REGISTERED NUMBER: 08098734 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2025

for

Antony Hodari Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr A V Hodari

Mr S J Lund

Mr A J Pope

Ms E J Rees

REGISTERED OFFICE:

83 Fountain Street

Manchester

M2 2EE

REGISTERED NUMBER:

08098734 (England and Wales)

AUDITORS:

Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The group is engaged in the provision of legal services.

During the year, the group continued to operate in line with its strategy and objectives. The directors consider the performance satisfactory.

In August 2025, the Group simplified its structure by transferring the trade and assets of AH Shared Services Limited ("AHSS") to its parent company, Antony Hodari Holdings Limited. Following this transfer, AHSS became dormant.

Financial key performance indicators

2025

2024

£

£

Turnover

16.5m

11.8m

Gross profit

4.6m

3.0m

Gross profit margin

28%

26%

Adjusted Operating profit

1.2m

0.7m

Adjusted Operating profit margin

7.5%

6.5%

Net cash generated from operations

1.1m

0.9m

Average number of employees

133

109

The operating profit has been adjusted to add back the growth shares costs which were £1,720,000 in 2025 and £392,000 in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the company include changes in regulatory requirements and government legislation. The directors monitor these risks and take appropriate steps to mitigate them where possible.

ON BEHALF OF THE BOARD:

Mr A J Pope - Director

24 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a solicitors practice.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr A V Hodari

Mr S J Lund

Mr A J Pope

Ms E J Rees

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A J Pope - Director

24 July 2026

Opinion

We have audited the financial statements of Antony Hodari Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 October 2025 and of the group's loss 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of solicitors.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Prior Period Financial Statements

The group was not required to prepare audited financial statements for the year ended 31st October 2024 and therefore the comparative figures are unaudited.

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 a Report of the Auditors 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.

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

24 July 2026

TURNOVER

3

16,506,030

11,806,182

Cost of sales

11,925,008

8,775,942

GROSS PROFIT

4,581,022

3,030,240

Administrative expenses

5,056,688

2,659,229

OPERATING (LOSS)/PROFIT

5

(475,666

)

371,011

Interest receivable and similar income

3,846

3,031

(471,820

)

374,042

Interest payable and similar expenses

6

29,608

62,457

(LOSS)/PROFIT BEFORE TAXATION

(501,428

)

311,585

Tax on (loss)/profit

7

318,159

174,500

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(819,587

)

137,085

(Loss)/profit attributable to:

Owners of the parent

(819,587

)

137,085

(LOSS)/PROFIT FOR THE YEAR

(819,587

)

137,085

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(819,587

)

137,085

Note

Prior year adjustment

9

(392,000

)

1,740,389

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(1,211,587

)

1,877,474

Total comprehensive income attributable to:

Owners of the parent

(1,211,587

)

1,877,474

FIXED ASSETS

Intangible assets

10

39,295

-

Tangible assets

11

28,755

60,416

Investments

12

-

-

68,050

60,416

CURRENT ASSETS

Stocks

13

1,479,000

1,586,000

Debtors

14

4,784,203

4,463,320

Cash at bank and in hand

150,260

210

6,413,463

6,049,530

CREDITORS

Amounts falling due within one year

15

5,849,291

3,921,961

NET CURRENT ASSETS

564,172

2,127,569

TOTAL ASSETS LESS CURRENT LIABILITIES

632,222

2,187,985

CREDITORS

Amounts falling due after more than one year

16

10,471,969

11,208,145

NET LIABILITIES

(9,839,747

)

(9,020,160

)

CAPITAL AND RESERVES

Called up share capital

21

1

1

Share premium

22

22,000

22,000

Other reserves

22

(6,000,000

)

(6,000,000

)

Retained earnings

22

(3,861,748

)

(3,042,161

)

SHAREHOLDERS' FUNDS

(9,839,747

)

(9,020,160

)

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2026 and were signed on its behalf by:

Mr A J Pope - Director

FIXED ASSETS

Intangible assets

10

39,295

-

Tangible assets

11

28,755

-

Investments

12

2

2

68,052

2

CURRENT ASSETS

Stocks

13

1,479,000

1,586,000

Debtors

14

4,855,956

3,719,545

Cash at bank and in hand

107,868

1

6,442,824

5,305,546

CREDITORS

Amounts falling due within one year

15

6,359,647

2,000,068

NET CURRENT ASSETS

83,177

3,305,478

TOTAL ASSETS LESS CURRENT LIABILITIES

151,229

3,305,480

CREDITORS

Amounts falling due after more than one year

16

10,471,969

11,197,264

NET LIABILITIES

(10,320,740

)

(7,891,784

)

CAPITAL AND RESERVES

Called up share capital

21

1

1

Share premium

22

22,000

22,000

Retained earnings

22

(10,342,741

)

(7,913,785

)

SHAREHOLDERS' FUNDS

(10,320,740

)

(7,891,784

)

Company's loss for the financial year

(2,428,956

)

(360,664

)

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2026 and were signed on its behalf by:

Mr A J Pope - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 November 2023

1

(4,919,635

)

-

(6,000,000

)

(10,919,634

)

Prior year adjustment

-

1,740,389

-

-

1,740,389

As restated

1

(3,179,246

)

-

(6,000,000

)

(9,179,245

)

Changes in equity

Issue of share capital

-

-

22,000

-

22,000

Total comprehensive income

-

529,085

-

-

529,085

Balance at 31 October 2024

1

(2,650,161

)

22,000

(6,000,000

)

(8,628,160

)

Prior year adjustment

-

(392,000

)

-

-

(392,000

)

As restated

1

(3,042,161

)

22,000

(6,000,000

)

(9,020,160

)

Changes in equity

Total comprehensive income

-

(819,587

)

-

-

(819,587

)

Balance at 31 October 2025

1

(3,861,748

)

22,000

(6,000,000

)

(9,839,747

)

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 November 2023

1

(9,293,510

)

-

(9,293,509

)

Prior year adjustment

-

1,740,389

-

1,740,389

As restated

1

(7,553,121

)

-

(7,553,120

)

Changes in equity

Issue of share capital

-

-

22,000

22,000

Total comprehensive income

-

31,336

-

31,336

Balance at 31 October 2024

1

(7,521,785

)

22,000

(7,499,784

)

Prior year adjustment

-

(392,000

)

-

(392,000

)

As restated

1

(7,913,785

)

22,000

(7,891,784

)

Changes in equity

Total comprehensive income

-

(2,428,956

)

-

(2,428,956

)

Balance at 31 October 2025

1

(10,342,741

)

22,000

(10,320,740

)

Cash flows from operating activities

Cash generated from operations

1

1,085,182

1,025,101

Interest paid

(29,608

)

(62,457

)

Tax paid

-

(84,600

)

Net cash from operating activities

1,055,574

878,044

Cash flows from investing activities

Purchase of intangible fixed assets

(48,001

)

-

Purchase of tangible fixed assets

(38,524

)

(51,106

)

Sale of tangible fixed assets

39,174

482

Interest received

3,846

3,031

Net cash from investing activities

(43,505

)

(47,593

)

Cash flows from financing activities

Loan repayments in year

(10,198

)

(9,951

)

Amount withdrawn by directors

(516,242

)

(244,450

)

Share premium

-

22,000

-

(250,000

)

Amounts repaid to related parties

(209,052

)

(308,952

)

Net cash from financing activities

(735,492

)

(791,353

)

Increase in cash and cash equivalents

276,577

39,098

Cash and cash equivalents at beginning of year

2

(126,317

)

(165,415

)

Cash and cash equivalents at end of year

2

150,260

(126,317

)

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

(Loss)/profit before taxation

(501,428

)

311,585

Depreciation charges

39,717

37,828

Loss on disposal of fixed assets

-

252

Finance costs

29,608

62,457

Finance income

(3,846

)

(3,031

)

(435,949

)

409,091

Decrease/(increase) in stocks

107,000

(1,586,000

)

(Increase)/decrease in trade and other debtors

(538,575

)

740,604

Increase in trade and other creditors

1,952,706

1,461,406

Cash generated from operations

1,085,182

1,025,101

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

150,260

210

Bank overdrafts

-

(126,527

)

150,260

(126,317

)

Year ended 31 October 2024

31.10.24

1.11.23

as restated

£

£

Cash and cash equivalents

210

394

Bank overdrafts

(126,527

)

(165,809

)

(126,317

)

(165,415

)

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

210

150,050

150,260

Bank overdrafts

(126,527

)

126,527

-

(126,317

)

276,577

150,260

Debt

Debts falling due within 1 year

(10,648

)

(683

)

(11,331

)

Debts falling due after 1 year

(10,881

)

10,881

-

(21,529

)

10,198

(11,331

)

Total

(147,846

)

286,775

138,929