Loosegate Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 11317173

Loosegate Holdings Limited

Financial Statements

For the year ended

30 November 2025

Loosegate Holdings Limited

Financial Statements

Year ended 30 November 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

Loosegate Holdings Limited

Officers and Professional Advisers

The board of directors	A C Mayer
	D J Ford
	R I Spenceley

Registered office	Browns Yard
	Seas End Road
	Moulton Seas End
	Spalding
	PE12 6JX

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Enterprise House
	38 Tyndall Court
	Commerce Road
	Lynch Wood
	Peterborough
	Cambridgeshire
	PE2 6LR

Bankers	Royal Bank of Scotland
	14/15 Hereward Cross
	Peterborough
	Cambridgeshire
	PE1 1TB

Loosegate Holdings Limited

Strategic Report

Year ended 30 November 2025

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face. The group's core operations are that of residential property development under contract or speculative sale. Operation Performance and Key Performance Indicators The directors consider the key performance indicators (KPI's) of the group to be turnover, gross margin and net profit. The group reported turnover in the year of £24.3m (2024 - £35.1m (18 month period)) and a gross margin of 9.3% (2024 - 9%) resulting in an operating profit of £85k (2024 - £290k (18 month period)). The group has net assets totalling £1.5m (2024 - £1.4m). Principal Risks and Uncertainties The group's principal financial instruments comprise cash, bank borrowings and various items, such as trade debtors and trade creditors, which arise directly from its operations. The main purpose of these financial instruments is to provide finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks. The main risks arising from the group's financial risks are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. Credit risk The group seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities. The main functional currency of the business is Sterling and the group does not have material exposure to foreign-denominated currency. Interest rate risk The group's exposure to market risk for the changes in interest rates relates primarily to its bank borrowings. The group seeks to manage this risk by keeping bank borrowings to a minimum. Health & safety risk The group is exposed health & safety risk owing to the nature of the business and sector it operates in. The group seeks to manage this risk through internal expertise and external consultants where deemed necessary. Outlook The group continues to seek to grow across all core operations. The directors will continue to react to market conditions and other external economic conditions whilst managing the risks noted above. The UK economy and construction sector continues to be challenging however the directors believe they are well placed to deal with this and are managing cashflows closely to trade through this period.

This report was approved by the board of directors on 25 August 2026 and signed on behalf of the board by:

D J Ford

Director

Registered office:

Browns Yard

Seas End Road

Moulton Seas End

Spalding

PE12 6JX

Loosegate Holdings Limited

Directors' Report

Year ended 30 November 2025

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

Directors

The directors who served the company during the year were as follows:

D J Ford
R I Spenceley

A C Mayer has been appointed as a director on 23 February 2026.

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Disclosure of information in the strategic report

The company has chosen to set out in the strategic report information about the results for the year, principal risks and uncertainties and the future developments of the company.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 25 August 2026 and signed on behalf of the board by:

D J Ford

Director

Registered office:

Browns Yard

Seas End Road

Moulton Seas End

Spalding

PE12 6JX

Loosegate Holdings Limited

Independent Auditor's Report to the Members of Loosegate Holdings Limited

Year ended 30 November 2025

Opinion

We have audited the financial statements of Loosegate Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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 30 November 2025 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.

Other information

The prior year financial statements were not subject to a statutory audit. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it 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 company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Day

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Enterprise House

38 Tyndall Court

Commerce Road

Lynch Wood

Peterborough

Cambridgeshire

PE2 6LR

7 September 2026

Loosegate Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 30 November 2025

			Period from
		Year to	1 Jun 23 to
		30 Nov 25	30 Nov 24
Note		£	£
Turnover	4	24,316,080	35,071,429

Cost of sales	22,061,638	31,927,096
	-------------	-------------
Gross profit	2,254,442	3,144,333

Administrative expenses		2,203,836	2,791,424
Other operating income	5	66,427	77,926
Restructuring costs		32,313	140,832
		------------	------------
Operating profit	6	84,720	290,003

Interest payable and similar expenses	10	57,510	90,824
		------------	------------
Profit before taxation		27,210	199,179

Tax on profit	11	35,388	97,921
		--------	---------
(Loss)/profit for the financial year		( 8,178)	101,258
		--------	---------

Revaluation of tangible assets	135,259	–
	---------	---------
Total comprehensive income for the year	127,081	101,258
	---------	---------

All the activities of the group are from continuing operations.

Loosegate Holdings Limited

Consolidated Statement of Financial Position

30 November 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	1,629,993	1,574,397

Current assets

Stocks	16	1,665,719	1,592,073
Debtors	17	5,164,050	4,996,652
Cash at bank and in hand		328	161,213
		------------	------------
		6,830,097	6,749,938

Creditors: amounts falling due within one year	19	5,955,033	5,798,270
		------------	------------
Net current assets		875,064	951,668
		------------	------------
Total assets less current liabilities		2,505,057	2,526,065

Creditors: amounts falling due after more than one year	20	779,505	917,545

Provisions	22	236,195	243,612
		------------	------------
Net assets		1,489,357	1,364,908
		------------	------------

Capital and reserves

Called up share capital	25	1,000	1,000
Share premium account	26	534,646	534,646
Revaluation reserve	26	194,579	59,320
Profit and loss account	26	759,132	769,942
		------------	------------
Shareholders funds		1,489,357	1,364,908
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 25 August 2026 , and are signed on behalf of the board by:

D J Ford

Director

Company registration number: 11317173

Loosegate Holdings Limited

Company Statement of Financial Position

30 November 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15	673,806	673,806

Current assets

Debtors	17	134,097	256,097
Cash at bank and in hand		155	5,388
		---------	---------
		134,252	261,485

Creditors: amounts falling due within one year	19	309,804	448,126
		---------	---------
Net current liabilities		175,552	186,641
		---------	---------
Total assets less current liabilities		498,254	487,165
		---------	---------
Net assets		498,254	487,165
		---------	---------

Capital and reserves

Called up share capital	25	1,000	1,000
Share premium account	26	534,646	534,646
Profit and loss account	26	( 37,392)	( 48,481)
		---------	---------
Shareholders funds		498,254	487,165
		---------	---------

The profit for the financial year of the parent company was £ 11,089 (2024: £ 97,377 ).

These financial statements were approved by the board of directors and authorised for issue on 25 August 2026 , and are signed on behalf of the board by:

D J Ford

Director

Company registration number: 11317173

Loosegate Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 30 November 2025

			Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£	£
At 1 June 2023			922	–	59,320	845,403	905,645

Profit for the year						101,258	101,258
			----	----	--------	---------	---------
Total comprehensive income for the year			–	–	–	101,258	101,258

Issue of shares			354	534,646	–	–	535,000
Dividends paid and payable		12	–	–	–	( 102,631)	( 102,631)
Cancellation of subscribed capital			( 276)	–	–	–	( 276)
Redemption of shares			–	–	–	( 74,088)	( 74,088)
			----	---------	--------	---------	---------
Total investments by and distributions to owners			78	534,646	–	( 176,719)	358,005

At 30 November 2024			1,000	534,646	59,320	769,942	1,364,908

Loss for the year						( 8,178)	( 8,178)
Other comprehensive income for the year:
	Revaluation of tangible assets	14	–	–	135,259	–	135,259
			-------	---------	---------	---------	------------
Total comprehensive income for the year			–	–	135,259	( 8,178)	127,081

Dividends paid and payable		12	–	–	–	( 2,632)	( 2,632)
			----	----	----	-------	-------
Total investments by and distributions to owners			–	–	–	( 2,632)	( 2,632)

			-------	---------	---------	---------	------------
At 30 November 2025			1,000	534,646	194,579	759,132	1,489,357
			-------	---------	---------	---------	------------

Loosegate Holdings Limited

Company Statement of Changes in Equity

Year ended 30 November 2025

		Called up share capital	Share premium account	Profit and loss account	Total
		£	£	£	£
At 1 June 2023		922	–	30,861	31,783

Profit for the year				97,377	97,377
		----	----	--------	--------
Total comprehensive income for the year		–	–	97,377	97,377

Issue of shares		354	534,646	–	535,000
Dividends paid and payable	12	–	–	( 102,631)	( 102,631)
Cancellation of subscribed capital		( 276)	–	–	( 276)
Redemption of shares		–	–	( 74,088)	( 74,088)
		----	---------	---------	---------
Total investments by and distributions to owners		78	534,646	( 176,719)	358,005

At 30 November 2024		1,000	534,646	( 48,481)	487,165

Profit for the year				11,089	11,089
		-------	---------	---------	---------
Total comprehensive income for the year		–	–	11,089	11,089

		-------	---------	---------	---------
At 30 November 2025		1,000	534,646	( 37,392)	498,254
		-------	---------	---------	---------

Loosegate Holdings Limited

Consolidated Statement of Cash Flows

Year ended 30 November 2025

	2025	2024
Note	£	£

Cash flows from operating activities

(Loss)/profit for the financial year	( 8,178)	101,258

Adjustments for:
Depreciation of tangible assets	222,687	217,859
Amortisation of intangible assets	–	( 24,992)
Interest payable and similar expenses	57,510	90,824
Gains on disposal of tangible assets	( 7,977)	( 46,046)
Tax on (loss)/profit	35,388	97,921
Accrued income	( 61,433)	–

Changes in:
Stocks	( 73,646)	( 785,260)
Trade and other debtors	( 437,906)	( 1,001,321)
Trade and other creditors	471,240	944,856
	---------	------------
Cash generated from operations	197,685	( 404,901)

Interest paid	( 57,510)	( 90,824)
Tax (paid)/received	( 30,000)	34,716
	---------	---------
Net cash from/(used in) operating activities	110,175	( 461,009)
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 167,526)	( 436,724)
Proceeds from sale of tangible assets	32,479	110,694
	---------	---------
Net cash used in investing activities	( 135,047)	( 326,030)
	---------	---------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	535,000
Purchase of own shares	–	( 74,088)
Proceeds from borrowings	( 48,721)	( 238,658)
Payments of finance lease liabilities	( 129,646)	6,486
Dividends paid	( 2,632)	( 102,631)
	---------	---------
Net cash (used in)/from financing activities	( 180,999)	126,109
	---------	---------

Net decrease in cash and cash equivalents		( 205,871)	( 660,930)
Cash and cash equivalents at beginning of year		161,213	822,143
		---------	---------
Cash and cash equivalents at end of year	18	( 44,658)	161,213
		---------	---------

Loosegate Holdings Limited

Notes to the Financial Statements

Year ended 30 November 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Browns Yard, Seas End Road, Moulton Seas End, Spalding, PE12 6JX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The group has reported an operating profit of £85k for the year (2024 - £290k) and has a group consolidated net assets of £1.5m (2024 - £1.4m). The Directors have completed the restructuring and cost saving measures started in 2024 to ensure the group is able to meet liabilities as they fall due for payment. The directors remain committed to the protection of the business and cashflow is being closely monitored. Therefore, for these reasons the Directors have prepared the financial statements on a going concern basis.

Disclosure exemptions

No disclosure exemptions are available under FRS102.

Consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

Judgements and key sources of estimation uncertainty

Significant judgements The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statement are as follows:- 1 Recognition of turnover on on-going contracts at the year end Turnover is recognised when the outcome of a transaction involving the rendering of services can be reliably estimated. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. 2 Work in progress The value of work in progress is calculated from valuations and stage of completion reports. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- 1 Depreciation charge The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. 2 Revaluation of assets Any tangible assets carried at revalued amounts are recorded at the fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. 3 Retentions Retentions are held in respect of contracted works by sub contractors and payments are made when contracts have satisfactorily been completed and no further liabilities arise. The company recognise a retention when work is certified.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	15% straight line
Fixtures and fittings	-	15% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Income from investments is recorded on a receipts basis.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Stocks

Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Construction contracts	24,316,080	35,071,429
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Rental income	21,028	29,208
Other operating income	45,399	48,718
	--------	--------
	66,427	77,926
	--------	--------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Amortisation of intangible assets	–	( 24,992)
Depreciation of tangible assets	222,687	217,859
Gains on disposal of tangible assets	( 7,977)	( 46,046)
	---------	---------

7. Auditor's remuneration

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Fees payable for the audit of the financial statements	16,500	17,500
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	45	52
Management staff	4	3
	----	----
	49	55
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Wages and salaries	2,203,271	3,572,137
Social security costs	273,406	335,438
Other pension costs	45,370	138,749
	------------	------------
	2,522,047	4,046,324
	------------	------------

No staff were employed in any company which has been proportionately consolidated.

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Remuneration	737	8,840
Company contributions to defined contribution pension plans	7	–
	----	-------
	744	8,840
	----	-------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	3	4
	----	----

10. Interest payable and similar expenses

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Interest on banks loans and overdrafts	36,446	79,688
Interest on obligations under finance leases and hire purchase contracts	21,064	10,349
Other interest payable and similar charges	–	787
	--------	--------
	57,510	90,824
	--------	--------

11. Tax on (loss)/profit

Major components of tax expense

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£

Current tax:

UK current tax income	54,014	84,600
Adjustments in respect of prior periods	( 11,209)	18,411
	--------	---------
Total current tax	42,805	103,011
	--------	---------

Deferred tax:

Origination and reversal of timing differences	( 7,417)	( 5,090)
	--------	--------
Tax on (loss)/profit	35,388	97,921
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

		Period from
	Year to	1 Jun 23 to
	30 Nov 25	30 Nov 24
	£	£
Profit on ordinary activities before taxation	27,210	199,179
	--------	---------
Profit on ordinary activities by rate of tax	6,803	55,560
Adjustment to tax charge in respect of prior periods	( 11,209)	18,411
Effect of expenses not deductible for tax purposes	11,076	23,950
Effect of capital allowances and depreciation	28,718	–
	--------	---------
Tax on (loss)/profit	35,388	97,921
	--------	---------

12. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	2,632	102,631
	-------	---------

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 December 2024 and 30 November 2025	( 1,119,367)
	------------
Amortisation
At 1 December 2024 and 30 November 2025	( 1,119,367)
	------------
Carrying amount
At 1 December 2024 and 30 November 2025	–
	------------
At 30 November 2024	–
	------------

The company has no intangible assets.

14. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Dec 2024	725,000	470,637	37,540	983,444	88,264	2,304,885
Additions	39,741	48,158	5,888	61,551	12,188	167,526
Disposals	–	–	–	( 45,458)	–	( 45,458)
Revaluations	135,259	–	–	–	–	135,259
	---------	---------	--------	---------	---------	------------
At 30 Nov 2025	900,000	518,795	43,428	999,537	100,452	2,562,212
	---------	---------	--------	---------	---------	------------
Depreciation
At 1 Dec 2024	14,583	112,299	31,639	488,305	83,662	730,488
Charge for the year	–	94,855	3,122	118,095	6,615	222,687
Disposals	–	–	–	( 20,956)	–	( 20,956)
	---------	---------	--------	---------	---------	------------
At 30 Nov 2025	14,583	207,154	34,761	585,444	90,277	932,219
	---------	---------	--------	---------	---------	------------
Carrying amount
At 30 Nov 2025	885,417	311,641	8,667	414,093	10,175	1,629,993
	---------	---------	--------	---------	---------	------------
At 30 Nov 2024	710,417	358,338	5,901	495,139	4,602	1,574,397
	---------	---------	--------	---------	---------	------------

The company has no tangible assets.

Tangible assets held at valuation

The Land and buildings were revalued by an independent valuer, Harwoods, Chartered Surveyors and Estate Agents, on an open market value for existing use basis on 30 July 2025 to £900,000. The Directors consider this to be the fair value of the property at the statement of financial position date. Land has been valued at £200,000 (2024 £200,000) and is not depreciated.

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Freehold property
	£
At 30 November 2025
Aggregate cost	381,424
Aggregate depreciation	(107,582)
	---------
Carrying value	273,842
	---------

At 30 November 2024
Aggregate cost	341,683
Aggregate depreciation	(101,175)
	---------
Carrying value	240,508
	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Motor vehicles
	£
At 30 November 2025	358,341
	---------
At 30 November 2024	572,354
	---------

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 December 2024 and 30 November 2025	673,806
	---------
Impairment
At 1 December 2024 and 30 November 2025	–
	---------

Carrying amount
At 1 December 2024 and 30 November 2025	673,806
	---------
At 30 November 2024	673,806
	---------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
D Brown (Building Contractors) Limited	Browns Yard, Seas End Road, Moulton Loosegate, Spalding, Lincs, United Kingdom, PE12 6JX	Ordinary	100
Loosegate Plant Hire Limited	Browns Yard, Seas End Road, Moulton Seas End, Spalding, United Kingdom, PE12 6JX	Ordinary	100

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	46,803	147,420	–	–
Work in progress	1,618,916	1,444,653	–	–
	------------	------------	----	----
	1,665,719	1,592,073	–	–
	------------	------------	----	----

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	3,555,232	3,285,641	–	–
Prepayments and accrued income	27,956	270,508	–	–
Directors loan account	216	122,216	216	122,216
Other debtors	1,580,646	1,318,287	133,881	133,881
	------------	------------	---------	---------
	5,164,050	4,996,652	134,097	256,097
	------------	------------	---------	---------

18. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	328	161,213
Bank overdrafts	( 44,986)	–
	--------	---------
	( 44,658)	161,213
	--------	---------

19. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	194,618	182,215	–	–
Trade creditors	3,369,421	3,655,223	–	–
Amounts owed to group undertakings	–	–	290,825	394,878
Accruals and deferred income	1,199,598	1,531,539	4,177	27,237
Corporation tax	148,173	135,368	9,559	20,768
Social security and other taxes	57,153	39,439	–	–
Obligations under finance leases and hire purchase contracts	200,589	208,333	–	–
Other creditors	785,481	46,153	5,243	5,243
	------------	------------	---------	---------
	5,955,033	5,798,270	309,804	448,126
	------------	------------	---------	---------

Barclays Bank plc holds security over land and buildings owned by the company dated 20 October 2025. The bank also holds a fixed and floating charge over all assets of the company dated 2 October 2025.

Hire purchase agreements are secured against assets to which they relate.

20. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	160,844	176,982	–	–
Obligations under finance leases and hire purchase contracts	318,661	440,563	–	–
Other creditors	300,000	300,000	–	–
	---------	---------	----	----
	779,505	917,545	–	–
	---------	---------	----	----

Barclays Bank plc holds security over land and buildings owned by the company dated 20 October 2025. The bank also holds a fixed and floating charge over all assets of the company dated 2 October 2025.

Hire purchase agreements are secured against assets to which they relate.

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2024: £30,011) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	200,589	208,333	–	–
Later than 1 year and not later than 5 years	318,661	440,563	–	–
	---------	---------	----	----
	519,250	648,896	–	–
	---------	---------	----	----

22. Provisions

Group	Deferred tax (note 23)
	£
At 1 December 2024	243,612
Charge against provision	( 7,417)
	---------
At 30 November 2025	236,195
	---------

The company does not have any provisions.

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 22)	236,195	243,612	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	154,895	214,519	62,104	–
Revaluation of tangible assets	81,300	29,093	–	–
	---------	---------	--------	----
	236,195	243,612	62,104	–
	---------	---------	--------	----

Deferred tax has been provided for at 25% being the rate of tax which the liabilities are expected to be realised at.

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 45,370 (2024: £ 138,749 ).

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary A shares of £ 0.01 each	85,000	850	85,000	850
Ordinary B shares of £ 0.01 each	10,000	100	10,000	100
Ordinary C shares of £ 0.01 each	5,000	50	5,000	50
	---------	-------	---------	-------
	100,000	1,000	100,000	1,000
	---------	-------	---------	-------

The shares rank parri passu in all regards except the shares carry variable rights to dividends.

26. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income . Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company . Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Analysis of changes in net debt

	At 1 Dec 2024	Cash flows	At 30 Nov 2025
	£	£	£
Cash at bank and in hand	161,213	(160,885)	328
Bank overdrafts	–	(44,986)	(44,986)
Debt due within one year	(390,548)	40,327	(350,221)
Debt due after one year	(617,545)	138,040	(479,505)
	---------	---------	---------
	( 846,880)	( 27,504)	( 874,384)
	---------	---------	---------

Loosegate Holdings Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2025

28. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	9,044	21,531	–	–
Later than 1 year and not later than 5 years	–	9,044	–	–
	-------	--------	----	----
	9,044	30,575	–	–
	-------	--------	----	----

29. Directors' advances, credits and guarantees

The group operated a loan account with Directors. Director A had a balance brought forward of £122,216 owed to the group and this was the maximum balance outstanding. The director repaid £122,000. The balance outstanding at the year end was £216.

30. Related party transactions

Group

Loosegate Developments Limited is a company with common directors and shareholders. During the year the group made sales of £2,579,218 (2024 - £1,153,264) and the balance outstanding at the year end was £2,003,840 (2024 - £67,362). During the year the company advanced a loan of £nil (2024 - £31,129) to Loosegate Developments Limited, a company with common directors and shareholders and this balance was outstanding at year end. The balance is included in other debtors and is repayable on demand. Loosegate Developments (Long Sutton) Limited is a company with common directors and shareholders. During the year the group made sales of £1,800,524 (2024 - £6,737,563). The balance outstanding at the year end was £221,105 (2024 - £1,632,342). During the year the company advanced a loan of £575,175 (2024 - £568,291) to Loosegate Developments (Long Sutton) Limited, a company with common directors and shareholders and this balance was outstanding at year end. The balance is included in other debtors and is repayable on demand. Keston Fields Limited is a company which the company and directors have an interest in. During the year the group made sales of £1,046,520 (2024 - £7,322,390) and the balance outstanding at the year end was £nil (2024 - £nil). D Ford is a director of Tigers Bar & Social Club Limited. During the year, the group made sales of £nil (2024 - £nil) and the balance outstanding at the year end was £nil (2024 - £6,318). Ford Construction Consultants Limited is a company in which the brother of D Ford is a director and shareholder. During the year the group made purchases of £nil (2024 - £1,225) and the balance outstanding at the year end was £nil (2024 - £nil). Waites Farm Holdings Limited is a company with common directors and shareholders. During the year the group made sales of £53,196 (2024 - £118,005). The balance outstanding at the year end was £23,164 (2024 - £41,124). Waites Farm Holdings Limited is a company with common directors and shareholders. During the year the group made purchases of £nil (2024 - £5,400). The balance outstanding at the year end was £nil (2024 - £5,400). The group has taken advantage of the exemption available under FRS 102 from disclosing transactions with group companies. The key management personnel remuneration was £332,342 (2024 - £655,320).

Company

During the year the company advanced a loan of £32,906 (2024 - £32,906) to Loosegate Developments (Long Sutton) Limited, a company with common directors and shareholders and this balance was outstanding at year end. The balance is included in other debtors and is repayable on demand.

31. Controlling party

The group is not under the control of any one party.