REGISTERED NUMBER: 03279228 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ALANDALE HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

D T Bulman

P E Morgan

SECRETARY:

Swanarrow Limited

REGISTERED OFFICE:

1 Brook Court

Blakeney Road

Beckenham

Kent

BR3 1HG

REGISTERED NUMBER:

03279228 (England and Wales)

AUDITORS:

AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

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

The group continues to focus on the delivery of quality and robust services from the solid foundations it has laid over many years to overcome difficult trading conditions of higher material and labour costs, with economic uncertainty and continued tensions in Eastern Europe and the Middle East.

Taking the above into account, the company has delivered a satisfactory set of results in 2024.

The group's strategy has proven to be robust, with a strong emphasis on improving financial returns in 2024 and beyond, with its aim to deliver competitive and quality operational performance and achieve its targeted financial returns.

The group's ultimate parent company and other companies within the group have continued to provide support, and in conjunction with the previous retention of reserves has allowed the business to withstand the challenging economic climate the company has faced and will continue to face over the coming years.

REVIEW OF BUSINESS

The group delivered key projects during the period despite the sector and economic challenges and puts the group in an outstanding position to continue to deliver a good set of figures for 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The group has minimised its risks and uncertainties by seeking to provide innovative solutions within the industry and continually seeks to improve the services we provide in areas such as traffic, logistics management and systems scaffolding. The company continually looks for improvement areas to the operational performance in the industry it operates in.

KEY PERFORMANCE INDICATORS

The directors use a number of KPIs to assess performance, the principal ones being the monitoring of profitability on each contract with budgeted profitability and the monitoring of overall group profitability and cash flow with budgets and forecasts.

2024

2023

£

£

Turnover

70,887,645

44,319,503

Gross profit

16,191,167

10,246,117

Gross Margin

22%

23%

Profit before tax

5,688,794

2,024,731

Net assets

19,705,475

15,897,100

CONCLUSION

The groups' long-term vision, together with its strict capital discipline has enabled it to withstand the economic and industry uncertainties and challenges during the period.

ON BEHALF OF THE BOARD:

P E Morgan - 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.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of specialized construction activities and provision of scaffolding services.

DIVIDENDS

An interim dividend of £336.70 per share was paid on 31 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £300,000.

RESEARCH AND DEVELOPMENT

The group recognises the importance of investing in research and development and it is the group's policy to identify, wherever possible, improved methods of delivering the group's services. Research and development costs are absorbed within administrative costs and are not significant.

DIRECTORS

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

D T Bulman

P E Morgan

The beneficial interests of the directors holding office at 31 December 2024 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.2024

01.01.2024

"A" Ordinary shares of £1 each

D T Bulman

-

-

P E Morgan

891

891

"B" Ordinary shares of £1 each

D T Bulman

-

-

P E Morgan

4

4

PRINCIPAL RISKS, UNCERTAINTIES AND FINANCIAL INSTRUMENTS

The financial instruments are comprised of finance leases, inter company balances, cash and liquid resources, debtors, creditors and accrued expenses.

The directors consider the most significant risk in respect of financial assets and liabilities is that relating to credit risk on trade debtors. This is addressed via normal credit control procedures and adequate debt provisioning.

EMPLOYEES

The group has well developed policies for fair and equal treatment of all colleagues, employment of disabled persons and colleague participation. During employment each group company seeks to work with each individual, taking into account their personal circumstances, to enable them to reach and maximise their potential.

For many years, the group has worked alongside major organisations, such as Unite and Bounced Back Foundation Limited to help integrate those who find difficulty in securing employment due to disability, incapacity or other personal circumstances, back into the workplace.

The group applies the same criteria to disabled persons as it does to other employees and potential employees and is prepared, where necessary, to offer retraining to any of its employees who develops a disability.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P E Morgan - Director

26 September 2025

Opinion

We have audited the financial statements of Alandale Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

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

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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.

Alekos Christofi (FCCA) (Senior Statutory Auditor)

for and on behalf of AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

26 September 2025

TURNOVER

3

70,887,645

44,319,503

Cost of sales

54,696,478

34,073,386

GROSS PROFIT

16,191,167

10,246,117

Administrative expenses

11,139,751

8,547,004

5,051,416

1,699,113

Other operating income

6,180

343,442

OPERATING PROFIT

5

5,057,596

2,042,555

Interest receivable and similar income

665,447

6,990

5,723,043

2,049,545

Impairment of investment

6

30,071

3,313

5,692,972

2,046,232

Interest payable and similar expenses

7

4,178

21,501

PROFIT BEFORE TAXATION

5,688,794

2,024,731

Tax on profit

8

1,405,419

590,997

PROFIT FOR THE FINANCIAL YEAR

4,283,375

1,433,734

Profit attributable to:

Owners of the parent

4,057,858

1,327,095

Non-controlling interests

225,517

106,639

4,283,375

1,433,734

PROFIT FOR THE YEAR

4,283,375

1,433,734

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,283,375

1,433,734

Total comprehensive income attributable to:

Owners of the parent

4,057,858

1,327,095

Non-controlling interests

225,517

106,639

4,283,375

1,433,734

FIXED ASSETS

Tangible assets

11

7,282,422

4,642,768

Investments

12

-

-

7,282,422

4,642,768

CURRENT ASSETS

Stocks

13

765,362

1,861,162

Debtors

14

24,380,573

18,962,333

Investments

15

25,500

55,792

Cash at bank and in hand

9,636,460

8,084,954

34,807,895

28,964,241

CREDITORS

Amounts falling due within one year

16

20,799,553

16,888,947

NET CURRENT ASSETS

14,008,342

12,075,294

TOTAL ASSETS LESS CURRENT LIABILITIES

21,290,764

16,718,062

PROVISIONS FOR LIABILITIES

19

1,585,289

820,962

NET ASSETS

19,705,475

15,897,100

CAPITAL AND RESERVES

Called up share capital

20

895

895

Capital redemption reserve

21

211

211

Equity transactions with NCI

21

481,836

481,836

Retained earnings

21

18,412,339

14,654,481

SHAREHOLDERS' FUNDS

18,895,281

15,137,423

NON-CONTROLLING INTERESTS

22

810,194

759,677

TOTAL EQUITY

19,705,475

15,897,100

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:

P E Morgan - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

4,442,667

4,442,590

4,442,667

4,442,590

CURRENT ASSETS

Debtors

14

13,573,532

12,414,381

Cash at bank

3,565,559

4,180,145

17,139,091

16,594,526

CREDITORS

Amounts falling due within one year

16

8,341,098

9,708,033

NET CURRENT ASSETS

8,797,993

6,886,493

TOTAL ASSETS LESS CURRENT LIABILITIES

13,240,660

11,329,083

CAPITAL AND RESERVES

Called up share capital

20

895

895

Capital redemption reserve

21

211

211

Retained earnings

21

13,239,554

11,327,977

SHAREHOLDERS' FUNDS

13,240,660

11,329,083

Company's profit for the financial year

2,211,577

449,970

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:

P E Morgan - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

895

13,727,386

211

Changes in equity

Dividends

-

(400,000

)

-

Total comprehensive income

-

1,327,095

-

Balance at 31 December 2023

895

14,654,481

211

Changes in equity

Dividends

-

(300,000

)

-

Total comprehensive income

-

4,057,858

-

Balance at 31 December 2024

895

18,412,339

211

Equity

transactions

Non-controlling

Total

with NCI

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

481,836

14,210,328

703,038

14,913,366

Changes in equity

Dividends

-

(400,000

)

(50,000

)

(450,000

)

Total comprehensive income

-

1,327,095

106,639

1,433,734

Balance at 31 December 2023

481,836

15,137,423

759,677

15,897,100

Changes in equity

Dividends

-

(300,000

)

(175,000

)

(475,000

)

Total comprehensive income

-

4,057,858

225,517

4,283,375

Balance at 31 December 2024

481,836

18,895,281

810,194

19,705,475

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

895

11,278,007

211

11,279,113

Changes in equity

Dividends

-

(400,000

)

-

(400,000

)

Total comprehensive income

-

449,970

-

449,970

Balance at 31 December 2023

895

11,327,977

211

11,329,083

Changes in equity

Dividends

-

(300,000

)

-

(300,000

)

Total comprehensive income

-

2,211,577

-

2,211,577

Balance at 31 December 2024

895

13,239,554

211

13,240,660

Cash flows from operating activities

Cash generated from operations

1

6,222,598

522,069

Interest paid

(3,551

)

(8,297

)

Interest element of hire purchase payments paid

(627

)

(13,204

)

Tax paid

(1,302,849

)

(238,589

)

Net cash from operating activities

4,915,571

261,979

Cash flows from investing activities

Purchase of tangible fixed assets

(4,020,824

)

(2,566,811

)

Sale of tangible fixed assets

220,244

733,499

Change in market value of investment

30,071

3,313

Interest received

665,447

6,990

Net cash from investing activities

(3,105,062

)

(1,823,009

)

Cash flows from financing activities

Capital repayments in year

(13,250

)

(139,836

)

Amount introduced by directors

1,247,145

930,378

Amount withdrawn by directors

(1,017,898

)

(1,731,887

)

Dividends paid to minority interest

(175,000

)

(50,000

)

Equity dividends paid

(300,000

)

(400,000

)

Net cash from financing activities

(259,003

)

(1,391,345

)

Increase/(decrease) in cash and cash equivalents

1,551,506

(2,952,375

)

Cash and cash equivalents at beginning of year

2

8,084,954

11,037,329

Cash and cash equivalents at end of year

2

9,636,460

8,084,954

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

2024

2023

£

£

Profit before taxation

5,688,794

2,024,731

Depreciation charges

965,009

656,972

Loss on disposal of fixed assets

195,918

326,125

Finance costs

4,178

21,501

Finance income

(665,447

)

(6,990

)

6,188,452

3,022,339

Decrease/(increase) in stocks

1,095,800

(932,715

)

Increase in trade and other debtors

(4,988,479

)

(1,400,376

)

Increase/(decrease) in trade and other creditors

3,926,825

(167,179

)

Cash generated from operations

6,222,598

522,069

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

9,636,460

8,084,954

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

8,084,954

11,037,329

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

8,084,954

1,551,506

9,636,460

8,084,954

1,551,506

9,636,460

Liquid resources

Current asset investments

55,792

(30,292

)

25,500

55,792

(30,292

)

25,500

Debt

Finance leases

(13,250

)

13,250

-

(13,250

)

13,250

-

Total

8,127,496

1,534,464

9,661,960