Company registration number 03664832 (England and Wales)
HOROHOE CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
HOROHOE CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
C J Horohoe
A C O'Sullivan
Company number
03664832
Registered office
Lanesboro House
108-110 Primrose Hill
Kings Langley
WD4 8HR
Auditor
Xeinadin Audit Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
HOROHOE CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
HOROHOE CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

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

Review of the business

The company remain s committed to delivering an excellent service, bringing in our projects on time, and within budget. The company has faced unprecedented challenges with the ongoing economic uncertainties, trades and material shortages, and supply chain issues. The company's key focus going forward is to maintain a profitable business which continues to be a strategic partner of its customers and suppliers.

The company’s key financial performance indicators are as follows:

| 2025 | 2024
| £ | £
Gross profit | 1,538,481 | 1,077,602
Gross profit % | 12.3% | 9.5%
Profit before tax | 402,224 | 288,577

The net assets at the end of the period totalled £13,636,496 (202 4: £13,484,718).

Principal risks and uncertainties

There are several uncertainties in the construction sector that we anticipate we will be faced with and could have an impact on the company’s performance.

A significant portion of our works over recent years ha s been in the residential sector. W ith lending rate increases this could have a n influence on the business. We are confident that we will retain the long-standing relationships with established customers. In addition to this, we have always maintained a presence in other sectors, such as education and commercial, which provide steady workstream. We operate an efficient financial and management reporting system that monitors our clients and our debtor book on a day-to-day basis. Our balance sheet remains strong.

We are currently seeing a skills shortage in our industry. However, w e are supporting the industry by employing apprentices and guiding them through the college process whilst working on site.

Material prices appear to be levelling, however, interest rates have increased, which we believe will effect our industry. We do not see an end to the increase d rates in the near future, which makes the pricing of new contracts increasingly more important.

Development and performance

We consider the performance of 202 5 to be encouraging. The outlook of the overall business environment remains challenging. However, with our experienced team, and through our concerted efforts, we have every reason to be successful.

On behalf of the board

C J Horohoe
Director
21 August 2026
HOROHOE CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

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

Principal activities

The principal activity of the company is that of carpentry and joinery.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £120,053. The directors do not recommend payment of a final dividend.

Directors

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

C J Horohoe
A C O'Sullivan
Financial instruments
Treasury operations and financial instruments

The objectives and strategies applied with respect to the management of financial risks are determined by the director. The principal financial instruments used by the company to finance the operation are its bank balances.

Liquidity risk

The company monitors cash flow on a periodic basis to ensure that appropriate facilities are available to be drawn on as necessary. However, there is no liquidity risk at the moment as the company has sufficient cash in the bank.

Interest rate risk

The company has no exposure to interest rate s as there are no bank loan s or overdraft s.

Foreign currency risk

The company operates only in the United Kingdom and hence has no major exposure to foreign currency risk.

Credit risk

The company's trade debtors are represented by amount s due from well established organisations in the construction industr y and regular credit checks are performed on all major customers.

Future developments

The company expects to continue to trade profitably.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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.

HOROHOE CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

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.

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
C J Horohoe
Director
21 August 2026
HOROHOE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOROHOE CONSTRUCTION LIMITED
- 4 -
Opinion

We have audited the financial statements of Horohoe Construction Limited (the 'company') for the year ended 30 November 2025 which comprise 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.

HOROHOE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOROHOE CONSTRUCTION LIMITED
- 5 -
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.

Extent to which the audit was capable of detecting irregularities, including fraud

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

- we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors (as required by auditing standards).

- we had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- with the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.

HOROHOE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOROHOE CONSTRUCTION LIMITED
- 6 -

- we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- we addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: 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 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Cook FCCA
Senior Statutory Auditor
For and on behalf of Xeinadin Audit Limited
21 August 2026
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
HOROHOE CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
12,494,986
11,308,715
Cost of sales
(10,956,505)
(10,231,113)
Gross profit
1,538,481
1,077,602
Administrative expenses
(1,345,165)
(1,001,837)
Other operating income
19,050
500
Operating profit
4
212,366
76,265
Interest receivable and similar income
7
189,858
212,312
Profit before taxation
402,224
288,577
Tax on profit
8
(130,393)
(60,878)
Profit for the financial year
271,831
227,699

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

HOROHOE CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
112,247
122,288
Current assets
Stocks
11
-
120,176
Debtors
12
10,364,546
10,144,064
Cash at bank and in hand
4,947,308
4,380,292
15,311,854
14,644,532
Creditors: amounts falling due within one year
13
(1,760,339)
(1,252,405)
Net current assets
13,551,515
13,392,127
Total assets less current liabilities
13,663,762
13,514,415
Provisions for liabilities
Deferred tax liability
14
27,266
29,697
(27,266)
(29,697)
Net assets
13,636,496
13,484,718
Capital and reserves
Called up share capital
16
106
106
Profit and loss reserves
13,636,390
13,484,612
Total equity
13,636,496
13,484,718

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 August 2026 and are signed on its behalf by:
C J Horohoe
Director
Company registration number 03664832 (England and Wales)
HOROHOE CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2023
106
13,377,413
13,377,519
Year ended 30 November 2024:
Profit and total comprehensive income
-
227,699
227,699
Dividends
9
-
(120,500)
(120,500)
Balance at 30 November 2024
106
13,484,612
13,484,718
Year ended 30 November 2025:
Profit and total comprehensive income
-
271,831
271,831
Dividends
9
-
(120,053)
(120,053)
Balance at 30 November 2025
106
13,636,390
13,636,496
HOROHOE CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
446,810
(36,833)
Income taxes paid
(122,668)
(53,362)
Net cash inflow/(outflow) from operating activities
324,142
(90,195)
Investing activities
Purchase of tangible fixed assets
(26,085)
(11,426)
Other investments and loans made
199,154
(198,673)
Interest received
189,858
212,312
Net cash generated from investing activities
362,927
2,213
Financing activities
Dividends paid
(120,053)
(120,500)
Net cash used in financing activities
(120,053)
(120,500)
Net increase/(decrease) in cash and cash equivalents
567,016
(208,482)
Cash and cash equivalents at beginning of year
4,380,292
4,588,774
Cash and cash equivalents at end of year
4,947,308
4,380,292
HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
1
Accounting policies
Company information

Horohoe Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lanesboro House, 108-110 Primrose Hill, Kings Langley, WD4 8HR.

1.1
Accounting convention

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 certain financial instruments at fair value. 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
Turnover

Revenue is defined as the value of goods and services rendered excluding discounts and VAT and is recognised as follows:

Contract accounting

Revenue comprises the fair value of construction carried out in the year, based on an internal assessment of work carried out. Once the outcome of a construction contract can be estimated reliably, profit is recognised in the Statement of comprehensive income on a stage of contract completion basis by reference to the costs incurred to date. Losses expected in bringing a contract to completion are recognised immediately in the Statement of comprehensive income as soon as they are forecast. Amounts recoverable on long term contracts, included within debtors, represent revenue, less progress payments received. Where progress payments exceed revenue, the excess is shown as amounts payable on long term contracts within current liabilities.

1.4
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:

Leasehold improvements
Over the leased period of 7 years
Plant and machinery
25% per annum on reducing balance
Fixtures, fittings and equipment
20% per annum on reducing balance
Computer equipment
25% per annum on reducing balance
Motor vehicles
25% per annum on 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 credited or charged to profit or loss.

HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

1.6
Stocks

Stock represents contract work in progress.

Relevant costs relate to future contract activity and are only recognised as work in progress when it is probable that they will be recovered. As described below, these costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.7
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

1.8
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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
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 method 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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. A m ounts 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.

HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

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

1.10
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.

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.

1.11
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.

1.12
Retirement benefits

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

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
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 have had the most significant effect on amounts recognised in the financial statements.

Performance of long-term contracts

Recognised amounts on construction contract revenues and related receivables reflect the directors' best estimate of long-term contracts outcome and stage of completion. This includes the assessment of the profitability of the long-term contracts. Costs to complete and contract profitability are subject to significant estimation and uncertainty.

3
Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company construction services. Turnover is attributable to a single geographical market, United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(19,050)
(500)
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
15,000
Depreciation of owned tangible fixed assets
36,126
37,641
Impairment of other debtors
300,000
-
0
Operating lease charges
117,051
91,699

Impairment of other debtors relates to total impairment losses of £300,000 (2024: £nil) recognised against loans receivable during the year.

5
Employees

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

2025
2024
Number
Number
Directors
2
2
Site management and administration
14
13
Total
16
15
HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
513,838
455,889
Social security costs
54,223
41,746
Pension costs
16,052
15,406
584,113
513,041
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
54,000
54,000
Company pension contributions to defined contribution schemes
7,722
7,304
61,722
61,304
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
148,620
172,176
Other interest income
41,238
40,136
Total income
189,858
212,312
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
148,620
172,176
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
132,824
98,275
Adjustments in respect of prior periods
-
0
(30,934)
Total current tax
132,824
67,341
HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
8
Taxation
2025
2024
£
£
Current tax
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
(2,431)
(6,463)
Total tax charge
130,393
60,878

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
402,224
288,577
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
100,556
72,144
Effects of:
Expenses that are not deductible in determining taxable profit
29,837
49,669
Adjustments in respect of prior years
-
0
(30,934)
Permanent capital allowances in excess of depreciation
2,431
6,462
Research and development tax credit
-
0
(30,000)
Deferred tax movement
(2,431)
(6,463)
Taxation charge in the financial statements
130,393
60,878
9
Dividends
2025
2024
£
£
Interim paid
120,053
120,500
HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2024
61,219
188,471
68,447
95,810
176,978
590,925
Additions
-
0
-
0
-
0
5,085
21,000
26,085
At 30 November 2025
61,219
188,471
68,447
100,895
197,978
617,010
Depreciation and impairment
At 1 December 2024
61,219
161,554
54,092
72,109
119,663
468,637
Depreciation charged in the year
-
0
6,729
2,871
6,947
19,579
36,126
At 30 November 2025
61,219
168,283
56,963
79,056
139,242
504,763
Carrying amount
At 30 November 2025
-
0
20,188
11,484
21,839
58,736
112,247
At 30 November 2024
-
0
26,917
14,355
23,701
57,315
122,288
11
Stocks
2025
2024
£
£
Work in progress
-
120,176
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
34,059
68,717
Gross amounts owed by contract customers
3,002,500
2,404,939
Corporation tax recoverable
406,499
406,499
Other debtors
6,774,032
7,209,363
Prepayments and accrued income
147,456
54,546
10,364,546
10,144,064

Other debtors are stated after provisions for impairment of £300,000 (2024 - £nil).

HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,299,127
890,204
Corporation tax
77,824
67,668
Other taxation and social security
89,412
74,647
Other creditors
10,124
9,438
Accruals and deferred income
283,852
210,448
1,760,339
1,252,405
14
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
27,266
29,697
2025
Movements in the year:
£
Liability at 1 December 2024
29,697
Credit to profit or loss
(2,431)
Liability at 30 November 2025
27,266
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,052
15,406

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

HOROHOE CONSTRUCTION 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 A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
6
6
6
6
106
106
106
106
17
Contingent liabilities

The company has entered into a cross guarantee with Horohoe Properties Limited, a related company to secure the mortgage in the related company.

18
Related party transactions
Transactions with related parties

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

Related party
Nature of relationship
Entities controlled by key management personnel
Other related parties
Entities under common control
Other related parties
Description of
Income
Payments
transaction
2025
2024
2025
2024
£
£
£
£
Entities controlled by key management personnel
Purchases
-
0
-
0
244,155
222,773
Entities under common control
Rent payable
-
0
-
0
75,000
75,000
HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
18
Related party transactions
(Continued)
- 21 -
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Entities under common control
5,283,581
5,283,581
-
0
-
0

The above outstanding balance is interest free and repayable on demand.

19
Directors' transactions

Dividends totalling £120,053 (2024 - £120,500) were paid in the year in respect of shares held by the company's directors.

The following director had a interest-bearing loan during the year. The movement on th e loan was as follows:

Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
C J Horohoe -
3.75
1,445,603
70,168
(269,322)
1,246,449
1,445,603
70,168
(269,322)
1,246,449
20
Ultimate controlling party

Mr C J Horohoe is the ultimate controlling party by virtue of his directorship and shareholding in th e company.

HOROHOE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
21
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit after taxation
271,831
227,699
Adjustments for:
Taxation charged
130,393
60,878
Investment income
(189,858)
(212,312)
Depreciation and impairment of tangible fixed assets
36,126
37,641
Impairment of other debtors
300,000
-
Movements in working capital:
Decrease in stocks
120,176
71,774
Increase in debtors
(719,636)
(175,484)
Increase/(decrease) in creditors
497,778
(47,029)
Cash generated from/(absorbed by) operations
446,810
(36,833)
22
Analysis of changes in net funds
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
4,380,292
567,016
4,947,308
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