IRIS Accounts Production v25.2.0.378 10839401 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. construction in the educational, commercial and ecclesiastical sectors. true true true false true true false false false false false true true true true false Ordinary 'A' 1.00000 Ordinary 'B' 1.00000 Ordinary 'A' 1.00000 Ordinary 'B' 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 10839401 2023-12-31 10839401 2024-12-31 10839401 2024-01-01 2024-12-31 10839401 2022-12-31 10839401 2023-01-01 2023-12-31 10839401 2023-12-31 10839401 ns15:EnglandWales 2024-01-01 2024-12-31 10839401 ns14:PoundSterling 2024-01-01 2024-12-31 10839401 ns10:Director1 2024-01-01 2024-12-31 10839401 ns10:Consolidated 2024-12-31 10839401 ns10:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 10839401 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10839401 ns10:Consolidated ns10:MediumEntities 2024-01-01 2024-12-31 10839401 ns10:Consolidated ns10:Audited 2024-01-01 2024-12-31 10839401 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 10839401 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10839401 ns10:Consolidated 2024-01-01 2024-12-31 10839401 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 10839401 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10839401 ns10:FullAccounts 2024-01-01 2024-12-31 10839401 ns5:Subsidiary1 2024-01-01 2024-12-31 10839401 ns5:Subsidiary2 2024-01-01 2024-12-31 10839401 ns5:Subsidiary3 2024-01-01 2024-12-31 10839401 ns10:OrdinaryShareClass2 2024-01-01 2024-12-31 10839401 ns10:OrdinaryShareClass3 2024-01-01 2024-12-31 10839401 ns10:Director2 2024-01-01 2024-12-31 10839401 ns10:RegisteredOffice 2024-01-01 2024-12-31 10839401 ns10:Consolidated 2023-01-01 2023-12-31 10839401 ns5:CurrentFinancialInstruments 2024-12-31 10839401 ns5:CurrentFinancialInstruments 2023-12-31 10839401 ns5:ShareCapital 2024-12-31 10839401 ns5:ShareCapital 2023-12-31 10839401 ns5:SharePremium 2024-12-31 10839401 ns5:SharePremium 2023-12-31 10839401 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 10839401 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 10839401 ns5:ShareCapital 2022-12-31 10839401 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 10839401 ns5:SharePremium 2022-12-31 10839401 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10839401 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 10839401 1 2024-01-01 2024-12-31 10839401 ns5:CostValuation 2023-12-31 10839401 ns5:AdditionsToInvestments 2024-12-31 10839401 ns5:CostValuation 2024-12-31 10839401 1 ns5:Subsidiary1 2024-01-01 2024-12-31 10839401 ns5:Subsidiary1 2024-12-31 10839401 ns5:Subsidiary1 2023-12-31 10839401 ns5:Subsidiary1 2023-01-01 2023-12-31 10839401 ns5:Subsidiary2 3 2024-01-01 2024-12-31 10839401 ns5:Subsidiary2 2024-12-31 10839401 ns5:Subsidiary2 2023-12-31 10839401 ns5:Subsidiary2 2023-01-01 2023-12-31 10839401 5 ns5:Subsidiary3 2024-01-01 2024-12-31 10839401 ns5:Subsidiary3 2024-12-31 10839401 ns5:Subsidiary3 2023-12-31 10839401 ns5:Subsidiary3 2023-01-01 2023-12-31 10839401 ns10:OrdinaryShareClass2 2024-12-31 10839401 ns10:OrdinaryShareClass3 2024-12-31 10839401 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 10839401 ns5:SharePremium 2023-12-31

REGISTERED NUMBER: 10839401 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST DECEMBER 2024 |

| FOR |

| ASH CONNECT LIMITED |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Profit and Loss Account | 9 |

| Consolidated Balance Sheet | 10 |

| Company Balance Sheet | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| ASH CONNECT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2024

| DIRECTORS: | D Cooper

| J M Green

| REGISTERED OFFICE: | 83 Cambridge Street

| Pimlico

| London

| SW1V 4PS

| REGISTERED NUMBER: | 10839401 (England and Wales)

| AUDITORS: | George Hay & Company

| Chartered Accountants

| & Statutory Auditors

| 83 Cambridge Street

| London

| SW1V 4PS

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

The principal activity is that of a holding company and the company itself does not carry out a trade.

Turnover generated from the subsidiary undertakings increased by £506,076 (2%) from the previous year. However, the group's overall gross profit margin improved to 15.70 % compared to 14.99% from the 2023 financial year.

Throughout this financial year, the group continued to operate in the educational, commercial and ecclesiastical sectors and to further exploit those opportunities with its small works operation, Ash Special Works Ltd and direct focus on the inner London market with Ash Capital Projects Ltd business. All three business have performed in line with or greater than expectations in this period.

During the year, the group made capital contributions of £905,000 to the Ash Connect Employee Ownership Trust.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's key financial instruments comprise of trade debtors and sales retentions, cash at bank and bank loans, trade creditors and subcontractors retentions.

The group is exposed to risks including credit risk, liquidity risk, cash flow risk, market risk, competition risk and laws and regulations risk, all of which arise from the group's normal business activities. The board reviews and agrees policies for managing each of these risks and they are summarised below:

Credit risk

The group monitors credit risk closely and considers that its current policies of credit checks and credit limits meet its objectives of managing exposure to credit risk.

Liquidity risk

The group closely monitors its bank balance and other credit facilities in comparison to its outstanding commitments to ensure it has sufficient funds to meet its obligations as they fall due.

Cash flow risk

Remains low due to the sectors chosen and agreed beneficial payment terms.

Market risk

Demand for the services of the group is cyclical and dependent on the economic environment. Any significant changes to our clients' working practices or a downturn in the economy, could result in the deferment or cancelling of expenditure. The group earns revenues from multiple sectors, and continues to make a concerted effort to strengthen relationships in these sectors.

Competition risk

The group is exposed to competition risk as the industry in which the group operates is mature and highly competitive. The conversion rate from tendering to secured work is maximised by careful selection of customers and suppliers in order to preserve our brand and work collaboratively.

Laws and regulations risk

The group carries out activities in environments which could cause serious injury to its staff, subcontractors and members of the public. The group has an active policy of training employees and commissioning independent third parties to carry out regular site checks. The group is committed to achieving the highest standards on health and safety.

Price risk

The company is subject to "price risk' in terms of materials, sub-contractors and plant. The industry is volatile and prices, especially steel related materials change rapidly, a diverse trusted and dedicated supply chain has proved reliable in forewarning the company of price hazard, in most cases, before contracts are agreed.

We are endeavouring to make allowances for these risks within the contracts we undertake.

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2024

New Subsidiary

The formation of Ash Capital Projects Ltd within the Group was particularly successful and has consolidated the client base.

FINANCIAL KEY PERFORMANCE INDICATORS

The financial key performance indicators used by the group directors to assess the performance of the business are turnover, gross profit margin, net profit before tax and net assets. A brief analysis of these is provided below:

| 2024 |  |  | 2023

| £ |  |  | £

Turnover |  | 27,563,113 |  | 27,057,037 |

Gross profit margin |  | 15.70% |  | 14.99% |

Net profit before tax |  | 1,110,473 |  | 1,632,628 |

Net assets |  | 2,619,225 |  | 2,824,337 |

During 2024 the overall performance of the group remains encouraging. New business has kept sales levels high and generated another year of high net profit before tax.

The group continues to report a strong net assets position.

ON BEHALF OF THE BOARD:

D Cooper - Director

12th September 2025

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024.

DIVIDENDS

No dividends for the year ended 31st December 2024 were paid (2023: £Nil).

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Cooper

J M Green

CHARITABLE DONATIONS

During the year the Group made charitable donations of £2,078.

DISCLOSURE IN THE STRATEGIC REPORT

Risks associated with the financial instruments held by the group are addressed in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2024

AUDITORS

The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Cooper - Director

12th September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASH CONNECT LIMITED

Opinion

We have audited the financial statements of Ash Connect Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASH CONNECT LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Based on our understanding of the group's operations we identified that the principal risks of non-compliance with laws and regulations relate to building and construction regulations. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation where no further construction services can be provided for. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements such as the income tax and deferred tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements

(including the risk of override of controls), and determined there were no principal risks directly impacting the group's

revenue and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Evaluating management's controls designed to prevent and detect irregularities;

- Identifying and testing journals, in particular journal entries posted with unusual account combinations or with unusual descriptions; and

- Challenging assumptions and judgements made by management in their critical accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASH CONNECT LIMITED

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 a Report of the Auditors 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.

Marino Achilleos FCCA (Senior Statutory Auditor)

for and on behalf of George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

15th September 2025

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

CONSOLIDATED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31ST DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 27,563,113 |  | 27,057,037 |  |

Cost of sales | 23,235,188 |  | 23,000,607 |  |

GROSS PROFIT | 4,327,925 |  | 4,056,430 |  |

Administrative expenses | 3,253,716 |  | 2,429,732 |  |

1,074,209 |  | 1,626,698 |  |

Other operating income | - |  | 1,000 |  |

OPERATING PROFIT | 6 | 1,074,209 |  | 1,627,698 |  |

Interest receivable and similar income | 51,588 |  | 19,041 |  |

1,125,797 |  | 1,646,739 |  |

Interest payable and similar expenses | 8 | 15,324 |  | 14,111 |  |

PROFIT BEFORE TAXATION | 1,110,473 |  | 1,632,628 |  |

Tax on profit | 9 | 378,690 |  | 136,288 |  |

PROFIT FOR THE FINANCIAL YEAR | 731,783 |  | 1,496,340 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 731,783 |  | 1,496,340 |  |

Profit attributable to:

Owners of the parent | 523,595 |  | 1,320,848 |  |

Non-controlling interests | 208,188 |  | 175,492 |  |

731,783 |  | 1,496,340 |  |

Total comprehensive income attributable to:

Owners of the parent | 523,595 |  | 1,320,848 |  |

Non-controlling interests | 208,188 |  | 175,492 |  |

731,783 |  | 1,496,340 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

CONSOLIDATED BALANCE SHEET

31ST DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 63,644 |  | 50,865 |  |

Investments | 12 | - |  | - |  |

63,644 |  | 50,865 |  |

CURRENT ASSETS

Debtors | 13 | 3,575,082 |  | 5,184,788 |  |

Cash at bank and in hand | 4,042,184 |  | 3,371,245 |  |

7,617,266 |  | 8,556,033 |  |

CREDITORS

Amounts falling due within one year | 14 | 5,016,881 |  | 5,555,211 |  |

NET CURRENT ASSETS | 2,600,385 |  | 3,000,822 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,664,029 |  | 3,051,687 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (44,804 | ) | (150,177 | ) |

PROVISIONS FOR LIABILITIES | 19 | - |  | (77,173 | ) |

NET ASSETS | 2,619,225 |  | 2,824,337 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 100 |  | 100 |  |

Share premium | 21 | 107,623 |  | 107,623 |  |

Revaluation reserve | 21 | 692,924 |  | 692,924 |  |

Merger reserve | 21 | 173,976 |  | 173,976 |  |

Retained earnings | 21 | 1,308,898 |  | 1,690,303 |  |

SHAREHOLDER FUNDS | 2,283,521 |  | 2,664,926 |  |

NON-CONTROLLING INTERESTS | 335,704 |  | 159,411 |  |

TOTAL EQUITY | 2,619,225 |  | 2,824,337 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2025 and were signed on its behalf by:

D Cooper - Director

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

COMPANY BALANCE SHEET

31ST DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 107,852 |  | 107,774 |  |

107,852 |  | 107,774 |  |

CURRENT ASSETS

Cash at bank | 29,270 |  | 6,362 |  |

CREDITORS

Amounts falling due within one year | 14 | 12,228 |  | 10,680 |  |

NET CURRENT ASSETS/(LIABILITIES) | 17,042 |  | (4,318 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 124,894 |  | 103,456 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 100 |  | 100 |  |

Share premium | 107,623 |  | 107,623 |  |

Retained earnings | 17,171 |  | (4,267 | ) |

SHAREHOLDER FUNDS | 124,894 |  | 103,456 |  |

Company's profit/(loss) for the financial year | 436,438 |  | (3,620 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2025 and were signed on its behalf by:

D Cooper - Director

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Revaluation

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 1st January 2023 | 100 |  | 789,645 |  | 107,623 |  | 692,924 |  |

Changes in equity

Total comprehensive income | - |  | 1,320,848 |  | - |  | - |  |

Capital contributions to

Employee Ownership Trust | - |  | (420,190 | ) | - |  | - |  |

100 |  | 1,690,303 |  | 107,623 |  | 692,924 |  |

Acquisition of non-controlling interest | - |  | - |  | - |  | - |  |

Balance at 31st December 2023 | 100 |  | 1,690,303 |  | 107,623 |  | 692,924 |  |

Changes in equity

Total comprehensive income | - |  | 523,595 |  | - |  | - |  |

Capital contributions to

Employee Ownership Trust | - |  | (905,000 | ) | - |  | - |  |

100 |  | 1,308,898 |  | 107,623 |  | 692,924 |  |

Acquisition of non-controlling interest | - |  | - |  | - |  | - |  |

Balance at 31st December 2024 | 100 |  | 1,308,898 |  | 107,623 |  | 692,924 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

| Merger |  | Non-controlling |  | Total

| reserve |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1st January 2023 | 173,976 |  | 1,764,268 |  | 24,894 |  | 1,789,162 |  |

Changes in equity

Dividends | - |  | - |  | (41,000 | ) | (41,000 | ) |

Total comprehensive income | - |  | 1,320,848 |  | 175,492 |  | 1,496,340 |  |

Capital contributions to

Employee Ownership Trust | - |  | (420,190 | ) | - |  | (420,190 | ) |

173,976 |  | 2,664,926 |  | 159,386 |  | 2,824,312 |  |

Acquisition of non-controlling interest | - |  | - |  | 25 |  | 25 |  |

Balance at 31st December 2023 | 173,976 |  | 2,664,926 |  | 159,411 |  | 2,824,337 |  |

Changes in equity

Dividends | - |  | - |  | (32,017 | ) | (32,017 | ) |

Total comprehensive income | - |  | 523,595 |  | 208,188 |  | 731,783 |  |

Capital contributions to

Employee Ownership Trust | - |  | (905,000 | ) | - |  | (905,000 | ) |

173,976 |  | 2,283,521 |  | 335,582 |  | 2,619,103 |  |

Acquisition of non-controlling interest | - |  | - |  | 122 |  | 122 |  |

Balance at 31st December 2024 | 173,976 |  | 2,283,521 |  | 335,704 |  | 2,619,225 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1st January 2023 | 100 |  | (457 | ) | 107,623 |  | 107,266 |  |

Changes in equity

Total comprehensive income | - |  | (3,620 | ) | - |  | (3,620 | ) |

Capital contributions to

Employee Ownership Trust | - |  | (190 | ) | - |  | (190 | ) |

Balance at 31st December 2023 | 100 |  | (4,267 | ) | 107,623 |  | 103,456 |  |

Changes in equity

Total comprehensive income | - |  | 436,438 |  | - |  | 436,438 |  |

Capital contributions to

Employee Ownership Trust | - |  | (415,000 | ) | - |  | (415,000 | ) |

Balance at 31st December 2024 | 100 |  | 17,171 |  | 107,623 |  | 124,894 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,845,849 |  | 1,248,206 |  |

Interest paid | (14,446 | ) | (13,233 | ) |

Interest element of finance lease payments paid | (878 | ) | (878 | ) |

Tax paid | (136,288 | ) | (68,940 | ) |

Net cash from operating activities | 1,694,237 |  | 1,165,155 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (37,500 | ) | - |  |

Sale of tangible fixed assets | 4,882 |  | 1,971 |  |

Interest received | 51,588 |  | 19,041 |  |

Net cash from investing activities | 18,970 |  | 21,012 |  |

Cash flows from financing activities

Loan repayments in year | (100,000 | ) | (100,000 | ) |

Capital repayments in year | (5,373 | ) | (5,374 | ) |

Amount introduced by directors | - |  | 213 |  |

Share issues in subsidiaries | 122 |  | 25 |  |

Capital contributions to EOT | (905,000 | ) | (420,190 | ) |

Equity dividends paid | (32,017 | ) | (41,000 | ) |

Net cash from financing activities | (1,042,268 | ) | (566,326 | ) |

Increase in cash and cash equivalents | 670,939 |  | 619,841 |  |

Cash and cash equivalents at beginning of year | 2 | 3,371,245 |  | 2,751,404 |  |

Cash and cash equivalents at end of year | 2 | 4,042,184 |  | 3,371,245 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 1,110,473 |  | 1,632,628 |  |

| Depreciation charges | 21,215 |  | 16,956 |  |

| Profit on disposal of fixed assets | (1,376 | ) | (953 | ) |

| Increase in provisions | - |  | 77,173 |  |

| Finance costs | 15,324 |  | 14,111 |  |

| Finance income | (51,588 | ) | (19,041 | ) |

1,094,048 |  | 1,720,874 |  |

| Decrease/(increase) in trade and other debtors | 1,609,706 |  | (1,074,623 | ) |

| (Decrease)/increase in trade and other creditors | (857,905 | ) | 601,955 |  |

| Cash generated from operations | 1,845,849 |  | 1,248,206 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 4,042,184 |  | 3,371,245 |  |

| Year ended 31st December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 3,371,245 |  | 2,751,404 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 3,371,245 |  | 670,939 |  | 4,042,184 |  |

3,371,245 |  | 670,939 |  | 4,042,184 |  |

| Debt

| Finance leases | (13,882 | ) | 5,373 |  | (8,509 | ) |

| Debts falling due within 1 year | (100,000 | ) | - |  | (100,000 | ) |

| Debts falling due after 1 year | (141,669 | ) | 100,000 |  | (41,669 | ) |

(255,551 | ) | 105,373 |  | (150,178 | ) |

| Total | 3,115,694 |  | 776,312 |  | 3,892,006 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

1. | STATUTORY INFORMATION

| Ash Connect Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The principal trading address is 4 The Courtyard, Birling Road, Ryarsh, West Malling, ME19 5AA.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available under FRS 102:

| - Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliation for the group and the parent company would be identical;

| - No statement of cash flows has been presented for the parent company;

| - Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole; and

| - No disclosures have been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.

| Basis of consolidation

| The consolidated financial statements present the results of the company and its subsidiary ("the Group") as they formed a single entity. Intercompany transactions and balances between the group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the merger accounting method. In the balance sheet, the acquiree's identifiable assets and liabilities are initially recognised at their book values. The results of acquired operations are included in the consolidated profit and loss account from the beginning of the accounting period in which the purchase was completed and the comparatives restated accordingly.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| Estimates and judgements are continually evaluated by the directors of the group and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or the period of the revision and future periods where the revision affects both current and future periods.

| The directors of the group consider there to be no significant areas of judgements or key sources of estimation uncertainty.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue from construction contracts

| Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a contract can be estimated reliably. This is normally measured by surveys of work performed to date. Variations in contract work and claims are included to the extent that it is highly probable that they will result in revenue and they are capable of being reliably measured.

| Where the outcome of a long term contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost. After initial recognition fixed assets are measured at cost less any accumulated depreciation and impairment.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery - 25% reducing balance

| Motor vehicles - 25% reducing balance

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and investments in non-puttable ordinary shares.

| Cash and cash equivalents comprises cash in hand, call and current balances with banks and similar institutions. This definition is also used for the cash flow statement.

| Basic financial instruments that are receivable or payable within one year are initially measured at the undiscounted amount of the consideration expected. If receivable or payable after more than one year, basic financial instruments are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the financial instrument is measured initially at the present value of the future cash flows, discounted at a market rate of interest. They are subsequently carried at amortised cost, using the effective interest rate method.

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

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

| Financial liabilities and equity instruments are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

| An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Construction services | 27,563,113 |  | 27,057,037 |  |

27,563,113 |  | 27,057,037 |  |

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 27,563,113 |  | 27,057,037 |  |

27,563,113 |  | 27,057,037 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,498,405 |  | 2,885,092 |  |

| Social security costs | 410,488 |  | 340,982 |  |

| Other pension costs | 403,380 |  | 308,455 |  |

4,312,273 |  | 3,534,529 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Production staff | 37 |  | 30 |  |

| Administrative staff | 19 |  | 15 |  |

| Management | 11 |  | 9 |  |

67 |  | 54 |  |

5. | DIRECTORS' EMOLUMENTS

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 108,616 |  | 107,663 |  |

| Directors' pension contributions to money purchase schemes | 92,541 |  | 88,039 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

6. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 594,313 |  | 584,949 |  |

| Other operating leases | 49,863 |  | 20,144 |  |

| Depreciation - owned assets | 21,215 |  | 16,956 |  |

| Profit on disposal of fixed assets | (1,376 | ) | (953 | ) |

7. | AUDITORS' REMUNERATION

| Fees payable to the group's auditors for the audits of the Parent and Subsidiaries are as follows:

|  | 2024 |  |  | 2023 |

|  | £ |  |  | £ |

| Parent - Ash Connect Limited |  | 8,214 |  |  | 6,975 |

| Subsidiary - Ash Special Works Ltd |  | - |  | 8,500 |

| Subsidiary - Ash Contracting Limited |  | 15,750 |  |  | 16,000 |

| Subsidiary - Ash Capital Projects Ltd |  | 8,500 |  | - |

| Total auditors' remuneration |  | 32,464 |  |  | 31,475 |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 145 |  | 144 |  |

| Bank loan interest | 14,301 |  | 13,073 |  |

| Other interest payable | - |  | 16 |  |

| Hire purchase | 878 |  | 878 |  |

15,324 |  | 14,111 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 378,690 |  | 136,288 |  |

| Tax on profit | 378,690 |  | 136,288 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 1,110,473 |  | 1,632,628 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) | 277,618 |  | 383,994 |  |

| Effects of:

| Expenses not deductible for tax purposes | 41,858 |  | 13,322 |  |

| Income not taxable for tax purposes | (112,500 | ) | (2,352 | ) |

| Depreciation in excess of capital allowances | 47 |  | 3,035 |  |

| Utilisation of tax losses | (17,979 | ) | (202,595 | ) |

| forward |

| Effects of elimination of intercompany transactions | 193,955 |  | (57,846 | ) |

| Group relief - losses surrendered | (4,309 | ) | (1,270 | ) |

| Total tax charge | 378,690 |  | 136,288 |  |

10. | INDIVIDUAL PROFIT AND LOSS ACCOUNT

| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.

11. | TANGIBLE FIXED ASSETS

| Group

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st January 2024 | 60,000 |  | 218,582 |  | 278,582 |  |

| Additions | - |  | 37,500 |  | 37,500 |  |

| Disposals | - |  | (24,875 | ) | (24,875 | ) |

| At 31st December 2024 | 60,000 |  | 231,207 |  | 291,207 |  |

| DEPRECIATION

| At 1st January 2024 | 55,557 |  | 172,160 |  | 227,717 |  |

| Charge for year | 1,110 |  | 20,105 |  | 21,215 |  |

| Eliminated on disposal | - |  | (21,369 | ) | (21,369 | ) |

| At 31st December 2024 | 56,667 |  | 170,896 |  | 227,563 |  |

| NET BOOK VALUE

| At 31st December 2024 | 3,333 |  | 60,311 |  | 63,644 |  |

| At 31st December 2023 | 4,443 |  | 46,422 |  | 50,865 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

11. | TANGIBLE FIXED ASSETS - continued

| Group

| The net book value of assets held under finance leases, included above, are as follows:

|  | 2023 |  |  | 2022 |

|  | £ |  |  | £ |

| Motor vehicles |  | 14,122 |  |  | 18,830 |

| These same assets are pledged as security for the finance lease creditor.

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1st January 2024 | 107,774 |  |

| Additions | 78 |  |

| At 31st December 2024 | 107,852 |  |

| NET BOOK VALUE

| At 31st December 2024 | 107,852 |  |

| At 31st December 2023 | 107,774 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Ash Contracting Limited

| Registered office: 83 Cambridge Street, Pimlico, London, SW1V 4PS

| Nature of business: Construction

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 1,946,229 |  | 1,906,260 |  |

| Profit for the year | 529,969 |  | 826,244 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

12. | FIXED ASSET INVESTMENTS - continued

| Ash Special Works Ltd

| Registered office: 83 Cambridge Street, Pimlico, London, SW1V 4PS Company number: 13863721

| Nature of business: Construction

| %

| Class of shares: | holding |

| Ordinary A | 75.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 399,950 |  | 667,040 |  |

| Profit for the year | 184,927 |  | 428,461 |  |

| Ash Capital Projects Ltd

| Registered office: 83 Cambridge Street, Pimlico, London, SW1V 4PS Company number: 15132550

| Nature of business: Construction

| %

| Class of shares: | holding |

| Ordinary A | 51.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 300,823 |  | 273,607 |  |

| Profit for the year | 59,599 |  | 273,507 |  |

| Ash Capital Projects Ltd was incorporated on 12th September 2023 and began trading from the same date. Upon incorporation Ash Connect Ltd owned 75% of the share capital, but following a share allotment in February 2024 control was diluted to 51%.

| Ash Special Works Ltd and Ash Capital Projects Ltd are exempt from the requirements of the Companies Act relating to the audit of individual statements taking advantage of the exemption under s479A-C of the Companies Act 2006.

| The guarantee given under s479C has the effect that:

| - Ash Connect Limited (the parent undertaking) guarantees all outstanding liabilities to which Ash Special Works Ltd and Ash Capital Projects Ltd are subject at the end of 31 December 2024 until they are satisfied in full; and

| - the guarantee is enforceable against the parent undertaking by any person to whom the subsidiaries are liable in respect of those liabilities.

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

2024 | 2023 |

£ | £ |

| Trade debtors | 1,316,850 |  | 2,552,646 |  |

| Accrued income and amounts

| recoverable on contracts | 1,312,126 |  | 1,594,499 |  |

| Other debtors | 34,000 |  | 44,822 |  |

| Directors' current accounts | 1,358 |  | 1,358 |  |

| Prepayments | 22,662 |  | 16,743 |  |

| Sales retention control | 888,086 |  | 974,720 |  |

3,575,082 |  | 5,184,788 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 16) | 100,000 |  | 100,000 |  | - |  | - |  |

| Finance leases (see note 17) | 5,374 |  | 5,374 |  | - |  | - |  |

| Trade creditors | 121,474 |  | 357,034 |  | - |  | - |  |

| Tax | 378,690 |  | 136,288 |  | - |  | - |  |

| Social security and other taxes | 239,046 |  | 164,045 |  | - |  | - |  |

| VAT | 2,118,139 |  | 2,217,579 |  | - |  | - |  |

| Other creditors | 42,254 |  | 22,883 |  | 228 |  | 150 |  |

| Subcontractor invoices | 1,168,000 |  | 1,724,340 |  | - |  | - |  |

| Subcontractors retention

| control | 761,017 |  | 760,051 |  | - |  | - |  |

| Accruals and deferred income | 82,887 |  | 67,617 |  | 12,000 |  | 10,530 |  |

5,016,881 |  | 5,555,211 |  | 12,228 |  | 10,680 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2024 | 2023 |

£ | £ |

| Bank loans (see note 16) | 41,669 |  | 141,669 |  |

| Finance leases (see note 17) | 3,135 |  | 8,508 |  |

44,804 |  | 150,177 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 100,000 |  | 100,000 |  |

| Amounts falling due between one and two | years: |

| Bank loans | 41,669 |  | 100,000 |  |

| Amounts falling due between two and five | years: |

| Bank loans | - |  | 41,669 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

|  | Finance leases |

|  | 2024 |  |  | 2023 |

|  | £ |  |  | £ |

| Net obligations repayable: |  |

| Within one year |  | 5,374 |  |  | 5,374 |

| Between one and five years |  | 3,134 |  |  | 8,508 |

|  | 8,508 |  |  | 13,882 |

|  | Non-cancellable operating leases |

|  | 2024 |  |  | 2023 |

|  | £ |  |  | £ |

| Net obligations repayable: |  |

| Within one year |  | 123,981 |  |  | 45,000 |

| Between one and five years |  | 202,323 |  |  | 16,383 |

| In more than five years |  | 107,500 |  |

|  | 433,804 |  |  | 61,383 |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2024 | 2023 |

£ | £ |

| Bank loans | 141,669 |  | 241,669 |  |

| Finance leases | 8,509 |  | 13,882 |  |

150,178 |  | 255,551 |  |

| The bank loans are secured by way of a fixed and floating charge over all assets of the group with negative pledge over the properties.

| The finance lease creditor is secured on the assets they relate to.

19. | PROVISIONS FOR LIABILITIES

| Group |

2024 | 2023 |

£ | £ |

| Other provisions | - |  | 77,173 |  |

| Aggregate amounts | - |  | 77,173 |  |

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 60 | Ordinary 'A' | £1 | 60 |  | 60 |  |

| 40 | Ordinary 'B' | £1 | 40 |  | 40 |  |

100 |  | 100 |  |

21. | RESERVES

| Group

| Retained |  | Share |  | Revaluation |  | Merger |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1st January 2024 | 1,690,303 |  | 107,623 |  | 692,924 |  | 173,976 |  | 2,664,826 |  |

| Profit for the year | 523,595 |  | 523,595 |  |

| Capital contributions to

| Employee Ownership Trust | (905,000 | ) | - |  | - |  | - |  | (905,000 | ) |

| At 31st December 2024 | 1,308,898 |  | 107,623 |  | 692,924 |  | 173,976 |  | 2,283,421 |  |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1st January 2024 | (4,267 | ) | 107,623 |  | 103,356 |  |

| Profit for the year | 436,438 |  | 436,438 |  |

| Capital contributions to

| Employee Ownership Trust | (415,000 | ) | - |  | (415,000 | ) |

| At 31st December 2024 | 17,171 |  | 107,623 |  | 124,794 |  |

22. | OTHER FINANCIAL COMMITMENTS

| Ash Connect Limited was acquired by Ash Connect EOT on behalf of the Ash Connect Employee Ownership Trust for a total sum of £5,574,000 on 1 January 2021.The total consideration consisted of initial payments, made by this company and included in these financial statements, and an element of deferred consideration which will be paid in monthly instalments by Ash Contracting Limited, the subsidiary trading company.The obligation to make future payments of the deferred consideration lies with the trust and so the liability for future payments has not been recognised by the group. During the year the group paid £905,000 to the Ash Connect Employee Ownership Trust.

| ASH CONNECT LIMITED (REGISTERED NUMBER: 10839401) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023:

2024 | 2023 |

£ | £ |

| D Cooper

| Balance outstanding at start of year | 1,358 |  | 1,571 |  |

| Amounts repaid | - |  | (213 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 1,358 |  |

24. | ULTIMATE CONTROLLING PARTY

| The controlling party is Ash Connect EOT Limited.

| The Ash Connect Employee Ownership Trust is the ultimate controlling party by virtue of its ownership of Ash

| Connect EOT Limited