ACCOUNTS - Final Accounts

Accounting Policy: Turnover on long term contracts
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company
and the turnover can be reliably measured and collection is probable. Turnover is measured as the fair
value of the consideration received or receivable, excluding discounts, rebates, value added tax and
other sales taxes.
Turnover on long term contracts is recognised according to the stage of completion at the period end
date by deferring or accruing amounts as necessary. The stage of completion is based upon a review of
the contract progress and proportion of the total estimated contract value of the costs after accruing for
work performed.
Critical accounting estimates and judgements: Contract revenues and costs
Where it is probable the total contract costs will exceed the contract revenues on a construction contract,
the expected loss is recognised as an expense immediately with a corresponding provision for the excess
costs in accruals. In making their assessment of the total contract costs the directors have considered the probable outcomes arising from potential contractual claims.

An analysis of turnover by class of business is as follows:

Registered number: 04400298

HOULDER LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

HOULDER LIMITED

COMPANY INFORMATION

Directors	R W A Hare
	S J Hill
	M E V Goalen
	J D Strachan


Registered number	04400298


Registered office	Leytonstone House
	3 Hanbury Drive
	Leytonstone
	London
	E11 1GA


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

HOULDER LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Notes to the financial statements	12 - 28

HOULDER LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review

The directors report that the company made a loss after tax of £67,199 (2024 - £562,766 loss). This result reflects a continuing period of transition.

Houlder continues to demonstrate strength in technical delivery and longstanding deep client relationships in the maritime industry.
Technology Investment
Houlder has dedicated resources to apply the latest in data, coding and computing to model and optimise real world ‘decision support’ challenges in the maritime industry. An example is our MOSES AF project that the company led as part of the Clean Maritime Demonstration Competition, the UK Government’s innovation fund line. This has strengthened how we evaluate efficiency opportunities and equipment suppliers’ fuel saving claims. Costs incurred have been expensed in 2025 but will support revenue in 2026 and beyond.
Underlying profitability
Operating profitability improved as expected with PBIT of £46,812 (2024 - £559,605 loss). The directors expect further improvement in 2026.
The board recognises that changes in Houlder’s key market sectors present significant opportunities for the business. We are building the company’s technology platform to use data analytics, AI and simulation modelling alongside real time data to produce a deeper understanding of vessel performance, better engineering and evidenced advice.

Principal risks and uncertainties

Strategic risks
Two themes continue to prevail in the maritime industry– the transition to low carbon energy production and geopolitical uncertainty. Each gives rise to challenge and opportunity through which we support our clients with advisory and design services and supported by our inhouse technology.
The board continues to direct the development of our capabilities to address growing demand in the maritime industry including its passenger transportation, defence, superyacht and ocean research sectors.
All of those engaged in domestic and international marine activity face significant challenges in meeting evolving taxation and regulatory frameworks driving the energy transition to net zero. This will impact new and existing vessels adding new technologies as they strive to improve fuel efficiency and decrease greenhouse gas emissions. Clients must balance the investment and technology risk with remaining competitive and compliant. The board is focused on ensuring that the company’s activities evolve to help its clients meet these challenges.
Several geopolitical factors which affected global trade and supply chains during 2025 persist into 2026 such as the wars in Ukraine and Iran and the insecurity of the Straits of Hormuz and other shipping routes. Changes to US policy and their impact on global trade contribute to an uncertain economic environment. Houlder expects to prove resilient despite these headwinds. Two consequences of geopolitical instability are fuel price fluctuations and a renewed focus on defence. Both present opportunities for Houlder despite the disruption to global trade. Higher fuel oil prices bring vessel efficiency into sharper focus. Autonomy dominates defence sector thinking from drones to USVs. Houlder has relevant design and analytical capabilities including ‘first of a kind’ vessels and launch and recovery systems (LARS) to meet the challenges of unmanned and semi-autonomous operations.
For our clients, however, investment decisions are becoming increasingly complex in the face of market volatility from foreign exchange to commodity prices. Aspects of this complexity are addressed directly by Houlder’s solutions which support evidence-based decision making in technology selection and deployment.

Page 1

HOULDER LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Houlder is embracing the AI revolution within its own environment and control. It expects efficiency gains in technical and business support processes through 2026 and beyond.
We are confident that we have the financial and operational strength to withstand the various challenges, support our clients through the crises and continue serving them, whilst pursuing our growth plans.
The company will continue to refine its operating model to keep risk and return at acceptable levels.

Financial risks

The company's sales and purchases are denominated mainly in GBP.
Liquidity and cash flow risk are managed through agreeing appropriate payment terms with clients and suppliers.
Operational risks
Operational risks are mitigated by the company's commitment to quality assurance. Houlder is accredited to ISO 9001 and operates under a Business Quality Management System (BQMS).
Project risks
All hazards and risks are evaluated through the project and HSE functions within the company and mitigated using the group’s HSE management systems.

Financial key performance indicators

The directors actively review the monthly management accounts, forecasts, and cash levels as key indicators to monitor the performance of the company.

Other key performance indicators

The company’s BQMS helps formalise a culture of objective setting and performance measurement of a broad range of KPIs including health and safety.

Future developments

The directors continually strive to invest in safety, project management and product development to ensure that the highest level of service is provided to our clients.
Sustainability is at the heart of Houlder's business and accordingly the directors are taking steps to baseline and improve its Environmental, Social and Governance (ESG) performance. A plan is in place to chart a path to net zero carbon.

This report was approved by the board on 7 September 2026 and signed on its behalf.

R W A Hare

Director

Page 2

HOULDER 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 Strategic report, the 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 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 of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of Houlder Limited is the design, engineering and management of projects and the supply of equipment for its clients in the offshore oil & gas, marine, defence and offshore renewable energy industries.

Results and dividends

The loss for the year, after taxation, amounted to £67,199 (2024 - loss £562,766).

The directors do not recommend a final dividend.

Directors

The directors who served during the year were:

R W A Hare

S J Hill

M E V Goalen

J D Strachan

Page 3

HOULDER 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'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's auditors are aware of that information.

This report was approved by the board on 7 September 2026 and signed on its behalf.

R W A Hare

Director

Page 4

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED

Opinion

We have audited the financial statements of Houlder Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the 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 Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER 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 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 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)

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 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;

∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:

∙UK GAAP FRS 102 and Companies Act; and

∙Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:

∙Review of the financial statement disclosures and testing to supporting documentation;

∙Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:

∙Revenue Recognition (including deferred income);

∙Management Override; and

∙Amounts Recoverable on Long Term Contracts

Audit procedures in response to the identified areas above:

∙Obtaining an understanding of the processes and controls around revenue recognition;

∙Substantively testing revenue via various testing including transactional and cut off;

∙Review and test amounts recoverable on long term contracts to the contract and revenue recognition points;

∙Evaluation of the appropriateness of the accounting policies;

∙Testing the appropriateness of journal entries and other adjustments;

∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Page 7

HOULDER LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.

Stuart Moon (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

Date: 9 September 2026

Page 8

HOULDER LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	3	7,310,639	9,420,897
Cost of sales		(4,875,074)	(6,286,059)
Gross profit		2,435,565	3,134,838
Administrative expenses		(2,922,268)	(3,584,876)
Other operating income	4	538,471	-
Other operating charges		(4,956)	(109,567)
Operating profit/(loss)	5	46,812	(559,605)
Interest payable and similar expenses	8	-	(3,161)
Profit/(loss) before tax		46,812	(562,766)
Tax on profit/(loss)	9	(114,011)	-
Loss for the financial year		(67,199)	(562,766)

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

HOULDER LIMITED

REGISTERED NUMBER: 04400298

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	10		53,348		93,344
Tangible assets	11		30,105		38,534
Investments	12		102		102
			83,555		131,980
Current assets
Debtors: amounts falling due within one year	13	8,754,090		8,529,070
Cash at bank and in hand	14	409,774		252,962
		9,163,864		8,782,032
Creditors: amounts falling due within one year	15	(1,571,972)		(1,171,366)
Net current assets			7,591,892		7,610,666

Net assets			7,675,447		7,742,646

Capital and reserves
Called up share capital	16	103,285	103,285
Profit and loss account	17	7,572,162	7,639,361
		7,675,447	7,742,646

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 September 2026.

R W A Hare	S J Hill
Director	Director

The notes on pages 12 to 28 form part of these financial statements.

Page 10

HOULDER LIMITED

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 2024	103,285	8,202,127	8,305,412
Comprehensive income for the year
Loss for the year	-	(562,766)	(562,766)

At 1 January 2025	103,285	7,639,361	7,742,646
Comprehensive income for the year
Loss for the year	-	(67,199)	(67,199)
At 31 December 2025	103,285	7,572,162	7,675,447

The notes on pages 12 to 28 form part of these financial statements.

Page 11

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Houlder Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its
registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA.

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 management to exercise judgment in applying the Company's accounting policies.

2.2

Consolidated financial statements

The company is itself a subsidiary company of CC223 Limited (incorporated in England and Wales) and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CC223 Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

Page 12

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Turnover from long term contracts	7,310,639	9,420,897

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	5,736,268	6,264,310
Rest of Europe	377,376	451,452
Rest of the world	1,196,995	2,705,135
	7,310,639	9,420,897

Page 13

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4.	OTHER OPERATING INCOME
		2025	2024
		£	£

	Other operating income	538,471	-

Other operating income relates to research and development expenditure credits.

Page 14

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditor's remuneration	20,000	20,000
Exchange differences	12,621	22,724
Other operating lease rentals	266,923	279,373
Depreciation of tangible assets	37,899	47,651
Defined contribution pension cost	356,614	421,329
Profit on disposal of tangible fixed assets	(5,614)	-
Other operating charges	4,956	109,567
Amortisation of intangibles	39,996	39,996

Page 15

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


Wages and salaries	3,587,377	4,498,835
Social security costs	470,049	519,941
Other pension costs	356,614	421,329
	4,414,040	5,440,105

The average monthly number of professional and administrative employees, including the directors, during the year was 59 (2024 - 70).

Page 16

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

Directors' emoluments	582,025	492,105
Company contributions to defined contribution pension schemes	85,259	82,309

	During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £159,827 (2024 - £148,949).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £23,325 (2024 - £22,760).

Other loan interest payable

3,161

Page 17

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	24,739	-
Adjustments in respect of previous periods	89,272	-

Total current tax	114,011	-

Page 18

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.TAXATION (continued)

Profit/(loss) on ordinary activities before tax

46,812

(562,766)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	11,703	(140,692)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,343	2,613
Deferred tax movement not posted	4,646	7,477
SME R&D non-taxable credits	(8,937)	-
RDEC R&D notional tax rate differences	(11,671)	-
Unrelieved tax losses carried forward	96,927	110,602
Group relief surrendered	20,000	20,000
Total tax charge for the year	114,011	-

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 19

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	INTANGIBLE FIXED ASSETS
	Accounting policy: Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. Accounting policy: Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

		Goodwill
		£
	Cost
	At 1 January 2025	200,000
	At 31 December 2025	200,000
	Amortisation
	At 1 January 2025	106,656
	Charge for the year on owned assets	39,996
	At 31 December 2025	146,652
	Net book value
	At 31 December 2025	53,348
	At 31 December 2024	93,344

Page 20

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.

TANGIBLE FIXED ASSETS

Accounting Policy: 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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Accounting Policy: Depreciation
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:
- Fixtures and fittings - 3 to 10 years 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.
Critical accounting estimates and judgements: Useful economic lives
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Page 21

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.TANGIBLE FIXED ASSETS (continued)

		Fixtures and fittings
		£
	COST
	At 1 January 2025	898,296
	Additions	29,470
	Disposals	(5,614)
	At 31 December 2025	922,152
	Depreciation
	At 1 January 2025	859,762
	Charge for the year on owned assets	37,899
	Disposals	(5,614)
	At 31 December 2025	892,047
	Net book value
	At 31 December 2025	30,105
	At 31 December 2024	38,534

Page 22

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	FIXED ASSET INVESTMENTS
	Accounting Policy: Fixed asset investments Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2025	102
	At 31 December 2025	102

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Hart Fenton & Co Limited	Leytonstone House, 3 Hanbury Drive, London, England, E11 1GA	Ordinary	100%
	Seaspeed Marine Consultancy Limited	Leytonstone House, 3 Hanbury Drive, London, England, E11 1GA	Ordinary	100%

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.

DEBTORS

Accounting Policy: Debtors Short term debtors are measured at transaction price, less any impairment. The company only enters into basic financial instruments transactions that result in the recognition of financial assets like trade and other accounts receivable. Debt instruments that are receivable within one year, typically receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received. Critical Accounting Estimates and Judgements: Impairment of Debtors The management make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, factors including the credit rating of the debtor, the ageing profile of debtors and historical experience are considered. Critical Accounting Estimates and Judgements: Amounts Recoverable on Long Term Contracts The company recognises amounts recoverable on long term contracts based upon estimation of the outcome based on estimated stage of completion, future cost and collectability of billings.
	2025	2024
	£	£


Trade debtors	1,247,198	1,006,857
Amounts owed by group undertakings	6,213,356	6,293,357
Other debtors	804,715	342,225
Amounts recoverable on long-term contracts	488,821	886,631
	8,754,090	8,529,070

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Cash at bank and in hand	409,774	252,962

Security
The company's bankers hold fixed and floating charges over the assets of the company. The amount secured in connection with the sales finance agreement which is a balance of £1,752 (2024 - £Nil) and is included within other creditors.

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Trade creditors and deferred income	907,852	541,523
Amounts owed to group undertakings	325	325
Other taxation and social security	293,951	293,968
Other creditors	65,707	90,060
Accruals	304,137	245,490
	1,571,972	1,171,366

Allotted, called up and fully paid

103,285 (2024 - 103,285) Ordinary shares of £1.00 each	103,285	103,285

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HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.

RESERVES

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.

18.	PENSION COMMITMENTS

Accounting Policy: Defined Contribution Pension Plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.
Defined Contribution Pension Plan
The pension cost represents contributions payable by the company to the fund and amounted to £356,614 (2024 - £421,329). Contributions totalling £57,886 (2024 - £47,733) were payable to the fund at the balance sheet date.

Not later than 1 year	121,350	45,245
Later than 1 year and not later than 5 years	317,575	-
	438,925	45,245

20.	RELATED PARTY TRANSACTIONS
	Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 paragraph 33.1A. The group publishes consolidated accounts which are available from Companies House at https://www.gov.uk/government /organisations /companies-house.

Page 27

HOULDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	CONTROLLING PARTY

The company regards CC223 Limited as its ultimate controlling parent company. It is a Company incorporated in Great Britain, registered in England and Wales and registered address of Leytonstone House, 3 Hanbury Drive, London, England, E11 1GA.
The immediate parent undertaking is Houlder Engineering Group Limited, a Company incorporated in Great Britain, registered in England and Wales and the same registered address as CC223 Limited.
CC223 Limited is the smallest and largest group company whose consolidated financial statements include Houlder Limited.

Page 28