REGISTERED NUMBER: 09846541 (England and Wales)

G. J. HANDY (HOLDINGS) LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH NOVEMBER 2025

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

8

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

to

28

DIRECTORS:

Mr S A Belcher

Mr D L Belcher

REGISTERED OFFICE:

Handy Distribution

Murdock Road

Dorcan

SWINDON

Wiltshire

SN3 5HY

REGISTERED NUMBER:

09846541 (England and Wales)

AUDITORS:

Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

The directors have pleasure in presenting their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

2025 was the warmest on record and the dryest since 2010 and as the company trades in a sector of the market which is seasonal and is dependent on the weather at key times such as spring and summer this made 2025 not a favourable year in terms of the market.

Despite this, turnover was only slightly down on 2024 and still considerably ahead of 2023. This was mainly driven by bringing new products to market and continuing to invest heavily in marketing and promotion.

The turnover for the year was £16,464,512, compared to £17,079,630 in 2024.

Pre tax profits of over £1m show a continued strong performance achieved by very well managed costs throughout the business.

Our brands Webb, The Handy and Q Garden continue to grow alongside our major distribution partnerships with Greenworks and Flymo.

We continue to aim to deliver the best distribution infrastructure in our industry coupled with a highly skilled and knowledgeable team of staff means we can continue to grow our business and strive to lead in our sector.

POSITION AT THE END OF THE YEAR

We continued with a strong profit performance during 2025 which has shown growth in the companies retained earnings and a strong balance sheet position.

Debtors at year end were at a similar level to the previous year however due to the slightly reduced turnover stock sat at year end circa £423k above 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

Uncertainties by world events beyond our control mean we have to continually adapt and change fast when needed. Careful cost planning and reviews are key to saying on top of overhead changes.

As always currency swings are always a risk that we continue to manage carefully and successfully.

The weather is often our biggest uncertainty we cannot control. We have been dealing with this challenge as a business for over 80 years and the experience in our team allows us to keep these risks to a minimum by managing stock and range offerings.

KEY PERFORMANCE INDICATORS

The directors have identified that the key performance indicators when looking at the business are the monitoring of turnover on a monthly basis compared to the seasonalised budget, margin levels (2025 24.5%, 2024 27.3%, 2023 19.2%), stock turn (2025 2.7, 2024 2.8, 2023 3.0), control of overheads compared to budget and cash flow.

FUTURE DEVELOPMENTS

We have commissioned as further expansion of our warehouse facility with building work already under way. This will further improve our efficiency and reduce needs for outside storage at peak times.

Following a successful initial solar power project which is returning ahead of schedule we are reviewing a further expansion of the solar and power storage systems which will continue to minimise our impact of the environment.

We aim to give our customers the very best products and service; our own brands and major brand partners continue to make us a leading specialist one stop distribution partner in our industry.

ON BEHALF OF THE BOARD:

Mr S A Belcher - Director

1st July 2026

The directors present their report with the financial statements of the company and the group for the year ended 30th November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of retail sale of garden machinery.

DIVIDENDS

Interim dividends totalling £36.61575 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th November 2025 will be £ 251,888 .

DIRECTORS

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

Mr S A Belcher

Mr D L Belcher

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 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, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S A Belcher - Director

1st July 2026

Opinion

We have audited the financial statements of G. J. Handy (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th November 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30th November 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 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 four, 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 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 through the audit planning process;

-

we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the group's industry;

-

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 group, including the Companies Act, taxation legislation, general data protection regulations (GDPR), employment, and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above throughmaking 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 this susceptibility of the group'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.

As a result of a small management and finance team we identified a risk of fraud through management bias and ability to override of controls, including lack of segregation of duties, which could lead to a misappropriation of cash and other assets. To address this we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

carried out walk through testing of both sales and purchases to understand payment and authorisation processes;

-

reviewing reasons behind sales credit notes raised;

-

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

-

investigated the rationale behind significant or unusual transactions.

-

tested manual stock adjustments

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;

-

enquiring with solicitors for any instances in the year;

-

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

-

reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 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 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.

Mr Alan John Barlow (Senior Statutory Auditor)

for and on behalf of Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

16th July 2026

REVENUE

3

16,464,512

17,079,630

Cost of sales

12,433,117

12,410,194

GROSS PROFIT

4,031,395

4,669,436

Administrative expenses

2,621,165

2,901,989

1,410,230

1,767,447

Other operating income

4

-

16,042

OPERATING PROFIT

6

1,410,230

1,783,489

Interest receivable and similar income

1,055

26,121

1,411,285

1,809,610

Interest payable and similar expenses

7

46,396

12,747

PROFIT BEFORE TAXATION

1,364,889

1,796,863

Tax on profit

8

342,141

489,950

PROFIT FOR THE FINANCIAL YEAR

1,022,748

1,306,913

OTHER COMPREHENSIVE INCOME

Revaluation reserve

54,740

(29,744

)

Share purchase

-

(1,962,087

)

Income tax relating to components of other comprehensive income

-

7,436

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

54,740

(1,984,395

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,077,488

(677,482

)

Profit attributable to:

Owners of the parent

941,969

1,306,913

Non-controlling interests

80,779

-

1,022,748

1,306,913

Total comprehensive income attributable to:

Owners of the parent

996,710

(677,482

)

Non-controlling interests

80,778

-

1,077,488

(677,482

)

FIXED ASSETS

Intangible assets

11

92,000

-

Property, plant and equipment

12

4,717,522

4,428,436

Investments

13

-

-

4,809,522

4,428,436

CURRENT ASSETS

Inventories

14

4,649,598

4,226,534

Debtors

15

1,405,862

1,582,299

Cash at bank and in hand

23,386

493,682

6,078,846

6,302,515

CREDITORS

Amounts falling due within one year

16

2,869,139

3,620,031

NET CURRENT ASSETS

3,209,707

2,682,484

TOTAL ASSETS LESS CURRENT LIABILITIES

8,019,229

7,110,920

CREDITORS

Amounts falling due after more than one year

17

(95,746

)

(95,528

)

PROVISIONS FOR LIABILITIES

21

(545,528

)

(553,036

)

NET ASSETS

7,377,955

6,462,356

CAPITAL AND RESERVES

Called up share capital

22

9,231

9,231

Revaluation reserve

23

1,548,649

1,493,909

Capital redemption reserve

23

7,939

7,939

Retained earnings

23

5,462,128

4,951,277

SHAREHOLDERS' FUNDS

7,027,947

6,462,356

NON-CONTROLLING INTERESTS

24

350,008

-

TOTAL EQUITY

7,377,955

6,462,356

The financial statements were approved by the Board of Directors and authorised for issue on 1st July 2026 and were signed on its behalf by:

Mr S A Belcher - Director

FIXED ASSETS

Intangible assets

11

-

-

Property, plant and equipment

12

-

-

Investments

13

15,400

17,100

15,400

17,100

CURRENT ASSETS

Debtors

15

251,788

184

CREDITORS

Amounts falling due within one year

16

161,718

114

NET CURRENT ASSETS

90,070

70

TOTAL ASSETS LESS CURRENT LIABILITIES

105,470

17,170

CAPITAL AND RESERVES

Called up share capital

22

9,231

9,231

Capital redemption reserve

23

7,939

7,939

Retained earnings

23

88,300

-

SHAREHOLDERS' FUNDS

105,470

17,170

Company's profit for the financial year

340,188

4,123,635

The financial statements were approved by the Board of Directors and authorised for issue on 1st July 2026 and were signed on its behalf by:

Mr D L Belcher - Director

Mr S A Belcher - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1st December 2023

17,170

7,767,999

1,516,217

Changes in equity

Profit for the year

-

1,306,913

-

Other comprehensive income

-

(1,962,087

)

(22,308

)

Total comprehensive income

-

(655,174

)

(22,308

)

Dividends

-

(2,161,548

)

-

Reduction in share capital

(7,939

)

-

-

Balance at 30th November 2024

9,231

4,951,277

1,493,909

Changes in equity

Profit for the year

-

941,969

-

Other comprehensive income

-

(179,230

)

54,740

Total comprehensive income

-

762,739

54,740

Dividends

-

(251,888

)

-

9,231

5,462,128

1,548,649

Transaction with non-controlling interest

-

-

-

Balance at 30th November 2025

9,231

5,462,128

1,548,649

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1st December 2023

-

9,301,386

-

9,301,386

Changes in equity

Profit for the year

-

1,306,913

-

1,306,913

Other comprehensive income

-

(1,984,395

)

-

(1,984,395

)

Total comprehensive income

-

(677,482

)

-

(677,482

)

Dividends

-

(2,161,548

)

-

(2,161,548

)

Reduction in share capital

7,939

-

-

-

Balance at 30th November 2024

7,939

6,462,356

-

6,462,356

Changes in equity

Profit for the year

-

941,969

80,779

1,022,748

Other comprehensive income

-

(124,490

)

(1

)

(124,491

)

Total comprehensive income

-

817,479

80,778

898,257

Dividends

-

(251,888

)

-

(251,888

)

7,939

7,027,947

80,778

7,108,725

Transaction with non-controlling interest

-

-

269,230

269,230

Balance at 30th November 2025

7,939

7,027,947

350,008

7,377,955

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st December 2023

17,170

-

-

17,170

Changes in equity

Profit for the year

-

4,123,635

-

4,123,635

Purchase of own shares

-

(1,962,087

)

-

(1,962,087

)

Total comprehensive income

-

2,161,548

-

2,161,548

Dividends

-

(2,161,548

)

-

(2,161,548

)

Reduction in share capital

(7,939

)

-

7,939

-

Balance at 30th November 2024

9,231

-

7,939

17,170

Changes in equity

Profit for the year

-

340,188

-

340,188

Total comprehensive income

-

340,188

-

340,188

Dividends

-

(251,888

)

-

(251,888

)

Balance at 30th November 2025

9,231

88,300

7,939

105,470

Cash flows from operating activities

Cash generated from operations

1

489,596

1,892,458

Interest paid

(31,075

)

-

Interest element of hire purchase payments paid

(15,321

)

(12,747

)

Tax paid

(587,885

)

(219,537

)

Net cash from operating activities

(144,685

)

1,660,174

Cash flows from investing activities

Purchase of intangible fixed assets

(92,000

)

-

Purchase of tangible fixed assets

(479,282

)

(345,186

)

Sale of tangible fixed assets

27,547

65,151

Sales of investment

90,000

-

Hire purchase outstanding on sold asset

-

(8,963

)

Amounts owed by participating interests

-

1,756,824

Interest received

1,055

26,121

Net cash from investing activities

(452,680

)

1,493,947

Cash flows from financing activities

New HP loans in year

44,588

-

Capital repayments in year

(103,989

)

(99,768

)

Amount introduced by directors

52

-

Amount withdrawn by directors

(12,042

)

(6,182

)

Share buyback

-

(1,962,087

)

Equity dividends paid

(251,888

)

(2,161,548

)

Net cash from financing activities

(323,279

)

(4,229,585

)

Decrease in cash and cash equivalents

(920,644

)

(1,075,464

)

Cash and cash equivalents at beginning of year

2

493,682

1,569,146

Cash and cash equivalents at end of year

2

(426,962

)

493,682