REGISTERED NUMBER: 08670500 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PARKERAY LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

10

Report of the Independent Auditors

12

Consolidated Statement of Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Cash Flow Statement

20

Notes to the Consolidated Cash Flow Statement

21

Notes to the Consolidated Financial Statements

22

DIRECTORS:

M J Murray

Ms C J Ashmore

C Ayers

I G Collins

D J Elphick

A D Grint

Ms A Partner

P J Pearce

J Pitts

A Smith

G M Watson

SECRETARY:

A D Grint

REGISTERED OFFICE:

2nd Floor

24 King William Street

London

EC4R 9AT

REGISTERED NUMBER:

08670500 (England and Wales)

AUDITORS:

TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

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

Nature of business and future investment

Parkeray is a main contractor specialising in fit-out and refurbishment projects.

2024 marked a year of continued growth in enquiries which equally gave rise to an increase in new opportunities across all sectors. The latter half of the year was an incredibly busy and successful period which gave us our highest ever forward order book to take into 2025. We also grew a greater reputation within the Regions and continue to grow business in that area.

We continued to invest in our people and delivery. In 2024 we carried out extensive market research with our clients and staff and the results confirmed the market considers us as professional, collaborative, honest and reliable. The market research also identified the need for a Design Management team to sit between the Client's design team and our own subcontractors and as such we invested in building an internal DM team which continues to grow throughout 2025.

As a business we are always looking to the future and are continually developing our talent in view of our succession planning strategy.

Company overview

We operate from two offices. Our Head Office remains in the City of London and services London, the Home Counties, and Southeast interior fitting out market. A market we have been well established in for close to 3 decades.

Our second office is situated in Cambridge where we continue to develop the new business unit covering the Oxford/Milton Keynes/Cambridge arc. We continue to invest in supporting a team to build that side of our business and we are seeing real momentum into 2025. This is an area of the business we are taking seriously for the long-term development of Parkeray and our people.

Our expertise is in the carefully considered planning, co-ordination and management of the whole construction process from tender to project completion and after delivery service.

The type of work we undertake is invariably Category A and A+ for landlords or Category B office space across many sectors for corporate end user clients. Works can be provided either on a traditional tender basis or on a design and build basis, albeit we employ independent designers as and when required supported by our in-house team of Design Managers.

Our workforce headcount through 2024 increased slightly, with an average of 173. We employ experienced construction-based managers, subdivided into the following disciplines: site based Operational Directors, Senior Project Managers, project managers, construction managers, commercial managers, technical services managers, planners, estimators and construction related directors - Operational, Construction and Commercial.

The skills of this in-depth, highly technical and experienced workforce combine to deliver our core service of corporate interior fitting out.

We are an associate member of the Considerate Constructors Scheme (CCS); an honour bestowed by invitation based on us consistently achieving site scores in excess of the national average.

All of our sites are registered with the scheme and are externally assessed on the following categories: enhancing the site appearance, respect for the community, protection of the environment, safety, and care for the work force.

Employee involvement

We believe we are a fair and trustworthy employer and actively seek employee feedback and involvement. Regular meetings are held with employees to discuss sales, financial position and prospects. Opportunity is given at these meetings for senior management to be questioned about matters which may affect the employees.

We are always open and honest with our staff and keep them informed of any company decisions we make, via face-to-face team meetings, personal letters or newsletters. We hold one-to-one meetings will all our employees; these are undertaken by a member of the group board and feedback is requested and offered by both parties. The way we communicate with our staff is as immediate and as heartfelt as possible. We keep all staff up to date with any company changes as they occur and consult them openly and democratically with company decisions.

We have found this approach has always worked very well for us, and we see no reason to change. We are firmly of the opinion that this contributes to what we believe to be an enviable staff retention rate.

Training and Development

The Company is committed to the training and development of our staff and in line with this runs a comprehensive training programme that covers both professional and personal development, from our apprenticeships to board director training.

General Training

In line with good industry practice, our operational staff are trained in the following as a minimum requirement:

First Aid at Work - training and qualifications provided by the British Red Cross

Site Managers Safety Training Scheme (SMSTs) - comprehensive safety training endorsed by the Construction Industry Training Board (CITB) and a minimum requirement for our Project Managers

Site Supervisors Safety Training Scheme (SSSTs) - comprehensive safety training endorsed by the Construction Industry Training Board (CITB) and a minimum requirement for our Site Operatives

All staff members undertake a Modern Slavery Awareness Training Course periodically, which ensures awareness and understanding of the subject matter is current at all times.

General management training is undertaken on a regular basis together with training across the company in such diverse subjects as mental health and wellbeing, coaching, presentation skills and contract review amongst many others as deemed necessary.

Any new members to the board undertake Company Officer training, understanding legal and ethical requirements of being a company director.

We also support individual's aspirations to further their careers by funding qualifications that cultivate their roles.

These standards allow the Groups clients to be assured that the staff working on their projects are trained at the highest level.

Graduate programme

The company runs a comprehensive graduate trainee scheme where we recruit and support young professionals through their initial training by way of day release at university and a structured, on the job process. This scheme has been running for over eighteen years and has produced some incredible construction industry professionals, the majority of whom remain with the business.

The training, development and advancement of new recruits continues to be an integral part of our business, underpinning much of what we do today and helps to inform what we might do tomorrow.

As a business we have an unofficial goal that 20% of our staff base be made up of individuals that are either currently going through a formal training period or have completed one and remain focused within our employ, we now sit comfortably at that level on a regular basis.

We also set ourselves a 5-year goal of having 50:50 gender split within our 5-year trainee scheme, we achieved that in 2024 within the first 3 years of setting that goal. The industry is inherently difficult to change in terms of diversity, so we gave ourselves the target to achieve this though recruitment onto our apprenticeship scheme by targeting diverse schools.

Our trainee and apprenticeship scheme is one we are immensely proud of.

Trading and Finance Review of the business

Review of the business

The profit and loss account shows turnover for the year of £144,490,019 and an operating profit of £1,174,032.

Within the Group accounts after accounting for investment income of £332,661 we are satisfied to report a Group pre-tax profit of £1,506,693.

Trading review

We are delighted with the wonderful projects we delivered throughout 2024 ranging from a few thousand pounds to £16million. We continue to receive follow on negotiated projects though successful delivery and are proud to have received BCO awards and nominations for a number of those projects.

We are still achieving an excellent a work winning strike rate with opportunities from repeat clients featuring regularly, and we have also built strong relationships with relatively new client companies and contacts and continue to build upon those.

Key performance indicators

The Group has performed well throughout the year. Turnover increased over the prior year, and our gross profit margin is in a healthy position increasing our position on our balance sheet gaining us a 3A1 rating and generating a healthy uptick in quantum relative to the increased turnover.

Cash balances continued to remain healthy, a reflection of good credit control within the group and also reflective of the calibre of clients that we have on our books, both factors helping us to maintain our healthy debtor day ratio.

The number of enquiries and opportunities received grew by over 7% on the prior year, with an associated increase of over 42% in value, whilst the number and value of enquiries priced grew in proportion, and we are pleased to report that the number and value of enquiries converted to secured projects saw a significant increase over the prior year, helping secure a great start to 2025.

We recruited 28 new staff members across the group during the year, 6 of whom were our 2024 intake of trainees under our graduate programme. We parted company with 18 colleagues during the year, with 4 of those colleagues retiring and 2 emigrating overseas.

Principal risks and uncertainties

Political uncertainly both from a geopolitical and local aspect, have created some delays in decision making when clients take new space and commit to fitting out their spaces. These delays seem to then cause shorter lead times on some smaller projects and thus they then are turned into pure D&B.

We continue to monitor internal and external environments and adapt our approach accordingly via settlements, resource and work targeting.

There has been an increase in the use of AI in our market and as a business we are investigating what that means to us and in the investment our clients may make within their spaces to accommodate this.

During 2024 saw the demise of some competitors in the market which had a knock-on effect onto our supply chain. We took an active due diligence approach to this and still regularly speak with our supply chain regarding their own financial standing so minimise any potential risk to projects and our clients.

Future prospects

We continue to add to our pipeline with a robust business development strategy which has always served us well. The team are working with all areas of the business to engage with our clients, our relationships remain strong, and we continue to develop long-term working relationships with Clients through our Key Account Management.

At the time of signing, we have a solid pipeline of enquiries on our books, they are higher than they have ever been, and we are confident that this will continue throughout 2026 and beyond.

Our pipeline regularly sits as being four to five months ahead of the cumulative amount of where we need to be to hit our target. We involve all members of operational teams in the Business Development effort.

It is our intention to continue to manage our workload in a structured and strategic manner encompassing our core values and our vision, only undertaking work we can deliver with excellence.

As a board we can say with relative certainty what the impacts are upon our business model and discuss the outcomes in the going concern statements within this report. Accordingly, the Directors consider it appropriate to prepare the accounts on a going concern basis. Further clarification of this view is given in the Directors' Report.

Financial instruments

The company holds or issues financial instruments to finance its operations. Operations are financed by retained profits. Working capital requirements are met out of retained profits. In addition, various financial instruments such as trade debtors and trade creditors arise directly from the company's operations. The company does not enter into any hedging arrangements. The company continues to provide performance bonds and parent company guarantees as additional comfort to clients, when requested.

The company is mainly exposed to credit risk from credit sales. It is company policy to assess the credit risk of new customers and to factor the information from these credit ratings into future dealings with the customers. At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.

The directors monitor the liquidity and cash flow risk of the company carefully. The company has investments in liquidity funds with the company's bankers which are used to manage fluctuations in cash flow. Cash flow is monitored by the directors on a regular basis

Payment of creditors

The company's policy for all suppliers and sub-contractors is to fix terms of payment when agreeing the terms of each business transaction, to ensure that suppliers and sub-contractors are aware of these terms and to abide by the agreed terms of payment.

Respect is a core Parkeray value that plays an important role in our communications, relationships and service delivery. We are proud to highlight the vital role it plays in our business, and we host two coffee mornings each year to promote mutual respect and respectful communication with a view of improving the image of our construction industry. We also hold an annual partnership forum where we report back to our supply-chain how we are doing as a business and highlight any areas of focus for us and what we would like their support with, such as our NetZero and Health and Safety targets.

Parkeray company focus and policies

Streamlined Energy & Carbon Reporting (SECR)

In accordance with the Streamlined Energy & Carbon Reporting (SECR) requirements of the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Reporting) Regulations 2018 we have calculated the Carbon Dioxide emissions associated with our activities.

We have determined our greenhouse gas emissions, using the guidance contained in the Greenhouse Gas Protocol. Our calculation includes emissions arising from:

- Corporate activities occurring in the United Kingdom.

- The combustion of fuel, transport, and fugitive emissions arising from Parkeray's office.

- Electricity consumed by our office and an estimate of electricity consumed by our construction activities.

- All indirect greenhouse gas emissions that occur in the value chain of our business activities.

Parkeray Limited's carbon footprint has been independently verified by an accredited third-party organisation, to a reasonable level of assurance under ISO 14064-3:2019. As a company we continue to look at ways to utilise accurate data driven methods when calculating our carbon footprint, moving away from spend-based data. As with our 2023 carbon footprint we have utilised our extrapolation methodology that has previously been externally verified to calculate our largest emitting category (3.1 Purchased goods and Services). Along with this method we have utilised specific data, rather than spend-based, to calculate the emissions arising from employee commuting and home working. Another distinct change from our 2023 carbon footprint has been the addition of another office in Cambridge, we have utilised specific data supplied by the building management team to calculate the relevant carbon footprint data associated with this office. With regards to the other categories within our carbon footprint, they are calculated with the same methodologies as 2023.

We used the appropriate conversion factors for Greenhouse Gas Reporting provided by the Department for Environment, Food & Rural Affairs (DEFRA, Version 1.1, 2024) as well as OneclickLCA for any missing datapoints. Our carbon footprint captures scope 1, 2 and 3 carbon emissions for controlled assets and business activities. The reporting boundaries are based on the principle of operational control.

We estimate that our corporate activities across the Group have resulted in the following tonnes of carbon dioxide equivalent emissions (tCO2-eq):

Baseline Year

2024

2023

Scope 1 emissions from gas, transport, and fugitive emissions (tCO2-eq)

0

0

Scope 2 emissions from electricity use (tCO2-eq)

0

0

Total Scope 1 and 2 emissions (tCO2-eq)

0

0

cope 3 emissions (tCO2-eq)

10,228.53

8,162.89

Total greenhouse gas emissions (tCO2-eq)

10,228.53

8,162.89

Financial Year Turnover

£144,490,020

129,893,156

Greenhouse gas emissions/£100k (tCO2-eq/£100,000 Turnover)

7.08

6.21

There remain no emissions to report for scope 1 and 2, the addition of the Cambridge office in 2024 has not changed this fact as we have ensured the building is serviced by a Renewable Energy Guarantees of Origin (REGO) backed tariffs. We have no fugitive emissions, and any vehicle activity (negligible) is from leased vehicles which are therefore accounted for in scope 3. All electricity used at our head office (24 King William Street, London) is sourced from electricity supplier Brook Green Supply who supply REGO-backed electricity which ensures zero reportable emissions.

Throughout the 2024 financial year, we have maintained active engagement with our key supply chain partners to assess their progress in measuring and reporting their carbon footprints. A large portion of our supply chain are SMEs (Small to Medium sized Enterprise), meaning they do not have the staff available to tackle their carbon footprint calculations, we will continue to help them where we can.

At the time of signing these accounts, we remain committed to science-based carbon reduction targets in accordance with the Science Based Targets initiative (SBTi) for SMEs. These targets are aligned with the Paris Agreement's aspiration to limit global warming to 1.5oC. We have committed to reduce absolute scope 1 and 2 greenhouse gas emissions by 38% from a 2021 base year, and we have committed to measure and reduce scope 3 emissions. We have met the initial target relating to scope 1 and 2 emissions as we currently have zero emissions in either category, as a business we have no plans to move away from REGO-backed electricity at either office, there are similarly no plans to purchase any of our own vehicles as a business. We continue to measure our scope 3 emissions, with constant engagement with our supply chain and a focus on carbon hotspots in the coming years, we aim to begin reducing our carbon emissions.

Looking ahead, Parkeray is focused on actively reducing our carbon emissions through targeted interventions based on information taken from carbon footprint analysis. We plan to increase our engagement with suppliers to encourage the adoption of low-carbon materials and practices, prioritise efforts to reduce carbon hotspots identified in our scope 3 analysis, and continue transitioning to specific, activity-based data to improve accuracy and transparency. We are also exploring opportunities to embed carbon reduction criteria into procurement decisions and project delivery through the addition of a sustainability annex within our JCT contracts, ensuring sustainability remains central to our operations.

Health and safety at work

The company has a policy for securing the health, safety and welfare at work of its employees and for

protecting other persons against risks to health or safety arising out of or in connection with the activities at work of those employees. Health and safety training is maintained and updated as required in line with current guidance and regulations.

Our Health & Safety Director sits on the operational boards of our Interiors and our Lite companies. His team carry out regular and unannounced audits of all our projects, managers and subcontractors.

The directors would like to thank the management and staff for their continued diligence in this area, which has served to reward us in achieving our 17th consecutive Gold RoSPA award, which was our second Order of Distinction at the annual awards. This is a huge accolade and one which we are incredibly proud of.

Health and Safety continues to be a focused area of discussion at our annual Partnership Forum presentation and breakfast where we invite and discuss important matters on working together with our subcontractors and suppliers.

Diversity, equality & inclusion (DE&I)

We are an equal opportunities employer. We have a DE&I steering committee with Group Board level leadership and representation throughout the business. We have an annual strategy to highlight our objectives for the coming year and for us to improve upon.

We also started investigating unconscious bias training which continued throughout 2025.

We are very aware that our industry doesn't always seem easy to change but we are committed to working with and educating our people to push change as much as we can.

We forged a strong relationship with BPIC in 2024, they have audited us and are working with us on the roll out of our DE&I strategy. We also use their recruitment programme to assist with recruiting diversity. We continue to take on trainees across all areas of diversity to improve from the ground up.

We support all industry NextGen initiatives, our COO Clare Ashmore continued to hold the position of national Chair of the BCO Mentoring Programme throughout 2024. We also support the Mentoring Circle who guide young women in our industry. Two of our board directors, Clare Ashmore and Sophie Riley are mentors under both initiatives, and we host annual events in our lovely Parkeray Garden for both organisations in support of them.

If we can make a meaningful change to our industry, we will.

Employment of disabled persons

The company continues its policy regarding the employment of disabled persons. Full and fair consideration is given to applications for employment of disabled persons having regard to their particular aptitude and abilities. In the event of employees becoming disabled, every effort is made to retain them in order that their employment with the company may continue.

It is the policy of the company that training, career development and promotion opportunities should be available to all employees.

Wellbeing

Over the past few years we have been focussing heavily on wellbeing, and the positive impacts enhanced wellbeing can have on worker productivity and engagement.

Each year our Sustainability and Health & Safety teams work with Group Board representation to present a gap analysis between our current wellbeing provision and both minimum legal requirements and best practice and to also produce a Wellbeing Strategy to focus our efforts for the coming year. The strategy outlines our approach to wellbeing and the key concepts that guide our thinking in terms of activities to implement in the short, medium and long term. It is the intention of the Wellbeing Strategy to provide measures to support both physical and psychological wellbeing; the focus, improving mental fitness within Parkeray. This is equally applicable to both site and office-based staff regardless of fitness levels and gender.

Mental health is a key area of focus for us. We have four trained mental health first aiders, and we have provided mental health awareness training for all staff members, including all board and senior management. We continued to roll out this training throughout the business in 2024 to make as many people sensitive to needs as possible.

In addition, we continue to support worthy causes with entry to some great events, both as individuals and also as teams, which can reap many great rewards, with enhanced relationships among colleagues and improved fitness playing their part in assisting with balances between work and lifestyle, physical and mental health.

Charitable donations

During the year the Group made charitable donations of £6,693. Social Value and Corporate Social Responsibility features highly within our company ethos. We are proud of the work we do as a business to support charities, local schools, hospitals and care units in the vicinity to our places of work.

In addition to this we pride ourselves on our approach to giving our time and expertise to local projects. Wellbeing is hugely important to us as a business, and we have been actively encouraging and fully supporting our staff to be involved with sporting charitable events.

During 2024 we donated over £165,000 worth of materials to charity. We also donated 24 coats to wrap up London, 145.80 kg of food, providing enough for 15 three-day emergency parcels to support people in need in Hackney via the Hackney Foodbank and £280 of food donated to a local action group.

We continued to support Macmillan though our coffee morning and bake off and are supporting them with our Parkeray challenge walk around the isle of wight.

Section 172 statement

The Directors have made due consideration of our requirements under s172 of the Companies Act 2006 and these have been detailed throughout this report.

The Directors take seriously their duty to act fairly as between members of the company. Although the majority of the ownership of the company rests with the Directors, over 8% of the ownership rests with the company's Employee Benefit Trust (EBT), with the trustees acting collectively as Directors of Parkeray Trustees Limited on behalf of the EBT. Each year a meeting is held by the Directors of Parkeray Trustees Limited, 4 of whom are not officers of Parkeray Limited, having been appointed over the years to represent the interests of the employees of the group for whom the shares are held. The meeting covers not only income and expenditure of the EBT, but also the value of investments held by the trust, and investment opportunities and plans. This also extends to reporting on the financial performance of the employer, namely Parkeray Limited, including its subsidiaries.

Furthermore, the company continues to hold Annual General Meetings with the entire group of members, with a similar agenda to the one described above, as well as statutory agenda items as required.

ON BEHALF OF THE BOARD:

Ms C J Ashmore - Director

26 September 2025

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

DIVIDENDS

,The directors paid a dividend of £177,269 (2023: £167,224) during the year.

DIRECTORS

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

M J Murray

Ms C J Ashmore

C Ayers

I G Collins

D J Elphick

A D Grint

Ms A Partner

P J Pearce

J Pitts

A Smith

G M Watson

Other changes in directors holding office are as follows:

P R Kerr - resigned 30 June 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' 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;

-	state whether applicable 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 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.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P J Pearce - Director

26 September 2025

Opinion

We have audited the financial statements of Parkeray Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, 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 31 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.

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 ten, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transaction outside the normal course of business and reviewing accounting estimates for bias.

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.

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.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

26 September 2025

TURNOVER

4

144,490,019

129,893,156

Cost of sales

135,233,593

121,906,329

GROSS PROFIT

9,256,426

7,986,827

Administrative expenses

8,082,394

7,493,974

OPERATING PROFIT

6

1,174,032

492,853

Interest receivable and similar income

332,661

208,716

PROFIT BEFORE TAXATION

1,506,693

701,569

Tax on profit

7

370,395

284,511

PROFIT FOR THE FINANCIAL YEAR

1,136,298

417,058

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,136,298

417,058

Profit attributable to:

Owners of the parent

1,136,298

417,058

Total comprehensive income attributable to:

Owners of the parent

1,136,298

417,058

FIXED ASSETS

Tangible assets

10

549,634

663,636

Investments

11

-

-

549,634

663,636

CURRENT ASSETS

Debtors

12

30,973,673

22,848,205

Cash at bank

20,049,904

19,250,921

51,023,577

42,099,126

CREDITORS

Amounts falling due within one year

13

41,832,930

33,969,232

NET CURRENT ASSETS

9,190,647

8,129,894

TOTAL ASSETS LESS CURRENT LIABILITIES

9,740,281

8,793,530

CREDITORS

Amounts falling due after more than one year

14

(369,504

)

(378,745

)

PROVISIONS FOR LIABILITIES

16

(98,824

)

(101,861

)

NET ASSETS

9,271,953

8,312,924

CAPITAL AND RESERVES

Called up share capital

17

10,000

10,000

Other reserves

18

(26,691

)

(26,691

)

Retained earnings

18

9,288,644

8,329,615

SHAREHOLDERS' FUNDS

9,271,953

8,312,924

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

A D Grint - Director

FIXED ASSETS

Tangible assets

10

549,634

663,636

Investments

11

5,367,128

5,367,128

5,916,762

6,030,764

CURRENT ASSETS

Debtors

12

6,396,121

6,806,023

Cash at bank

6,648,160

3,952,854

13,044,281

10,758,877

CREDITORS

Amounts falling due within one year

13

8,889,190

6,654,479

NET CURRENT ASSETS

4,155,091

4,104,398

TOTAL ASSETS LESS CURRENT LIABILITIES

10,071,853

10,135,162

CREDITORS

Amounts falling due after more than one year

14

(369,504

)

(369,504

)

PROVISIONS FOR LIABILITIES

16

(85,786

)

(105,910

)

NET ASSETS

9,616,563

9,659,748

CAPITAL AND RESERVES

Called up share capital

17

10,000

10,000

Other reserves

(26,691

)

(26,691

)

Retained earnings

9,633,254

9,676,439

SHAREHOLDERS' FUNDS

9,616,563

9,659,748

Company's profit/(loss) for the financial year

134,084

(145,737

)

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

A D Grint - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

10,000

8,079,781

(26,691

)

8,063,090

Changes in equity

Dividends

-

(167,224

)

-

(167,224

)

Total comprehensive income

-

417,058

-

417,058

Balance at 31 December 2023

10,000

8,329,615

(26,691

)

8,312,924

Changes in equity

Dividends

-

(177,269

)

-

(177,269

)

Total comprehensive income

-

1,136,298

-

1,136,298

Balance at 31 December 2024

10,000

9,288,644

(26,691

)

9,271,953

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

10,000

9,989,400

(26,691

)

9,972,709

Changes in equity

Dividends

-

(167,224

)

-

(167,224

)

Total comprehensive income

-

(145,737

)

-

(145,737

)

Balance at 31 December 2023

10,000

9,676,439

(26,691

)

9,659,748

Changes in equity

Dividends

-

(177,269

)

-

(177,269

)

Total comprehensive income

-

134,084

-

134,084

Balance at 31 December 2024

10,000

9,633,254

(26,691

)

9,616,563