REGISTERED NUMBER: 13312061 (England and Wales)

HUNN GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTOR:

D T A Hunn

REGISTERED OFFICE:

Suite D The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

REGISTERED NUMBER:

13312061 (England and Wales)

AUDITORS:

Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

The director presents his strategic report of the company and the group for the year ended 31 December 2025.

Introduction

The company's principal activities are that of a holding company, rental property investment, provision of management services, and its subsidiary company's principal activity is that of recycling of metal waste, scrap and skip hire.

REVIEW OF BUSINESS

Having had regard to Section 417 of the Companies Act 2006 the director considers the profit achieved on ordinary activities to be in accordance with their expectations, after taking into account general trading conditions prevailing during the year under review.

The turnover for the group is £19,150,289 with a gross profit margin of 29.4%. The reduction in turnover was predominately caused by the sale of the skip side of the business at the end of September 2025.

The director is continually mindful of the volatility of prices and the need to invest in plant and diversify the activities of the group where practicable. The director has invested some £970k in new plant to ensure the group remain competitive.

Overall the 2025 results are in line with expectation after taking into the sale of the skip side of the business at the end of September 2025. The director expects like for like turnover to be up on last year but similar percentage margins as a result of an increase in metal prices at the start of the year. The director is aware of the challenges as when prices are high they can fall sharply and have plans in place to mitigate the effect of this.

PRINCIPAL RISKS AND UNCERTAINTIES

The director regularly review issues, risks and uncertainties that face the group in order to plan ways to mitigate risk.

The commodity prices, particularly when moving on a downward trend, present an ongoing challenge for the subsidiary to ensure they do not pay too much for material, while at the same time offering prices at a level sufficient to attract sellers. Stock holding during such times can lead to stock losses if prices work against the group.

Material which is recycled is mostly destined for the emerging export markets. Economic buoyancy in those locations determine demand and consequently price.

The subsidiary operates in a high value capital intensive industry. Individual items of plant can cost £3/4 million or more. Investment on such scale will be necessary for the company to retain its competitive edge and operate efficiently.

The subsidiary operates in an industry which is highly regulated by various Government agencies and compliance with increasing regulation always presents a risk in addition to escalating costs.

FINANCIAL KEY PERFORMANCE INDICATORS

The gross profit of the group for the current year is 29.4% (2024 - 31.6%). The current ratio is at 0.78:1 (2024 - 0.26:1).

ON BEHALF OF THE BOARD:

D T A Hunn - Director

28 July 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The director is not aware of any future developments which would have a significant effect on the company, other than as noted in the strategic report.

DIRECTORS

D T A Hunn has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

R G Hunn and Ms K P Frost ceased to be directors after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Clay Ratnage Daffin & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D T A Hunn - Director

28 July 2026

Opinion

We have audited the financial statements of Hunn Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 December 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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.

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:

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sectors in which they operate.

• Obtained an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the management of the company’s accounting department, and management itself.

• The susceptibility of the group’s financial statements to material misstatement caused by fraud or other

irregularities were assessed with the following procedures:

o Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud

o Understanding how those charged with governance considered and addressed the potential for override of controls and management biases

o Identifying and testing journal entries, in particular any journal entries posted with unusual account

combinations

o Assessing the extent of compliance with the relevant laws and regulations

o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue recognition

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.

The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Dean Osborne (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

28 July 2026

TURNOVER

19,150,289

19,491,204

Cost of sales

13,515,957

13,336,955

GROSS PROFIT

5,634,332

6,154,249

Administrative expenses

4,748,087

5,293,278

886,245

860,971

Other operating income

6,704,941

-

OPERATING PROFIT

4

7,591,186

860,971

Interest receivable and similar income

10,631

18,169

7,601,817

879,140

Interest payable and similar expenses

7

50,968

44,904

PROFIT BEFORE TAXATION

7,550,849

834,236

Tax on profit

8

301,194

295,146

PROFIT FOR THE FINANCIAL YEAR

7,249,655

539,090

Profit attributable to:

Owners of the parent

7,101,347

353,962

Non-controlling interests

148,308

185,128

7,249,655

539,090

PROFIT FOR THE YEAR

7,249,655

539,090

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

7,249,655

539,090

Total comprehensive income attributable to:

Owners of the parent

7,101,347

353,962

Non-controlling interests

148,308

185,128

7,249,655

539,090

FIXED ASSETS

Intangible assets

10

2,191,155

2,511,164

Tangible assets

11

5,693,836

6,034,924

Investments

12

-

-

Investment property

13

1,450,441

1,127,728

9,335,432

9,673,816

CURRENT ASSETS

Stocks

14

913,279

782,319

Debtors

15

787,594

795,706

Cash at bank and in hand

604,389

1,288,524

2,305,262

2,866,549

CREDITORS

Amounts falling due within one year

16

2,952,083

10,972,597

NET CURRENT LIABILITIES

(646,821

)

(8,106,048

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,688,611

1,567,768

CREDITORS

Amounts falling due after more than one year

17

-

(10,916

)

PROVISIONS FOR LIABILITIES

20

(537,717

)

(531,516

)

NET ASSETS

8,150,894

1,025,336

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

22

7,989,730

888,383

SHAREHOLDERS' FUNDS

7,989,830

888,483

NON-CONTROLLING INTERESTS

161,064

136,853

TOTAL EQUITY

8,150,894

1,025,336

The financial statements were approved by the director and authorised for issue on 28 July 2026 and were signed by:

D T A Hunn - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

4,924,500

4,924,500

Investment property

13

5,064,544

4,741,831

9,989,044

9,666,331

CURRENT ASSETS

Debtors

15

4,966

914

Cash at bank

5,015

13,645

9,981

14,559

CREDITORS

Amounts falling due within one year

16

2,535,352

9,051,142

NET CURRENT LIABILITIES

(2,525,371

)

(9,036,583

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,463,673

629,748

PROVISIONS FOR LIABILITIES

20

98,611

98,611

NET ASSETS

7,365,062

531,137

CAPITAL AND RESERVES

Called up share capital

21

100

100

Fair value reserve

22

295,831

295,831

Retained earnings

22

7,069,131

235,206

SHAREHOLDERS' FUNDS

7,365,062

531,137

Company's profit for the financial year

6,833,925

126,121

The financial statements were approved by the director and authorised for issue on 28 July 2026 and were signed by:

D T A Hunn - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2024

100

534,421

534,521

79,378

613,899

Changes in equity

Dividends on equity shares

-

-

-

(127,653

)

(127,653

)

Total comprehensive income

-

353,962

353,962

185,128

539,090

Balance at 31 December 2024

100

888,383

888,483

136,853

1,025,336

Changes in equity

Dividends on equity shares

-

-

-

(124,097

)

(124,097

)

Total comprehensive income

-

7,101,347

7,101,347

148,308

7,249,655

Balance at 31 December 2025

100

7,989,730

7,989,830

161,064

8,150,894

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

100

109,085

295,831

405,016

Changes in equity

Total comprehensive income

-

126,121

-

126,121

Balance at 31 December 2024

100

235,206

295,831

531,137

Changes in equity

Total comprehensive income

-

6,833,925

-

6,833,925

Balance at 31 December 2025

100

7,069,131

295,831

7,365,062

Cash flows from operating activities

Cash generated from operations

1

242,919

1,699,686

Interest paid

(46,373

)

(27,271

)

Interest element of hire purchase payments paid

(4,595

)

(17,633

)

Tax paid

(271,643

)

(225,577

)

Net cash from operating activities

(79,692

)

1,429,205

Cash flows from investing activities

Purchase of intangible fixed assets

(8,371

)

-

Purchase of tangible fixed assets

(972,632

)

(953,716

)

Purchase of investment property

(322,713

)

-

Sale of intangible fixed assets

200,000

-

Sale of tangible fixed assets

815,984

101,500

Interest received

10,631

18,169

Net cash from investing activities

(277,101

)

(834,047

)

Cash flows from financing activities

Capital repayments in year

(155,072

)

(73,015

)

Amount introduced by directors

-

64,916

Amount withdrawn by directors

(99,038

)

(605,832

)

Dividend paid

(124,097

)

(127,653

)

Net cash from financing activities

(378,207

)

(741,584

)

Decrease in cash and cash equivalents

(735,000

)

(146,426

)

Cash and cash equivalents at beginning of year

2

835,775

982,201

Cash and cash equivalents at end of year

2

100,775

835,775

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

7,550,849

834,236

Depreciation charges

1,134,742

1,243,561

Profit on disposal of fixed assets

(508,626

)

(64,330

)

Finance costs

50,968

44,904

Finance income

(10,631

)

(18,169

)

8,217,302

2,040,202

(Increase)/decrease in stocks

(130,960

)

112,207

Decrease/(increase) in trade and other debtors

19,933

(6,799

)

Decrease in trade and other creditors

(7,863,356

)

(445,924

)

Cash generated from operations

242,919

1,699,686

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 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

604,389

1,288,524

Bank overdrafts

(503,614

)

(452,749

)

100,775

835,775

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,288,524

1,054,384

Bank overdrafts

(452,749

)

(72,183

)

835,775

982,201

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,288,524

(684,135

)

604,389

Bank overdrafts

(452,749

)

(50,865

)

(503,614

)

835,775

(735,000

)

100,775

Debt

Finance leases

(165,985

)

155,072

(10,913

)

(165,985

)

155,072

(10,913

)

Total

669,790

(579,928

)

89,862