Company Registration Number: 14289199
FOR THE YEAR ENDED 31 DECEMBER 2025
77 HOLDINGS LIMITED
COMPANY INFORMATION
77 HOLDINGS LIMITED
CONTENTS
77 HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their Strategic Report and Director’s Report on the affairs of the Company together with the audited financial statements and Auditor’s Report for the year ended 31 December 2025.
The principal activity of the Company was that of land and property development.
2025 saw the successful delivery of Raffles Hall, an important student accommodation scheme in York which also received a prestigious York Design Award.
In Leith the company continues to explore options for the exciting waterfront Ocean Point 2 site which, once delivered, will provide a further boost to the commercial and cultural life of the area.
Since the year end, work has also been completed on the East Newington Place student accommodation development, and the company continues to seek new development opportunities in prime locations across Scotland and the north of England.
In Leith the company continues to explore options for the exciting waterfront Ocean Point 2 site which, once delivered, will provide a further boost to the commercial and cultural life of the area.
Since the year end, work has also been completed on the East Newington Place student accommodation development, and the company continues to seek new development opportunities in prime locations across Scotland and the north of England.
Hopes that the new government might have instilled a growth in consumer confidence and a corresponding increase in development and construction activity did not materialise. An increased tax burden on businesses and growing anxiety around the war in Ukraine, conflict in the Middle East and uncertainty about global alliances, has meant that during the year the appetite for investment and development has remained static.
Since the year end, the escalating conflict in Iran and Lebanon has seen oil prices rise, which in turn will impact on inflation, and the real risk that the UK will fall into recession later in 2026. Notwithstanding this, the company remains confident that its prudent approach to site selection and its tight financial management position it well to capitalise on opportunities as they arise.
Since the year end, the escalating conflict in Iran and Lebanon has seen oil prices rise, which in turn will impact on inflation, and the real risk that the UK will fall into recession later in 2026. Notwithstanding this, the company remains confident that its prudent approach to site selection and its tight financial management position it well to capitalise on opportunities as they arise.
In assessing the appropriateness of the application of the going concern basis, the Directors have considered the uncertainties around the general economy and property development markets in particular, the current and future trading performance of the Company and the available cash.
Inflationary pressures will inevitably affect results as with most businesses, but the company strives to control such pressures where it can.
The Company does not trade internationally.
Liquidity is also a risk in property development, but with careful management and forward planning the Company holds significant cash reserves and has finance secured to deliver its current order book.
It is therefore on this basis that the Directors expect that the Company has adequate resources to continue in operational existence for the foreseeable future and thus the continue to adopt the going concern basis in preparing the annual financial statements.
The Company is committed to preventing any possible adverse effects upon the environment and on people from its activities.
Page 1
77 HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Given the nature of the Company’s activities to date, it is not subject to undue price or liquidity risk.
The Company is subject to risks that affect any development business, including market and competition risks. The Company manages these risks by focusing exclusively on opportunities for which there is a known demand.
The Company has limited exposure to the direct effects of leaving the EU as it does not trade internationally.
The Directors have also considered both liquidity and credit risks. The business generally has substantial cash, funds developments on a case by case basis and has limited credit exposure and hence management do not regard these as significant risks.
The Company has limited exposure to the direct effects of leaving the EU as it does not trade internationally.
The Directors have also considered both liquidity and credit risks. The business generally has substantial cash, funds developments on a case by case basis and has limited credit exposure and hence management do not regard these as significant risks.
This report was approved by the board and signed on its behalf.
Page 2
77 HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £1,207,173 (2024 - £3,640,030).
The directors who served during the year were:
The Company continues to work on its existing developments in York and Edinburgh as well as looking for well located opportunities to expand its development and investment portfolio.
Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the Directors consider them to be of strategic importance to the Company.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 3
77 HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic report, the Directors' 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 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 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Page 4
77 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 77 HOLDINGS LIMITED
We have audited the financial statements of 77 Holdings Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity 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).
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 Company 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Page 5
77 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 77 HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
Page 6
77 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 77 HOLDINGS LIMITED (CONTINUED)
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 financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006, UK tax legislation and occupational health and employment legislation.
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis.
∙reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
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.
Page 7
77 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 77 HOLDINGS LIMITED (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Leeds
Page 8
77 HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 9
77 HOLDINGS LIMITED
REGISTERED NUMBER: 14289199
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 20 form part of these financial statements.
Page 10
77 HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 11
77 HOLDINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 12
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
77 Holdings Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Strategic Report.
2.Accounting policies
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 financial statements are prepared in GBP and rounded to the nearest £.
The financial statements are prepared in GBP and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment and property development markets in particular, the current and future trading performance of the Company and the available cash.
Cash has always been an a major focus within the business and will continue to be so. The Company ended 2025 with cash reserves in excess of £600k and, with limited gearing on investment assets, the Directors are confident that the current economic conditions will slow business growth rather than pose a threat to the long-term sustainability of the business.
It is therefore on this basis that the directors expect that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the reporting date. Where payments are received from customers in advance of services provided, the amounts are recorded as payments on account and included as part of creditors due within one year.
Page 13
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 14
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial liabilities are equity are classified according to the substance of financial instrument’s contractual obligations, rather than its legal form.
The Company’s cash at bank and in hand and trade and other debtors and its trade and other creditors are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
The Company’s cash at bank and in hand and trade and other debtors and its trade and other creditors are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Page 15
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 16
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
Page 17
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 18
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 19
77 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is wholly owned by the Max Bartholomew Stanley Harrison 2022 Trust and the Martyn Robert Harrison Discretionary Trust 2022 . Martyn Robert Harrison and Ann Scott are the trustees who control both trusts.
Page 20