Haley Securities Limited - Period Ending 2025-12-31

Company Registration number: 02497396

Haley Securities Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2025

Haley Securities Limited

Contents


Company Information	1

Strategic Report	2 to 3

Directors' Report	4

Statement of Directors' Responsibilities	5

Independent Auditor's Report	6 to 9

Consolidated Profit and Loss Account	10

Income Statement	11

Consolidated Balance Sheet	12

Balance Sheet	13

Consolidated Statement of Changes in Equity	14

Statement of Changes in Equity	15

Consolidated Statement of Cash Flows	16

Notes to the Financial Statements	17 to 34

Haley Securities Limited

Company Information

Directors

Ms A C Haley Serra

Mr W J Haley

Mr Will Haley

Registered office

Bellcombe Works
East Brent
NR HIGHBRIDGE
Somerset
TA9 4DB

Auditors

Albert Goodman LLP Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Haley Securities Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the company is activities of a holding company for investments in wholly owned companies and property.

Fair review of the business

The Haley Group had a very good year. Group sales were £34.4m (2024: £32.7m) and the group pretax profit was £6.5m (2024 £5.1m).

The Haley Group of companies contributed to construction projects in 2025 of national importance.

We continue to make steel frames & balustrades for school and university buildings. In 2025 we supplied steel frames to schools in London, Cardiff & Birmingham. Since 2001, we have supplied steel frames for over 200 schools and 19 universities. We built the steel frame for the first new school under the ‘Building Schools for the Future’ programme. The school, Brunel Academy (then called Speedwell) was opened by Prime Minister Gordon Brown in 2007.

We continue to supply the Ministry of Defence with steel frames for buildings, and towers for radar. For the UK mobile telecom networks, we lead in the strengthening programme to prolong the service life of masts and increase their antenna capacity. We supplied the ancillary steelwork for a nuclear power station, screwpiles for structures, signal gantries for network rail and create and make decorative plasterwork for London’s luxurious residences and exclusive clubs, restaurants and shops.

The common factors leading to success in all the Group’s businesses are design and manufacturing quality, innovation, continuous improvement, project management, seeing problems as opportunities and finding, through engineering, the solutions.

Haley Securities Ltd is the holding company for investments in wholly owned companies and property. It was founded in 1986.

William Haley Engineering Ltd is engaged in the design, fabrication, and erection of steel frames for buildings. It was founded in 1986.

Francis and Lewis International Ltd designs, fabricates and installs steel structures for telecommunications, railways, highways, and nuclear power. Its products include towers, masts, ancillary steelwork, and screw piles. The business was founded in 1951.

George Jackson Ltd designs, manufactures and fixes decorative plasterwork. Founded in 1780 it is Britain’s oldest and most famous producer of decorative fibrous plasterwork.

Concept Fabrications Cymru Ltd (acquired October 2024) is engaged in the design, fabrication and installation of architectural metal work. Including stairs, hand rails & balustrades. The business was founded in 2000.

The Haley Group focuses on the long term. The group maintains a strong financial position. Each company is self-financed with cash balances and nil bank borrowing.

Haley Securities Limited

Strategic Report for the Year Ended 31 December 2025

Principal risks and uncertainties

Price risk: The group is exposed to unpredictable steel cost changes. For long-term orders prices are reviewable at intervals to cover increases in the cost of steel. For orders with short delivery dates costs of steel can be judged and a limited risk taken.

Credit and Cash flow risk: The group's principal financial assets are trade and other receivables. The group's credit risk is primarily attributable to its trade receivables. The group selects customers that have low credit risk.

Liquidity risk The group maintains cash balances and therefore liquidity risks are negligible.

Approved by the Board on 29 July 2026 and signed on its behalf by:

Mr Will Haley
Director

Haley Securities Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the consolidated financial statements for the year ended 31 December 2025.

Directors of the group

The directors who held office during the year were as follows:

Ms A C Haley Serra

Mr W J Haley

Mr Will Haley

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

Price risk: The group is exposed to unpredictable steel cost changes. For long term orders prices are reviewable at intervals to cover increases in the cost of steel and maximum escalations are accepted, with higher increases passed on to the customer. For the rest of the business we supply customers on short delivery dates so that costs of steel can be reasonably estimated.

Credit and Cash flow risk: The group's principal financial assets are trade and other receivables. The group's credit risk is primarily attributable to its trade receivables. The group selects customers that have low credit risk.

Liquidity risk The group maintains cash balances and therefore liquidity risks are negligible.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Future Developments

The future developments of the business are included within the strategic report.

Approved by the Board on 29 July 2026 and signed on its behalf by:

Mr Will Haley
Director

Haley Securities Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and 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; and

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

Haley Securities Limited

Independent Auditor's Report to the Members of Haley Securities Limited

Opinion

We have audited the financial statements of Haley Securities Limited (the 'holding company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the holding 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Haley Securities Limited

Independent Auditor's Report to the Members of Haley Securities Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the group and the holding company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

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 holding company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the holding 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 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the holding 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 holding company or to cease operations, or have no realistic alternative but to do so.

Haley Securities Limited

Independent Auditor's Report to the Members of Haley Securities Limited

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

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

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the design, manufacturing and supply sector;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental 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.

Haley Securities Limited

Independent Auditor's Report to the Members of Haley Securities Limited

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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joseph Doggrell BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

29 July 2026

Haley Securities Limited

Consolidated Profit and Loss Account
for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	34,448,457	32,675,972
Cost of sales		(24,152,352)	(24,367,158)
Gross profit		10,296,105	8,308,814
Administrative expenses		(4,390,134)	(3,807,550)
Other operating income	4	115,816	-
Operating profit	5	6,021,787	4,501,264
Other interest receivable and similar income	6	481,084	616,321
Interest payable and similar charges	7	(10,161)	(21,366)
Profit before tax		6,492,710	5,096,219
Taxation	11	(1,039,320)	(998,385)
Profit for the financial year		5,453,390	4,097,834
Profit/(loss) attributable to:
Owners of the company		5,453,390	4,097,834

Haley Securities Limited

Profit and loss account
for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	4,484,817	4,855,692
Administrative expenses		(275,629)	(161,799)
Other operating income	4	170,000	83,333
Operating profit	5	4,379,188	4,777,226
Other interest receivable and similar income	6	481,012	614,460
Profit before tax		4,860,200	5,391,686
Taxation	11	(208,895)	(256,547)
Profit for the financial year		4,651,305	5,135,139

Haley Securities Limited

(Registration number: 02497396)
Consolidated Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	12	13,552,603	12,806,351
Current assets
Stocks	15	1,384,117	1,369,757
Debtors	16	7,153,489	8,263,101
Cash at bank and in hand		14,115,525	11,183,533
		22,653,131	20,816,391
Creditors: Amounts falling due within one year	18	(2,953,693)	(4,979,242)
Net current assets		19,699,438	15,837,149
Total assets less current liabilities		33,252,041	28,643,500
Provisions for liabilities	19	(636,396)	(481,195)
Net assets		32,615,645	28,162,305
Capital and reserves
Called up share capital	21	20,000	20,000
Retained earnings		32,595,645	28,142,305
Equity attributable to owners of the company		32,615,645	28,162,305
Shareholders' funds		32,615,645	28,162,305

Approved and authorised by the Board on 29 July 2026 and signed on its behalf by:

Mr Will Haley
Director

Haley Securities Limited

(Registration number: 02497396)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Investment property	13	10,864,950	10,747,200
Investments	14	80,000	80,000
		10,944,950	10,827,200
Current assets
Debtors	16	359,056	962,443
Cash at bank and in hand		11,111,560	6,961,060
		11,470,616	7,923,503
Creditors: Amounts falling due within one year	18	(162,421)	(148,813)
Net current assets		11,308,195	7,774,690
Net assets		22,253,145	18,601,890
Capital and reserves
Called up share capital	21	20,000	20,000
Retained earnings		22,233,145	18,581,890
Shareholders' funds		22,253,145	18,601,890

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £4,651,305 (2024 - profit of £5,135,139).

Approved and authorised by the Board on 29 July 2026 and signed on its behalf by:

Mr Will Haley
Director

Haley Securities Limited

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £	Total equity £
At 1 January 2025	20,000	28,142,305	28,162,305	28,162,305
Profit for the year	-	5,453,390	5,453,390	5,453,390
Dividends	-	(1,000,050)	(1,000,050)	(1,000,050)
At 31 December 2025	20,000	32,595,645	32,615,645	32,615,645

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2024

20,000

26,044,471

26,064,471

26,064,471

Profit for the year

-

4,097,834

4,097,834

4,097,834

Dividends

-

(2,000,000)

(2,000,000)

(2,000,000)

At 31 December 2024

20,000

28,142,305

28,162,305

28,162,305

Page 14

Haley Securities Limited

Statement of Changes in Equity
for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2025	20,000	18,581,890	18,601,890
Profit for the year	-	4,651,305	4,651,305
Dividends	-	(1,000,050)	(1,000,050)
At 31 December 2025	20,000	22,233,145	22,253,145

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

20,000

15,446,751

15,466,751

Profit for the year

-

5,135,139

5,135,139

Dividends

-

(2,000,000)

(2,000,000)

At 31 December 2024

20,000

18,581,890

18,601,890

Page 15

Haley Securities Limited

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		5,434,030	4,097,834
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	319,345	388,673
Profit on disposal of tangible assets		(22,925)	(127,513)
Finance income		(481,084)	(495,406)
Finance costs		(7,848)	(92,428)
Income tax expense	11	1,039,320	998,385
		6,280,838	4,769,545
Working capital adjustments
Increase in stocks	15	(14,360)	(707,023)
Decrease/(increase) in trade debtors	16	1,066,308	(875,054)
Increase in trade creditors	18	66,998	650,727
(Decrease)/increase in deferred income, including government grants		(2,092,547)	2,092,547
Cash generated from operations		5,307,237	5,930,742
Income taxes paid	11	(821,455)	(2,611,875)
Net cash flow from operating activities		4,485,782	3,318,867
Cash flows from investing activities
Interest received		481,084	495,406
Acquisitions of tangible assets		(1,075,885)	(5,592,265)
Proceeds from sale of tangible assets		33,213	185,355
Net cash flows from investing activities		(561,588)	(4,911,504)
Cash flows from financing activities
Interest paid		7,848	92,428
Dividends paid		(1,000,050)	(2,000,000)
Net cash flows from financing activities		(992,202)	(1,907,572)
Net increase/(decrease) in cash and cash equivalents		2,931,992	(3,500,209)
Cash and cash equivalents at 1 January		11,183,533	14,683,742
Cash and cash equivalents at 31 December		14,115,525	11,183,533

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bellcombe Works
East Brent
NR HIGHBRIDGE
Somerset
TA9 4DB

2	Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of the property, plant and equipment and for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(iii) Revenue recognition of construction contracts

The revenue recognition relating to construction contracts requires an estimate to be made of the outcome, and the stage of completion of the contract. This requires further reliable estimates to be made of future costs and the collectability of billings.

(iv) Recognition of deferred tax asset

A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available to offset against these losses. Where there is a great uncertainty regarding the generation of these profits, the carrying amount of the deferred tax asset is reduced to equate to the amount that is more likely than not to be utilised based on future taxable profits. This requires an estimate to be made of future taxable profits.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

Revenue from rental income represents the receipts or amounts receivable for rental of company owned property net of value added tax and dividends received from unlisted investments. Turnover is recognised in the period to which it relates.

Revenue from construction contracts is recognised when it can be estimated reliably by reference to
the stage of completion of the contract activity. When the outcome cannot be reliably estimated,
revenue is recognised only to the extent that expenses recognised are recoverable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 group operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land	Not depreciated
Buildings	Not depreciated
Land and buildings - Renewable Energy Equipment	15% reducing balance
Furniture, fittings and equipment	15 - 40% reducing balance
Plant and machinery	20 - 40% reducing balance
Motor vehicles	25% reducing balance

Buildings are not depreciated as they are maintained to a high standard.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net of sales value of the work done after the provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past
event, it is probable that the group will be required to settle that obligation and a reliable estimate can
be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Revaluation reserve is the surplus or deficit arising on the revaluation of an asset of a company.

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

	2025 £	2024 £
Sale of goods	15,332,996	15,933,580
Construction contracts	19,095,044	16,740,700
Rental income from investment property	20,417	1,692
	34,448,457	32,675,972

4	Other operating income

The analysis of the group's other operating income for the year is as follows:

	2025 £	2024 £
Research and Development Expenditure Credit	115,816	-

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

5	Operating profit

Arrived at after charging/(crediting):

	2025 £	2024 £
Depreciation expense	480,059	388,673
Profit on disposal of property, plant and equipment	(22,925)	(128,770)

During the year, the group undertook R&D expenditure which is included within the profit and loss account of £578,083. This expenditure took place in Francis & Lewis International Limited (a wholly owned subsidiary of Haley Securities Limited), with the focus of the expenditure being on methods for the design and installation of towers.

6	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	481,084	616,321

7	Interest payable and similar expenses

	2025 £	2024 £
Interest expense on other finance liabilities	441	28,487
Foreign exchange gains/(losses)	9,720	(7,121)
	10,161	21,366

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	8,221,963	7,726,667
Social security costs	700,652	516,488
Pension costs, defined contribution scheme	581,062	404,715
Other employee expense	333,094	315,842
	9,836,771	8,963,712

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Production	147	146
Administration and support	24	22
	171	168

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	235,337	235,076
Contributions paid to money purchase schemes	10,000	-
	245,337	235,076

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2025 No.	2024 No.
Accruing benefits under money purchase pension scheme	2	2

In respect of the highest paid director:

	2025 £	2024 £
Remuneration	173,075	173,075

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

10	Auditors' remuneration

	2025 £	2024 £
Audit of these financial statements	36,500	28,950

Taxation

Tax charged/(credited) in the consolidated profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	1,097,624	1,173,967
UK corporation tax adjustment to prior periods	(213,505)	(227,006)
	884,119	946,961
Deferred taxation
Arising from origination and reversal of timing differences	155,201	51,424
Tax expense in the income statement	1,039,320	998,385

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	6,492,710	5,096,219
Corporation tax at standard rate	1,623,178	1,274,055
Tax decrease from effect of capital allowances and depreciation	(164,596)	(22,669)
Tax increase from other short-term timing differences	1,933	44,150
Effect of expense not deductible in determining taxable profit (tax loss)	(38,092)	29,444
Effect of tax losses	(44,151)	(54,344)
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period	(213,505)	(54,900)
Deferred tax expense relating to changes in tax rates or laws	129,922	51,424
Tax decrease from other tax affects	(255,369)	(161,368)
Tax decrease from effect of adjustment in research and development tax credit	-	(107,407)
Total tax charge	1,039,320	998,385

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

12	Tangible assets

Group

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2025	10,982,243	931,272	271,276	5,543,113	17,727,904
Additions	117,750	64,984	46,422	1,017,385	1,246,541
Disposals	-	(42,974)	(6,500)	(182,261)	(231,735)
At 31 December 2025	11,099,993	953,282	311,198	6,378,237	18,742,710
Depreciation
At 1 January 2025	36,627	522,819	139,519	4,222,588	4,921,553
Charge for the year	32,206	95,404	41,532	312,299	481,441
Eliminated on disposal	-	(39,038)	(650)	(173,199)	(212,887)
At 31 December 2025	68,833	579,185	180,401	4,361,688	5,190,107
Carrying amount
At 31 December 2025	11,031,160	374,097	130,797	2,016,549	13,552,603
At 31 December 2024	10,945,616	408,453	131,757	1,320,525	12,806,351

Page 27

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Included within the net book value of land and buildings above is £11,031,160 (2024 - £10,945,616) in respect of freehold land and buildings.

13	Investment properties

Company

	2025 £
At 1 January 2025	10,747,200
Additions	117,750
At 31 December 2025	10,864,950

There has been no valuation of investment property by an independent valuer.

Carrying amount of investment property rented to another group entity

The carrying amount of investment property rented to another group entity was £ 5,654,500 (2024 - £5,754,500) .

14	Investments

Company

	2025 £	2024 £
Investments in subsidiaries	80,000	80,000

Subsidiaries	£
Cost or valuation
At 1 January 2025	80,000
Provision
Carrying amount
At 31 December 2025	80,000
At 31 December 2024	80,000

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024

Subsidiary undertakings
William Haley Engineering Limited	Bellcombe Works, East Brent, Nr Highbridge, Somerset, TA9 4DB	Ordinary A	100%	100%
	England and Wales
Francis and Lewis International Limited	Bellcombe Works, East Brent, Nr. Highbridge, Somerset, TA9 4DB	Ordinary A	100%	100%
	England and Wales
George Jackson Limited	Bellcombe Works, East Brent, Nr. Highbridge, Somerset, TA9 4DB	Ordinary A	100%	100%
	England and Wales
Concept Fabrications Cymru Limited	Bellcombe Works, East Brent, Nr. Highbridge, Somerset, TA9 4DB	Ordinary A	100%	100%
	England and Wales

Subsidiary undertakings

William Haley Engineering Limited

The principal activity of William Haley Engineering Limited is the design, fabrication, and erection of steel frames for buildings.

Francis and Lewis International Limited

The principal activity of Francis and Lewis International Limited is the design, fabrication and installation of steel structures for telecommunications, railways, highways, and nuclear power.

George Jackson Limited

The principal activity of George Jackson Limited is the design, manufacture and fixing of decorative plasterwork.

Concept Fabrications Cymru Limited

The principal activity of Concept Fabrications Cymru Limited is the design, fabrication and installation of steel balustrades, stairs and other architectural metalwork. The company was acquired 21 October 2024.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Stocks

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Raw materials and consumables	364,262	411,954	-	-
Work in progress	1,008,488	944,487	-	-
Other stocks	11,367	13,316	-	-
	1,384,117	1,369,757	-	-

Debtors

		Group		Company
Current	Note	2025 £	2024 £	2025 £	2024 £
Trade debtors		2,539,378	2,485,193	-	4,000
Amounts owed by related parties	25	-	-	353,340	380,538
Other debtors		136,101	1,961,738	-	447,091
Prepayments		420,478	841,093	2,587	127,685
Accrued income		110,902	36,305	-	-
Gross amount due from customers for contract work		3,887,842	2,836,680	-	-
Deferred tax	11	-	-	3,129	3,129
Corporation tax	11	58,788	102,092	-	-
		7,153,489	8,263,101	359,056	962,443

17	Cash and cash equivalents

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Cash on hand	824	900	-	-
Cash at bank	14,114,701	11,182,633	11,111,560	6,961,060
	14,115,525	11,183,533	11,111,560	6,961,060

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Creditors

		Group		Company
	Note	2025 £	2024 £	2025 £	2024 £
Due within one year
Trade creditors		1,994,284	1,341,911	8,617	1,013
Social security and other taxes		169,367	136,712	30,285	7,542
Outstanding defined contribution pension costs		29,516	23,313	-	-
Other creditors		113,579	114,020	-	-
Accrued expenses		646,947	1,270,739	7,998	13,633
Corporation tax	11	-	-	115,521	126,625
Deferred income		-	2,092,547	-	-
		2,953,693	4,979,242	162,421	148,813

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

19	Provisions for liabilities

Group

	Deferred tax £	Total £
At 1 January 2025	481,195	481,195
Increase (decrease) in existing provisions	155,201	155,201
At 31 December 2025	636,396	636,396

Deferred tax

Group

Deferred tax assets and liabilities

2025	Asset £	Liability £
Accelerated tax depreciation	-	636,396
	-	636,396

2024	Asset £	Liability £
Accelerated tax depreciation	-	481,195
	-	481,195

20	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £581,062 (2024 - £404,715).

Contributions totalling £29,516 (2024 - £23,313) were payable to the scheme at the end of the year and are included in creditors.

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

21	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	20,000	20,000	20,000	20,000

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
- Each share is entitled to one vote at all general meetings of the company and on a written resolution.
- Each share is entitled to dividends, to be paid as the company may determine, and each share has equal rights to dividends.
- Each share is entitled to equal rights, a return of capital on liquidation or otherwise.
- The shares are non-redeemable.

22	Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	134,026	134,084
Later than one year and not later than five years	34,680	166,304
	168,706	300,388

The amount of non-cancellable operating lease payments recognised as an expense during the year was £120,978 (2024 - £134,106).

Company

Operating leases - lessor

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	310,000	310,000
Later than one year and not later than five years	930,000	1,240,000
	1,240,000	1,550,000

Haley Securities Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Dividends

	2025	2024
	£	£
Interim dividends paid during the year	1,050,000	2,000,000

24	Commitments

Group

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2024 - £543,000).

25	Related party transactions

Group

Key management compensation

	2025 £	2024 £
Salaries and other short term employee benefits	586,748	590,656
Post-employment benefits	143,394	55,959
	730,142	646,615

Company

Summary of transactions with subsidiaries

William Haley Engineering Limited, Francis & Lewis International Limited, George Jackson Limited and Concept Fabrications Cymru Ltd are all 100% subsidiaries of Haley Securities Limited and, as such, the company has taken advantage of the exemption stated in FRS 102 whereby disclosure need not be given of transactions entered into between two or more members of the same group, provided that any subsidiary which is party to the transactions is wholly owned by such member.