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Registered number: 14614595 PANTERA GROUP HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PANTERA GROUP HOLDINGS LIMITED COMPANY INFORMATION
Directors | P Mills
| R Farquhar
Company secretary | R Farquhar
Registered number | 14614595
Registered office | Empire House
| Sunderland Quay
| Rochester
| Kent
| ME2 4HN
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditor
| Charles Lake House
| Claire Causeway
| Crossways Business Park
| Dartford
| Kent
| DA2 6QA
PANTERA GROUP HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10 - 11
Company balance sheet | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15 - 16
Notes to the financial statements | 17 - 33
PANTERA GROUP HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the period ended 31 December 2025.
Business review
The Company and Group continued to navigate challenging market conditions in 2025, particularly within the residential sector where getting paid on time and working within tight client budgets has been an issue. Pantera Carpentry had a high volume of work in 2025 due to winning new projects and delayed projects starting. Regrettably the tight margins and challenging projects has meant reduced margin and some disappointing results on some projects. The volume of residential work in London and the South East hit record lows in 2025 and whilst we were lucky to have a full order book winning new work for 2026 has been extremely difficult. It was predicted by many that 2026 would be the turning point and things would improve however delays with the Building Safety regulator, high interest rates, a lack of overseas sales, no help to buy and rising build cost have meant many schemes are not getting the greenlight and 2026 will be a very slow year. The business could see this reduction in workload and has taken quick action to reduce over heads by 25% as well as increasing estimating and looking for work in other sectors such as refurbishment and student accommodation. Looking ahead, 2027 and 2028 are shaping up to be particularly active years in London. Early-stage projects indicate a significant increase in market activity, and we are positioning the business to take advantage of this anticipated demand. The caveat to this is global ad economic events as we reported the same optimism in 2024. The continued expansion of our fellow subsidiary, PG Doors ("PGD"), has been a key part of our growth strategy. PGD supplies high-quality, competitively priced joinery products directly to our sites and is now a critical part of our operational model. PGD had a bumper 2025 contributing well to group profits, however, like Pantera Carpentry 2026 will be a tougher year with reduced turnover and cuts needed. Throughout the year, we have maintained strong relationships with our core clients, with much of our newly secured work awarded on the basis of previous performance. Our reputation across London and the South East remains a core asset, underpinning both current stability and future opportunity. Page 1
PANTERA GROUP HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
Construction Industry Bias The housebuilding sector continues to suffer from slow sales and constrained output, limiting available work and suppressing market rates. To mitigate this, the Group has increased its focus on the commercial and PRS markets, refurbishment and student accommodation, as well as self-supply and direct sales through PGD. Market Volatility Economic uncertainty and persistent inflation continue to affect planning confidence, input costs, and project viability across the sector. While we have offset some of this through increased work volume, we remain exposed to margin pressures, particularly in the housebuilding segment. Fluctuating Workload Long-term contracts and shifts in planning legislation require close workload and capacity planning. Delays remain a regular occurrence in the industry; however, the Group has built flexibility into its delivery models and forecasts, which allows us to mitigate impact and maximise opportunity where programmes proceed as planned. Competitor Activity Competition in all market segments remains strong. Our emphasis on quality delivery, programme adherence, and client satisfaction continues to secure repeat business and protect market share. Inflationary Pressures Ongoing inflation has driven up the cost of labour, materials, and operational overheads. These pressures are managed closely through procurement strategies, project pricing discipline, and robust cost control across all departments.
Financial key performance indicators
2025 2024 Turnover £23.22m £18.62m Gross Margin 14.1% 17.5% Net profit before tax £886k £742k Net current assets £925k £955k Net assets £661k £651k This report was approved by the board and signed on its behalf.
................................................ P Mills Director
Date: 3 August 2026
Page 2
PANTERA GROUP HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £672,533 (2024 - £445,980). Dividends of £774,594 (2024: £331,806) were paid during the year. The company does not propose any final dividend.
Directors
The directors who served during the year were:
P Mills
R Farquhar
Future developments
The Group continues to trade profitably and to pursue opportunities to improve its performance and financial position. Page 3
PANTERA GROUP HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ P Mills Director
Date: 3 August 2026
Page 4
PANTERA GROUP HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTERA GROUP HOLDINGS LIMITED
Opinion
We have audited the financial statements of Pantera Group Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 or the 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. Page 5
PANTERA GROUP HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTERA GROUP HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the 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. Page 6
PANTERA GROUP HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTERA GROUP HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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 the 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 the parent company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the Group through discussion with directors and other management, and from our commercial knowledge and experience of the construction sector in which the Group operates; • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including tax legislation, health and safety and employment legislation, FRS 102 and the Companies Act 2006; • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit. We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management and the board as to where they consider there was susceptibility to fraud along with their knowledge of actual, suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and • Our review of financial statements and testing the disclosures against supporting documentation. Page 7
PANTERA GROUP HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTERA GROUP HOLDINGS LIMITED (CONTINUED) To address the risk of fraud through management bias and override of controls we: • Performed analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspected and tested journal entries to identify unusual or unexpected transactions; • Assessed whether judgement and assumptions made in determining significant accounting estimates, including amounts recoverable on long term contracts, work in progress and the useful economic life of tangible fixed assets, were indicative of management bias; and • Investigated the rationale behind significant transactions, or transactions that are unusual or outside the Group’s usual course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Ben Bradly (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Charles Lake House Claire Causeway Crossways Business Park Dartford Kent DA2 6QA Date: 4 August 2026 Page 8
PANTERA GROUP HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 23,223,810 | 18,623,109
Cost of sales |  | (19,952,616) | (15,366,117)
Gross profit |  | 3,271,194 | 3,256,992
Administrative expenses |  | (2,418,294) | (2,593,018)
Other operating income | 5 | 53,640 | 93,310
Operating profit | 6 | 906,540 | 757,284
Interest receivable and similar income | 10 | 54 | 15
Interest payable and similar expenses | 11 | (20,466) | (15,038)
Profit before taxation |  | 886,128 | 742,261
Tax on profit | 12 | (254,793) | (207,223)
Profit for the financial year |  | 631,335 | 535,038
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 135,385 | 89,058
Owners of the parent company |  | 495,950 | 445,980
|  | 631,335 | 535,038
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 17 to 33 form part of these financial statements.
Page 9
PANTERA GROUP HOLDINGS LIMITED REGISTERED NUMBER: 14614595 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 392,941 |  | 331,223
Investments | 14 |  | - |  | 25,093
|  |  | 392,941 |  | 356,316
Current assets |  |  |  |  |
Stocks | 15 | 109,161 |  | 132,638 |
Debtors: amounts falling due after more than one year | 16 | 114,856 |  | 142,550 |
Debtors: amounts falling due within one year | 16 | 4,693,806 |  | 4,696,847 |
Cash at bank and in hand | 17 | 111,837 |  | 84,542 |
|  | 5,029,660 |  | 5,056,577 |
Creditors: amounts falling due within one year | 18 | (4,104,241) |  | (4,101,969) |
Net current assets |  |  | 925,419 |  | 954,608
Total assets less current liabilities |  |  | 1,318,360 |  | 1,310,924
Creditors: amounts falling due after more than one year | 19 |  | (560,041) |  | (578,290)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 21 |  | (97,499) |  | (82,024)
Net assets |  |  | 660,820 |  | 650,610
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 1,240 |  | 1,240
Merger reserve |  |  | 545,729 |  | 545,729
Profit and loss account |  |  | (113,075) |  | (184,537)
Equity attributable to owners of the parent company |  |  | 433,894 |  | 362,432
Non-controlling interests |  |  | 226,926 |  | 288,178
|  |  | 660,820 |  | 650,610
Page 10
PANTERA GROUP HOLDINGS LIMITED REGISTERED NUMBER: 14614595 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ P Mills
Director
Date: 3 August 2026
The notes on pages 17 to 33 form part of these financial statements. Page 11
PANTERA GROUP HOLDINGS LIMITED REGISTERED NUMBER: 14614595 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Fixed assets |  |  |
Investments | 14 | 832,035 | 832,035
Creditors: amounts falling due within one year | 18 | (50,000) | (50,000)
Total assets less current liabilities |  | 782,035 | 782,035
Creditors: amounts falling due after more than one year | 19 | (350,000) | (400,000)
Net assets |  | 432,035 | 382,035
Capital and reserves |  |  |
Called up share capital | 22 | 1,240 | 1,240
Profit and loss account |  | 430,795 | 380,795
|  | 432,035 | 382,035
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ P Mills
Director
Date: 3 August 2026
The notes on pages 17 to 33 form part of these financial statements. Page 12
PANTERA GROUP HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Other (consolidation) reserve | Profit and loss account | Equity attributable to owners of parent company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £ | £
At 1 January 2025 | 1,240 | 545,729 | (184,537) | 362,432 | 288,178 | 650,610
Profit for the year | - | - | 495,950 | 495,950 | 135,385 | 631,335
Dividends: Equity capital | - | - | (492,594) | (492,594) | (128,531) | (621,125)
Non-controlling interest reserves transfer | - | - | 68,106 | 68,106 | - | 68,106
Non-controlling interest reserves transfer | - | - | - | - | (68,106) | (68,106)
At 31 December 2025 | 1,240 | 545,729 | (113,075) | 433,894 | 226,926 | 660,820
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Other (consolidation) reserve | Profit and loss account | Equity attributable to owners of parent company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £ | £
At 1 January 2024 | 1,240 | 523,191 | (249,671) | 274,760 | 308,682 | 583,442
Profit for the year | - | - | 445,980 | 445,980 | 89,058 | 535,038
Other (consolidation) reserve on group re-organisation | - | 22,538 | - | 22,538 | - | 22,538
Dividends: Equity capital | - | - | (331,806) | (331,806) | (158,602) | (490,408)
Non-controlling interest reserves transfer | - | - | (49,040) | (49,040) | - | (49,040)
Non-controlling interest reserves transfer | - | - | - | - | 49,040 | 49,040
At 31 December 2024 | 1,240 | 545,729 | (184,537) | 362,432 | 288,178 | 650,610
| The notes on pages 17 to 33 form part of these financial statements.
Page 13
PANTERA GROUP HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 1,240 | 380,795 | 382,035
Profit for the year | - | 542,594 | 542,594
Dividends: Equity capital | - | (492,594) | (492,594)
At 31 December 2025 | 1,240 | 430,795 | 432,035
| The notes on pages 17 to 33 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,240 | 330,795 | 332,035
Profit for the year | - | 381,806 | 381,806
Dividends: Equity capital | - | (331,806) | (331,806)
At 31 December 2024 | 1,240 | 380,795 | 382,035
| The notes on pages 17 to 33 form part of these financial statements.
Page 14
PANTERA GROUP HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 631,335 | 535,038
Adjustments for: |  |
Depreciation of tangible assets | 123,493 | 160,014
Interest paid | 20,466 | 15,038
Interest received | (54) | (15)
Taxation charge | 254,793 | 207,223
Decrease in stocks | 23,477 | 112,655
Decrease/(increase) in debtors | 30,734 | (1,856,809)
(Decrease)/increase in creditors | (132,130) | 449,111
Corporation tax (paid) | (295,318) | (128,529)
Net cash generated from operating activities | 656,796 | (506,274)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (185,210) | (2,799)
Sale of tangible fixed assets | - | 10,427
Interest received | 54 | 15
HP interest paid | (20,324) | (15,038)
Net cash from investing activities | (205,480) | (7,395)
Page 15
PANTERA GROUP HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (50,000) | (50,000)
Repayment of/new finance leases | (53,339) | (84,463)
Dividends paid | (492,594) | (331,806)
Interest paid | (142) | -
Dividends paid to non-controlling interests | (128,531) | (109,562)
Net cash used in financing activities | (724,606) | (575,831)
Net (decrease) in cash and cash equivalents | (273,290) | (1,089,500)
Cash and cash equivalents at beginning of year | (186,679) | 902,821
Cash and cash equivalents at the end of year | (459,969) | (186,679)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 111,837 | 84,542
Bank overdrafts | (571,806) | (271,221)
| (459,969) | (186,679)
The notes on pages 17 to 33 form part of these financial statements.
Page 16
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Pantera Group Holdings Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is at Empire House, Sunderland Quay, Rochester, Kent, ME2 4HN. The principal activity of the company is that of a holding company, and the group's principal activity is the supply of carpentry and joinery services to property developers and contractors. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Turnover
Turnover comprises revenue recognised by the Group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts, and once the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. Turnover from retentions are recognised as the contract progresses provided it is probable the Group will receive payment.
| 2.4 | Long-term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at net sales value of work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Where such amounts have been received and exceed amounts recovered, the net amounts are included in creditors as payments on account. Page 17
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Going concern
The company, and wider Pantera group, has seen challenging conditions in the residential construction sector that have delayed major house building projects in 2025 and this is expected to continue throughout 2026 and into 2027. In the medium and longer term the directors expect market conditions to improve and the company remains well placed to secure future contracts as market activity increases. However, the challenging market conditions have created cashflow challenges with significant retentions not yet due (collectable) from the work completed in 2025, and without the cash inflow in 2026 that a higher volume of new contracts would generate. So, while the company, and the group, remain profitable their cashflow forecasts indicate that further finance as well as support from existing creditors, including suppliers, HMRC and finance providers will be necessary during 2026 and into 2027 in order to trade through this challenging period. In addition to this the directors are taking steps to reduce the level of overheads (fixed costs), as well as implementing a detailed action plan across all areas of cash management including liaising with customers, suppliers and their finance providers. As a result, the company and the group is currently in the process of working with finance providers, directors and shareholders, to secure the required short term and medium-term finance that is required. The directors are confident that the required facilities and investment will be secured in order that the company, and the group can meet obligations as they fall due and can continue trading. Therefore, the accounts have been prepared on a going concern basis. Page 18
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.8 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.9 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 19
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 20
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | straight line
|  |  |  | Motor vehicles | - | 25% | straight line
|  |  |  | Fixtures and fittings | - | 25% | straight line
|  |  |  | Office equipment | - | 50% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.17 | Stocks and work in progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.18 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 21
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.20 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.21 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
| 2.22 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.23 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 22
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
a) Critical judgements in applying the group's accounting policies No significant judgements have had to be made by the Group in preparing these financial statements. b) Key accounting estimates and assumptions The Group has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.15. The Group holds a significant amount of work in progress on long term contracts and the accounting policy is further described in note 2.4. As part of this the Group has made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of work in progress. The amount receivable from customers on such work in progress at the end of the reporting period has been calculated at £3,412,025 (2024 - £3,439,785), and this is included in amounts recoverable on long term contracts within debtors. In addition, where the amounts received from customers exceeds the work in progress valuation these amounts are included in payments received on account within creditors and amounts to £nil (2024 - £39,591) at the end of the reporting period.
4. | Turnover
The whole of the turnover is attributable to the principal activities of the Group
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 22,849 | 30,000
| Government grants receivable | 18,284 | 26,782
| Sundry income | 12,507 | 9,522
| Profit on disposal of tangible fixed assets | - | 4,167
| Fees receivable | - | 22,839
|  | 53,640 | 93,310
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 123,493 | 160,014
| Exchange differences | 13 | -
| Other operating lease rentals | 42,271 | 47,238
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements | 30,075 | 28,575
| Fees payable to the company's auditors in respect of: |  |
| All non-audit services not included above | 24,834 | 3,275
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 1,673,082 | 1,785,958
| Social security costs | 181,091 | 174,813
| Cost of defined contribution scheme | 60,186 | 69,796
|  | 1,914,359 | 2,030,567
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 2 | 2 | 2 | 2
|  | Staff | 59 | 61 | - | -
|  |  | 61 | 63 | 2 | 2
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 45,358 | 37,135
| Group contributions to defined contribution pension schemes | 15,840 | 15,840
|  | 61,198 | 52,975
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 54 | 15
|  | 54 | 15
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 2 | -
| Other loan interest payable | 140 | -
| Finance leases and hire purchase contracts | 20,324 | 15,038
|  | 20,466 | 15,038
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 237,927 | 248,617
| Adjustments in respect of previous periods | 1,391 | 470
| Total current tax | 239,318 | 249,087
| Deferred tax |  |
| Origination and reversal of timing differences | 15,475 | (41,864)
|  | 254,793 | 207,223
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 886,128 | 742,261
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 221,532 | 185,565
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 25,758 | 15,436
| Capital allowances for year in excess of depreciation | (15,637) | 32,484
| Deferred taxation | 15,475 | (41,864)
| Change in tax rates | 7,665 | 15,602
| Total tax charge for the year | 254,793 | 207,223
| Factors that may affect future tax charges
There were no factors that may affect future tax charges Page 27
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
| Group
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 194,803 | 199,039 | 142,144 | 39,229 | 575,215
| Additions | 176,856 | - | - | 8,354 | 185,210
| Disposals | - | - | - | (5,307) | (5,307)
| At 31 December 2025 | 371,659 | 199,039 | 142,144 | 42,276 | 755,118
| Depreciation |  |  |  |  |
| At 1 January 2025 | 31,357 | 94,322 | 94,051 | 24,262 | 243,992
| Charge for the year on owned assets | 18,379 | 207 | 21,348 | 9,960 | 49,894
| Charge for the year on financed assets | 18,048 | 55,551 | - | - | 73,599
| Disposals | - | - | - | (5,308) | (5,308)
| At 31 December 2025 | 67,784 | 150,080 | 115,399 | 28,914 | 362,177
| Net book value |  |  |  |  |
| At 31 December 2025 | 303,875 | 48,959 | 26,745 | 13,362 | 392,941
| At 31 December 2024 | 163,446 | 104,717 | 48,093 | 14,967 | 331,223
14. | Fixed asset investments
| Group
|  | Unlisted investments
|  | £
| At 1 January 2025 | 25,093
| Disposals | (25,093)
| At 31 December 2025 | -
Page 28
PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 832,035
| At 31 December 2025 | 832,035
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Principal activity | Class of shares | Holding
| Pantera Group Limited | Holding company | Ordinary A,B,C and D shares | 100%
| Pantera Carpentry (South East) Limited* | Carpentry and Joinery servicers | Ordinary A and B shares | 78.95%
| Pantera Wardrobes Limited* | Installation and supply of wardrobes and furniture | Ordinary A shares | 85%
| PG Doors Limited* | Manufacture and supply of doors | Ordinary shares | 100%
| * Indirectly held via Pantera Group Limited
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 75,972 | 117,740
| Work in progress | - | 14,898
| Finished goods and goods for resale | 33,189 | -
|  | 109,161 | 132,638
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Group | Company | Company
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16.Debtors (continued)
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 114,856 | 142,550 | - | -
|  | 114,856 | 142,550 | - | -
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Due within one year |  |
| Trade debtors | 293,444 | 125,469
| Other debtors | 881,112 | 933,100
| Prepayments and accrued income | 107,225 | 198,493
| Amounts recoverable on long-term contracts | 3,412,025 | 3,439,785
|  | 4,693,806 | 4,696,847
17. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 111,837 | 84,542
| Less: bank overdrafts | (571,806) | (271,221)
|  | (459,969) | (186,679)
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 571,806 | 271,221 | - | -
| Payments received on account | - | 39,591 | - | -
| Trade creditors | 2,296,594 | 2,328,993 | - | -
| Corporation tax | 191,677 | 247,677 | - | -
| Other taxation and social security | 217,189 | 89,117 | - | -
| Obligations under finance lease and hire purchase contracts | 99,305 | 77,717 | - | -
| Other creditors | 135,145 | 113,620 | 50,000 | 50,000
| Accruals and deferred income | 592,525 | 934,033 | - | -
|  | 4,104,241 | 4,101,969 | 50,000 | 50,000
| Bank overdrafts consist of an invoice discounting facility.This is secured by way of a fixed charge over book debts and certain assets and a floating charge over other assets of the group. There is also a cross charge over the assets of a related company, Empire House (Rochester) Limited.
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Net obligations under finance leases and hire purchase contracts | 210,041 | 178,290 | - | -
| Other creditors | 350,000 | 400,000 | 350,000 | 400,000
|  | 560,041 | 578,290 | 350,000 | 400,000
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 99,305 | 77,717
| Between 1-5 years | 210,041 | 178,290
|  | 309,346 | 256,007
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
21. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (82,024) | (123,888)
| Charged to profit or loss | (15,475) | 41,864
| At end of year | (97,499) | (82,024)
| Company
|  | 2025 | 2024
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (97,499) | (82,024)
|  | (97,499) | (82,024)
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PANTERA GROUP HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,140 (2024 - 1,140) A Ordinary shares of £1.00 each | 1,140 | 1,140
|  | 60 (2024 - 60) B Ordinary shares of £1.00 each | 60 | 60
|  | 40 (2024 - 40) C Ordinary shares of £1.00 each | 40 | 40
|  |  | 1,240 | 1,240
23. | Pension commitments
The group operates a defined contribution pension scheme. The assets of the group are held seperately from those of the group in and independently administered fund. The amount of pension contributions outstanding at the year end amounted to £3,505 (2024 - £7,941).
24. | Commitments under operating leases
| At 31 December 2025 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 106,000 | 106,000
| Later than 1 year and not later than 5 years | 173,583 | 279,583
|  | 279,583 | 385,583
25. | Related party transactions
| The directors have an interest in dividends paid during the year of £492,594 (2024 - £331,806) Included within other debtors due within one year are amounts due from the directors of £297,429 (2024 - £396,861).
26. | Controlling party
The ultimate controlling party is P Mills.
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