616 | 197,284
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,170,735 | 735,310
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 292,684 | 194,044
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 72,112 | 55,404
| Adjustments to tax charge in respect of prior periods - deferred tax | (222) | -
| Adjustments to tax charge in respect of prior periods | (31,958) | (52,064)
| Adjustments to brought forward values | - | 125
| Marginal relief | - | (225)
| Total tax charge for the year | 332,616 | 197,284
There were no factors that may affect future tax charges. Page 24
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total dividends paid | 683,503 | 145,017
| Paid to non-controlling interest | (157,100) | (145,017)
|  | 526,403 | -
14. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 200,000
| At 31 December 2025 | 200,000
| Amortisation |
| At 1 January 2025 | 200,000
| At 31 December 2025 | 200,000
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
Page 25
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 2,043,594 | 6,750,891 | 1,218,380 | 27,437 | 10,040,302
| Additions | - | 1,015,132 | 106,395 | - | 1,121,527
| Disposals | - | (361,250) | (49,150) | - | (410,400)
| At 31 December 2025 | 2,043,594 | 7,404,773 | 1,275,625 | 27,437 | 10,751,429
| Depreciation |  |  |  |  |
| At 1 January 2025 | 245,220 | 3,016,913 | 669,789 | 27,437 | 3,959,359
| Charge for the year on owned assets | 40,860 | 629,038 | 151,376 | - | 821,274
| Disposals | - | (218,842) | (26,483) | - | (245,325)
| At 31 December 2025 | 286,080 | 3,427,109 | 794,682 | 27,437 | 4,535,308
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,757,514 | 3,977,664 | 480,943 | - | 6,216,121
| At 31 December 2024 | 1,798,374 | 3,733,978 | 548,591 | - | 6,080,943
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 1,921,594 | 1,971,612
| Motor vehicles | 243,589 | 364,907
|  | 2,165,183 | 2,336,519
Page 26
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Tangible fixed assets (continued)
| Company
|  | Equipment
|  | £
| Cost |
| At 1 January 2025 | 27,437
| At 31 December 2025 | 27,437
| Depreciation |
| At 1 January 2025 | 27,437
| At 31 December 2025 | 27,437
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2025 | 559,500
| Additions | 500,000
| At 31 December 2025 | 1,059,500
Page 27
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| HACS Construction Limited | Same as this company | Ordinary | 90%
| HACS Plant Hire Limited | Same as this company | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| HACS Construction Limited | 593,431 | 779,526
| HACS Plant Hire Limited | 2,282,630 | 140,864
17. | Investment property
|  |  |  |  | 2025
|  |  |  |  | £
| Company valuation |
| At 1 January 2025 | 2,400,000
| At 31 December 2025 | 2,400,000
| The 2025 valuations were made by the directors, on an open market value for existing use basis.
Page 28
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 3,651,695 | 4,983,580 | 15,680 | 3,294
| Other debtors | 721,236 | 641,932 | 209,688 | 526,403
| Prepayments and accrued income | 168,208 | 138,310 | 11,587 | 11,401
| Deferred taxation | - | - | 22,863 | 24,627
|  | 4,541,139 | 5,763,822 | 259,818 | 565,725
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,628,443 | 2,746,289 | 6,751 | 9,460
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 152,897 | 156,190 | 52,897 | 56,190
| Trade creditors | 5,204,667 | 5,050,395 | 6,913 | 4,269
| Amounts owed to group undertakings | - | - | 860,699 | 876,501
| Corporation tax | 284,237 | 177,818 | 36,919 | 31,590
| Other taxation and social security | 341,666 | 568,574 | 1,139 | 916
| Obligations under finance lease and hire purchase contracts | 574,438 | 661,747 | - | -
| Other creditors | 93,573 | 361,242 | - | 273,519
| Accruals and deferred income | 2,363,271 | 2,443,994 | 13,775 | 7,257
|  | 9,014,749 | 9,419,960 | 972,342 | 1,250,242
Page 29
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| The following liabilities were secured:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 152,897 | 156,190 | 52,897 | 56,190
| Obligations under finance lease and hire purchase contracts | 574,438 | 661,747 | - | -
|  | 727,335 | 817,937 | 52,897 | 56,190
| Details of security provided:
The bank loans are secured over the assets of the group. The obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 94,575 | 244,179 | 94,575 | 144,179
| Net obligations under finance leases and hire purchase contracts | 480,709 | 443,893 | - | -
|  | 575,284 | 688,072 | 94,575 | 144,179
| The following liabilities were secured:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 94,575 | 244,179 | 94,575 | 144,179
| Obligations under finance leases and hire purchase contracts | 480,709 | 443,893 | - | -
|  | 575,284 | 688,072 | 94,575 | 144,179
| Details of security provided:
The bank loans are secured over the assets of the group. The obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. Page 30
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 152,897 | 156,190 | 52,897 | 56,190
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 52,897 | 244,179 | 52,897 | 144,179
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 41,678 | - | 41,678 | -
|  | 247,472 | 400,369 | 147,472 | 200,369
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 574,438 | 661,747
| Between 1-5 years | 480,709 | 443,893
|  | 1,055,147 | 1,105,640
24. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (804,410) | (785,236)
| Charged to profit or loss | (158,032) | (19,174)
| At end of year | (962,442) | (804,410)
Page 31
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 24.Deferred taxation (continued)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 24,627 | 26,572
| Charged to profit or loss | (1,764) | (1,945)
| At end of year | 22,863 | 24,627
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (1,015,474) | (876,175) | 22,863 | 24,627
| Other differences | 53,032 | 71,765 | - | -
|  | (962,442) | (804,410) | 22,863 | 24,627
25. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 47 (2024 - 47) Ordinary A shares of £1.00 each | 47 | 47
|  | 47 (2024 - 47) Ordinary B shares of £1.00 each | 47 | 47
|  | 2 (2024 - 2) Ordinary C shares of £1.00 each | 2 | 2
|  | 2 (2024 - 2) Ordinary D shares of £1.00 each | 2 | 2
|  | 2 (2024 - 2) Ordinary E shares of £1.00 each | 2 | 2
|  |  | 100 | 100
| The Ordinary A, B, C, D and E shares carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.
26. | Reserves
Revaluation reserve This reserve represents the accumulated unrealised profits on the revaluation of the company's investment properties. The reserve is held net of deferred tax at the prevailing statement of financial position taxation rates. Profit and loss account This reserve represents the cumulative profits and losses, net of dividends paid, available for distribution to shareholders. Page 32
HACS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
27. | Contingent liabilities
The company has a multilateral guarantee with fellow group companies HACS Plant Hire Limited and HACS Construction Limited to secure any borrowings. At the year end the net outstanding borrowings with National Westminster Bank PLC for the group were £247,472 (2024: £200,000).
28. | Pension commitments
The group operates a defined contribution 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 £85,668 (2024 - £71,451). Contributions totalling £14,045 (2024 - £22,366) were payable to the fund at the balance sheet date and are included in creditors.
29. | Commitments under operating leases
| The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.
30. | Related party transactions
| The company has taken advantage of the exemption permitted by Section 33 of FRS 102 from disclosing transactions with other members of the group where the company has control over those entities. The company has an intercompany loan account with its subsidiary company, HACS Construction Limited. At 31 December 2025, the company owed £282,079 (2024 - £427,582). The balance is unsecured, interest-free and repayable on demand. During the year, the company charged management re-charge income of £212,877 (2024 - £200,397) to group undertakings. The company also incurred management and administrative charges of £40,000 (2024 - £40,000) from group undertakings.
31. | Controlling party
The company is under the control of M R Smith & E A Smith.
Page 33