Company registration number 02771177 (England and Wales)
CAREFOOT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CAREFOOT PLC
COMPANY INFORMATION
Directors
C W C Carefoot
C D Carefoot
A R Cross
Secretary
C W C Carefoot
Company number
02771177
Registered office
Blackpool Road
Longridge
Lancashire
PR3 3AL
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Blackpool Road
Longridge
Lancashire
PR3 3AL
CAREFOOT PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
CAREFOOT PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Fair review of the business

The Group consisted of two main trading subsidiaries Walter Carefoot & Sons (Construction) Limited and Walter Carefoot & Sons, (Transport) Limited and a third company Walter Carefoot and Sons (Properties) Ltd, a property management company. The strategic report considers these businesses in turn.

Construction

Strategy and business model

Walter Carefoot and Sons (Construction) Limited is a construction main contractor.

The company’s strategy is to develop strong relationships with clients in education, health, commercial, leisure and ecclesiastical markets in both public and private sectors. The company’s understanding of projects’ needs and a collaborative policy of openness for sharing technical and commercial knowledge has meant local authorities and governments-led initiatives has led to contracts for over 7 5% of the company’s turnover.

Business review

The company's turnover has decreased to £17.5m (2024: £22.4m) but profit before tax has remained consistent at £1.4m (2024: £1.5m), which is testament to the work the Board has done within each department, to drive efficiencies, and also the hard work of the staff. The financial results are excellent when considering the challenges faced by the business this year. The cash position has remained strong at £4.4m (2024: £4m).

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the company:-

Market risk

The construction industry is still currently experiencing a skills shortage and labour supply shortages. Carefoot’s are mitigating these risks as much as possible by upskilling staff and increased recruitment of trainees and also working ever more closely with key supply chain partners to ensure continuity of work to enable them to train and retain more of their own operatives.

The challenge for this year 202 5/2 6 is the ongoing economic situation which has created a lull in new project starts across the industry which has caused a hardening in tender margins.

Legislative and regulatory risk

None.

Action of competitors

A number of our competitors still appear to be chasing turnover for cash flow and tendering projects at less than cost which is keeping the market value at very low margins which is not sustainable in the long term. Our client review over the last couple of years was aimed to negate this risk.

Key performance indicators

The company monitors its performance using a number of measures. These include:-

• Client satisfaction: 9 5%

• No defects at handover: 9 5%

• Delivery to budget: 96%

• Delivery to time: 9 6%

The Directors consider that these Key Performance Indicators show that with the process and procedures carried out by the highly skilled workforce, and the successful reassessment of ISO14001, OHSAS 18001, ISO9001 and Investors in People GOLD standard the company is making progress.

CAREFOOT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Transport

Strategy and business model

Walter Carefoot & Sons, (Transport) Limited was a nationwide bulk tipping transport company, hauling third party goods throughout the UK and occasionally Europe.

Business review

Following a long-term succession planning exercise for the group and a strategic review the board came to the decision to cease third part haulage from 30 April 2024. The company continues to hold significant cash reserves which will ensure its ability to continue as a going concern for the foreseeable future.

Properties

Strategy and business model

Walter Carefoot & Sons (Properties) Limited continued to be that of a property management company maintaining and renting its own property.

On behalf of the board

C W C Carefoot
Director
19 September 2025
CAREFOOT PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of building and civil engineering contractors, the operation of bulk tipping fleet and road haulage and property rental.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid by the company amounting to £270,768. The directors do not recommend payment of a further dividend.

Directors

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

C W C Carefoot
C D Carefoot
A R Cross
Auditor

The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
C W C Carefoot
Director
19 September 2025
CAREFOOT PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAREFOOT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAREFOOT PLC
- 5 -
Opinion

We have audited the financial statements of Carefoot Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 March 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 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:

- T he 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.

CAREFOOT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAREFOOT PLC
- 6 -
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 their 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 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 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 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 parent 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.

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

- The nature of the industry, the group and company’s control environment, the significant laws and regulations relevant to the group and company, and the group and company’s policies on detection of fraud;

- Results of our enquiries of management and of those charged with governance;

- Our review of disclosures included in the financial statements, and

- Engagement team discussions in respect of any potential indicators of non-compliance or fraud.

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

CAREFOOT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAREFOOT PLC
- 7 -
Simon Diggle (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited, Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
19 September 2025
CAREFOOT PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
18,712,564
27,217,064
Cost of sales
(15,708,147)
(24,731,948)
Gross profit
3,004,417
2,485,116
Administrative expenses
(1,080,646)
(2,005,975)
Other operating income
33,177
25,590
Operating profit
5
1,956,948
504,731
Interest receivable and similar income
9
260,338
100,221
Interest payable and similar expenses
(5,170)
(317)
Profit before taxation
2,212,116
604,635
Tax on profit
10
(556,353)
(150,628)
Profit for the financial year
1,655,763
454,007
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAREFOOT PLC
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
Re-stated
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,748,996
2,411,650
Investment property
14
4,936,001
4,936,001
6,684,997
7,347,651
Current assets
Stocks
2,646
300
Debtors
17
2,038,023
5,089,260
Cash at bank and in hand
6,757,920
5,070,465
8,798,589
10,160,025
Creditors: amounts falling due within one year
18
(3,549,082)
(6,707,064)
Net current assets
5,249,507
3,452,961
Total assets less current liabilities
11,934,504
10,800,612
Provisions for liabilities
Deferred tax liability
19
76,046
119,740
(76,046)
(119,740)
Net assets
11,858,458
10,680,872
Capital and reserves
Called up share capital
21
55,954
53,156
Revaluation reserve
1,053,297
1,053,297
Capital redemption reserve
29,730
29,730
Profit and loss reserves
10,719,477
9,544,689
Total equity
11,858,458
10,680,872
The financial statements were approved by the board of directors and authorised for issue on 19 September 2025 and are signed on its behalf by:
19 September 2025
C W C Carefoot
Director
Company registration number 02771177 (England and Wales)
CAREFOOT PLC
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
15
33,800
33,800
Current assets
Debtors
17
1,848,684
1,245,886
Net current assets
1,848,684
1,245,886
Net assets
1,882,484
1,279,686
Capital and reserves
Called up share capital
21
55,954
53,156
Capital redemption reserve
26,530
26,530
Profit and loss reserves
1,800,000
1,200,000
Total equity
1,882,484
1,279,686

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £870,768 (2024 - £1,351,972 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 September 2025 and are signed on its behalf by:
19 September 2025
C W C Carefoot
Director
Company registration number 02771177 (England and Wales)
CAREFOOT PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
53,156
1,053,297
29,730
9,436,683
10,572,866
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
454,007
454,007
Dividends
-
-
-
(346,001)
(346,001)
Balance at 31 March 2024
53,156
1,053,297
29,730
9,544,689
10,680,872
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
1,655,763
1,655,763
Issue of share capital
21
2,798
-
-
-
2,798
Dividends
-
-
-
(480,975)
(480,975)
Balance at 31 March 2025
55,954
1,053,297
29,730
10,719,477
11,858,458
CAREFOOT PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
53,156
26,530
-
0
79,686
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,351,972
1,351,972
Dividends
-
-
(151,972)
(151,972)
Balance at 31 March 2024
53,156
26,530
1,200,000
1,279,686
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
870,768
870,768
Issue of share capital
21
2,798
-
-
2,798
Dividends
-
-
(270,768)
(270,768)
Balance at 31 March 2025
55,954
26,530
1,800,000
1,882,484
CAREFOOT PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,884,177
2,630,950
Income taxes (paid)/refunded
(625,959)
74,535
Net cash inflow from operating activities
1,258,218
2,705,485
Investing activities
Purchase of tangible fixed assets
-
(4,786)
Proceeds from disposal of tangible fixed assets
652,246
123,000
Interest received
255,168
99,903
Net cash generated from investing activities
907,414
218,117
Financing activities
Proceeds from issue of shares
2,798
-
Dividends paid
(480,975)
(346,001)
Net cash used in financing activities
(478,177)
(346,001)
Net increase in cash and cash equivalents
1,687,455
2,577,601
Cash and cash equivalents at beginning of year
5,070,465
2,492,864
Cash and cash equivalents at end of year
6,757,920
5,070,465
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Carefoot Plc ("the company") is a private limited company, domiciled and incorporated in England and Wales. The registered office is Blackpool Road, Longridge, Lancashire, PR3 3AL.

The group consists of Carefoot Plc and all of its subsidiaries.

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.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain fixed assets at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Carefoot Plc together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents the amounts invoiced during the year exclusive of Value Added Tax.

In respect of long-term contracts and contract for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associate with the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been amortised on a systematic basis over its estimated useful life.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.7
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:

Freehold land and buildings
2% Straight line
Plant and equipment
10% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
10% reducing balance/straight line

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 recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Borrowing costs related to fixed assets

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.13
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.

1.14
Cash and cash equivalents

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

1.15
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 subsequently 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.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

1.18
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.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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.

Profit recognition

Profit recognition on the group's development projects is a key accounting estimate. The valuation of the group's work in progress is based on stage of completion, but the level of profit that the projects will achieve is subjective. The group base the level of profit on detailed costing schedules and sales forecasts. These forecasts are often based on previous projects undertaken for similar developments.

Valuation of investment properties

The investment properties are stated at the directors' estimate of open market value as at 31 March 2025. Calculation of this valuation requires judgements to be made, which include consideration of both the local property market and the wider economic environment.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction contracts
17,571,828
22,388,141
Haulage
886,180
4,600,321
Rental income
254,556
228,602
18,712,564
27,217,064
2025
2024
£
£
Other revenue
Interest income
260,338
100,221
Grants received
33,177
25,590

The group's turnover was wholly generated within the United Kingdom.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item - Restructure costs
-
156,084

The transport division incurred significant one-off costs during the previous year relating to its internal restructure. These costs were recognised as an exceptional item.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(33,177)
(25,590)
Depreciation of owned tangible fixed assets
51,363
180,605
Impairment of owned tangible fixed assets
-
592,554
(Profit)/loss on disposal of tangible fixed assets
(40,955)
52,068
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
2,000
Audit of the financial statements of the company's subsidiaries
22,500
20,000
24,500
22,000
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management and administration
31
37
3
3
Site operations
9
10
-
-
Transport operations
4
30
-
-
Total
44
77
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,748,591
3,100,309
-
0
-
0
Social security costs
183,550
298,206
-
-
Pension costs
108,437
128,493
-
0
-
0
2,040,578
3,527,008
-
0
-
0
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
55,699
53,293
Company pension contributions to defined contribution schemes
62,416
57,822
118,115
111,115

The directors are remunerated through subsidiary undertakings.

9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
260,338
100,221
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
589,959
315,871
Adjustments in respect of prior periods
10,088
(1,836)
Total current tax
600,047
314,035
Deferred tax
Origination and reversal of timing differences
(43,694)
(163,407)
Total tax charge
556,353
150,628

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
2,212,116
604,635
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
553,029
151,159
Tax effect of expenses that are not deductible in determining taxable profit
4,001
-
0
Change in unrecognised deferred tax assets
-
0
1,305
Permanent capital allowances in excess of depreciation
(193)
-
0
Depreciation on assets not qualifying for tax allowances
498
-
0
Under/(over) provided in prior years
10,088
(1,836)
Deferred tax adjustments in respect of prior years
(11,070)
-
0
Taxation charge
556,353
150,628
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
£
£
In respect of:
Property, plant and equipment
-
592,554
Recognised in:
Administrative expenses
-
592,554

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
80,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
80,000
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024 - as restated
1,652,607
256,127
3,140
3,156,973
5,068,847
Disposals
-
0
(22,995)
-
0
(3,064,466)
(3,087,461)
At 31 March 2025
1,652,607
233,132
3,140
92,507
1,981,386
Depreciation and impairment
At 1 April 2024
15,968
126,903
3,140
2,511,186
2,657,197
Depreciation charged in the year
1,992
32,307
-
0
17,064
51,363
Eliminated in respect of disposals
-
0
(12,245)
-
0
(2,463,925)
(2,476,170)
At 31 March 2025
17,960
146,965
3,140
64,325
232,390
Carrying amount
At 31 March 2025
1,634,647
86,167
-
0
28,182
1,748,996
At 31 March 2024 - as restated
1,636,639
129,224
-
0
645,787
2,411,650
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

At 31 March 2022 the land and buildings was deemed to have a fair value of £1,652,607. Since that date the fair value of the land and buildings has been treated as deemed cost.

Certain items of plant and machinery were revalued at 31 March 2020 by the directors, on a fair value basis.

If revalued assets were stated on a historical cost basis rather than fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Group
Cost
137,050
137,050
Accumulated depreciation
(76,267)
(69,513)
Carrying value
60,783
67,537
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
14
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
4,936,001
-

Investment property comprises freehold and long leasehold properties leased to third parties. The fair value of the investment pro perties has been arrived at on the basis of a valuation carried out at 31 March 2025 by the directors of the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historical cost of the properties is £4,218,166 (2024: £4,218,166).

15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
33,800
33,800
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
33,800
Carrying amount
At 31 March 2025
33,800
At 31 March 2024
33,800
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Walter Carefoot & Sons (Construction) Limited
1 - Below
Direct
100.00
Walter Carefoot & Sons, (Transport) Limited
1 - Below
Direct
100.00
Walter Carefoot & Sons (Properties) Limited
1 - Below
Direct
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Blackpool Road, Longridge, Lancashire, PR3 3AL
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,273,513
3,655,269
-
0
-
0
Gross amounts owed by contract customers
684,473
1,174,270
-
0
-
0
Amounts owed by group undertakings
5,763
172,708
1,845,786
1,245,786
Other debtors
20,421
2,969
2,898
100
Prepayments and accrued income
53,853
84,044
-
0
-
0
2,038,023
5,089,260
1,848,684
1,245,886
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Payments received on account
-
0
396,368
-
0
-
0
Trade creditors
2,568,928
4,478,814
-
0
-
0
Amounts owed to group undertakings
5,762
172,708
-
0
-
0
Corporation tax payable
289,959
315,871
-
0
-
0
Other taxation and social security
60,562
1,019,661
-
-
Other creditors
475,681
7,258
-
0
-
0
Accruals and deferred income
148,190
316,384
-
0
-
0
3,549,082
6,707,064
-
0
-
0

Other creditors include an amount of £458,810 (2024 - £nil) owed to one of the directors by the group.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
17,002
94,046
Investment property
59,044
25,694
76,046
119,740
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
119,740
-
Credit to profit or loss
(43,694)
-
Liability at 31 March 2025
76,046
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,437
128,493

Defined contribution pension schemes are operated for all qualifying employees. The assets of the se scheme s are held separately from those of the group in independently administered fund s.

CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
23,732
23,877
23,732
23,877
B Ordinary shares of £1 each
2,798
2,653
2,798
2,653
C Ordinary shares of £1 each
23,728
23,873
23,728
23,873
D Ordinary shares of £1 each
2,798
2,653
2,798
2,653
E Ordinary shares of £1 each
2,798
-
2,798
-
F Ordinary shares of £1 each
100
100
100
100
55,954
53,156
55,954
53,156

On 11 April 2024 the following transactions took place to create the desired share structure:

- 2,798 E Ordinary £1 shares were issued.

- 145 A Ordinary £1 shares were reclassified as 145 B Ordinary £1 shares.

- 145 C Ordinary £1 shares were reclassified as 145 D Ordinary £1 shares.

22
Controlling party

The company is controlled by Mr C W C Carefoot, Mr C D Carefoot and their close families, by virtue of their holding of the issued share capital in the company.

23
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,655,763
454,007
Adjustments for:
Taxation charged
556,353
150,628
Finance costs
5,170
317
Investment income
(260,338)
(100,221)
(Gain)/loss on disposal of tangible fixed assets
(40,955)
52,068
Depreciation and impairment of tangible fixed assets
51,363
773,159
Movements in working capital:
(Increase)/decrease in stocks
(2,346)
78,647
Decrease in debtors
2,942,909
573,343
(Decrease)/increase in creditors
(3,023,742)
649,002
Cash generated from operations
1,884,177
2,630,950
CAREFOOT PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
24
Prior period re-statement

In the prior year, the cost of the freehold land and buildings was held at £1,931,812. The property was revalued at 31 March 2022 and was deemed to have a fair value of £1,652,607, as such the cost of the property has been adjusted to reflect this reduction in value.

The impact on fixed assets for the year ended 31 March 2024 was a decrease in cost brought forward from £1,931,812 to £1,652,607.

The impact on the revaluation reserve was a reduction from £1,332,502 to £1,053,297.

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