Company registration number 08894199 (England and Wales)
SPEEDECK FOUNDATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
SPEEDECK FOUNDATIONS LIMITED
COMPANY INFORMATION
Directors
Mr M Badham
Mr B Wallace
Mr A Hinder
Company number
08894199
Registered office
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
Auditor
Dickinsons
Chartered Accountants
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
Bankers
Barclays Bank Plc
2 George Street
Luton
Bedfordshire
United Kingdom
LU1 2AX
SPEEDECK FOUNDATIONS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
SPEEDECK FOUNDATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Review of the business

The principal activity of the company during the year continued to be the provision of design and build structural foundation packages for residential and lightweight commercial structures such as care homes and schools across Southern England.

Principal risks and uncertainties

The principal risks associated with the business continue to be:

- The private housing sector still remains slow, however with inflation coming under control and the Bank of England expected to reduce interest rates, we are expecting an up turn to come from 2026 onwards.

- The risk of business failures continues to be our biggest threat, the trading climate remains challenging and highly competitive, we will continue to remain pro-active on completing our due diligences and on-going monitoring.

The past 12-18 months have further demonstrated that we have good products supported by an excellent base that continues to improve. The business is not seeking growth over the short term, however, growth is expected to come as construction activity increases in the UK and we continue to support our clients accordingly.

Our focus for 2026 is to continue to provide value added products and services to like-minded businesses.

Development and performance

The company achieved a profit on ordinary activities before taxation for the year of £1,446,205 (202 4: £2,552,794).

As at 2 8 February 202 5 the company had net assets of £4,167,470 (202 4: £3,706,140) and sufficient cash reserves for continued future investment.

Key performance indicators

The financial indicators referred to above are considered by management to be the key performance indicators of the company. In addition management reviews operating margins throughout the year, including gross margin; 18.5% (202 4: 21.7%) and net profit margin before tax; 7.0% (202 4: 11.6%). The current ratio was 2.10:1 (202 4: 1.88:1).

On behalf of the board

Mr M Badham
Director
15 August 2025
SPEEDECK FOUNDATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activity of the company continued to be the provision of construction services.

Results and dividends

The results for the year are set out on page 8. Ordinary dividends paid were £618,460 (202 4: £594,890). The directors do not recommend payment of a final dividend.

Directors

The directors who held office in the year and to the date of signature of the financial statements were:

Mr M Badham
Mr B Wallace
Mr A Hinder
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;

- 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 to ensure the financial statements comply with the Companies Act 2006. They are responsible for safeguarding assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

SPEEDECK FOUNDATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
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.

Medium-sized companies exemption

This report is prepared in accordance with provisions applicable to medium sized companies.

On behalf of the board
Mr M Badham
Director
15 August 2025
SPEEDECK FOUNDATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEEDECK FOUNDATIONS LIMITED
- 4 -
Opinion

We have audited the financial statements of Speedeck Foundations Limited (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 28 February 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

SPEEDECK FOUNDATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEEDECK FOUNDATIONS LIMITED (CONTINUED)
- 5 -
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 or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SPEEDECK FOUNDATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEEDECK FOUNDATIONS LIMITED (CONTINUED)
- 6 -

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 to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the construction services sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

We assessed the risks for material misstatement in respect of fraud as follows:

- We devised tests to consider and include related party transactions and balances as the company is a member of a group.

- We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks

- The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.

- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. Where necessary, we extended audit testing to ensure conclusions were reliable.

- We incorporated an element of unpredictability in the selection of the nature, timing, and extent of our audit procedures.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative figures are unaudited and sufficient appropriate audit evidence has been obtained in order to ensure that the opening balances do not contain misstatements that materially affect the current period's financial statements.

SPEEDECK FOUNDATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEEDECK FOUNDATIONS LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

Natalie Spalton FCA
Senior Statutory Auditor
For and on behalf of Dickinsons
2 September 2025
Chartered Accountants
Statutory Auditor
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
SPEEDECK FOUNDATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
20,592,831
22,085,801
Cost of sales
(16,779,350)
(17,291,211)
Gross profit
3,813,481
4,794,590
Administrative expenses
(2,396,850)
(2,237,874)
Operating profit
4
1,416,631
2,556,716
Interest receivable and similar income
7
41,940
17,547
Interest payable and similar expenses
8
(12,366)
(21,469)
Profit before taxation
1,446,205
2,552,794
Tax on profit
9
(366,415)
(635,320)
Profit for the financial year
1,079,790
1,917,474

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SPEEDECK FOUNDATIONS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 9 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
228,669
500,855
Investments
12
10
10
228,679
500,865
Current assets
Debtors
13
6,256,303
4,756,946
Cash at bank and in hand
1,374,862
2,712,237
7,631,165
7,469,183
Creditors: amounts falling due within one year
14
(3,636,789)
(3,972,166)
Net current assets
3,994,376
3,497,017
Total assets less current liabilities
4,223,055
3,997,882
Creditors: amounts falling due after more than one year
15
(12,732)
(186,160)
Provisions for liabilities
Deferred tax liability
18
42,853
105,582
(42,853)
(105,582)
Net assets
4,167,470
3,706,140
Capital and reserves
Called up share capital
20
74
74
Capital redemption reserve
36
36
Profit and loss reserves
4,167,360
3,706,030
Total equity
4,167,470
3,706,140

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2025 and are signed on its behalf by:
Mr M Badham
Director
Company registration number 08894199 (England and Wales)
SPEEDECK FOUNDATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2023
74
36
2,383,446
2,383,556
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
1,917,474
1,917,474
Dividends
10
-
-
(594,890)
(594,890)
Balance at 29 February 2024
74
36
3,706,030
3,706,140
Year ended 28 February 2025:
Profit and total comprehensive income
-
-
1,079,790
1,079,790
Dividends
10
-
-
(618,460)
(618,460)
Balance at 28 February 2025
74
36
4,167,360
4,167,470
SPEEDECK FOUNDATIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,000,489
3,256,291
Interest received
38,820
17,547
Dividends received
3,120
-
0
Interest paid
(12,366)
(21,469)
Income taxes paid
(836,530)
(251,380)
Net cash inflow from operating activities
193,533
3,000,989
Investing activities
Purchase of tangible fixed assets
(1,080)
(109,346)
Proceeds from disposal of tangible fixed assets
8,700
9,420
Loans provided
(718,668)
(1,544,169)
Net cash used in investing activities
(711,048)
(1,644,095)
Financing activities
Repayment of borrowings
(8,333)
(100,000)
Payment of finance leases obligations
(193,067)
(150,978)
Dividends paid
(618,460)
(594,890)
Net cash used in financing activities
(819,860)
(845,868)
Net (decrease)/increase in cash and cash equivalents
(1,337,375)
511,026
Cash and cash equivalents at beginning of year
2,712,237
2,201,211
Cash and cash equivalents at end of year
1,374,862
2,712,237
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
1
Accounting policies
Company information

Speedeck Foundations Limited is a private company limited by shares incorporated in England and Wales. The registered office is at Brandon House, First Floor, 90 The Broadway, Chesham, Buckinghamshire, HP5 1EG.

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 pound.

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

1.2
Going concern

The directors have adopted the going concern basis of accounting in preparing the financial statements; the directors are satisfied that the company has sufficient reserves and access to the financial support necessary to meet working capital requirements and enable the company to remain in operational existence for the foreseeable future.true

1.3
Turnover

Turnover represents amounts receivable for services net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. The amount of revenue is measured reliably and agreed with customers, by reference to applications made against current contracts reflecting the probability that economic benefits associated with the transaction will flow to the entity.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies (Continued)
- 13 -

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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.

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:

Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies (Continued)
- 14 -
1.6
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies (Continued)
- 15 -
1.9
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 balance sheet 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.

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.

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies (Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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.

Derecognition of financial liabilities

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

1.10
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.

1.11
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 profit and loss account 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.

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies (Continued)
- 17 -
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 profit and loss account, 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.

1.12
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 as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 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.

Amounts due from contract customers

In accordance with invariable industry practice the assessment of carrying values for contracts in progress requires the director to exercise professional judgement in determining estimates included in these calculations where the outcome cannot be determined with absolute certainty with reference to fixed contract terms and conditions. Where such estimates are used they are periodically reviewed and amended to actual outcomes once known.

Work in progress

Work in progress is determined by reference to the stage of completion of the construction contract. This requires the directors to be able to fully assess where each individual project is within the construction phases which arise from industry specific judgement.

Impairment of trade debtors

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current stage of completion of the applicable contract, the ageing profile of debtors and historical experience.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of tangible fixed assets

The directors continue to depreciate fixed assets at 25% on cost. The directors consider this method to reasonably reflect the economic consumption of the assets over their useful lives. These assets are reviewed annually for any impairment and there has been no change to the basis of the estimate.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
20,592,831
22,085,801
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,250
5,000
Depreciation of owned tangible fixed assets
270,896
321,311
Profit on disposal of tangible fixed assets
(6,330)
(6,837)
5
Employees

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

2025
2024
Number
Number
26
20

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,048,740
985,750
Social security costs
130,918
119,742
Pension costs
304,101
117,791
1,483,759
1,223,283
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
38,438
38,240
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
38,820
17,547
Income from fixed asset investments
Income from shares in group undertakings
3,120
-
0
Total income
41,940
17,547
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
7
Interest receivable and similar income (Continued)
- 20 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
38,820
17,547
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
12,366
21,469
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
429,144
682,291
Deferred tax
(Credit)/charge to the profit or loss
(62,729)
(46,972)
Total tax charge
366,415
635,320

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
1,446,205
2,552,794
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.49%)
361,551
625,225
Tax effect of expenses that are not deductible in determining taxable profit
73,369
89,745
Tax effect of income not taxable in determining taxable profit
(2,363)
(1,675)
Permanent capital allowances in excess of depreciation
(3,413)
(31,003)
Change in deferred tax assets
(62,729)
(46,972)
Taxation charge for the year
366,415
635,320
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 21 -
10
Dividends
2025
2024
£
£
Interim paid
618,460
594,890
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2024
601,417
15,135
100,962
881,817
1,599,331
Additions in the year
-
0
-
0
1,080
-
0
1,080
Disposals in the year
-
0
(14,031)
(52,027)
(112,447)
(178,505)
At 28 February 2025
601,417
1,104
50,015
769,370
1,421,906
Depreciation and impairment
At 1 March 2024
425,937
14,261
81,345
576,933
1,098,476
Depreciation charged in the year
104,855
851
11,665
153,525
270,896
Eliminated in respect of disposals
-
0
(14,032)
(52,027)
(110,076)
(176,135)
At 28 February 2025
530,792
1,080
40,983
620,382
1,193,237
Carrying amount
At 28 February 2025
70,625
24
9,032
148,988
228,669
At 29 February 2024
175,480
874
19,617
304,884
500,855
12
Fixed asset investments
2025
2024
£
£
Unlisted investments
10
10
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,939,544
2,612,111
Gross amounts owed by contract customers
390,411
118,414
Other debtors
2,682,294
1,835,327
Prepayments and accrued income
197,054
191,094
6,209,303
4,756,946
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
13
Debtors (Continued)
- 22 -
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
47,000
-
0
Total debtors
6,256,303
4,756,946
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
17
172,377
192,016
Other borrowings
16
-
0
8,333
Trade creditors
2,001,977
1,451,718
Gross amounts owed to contract customers
547,270
584,152
Corporation tax
274,906
682,292
Other taxation and social security
112,255
88,414
Other creditors
189,615
619,809
Accruals and deferred income
338,389
345,432
3,636,789
3,972,166
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
17
12,732
186,160
16
Loans and overdrafts
2025
2024
£
£
Other loans
-
0
8,333
Payable within one year
-
0
8,333
17
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
172,377
192,016
In two to five years
12,732
186,160
185,109
378,176
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
17
Finance lease obligations (Continued)
- 23 -

Obligations under hire purchase agreements are secured against the assets concerned.

18
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
42,853
105,582
2025
Movements in the year:
£
Liability at 1 March 2024
105,582
Credit to profit and loss
(62,729)
Liability at 28 February 2025
42,853
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
304,101
117,791

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.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
68
68
68
68
Ordinary B shares of £1 each
6
6
6
6
74
74
74
74
SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
21
Operating lease commitments

Operating lease payments represent rentals payable by the company for certain of its properties.

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 one year
150,000
43,000
Between two and five years
200,000
-
350,000
43,000
22
Related party transactions

During the period the company traded with SD Plant Limited and provided financial support to Speedeck Property Limited, both compan ies in which M Badham, A Hinder and B Wallace are directors and shareholders, and to Speedeck Construction Limited, a company in which M Badham is a director and shareholder.

Funds paid on behalf of SD Plant Limited during the year amounted to £291,470 (202 4: £271,405). Repayments from SD Plant Limited during the period amounted to £268,714 (202 4: £224,735). Purchases from SD Plant Limited were £947,603 (202 4: £1,218,776), of which £104,136 (202 4: £616,041 creditor) remained outstanding at 28 February 2025. Amounts repaid to SD Plant Limited in the year amounted to £662,711 (2024: £Nil).

Funds paid on behalf of Speedeck Construction Limited during the year amounted to £346 (202 4: £Nil). Repayments from Speedeck Construction Limited in the year amounted to £346 (202 4: £Nil). The value of funds credited to Speedeck Construction Limited during the year amounted to £12,481 (202 4: £16,137). Amounts repaid to Speedeck Construction Limited in the year amounted to £21,481 (202 4: £16,137). Sales to Speedeck Construction Limited were £Nil (202 4: £95,800),

Further funds were loaned to Speedeck Property Limited during the year amounting to £7 18,668 (202 4: £759,950). The amount outstanding at 28 February 2025 was £1,478,618 (2024: £759,950). The loan is secured over freehold property in Speedeck Property Limited.

The balances due to related parties as at 28 February 202 5 were as follows:

SD Plant Limited £104,136 (202 4: £616,041)

The balances due from related parties as at 28 February 202 5 were as follows:

Speedeck Property Limited £1,478,618 (202 4: £759,950)

Speedeck Construction Limited £325 (2024: £Nil)

SPEEDECK FOUNDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 25 -
23
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,079,790
1,917,474
Adjustments for:
Taxation charged
366,415
635,320
Finance costs
12,366
21,469
Interest received
(38,820)
(17,547)
Dividend received
(3,120)
-
Gain on disposal of tangible fixed assets
(6,330)
(6,837)
Depreciation and impairment of tangible fixed assets
270,896
321,311
Movements in working capital:
Increase in debtors
(780,689)
(341,534)
Increase in creditors
99,981
726,635
Cash generated from operations
1,000,488
3,256,291
24
Analysis of changes in net funds
1 March 2024
Cash flows
28 February 2025
£
£
£
Cash at bank and in hand
2,712,237
(1,337,375)
1,374,862
Borrowings excluding overdrafts
(8,333)
8,333
-
Lease liabilities
(378,176)
193,067
(185,109)
2,325,728
(1,135,975)
1,189,753
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