ACCOUNTS - Final Accounts

Operating (loss)/profit

The operating profit is stated after charging/(crediting):

Registered number: 04702659

HAZLEMERE HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

HAZLEMERE HOLDINGS LIMITED

COMPANY INFORMATION

Directors	A Beale
	S Braham
	J Bradshaw
	R Braham-Hill


Registered number	04702659


Registered office	Wellington Road
	Cressex Industrial Estate
	High Wycombe
	Buckinghamshire
	HP12 3PR


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

HAZLEMERE HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated statement of financial position	11 - 12
Company statement of financial position	13 - 14
Consolidated statement of changes in equity	15 - 16
Company statement of changes in equity	17
Consolidated statement of cash flows	18 - 19
Consolidated analysis of net debt	20
Notes to the financial statements	21 - 43

HAZLEMERE HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2026

Introduction

The directors present their Group strategic report for the year ended 31 January 2026.

Principal activities

The principal activity of the group during the year continued to be that of the manufacture and installation of replacement windows and construction of conservatories.

Business review

The directors present the financial statements for the year ended 31 January 2026 which show a challenging year for the group. The group’s financial position remains very secure with strong net assets and liquidity.

The directors’ focus for the coming year is to attract more customers and ensure that the group continues to deliver top quality customer service.

Principal risks and uncertainties

The main risks arising for the group are -

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures.

Interest rate risk

The group is exposed to fair value interest rate risk on its variable rate borrowings. The group seeks to reduce this risk by keeping any borrowings to a minimum.

Page 1

HAZLEMERE HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2026

Financial key performance indicators

The directors monitor the progress of the group by reference to the following financial key performance indicators -

The group's turnover was £14,003,688 (2025 - £17,707,375).
The group's gross profit margin was 23.8% (2025 - 26.4%).
The group had net assets of £14,541,630 (2025 - £15,009,551).

Future developments

In 2026 the directors have continued to focus on developing the group's retail and commercial businesses. Future plans will include capital expenditure into all businesses in the group to promote growth.

This report was approved by the board on 21 October 2026 and signed on its behalf.

R Braham-Hill

Director

Page 2

HAZLEMERE HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JANUARY 2026

The directors present their report and the financial statements for the year ended 31 January 2026.

Directors' responsibilities statement

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

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

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

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

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

∙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.

Going concern assumption

The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the group and company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the group and company have adequate resources to continue to operate and meet obligations as they fall due for the foreseeable future and therefore use of the going concern assumption is appropriate.

Results and dividends

The loss for the year, after taxation, amounted to £517,366 (2025 - profit £316,410).

Dividends were declared and paid in the year of £Nil (2025 - £Nil).

Directors

The directors who served during the year were:

A Beale

S Braham

J Bradshaw

R Braham-Hill

Page 3

HAZLEMERE HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2026

Matters covered in the Group strategic report

The company has chosen, in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies and future developments, within the Group strategic report.

Disclosure of information to auditors

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

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

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

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

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

This report was approved by the board on 21 October 2026 and signed on its behalf.

R Braham-Hill

Director

Page 4

HAZLEMERE HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAZLEMERE HOLDINGS LIMITED

Opinion

We have audited the financial statements of Hazlemere Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2026 and of the Group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 5

HAZLEMERE HOLDINGS LIMITED

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Page 6

HAZLEMERE HOLDINGS LIMITED

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The Senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows:

i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable;

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and

∙As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.

Page 7

HAZLEMERE HOLDINGS LIMITED

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

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates and fair value adjustments were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

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

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

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.

Page 8

HAZLEMERE HOLDINGS LIMITED

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

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.

Simon Carr (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

27 October 2026

Page 9

HAZLEMERE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JANUARY 2026

	2026	2025
Note	£	£


Turnover	4	14,003,688	17,707,375
Cost of sales		(10,678,106)	(13,040,565)
Gross profit		3,325,582	4,666,810
Administrative expenses		(4,304,000)	(4,473,201)
Other operating income	5	420,161	418,081
Operating (loss)/profit	6	(558,257)	611,690
Income from participating interests		8,896	8,072
Interest receivable and similar income	10	53,975	39,778
Interest payable and similar expenses	11	(122,532)	(141,071)
(Loss)/profit before taxation		(617,918)	518,469
Tax on (loss)/profit	12	100,552	(202,059)
(Loss)/profit for the financial year		(517,366)	316,410


Unrealised surplus on revaluation of tangible fixed assets	49,445	52,047
Other comprehensive income for the year	49,445	52,047
Total comprehensive income for the year	(467,921)	368,457

The notes on pages 21 to 43 form part of these financial statements.

Page 10

HAZLEMERE HOLDINGS LIMITED

REGISTERED NUMBER: 04702659

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2026

		2026		2025
Note	£	£	£	£

Fixed assets
Tangible assets	13		7,279,053		7,694,832
Investments	14		79,472		84,472
Investment property	15		6,351,250		6,351,250
			13,709,775		14,130,554
Current assets
Stocks	16	191,468		221,917
Debtors	17	1,523,164		3,041,380
Cash at bank and in hand	18	3,499,430		2,174,650
		5,214,062		5,437,947
Creditors: amounts falling due within one year	19	(1,707,944)		(1,616,960)
Net current assets			3,506,118		3,820,987
Total assets less current liabilities			17,215,893		17,951,541
Creditors: amounts falling due after more than one year	20		(1,529,820)		(1,674,358)
Provisions for liabilities
Deferred taxation	23		(1,144,443)		(1,267,632)
Net assets			14,541,630		15,009,551

Capital and reserves
Called up share capital	24	324	324
Revaluation reserve	25	2,934,301	2,932,888
Investment property reserve	25	2,071,104	2,071,104
Other reserves	25	25	25
Profit and loss account	25	9,535,876	10,005,210
Equity attributable to owners of the Company		14,541,630	15,009,551
		14,541,630	15,009,551

Page 11

HAZLEMERE HOLDINGS LIMITED

REGISTERED NUMBER: 04702659

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JANUARY 2026

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 October 2026.

R Braham-Hill

Director

The notes on pages 21 to 43 form part of these financial statements.

Page 12

HAZLEMERE HOLDINGS LIMITED

REGISTERED NUMBER: 04702659

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2026

		2026		2025
Note	£	£	£	£

Fixed assets
Tangible assets	13		360,209		252,953
Investments	14		579,657		584,657
Investment property	15		7,750,000		7,750,000
			8,689,866		8,587,610
Current assets
Debtors	17	3,727,852		3,838,332
Cash at bank and in hand	18	308,501		139,231
		4,036,353		3,977,563
Creditors: amounts falling due within one year	19	(327,682)		(311,945)
Net current assets			3,708,671		3,665,618
Total assets less current liabilities			12,398,537		12,253,228

Creditors: amounts falling due after more than one year	20		(1,160,475)		(1,286,433)
Provisions for liabilities
Deferred taxation	23		(844,631)		(851,950)
Net assets			10,393,431		10,114,845

Capital and reserves
Called up share capital	24		324		324
Investment property reserve	25		2,854,828		2,854,828
Profit and loss account brought forward		7,259,693		4,144,931
Profit for the year		278,586		3,114,762
Profit and loss account carried forward	25		7,538,279		7,259,693
			10,393,431		10,114,845

Page 13

HAZLEMERE HOLDINGS LIMITED

REGISTERED NUMBER: 04702659

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JANUARY 2026

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 October 2026.

R Braham-Hill

Director

The notes on pages 21 to 43 form part of these financial statements.

Page 14


		HAZLEMERE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

	Called up share capital	Revaluation reserve	Investment property reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 February 2025	324	2,932,888	2,071,104	25	10,005,210	15,009,551
Comprehensive income for the year
Loss for the year	-	-	-	-	(517,366)	(517,366)
Unrealised surplus on revaluation of tangible fixed assets net of deferred tax	-	49,445	-	-	-	49,445
Transfer of excess depreciation on revalued assets	-	(48,032)	-	-	48,032	-
Total comprehensive income for the year	-	1,413	-	-	(469,334)	(467,921)
At 31 January 2026	324	2,934,301	2,071,104	25	9,535,876	14,541,630

The notes on pages 21 to 43 form part of these financial statements.

Page 15


		HAZLEMERE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2025

	Called up share capital	Revaluation reserve	Investment property reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 February 2024	324	2,928,873	2,071,104	25	9,640,768	14,641,094
Comprehensive income for the year
Profit for the year	-	-	-	-	316,410	316,410
Unrealised surplus on revaluation of tangible fixed assets net of deferred tax	-	52,047	-	-	-	52,047
Transfer of excess depreciation on revalued assets	-	(48,032)	-	-	48,032	-
Total comprehensive income for the year	-	4,015	-	-	364,442	368,457
At 31 January 2025	324	2,932,888	2,071,104	25	10,005,210	15,009,551

The notes on pages 21 to 43 form part of these financial statements.

Page 16

HAZLEMERE HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

	Called up share capital	Investment property reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 February 2024	324	2,854,828	4,144,931	7,000,083
Comprehensive income for the year
Profit for the year	-	-	3,114,762	3,114,762
Total comprehensive income for the year	-	-	3,114,762	3,114,762

At 1 February 2025	324	2,854,828	7,259,693	10,114,845
Comprehensive income for the year
Profit for the year	-	-	278,586	278,586
Total comprehensive income for the year	-	-	278,586	278,586
At 31 January 2026	324	2,854,828	7,538,279	10,393,431

The notes on pages 21 to 43 form part of these financial statements.

Page 17

HAZLEMERE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2026

			2026	2025
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(517,366)	316,410
Adjustments for:
Depreciation of tangible assets	522,658	555,382
Profit on disposal of tangible assets	(5,876)	(51,895)
Interest payable	122,532	141,071
Interest receivable	(53,975)	(39,778)
Taxation charge	(100,552)	202,059
Decrease in stocks	30,449	3,072
Decrease/(increase) in debtors	1,656,765	(966,430)
Increase/(decrease) in creditors	151,297	(272,841)
Corporation tax (paid)	(179,926)	(240,761)
Income from investment in related companies	(8,896)	(8,072)
Net cash generated from/(used in) operating activities	1,617,110	(361,783)

Cash flows from investing activities
Purchase of tangible fixed assets	(106,879)	(427,793)
Sale of tangible fixed assets	5,876	68,320
Interest received	53,975	39,778
Income from investments in related companies	8,896	8,072
Net cash from investing activities	(38,132)	(311,623)

Page 18

HAZLEMERE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2026

		2026	2025
		£	£


Cash flows from financing activities
Repayment of loans	(131,666)	(108,330)
Interest paid	(122,532)	(141,071)
Net cash used in financing activities	(254,198)	(249,401)
Net increase/(decrease) in cash and cash equivalents	1,324,780	(922,807)
Cash and cash equivalents at beginning of year	2,174,650	3,097,457
Cash and cash equivalents at the end of year	3,499,430	2,174,650

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,499,430	2,174,650
	3,499,430	2,174,650

The notes on pages 21 to 43 form part of these financial statements.

Page 19

HAZLEMERE HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JANUARY 2026


At 1 February 2025	Cash flows	At 31 January 2026
£	£	£

Cash at bank and in hand	2,174,650	1,324,780	3,499,430
Debt due after 1 year	(1,674,358)	144,538	(1,529,820)
Debt due within 1 year	(117,700)	(12,872)	(130,572)
	382,592	1,456,446	1,839,038

The notes on pages 21 to 43 form part of these financial statements.

Page 20

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1.	General information

Hazlemere Holdings Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Wellington Road, Cressex Industrial Estate, High Wycombe, Buckinghamshire, HP12 3PR.

The group specialises in the manufacture and installation of replacement windows and the construction of conservatories. The company is a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the group and company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the group and company have adequate resources to continue to operate and meet obligations as they fall due for the foreseeable future and therefore use of the going concern assumption is appropriate.

2.3

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.

Page 21

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.4

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.

Revenue on retail contracts is recognised on the date of supply and installation of the goods.

In respect of long-term contracts, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts is recognised by reference to the stage of completion of the contracts.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Consolidated statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

Page 22

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.6

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.

Depreciation is provided on the following basis:

Freehold property	-	3 - 7.5% straight line
Plant and machinery	-	20% straight line or reducing balance
Motor vehicles	-	20-33% straight line
Fixtures and fittings	-	20% straight line
Office equipment	-	33% 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 the Statement of comprehensive income.

2.7

Revaluation of tangible fixed assets

The leasehold property is carried at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.

Fair values are determined from market based evidence as per note 13.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.

2.8

Investment property

Investment properties are properties held to earn rent and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of the investment properties are included in the Statement of comprehensive income in the year in which they arise.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 23

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.10

Hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.11

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 first-in, first-out basis.

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 the Statement of comprehensive income.

2.12

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.

2.13

Cash and cash equivalents

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

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

2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 24

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.14

Financial instruments (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.15

Creditors

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.

2.16

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

2.17

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.18

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income 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.

2.19

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 25

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.20

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

2.21

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.

Page 26

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:

1. Determine whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic vitality and expected future financial performance of the asset.

2. Retentions are only recognised as revenue once monies have been received. Management are of the opinion that retentions do not meet the definition and recognition criteria of revenue as there is no unconditional right to receive funds, thereby reducing the probability of the funds being received, until such time as the final sign-off has been agreed with the client.

3. The directors have exercised judgement in determining the carrying value of properties classified as tangible fixed assets and investment properties. Valuations are based on market evidence and external valuations where applicable. Key judgements relate to the assessment of market conditions that drive changes in the value of the properties.

Other key sources of estimation uncertainty:

1. Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

2. Estimation is required in connection with the assessment of long-term contracts due to the nature of the work being undertaken. Whilst recognising this, the methods used by the group to assess the position of a contract at a point in time are robust and ensure that any such variances are insignificant and have no material effect on the reported results.

Turnover

The whole of the turnover is attributable to the manufacture and installation of replacement windows and construction of conservatories.

All turnover arose within the United Kingdom.

Page 27

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

5.	Other operating income
		2026	2025
		£	£


Net rent receivable	410,400	403,733
Government grants receivable	3,338	3,338
Sundry income	6,423	11,010
	420,161	418,081

Depreciation of tangible fixed assets	522,658	555,382
(Profit)/loss on sale of tangible assets	(5,876)	51,895
Operating lease rentals - plant and machinery	213,766	242,660
Operating lease rentals - building	333,787	305,665

7.	Auditors' remuneration
		2026	2025
		£	£


	Fees payable to the Group's auditor for the audit of the Group's annual financial statements and of its subsidiaries	30,325	29,605

Page 28

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Wages and salaries	3,527,766	3,742,320	8,277	120,000
Social security costs	438,554	355,220	1,491	15,558
Cost of defined contribution scheme	93,847	151,239	-	-
	4,060,167	4,248,779	9,768	135,558

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

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Administration and management	37	35	4	4
Production and installation	39	47	-	-
Commercial	24	25	-	-

	100	107	4	4

9.	Directors' remuneration
		2026	2025
		£	£


Directors' emoluments	375,877	407,411
Group contributions to defined contribution pension schemes	1,321	81,238
	377,198	488,649

During the year retirement benefits were accruing to 2 directors (2025 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £149,678 (2025 - £135,058).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2025 - £Nil).

Page 29

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

10.	Interest receivable
		2026	2025
		£	£

	Other interest receivable	53,975	39,778
		53,975	39,778

11.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	114,021	127,466
Other loan interest payable	7,024	13,605
Other interest payable	1,487	-
	122,532	141,071

Corporation tax
Current tax on profits for the year	-	196,991
Adjustments in respect of previous periods	(26,808)	(36,761)
	(26,808)	160,230

Total current tax	(26,808)	160,230

Deferred tax
Origination and reversal of timing differences	(73,744)	41,829
Total deferred tax	(73,744)	41,829


	Tax on (loss)/profit	(100,552)	202,059

Page 30

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

12.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(617,918)

518,469

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	(154,480)	129,617
Effects of:
Non-tax deductible cost	1,250	3,539
Capital allowances for the year differing to depreciation	79,054	102,337
Adjustment in respect of prior year	(26,808)	(36,762)
Other differences leading to an increase in the tax charge	432	3,328
Total tax charge for the year	(100,552)	202,059

Factors that may affect future tax charges

There are no other significant factors that may affect future tax charges.

Page 31

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

13.	Tangible fixed assets
	Group

	Land and buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 February 2025	7,425,130	1,026,042	834,451	1,818,971	2,247	11,106,841
Additions	13,061	44,274	16,785	30,794	1,965	106,879
Disposals	-	-	(31,707)	-	-	(31,707)
At 31 January 2026	7,438,191	1,070,316	819,529	1,849,765	4,212	11,182,013
Depreciation
At 1 February 2025	375,883	923,676	532,288	1,577,915	2,247	3,412,009
Charge for the year	232,872	42,234	165,489	81,217	846	522,658
Disposals	-	-	(31,707)	-	-	(31,707)
At 31 January 2026	608,755	965,910	666,070	1,659,132	3,093	3,902,960
Net book value
At 31 January 2026	6,829,436	104,406	153,459	190,633	1,119	7,279,053
At 31 January 2025	7,049,247	102,366	302,163	241,056	-	7,694,832

The net book value of land and buildings, included above, are as follows:

Long-term leasehold - £1,573,729 (2025 - £1,595,761).
Freehold property - £5,255,707 (2025 - £5,453,486).

Long term leasehold property and freehold property have been measured at fair value by the directors. Fair value was derived by a review of the market values of properties in the local area being of a similar type and condition.

Page 32

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


Cost	437,143	437,143
Accumulated depreciation	(437,143)	(405,441)
	-	31,702

	Company

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 February 2025	240,155	369,107	-	609,262
Additions	95,441	18,563	136,866	250,870
At 31 January 2026	335,596	387,670	136,866	860,132
Depreciation
At 1 February 2025	240,155	116,154	-	356,309
Charge for the year	9,892	124,444	9,278	143,614
At 31 January 2026	250,047	240,598	9,278	499,923
Net book value
At 31 January 2026	85,549	147,072	127,588	360,209
At 31 January 2025	-	252,953	-	252,953

Page 33

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

14.	Fixed asset investments
	Group

		Other investments
		£
	Cost and net book value
	At 1 February 2025	84,472
	Disposals	(5,000)
	At 31 January 2026	79,472

	Company

	Investments in subsidiary companies	Other investments	Total
	£	£	£
Cost
At 1 February 2025	500,185	84,472	584,657
Disposals	-	(5,000)	(5,000)
At 31 January 2026	500,185	79,472	579,657

Page 34

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

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

Hazlemere Window Company Limited	Wellington Road, Cressex Industrial Estate, High Wycombe, Buckinghamshire, HP12 3PR	Manufacture and installation of replacement windows and construction of conservatories	Ordinary	100%
Kingslake Holidays Limited	Wellington Road, Cressex Industrial Estate, High Wycombe, Buckinghamshire, HP12 3PR	Provision of holiday resort services	Ordinary	100%
*Hazlemere Management Services LLP	Wellington Road, Cressex Industrial Estate, High Wycombe, Buckinghamshire, HP12 3PR	Provision of outsourced human resource solutions	Ordinary	100%

* 50% of Hazlemere Management Services LLP is held by Hazlemere Windows Company Limited. All other investments are held directly by Hazlemere Holdings Limited.

All entities are incorporated in England and Wales.

Page 35

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

15.	Investment property
	Group

		Long-term leasehold investment property
		£
	Valuation
	At 1 February 2025	6,351,250
	At 31 January 2026	6,351,250

The investment properties have been recognised by the directors at their estimated fair values. Fair value was estimated by a review of the market value of properties in the local area being of a similar type and condition.

	Company

		Long-term leasehold investment property
		£
	Valuation
	At 1 February 2025	7,750,000
	At 31 January 2026	7,750,000

16.	Stocks
		Group	Group
		2026	2025
		£	£

Raw materials and consumables	167,429	202,690
Finished goods and goods for resale	24,039	19,227
	191,468	221,917

Page 36

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

17.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

Trade debtors	576,037	752,019	36,771	39,353
Amounts owed by group undertakings	-	-	3,621,021	3,740,313
Other debtors	187,163	94,049	26,474	19,883
Called up share capital not paid	75	75	75	75
Prepayments and accrued income	759,889	2,195,237	43,511	38,708
	1,523,164	3,041,380	3,727,852	3,838,332

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	3,499,430	2,174,650	308,501	139,231
	3,499,430	2,174,650	308,501	139,231

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Bank loans	130,572	117,700	110,554	101,758
Trade creditors	539,350	769,846	14,773	-
Amounts owed to group undertakings	-	-	121,706	118,953
Corporation tax	21,797	94,982	19,120	19,181
Other taxation and social security	510,193	118,045	1,110	5,177
Other creditors	238,132	253,408	53,225	59,892
Accruals and deferred income	267,900	262,979	7,194	6,984
	1,707,944	1,616,960	327,682	311,945

Bank loans are secured by a legal charge dated 3 March 2014 over the land and buildings of Kingslake Holidays Limited, the company's subsidiary, and in addition, there is a debenture dated 3 March 2014 over the assets of the same subsidiary.

Additional bank loans are secured by a legal charge dated 21 July 2023 over the land and buildings of Hazlemere Holdings Limited.

Page 37

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Bank loans	1,529,820	1,674,358	1,160,475	1,286,433
	1,529,820	1,674,358	1,160,475	1,286,433

Page 38

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Amounts falling due within one year
Bank loans	130,572	117,700	110,554	101,758
	130,572	117,700	110,554	101,758
Amounts falling due 1-2 years
Bank loans	140,019	125,823	118,827	108,820
	140,019	125,823	118,827	108,820
Amounts falling due 2-5 years
Bank loans	729,430	805,114	381,277	434,192
	729,430	805,114	381,277	434,192
Amounts falling due after more than 5 years
Bank loans	660,371	743,421	660,371	743,421
	660,371	743,421	660,371	743,421
	1,660,392	1,792,058	1,271,029	1,388,191

Bank loans are repayable by equal monthly installments of capital over a term of these loans ending in December 2029 and July 2033. The loans bear interest at variable rate of 1.96% above base rate and 2% above base rate respectively.

Page 39

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

22.	Financial instruments
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	763,200	846,068	3,684,266	3,799,549

	Financial liabilities
	Financial liabilities measured at amortised cost	2,437,820	2,815,312	1,460,733	1,567,036

Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors, and amounts owed by group undertakings.

Financial liabilities measured at amortised cost comprise trade and other creditors, bank loans, and amounts owed to group undertakings.

23.	Deferred taxation
	Group

		2026
		£

	At beginning of year	1,267,632
	Charged to the Statement of comprehensive income	(7,319)
	Credited to Other comprehensive income	(49,445)
	Utilised in year	(66,425)
	At end of year	1,144,443

Page 40

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

23.Deferred taxation (continued)

Company

		2026
		£

	At beginning of year	851,950
	Charged to the Statement of comprehensive income	(7,319)
	At end of year	844,631

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

Potential capital gains tax on fair value adjustment of properties	1,088,225	1,221,727	806,045	806,045
Accelerated capital allowances	56,218	45,905	38,586	45,905
	1,144,443	1,267,632	844,631	851,950

24.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

324 Ordinary shares of £1 each	324	324

Page 41

HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

25.

Reserves

Revaluation reserve

This is a non-distributable reserve related to the revaluation of land and buildings included in fixed tangible assets.

Investment property reserve

This reserve represents the non-distributable portion of the profit and loss reserve related to the fair value adjustment of investment property. This portion of reserves has been separately disclosed from distributable reserves for identification purposes only.

Other reserves

Other reserves represents the Ordinary shares of subsidiaries repurchased by the group and cancelled.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses. Reserves resulting from the fair value adjustment of investment property, which form part of the profit and loss of the company and group and are entitled to form part of this reserve, have been separately disclosed in the investment property revaluation reserve as these reserves are non-distributable. The remaining profit and loss reserve is distributable.

26.	Contingent liabilities

There is an unlimited cross guarantee in place with the bank in respect of the borrowings of the group and partnerships in which the company is a member. The maximum exposure of the group under this guarantee is limited to those partnership's outstanding loan amounts of £421,278 (2025 - £493,690).

27.	Leasing arrangements
	At 31 January 2026 the Group and the Company had future minimum lease receipts due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Not later than 1 year	376,388	403,733	376,025	403,733
Later than 1 year and not later than 5 years	533,537	859,925	540,227	859,925
Later than 5 years	-	50,000	-	50,000
	909,925	1,313,658	916,252	1,313,658

28.	Transactions with directors

During the year, the company advanced £Nil (2025 - £2,753) to the directors. At the year end, the directors owed £Nil (2025 - £5,058) to the company, which is interest-free and repayable on demand.

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HAZLEMERE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

29.

Related party transactions

The group and the company have taken advantage of the exemption allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.

During the year the company was charged rent of £230,000 (2025 - £230,000) on a property under common control. At the year end, included in other debtors is a balance owed by the property owners of £17,578 (2025 - £17,578).

Only directors are considered to be key management and therefore the remuneration of key management is as disclosed for directors.

30.	Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

31.	Controlling party

At the date of the approval of these financial statements, there is no ultimate controlling party.

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