Company registration number 11537649 (England and Wales)
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
COMPANY INFORMATION
Directors
Mr M Murray
Ms A Moskowa-Stachowicz
Mr B Nolan
Company number
11537649
Registered office
1 Bickenhall Mansions
Bickenhall Street
London
W1U 6BP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
Bottle Works
The Bars
Guildford
GU1 4LP
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

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

Review of the business

Trading conditions in the early part of the year were not as favourable as in previous years, the results for the year reflect this. The second part of the year has seen better trading conditions, with a good pipe line of won projects that will give a strong start to the year ending 31 May 2026. Despite the reduced performance the directors are pleased with the company’s year-end position.

|  | 202 5 |  |  | 202 4 | 202 3
Turnover (£m) |  | 20.86 |  |  | 37.45 | 38.65
Profit before taxation (£m) |  | 0.77 |  |  | 4.04 | 2.55
Profit before tax margin (%) |  | 3.69% |  |  | 10.80% | 6.59%

Cash management remained a key focus with both quick and current ratios staying above 1. A n umber of procedures were introduced to improve debt collection resulting in the company debtor days decreasing by 42% to 18 days. Creditors days remained high due to the timing of the year end suppliers payment run, which was paid in early June.

|  | 202 5 |  |  | 202 4 | 202 3
Quick ratio |  | 1.09 |  |  | 1.42 | 1.28
Current ratio |  | 1.12 |  |  | 1.45 | 1.31
Debtor days |  | 18 |  |  | 31 | 46
Creditors days |  | 41 |  |  | 37 | 52

The company had cash outflow of £0.2 m (202 4: inflow of £2.3 m) from operating activities during the year. The company has paid dividends of £2.4m (2024: £2.0m) and spent £0.5m (2024: £Nil) on tangible fixed assets during the year and had cash at bank at the reporting date of £2.9 m (202 4: £5.9 m).

The directors are satisfied with these results.

RIDDOR Reportable incidents |  | 202 5 |  |  | 202 4 | 202 3
Employees |  | 0 |  |  | 0 | 0
Subcontractors |  | 0 |  |  | 0 | 0
Third party |  | 0 |  |  | 0 | 1

Our success and positive market reputation is built on our core business values of delighting clients, having a happy team and reaching our financial objectives. This has allowed us to further invest in the business during the year by attracting and retaining ‘best in class’ talent, and development of our business systems.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Principal risks and uncertainties

Operating and Market risk

The company operates in a sector that is linked to the health of the wider economy. In particular, its performance depends predominantly on commercial property development throughout the country. A slowdown in this activity would have an impact on the company. However, even in a suppressed property market, the expansion and contraction of individual UK businesses creates potential opportunities for the company. The company's historic and future success has and will come from working to meet the goals and objectives of our clients. The company is constantly seeking to widen the number and range of new clients it works for to reduce its exposure to any one individual client or sector in the future.

Personnel risk

The company's continued success is dependent upon the skill and experience of its employees in maintaining existing clients, and winning and delivering key contracts. The company places great emphasis on the provision of support, training and welfare to its staff in order to maintain motivation, career satisfaction and loyalty.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. Cash flow is monitored at an individual project level. In the event that the operating cash flows would not cover all the financial obligations, this would be forecasted, and the company would arrange credit facilities.

Customer credit exposure

The company is at risk to the extent that a customer may be unable to pay amounts owed to the Company. This risk is managed by the policies and procedures in place both pre and post contract as well as the strong on-going customer relationships.

Section 172(1) statement

This statement sets out how the Company compl ies with the requirements of Section 172 Companies Act 2006, by considering the Company’s purpose and values together with its strategic priorities. The Company has a detailed process in place for decision making by the Board.

The Directors delegate authority for all day-to-day management of the Company's affairs to the Management Team, they are committed to maintaining constructive dialogue with the directors and shareholders, engaging regularly to understand their perspectives and ensure these are considered during decision making.

The Directors' primary responsibility is to promote the long-term success of the Company by creating and delivering sustainable shareholder value as well as contributing to wider society. The directors, along with key personnel, annually review the budget and monitor the implementation throughout the year using detailed reports on operating and financial performance. There are considerations to external factors such as the economic, political and market conditions. They take the reputation of the Company seriously which is not limited to operating and financial performance and has committed to d iversity and i nclusivity across its workforce.

Impact Report

The company's parent has prepared an Impact Report that covers various aspects of the group's business including key figures in the group's people and main initiatives, its impact on the planet and steps to minimise that impact, corporate governance and how the group support and work with communities and charitable organisations. The complete Impact Report will be made available on the group’s website in due course.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
Other performance indicators

The company reviews a range of financial and non-financial KPI on a regular basis covering the whole customer lifecycle: from activity based around business development, sales, design, programme management, through to client feedback gained through both delivery stage and post occupancy surveys. Real time information on project level cash flow and profitability is monitored constantly against pre-determined benchmarks to allow management the tools required to manage the business effectively and deliver substantial shareholder value.

Team members are reviewed regularly against measures for aptitude as well as attitude, as determined by line managers. These measures have been designed to support the core values of the company.

Oktra South has successfully been recertified to ISO 14001: 2015, ISO 50001:2018, ISO 9001: 2015 and ISO 45001: 2018 standards.

ISO 14001: Oktra South applies ISO 14001 to manage our environmental responsibilities across all projects and operations systematically. This standard enables us to reduce our environmental impact, comply with regulations, and continually improve our sustainability performance.

ISO 50001: This standard supports Oktra South’s approach to managing and improving energy performance through a structured energy management system. It enables us to increase energy efficiency, lower costs, and reduce greenhouse gas emissions as part of our environmental commitments.

ISO 9001: At Oktra South, ISO 9001 supports our commitment to delivering high-quality projects that meet client expectations and drive satisfaction. It promotes a process-based approach, continuous improvement, and strong leadership throughout our operations.

ISO 45001: Oktra South uses ISO 45001 to maintain a safe and healthy working environment across all our sites. This standard helps us prevent work-related injuries and illnesses through a robust occupational health and safety management system.

Oktra South recognises its duties under the Health and Safety at Work Act 1974 and its stated policy of providing safe conditions of work for all employees, self-employed individuals and subcontractors.

The directors would like to thank all members of the Oktra South team for their hard work, loyalty, dedication and energy during 202 4-2 5.

On behalf of the board

Mr M Murray
Director
1 September 2025
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activities of the company in the year under review were those of work place design and consultancy, fitting out offices and retailing office furniture.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Murray
Ms A Moskowa-Stachowicz
Mr B Nolan
Dividends

The total dividends paid for the year ended 31 May 20 2 5 were £2,440,947 (2024: £1,953,136).

Financial risk management

Our investment in our bespoke business software allows the management team to constantly monitor the debtors and creditors to ensure that payment terms are adhered to. Dun and Bradstreet Credit reports are carried out on all potential clients to reduce the risk of bad debts. Major projects are undertaken through JCT (industry standard) contracts with fixed payment terms or regular valuations. Accrued and deferred income within the final accounts will be related to these signed contract terms and conditions. Creditors provisions in the year end accounts also reflect the cost of sales against the accrued income from JCT contracts.

Engagement with suppliers and customers

We pride ourselves with having strong supplier relationships which allows us to price competitively and also enables the company to agree supplier payment terms in line with client payment terms, so cashflow risk is mitigated. Our Supplier Code of Conduct reflects the company's ongoing focus on delivering operational resilience and meeting our Environmental, Social and Governance objectives, as well as improving performance throughout the supply chain

Delighting customers is one of our main business values. Client satisfaction and retention are key factors of our success and positive market reputation. This is achieved through building close relationship with clients from the very beginning of the project, where client needs and requirements are put at the very centre of our solution.

Increased levels of inflation

The company's projects typically run for 3 to 4 months which significantly reduces the entity's exposure to the risks associated with inflation. Normally on projects procurement is done at the beginning of the work, which mitigates the inflation risk.

Future developments

Although we still expect healthy competition in 2025-26 we are optimistic about the sector and our opportunities. As a result of the continued inward investment, focus on our clients’ business outcomes, staff retention and attraction of best talent we believe the business is well placed for another successful trading year.

We have a very clear, 5 year strategic plan for the group, which will guide and drive the business growth. This will be achieved through expansion of our ever growing, loyal client base as well as other innovative business activities.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The company's forecasts show that it will be profitable over the next 12 months, the company has no external debt. The directors are confident, following a review of the company's cash flow projections over the next twelve months that the company has sufficient resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the company's financial statements.

On behalf of the board
Mr M Murray
Director
1 September 2025
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
- 6 -
Opinion

We have audited the financial statements of Oktra South Limited (Formerly Oktra Regions Limited) (the 'company') for the year ended 31 May 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

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

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
- 8 -

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
- 9 -

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 for no purpose other than to draw to the attention of t he company's members those matters which we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company's members as a body, for our work, for this report, or for the opinions we have formed.

Guy Richardson (Senior Statutory Auditor)
For and on behalf of Moore Kingston Smith LLP, Statutory Auditor
1 September 2025
6th Floor
9 Appold Street
London
EC2A 2AP
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
20,855,102
37,449,516
Cost of sales
(14,057,551)
(26,205,556)
Gross profit
6,797,551
11,243,960
Direct costs
(3,193,871)
(3,940,637)
Administrative expenses
(2,925,247)
(3,443,766)
Operating profit
4
678,433
3,859,557
Interest receivable and similar income
8
115,320
183,224
Interest payable and similar expenses
9
(23,593)
-
0
Profit before taxation
770,160
4,042,781
Tax on profit
10
(168,968)
(1,023,000)
Profit for the financial year
601,192
3,019,781

The income statement has been prepared on the basis that all operations are continuing operations.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
31 May 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
436,416
19,985
Current assets
Stocks
13
118,886
231,147
Debtors
14
1,896,088
5,662,822
Cash at bank and in hand
2,915,099
5,897,816
4,930,073
11,791,785
Creditors: amounts falling due within one year
15
(4,396,642)
(8,141,318)
Net current assets
533,431
3,650,467
Total assets less current liabilities
969,847
3,670,452
Provisions for liabilities
16
(89,381)
(5,648)
Deferred income
(246,368)
(1,190,951)
Net assets
634,098
2,473,853
Capital and reserves
Called up share capital
20
106
106
Share premium account
32,800
32,800
Profit and loss reserves
601,192
2,440,947
Shareholders' funds
634,098
2,473,853
The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
Mr M Murray
Director
Company Registration No. 11537649
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2023
106
32,800
1,374,302
1,407,208
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
3,019,781
3,019,781
Dividends
11
-
-
(1,953,136)
(1,953,136)
Balance at 31 May 2024
106
32,800
2,440,947
2,473,853
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
601,192
601,192
Dividends
11
-
-
(2,440,947)
(2,440,947)
Balance at 31 May 2025
106
32,800
601,192
634,098
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
1
Accounting policies
Company information

Oktra South Limited (Formerly Oktra Regions Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bickenhall Mansions, Bickenhall Street, London, W1U 6BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of exemptions available to subsidiaries whose results are consolidated into publicly available financial statements. As such, the company will not produce a cash flow statement.

1.2
Going concern

The true company's forecasts show that it will be profitable over the next 12 months, the company has no external debt. The directors are confident, following a review of the company's cash flow projections over the next twelve months that the company has sufficient resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the company's financial statements.

1.3
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period and derives from the provision of goods and services falling within the company's ordinary activities.

In respect of services where a project has only been partially completed at the reporting date, turnover represents the value of those services provided to date based on the proportion of the total expected consideration at completion. Where amounts are invoiced in advance of services provided, such amounts are recorded as deferred income. Similarly, where services are invoiced in arrears, such amounts are recorded as accrued income and included within debtors falling due within one year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Retentions are invoiced in two stages, 50% at the time of practical completion of the project and 50% at the end of the defect period. However, income from Retentions is recognised based on the stage of completion of works completed.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
33.33% per annum straight line basis
Office equipment
20% per annum straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Work in progress and long-term contracts

Work in progress is valued at the lower of cost and net realisable value.

Long term contracts are assessed on a contract by contract basis and reflected in the income statement by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which turnover exceeds payments on account is classified as accrued income and included in debtors; to the extent that payments on account exceed relevant turnover and work in progress balances, the excess is included as deferred income. The amount of work in progress at cost net of amounts transferred to cost of sales, less provision for foreseeable losses and payments on account not matched with turnover, is included within stocks.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets measured at fair value at the reporting date and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense in the period to which they relate.

1.14
Share-based payments

The company operate d an unapproved option scheme which allow ed employees to acquire shares in the company. The grant date fair value of share-based payment awards granted wa s recognised as an employee expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The fair value of the options granted wa s measured using an option pricing model, taking into account the terms and conditions upon which the options were granted. The fai r value was charged as an expense in the profit and loss account over the vesting period and the charge was adjusted each year to reflect the expected and actual level of vesting. The options of the last employee in the scheme lapsed during the year and the scheme was closed.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue and profit recognition

The estimation techniques used for revenue and profit recognition in respect of construction contracts require forecasts to be made of the outcome of long-term contracts which require assessments and judg e ments to be made on the recovery of pre-contract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities, changes in costs and stages of completion.

Recoverable value of recognised receivables

The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

Provisions

Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the amount and timing of liabilities judgement is applied and re-evaluated at each reporting date.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Design and build
18,312,904
33,856,397
Furniture
2,542,198
3,593,119
20,855,102
37,449,516
2025
2024
£
£
Other revenue
Interest income
115,320
183,224

The total turnover of the company for the year has been derived from its principal activity, wholly undertaken in the UK.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
61,723
16,317
Operating lease charges
288,363
184,913
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
30,000
19,990
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
396,912
769,658
Company pension contributions to defined contribution schemes
13,103
15,558
Compensation for loss of office
-
0
60,100
410,015
845,316

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
198,629
460,335
Company pension contributions to defined contribution schemes
5,931
6,249
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 20 -
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales
5
5
Administration
21
25
Director
2
4
Total
28
34

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,939,222
3,885,957
Social security costs
456,680
496,281
Pension costs
85,927
99,038
3,481,829
4,481,276
Compensation for loss of office
-
60,100
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
115,320
179,539
Other interest income
-
0
3,685
Total income
115,320
183,224
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
23,593
-
0
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current year
138,002
1,021,437
Adjustments in respect of prior periods
(36,100)
1,563
Total current tax
101,902
1,023,000
Deferred tax
Origination and reversal of timing differences
67,066
-
0
Total tax charge
168,968
1,023,000

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
770,160
4,042,781
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
192,540
1,010,695
Tax effect of expenses that are not deductible in determining taxable profit
15,917
6,939
Under/(over) provided in prior years
(36,099)
1,563
Deferred tax adjustments in respect of prior years
(3,443)
-
0
Fixed asset differences
53
360
Deferred tax movements not provided
-
0
3,443
Taxation charge for the year
168,968
1,023,000
11
Dividends
2025
2024
£
£
Interim paid
2,440,947
1,953,136

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 June 2024
56,825
13,889
59,153
129,867
Additions
408,735
556
76,560
485,851
Disposals
(56,825)
-
0
(9,689)
(66,514)
At 31 May 2025
408,735
14,445
126,024
549,204
Depreciation and impairment
At 1 June 2024
54,191
13,520
42,171
109,882
Depreciation charged in the year
44,819
520
16,384
61,723
Eliminated in respect of disposals
(54,515)
-
0
(4,302)
(58,817)
At 31 May 2025
44,495
14,040
54,253
112,788
Carrying amount
At 31 May 2025
364,240
405
71,771
436,416
At 31 May 2024
2,634
369
16,982
19,985
13
Stocks
2025
2024
£
£
Work in progress
118,886
231,147
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,028,161
3,193,587
Corporation tax recoverable
86,585
-
0
Other debtors
28,980
89,116
Prepayments
11,746
11,375
Accrued income
740,616
2,368,744
1,896,088
5,662,822
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,612,179
4,388,125
Amounts owed to group undertakings
690,317
200,458
Corporation tax
-
0
651,437
Other taxation and social security
461,916
1,605,708
Other creditors
6,885
163,418
Accruals
625,345
1,132,172
4,396,642
8,141,318
16
Provisions for liabilities
2025
2024
Notes
£
£
Provision in respect of dilapidations
16,667
-
Deferred tax liabilities
17
72,714
5,648
89,381
5,648
Movements on provisions apart from deferred tax liabilities:
Provision in respect of dilapidations
£
Additional provisions in the year
16,667
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
72,714
5,648
OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
17
Deferred taxation
(Continued)
- 24 -
2025
Movements in the year:
£
Liability at 1 June 2024
5,648
Charge to profit or loss
67,066
Liability at 31 May 2025
72,714

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,927
99,038

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share-based payment transactions

Certain employees of the company have been granted unapproved options over the company's ordinary shares as follows:

Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 June 2024
-
0
30,928
-
0
-
0
Forfeited
-
0
(30,928)
0
-
0
-
0
Outstanding at 31 May 2025
-
0
-
0
-
0
-
0
Exercisable at 31 May 2025
-
0
-
0
-
0
-
0

The only employee with outstanding options left the company during the previous year and the options lapsed. No other options were in existence at the year end.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
20
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1,062,500 Ordinary shares of 0.01p each
106
106
21
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
219,696
41,076
Years 2-5
890,889
-
After 5 years
35,454
-
1,146,039
41,076
22
Related party transactions

Dividends

80% of the shares in the company are owned by Vensyn Group Limited.

During the year, dividends of £1,952,758 (2024: £1,562,509) and £488,189 (2024: £390,627) were paid to Vensyn Group Limited and to directors of the company, respectively.

Vensyn Group Limited

During the year, the company was charged management expenses by Vensyn Group Limited of £187,000 (2024: £225,000). At the reporting date £22,645 (2024: £9,643) was owed by the company.

Oktra Limited

100% of the shares of Oktra Limited are owned by Vensyn Group Limited.

During the year, the company issued credit notes in respect of previously sold services to Oktra Limited of £8,531 (2024: £Nil) and Oktra Limited recharged administrative expenses to the company of £1,663,854 (2024: £1,838,041). At the reporting date £667,672 (2024: £190,815) was owed by the company.

Affinity Reach Limited

The company and Affinity Reach Limited are under common control.

At the reporting date £3,229 (2024: £3,229) was owed by the company.

OKTRA SOUTH LIMITED (FORMERLY OKTRA REGIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
23
Ultimate controlling party

The immediate parent company is Vensyn Group Limited, whose consolidated financial statements include this company’s results.

The ultimate parent company is I45 Limited, whose consolidated financial statements include this company’s results.

Mr G Andrew is the ultimate controlling party.

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