ACCOUNTS - Final Accounts preparation

OPERATING PROFIT

The operating profit is stated after charging:

Registered number: 11542145

SARSEN GROUP HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

SARSEN GROUP HOLDINGS LIMITED

COMPANY INFORMATION

DIRECTORS	H S Smith
	M R Smith
	M J Dible


REGISTERED NUMBER	11542145


REGISTERED OFFICE	Stonebridge House
	Nursteed Road
	Devizes
	Wiltshire
	SN10 3DY


INDEPENDENT AUDITORS	Bishop Fleming Audit Limited
	Chartered Accountants & Statutory Auditors
	10 Temple Back
	Bristol
	BS1 6FL

SARSEN GROUP HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2
Directors' responsibilities statement	3
Independent auditors' report	4 - 7
Consolidated statement of comprehensive income	8
Consolidated statement of financial position	9
Company statement of financial position	10
Consolidated statement of changes in equity	11
Company statement of changes in equity	12
Consolidated statement of cash flows	13 - 14
Notes to the financial statements	15 - 37

SARSEN GROUP HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

INTRODUCTION

The directors present their strategic report for the year ended 31 December 2025.

BUSINESS REVIEW

The directors are pleased to announce a profit before tax of £833k (2024: £1,654k).

The directors believe that future years will show an increase in profitability. Revenue has shown growth in the year of 7%, up to £24,983,967 (2024: 23,321,458) representing a strong year of trading and the acquisition of Baked Tiled Limited on 21 February 2025.

Gross profit has also increased to £12,327,078 (2024: £10,594,295) with gross profit margins improving to 49% (2024: 47%).

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The directors seek to limit the effects of the financial performance of the Group by monitoring levels of exposure to financial risk as follows:

Credit Risk

The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. Measures are put in place to reduce the finance given to companies with below average credit ratings.

Liquidity risk

The Group actively monitors its liquidity position to ensure that the Group has sufficient available funds for its operations.

Interest rate risk

The Group has interest bearing assets and interest bearing liabilities. For significant amounts the Group fixes interest rates where possible to increase certainty over future cash flows.

FINANCIAL KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the Group's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

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

H S Smith

Director

Date: 29 September 2026

Page 1

SARSEN GROUP HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £373,063 (2024: £1,250,604).

Dividends totalling £1,386,312 (2024: £669,689) were paid during the year.

DIRECTORS

The Directors who served during the year were:

H S Smith

M R Smith

M J Dible

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

H S Smith

Director

Date: 29 September 2026

Stonebridge House

Nursteed Road

Devizes

Wiltshire

SN10 3DY

Page 2

SARSEN GROUP HOLDINGS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

SARSEN GROUP HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARSEN GROUP HOLDINGS LIMITED

OPINION

We have audited the financial statements of Sarsen Group Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended;

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

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

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

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.

Page 4

SARSEN GROUP HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARSEN GROUP HOLDINGS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' responsibilities statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

SARSEN GROUP HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARSEN GROUP HOLDINGS 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 Group financial statements.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:

∙the nature of the industry and sector, control environment and business performance;

∙results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities;

∙any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

∙identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

∙detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

∙the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included compliance with Health and Safety regulations; Company law; and tax and employment legislation.

Our procedures to respond to risks identified included the following:

∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙enquiring of management and those charged with governance concerning actual and potential litigation and claims;

∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks

Page 6

SARSEN GROUP HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARSEN GROUP HOLDINGS LIMITED (CONTINUED)

of material misstatement due to fraud;

∙reading minutes of meetings of those charged with governance; and

∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

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 directors, 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 directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Morrison FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming Audit Limited

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

29 September 2026

Page 7

SARSEN GROUP HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	24,983,967	23,321,458
Cost of sales		(12,656,889)	(12,367,163)
Gross profit		12,327,078	10,954,295
Administrative expenses		(11,672,936)	(9,298,218)
Operating profit	5	654,142	1,656,077
Interest receivable and similar income	9	10,858	22,844
Interest payable and similar expenses	10	(24,812)	(24,667)
Profit before taxation		640,188	1,654,254
Tax on profit	11	(267,125)	(403,650)
Profit for the financial year		373,063	1,250,604


Total comprehensive income for the year		373,063	1,250,604

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

The notes on pages 15 to 37 form part of these financial statements.

Page 8

SARSEN GROUP HOLDINGS LIMITED

REGISTERED NUMBER:11542145

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		504,767		228,148
Tangible assets	14		2,929,484		2,344,929
			3,434,251		2,573,077
Current assets
Stocks	16	4,796,611		2,910,060
Debtors: amounts falling due within one year	17	3,081,451		2,424,384
Cash at bank and in hand	18	514,879		1,888,447
		8,392,941		7,222,891
Creditors: amounts falling due within one year	19	(6,203,434)		(3,874,442)
Net current assets			2,189,507		3,348,449
Total assets less current liabilities			5,623,758		5,921,526
Creditors: amounts falling due after more than one year	20		(854,124)		(222,831)
Provisions for liabilities
Deferred taxation	23	(154,625)		(70,437)
			(154,625)		(70,437)
Net assets			4,615,009		5,628,258

Capital and reserves
Called up share capital	24	200	200
Merger reserve	25	1,200,300	1,200,300
Profit and loss account	25	3,414,509	4,427,758
		4,615,009	5,628,258

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

H S Smith

Director

Date: 29 September 2026

The notes on pages 15 to 37 form part of these financial statements.

Page 9

SARSEN GROUP HOLDINGS LIMITED

REGISTERED NUMBER:11542145

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		875,650		632,100
Investments	15		504,383		400,100
			1,380,033		1,032,200
Current assets
Debtors: amounts falling due within one year	17	414,960		111,267
Cash at bank and in hand	18	33,712		69,096
		448,672		180,363
Creditors: amounts falling due within one year	19	(888,966)		(378,191)
Net current liabilities			(440,294)		(197,828)
Creditors: amounts falling due after more than one year	20		(576,933)		-
Deferred taxation	23	(45,000)		-
			(45,000)		-
Net assets			317,806		834,372

Capital and reserves
Called up share capital	24		200		200
Profit and loss account brought forward		834,172		799,961
Profit for the year		869,746		703,900
Other changes in the profit and loss account		(1,386,312)		(669,689)
Profit and loss account carried forward			317,606		834,172
			317,806		834,372

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

H S Smith

Director

Date: 29 September 2026

The notes on pages 15 to 37 form part of these financial statements.

Page 10

		SARSEN GROUP HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Merger reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 January 2024	200	1,200,300	3,846,843	5,047,343	5,047,343

Profit for the year	-	-	1,250,604	1,250,604	1,250,604
Dividends	-	-	(669,689)	(669,689)	(669,689)

At 1 January 2025	200	1,200,300	4,427,758	5,628,258	5,628,258

Profit for the year	-	-	373,063	373,063	373,063
Dividends	-	-	(1,386,312)	(1,386,312)	(1,386,312)
At 31 December 2025	200	1,200,300	3,414,509	4,615,009	4,615,009

The notes on pages 15 to 37 form part of these financial statements.

Page 11

		SARSEN GROUP HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	200	799,961	800,161

Profit for the year	-	703,900	703,900
Dividends	-	(669,689)	(669,689)

At 1 January 2025	200	834,172	834,372

Profit for the year	-	869,746	869,746
Dividends	-	(1,386,312)	(1,386,312)
At 31 December 2025	200	317,606	317,806

The notes on pages 15 to 37 form part of these financial statements.

Page 12

SARSEN GROUP HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	373,063	1,250,604
Adjustments for:
Amortisation of intangible assets	300,183	128,197
Depreciation of tangible assets	701,195	583,337
Loss on disposal of tangible assets	(2,773)	(12,203)
Interest paid	24,812	24,667
Interest received	(10,858)	(22,844)
Taxation charge	267,125	403,650
(Increase) in stocks	(1,886,551)	(105,552)
(Increase) in debtors	(657,067)	(547,024)
Increase/(decrease) in creditors	2,271,912	(47,464)
Corporation tax (paid)	(320,064)	(470,189)
Net cash generated from operating activities	1,060,977	1,185,179

Cash flows from investing activities
Purchase of intangible fixed assets	(576,802)	-
Purchase of tangible fixed assets	(1,415,300)	(742,094)
Sale of tangible fixed assets	132,323	47,083
Cash acquired on acquisition of Baked Tiles	67,415	-
Purchase of Baked Tiles	(104,283)	-
Interest received	10,858	22,844
HP interest paid	(24,812)	(24,667)
Net cash from investing activities	(1,910,601)	(696,834)

Page 13

SARSEN GROUP HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
New secured loans	800,000	-
Repayment of loans	(76,961)	-
New finance leases	139,329	(83,876)
Dividends paid	(1,386,312)	(669,689)
Net cash used in financing activities	(523,944)	(753,565)
Net (decrease) in cash and cash equivalents	(1,373,568)	(265,220)
Cash and cash equivalents at beginning of year	1,888,447	2,153,667
Cash and cash equivalents at the end of year	514,879	1,888,447

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	514,879	1,888,447
	514,879	1,888,447

Page 14

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

Sarsen Group Holdings Limited is a limited liability company registered in England and Wales. Its registered office is Stonebridge House, Nursteed Road, Devizes, SN10 3DY.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2018.

2.3

GOING CONCERN

The directors have prepared forecasts and cash flow projections covering a period of at least twelve months from the date of approval of the financial statements. These forecasts indicate that the Group may require access to additional funding in certain circumstances.

The directors expect that financial support, if required, will be available from the Group's shareholders and from external funding providers. This expectation is based on discussions with those parties, the Group's historical access to funding and the directors' assessment of the availability of such support.

Having considered the forecasts, available funding facilities and the expected availability of further financial support, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Page 15

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.6

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.12

INTANGIBLE ASSETS

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 the Group's share 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 Consolidated statement of comprehensive income over its useful economic life.

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.

Amortisation of an intangible asset begins when the relevant asset becomes available for use.

The estimated useful lives range as follows:

				Goodwill	-		10% straight-line
				Other intangible fixed assets	-		33% straight-line

Page 18

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	1%	straight-line
Short-term leasehold property	-	25%	straight-line
Plant and machinery	-	20%	straight-line
Motor vehicles	-	20%	straight-line
Fixtures and fittings	-	20%	to 33% straight-line
Office equipment	-	20%	straight-line
Computer equipment	-	20%	straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 19

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.18

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the

Page 20

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.20

FINANCIAL INSTRUMENTS (CONTINUED)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.21

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The items in the financial statements where these judgements have been made include:

Stock Provision

Stock is valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast customer demand, the economic environment and stock loss trends.

TURNOVER

The whole of the turnover is attributable to the principal activity of the group.

All turnover arose within the United Kingdom.

	Depreciation on tangible fixed assets	664,941	583,337
	Other operating lease rentals	184,402	201,643

Page 21

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements

23,000

19,500

7.	EMPLOYEES
	Staff costs, including Directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	5,508,163	4,521,678
Social security costs	650,554	480,725
Cost of defined contribution scheme	166,954	112,009
	6,325,671	5,114,412

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Sales	58	49
Central	30	23
Marketing	10	6
Purchasing	4	6
Samples	7	5
Warehouse	16	15

	125	104

The Company has no employees other than the Directors, who did not receive any remuneration (2024: £NIL)

Page 22

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

Directors' emoluments	27,014	22,327
	27,014	22,327

During the year pension contributions were accruing to no directors (2023: Nil) in respect of defined contribution pension schemes.

9.	INTEREST RECEIVABLE
		2025	2024
		£	£

	Other interest receivable	10,858	22,844
		10,858	22,844

10.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2025	2024
		£	£

	Finance leases and hire purchase contracts	24,812	24,667
		24,812	24,667

Page 23

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CORPORATION TAX
Current tax on profits for the year	180,835	454,404
Adjustments in respect of previous periods	2,102	(12,511)
	182,937	441,893

TOTAL CURRENT TAX	182,937	441,893

DEFERRED TAX
Origination and reversal of timing differences	84,175	(40,515)
Changes to tax rates	13	2,272
TOTAL DEFERRED TAX	84,188	(38,243)


		267,125	403,650

Profit on ordinary activities before tax

640,188

1,654,254

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	160,047	413,564
EFFECTS OF:
Fixed asset differences	1,909	2,704
Expenses not deductible for tax purposes	32,723	806
Income not taxable for tax purposes	(49,838)	-
Group Relief	151,906	-
Adjustments to tax charge in respect of prior periods	2,102	(12,511)
Remeasurement of deferred tax for changes in tax rates	13	2,272
Other timing differences leading to an increase (decrease) in the tax charge	(31,737)	(2,115)
Marginal relief	-	(1,070)
TOTAL TAX CHARGE FOR THE YEAR	267,125	403,650

Page 24

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.TAXATION (CONTINUED)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

12.	DIVIDENDS
		2025	2024
		£	£

	Dividends paid	1,386,312	669,689
		1,386,312	669,689

13.	INTANGIBLE ASSETS
	Group

	Website	Goodwill	Negative goodwill	Total
	£	£	£	£
COST
At 1 January 2025	382,230	1,807,869	(648,933)	1,541,166
Additions	54,646	343,921	-	398,567
On acquisition of subsidiaries	14,326	163,909	-	178,235
At 31 December 2025	451,202	2,315,699	(648,933)	2,117,968
AMORTISATION
At 1 January 2025	159,262	1,802,689	(648,933)	1,313,018
Charge for the year	137,450	46,669	-	184,119
On acquisition of subsidiaries	4,059	112,005	-	116,064
At 31 December 2025	300,771	1,961,363	(648,933)	1,613,201
NET BOOK VALUE
At 31 December 2025	150,431	354,336	-	504,767
At 31 December 2024	222,968	5,180	-	228,148

Page 25

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.INTANGIBLE ASSETS (CONTINUED)

Consolidated negative goodwill with a net book value of £(648,933) arose upon acquisition of Ca'pietra Group Limited in a share for share exchange. This negative goodwill has been re-assessed based upon the requirements of FRS102 and has been fully amortised over a three year period.

In the year, goodwill of £343,921 was generated on the purchase of Baked Tiles Limited, further details of this transaction are contained within note 26.

Page 26

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	TANGIBLE FIXED ASSETS
	Group

	Long-term leasehold property	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
COST OR VALUATION
At 1 January 2025	645,000	138,170	732,697	1,330,074	1,832,806
Additions	250,000	-	18,420	346,995	740,675
Acquisition of subsidiary	-	7,800	3,351	-	4,027
Disposals	-	-	-	(210,115)	-
At 31 December 2025	895,000	145,970	754,468	1,466,954	2,577,508
DEPRECIATION
At 1 January 2025	12,900	138,170	326,612	647,257	1,208,879
Charge for the year	6,450	780	66,050	251,796	337,655
Disposals	-	-	-	(80,565)	-
Acquisition of subsidiary	1,219	-	965	-	663
At 31 December 2025	20,569	138,950	393,627	818,488	1,547,197
NET BOOK VALUE
At 31 December 2025	874,431	7,020	360,841	648,466	1,030,311
At 31 December 2024	632,100	-	406,085	682,817	623,927

Page 27

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.TANGIBLE FIXED ASSETS (CONTINUED)

	Office equipment	Computer equipment	Total
	£	£	£
COST OR VALUATION
At 1 January 2025	-	-	4,678,747
Additions	490	4,027	1,360,607
Acquisition of subsidiary	35,439	4,076	54,693
Disposals	-	-	(210,115)
At 31 December 2025	35,929	8,103	5,883,932
DEPRECIATION
At 1 January 2025	-	-	2,333,818
Charge for the year	988	1,222	664,941
Disposals	-	-	(80,565)
Acquisition of subsidiary	30,986	2,421	36,254
At 31 December 2025	31,974	3,643	2,954,448
NET BOOK VALUE
At 31 December 2025	3,955	4,460	2,929,484
At 31 December 2024	-	-	2,344,929

Page 28

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Motor vehicles	313,401	140,155
Furniture, fittings and equipment	184,867	208,467
	498,268	348,622

	Company

		Long-term leasehold property
		£
	COST OR VALUATION
	At 1 January 2025	645,000
	Additions	250,000
	At 31 December 2025	895,000
	DEPRECIATION
	At 1 January 2025	12,900
	Charge for the year	6,450
	At 31 December 2025	19,350
	NET BOOK VALUE
	At 31 December 2025	875,650
	At 31 December 2024	632,100

Page 29

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2025	400,100
	Additions	104,283
	At 31 December 2025	504,383

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

	Ca'pietra Group Limited (formerly Sarsen Stone Group Limited)	Stonebridge House, Nursteed Road, Devizes, Wiltshire, SN10 3DY	Ordinary	100%
	Baked Tiles Limited* (formerly Edit Home and Design Ltd)	Stonebridge House, Nursteed Road, Devizes, Wiltshire, SN10 3DY	Ordinary	100%

On 25 May 2025 an entity within the Group changed its name to Ca'pietra Group Limited from Sarsen Stone Group Limited.

On 21 February 2025 Sarsen Group Holdings Limited acquired 100% of the share capital of Edit Home and Design Ltd. Later on 13 March 2025 the entity changed its name to Baked Tiles Limited from Edit Home and Design Ltd.

Baked Tiles Limited, a UK registered subsidiaries has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the period ended 31 December 2025. The Company will guarantee the debts and liabilities of this at the balance sheet date in accordance with section 479C of the Companies Act 2006. The Company has assessed the probability of loss under guarantee to be remote.

Page 30

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	STOCKS
		Group	Group
		2025	2024
		£	£

Finished goods and goods for resale	4,796,611	2,910,060
	4,796,611	2,910,060

17.

DEBTORS

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,860,136	1,088,687	-	-
Amounts owed by group undertakings	-	-	291,424	-
Other debtors	229,906	607,167	123,536	102,453
Prepayments and accrued income	991,409	728,530	-	8,814
	3,081,451	2,424,384	414,960	111,267

Amounts owed by group undertakings are interest-free and repayable on demand.

18.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	514,879	1,888,447	33,712	69,096
	514,879	1,888,447	33,712	69,096

Page 31

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	146,106	-	146,106	-
Trade creditors	3,181,011	1,593,649	-	-
Amounts owed to group undertakings	-	-	-	26,435
Corporation tax	38,949	212,944	38,949	12,270
Other taxation and social security	411,263	316,136	-	-
Obligations under finance lease and hire purchase contracts	161,820	76,851	-	-
Other creditors	608,596	167,679	453,911	89,486
Accruals and deferred income	1,405,689	1,257,183	-	-
Share capital treated as debt	250,000	250,000	250,000	250,000
	6,203,434	3,874,442	888,966	378,191

Share capital treated as debt comprise shareholder loan notes. There is no interest payable on the amounts and there are no set repayment terms.

Amounts owed to group undertakings are interest-free and repayable on demand.

20.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	576,933	-	576,933	-
Net obligations under finance leases and hire purchase contracts	277,191	222,831	-	-
	854,124	222,831	576,933	-

Page 32

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	LOANS

		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans	146,106	-	146,106	-
AMOUNTS FALLING DUE 1-2 YEARS
Bank loans	154,321	-	154,321	-
AMOUNTS FALLING DUE 2-5 YEARS
Bank loans	422,612	-	422,612	-

	723,039	-	723,039	-

22.	HIRE PURCHASE AND FINANCE LEASES
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	161,820	76,851
Between 1-5 years	277,191	222,831
	439,011	299,682

23.	DEFERRED TAXATION
	Group

		2025
		£

	At beginning of year	(70,437)
	Charged to profit or loss	(84,188)
	AT END OF YEAR	(154,625)

Page 33

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.DEFERRED TAXATION (CONTINUED)

Company

		2025
		£

	Charged to profit or loss	(45,000)
	AT END OF YEAR	(45,000)

The provision for deferred taxation is made up as follows:
	Group	Group	Company
	2025	2024	2025
	£	£	£

Fixed asset timing differences	(114,558)	(74,185)	-
Short term timing differences	4,933	3,748	-
Capital Gains	(45,000)	-	(45,000)
	(154,625)	(70,437)	(45,000)

ALLOTTED, CALLED UP AND FULLY PAID

313 (2024: 313) A shares of £0.01 each	3	3
312 (2024: 313) B shares of £0.01 each	3	3
1,705 (2024: 1,705) C shares of £0.01 each	17	17
1,704 (2024: 1,704) D shares of £0.01 each	17	17
1,705 (2024: 1,705) E shares of £0.01 each	17	17
1,704 (2024: 1,704) F shares of £0.01 each	17	17
1,279 (2024: 1,279) G shares of £0.01 each	13	13
1,278 (2024: 1,278) H shares of £0.01 each	13	13
100 (2024: 100) P shares of £1.00 each	100	100

	200	200

	2025	2024
	£	£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID

250,000 (2024: 250,000) Redeemable Preference shares of £1.00 each	250,000	250,000

Page 34

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.

RESERVES

Merger Reserve

This includes any differences between the nominal value of shares issued during a share for share exchange and the fair value of the assets transferred.

Profit and loss account

This includes all current period retained profits and losses.

26.	BUSINESS COMBINATIONS

ACQUISITION OF BAKED TILES LIMITED
RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
	Book value	Fair value adjustments	Fair value
	£	£	£


Fixed assets	80,610	-	80,610
	80,610	-	80,610
CURRENT ASSETS
Stocks	197,331	-	197,331
Debtors	24,792	-	24,792
Cash at bank and in hand	67,415	-	67,415
TOTAL ASSETS	370,148	-	370,148
CREDITORS
Due within one year	(609,786)	-	(609,786)
TOTAL IDENTIFIABLE NET LIABILITIES	(239,638)	-	(239,638)


	Goodwill	343,921
	TOTAL PURCHASE CONSIDERATION	104,283

Page 35

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.BUSINESS COMBINATIONS (CONTINUED)

	CONSIDERATION
					£


	Cash	58,752
	Directly attributable costs	45,531
	TOTAL PURCHASE CONSIDERATION	104,283

	The results of Baked Tiles Limited since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	1,735,860
	(Loss) for the period since acquisition	(194,053)

27.	CAPITAL COMMITMENTS
	At 31 December 2025 the Group and Company had capital commitments as follows:
		Group	Group
		2025	2024
		£	£

	Motor Vehicles	-	167,352
		-	167,352

28.	PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £166,954 (2024: £206,588). At the year end there were outstanding contributions of £19,355 (2024: £14,994).

Page 36

SARSEN GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.	COMMITMENTS UNDER OPERATING LEASES
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	184,402	193,663
Later than 1 year and not later than 5 years	331,315	518,518
	515,717	712,181

30.	RELATED PARTY TRANSACTIONS
	All related party transactions are on normal commercial rates and terms. The Group has taken advantage of the exemption available under the requirements of Section 33.1a Related Party Disclosures in not providing details of any transactions which have been eliminated on consolidation. Related party transactions and balances are as follows:

		2025	2024
		£	£

	Owed to Directors of the Group	(414,701)	(89,486)
	Owed from Directors of the Group	92,363	64,453

31.	POST BALANCE SHEET EVENTS

On 2 April 2026 Sarsen Group Holdings Limited transferred all 10,000 of the ordinary shares of Ca'pietra Group Limited to Sarsen Brands Limited.

On 20 May 2026 Sarsen Group Holdings Limited transferred all 1,300 of the ordinary shares of Baked Tiles Limited to Sarsen Brands Limited.

32.	CONTROLLING PARTY

There is no ultimate controlling party.

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