ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

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.

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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)

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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.

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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.

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

Page 23

PANTERA GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation of tangible fixed assets	123,493	160,014
Exchange differences	13	-
Other operating lease rentals	42,271	47,238

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

Page 24

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

Page 25

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

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

Page 26

PANTERA GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

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

Page 29

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)

Page 30

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

Page 31

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)

Page 32

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.

Page 33