Company registration number 08747106 (England and Wales)
RHI PROJECTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
RHI PROJECTS LIMITED
COMPANY INFORMATION
Directors
Mr D Ashcroft
Mrs K Ashcroft
Company number
08747106
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
19 Melling Way
Winstanley
Wigan
WN3 6JB
RHI PROJECTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
RHI PROJECTS 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

RHI Projects Ltd is one of the leading, nationwide installers of Energy Efficient Products under the ECO Scheme (Energy Company Obligation) to blue chip clients. The group also provides consumers with Renewable Energy Solutions to support the UK Government’s goal of achieving net zero.

Review of the business

During the 2024 financial year, the group went through a restructure in March 2024 resulting in the consolidated accounts being prepared for the first time this year. The financial year to November 2025 shows an increase in revenue to £18.4m (2024: £17.5m). A key factor impacting on the reduction in profitability is the volatility experienced during the period in the delivery of the ECO4 scheme and the funding available.

Principal risks and uncertainties

Regulatory risk

The principle uncertainty facing the business is the future of the governments ECO schemes. The current contracts are performed under ECO4 which runs until 31 December 2026 following a nine-month extension.

As announced in the November 2025 Budget, there will be no successor supplier obligation to ECO4. The government has instead committed to additional grant funding of £1.5bn which will be directed to upgrading low-income households, benefitting those in fuel poverty. This brings the Warm Homes Plan to just under £15bn in capital investment, making it the biggest energy efficiency programme in British history.

Competition risk

The group partners with blue chip clients via mid to long term contractual agreements. The group mitigates downside risk by working closely with its clients to deliver an excellent service, whilst actively seeking opportunities to grow and diversify the customer base through varied frameworks and new workstreams.

Liquidity risk

The group monitors cash flow as part of its day-to-day procedures and the board regularly considers cash flow projections and ensures the group maintains a prudent level of liquid assets and appropriate facilities are available to be drawn on as necessary. The group maintains strong cash balances and actively monitors cash flows to ensure appropriate liquidity levels.

Tax risk

All transactions undertaken by the group have a business purpose and a commercial rationale. The group does not engage in any aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the group to fully comply with all applicable tax rules, regulations and disclosure requirements; submit all tax returns by their due dates and pay all applicable taxes as they fall due. The group uses appropriately qualified and trained employees to look after the group's tax affairs and uses external advisors as appropriate

Interest rate risk

The group had no outstanding external loans at 30 November 2025. During the year, the group did not borrow any short-term debt. As discussed below in the context of going concern the group expects to be able to continue to rely on cash from operations to meet its financing requirements.

Credit risk

The group's credit risk is primarily attributable to its trade receivables with key customers. The financial reliability of customers is assessed periodically. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the receivables.

RHI PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

On behalf of the board

Mr D Ashcroft
Director
21 May 2026
RHI PROJECTS 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 8.

Ordinary dividends were paid amounting to £164,200. 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:

Mr D Ashcroft
Mrs K Ashcroft
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr D Ashcroft
Director
21 May 2026
RHI PROJECTS 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.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RHI PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RHI PROJECTS LIMITED
- 5 -
Opinion

We have audited the financial statements of RHI Projects Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

- T he 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.

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

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

RHI PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHI PROJECTS LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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 obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.

- Where considered necessary we enquired of those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.

- We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of those charged with governance about any incidences of fraud that had taken place during the accounting period.

- The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.

- We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.

- We enquired of those charged with governance about actual and potential litigation and claims.

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Rubinstein FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
21 May 2026
RHI PROJECTS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
Year ended
Period ended
30 November
30 November
2025
2024
Notes
£
£
Turnover
3
18,429,066
17,442,052
Cost of sales
(15,282,424)
(14,702,541)
Gross profit
3,146,642
2,739,511
Administrative expenses
(2,705,845)
(45,497)
Other operating income
34,500
23,587
Operating profit
4
475,297
2,717,601
Share of profits of associates
19,348
712,679
Interest receivable and similar income
7
31,613
10,416
Interest payable and similar expenses
8
(18,333)
(15,145)
Amounts written off investments
9
(20,003)
(2,447,209)
Profit before taxation
487,922
978,342
Tax on profit
10
(56,088)
(196,042)
Profit for the financial year
27
431,834
782,300
Profit for the financial year is attributable to:
- Owners of the parent company
342,249
699,569
- Non-controlling interests
89,585
82,731
431,834
782,300
RHI PROJECTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Year ended
Period ended
30 November
30 November
2025
2024
£
£
Profit for the year
431,834
782,300
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
431,834
782,300
Total comprehensive income for the year is attributable to:
- Owners of the parent company
342,249
699,569
- Non-controlling interests
89,585
82,731
431,834
782,300
RHI PROJECTS LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,023,395
1,150,212
Investment property
14
866,316
866,316
Investments
15
376,793
138,069
2,266,504
2,154,597
Current assets
Stocks
18
208,849
233,022
Debtors
19
3,051,667
3,598,585
Cash at bank and in hand
2,068,718
3,174,221
5,329,234
7,005,828
Creditors: amounts falling due within one year
20
(1,555,251)
(2,672,987)
Net current assets
3,773,983
4,332,841
Total assets less current liabilities
6,040,487
6,487,438
Creditors: amounts falling due after more than one year
21
(22,735)
(83,980)
Provisions for liabilities
Deferred tax liability
23
156,468
263,248
(156,468)
(263,248)
Net assets
5,861,284
6,140,210
Capital and reserves
Called up share capital
25
100
100
Non-distributable profits reserve
26
-
0
96,800
Distributable profit and loss reserves
27
3,756,444
3,481,595
Equity attributable to owners of the parent company
3,756,544
3,578,495
Non-controlling interests
2,104,740
2,561,715
Total equity
5,861,284
6,140,210
RHI PROJECTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2025
30 November 2025
- 11 -

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

The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
21 May 2026
Mr D Ashcroft
Director
Company registration number 08747106 (England and Wales)
RHI PROJECTS LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,616
777
Investment property
14
134,641
574,641
Investments
15
81,264
147
217,521
575,565
Current assets
Debtors
19
1,356,822
850,752
Cash at bank and in hand
35,489
680
1,392,311
851,432
Creditors: amounts falling due within one year
20
(10,160)
(36,443)
Net current assets
1,382,151
814,989
Total assets less current liabilities
1,599,672
1,390,554
Provisions for liabilities
Deferred tax liability
23
404
32,460
(404)
(32,460)
Net assets
1,599,268
1,358,094
Capital and reserves
Called up share capital
25
100
100
Non-distributable profits reserve
26
-
0
96,800
Distributable profit and loss reserves
27
1,599,168
1,261,194
Total equity
1,599,268
1,358,094

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £405,374 (2024 - £489,962 profit).

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 21 May 2026 and are signed on its behalf by:
21 May 2026
Mr D Ashcroft
Director
Company registration number 08747106 (England and Wales)
RHI PROJECTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 November 2023
100
96,800
2,944,226
3,041,126
-
3,041,126
Period ended 30 November 2024:
Profit and total comprehensive income
-
-
699,569
699,569
82,731
782,300
Dividends
11
-
-
(162,200)
(162,200)
(690,789)
(852,989)
Acquisition of subsidiary
-
-
-
-
3,169,773
3,169,773
Balance at 30 November 2024
100
96,800
3,481,595
3,578,495
2,561,715
6,140,210
Year ended 30 November 2025:
Profit and total comprehensive income
-
(96,800)
439,049
342,249
89,585
431,834
Dividends
11
-
-
(164,200)
(164,200)
(546,560)
(710,760)
Balance at 30 November 2025
100
-
0
3,756,444
3,756,544
2,104,740
5,861,284
RHI PROJECTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2023
100
96,800
933,432
1,030,332
Period ended 30 November 2024:
Profit and total comprehensive income for the period
-
-
489,962
489,962
Dividends
11
-
-
(162,200)
(162,200)
Balance at 30 November 2024
100
96,800
1,261,194
1,358,094
Year ended 30 November 2025:
Profit and total comprehensive income
-
(96,800)
502,174
405,374
Dividends
11
-
-
(164,200)
(164,200)
Balance at 30 November 2025
100
-
0
1,599,168
1,599,268
RHI PROJECTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
Year ended
Period ended
30 November 2025
30 November 2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
399,732
3,380,448
Interest paid
(18,333)
(15,145)
Income taxes paid
(472,060)
(1,019,519)
Net cash (outflow)/inflow from operating activities
(90,661)
2,345,784
Investing activities
Purchase of business
-
1,868,018
Purchase of tangible fixed assets
(91,960)
(435,239)
Proceeds from disposal of tangible fixed assets
22,493
419,099
Purchase of investment property
-
(291,675)
Dividends received from associates
11,000
141,889
Purchase of investments
(478,984)
(3,643)
Proceeds from disposal of investments
228,605
-
Repayment of loans
64,830
20,631
Interest received
31,585
10,416
Dividends received
28
-
0
Net cash (used in)/generated from investing activities
(212,403)
1,729,496
Financing activities
Payment of finance leases obligations
(91,679)
(84,120)
Dividends paid to equity shareholders
(164,200)
(162,200)
Dividends paid to non-controlling interests
(546,560)
(690,789)
Net cash used in financing activities
(802,439)
(937,109)
Net (decrease)/increase in cash and cash equivalents
(1,105,503)
3,138,171
Cash and cash equivalents at beginning of year
3,174,221
36,050
Cash and cash equivalents at end of year
2,068,718
3,174,221
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
1
Accounting policies
Company information

RHI Projects Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

The group consists of RHI Projects Ltd and all of its subsidiaries.

1.1
Reporting period

The accounts have been prepared for a 12 month period. The comparative period for the parent is a period of 13 months, so the parent company aligns with the subsidiary's year end.

1.2
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company RHI Projects Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

1.6
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which 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.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
10 years straight line
Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments 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.

I n 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 g roup’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 investment 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 c ompany financial statements, investments in associates are accounted for at cost less impairment.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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 an individual asset, the company estimates 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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises 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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases
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 assets 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.

Rentals payable 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 d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
18,429,066
17,442,052
2025
2024
£
£
Other revenue
Interest income
31,585
10,416
Dividends received
28
-
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,000
-
Depreciation of owned tangible fixed assets
148,828
119,592
Depreciation of tangible fixed assets held under finance leases
40,213
48,531
Loss on disposal of tangible fixed assets
7,243
6,839
Release of negative goodwill
-
(2,113,088)
Operating lease charges
59,531
45,749
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Senior management
4
4
2
2
Operational management
14
14
-
-
Operations
38
49
-
-
Operational support
6
6
-
-
Marketing and design
2
2
-
-
Admin
12
16
-
-
Finance
3
2
-
-
Submissions
4
6
-
-
Total
83
99
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,606,412
2,311,785
-
0
-
0
Social security costs
148,724
262,752
-
-
Pension costs
50,116
57,637
-
0
-
0
2,805,252
2,632,174
-
0
-
0
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
8,840
-
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
17,125
1,774
Other interest income
14,460
8,642
Total interest revenue
31,585
10,416
Other income from investments
Dividends received
28
-
0
Total income
31,613
10,416
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
4,219
5,836
Interest on finance leases and hire purchase contracts
14,114
9,309
Total finance costs
18,333
15,145
9
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(28,705)
-
Other gains/(losses)
Gain on disposal of fixed asset investments
8,702
-
Other gains and losses
-
(2,447,209)
(20,003)
(2,447,209)
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
156,623
121,551
Adjustments in respect of prior periods
6,244
-
0
Total current tax
162,867
121,551
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
10
Taxation
2025
2024
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(106,779)
71,806
Write down or reversal of write down of deferred tax asset
-
0
2,685
Total deferred tax
(106,779)
74,491
Total tax charge
56,088
196,042

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
487,922
978,342
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
121,981
244,586
Effects of:
Expenses that are not deductible in determining taxable profit
10,421
4,908
Income not taxable in determining taxable profit
(4,837)
(178,170)
Gains not taxable
-
0
611,802
Utilisation of tax losses not previously recognised
-
0
(2,330)
Adjustments in respect of prior years
6,244
-
0
Permanent capital allowances in excess of depreciation
28,604
(30,974)
Amortisation on assets not qualifying for tax allowances
-
0
(528,272)
Revaluation of investments
666
-
0
Tax at marginal rate
(205)
-
0
Dividend income
(7)
-
Deferred tax
(106,779)
74,492
Taxation charge in the financial statements
56,088
196,042
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
164,200
162,200
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Investments in associates
15
-
2,447,209
Recognised in:
Amounts written off investments
-
2,447,209

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 December 2024
282,247
239,583
89,091
31,601
105,650
864,193
1,612,365
Additions
-
0
46,904
3,124
3,300
38,632
-
0
91,960
Disposals
-
0
-
0
-
0
-
0
-
0
(82,950)
(82,950)
At 30 November 2025
282,247
286,487
92,215
34,901
144,282
781,243
1,621,375
Depreciation and impairment
At 1 December 2024
-
0
35,447
39,056
16,431
30,234
340,985
462,153
Depreciation charged in the year
-
0
26,134
13,090
4,331
17,442
128,044
189,041
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(53,214)
(53,214)
At 30 November 2025
-
0
61,581
52,146
20,762
47,676
415,815
597,980
Carrying amount
At 30 November 2025
282,247
224,906
40,069
14,139
96,606
365,428
1,023,395
At 30 November 2024
282,247
204,136
50,035
15,170
75,416
523,208
1,150,212
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
Company
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 December 2024
2,044
1,314
3,358
Additions
1,377
-
0
1,377
At 30 November 2025
3,421
1,314
4,735
Depreciation and impairment
At 1 December 2024
1,579
1,002
2,581
Depreciation charged in the year
460
78
538
At 30 November 2025
2,039
1,080
3,119
Carrying amount
At 30 November 2025
1,382
234
1,616
At 30 November 2024
465
312
777
14
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 December 2024
866,316
574,641
Disposals
-
(440,000)
At 30 November 2025
866,316
134,641

The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
196
96
Investments in associates
17
142,774
134,426
51
51
Listed investments
234,019
3,643
81,017
-
0
376,793
138,069
81,264
147
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
15
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2024
134,426
3,643
138,069
Additions
-
478,983
478,983
Valuation changes
-
(28,704)
(28,704)
Share of profits
19,348
-
19,348
Dividends received
(11,000)
-
(11,000)
Disposals
-
(219,903)
(219,903)
At 30 November 2025
142,774
234,019
376,793
Carrying amount
At 30 November 2025
142,774
234,019
376,793
At 30 November 2024
134,426
3,643
138,069
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2024
147
-
147
Additions
100
303,583
303,683
Valuation changes
-
(2,663)
(2,663)
Disposals
-
(219,903)
(219,903)
At 30 November 2025
247
81,017
81,264
Carrying amount
At 30 November 2025
247
81,017
81,264
At 30 November 2024
147
-
147
16
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Grant Store Limited
England & Wales
Ordinary
76.00
Ralgo Limited
England & Wales
Ordinary
100.00
Perpetual Exodus Limited
England & Wales
Ordinary
100.00
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
16
Subsidiaries
(Continued)
- 29 -

The parent company RHI Projects Limited has given undertaking to guarantee the following subsidiary companies in respect of the year ended 30th November 2025.

Ralgo Ltd

Perpetual Exodus Ltd

The companies are exempt from audit under section 479A of the Companies Act 2006.

All of the above subsidiaries are included in the consolidated accounts.

17
Associates

Details of associates at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Viable Power Solutions Limited
England & Wales
Ordinary
50
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
208,849
233,022
-
0
-
0
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,294,999
2,498,441
250
700
Corporation tax recoverable
157,870
106,640
107,350
106,640
Amounts owed by group undertakings
-
0
-
0
906,501
336,439
Other debtors
481,174
740,551
341,886
406,137
Prepayments and accrued income
116,789
252,117
-
0
-
0
3,050,832
3,597,749
1,355,987
849,916
Amounts falling due after more than one year:
Deferred tax asset (note 23)
835
836
835
836
Total debtors
3,051,667
3,598,585
1,356,822
850,752
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
22
54,817
85,251
-
0
-
0
Trade creditors
633,756
1,017,606
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
34,403
Amounts owed to undertakings in which the group has a participating interest
-
0
16,000
-
0
-
0
Corporation tax payable
10,560
268,523
8,120
-
0
Other taxation and social security
61,183
81,579
-
0
-
0
Other creditors
210,296
194,009
720
720
Accruals and deferred income
584,639
1,010,019
1,320
1,320
1,555,251
2,672,987
10,160
36,443
21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
22
22,735
83,980
-
0
-
0
22
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
54,817
85,251
-
0
-
0
Non-current liabilities
22,735
83,980
-
0
-
0
77,552
169,231
-
-
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
54,817
85,251
-
0
-
0
In two to five years
22,735
83,980
-
0
-
0
77,552
169,231
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 31 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
156,468
263,248
-
-
Tax losses
-
-
835
836
156,468
263,248
835
836
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
404
32,460
-
-
Tax losses
-
-
835
836
404
32,460
835
836
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 December 2024
262,412
31,624
Credit to profit or loss
(106,779)
(32,055)
Liability/(Asset) at 30 November 2025
155,633
(431)

T he deferred tax liability set out above is expected to reverse within three years and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,116
57,637

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 32 -
25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
51
51
51
51
Ordinary B shares of £1 each
49
49
49
49
100
100
100
100
26
Non-distributable profits reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
96,800
96,800
96,800
96,800
Non distributable profits in the year
(96,800)
-
(96,800)
-
At the end of the year
-
96,800
-
96,800
27
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
3,481,595
2,944,226
1,261,194
933,432
Profit for the year
342,249
699,569
405,374
489,962
Current year profits transferred to non-distributable reserve
96,800
-
96,800
-
Dividends
(164,200)
(162,200)
(164,200)
(162,200)
At the end of the year
3,756,444
3,481,595
1,599,168
1,261,194
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Other related parties
822,875
1,351,428
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
28
Related party transactions
(Continued)
- 33 -
Rent
2025
2024
£
£
Group
Other related parties
57,600
43,950

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
-
15,763
Other related parties
-
16,000

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Key management personnel
-
34,403
Other related parties
-
17,310
29
Directors' transactions
Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan Account
3.25
259,005
49,997
7,682
(93,755)
222,929
Directors Loan Account
3.25
119,111
49,997
3,349
(82,100)
90,357
378,116
99,994
11,031
(175,855)
313,286
RHI PROJECTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 34 -
30
Cash generated from group operations
2025
2024
£
£
Profit after taxation
431,834
782,300
Adjustments for:
Share of results of associates and joint ventures
(19,348)
(712,679)
Taxation charged
56,088
196,042
Finance costs
18,333
15,145
Investment income
(31,613)
(10,416)
Loss on disposal of tangible fixed assets
7,243
6,839
Amortisation and impairment of intangible assets
-
(2,113,088)
Depreciation and impairment of tangible fixed assets
189,041
168,123
Gain on sale of investments
(8,702)
-
Other gains and losses
28,705
2,447,209
Movements in working capital:
Decrease in stocks
24,173
8,896
Decrease in debtors
533,317
2,041,974
(Decrease)/increase in creditors
(829,339)
550,103
Cash generated from operations
399,732
3,380,448
31
Analysis of changes in net funds - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
3,174,221
(1,105,503)
2,068,718
Payment of finance leases obligations
(169,231)
91,679
(77,552)
3,004,990
(1,013,824)
1,991,166
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