Company registration number SC712711 (Scotland)
HUTCHEON INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
HUTCHEON INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Gregor A Robb
Graeme P Farquhar
Garry J Shand
Donald H Galloway
Secretary
Stronachs Secretaries Limited
Company number
SC712711
Registered office
28 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
Auditor
bk plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
Bankers
Royal Bank of Scotland PLC
40 Albyn Place
Aberdeen
AB10 1YN
Solicitors
Stronachs
28 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
HUTCHEON INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 21
HUTCHEON INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Principal activities

The principal activity of the company is that of a holding company providing management services to its main subsidiary, Hutcheon Services Limited ("HSL"). The principal activities of the main subsidiary company are that of general electrical, mechanical and plumbing contractors.

Review of the business
Principal risks and uncertainties

Market and economic risk

The majority of the HSL's trade occurs locally in the UK. As a result, the group has limited exposure to exchange rate and associated risks.

Economic Factors affecting the Industry

In recent years, the construction industry like most other sectors has been affected both by upward inflationary pressures and increasing borrowing costs which have had an impact on capital project expenditure within the UK. However, these negative economic factors eased during the course of the year and as a result have not had a material impact on the trading results of the group.

The continuing decline in the offshore oil and gas sector in the North Sea continues to have a negative impact on the wider economy in the North East of Scotland and has directly impacted the construction industry in general through a lack of capital investment in new construction projects.

The group has also been impacted by increased labour market costs across its workforce as a result of UK Government policies in recent years.

However, the group has adapted, diversified and developed various strategies to minimise these negative impacts.

Funding and Liquidity Risk

The group is not materially affected by any funding or liquidity risks and the impact of increased borrowing costs will be minimal due to the positive liquidity position of the company and the low level of borrowing.

Financial Risk

The group's principal financial assets are cash balances and trade receivables. The group's customers are subject to credit checks and credit limits. The trade debtors' figure is stated net of any bad debt provision, which we do not consider to be material. The group strives to ensure that it maintains a broad client base and undertakes a diverse range of commercial, industrial and private sector works. In addition, the fact that the group provides a multi-service facility ensures that it is less exposed to fluctuations in one specific market area.

Development and performance

HSL's t urnover for the year to 30 November 202 5 has decreased from the 202 4 level of £20.5m to around £20.2 m. This was to be expected given the record level of turnover in prior years. The group has maintained profitability in the year to November 202 5 due to the continuing high levels of turnover, effective control of overheads and efficiencies being made in its tendering, buying and operational processes.

The group continued with its principal activities based around the construction industry. The directors are aware that the group needs to continually review its core business activities in light of the ever-changing marketplace. As a result, the client base was widened, operational efficiency savings were implemented, and investment was made in training to ensure that its services meet the current requirements of the marketplace in which it operates.

The group performed in line with expectations in the year both in terms of turnover and profitability. This was due to a combination of maximising trading margins within our core divisions and focusing upon efficiencies within all aspects of the business.

HUTCHEON INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Key performance indicators

The group used several appropriate key performance measures to monitor the performance of the HSL business during the year to 30 November 202 4. The directors review management accounts for all the operating divisions each month with particular reference to turnover, labour costs and project profitability. These results are reviewed in conjunction with projections of future works accepted for and those yet to be awarded.

Future Developments

The group intends to continue to focus on its core activities in the construction industry over the next 12 months while also seeking other avenues for investment in areas such as renewables and infrastructure. Although the group will continue to be impacted to some degree by economic factors affecting the industry in general, the group anticipates that its trading results will see a levelling off but will not be significantly adversely affected during the year to November 2026 as strategies have been implemented to mitigate against any such future impact.

On behalf of the board

Gregor A Robb
Director
3 July 2026
HUTCHEON INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £260,050. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Gregor A Robb
Graeme P Farquhar
Garry J Shand
Donald H Galloway
Martin Leiper
(Resigned 28 May 2026)
Gary D Campbell
(Resigned 9 June 2026)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Gregor A Robb
Director
3 July 2026
HUTCHEON INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HUTCHEON INVESTMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Hutcheon Investments Limited (the 'company') for the year ended 30 November 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 30 November 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HUTCHEON INVESTMENTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HUTCHEON INVESTMENTS LIMITED (CONTINUED)
- 7 -

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following:

- Ensured that the engagement team have the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;

- Identified at planning the specific laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;

- Focused on the laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006, employment regulations and tax compliance legislation;

- Reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations;

- Made enquiries of management; and

- Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, the potential for management bias and the override of controls we have:

- Obtained an understanding at planning of the entity's operations, including the nature of its sources of revenue to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement;

- Made enquiries of management at planning as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;

- Vouched balances and reconciling items in key control account reconciliations to supporting documentation;

- Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances;

- Challenged assumptions and judgements made by management in their significant accounting estimates;

- Performed analytical procedures to identify any significant or unusual transactions; and

- I nvestigated the business rationale behind any significant or unusual transactions.

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HUTCHEON INVESTMENTS LIMITED (CONTINUED)
- 8 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
England
3 July 2026
HUTCHEON INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
839,199
783,200
Administrative expenses
(507,967)
(642,286)
Operating profit
4
331,232
140,914
Interest receivable and similar income
8
-
0
750,000
Interest payable and similar expenses
9
-
0
(569)
Profit before taxation
331,232
890,345
Tax on profit
10
(82,808)
(35,181)
Profit for the financial year
248,424
855,164

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HUTCHEON INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
2025
2024
£
£
Profit for the year
248,424
855,164
Other comprehensive income
-
-
Total comprehensive income for the year
248,424
855,164
HUTCHEON INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
5,461,465
5,461,465
Current assets
Debtors
13
992,121
1,261,288
Cash at bank and in hand
118,400
87,609
1,110,521
1,348,897
Creditors: amounts falling due within one year
Loans and overdrafts
14
75,000
299,074
Taxation and social security
86,659
58,381
Other creditors
15
1,865,414
1,690,493
Accruals and deferred income
10,072
10,391
2,037,145
2,058,339
Net current liabilities
(926,624)
(709,442)
Total assets less current liabilities
4,534,841
4,752,023
Creditors: amounts falling due after more than one year
Loans and overdrafts
14
-
0
205,556
-
(205,556)
Net assets
4,534,841
4,546,467
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
4,534,741
4,546,367
Total equity
4,534,841
4,546,467

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
Graeme P Farquhar
Director
Company registration number SC712711 (Scotland)
HUTCHEON INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2023
100
3,691,203
3,691,303
Year ended 30 November 2024:
Profit and total comprehensive income
-
855,164
855,164
Balance at 30 November 2024
100
4,546,367
4,546,467
Year ended 30 November 2025:
Profit and total comprehensive income
-
248,424
248,424
Dividends
11
-
(260,050)
(260,050)
Balance at 30 November 2025
100
4,534,741
4,534,841
HUTCHEON INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
755,652
(439,102)
Interest paid
-
0
(569)
Income taxes paid
(35,181)
(28,210)
Net cash inflow/(outflow) from operating activities
720,471
(467,881)
Investing activities
Dividends received
-
0
750,000
Net cash generated from investing activities
-
750,000
Financing activities
Repayment of debentures
(429,630)
(299,074)
Dividends paid
(260,050)
-
0
Net cash used in financing activities
(689,680)
(299,074)
Net increase/(decrease) in cash and cash equivalents
30,791
(16,955)
Cash and cash equivalents at beginning of year
87,609
104,564
Cash and cash equivalents at end of year
118,400
87,609
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
1
Accounting policies
Company information

Hutcheon Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, United Kingdom, AB10 1YL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

The turnover shown in the profit and loss account represents the value of work done, including estimates of amounts not invoiced, based on the stage of completion of services provided during the year, exclusive of Value Added Tax.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrumen

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provision

During the course of the year, and during the year end process, management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Contingencies

During the year end process, management use their extensive industry experience to estimate the cost of completion of remedial work.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Management Charge
839,199
783,200
2025
2024
£
£
Other revenue
Dividends received
-
750,000
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
3
Turnover and other revenue
(Continued)
- 17 -

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,500
7,364
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management staff
6
6

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
433,297
559,536
Social security costs
57,415
66,864
490,712
626,400
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
472,113
603,802
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
7
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
124,405
121,240
8
Interest receivable and similar income
2025
2024
£
£
Income from fixed asset investments
Income from shares in group undertakings
-
0
750,000
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Other interest
-
0
569
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
82,808
35,181

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
331,232
890,345
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
82,808
222,586
Tax effect of expenses that are not deductible in determining taxable profit
-
0
95
Tax effect of income not taxable in determining taxable profit
-
0
(187,500)
Taxation charge for the year
82,808
35,181
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
11
Dividends
2025
2024
£
£
Final paid
260,050
-
0
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
5,461,465
5,461,465
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
992,021
1,261,188
Other debtors
100
100
992,121
1,261,288
14
Loans and overdrafts
2025
2024
£
£
Debenture loans
75,000
504,630
Payable within one year
75,000
299,074
Payable after one year
-
0
205,556

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

15
Other creditors falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
1,865,414
1,690,493
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
0
10,000
-
100
B ordinary shares of 1p each
2,600
0
26
-
0
C ordinary shares of 1p each
2,600
0
26
-
0
D ordinary shares of 1p each
2,600
0
26
-
0
E odinary shares of 1p each
2,200
0
22
-
0
10,000
10,000
100
100

In the prior year, the Company subdivided its ordinary shares on a 1-for-100 basis, increasing the issued shares from 100 ordinary shares of £1 each to 10,000 ordinary shares of £0.01 each, with no change to the total nominal value of issued share capital.

During the year, the Company subdivided its issued ordinary share capital whereby each of the existing 10,000 ordinary shares of £0.01 each was subdivided into B, C, D and E ordinary shares of £0.01 each, the split shown above.

The subdivision did not result in any change to the total nominal value of the issued share capital.

Each class of shares ranks pari passu within its class, and the alphabet shares rank equally in all respects as to dividends, voting rights, and return of capital, except where specific rights are set out in the Company’s articles of association.

17
Ultimate controlling party

The company was under the control of the directors throughout the current and previous year.

18
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit after taxation
248,424
855,164
Adjustments for:
Taxation charged
82,808
35,181
Finance costs
-
0
569
Investment income
-
0
(750,000)
Movements in working capital:
Decrease/(increase) in debtors
269,167
(540,417)
Increase/(decrease) in creditors
155,253
(39,599)
Cash generated from/(absorbed by) operations
755,652
(439,102)
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
19
Analysis of changes in net funds/(debt)
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
87,609
30,791
118,400
Borrowings excluding overdrafts
(504,630)
429,630
(75,000)
(417,021)
460,421
43,400
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