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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
COMPANY INFORMATION
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HOLBUD GROUP LIMITED
CONTENTS
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HOLBUD GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present the strategic report for the year ended 31 October 2025.
The principal activities of the group continued to be those of commercial brokerage of cargo ships, property development and property letting. During the year the principal activity of trading in commodities ceased, which resulted in the significant drop in group turnover.
The results for the current year reflect provisions against debtors which may be irrecoverable which along with challenging conditions in the commodity business resulted in a gross loss and a loss before tax.
The group have various property businesses which have performed well during the year. The focus of these businesses is developing to sell and/or to build long term value by maximising the potential of the property. The effect of rising interest rates on the London property market has led to properties being kept until conditions improve. The key financial highlights of the group are as follows:
The group was subject to changes in commodity prices, however the group sought to trade across a range of commodities thus reducing the risk.
The group’s principal financial instruments comprise bank balances, documentary advances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance operations. The associated liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility using overdraft facilities and documentary advances at floating rates of interest. The group also uses regular customers and regular suppliers to reduce risk however due to the number of customers and suppliers it is not reliant on any key customer or supplier to support its business. The group is aware of the effect of interest rate increases on current borrowings. The group is hopeful that these will start to reduce and so is managing loans on a short term basis until this happens. The currency risk is managed by buying and selling in the same currency.
As the Directors of Holbud Group Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders and in doing so must have regard to the following:
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HOLBUD GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
• the likely consequences of any decision in the long term,
• the interests of the group’s employees, • the need to foster the group’s business relationships with suppliers, customers and others, • the impact of the group’s operations on the community and the environment, • the desirability of the group maintaining a reputation for high standards of business conduct, and • the need to act fairly as between members of the group. During the year it was considered to be in the best interest of the group and its shareholders to cease operations in the commodity trading business. Our key stakeholders, and the ways in which we engage with them, are as follows: Employees Our business success is strongly linked to the skills of its employees and this is reflected in the high levels of service that we provide. To ensure that we maintain the high standards, retention and recruitment of our employees is critical and we therefore provide appropriate levels of training to support their development. The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees. Whilst an orderly exit from the commodity trading business will result in the need for redundancies these will be paid above the minimum levels. Customers and suppliers We are aware that the our customers and suppliers are an important part of our success. We have strong relationships with our customers and are in constant discussions with them to ensure that we understand their evolving needs and adapt our services accordingly. We have strong supplier partnerships which ensures that we are in constant communication and they are aware of our standards and requirements. In respect of the commodity trading business all suppliers have been paid in full and the company continues to work with its customers regarding collection of amounts outstanding. The suppliers and customers are able to sell and buy commodities from other providers in the market and so there should be no impact on them. Our conduct guarantees that we treat all suppliers and customers fairly and we ensure all performance obligations are met, if not exceeded. Standards of Business Conduct The group is committed to conduct business with the highest integrity and the compliance with the law and have standards in place which must be adhered to by everyone who represents the group. These standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the group's policies but also with laws and regulations applicable.
This report was approved by the board on 28 October 2026 and signed on its behalf.
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HOLBUD GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their report and the financial statements for the year ended 31 October 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.
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.
The loss for the year, after taxation, amounted to £41,737,621 (2024 - profit £2,941,650).
Dividends of $58,500,000 (£43,374,641) were paid during the year.
Post year end dividends of $31,500,000 (£23,264,325) were declared and paid.
The directors who served during the year were:
There are no future developments.
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HOLBUD GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The Group's annual emissions resulting from the purchase of electricity and gas by the business for its own use was 14,126 kg CO2e (2024 - 28,591 kg CO2e).
The total annual quantity of energy consumed from activities for which the Company is involved amounted to 79,643 KWh (2024 - 138,900 KWh).
The usage was calculated from third party billing information received in the year.
Tonnes of CO2e per £100m sales revenue amounted to 4.750 (2024 - 1.914).
Subsequent to the year end, dividends were declared and paid to shareholders on behalf of Holbud Group Limited of $31,500,000 (£23,264,325).
Subsequent to the year end, the company refinanced their loan of £4.6m in December 2025, replacing the loan facility that matured at the end of the financial year. In connection with the refinancing, the intercompany guarantees provided by fellow subsidiary undertakings under the previous facility were released and ceased to be in effect. The directors have determined that this is a non adjusting post balance sheet event.
Subsequent to the year end the business sold two of the units for an amount of £3,325,000, that the directors consider a non adjusting event given that the transaction exchanged contracts in December 2025 and March 2026. The fair value movement relating to this unit has been recognised in the balance sheet resulting in a corresponding charge to the P&L. This charge is a non cash item and the subsequent reduction in bank loan interest, operating costs and other impacts in terms of sales revenue will be recognised in the next financial year.
During the year Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on
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HOLBUD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED
We have audited the financial statements of Holbud Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We have been unable to obtain sufficient audit evidence regarding the valuation of trade debtors of £45,163,617. Whilst, after the year end, £13,478,341 of this amount has been recovered, amounts of £43,695,881 have been provided against trade debtors for debts that are doubtful. We have been unable to ascertain whether this bad debt provision should be increased or decreased. In addition, were any adjustment to trade debtor balance to be required, the strategic report would also need to be amended.
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.
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HOLBUD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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.
Except for the matter described in the basis for qualified opinion section of our report, 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.
Arising solely from the limitation on the scope of our work relating to trade debtors referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made
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HOLBUD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 laws and regulations, was as follows:
∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the Company through discussions with directors, 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 Company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;
∙We assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;
∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit;
∙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.
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HOLBUD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED (CONTINUED)
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙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; and
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
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 Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
Date:
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HOLBUD GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
REGISTERED NUMBER: 08743631
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
REGISTERED NUMBER: 08743631
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 40 form part of these financial statements.
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HOLBUD GROUP LIMITED
REGISTERED NUMBER: 08743631
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 40 form part of these financial statements.
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HOLBUD GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Holbud Group Limited ("the Company") is a private limited company incorporated in England and Wales. The registered office is 61 Charlotte Street, London, W1T 4PF.
The Group consists of Holbud Group Limited and all of its subsidiaries.
2.Accounting policies
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:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. 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 31 October 2016.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The Group has prepared the financial statements on a going concern basis.
During the year, the Group ceased its commodity trading activities. As a result, future revenues and cash flows will no longer be generated from this segment of the business. The Directors have considered the impact of the cessation of the commodity trading operations when assessing the appropriateness of the going concern basis of preparation. The Group continues to operate its property investment business, which remains active and generates ongoing income and cash flows. Having considered the Group's current financial position, available funding resources, expected cash flows from its property investment activities, and the absence of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern, the Directors have concluded that it is appropriate to prepare the financial statements on the going concern basis. Accordingly, the financial statements do not include any adjustments that would result from the Group being unable to continue as a going concern.
Functional and presentation currency
Transactions and balances
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
with ownership nor effective control over the goods sold; The Group generates rental income from investment properties let to third parties. Sales invoices are raised monthly in advance for services provided. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases.
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.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers or the directors. Revaluation gains and losses are recognised in the Consolidated statement of 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 profit or loss.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to
determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 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. Purchase invoices in respect of goods are recognised based on the date of the Bill of Lading when the significant risks and rewards of ownership are deemed to have been transferred.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Critical judgments in applying the entity's accounting policies To calculate whether stock is held at lower of cost and NRV, the directors have had to apply judgements regarding the future costs to develop the site and the expected sales values of each unit. Critical accounting estimates and assumptions Impairment of debtors The Group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers historical experience of the customers as well as the current relationships and ongoing trade with the relevant customers. See note 19 for the net carrying amount of the trade debtors. Investment property valuation The directors assess the market valuation of the investment property annually. Market valuation is based upon the directors knowledge and experience of the property market in which the company operates or on third party valuations if required. The directors annually assess whether the investment property is impaired. Impairment reviews consist of assessing a number of factors including impairment due to market conditions that may only be transient or factors that indicate permanent impairment. Impairment losses are recognised in the Statement of comprehensive income account.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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 profit after tax of the parent Company for the year was £
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
15.Tangible fixed assets (continued)
Cost or valuation at 31 October 2025 is as follows:
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Subsidiary undertakings (continued)
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Investment properties comprises freehold properties. The fair value of the investment property represents open market value calculated by the Directors arrived at after reviewing the most recent external professional valuations and market evidence of transaction prices for similar properties.
The 2025 valuations were made on an open market value on a fair value basis.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Revaluation reserve
Profit and loss account
The Company has given a guarantee to secure the borrowings of its subsidiary undertakings. The total amount secured at the year end was £1,805,000 (2024 - 4,750,000).
The Group operates a defined contributions 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 £252,414 (2024 - £124,355).
Group pension contributions outstanding at the balance sheet date amounted to £Nil (2024 - £Nil) and are included within other creditors.
During the year, advances and credits have been granted to the directors.
During the year, £12,461 (2024 - £102,400) was advanced to directors and £110,998 (2024 - £2,040) was repaid. At the year end, the directors owed the Company £298,921 (2024 - £397,458). Loans and advances are interest-free and repayable on demand.
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HOLBUD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Subsequent to the year end, dividends were declared and paid to shareholders on behalf of Holbud Group Limited of $31,500,000 (£23,264,325).
Subsequent to the year end, the company refinanced their loan of £4.6m in December 2025, replacing the loan facility that matured at the end of the financial year. In connection with the refinancing, the intercompany guarantees provided by fellow subsidiary undertakings under the previous facility were released and ceased to be in effect. The directors have determined that this is a non adjusting post balance sheet event. Subsequent to the year end the business sold two of the units for an amount of £3,325,000, that the directors consider a non adjusting event given that the transaction exchanged contracts in December 2025 and March 2026. The fair value movement relating to this unit has been recognised in the balance sheet resulting in a corresponding charge to the P&L. This charge is a non cash item and the subsequent reduction in bank loan interest, operating costs and other impacts in terms of sales revenue will be recognised in the next financial year.
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