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| Registered number: 10199334
HARVEY COMMERCIAL HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
HARVEY COMMERCIAL HOLDINGS LIMITED COMPANY INFORMATION
DIRECTOR | A J Harvey
COMPANY SECRETARY | H E Britton
REGISTERED NUMBER | 10199334
REGISTERED OFFICE | 19 Common Road
| Hanham
| Bristol
| BS15 3LL
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 10 Temple Back
| Bristol
| BS1 6FL
BANKERS | Barclays Bank plc
| 121 Queens Street
| PO Box 674
| Cardiff
| United Kingdom
| CF10 2XU
HARVEY COMMERCIAL HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Director's report | 3 - 4
Director's responsibilities statement | 5
Independent auditors' report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated statement of financial position | 11
Company statement of financial position | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15 - 16
Consolidated analysis of net debt | 16
Notes to the financial statements | 17 - 41
HARVEY COMMERCIAL HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025
INTRODUCTION
The director presents the strategic report for the year ended 30 November 2025.
BUSINESS REVIEW
The director is pleased to report his confidence the business would improve profitability in the year to 30 November 2025. The group has invested heavily in its fire door operation with production now centred on a purpose-built factory in Newport and volume production is anticipated to show good growth in the year to 30 November 2026. The group has obtained all the required certification standards and there has been considerable interest at an exhibition at the NEC in Birmingham. Following, the opening of its newest venue, the group has focused on consolidating operations in the venues side of its business, while continuing to diversify revenue streams through growth in corporate events. Investments were made in sales, marketing and operational systems for the group's venues to strengthen booking performance, improve forecasting capability and provide greater visibility of commercial performance across the businesses. Whilst profitability was impacted by the continued establishment of the Group's newest venue, overall trading remained resilient and the wider business maintained a stable level of profitability. Forward bookings and sales activity remain strong, and the directors are confident in the Group's prospects for the forthcoming year. Investing in high quality staff retention continues to be a key focus and strength of the business. There has been a good start to the new financial year and with a growing client base, the likelihood of significant growth. Whilst world trade uncertainty and volatility are a risk the group has a broad spread of clients in differing sectors and this gives cause for optimism. Sustainability and green energy policies continue to be an important driving force in investment decisions and the company has achieved a reduction in owned transport emissions.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk is the current uncertain global trading tariffs and the war in Iran has increased the cost of petrol and diesel that will have an effect if stability does not return in the near future. The group will limit the increased costs where possible and consider a faster move to electric vehicles where efficient to do so. The group maintains a strong payment culture compared with competitors, encouraging beneficial relationships with our suppliers, contractors, and staff loyalty. A key strength of the business continues to be its continuous drive to enhance and improve the quality of its staff. Staff turnover is low and demonstrates the strength of the company culture, a quality valued by our customers. The Board would like to thank its staff for their hard work and commitment to providing a high-quality service to our customers. A detailed strategic review of the business is being conducted to ensure the business structure is fit to operate efficiently over the next 3-5 years. Page 1
HARVEY COMMERCIAL HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
FINANCIAL KEY PERFORMANCE INDICATORS
The group has a sophisticated system to manage contracts giving detailed performance data which is used to assess ongoing profitability and to provide strategic information on those sectors of its market where it can channel its resources. During the year, the reporting and quality of data to management has enabled us to improve profitability with a concerted focus on efficiency. The group uses several KPIs to measure performance and control costs. This is monitored on a regular basis and drives decisions on future strategy. The group monitors its debtors, creditors, and cash balances to ensure it maintains the necessary liquidity to meet any short or long term demands on the company and has enhanced its cyber security to guard against attacks all too frequent a problem faced by all businesses. Cyber security and penetration testing is conducted each year to ensure the business is protected as far as possible against cyber-attacks. Directors within the group review detailed information on performance and regular meetings are held with senior staff to manage projects in an efficient way and reduce unproductive time. This has been demonstrated by the increased margins achieved and enhanced reporting is being introduced over the next financial year.
OTHER KEY PERFORMANCE INDICATORS
Board meetings within the group are held regularly to ensure corporate governance is being maintained and to promote and maintain good Health & Safety measures to protect its employees, contractors, and customers. The group places great emphasis on its companies meeting its responsibilities to all stakeholders in the business and promote sustainable solutions to lessen its impact on the environment. The group has conducted significant research to provide a base of information to improve our carbon footprint and lessen our impact on the planet. There is a continuing emphasis on sustainability and the company makes every effort to be conscious of its responsibilities for future generations. The group is dependent on its staff and contractors for its success and encourages diversity and inclusion of employees, irrespective of race and gender. The group places great emphasis on staff training which improves productivity and provides career progression by the development of transferable skills.
DIRECTOR'S STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
The director of the group considers that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of all stakeholders of the group including its shareholders, employees, customers and the wider community. By managing the business responsibly the director intends to support a financially stable and rewarding organisation which looks to deliver value for all stakeholders. This report was approved by the board and signed on its behalf.
A J Harvey Director
Date: 16 July 2026
Page 2
HARVEY COMMERCIAL HOLDINGS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The director presents his report and the financial statements for the year ended 30 November 2025.
PRINCIPAL ACTIVITY
The principal activity of the company is that of a holding company. The principal activity of the group continued to be that of fit out contractors, hoteliers, golf club operators and the provision of wedding services.
RESULTS AND DIVIDENDS
The profit for the year, after taxation and minority interests, amounted to £3,304,667 (2024: £2,362,331). During the year dividends of £1,219,910 (2024: £1,239,900) were paid.
DIRECTOR
The director who served during the year was:
A J Harvey
FUTURE DEVELOPMENTS
The Group intends to continue providing a premium service to fit out customers as they continue to increase their capital expenditure programmes in future years. In addition, the Group will continue to invest in the venues side of the business.
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The group continues to engage with its suppliers, customers and others, such as employees, in a positive and ethical manner.
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
As the largest company within the Group the following figures related to Harvey Shopfitters Limited, the greenhouse gas emissions and energy consumption for the year are: Fuel type, mileage and CO2 g/km have been used to estimate the owned transport data. Monthly electricity meter readings have been used to estimate the purchased electricity data. The company's current focus is on reducing Scope 1 and 2 emissions via electrification, demand reduction, and clean energy integration. We prioritise decarbonisation over offsetting. Page 3
HARVEY COMMERCIAL HOLDINGS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
DISCLOSURE OF INFORMATION TO AUDITORS
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the group since the year end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
A J Harvey Director
Date: 16 July 2026
Page 4
HARVEY COMMERCIAL HOLDINGS LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025 The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Group's financial statements and then apply them consistently; ∙make judgments 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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. Page 5
HARVEY COMMERCIAL HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY COMMERCIAL HOLDINGS LIMITED
OPINION
We have audited the financial statements of Harvey Commercial Holdings Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 30 November 2025, which comprise the Consolidated statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Company's affairs as at 30 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the 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 or the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 6
HARVEY COMMERCIAL HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY COMMERCIAL HOLDINGS LIMITED (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Strategic Report and Directors' Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Strategic Report and Directors' Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 DIRECTORS
As explained more fully in the Director's responsibilities statement set out on page 5, 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 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 director is responsible for assessing the Group's and the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Page 7
HARVEY COMMERCIAL HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY COMMERCIAL HOLDINGS LIMITED (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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: ∙We have considered the nature of the industry and the sector, control environment, and business performance; ∙We have considered the results of enquiries with management and the director in relation to their own identification and assessment of the risks of irregularities within the entity; and ∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively, in line with documentation. For any matters identified we have obtained and reviewed the Group and Company's documentation of their policies and procedures relating to: ∙Identifying, evaluating and complying with laws and regulations, including duty, and whether they were aware of any instances of non-compliance; ∙Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and ∙The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. We have also considered the matters discussed, among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Group and Company's operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group and Company's ability to operate or avoid a material penalty. These included health and safety regulations and employment law. Our procedures to respond to risks identified included the following: ∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Enquiring of management in relation to actual and potential claims or litigation; ∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; Page 8
HARVEY COMMERCIAL HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY COMMERCIAL HOLDINGS LIMITED (CONTINUED) ∙Performing detailed testing in relation to the recognition of revenue with a particular focus around the year-end cut-off; and ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicate of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
USE OF OUR REPORT
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Simon Morrison FCA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 28 July 2026 Page 9
HARVEY COMMERCIAL HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 56,119,831 | 57,529,387
Cost of sales |  | (36,881,361) | (44,169,565)
GROSS PROFIT |  | 19,238,470 | 13,359,822
Administrative expenses |  | (13,915,485) | (9,335,691)
OPERATING PROFIT | 5 | 5,322,985 | 4,024,131
Interest receivable and similar income | 9 | 290,992 | 89,011
Interest payable and similar expenses | 10 | (510,903) | (571,109)
Other finance income |  | - | 517,376
PROFIT BEFORE TAXATION |  | 5,103,074 | 4,059,409
Tax on profit | 11 | (1,189,765) | (1,242,445)
PROFIT FOR THE FINANCIAL YEAR |  | 3,913,309 | 2,816,964
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 3,913,309 | 2,816,964
PROFIT FOR THE YEAR ATTRIBUTABLE TO: |  |  |
Non-controlling interests |  | 608,642 | 454,633
Owners of the Company |  | 3,304,667 | 2,362,331
|  | 3,913,309 | 2,816,964
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO: |  |  |
Non-controlling interest |  | 608,642 | 454,633
Owners of the Company |  | 3,304,667 | 2,362,331
|  | 3,913,309 | 2,816,964
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
The notes on pages 17 to 41 form part of these financial statements.
Page 10
HARVEY COMMERCIAL HOLDINGS LIMITED REGISTERED NUMBER:10199334 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 13 |  | 153,271 |  | 285,747
Tangible assets | 14 |  | 24,493,821 |  | 23,910,942
|  |  | 24,647,092 |  | 24,196,689
CURRENT ASSETS |  |  |  |  |
Stocks | 16 | 1,881,887 |  | 2,148,827 |
Debtors: amounts falling due within one year | 17 | 16,522,700 |  | 13,397,422 |
Cash at bank and in hand | 18 | 9,010,201 |  | 8,301,200 |
|  | 27,414,788 |  | 23,847,449 |
Creditors: amounts falling due within one year | 19 | (17,666,771) |  | (17,091,439) |
NET CURRENT ASSETS |  |  | 9,748,017 |  | 6,756,010
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 34,395,109 |  | 30,952,699
Creditors: amounts falling due after more than one year | 20 |  | (6,299,352) |  | (5,718,207)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred taxation | 23 | (1,288,852) |  | (1,145,986) |
|  |  | (1,288,852) |  | (1,145,986)
NET ASSETS |  |  | 26,806,905 |  | 24,088,506
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 24 |  | 909 |  | 909
Capital redemption reserve | 25 |  | 100 |  | 100
Profit and loss account | 25 |  | 25,482,295 |  | 23,397,538
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |  |  | 25,483,304 |  | 23,398,547
Non-controlling interests |  |  | 1,323,601 |  | 689,959
|  |  | 26,806,905 |  | 24,088,506
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2026.
A J Harvey
Director
The notes on pages 17 to 41 form part of these financial statements. Page 11
HARVEY COMMERCIAL HOLDINGS LIMITED REGISTERED NUMBER:10199334 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 14 |  | 24,476,936 |  | 24,290,136
Investments | 15 |  | 26,769 |  | 51,769
|  |  | 24,503,705 |  | 24,341,905
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 5,039,903 |  | 5,369,542 |
Cash at bank and in hand | 18 | 6,590,231 |  | 4,676,043 |
|  | 11,630,134 |  | 10,045,585 |
Creditors: amounts falling due within one year | 19 | (9,938,844) |  | (14,633,800) |
NET CURRENT ASSETS/(LIABILITIES) |  |  | 1,691,290 |  | (4,588,215)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 26,194,995 |  | 19,753,690
Creditors: amounts falling due after more than one year | 20 |  | (6,287,128) |  | (5,711,963)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred taxation | 23 | (1,158,382) |  | (1,094,603) |
|  |  | (1,158,382) |  | (1,094,603)
NET ASSETS |  |  | 18,749,485 |  | 12,947,124
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 24 |  | 909 |  | 909
Profit and loss account brought forward |  | 12,946,215 |  | 12,385,572 |
Profit for the year |  | 6,702,271 |  | 1,560,543 |
Other changes in the profit and loss account |  | (899,910) |  | (999,900) |
Profit and loss account carried forward |  |  | 18,748,576 |  | 12,946,215
|  |  | 18,749,485 |  | 12,947,124
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2026.
A J Harvey
Director
The notes on pages 17 to 41 form part of these financial statements. Page 12

|  | HARVEY COMMERCIAL HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
|  | Called up share capital | Capital redemption reserve | Profit and loss account | Equity attributable to owners of Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 December 2023 | 900 | 100 | 22,275,107 | 22,276,107 | 235,326 | 22,511,433
| Profit for the year | - | - | 2,362,331 | 2,362,331 | 454,633 | 2,816,964
| Dividends | - | - | (1,239,900) | (1,239,900) | - | (1,239,900)
| Shares issued during the year | 9 | - | - | 9 | - | 9
| At 1 December 2024 | 909 | 100 | 23,397,538 | 23,398,547 | 689,959 | 24,088,506
| Profit for the year | - | - | 3,304,667 | 3,304,667 | 608,642 | 3,913,309
| Transactions with non-controlling interests | - | - | - | - | 25,000 | 25,000
| Dividends | - | - | (1,219,910) | (1,219,910) | - | (1,219,910)
| AT 30 NOVEMBER 2025 | 909 | 100 | 25,482,295 | 25,483,304 | 1,323,601 | 26,806,905
| The notes on pages 17 to 41 form part of these financial statements.
Page 13

HARVEY COMMERCIAL HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 December 2023 | 900 | 12,385,572 | 12,386,472
Profit for the year | - | 1,560,543 | 1,560,543
Dividends | - | (999,900) | (999,900)
Shares issued during the year | 9 | - | 9
At 1 December 2024 | 909 | 12,946,215 | 12,947,124
Profit for the year | - | 6,702,271 | 6,702,271
Dividends | - | (899,910) | (899,910)
AT 30 NOVEMBER 2025 | 909 | 18,748,576 | 18,749,485
| The notes on pages 17 to 41 form part of these financial statements.
Page 14
HARVEY COMMERCIAL HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Profit for the year | 3,913,309 | 2,816,964
ADJUSTMENTS FOR: |  |
Amortisation of intangible assets | 132,476 | 132,477
Depreciation of tangible assets | 730,969 | 485,148
Interest paid | 510,903 | 571,109
Interest received | (290,992) | (89,011)
Taxation charge | 1,189,765 | 1,242,447
Decrease in stocks | 266,940 | 416,815
(Increase) in debtors | (3,125,278) | (2,352,421)
Increase in creditors | 1,316,533 | 949,637
Net fair value gains recognised | - | (326,596)
Corporation tax (paid) | (857,408) | (397,054)
NET CASH GENERATED FROM OPERATING ACTIVITIES | 3,787,217 | 3,449,515
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Purchase of tangible fixed assets | (1,313,848) | (2,902,065)
Sale of investments | - | 3,365,752
Interest received | 290,992 | 89,011
HP interest paid | - | (4,951)
NET CASH FROM INVESTING ACTIVITIES | (1,022,856) | 547,747
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Issue of ordinary shares | - | 9
Receipt/(repayment) of loans | (379,256) | 3,021,976
Receipt/(repayment) of/new finance leases | 29,709 | (9,050)
Dividends paid | (1,219,910) | (1,239,900)
Interest paid | (510,903) | (566,158)
Proceeds from transactions with non-controlling interests | 25,000 | -
NET CASH USED IN FINANCING ACTIVITIES | (2,055,360) | 1,206,877
INCREASE IN CASH AND CASH EQUIVALENTS | 709,001 | 5,204,139
Cash and cash equivalents at beginning of year | 8,301,200 | 3,097,061
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | 9,010,201 | 8,301,200
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE: |  |
Cash at bank and in hand | 9,010,201 | 8,301,200
| 9,010,201 | 8,301,200
Page 15
HARVEY COMMERCIAL HOLDINGS LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2025
| At 1 December 2024 | Cash flows | Other non-cash changes | At 30 November 2025
| £ | £ | £ | £
Cash at bank and in hand | 8,301,200 | 709,001 | - | 9,010,201
Debt due after 1 year | (5,711,963) | - | (575,165) | (6,287,128)
Debt due within 1 year | (1,165,616) | 341,650 | 575,165 | (248,801)
Finance leases | (43,850) | 7,897 | - | (35,953)
| 1,379,771 | 1,058,548 | - | 2,438,319
The notes on pages 17 to 41 form part of these financial statements.
Page 16
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | GENERAL INFORMATION
Harvey Commercial Holdings Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is 19 Common Road, Hanham, Bristol, BS15 3LL. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | BASIS OF CONSOLIDATION
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations predominantly using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. During the period an intra-group re-organisation took place whereby the Group increased its interest in certain group companies by way of a share for share exchange. The ultimate beneficial ownership and shareholdings have remained unchanged therefore the group has accounted for this business combination using merger accounting.
| 2.3 | GOING CONCERN
The group has the benefit of supplying to different markets. It is not reliant on one business sector should there be a temporary slow down in demand. The group has adequate resources, net assets and a positive cash balance to continue in operational existence for the foreseeable future. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. Page 17
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | REVENUE
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | OPERATING LEASES: THE GROUP AS LESSOR
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. Page 18
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | OPERATING LEASES: THE GROUP AS LESSEE
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rental payables under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
| 2.8 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.11 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN 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 payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 19
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income 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 Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.13 | INTANGIBLE ASSETS
GOODWILL Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. OTHER INTANGIBLE ASSETS Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. Page 20
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold Land | - | Nil
|  |  |  | Freehold buildings | - | 2% straight line
|  |  |  | Leasehold Improvements | - | 20% straight line
|  |  |  | Plant and machinery | - | 20 - 25% straight line
|  |  |  | Motor vehicles | - | 20 - 25% straight line
|  |  |  | Fixtures and fittings | - | 20 - 25% straight line
|  |  |  | Office equipment | - | 20% straight line
|  |  |  | Computer equipment | - | 20 - 25% straight line
|  |  |  | Refurbishment costs | - | 10% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Previously the director considered that the freehold property was maintained to a level that the residual value of the property was at least equal to its book values. Having regard to this; it was the opinion of the director that depreciation of this property as required by the Companies Act 2006 and accounting standards would not be material. In the current year the director has reassessed the accounting treatment of freehold property and the buildings element is now being depreciated. Page 21
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the group reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Page 22
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.16 | FIXED ASSET INVESTMENTS
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investments in associates. Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate. In the parent company financial statements, investments in associates are accounted for at cost less impairment. Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
| 2.17 | STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock held for distribution at no or nominal consideration are measured at the lower of costs and replacement cost, adjusted where applicable for any loss of service potential. Development properties held within stock are held at the lower of cost and NRV. Work In Progress includes amounts arising on long term contracts that are in progress at the year end. At each reporting date, an assessment is made for impairment, any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit and loss account. Page 23
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.18 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.19 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.20 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.21 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.22 | FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.23 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 24
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgments made by management that have a significant effect on the amounts recognised in the financial statements are described below. Critical judgments The following judgement (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Long term contracts The value of contract in progress at the year-end is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. An assessment of each contract is made to determine the basis of recoverability. Depreciation and Amortisation Tangible and intangible fixed assets are depreciated and amortised respectively over the useful economic life of the asset. Management review their assessment of useful economic life regularly and assess this against similar assets and industry standards.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fit out contracting | 42,285,209 | 44,299,656
| Wedding services and golf centres | 13,265,622 | 12,227,731
| Property development | 569,000 | 1,002,000
|  | 56,119,831 | 57,529,387
| All turnover arose within the United Kingdom.
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 719,678 | 485,148
| Amortisation of intangible assets | 132,476 | 132,477
Page 25
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
6. | AUDITORS' REMUNERATION
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and Company's financial statements | 5,000 | 5,000
| Fees payable to the Company's auditors and their associates in respect of: |  |
| the auditing of the subsidiary's Financial Statements | 64,500 | 63,000
| the preparation of the group's Financial Statements | 12,000 | 12,000
| Taxation compliance services | 13,500 | 13,500
7. | EMPLOYEES
| Staff costs were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 11,090,990 | 10,010,822 | 98,858 | 113,664
| Social security costs | 1,143,892 | 1,152,889 | 14,900 | 13,063
| Cost of defined contribution scheme | 241,290 | 251,014 | 2,202 | 3,347
|  | 12,476,172 | 11,414,725 | 115,960 | 130,074
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 4
|  | Contract managers | 9 | 9
|  | Shopfitters | 43 | 44
|  | Hotel/wedding venue staff | 93 | 68
|  | Golf club staff | 25 | 25
|  | Administration | 100 | 107
|  |  | 274 | 257
| The Company has no employees other than the directors, who did not receive any remuneration (2024:£NIL)
Page 26
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
8. | DIRECTOR'S REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Remuneration for qualifying services | 182,077 | 159,482
|  | 182,077 | 159,482
| During the year retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.
9. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 290,992 | 89,011
|  | 290,992 | 89,011
10. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 510,903 | 571,109
|  | 510,903 | 571,109
Page 27
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
11. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 1,232,646 | 877,318
| Adjustments in respect of previous periods | (185,747) | -
|  | 1,046,899 | 877,318
| TOTAL CURRENT TAX | 1,046,899 | 877,318
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 160,209 | 365,127
| Adjustment in respect of prior periods | (17,343) | -
| TOTAL DEFERRED TAX | 142,866 | 365,127
|  | 1,189,765 | 1,242,445
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is lower than (2024:higher than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,103,074 | 4,059,409
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:25%) | 1,275,769 | 1,014,852
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes | 19,479 | 92,777
| Other adjustments | (13,597) | 23,268
| Fixed asset and timing differences | 139,381 | 377,021
| Exempt ABGH distributions | 5,619 | (193,229)
| Non-taxable income | (625) | (72,244)
| Marginal relief | (204) | -
| Adjustment in respect of prior periods - corporation tax | (218,714) | -
| Adjustments in respect of prior periods - deferred tax | (17,343) | -
| TOTAL TAX CHARGE FOR THE YEAR | 1,189,765 | 1,242,445
Page 28
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 11.TAXATION (CONTINUED)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
12. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 1,219,910 | 1,239,900
|  | 1,219,910 | 1,239,900
13. | INTANGIBLE ASSETS
| Group
|  | Goodwill
|  | £
| COST |
| At 1 December 2024 | 3,084,679
| At 30 November 2025 | 3,084,679
| AMORTISATION |
| At 1 December 2024 | 2,798,932
| Charge for the year | 132,476
| At 30 November 2025 | 2,931,408
| NET BOOK VALUE |
| At 30 November 2025 | 153,271
| At 30 November 2024 | 285,747
Page 29
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
14. | TANGIBLE FIXED ASSETS
| Group
|  | Freehold land and buildings | Leasehold Improvements | Plant and machinery | Motor vehicles
|  | £ | £ | £ | £
| COST |  |  |  |
| At 1 December 2024 | 23,807,336 | 8,000 | 270,790 | 152,107
| Additions | 721,165 | - | 222,597 | 13,648
| Disposals | - | - | (9,272) | -
| At 30 November 2025 | 24,528,501 | 8,000 | 484,115 | 165,755
| DEPRECIATION |  |  |  |
| At 1 December 2024 | 492,528 | 3,200 | 157,394 | 55,582
| Charge for the year | 483,344 | - | 68,744 | 26,619
| Disposals | - | - | (9,272) | -
| At 30 November 2025 | 975,872 | 3,200 | 216,866 | 82,201
| NET BOOK VALUE |  |  |  |
| At 30 November 2025 | 23,552,629 | 4,800 | 267,249 | 83,554
| At 30 November 2024 | 23,314,808 | 4,800 | 113,396 | 96,525
Page 30
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 14.TANGIBLE FIXED ASSETS (CONTINUED)
|  | Fixtures and fittings | Office equipment | Computer equipment | Refurbishment Costs
|  | £ | £ | £ | £
| COST |  |  |  |
| At 1 December 2024 | 1,143,564 | 7,391 | 2,346 | 229,289
| Additions | 334,505 | - | 21,933 | -
| Disposals | (692,233) | - | - | (229,289)
| At 30 November 2025 | 785,836 | 7,391 | 24,279 | -
| DEPRECIATION |  |  |  |
| At 1 December 2024 | 779,766 | 1,848 | - | 219,563
| Charge for the year | 137,971 | 1,847 | 2,718 | 9,726
| Disposals | (692,233) | - | - | (229,289)
| At 30 November 2025 | 225,504 | 3,695 | 2,718 | -
| NET BOOK VALUE |  |  |  |
| At 30 November 2025 | 560,332 | 3,696 | 21,561 | -
| At 30 November 2024 | 363,798 | 5,543 | 2,346 | 9,726
Page 31
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 14.TANGIBLE FIXED ASSETS (CONTINUED)
|  | Total
|  | £
| COST |
| At 1 December 2024 | 25,620,823
| Additions | 1,313,848
| Disposals | (930,794)
| At 30 November 2025 | 26,003,877
| DEPRECIATION |
| At 1 December 2024 | 1,709,881
| Charge for the year | 730,969
| Disposals | (930,794)
| At 30 November 2025 | 1,510,056
| NET BOOK VALUE |
| At 30 November 2025 | 24,493,821
| At 30 November 2024 | 23,910,942
Page 32
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 14.TANGIBLE FIXED ASSETS (CONTINUED)
| Company
|  | Freehold land & buildings | Motor vehicles | Total
|  | £ | £ | £
| COST |  |  |
| At 1 December 2024 | 24,642,911 | 98,445 | 24,741,356
| Additions | 537,452 | - | 537,452
| Transfers intra group | 136,080 | - | 136,080
| At 30 November 2025 | 25,316,443 | 98,445 | 25,414,888
| DEPRECIATION |  |  |
| At 1 December 2024 | 423,400 | 27,820 | 451,220
| Charge for the year | 467,043 | 19,689 | 486,732
| At 30 November 2025 | 890,443 | 47,509 | 937,952
| NET BOOK VALUE |  |  |
| At 30 November 2025 | 24,426,000 | 50,936 | 24,476,936
| At 30 November 2024 | 24,219,511 | 70,625 | 24,290,136
15. | FIXED ASSET INVESTMENTS
| Company
|  | Investments in subsidiary companies
|  | £
| COST |
| At 1 December 2024 | 51,769
| Disposals | (25,000)
| At 30 November 2025 | 26,769
Page 33
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
| DIRECT SUBSIDIARY UNDERTAKINGS
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Dearborn Estates Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary shares | 100%
| Harvey Shopfitters Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary shares | 84%
| Veya Homes Ltd | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary shares | 100%
| The aggregate of the share capital and reserves as at 30 November 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Dearborn Estates Limited | (1,185,195) | 3,996
| Harvey Shopfitters Limited | 11,457,534 | 2,526,139
| Veya Homes Ltd | (208,926) | 43,151
Page 34
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
| INDIRECT SUBSIDIARY UNDERTAKINGS
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Parkfield Golf Ltd | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Huntswood Park Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Hyde House Hotel Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Millbridge Court Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| The Old Bell Hotel Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Kin House Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Harvey Contracts Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Limekiln Estate Limited | The Coach House, Swindon Road, Kington Langely, Chippenham, SN15 5LZ | Ordinary Shares | 100%
| Harvey Fire Doors Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
| Apple Tree Walk Developments Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary Shares | 100%
Page 35
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 INDIRECT SUBSIDIARY UNDERTAKINGS (CONTINUED)
| The aggregate of the share capital and reserves as at 30 November 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Parkfield Golf Ltd | (157,788) | (19,858)
| Huntswood Park Limited | (40,216) | (17,468)
| Hyde House Hotel Limited | 2,659,697 | 214,859
| Millbridge Court Limited | 603,230 | 68,448
| The Old Bell Hotel Limited | (1,500) | 5,617
| Kin House Limited | (24,945) | 240,006
| Harvey Contracts Limited | 100 | -
| Limekiln Estate Limited | (367,009) | (51,377)
| Harvey Fire Doors Limited | 100 | -
| Apple Tree Walk Developments Limited | 1 | -
16. | STOCKS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 64,868 | 50,520
| Work in progress | 1,640,122 | 1,511,982
| Finished goods | 176,897 | 586,325
|  | 1,881,887 | 2,148,827
Page 36
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
17. | DEBTORS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 10,821,568 | 9,072,777 | - | -
| Amounts owed by group undertakings | - | - | 2,098,858 | 2,675,271
| Other debtors | 5,025,532 | 3,905,289 | 2,763,326 | 2,694,271
| Prepayments and accrued income | 675,600 | 419,356 | 177,719 | -
|  | 16,522,700 | 13,397,422 | 5,039,903 | 5,369,542
18. | CASH AND CASH EQUIVALENTS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 9,010,201 | 8,301,200 | 6,590,231 | 4,676,043
|  | 9,010,201 | 8,301,200 | 6,590,231 | 4,676,043
19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 248,801 | 1,165,616 | 248,801 | 1,165,616
| Payments received on account | 4,371,035 | 2,351,665 | - | -
| Trade creditors | 5,308,059 | 6,547,572 | 19,224 | 133,795
| Amounts owed to group undertakings | - | - | 9,231,985 | 12,652,236
| Corporation tax | 1,247,953 | 1,058,462 | 270,455 | 414,380
| Other taxation and social security | 2,447,530 | 1,970,629 | 75,505 | 61,813
| Obligations under finance lease and hire purchase contracts | 35,953 | 37,606 | 33,427 | 37,606
| Other creditors | 2,006,480 | 3,009,943 | 15,426 | 158,354
| Accruals and deferred income | 2,000,960 | 949,946 | 44,021 | 10,000
|  | 17,666,771 | 17,091,439 | 9,938,844 | 14,633,800
Page 37
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 6,287,128 | 5,711,963 | 6,287,128 | 5,711,963
| Obligations under finance leases | - | 6,244 | - | -
| Other creditors | 12,224 | - | - | -
|  | 6,299,352 | 5,718,207 | 6,287,128 | 5,711,963
Included within bank loans are loans which are secured against amounts of £6,964,876 (2024: £6,877,579). The bank loans are secured by a first legal charge over Common Road, Hanham, Bristol and properties of certain related entities, together with a cross guarantee and debenture between Dearborn Estates Limited, Harvey Shopfitters Limited, Huntswood Park Limited, Hyde House Hotel Limited, Kin House Limited, Millbridge Court Limited, Parkfield Golf Limited and Veya Homes Limited dated 13 November 2023. Interest is charged at 2.15% over the bank's base rate.
21. | LOANS
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |  |  |
| Bank loans | 248,801 | 1,165,616 | 248,801 | 1,165,616
| AMOUNTS FALLING DUE 1-2 YEARS |  |  |  |
| Bank loans | 267,930 | 282,681 | 267,930 | 282,681
| AMOUNTS FALLING DUE 2-5 YEARS |  |  |  |
| Bank loans | 6,019,198 | 5,429,282 | 6,019,198 | 5,429,282
|  | 6,535,929 | 6,877,579 | 6,535,929 | 6,877,579
22. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 35,953 | 37,606
| Between 1-5 years | - | 6,244
|  | 35,953 | 43,850
| Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. All leases are secured over the assets to which they relate.
Page 38
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
23. | DEFERRED TAXATION
| Group
|  | 2025
|  | £
| At beginning of year | (1,145,986)
| Charged to profit or loss | (142,866)
| AT END OF YEAR | (1,288,852)
| Company
|  | 2025
|  | £
| At beginning of year | (1,094,603)
| Charged to profit or loss | (63,779)
| AT END OF YEAR | (1,158,382)
| The deferred tax balance is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (1,158,382) | (1,145,986) | (1,158,382) | (1,094,603)
| Short term timing differences | 4,907 | - | - | -
| Fixed asset timing differences | (135,377) | - | - | -
|  | (1,288,852) | (1,145,986) | (1,158,382) | (1,094,603)
| COMPRISING: |  |  |  |
| Liability | (1,288,852) | (1,145,986) | (1,158,382) | (1,094,603)
|  | (1,288,852) | (1,145,986) | (1,158,382) | (1,094,603)
| The deferred tax liability set out above is expected to reverse in the future and relates to accelerated capital allowances that are expected to mature within the same period.
Page 39
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
24. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 909 (2024:909) Ordinary shares of £1.00 each | 909 | 909
25. | RESERVES
Capital redemption reserve The capital redemption reserve represents a statutory reserve created following the purchase of the company's own shares out of distributable profits. Called up share capital Called up share capital represents the issued and fully paid up equity share capital of the company. Merger Reserve The merger reserve includes any differences between the nominal value of shares issued during a share for share exchange and the fair value of the assets transferred. Profit and loss account The profit and loss account represents cumulative profits, losses and total other recognised gains or losses made by the group including distributions to, and contributions from, the parent company.
26. | PENSION COMMITMENTS
The Group participates in a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension charge amounted to £241,290 (2024: £251,014). Amounts payable to the fund at year end were £70,493 (2024: £23,420) and are included in other creditors.
27. | COMMITMENTS UNDER OPERATING LEASES
| At 30 November 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 416,152 | 265,189 | 43,492 | -
| Later than 1 year and not later than 5 years | 498,465 | 236,827 | 46,331 | -
|  | 914,617 | 502,016 | 89,823 | -
Page 40
HARVEY COMMERCIAL HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
28. | RELATED PARTY TRANSACTIONS
| The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'Financial Reporting Standard Applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. At the year end the company was owed £9,554 (2024: £155,554) from the director, in the form of a director's loan account. No interest has been charged on the loan and there are no fixed repayment terms. During the year, the company made Sales of £295,088 (2024: £491,464) and purchases of £22,373 (2024: £809,039) to a subsidiary undertaking, which is not a wholly owned subsidiary. At the year end, the company was owed £60,137 (2024: £259,004) and owed £4,231,550 (2024: £9,591,166) to the subsidiary undertaking. At the year end, the company was owed £2,708,405 (2024: £2,681,671) from connected companies via common directorship.
29. | CONTROLLING PARTY
The ultimate controlling party is considered to be A J Harvey based upon his majority shareholding of the Company and Group.
Page 41