RED CONSTRUCTION GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

10

Consolidated Statement of Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

J C Hayes

I M Hopkinson

S C Lousada

G J Sturge

SECRETARY:

Mrs S A Hunt

REGISTERED OFFICE:

The Estate Office

Oakley House

The Drive, Church Lane

Oakley

Bedfordshire

MK43 7ST

REGISTERED NUMBER:

09802945 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alberto Di Lorenzo

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review is construction, working directly with end use clients and property asset owners, as a specialist main contractor.

BUSINESS REVIEW AND GENERAL OUTLOOK

Financial year 2025 represented another significant milestone in the group's journey to delivering the board's strategic vision of establishing a profitable £200m plus turnover enterprise. Whilst the group's plans for profitable growth are ambitious, the board is resolute in its commitment to adopting a cautious approach to project selection and has strong risk management disciplines. Turnover in the year ended 31 March 2025 was £170,829,117.

The Group's expansion has been driven by being the contractor of choice in the commercial, residential, hotel and leisure markets with client's valuing the accessibility of business unit "decision makers". RED's operating divisions have "short chains of command", meaning business unit leaders have first-hand insight into what needs to happen for RED to deliver on its promises and importantly, they have the authority to act.

The evolution of the group's divisional delivery structure continued through financial year 2025 in response to the growing scale of the business' operations:

- RED London now operates through three agile trading divisions, ensuring the respective leadership teams have a "hands-on" understanding of client needs as well as visibility on the opportunities and risks inherent in working in the capital.

- The group established RED Bedford in 2025, a construction delivery division based at RED's central services office in Bedfordshire. The divisional leadership team is predominately drawn from RED's existing resources, working with consultants and clients already known to RED. The key strategic objective of RED Bedford is to expand the group's geographic footprint into the Oxford to Cambridge corridor and capitalise on opportunities emanating from the planned Universal Studios investment in the Bedford area.

Our Values and approach

RED's core values are driven by relationships, channelling our enthusiasm into delivering on our promises and creating value in all that we do. Our clients choose us for our specialist knowledge, our employees choose us for our ambition and inclusive mindset. It is our mission to operate in an ethical and transparent manner that creates client value, embracing the innovation that keeps us evolving and helps us deliver best outcomes. We believe in creating an enjoyable, inclusive and safe environment, focused on empowering and training our teams to maximise their potential..

This is our operating model which is built on three key components:

- Relationships building positive trusting, connections with our clients, teams and stakeholders to empower growth and success.

- Enthusiasm exerting passion and determination for service excellence, through innovation, engagement of positive opportunities and providing solutions to all challenges.

- Delivery on our promises, with pride, integrity, and transparency, for all stakeholders through the utmost respect for the environment and communities, creating a lasting legacy.

London, Regional and Sector Footprint

- RED London

RED is the solution to construction in the capital where the city's heritage and scale present unique and complex construction challenges which RED overcomes with expertise, innovation and integrity. RED's London team has extensive experience delivering a balanced mix of projects up to and in excess of £50.0m across new new-build, refurbishment and fit-out schemes in the hospitality, commercial and student accommodation sectors. Early engagement with clients ensures that from the onset, sustainable solutions are at the heart of every key decision thereby enriching surrounding neighbourhoods and boroughs. RED's portfolio in the capital includes projects such as 40 Broadway [Commercial], St Pancras Renaissance Hotel phases 3 and 4 [Hotels], Willen House [Student Accommodation] and Royal Cambridge Care Home Phase 2 [Senior Living]

- RED South West

Now in its fourth year of trading, RED South West, based in Bristol, is a firmly established local presence. Red South West offers unparalleled regional expertise and market knowledge, delivering an extensive portfolio of high-profile projects consistent with regional requirements, including commercial, residential, hotel & leisure, education and industrial buildings.

The focus for the division's leadership is on driving an increased market share with plans well advanced to open a new office in Exeter. RED's portfolio in the South West includes the award winning Zeal Hotel Exeter [Hotels], Moon Street [Student Accommodation] and The Crescent & Harbourside [Façade Remediation].

- RED Special Projects

RED Special Projects is a division dedicated to delivering exceptional construction services, specialising in structural alterations, refurbishment and fit-out projects up to £10m in London and new build projects £5m to £35m in surrounding region. RED's highly experienced, creative and agile team is comfortable with complexity, inner-city restricted sites, logistical challenges and stringent technical demands. The division provides our clients with exemplary service and true value in a smart and responsive manner, supported by the resources of the group. RED Special Projects portfolio includes Bruton Place London [Commercial], Bromley Varney Court [Fire damage remediation] and Tower Suites [Hotels].

- ONE MEP

ONE MEP is RED's mechanical, electrical and plumbing capability, established to provide integrated services ranging from traditional installation works through to total self-delivery, enhancing the breath of services RED can offer to clients on projects. This in-house delivery capability gives RED a competitive advantage in the provision of these essential services whilst protecting RED and its clients from a critical supply chain insolvency risk.

FINANCIAL REVIEW

The group generated revenue of £170.8m in the financial year ended 31 March 2025 (2024: £114.8m).

During the year the Group completed projects such as Royal Cambridge Care Home Phase 1 for The Shappard Trust, Explore Richmond Commercial for Barwood Capital, Marriott County Hall Hotel for Marriott and Warick Castle Hotel for Merlin Entertainments

A dividend of £400,000 was paid during the year (2024: 251,000).

The Group has secured a strong order book for the financial year ending March 2026 and is forecasting revenues of circa £190m with £159m currently secure. The group maintains strong working capital disciplines and finances its working capital requirements from operating activities without the need for recourse to any external sources of funding. The group remains confident in the 'pipeline' of known and identified opportunities in its core markets. In the opinion of the directors the prospects for the business are very positive.

KEY PERFORMANCE INDICATORS

The Board uses key performance indicators (KPI's) to monitor the group's performance and management regularly reviews the key risks and opportunities of the business.

In addition to regular management reporting, the Board monitors KPI's on a range of activities including health & safety, training competencies, staff turnover, environmental issues, considerate contractors scheme scores, order book, profitability, working capital management and other financial and non-financial measures.

- Cash generated from operating activities is reviewed through monitoring debtors and work in progress.

- Profit and total comprehensive income for the financial year is another key measure and is included in the financial review.

SECTION 172 STATEMENT AND STAKEHOLDER ENGAGEMENT

In line with our core values, the board recognises that the ongoing success of the business is dependent on strong relationships with stakeholders. Accordingly, when making decisions, the directors consider their likely impact on promoting the success of the business for the benefit of stakeholders as a whole, be they employees, clients, suppliers, subcontractors or the wider public. In doing so the board consider:

- The likely consequences of any decisions in the long term

- The interests of employees

- The need to foster ongoing positive relationships with suppliers, subcontractors, clients and others

- The impact of the business' operations on the community and the environment.

- The desire of the business to maintain a reputation for high standards of conduct

- The need to act fairly as between stakeholders.

Likely long-term consequences of decisions

The board of directors have invested in developing, communicating, and deploying a coherent strategy for the business, which focuses on long-term objectives and sustainable growth in line with our core values.

The interests of employees

Our people are the foundation of RED. The Group is an equal opportunity employer and fully accepts its obligations under all relevant legislation. We value the mix of strengths and insights this approach brings, and we are proud to have built a team with a diversity of perspectives and backgrounds. All employees are encouraged to work towards additional competencies reflective of their role in the Group. Our active in-house graduate recruitment and training programmes play a key role in creating an effective and united team whilst also helping foster the industry's next generation.

Fostering ongoing, positive relationships

At RED, investing in relationships is a core value. Building long-term, mutually beneficial relationships is paramount to successfully delivering our projects and our strategy.

Close relationships with clients from the earliest point in the project lifecycle is integral to the business success and stability. The board meet regularly with clients to ensure that our service delivery meets fully with their needs and requirements.

We highly value our supply chain partnerships and maintain a select list of preferred subcontractors and suppliers that uphold our agreed-upon standards. We actively engage with our supply chain both before and after tender stages to ensure that when we secure projects, we proceed in a manner that considers the needs of all parties involved.

Impact on communities and environment

The Group is very aware of the dangers inherent in construction site environments. Health, safety and wellbeing are an integral part of our building process, embedded within the team and running through from planning to procurement and delivery of the scheme. The business has a robust process of regular independent inspections, the results of which are issued directly to the operations directors and the business owners. We are indebted to our people for creating a safe working environment but at the same time, we are not complacent about our desire to drive continuous improvements.

''RED to Green'' is the group's ESG strategy which provides the roadmap to a sustainable workplace, delivering our construction activities in a sustainable way, minimising our impact on the environment and the communities we support. As a responsible business, we acknowledge the impact construction activities can have on the environment and we are passionate about minimising these whenever possible by taking a proactive, hands-on approach with both internal business activities and project deliverables. Our ''RED to Green'' journey will continue to evolve, building on innovation and targets that will ultimately benefit the group, our clients and the communities we support through construction.

High standards of conduct

Compliance with regulation, legal and ethical standards is a priority for the Group. The Board is committed to ensuring top-down compliance through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management.

Acting fairly between all stakeholders

The board understands that it is only by engaging with key stakeholders that it can truly understand their needs and concerns and the impact of its decision making on those key stakeholders. The business uses a variety of methods to engage both formally and informally, believing that much can be gained from personal interaction. The Board acknowledges that situations may arise where stakeholder groups have conflicting priorities.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's operations expose it to various risks including health & safety risk, credit & cash flow risk, and supply chain risk. The group has delegated authorities in place to ensure its commitments are made at the appropriate level. Tenders are reviewed prior to acceptance to identify risk and ensure risks are at an acceptable level or can be managed to an acceptable level.

Health & Safety Risk

The responsibility for Health & Safety on a project is with the project lead, underpinning our belief that Health & Safety needs to be owned by the site team as a whole as an integral part of the building process and not just an add-on to our way of working. The ownership embedded within the team runs from planning to procurement and throughout the delivery of the scheme. The group has a dedicated health & safety department which continually strives for improvement in behaviours and processes on site with the aim of achieving zero accident rates.

Credit & Cash Flow Risk

New clients are approved as part of the tender process with the aim of ensuring those clients have committed funding in place before contractual commitments are undertaken. Existing clients are monitored for signs of potential credit risk. Debtors and work in progress is closely monitored throughout the construction process.

Construction is a capital intensive business with significant initial outlays when projects are mobilised. The Group maintains a strong focus on working capital management. Cash flow forecasts are reviewed on a frequent basis to ensure that the group is not operating beyond its financial means.

Supply Chain Risk

The group monitors its supply chain to ensure that subcontractors have the required technical, operational and financial capabilities before appointment. The availability of materials, subcontract labour and plant can have an impact on construction programmes. Inflationary pressures on those inputs can impact on construction margins as in some instances additional costs cannot be passed on to clients.

ON BEHALF OF THE BOARD:

G J Sturge - Director

1st October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £ 400,000 .

Interim dividends totalling £265.96 per share were paid during the year.

The directors recommend that no final dividend be paid.

DIRECTORS

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

J C Hayes

I M Hopkinson

S C Lousada

G J Sturge

POLITICAL DONATIONS AND EXPENDITURE

No donations were made for political purposes (2024: £nil).

ENGAGEMENT WITH EMPLOYEES

The details of how the Group engages with its employees can be found in the Strategic Report.

BUSINESS RELATIONSHIPS

The Group works with our clients and supply chain in a collaborative way to deliver our projects. The manner in which the Group engages with its stakeholders can be found in the Strategic Report.

ENERGY AND CARBON EMISSIONS REPORTING

Over the past year, RED Construction has significantly enhanced the accuracy, coverage, and transparency of its carbon accounting process. Activity data has been collated from a wide range of sources, including company-verified systems such as BioSite and SmartWaste, utility bills, employee mileage claims, and project-level data submittals. This has enabled us to build a more comprehensive emissions profile across our operations.

The emissions have primarily been calculated using the 2024 UK Government GHG Conversion Factors for Company Reporting (DESNZ and DEFRA). Where applicable, embedded methodologies within SmartWaste and BioSite were used to calculate project-specific transport emissions. As part of this improvement process, we also identified and corrected a misclassification in our previous year's submission: project fuel and electricity purchased by sub-contractors or clients had been reported under Scopes 1 and 2, but these have now been accurately reallocated to Scope 3, in line with best practice.

We have expanded our Scope 3 reporting to include new categories such as office and site water consumption, site waste disposal, business travel (flights), and fuel and energy-related activities not included in Scopes 1 and 2. Greater granularity has also been achieved in the reporting of transport emissions.

Emissions with CO2 equivalent

Scope One

Scope 1

Emissions Type

KWH

Tonnes CO2 e

Fuel Consumption - Company Vehicles

2,598.90

0.60

Fuel Consumption - Sites (Red Supplied)

53,015.76

13.47

Total

14.07

Scope two

Scope 2

Emissions Type

KWH

Tonnes CO2 e

Purchases Electricity - Sites (Red Supplied)

686,890.10

142.22

Purchases Electricity - Offices

93,087.40

19.27

Purchases Electricity - Company Vehicles

9,847.44

2.04

Total

163.53

Scope Three

Scope 3

Emissions Type

KG CO2

Tonnes CO2 e

Travel in Employee Vehicles (Red Re-imbursed)

48,816.46

48.82

Fuel Consumption - Sites (Sub-contractor Supplied)

54,247.90

54.25

Purchases Electricity - Sites (Client Supplied)

69,476.66

69.48

Fuel and Energy Related Activities Not Included in Scope 1 or Scope 2

59,982.75

59.93

Transport of Materials - Sites

375,412.01

375.41

Transport of Waste - Sites

7,004.67

7.00

Employe Commuting - Sites

442,749.62

442.75

Water Use - Offices

27.17

0.03

Water Use - Sites

1,436.80

1.44

Waste Disposal - Sites

2.64

0.00

Business Travel - Flights

3,403.72

3.40

Total

1,062.51

Tonnes CO2 e

Total Emissions

1,240.11

Intensity ratio

Turnover (£)

£170,829,117

Total Tonnes CO2

1,240.11

Intensity ratio (CO2 per £m Turnover)

7.26

Reflections on Last Year's Targets

Over the past 12 months, we have made significant progress in expanding data coverage, especially across smaller projects and indirect emissions categories. This expansion, however, also required us to change our approach. Some targets faced practical pushback and highlighted the importance of aligning ambition with operational feasibility. In response, we prioritised the development of our internal sustainability strategy to ensure future targets are both impactful and achievable.

Company carbon reporting key actions and commitments FY-2025-2026:

- Continue to develop our data collation and carbon accounting process to achieve better Scope 3 coverage, including expanding coverage of additional categories: materials purchased, office employee commuting and office waste.

- Continue to develop our carbon reduction strategy in line with our commitment to achieving net zero across Scopes 1 and 2 by 2030 and Scope 3 by 2050.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G J Sturge - Director

1st October 2025

Opinion

We have audited the financial statements of Red Construction Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 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 31st 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 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 nine, 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:

- Identifying and assessing the controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments pertaining to the assessment and evaluation of revenue recognition and subsequent measurement for the disclosure of client and subcontractor retentions in light of the stage of completion of construction contracts and expected release period of such retentions, amounts recoverable on contract, deferred revenue and accrued expenses recognition.

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

- Assessing the extent of compliance with the relevant laws and regulations.

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the accounting policy disclosure pages.

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.

Alberto Di Lorenzo (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

1st October 2025

TURNOVER

3

170,829,117

114,833,391

Cost of sales

153,233,056

101,941,079

GROSS PROFIT

17,596,061

12,892,312

Administrative expenses

13,703,099

10,961,425

3,892,962

1,930,887

Other operating income

3,845

-

OPERATING PROFIT

5

3,896,807

1,930,887

Interest receivable and similar income

171,993

84,946

4,068,800

2,015,833

Interest payable and similar expenses

6

2,897

201

PROFIT BEFORE TAXATION

4,065,903

2,015,632

Tax on profit

7

1,049,982

215,358

PROFIT FOR THE FINANCIAL YEAR

3,015,921

1,800,274

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,015,921

1,800,274

Profit attributable to:

Owners of the parent

2,512,332

1,714,207

Non-controlling interests

503,589

86,067

3,015,921

1,800,274

Total comprehensive income attributable to:

Owners of the parent

2,512,332

1,714,207

Non-controlling interests

503,589

86,067

3,015,921

1,800,274

FIXED ASSETS

Tangible assets

10

819,221

1,059,345

Investments

11

-

-

819,221

1,059,345

CURRENT ASSETS

Debtors

12

41,977,139

33,072,438

Cash at bank

32,133,504

9,546,186

74,110,643

42,618,624

CREDITORS

Amounts falling due within one year

13

65,211,480

34,913,944

NET CURRENT ASSETS

8,899,163

7,704,680

TOTAL ASSETS LESS CURRENT LIABILITIES

9,718,384

8,764,025

CREDITORS

Amounts falling due after more than one year

14

(2,242,705

)

(3,882,749

)

PROVISIONS FOR LIABILITIES

16

(94,242

)

(115,760

)

NET ASSETS

7,381,437

4,765,516

CAPITAL AND RESERVES

Called up share capital

17

1,504

1,504

Share premium

18

7,996

7,996

Retained earnings

18

6,771,023

4,658,691

SHAREHOLDERS' FUNDS

6,780,523

4,668,191

NON-CONTROLLING INTERESTS

19

600,914

97,325

TOTAL EQUITY

7,381,437

4,765,516

The financial statements were approved by the Board of Directors and authorised for issue on 1st October 2025 and were signed on its behalf by:

G J Sturge - Director

FIXED ASSETS

Tangible assets

10

764,848

977,368

Investments

11

280

280

765,128

977,648

CURRENT ASSETS

Debtors

12

33,246,426

28,800,583

Cash at bank

18,307,331

5,696,553

51,553,757

34,497,136

CREDITORS

Amounts falling due within one year

13

46,242,958

27,855,516

NET CURRENT ASSETS

5,310,799

6,641,620

TOTAL ASSETS LESS CURRENT LIABILITIES

6,075,927

7,619,268

CREDITORS

Amounts falling due after more than one year

14

(1,193,118

)

(3,585,170

)

PROVISIONS FOR LIABILITIES

16

(84,198

)

(102,275

)

NET ASSETS

4,798,611

3,931,823

CAPITAL AND RESERVES

Called up share capital

17

1,504

1,504

Share premium

18

7,996

7,996

Retained earnings

18

4,789,111

3,922,323

SHAREHOLDERS' FUNDS

4,798,611

3,931,823

Company's profit for the financial year

1,266,788

1,300,295

The financial statements were approved by the Board of Directors and authorised for issue on 1st October 2025 and were signed on its behalf by:

G J Sturge - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st April 2023

1,504

3,195,484

7,996

Changes in equity

Dividends

-

(251,000

)

-

Total comprehensive income

-

1,714,207

-

Balance at 31st March 2024

1,504

4,658,691

7,996

Changes in equity

Dividends

-

(400,000

)

-

Total comprehensive income

-

2,512,332

-

Balance at 31st March 2025

1,504

6,771,023

7,996

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1st April 2023

3,204,984

11,258

3,216,242

Changes in equity

Dividends

(251,000

)

-

(251,000

)

Total comprehensive income

1,714,207

86,067

1,800,274

Balance at 31st March 2024

4,668,191

97,325

4,765,516

Changes in equity

Dividends

(400,000

)

-

(400,000

)

Total comprehensive income

2,512,332

503,589

3,015,921

Balance at 31st March 2025

6,780,523

600,914

7,381,437

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st April 2023

1,504

2,873,028

7,996

2,882,528

Changes in equity

Dividends

-

(251,000

)

-

(251,000

)

Total comprehensive income

-

1,300,295

-

1,300,295

Balance at 31st March 2024

1,504

3,922,323

7,996

3,931,823

Changes in equity

Dividends

-

(400,000

)

-

(400,000

)

Total comprehensive income

-

1,266,788

-

1,266,788

Balance at 31st March 2025

1,504

4,789,111

7,996

4,798,611

Cash flows from operating activities

Cash generated from operations

1

23,150,233

5,147,970

Interest paid

(2,897

)

(201

)

Tax paid

(403,391

)

108,133

Net cash from operating activities

22,743,945

5,255,902

Cash flows from investing activities

Purchase of tangible fixed assets

(172,761

)

(807,752

)

Sale of tangible fixed assets

-

210,801

Interest received

171,993

84,946

Net cash from investing activities

(768

)

(512,005

)

Cash flows from financing activities

Amount introduced by directors

244,141

-

Amount withdrawn by directors

-

(89,280

)

Equity dividends paid

(400,000

)

(251,000

)

Net cash from financing activities

(155,859

)

(340,280

)

Increase in cash and cash equivalents

22,587,318

4,403,617

Cash and cash equivalents at beginning of year

2

9,546,186

5,142,569

Cash and cash equivalents at end of year

2

32,133,504

9,546,186