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Registered number: 05543524
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 OCTOBER 2025
| ANSTEY HORNE & CO. LIMITED
ANSTEY HORNE & CO. LIMITED |  |
COMPANY INFORMATION
Directors | Graham North
| James Archer
| John Andrew Dembitz
| Matthew Charles Grant (appointed 14 November 2024)
| Lance John Harris
| Steven Paul Kelly (appointed 14 November 2024)
| Alexander Guy Parry-Jones
| Stephen Walsh
Registered number | 05543524
Registered office | 4 Chiswell St
| London
| EC1Y 4UP
Independent auditors | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
ANSTEY HORNE & CO. LIMITED |  |
CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 28
ANSTEY HORNE & CO. LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The Directors present their Strategic Report for the year ended 31 October 2025.
Business review
We are one of the UK's leading firms of specialist chartered surveyors. We advise clients on all aspects of fire safety, fire engineering, building safety, rights to light, daylight & sunlight, party wall and neighbourly matters, dilapidations, cost and project management. We work with private and commercial property owners in all sectors, as well as occupiers, developers, architects and planning consultants. The business revenue continued to grow during the year as demand for our specialist fire and building safety services increased, supported by further growth in headcount. The rapid pace of change in regulation created challenges during the year, as the implementation of the Building Safety Regulator created a slowdown in the approval of regulated work. This has also translated into reduced confidence from funders and investors in the property industry whilst regulatory delays continue. The combination of increased costs from our growth in headcount and delays in realising revenue due to the slowdown in approvals from the Building Safety Regulator has had the effect of reducing profit margins. The restructure of the Building Safety Regulator in early 2026 is expected to resolve the backlog and we expect to see further increases in revenue and improved profit margins as delays fall away and confidence improves.
Principal risks and uncertainties
The constantly evolving changes in fire and building safety regulation creates challenges around interpreting and at times shaping guidance particularly for existing buildings which are out of scope of current building regulations. We aim to mitigate this risk by the application of our specialist fire and building knowledge with the support of professional institutions such as the Royal Institution of Chartered Surveyors and the Fire Industry Association in developing practical guidance for the industry as a whole. We aim to mitigate any risk of a contraction of our market due to regulatory delays by continuing to expand our geographical presence across the UK to meet the demands of our growing client base. We will also continue to diversify our services to further mitigate any risk.
Financial key performance indicators
The business has achieved revenue of £15.8m (2024: £14.7m) with EBITDA of £808K (2024: £1m). This report was approved by the board and signed on its behalf.
Stephen Walsh Director
Date: 23 July 2026
Page 1
ANSTEY HORNE & CO. LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £385,907 (2024: £509,716). The directors do not recommend the payment of a dividend.
Directors
The directors who served during the year were:
Graham North
James Archer
John Andrew Dembitz
Matthew Charles Grant (appointed 14 November 2024)
Lance John Harris
Steven Paul Kelly (appointed 14 November 2024)
Alexander Guy Parry-Jones
Stephen Walsh
Future developments
The business has diversified significantly, expanding its services from the traditional base of rights of light, party walls and other neighbourly matters to now include fire engineering and surveying as well as building safety. This has driven substantial growth in revenue and this strategy will continue in the future. Page 2
ANSTEY HORNE & CO. LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Financial instruments
The business has sufficient cash and borrowing facilities to meet the working capital requirements of the business. The collection of debtors is carefully monitored by the directors to ensure cash collection rates are continually improved. The balance sheet has a positive net current asset position of £4.2m (2024: £3.8m) and net asset position of £4.5m (2024: £4.1m) with cash borrowing facilities being carefully managed.
Qualifying third-party indemnity provisions
Under the provisions of its Articles of Association, the Company grants an indemnity to its directors in respect of proceedings brought by third parties. The indemnity applied throughout the financial year and remains in force.
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'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's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Stephen Walsh Director
Date: 23 July 2026
Page 3
ANSTEY HORNE & CO. LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANSTEY HORNE & CO. LIMITED
Opinion
We have audited the financial statements of Anstey Horne & Co. Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, the Statement of financial position, the Statement of cash flows, the 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 Company's affairs as at 31 October 2025 and of its 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 Company 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our 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. Page 4
ANSTEY HORNE & CO. LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANSTEY HORNE & CO. LIMITED (CONTINUED)
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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 5
ANSTEY HORNE & CO. LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANSTEY HORNE & CO. 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 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: The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including: ∙UK Companies Act 2006 ∙Employment Law ∙FRS 102 ∙UK Tax legislation We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: ∙identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; ∙understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; ∙challenging assumptions and judgements made by management in its significant accounting estimates; and ∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedure, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: ∙posting of unusual journals and complex transactions. 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 6
ANSTEY HORNE & CO. LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANSTEY HORNE & CO. 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. Ralph Mitchison (FCA) (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 4th Floor 95 Gresham Street London EC2V 7AB 23 July 2026 Page 7
ANSTEY HORNE & CO. LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 15,854,957 | 14,698,300
Cost of sales |  | (11,233,914) | (9,659,933)
Gross profit |  | 4,621,043 | 5,038,367
Administrative expenses |  | (3,987,759) | (4,277,552)
Operating profit | 5 | 633,284 | 760,815
Interest receivable and similar income | 9 | 4,054 | 3,019
Interest payable and similar expenses | 10 | (4,057) | (8,842)
Profit before tax |  | 633,281 | 754,992
Tax on profit | 11 | (247,374) | (245,276)
Profit for the financial year |  | 385,907 | 509,716
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 28 form part of these financial statements.
Page 8
ANSTEY HORNE & CO. LIMITED REGISTERED NUMBER:05543524 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 10,486 |  | 91,368
Tangible assets | 13 |  | 275,626 |  | 268,602
|  |  | 286,112 |  | 359,970
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 6,462,611 |  | 6,901,095 |
Cash at bank and in hand | 16 | 3,424 |  | 3,685 |
|  | 6,466,035 |  | 6,904,780 |
Creditors: amounts falling due within one year | 17 | (2,273,441) |  | (3,147,741) |
Net current assets |  |  | 4,192,594 |  | 3,757,039
Total assets less current liabilities |  |  | 4,478,706 |  | 4,117,009
Creditors: amounts falling due after more than one year | 18 |  | - |  | (20,833)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (55,905) |  | (59,282) |
Other provisions | 21 | (6,000) |  | (6,000) |
|  |  | (61,905) |  | (65,282)
Net assets |  |  | 4,416,801 |  | 4,030,894
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 11,948 |  | 11,948
Profit and loss account | 23 |  | 4,404,853 |  | 4,018,946
|  |  | 4,416,801 |  | 4,030,894
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Stephen Walsh
Director
Date: 23 July 2026
The notes on pages 13 to 28 form part of these financial statements. Page 9
ANSTEY HORNE & CO. LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 November 2023 | 11,948 | 3,509,230 | 3,521,178
Comprehensive income for the year |  |  |
Profit for the year | - | 509,716 | 509,716
Total comprehensive income for the year | - | 509,716 | 509,716
Total transactions with owners | - | - | -
At 1 November 2024 | 11,948 | 4,018,946 | 4,030,894
Comprehensive income for the year |  |  |
Profit for the year | - | 385,907 | 385,907
Total comprehensive income for the year | - | 385,907 | 385,907
Total transactions with owners | - | - | -
At 31 October 2025 | 11,948 | 4,404,853 | 4,416,801
| The notes on pages 13 to 28 form part of these financial statements.
Page 10
ANSTEY HORNE & CO. LIMITED |  |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 385,907 | 509,716
Adjustments for: |  |
Amortisation of intangible assets | 80,882 | 105,890
Depreciation of tangible assets | 94,457 | 93,368
Impairments of fixed assets | - | 76
Interest paid | 4,057 | 8,842
Taxation charge | 247,374 | 245,276
Decrease/(increase) in debtors | 438,484 | (1,725,925)
Decrease in amounts owed by groups | - | 216,290
(Decrease) in creditors | (264,099) | (7,009)
Corporation tax (paid) | (218,340) | (216,823)
Interest Received | (4,054) | (3,019)
Net cash generated from operating activities | 764,668 | (773,318)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (101,481) | (110,850)
Interest received | 4,054 | 3,019
Net cash from investing activities | (97,427) | (107,831)
Cash flows from financing activities |  |
Repayment of loans | (62,500) | (62,500)
Movements on invoice discounting | (600,945) | 727,683
Interest paid | (4,057) | (8,842)
Net cash used in financing activities | (667,502) | 656,341
Net (decrease) in cash and cash equivalents | (261) | (224,808)
Cash and cash equivalents at beginning of year | 3,685 | 228,493
Cash and cash equivalents at the end of year | 3,424 | 3,685
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,424 | 3,685
| 3,424 | 3,685
Page 11
ANSTEY HORNE & CO. LIMITED |  |
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 OCTOBER 2025
| At 1 November 2024 | Cash flows | At 31 October 2025
| £ | £ | £
Cash at bank and in hand | 3,685 | (261) | 3,424
Debt due after 1 year | (20,833) | 20,833 | -
Debt due within 1 year | (790,183) | 642,612 | (147,571)
| (807,331) | 663,184 | (144,147)
The notes on pages 13 to 28 form part of these financial statements.
Page 12
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Anstey Horne & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Chiswell Street, London, United Kingdom, EC1Y 4UP. 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006, on the grounds that all subsidiaries are immaterial to the group as a whole.
| 2.3 | Revenue
Turnover arises from surveying consultancy services provided during the year and is shown net of value added tax. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and it is recorded at the value of the consideration due. Where a contract has been partially completed at the statement of financial position date, turnover represents the value of the services provided to date, adjusted for any amount which is considered not recoverable.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 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. Page 13
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 2.9 | Current and deferred taxation
Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable they they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be removed. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Page 14
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill, being the amount paid in connection with the acquisition of the business in 2005 and 2021, is being amortised evenly over its estimated useful life of 20 years and 3 years respectively. Other intangible assets Computer software is amortised at a rate of 20% per annum on a straight line basis in order to write off its cost less estimated residual value over its estimated useful life.
| 2.11 | Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 15% | On cost
|  |  |  | Office equipment | - | 15% | On cost
|  |  |  | Computer equipment | - | 33% | On 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. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carry value of the asset, and is credited or charged to profit or loss.
| 2.12 | Fixed asset investments
Interest in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that is has significant influence where it has the power to participate in the financial and operating decisions of the associate.
| 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. Page 15
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
| 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 the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. Page 16
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 17
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Recoverability of trade debtor balances The directors review outstanding trade debtor balances on an individual account basis and make a provision where full settlement of the debt is not expected. Should the level of settlement be lower than estimated, this would impact on future results and future cash flows. Amounts recoverable on contracts The directors review individual account balances on the amounts recoverable on contracts account. Where the amount is not expected to be recovered in full, a provision is made to reduce the account balance to its recoverable amount. Should the level of recovery be lower than estimated, this would impact on future results and also future cash flows as future amounts invoiced on this account would be lower.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Provision of services | 15,854,957 | 14,698,300
|  | 15,854,957 | 14,698,300
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 438,486 | 394,127
Page 18
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 26,000 | 20,000
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 9,531,805 | 8,337,098
| Social security costs | 901,486 | 966,715
| Cost of defined contribution scheme | 457,014 | 320,126
|  | 10,890,305 | 9,623,939
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Fee earners | 111 | 104
|  | Admin staff | 17 | 12
|  | Executive directors | 5 | 5
|  | Non executive directors | 2 | 2
|  |  | 135 | 123
Page 19
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,008,365 | 626,266
| Company contributions to defined contribution pension schemes | 66,805 | 53,787
|  | 1,075,170 | 680,053
| During the year retirement benefits were accruing to 7 directors (2024:5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £193,517 (2024: £179,166).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,705 (2024: £19,037).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 4,054 | 3,019
|  | 4,054 | 3,019
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 4,057 | 8,842
|  | 4,057 | 8,842
Page 20
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 200,679 | 215,605
| Adjustments in respect of previous periods | 50,072 | -
|  | 250,751 | 215,605
| Total current tax | 250,751 | 215,605
| Deferred tax |  |
| Origination and reversal of timing differences | (3,377) | 29,671
| Total deferred tax | (3,377) | 29,671
| Tax on profit | 247,374 | 245,276
| 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 | 633,281 | 754,992
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 158,320 | 188,748
| Effects of: |  |
| Expenses not deductible for tax purposes | 38,982 | 54,666
| Adjustments to tax charge in respect of prior periods | 50,072 | -
| Deferred tax previously unrecognised | - | 29,354
| Group relief | - | (27,492)
| Total tax charge for the year | 247,374 | 245,276
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 November 2024 | 142,456 | 1,431,000 | 1,573,456
| At 31 October 2025 | 142,456 | 1,431,000 | 1,573,456
| Amortisation |  |  |
| At 1 November 2024 | 124,421 | 1,357,667 | 1,482,088
| Charge for the year on owned assets | 7,549 | 73,333 | 80,882
| At 31 October 2025 | 131,970 | 1,431,000 | 1,562,970
| Net book value |  |  |
| At 31 October 2025 | 10,486 | - | 10,486
| At 31 October 2024 | 18,035 | 73,333 | 91,368
Page 22
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 November 2024 | 264,758 | 256,840 | 826,399 | 1,347,997
| Additions | 37,098 | 7,689 | 56,694 | 101,481
| At 31 October 2025 | 301,856 | 264,529 | 883,093 | 1,449,478
| Depreciation |  |  |  |
| At 1 November 2024 | 237,100 | 211,391 | 630,904 | 1,079,395
| Charge for the year on owned assets | 7,061 | 12,424 | 74,972 | 94,457
| At 31 October 2025 | 244,161 | 223,815 | 705,876 | 1,173,852
| Net book value |  |  |  |
| At 31 October 2025 | 57,695 | 40,714 | 177,217 | 275,626
| At 31 October 2024 | 27,658 | 45,449 | 195,495 | 268,602
Page 23
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2024 | 76
| At 31 October 2025 | 76
| Impairment |
| At 1 November 2024 | 76
| At 31 October 2025 | 76
| Net book value |
| At 31 October 2025 | -
| At 31 October 2024 | -
| The company holds investments in subsidiaries as follows: Anstey Horne & Co. (Bristol) Limited (75% Ordinary shares) Registered office: 4 Chiswell Street, London, EC1Y 4UP Grayscanlanhill Limited (100% Ordinary shares) Registered office: The Old Post Office, 63 Newton Street, Manchester, M1 1ET The company assessed the recoverable amount of its investments in subsidiaries and determined that they were fully impaired; as a result, the carrying amount has been written down to nil.
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,349,129 | 5,300,384
| Other debtors | 6,028 | 16,268
| Prepayments and accrued income | 2,107,454 | 1,584,443
|  | 6,462,611 | 6,901,095
Page 24
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,424 | 3,685
|  | 3,424 | 3,685
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 20,833 | 62,500
| Trade creditors | 799,656 | 834,269
| Corporation tax | 200,679 | 168,268
| Other taxation and social security | 785,324 | 1,000,544
| Liabilities under invoice discounting | 126,738 | 727,683
| Other creditors | 105,929 | 93,845
| Accruals and deferred income | 234,282 | 260,632
|  | 2,273,441 | 3,147,741
| The invoice discounting facility is secured by a fixed and floating charge over the assets of the company.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 20,833
|  | - | 20,833
Page 25
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 20,833 | 62,500
|  | 20,833 | 62,500
| Amounts falling due 1-2 years |  |
| Bank loans | - | 20,833
|  | - | 20,833
|  | 20,833 | 83,333
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (59,282)
| Charged to profit or loss | 3,377
| At end of year | (55,905)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (66,189) | (66,490)
| Short term timing differences | 10,284 | 7,208
|  | (55,905) | (59,282)
Page 26
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Provisions
|  | Other provision
|  | £
| At 1 November 2024 | 6,000
| At 31 October 2025 | 6,000
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,975 (2024: 5,975) Ordinary shares of £1.00 each | 5,975 | 5,975
|  | 2,540 (2024: 2,540) A Ordinary shares of £1.00 each | 2,540 | 2,540
|  | 3,433 (2024: 3,433) Deferred shares of £1.00 each | 3,433 | 3,433
|  |  | 11,948 | 11,948
23. | Reserves
Profit and loss account This reserve represents the accumulated profits of the company that have not been distributed to shareholders as dividends.
24. | Pension commitments
The company operates a defined contribution pension scheme for its employees. Contributions to the scheme are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The total amount accrued at the year end for 2025 was £66,430 (2024: £54,890).
25. | Commitments under operating leases
| At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 378,755 | 311,413
| Later than 1 year and not later than 5 years | 923,816 | 865,397
| Later than 5 years | 20,649 | -
|  | 1,323,220 | 1,176,810
Page 27
ANSTEY HORNE & CO. LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
26. | Ultimate controlling party
There is no ultimate controlling party.
27. | Directors' Transactions
During the year the directors were advanced £6,493 in relation to expenses, these amounts are outstanding at the year reporting date. These advances are unsecured, interest free and repayable on demand.
Page 28