IRIS Accounts Production v25.2.0.378 10107424 Board of Directors Board of Directors 31.5.25 1.6.24 31.5.25 31.5.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 10107424 2024-05-31 10107424 2025-05-31 10107424 2024-06-01 2025-05-31 10107424 2023-05-31 10107424 2023-06-01 2024-05-31 10107424 2024-05-31 10107424 ns15:EnglandWales 2024-06-01 2025-05-31 10107424 ns14:PoundSterling 2024-06-01 2025-05-31 10107424 ns10:Director1 2024-06-01 2025-05-31 10107424 ns10:Director2 2024-06-01 2025-05-31 10107424 ns10:Consolidated 2025-05-31 10107424 ns10:ConsolidatedGroupCompanyAccounts 2024-06-01 2025-05-31 10107424 ns10:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 10107424 ns10:Consolidated ns10:MediumEntities 2024-06-01 2025-05-31 10107424 ns10:Consolidated ns10:Audited 2024-06-01 2025-05-31 10107424 ns10:SmallCompaniesRegimeForDirectorsReport 2024-06-01 2025-05-31 10107424 ns10:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 10107424 ns10:Consolidated 2024-06-01 2025-05-31 10107424 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-06-01 2025-05-31 10107424 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-06-01 2025-05-31 10107424 ns10:FullAccounts 2024-06-01 2025-05-31 10107424 ns5:Subsidiary1 2024-06-01 2025-05-31 10107424 1 2024-06-01 2025-05-31 10107424 ns10:Director3 2024-06-01 2025-05-31 10107424 ns10:Director4 2024-06-01 2025-05-31 10107424 ns10:RegisteredOffice 2024-06-01 2025-05-31 10107424 ns10:Consolidated 2023-06-01 2024-05-31 10107424 ns5:CurrentFinancialInstruments 2025-05-31 10107424 ns5:CurrentFinancialInstruments 2024-05-31 10107424 ns5:Non-currentFinancialInstruments 2025-05-31 10107424 ns5:Non-currentFinancialInstruments 2024-05-31 10107424 ns5:ShareCapital 2025-05-31 10107424 ns5:ShareCapital 2024-05-31 10107424 ns5:SharePremium 2025-05-31 10107424 ns5:SharePremium 2024-05-31 10107424 ns5:CapitalRedemptionReserve 2025-05-31 10107424 ns5:CapitalRedemptionReserve 2024-05-31 10107424 ns5:RetainedEarningsAccumulatedLosses 2025-05-31 10107424 ns5:RetainedEarningsAccumulatedLosses 2024-05-31 10107424 ns5:ShareCapital 2023-05-31 10107424 ns5:RetainedEarningsAccumulatedLosses 2023-05-31 10107424 ns5:SharePremium 2023-05-31 10107424 ns5:CapitalRedemptionReserve 2023-05-31 10107424 ns5:ShareCapital 2023-06-01 2024-05-31 10107424 ns5:SharePremium 2023-06-01 2024-05-31 10107424 ns5:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 10107424 ns5:CapitalRedemptionReserve 2023-06-01 2024-05-31 10107424 ns5:RetainedEarningsAccumulatedLosses 2024-06-01 2025-05-31 10107424 ns5:CapitalRedemptionReserve 2024-06-01 2025-05-31 10107424 ns5:NetGoodwill 2024-06-01 2025-05-31 10107424 ns5:CostValuation 2024-05-31 10107424 1 ns5:Subsidiary1 2024-06-01 2025-05-31 10107424 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2025-05-31 10107424 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2024-05-31 10107424 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2025-05-31 10107424 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-05-31 10107424 ns5:RetainedEarningsAccumulatedLosses 2024-05-31 10107424 ns5:SharePremium 2024-05-31 10107424 ns5:CapitalRedemptionReserve 2024-05-31

REGISTERED NUMBER: 10107424 (England and Wales)

| Group Strategic Report, Report of the Directors and |

| Consolidated Financial Statements for the Year Ended 31 May 2025 |

| for |

| Murraywood Construction Holdings Limited |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 May 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Consolidated Statement of Comprehensive Income | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 13 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Financial Statements | 19 |

| Murraywood Construction Holdings Limited |

Company Information

for the Year Ended 31 May 2025

| DIRECTORS: | W J Parkinson

| T G Wood

| W T S Murray

| A Keyes

| REGISTERED OFFICE: | 8 Winmarleigh Street

| Warrington

| Cheshire

| WA1 1JW

| REGISTERED NUMBER: | 10107424 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Janine Boyo BFP ACA MAAT

| AUDITORS: | Voisey & Co LLP

| 8 Winmarleigh Street

| Warrington

| Cheshire

| WA1 1JW

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Group Strategic Report

for the Year Ended 31 May 2025

The directors present their strategic report of the company and the group for the year ended 31 May 2025.

REVIEW OF BUSINESS

The directors are pleased to report the results for the group for the 2025 year.

The directors are delighted to report that the group remains in a strong financial position and report a group operating profit of £459,776 (2024 £502,814) despite the difficult economic climate and margins being the key focus of all parties.

It remains a key focus of the directors to maintain their policy of minimizing exposure to potentially non profitable long term contracts where possible by working with the client base and maintaining control over all costs and providing value engineering on all projects.

The group maintains its emphasis on good working practices and maintains ISO 9001, 14001 & 45001 accreditation for its Quality, Environmental and Health and Safety Management Systems. Additionally, other accreditations are maintained including Constructionline Gold, Achilles Building Confidence and Considerate Constructors, as is required by key clients. Collaboration with clients and continual review of internal processes and industry best practices allows the company to evolve accordingly.

The directors are confident that, while the current economic climate continues to present challenges, the group has the ability to achieve excellent results next year.

Key Performance Indicators

The directors monitor progress with reference to the following key performance indicators:

| 2025 |  | 2024 |  | Definition and method of calculation |  |

Gross Profit as a % of turnover |  | 18.66% |  | 15.05% |  | Profit before administration and exceptional costs. |  |

Operating Profit as a % of turnover |  | 2.73% |  | 2.71% |  | Earnings before interest receivable and interest payable. |  |

Liquidity ratio |  | 1.71 |  | 1.71 |  | Current Assets divided by current liabilities |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Group Strategic Report

for the Year Ended 31 May 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are continually reviewing the principle risks which they believe affect the group and its trading performance.The risk areas that they have identified are:-

- Economic and market confidence leading to increased pressure on contracts

- Confidence and morale of employees leading to increased employee turnover

- Failure to achieve the margins, profits and cash flows from contracts

Following a review of these risks areas the directors have established a risk management strategy to mitigate the potential risks by:-

- Continually reviewing the services offered to clients

- Implementing staff training programmes to maintain and enhance statutory obligations

- Appointment of high calibre individuals to deliver contracts and maintain the ethics and values of the group

- Ensuring a rigorous selection criteria is adopted on all contracts

- Continual rigorous review policies on all projects undertaken.

GOING CONCERN

The Directors are continually reviewing the operations of the group and its ability to deliver its sales and service.They believe that they have the structure and resources to ensure the group will remain a going concern.

The demand for services remains good in the short to medium term and the directors continue to monitor the economic outlook. Following the above procedures, along with the continued support of the banks, suppliers and the staff the Directors believe the group remains a going concern based on updated business plans.

EMPLOYEES

The group operates a program of training to ensure that all employees meet the highest standard for health and safety and compliance in all relevant areas along with ensuring all relevant staff have the certification and accreditation required.

This policy is continually reviewed to ensure it meets the requirements of the clients, legislation and the needs of the employees.

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Group Strategic Report

for the Year Ended 31 May 2025

ENVIRONMENTAL

The group operates an Environmental Management System that is externally audited to meet the standards of ISO 14001, bolstered by its membership of the Considerate Constructors Scheme.

The Code of Construction Practice consists of 5 key areas, these are

1. Care about Appearance

2. Respect the Community

3. Protect the Environment

4. Secure Everyone’s Safety

5. Value their Workforce.

Supply Chain

The Group performance is reliant on the supply of raw materials. This is managed by maintaining strong supplier relationships across all required products including steel, concrete, drainage and paving with a small number of suppliers to enable continuity and stability within our supply chain.

ON BEHALF OF THE BOARD:

T G Wood - Director

2 October 2025

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Report of the Directors

for the Year Ended 31 May 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of provision of ground works and construction.

DIVIDENDS

No dividends will be distributed for the year ended 31 May 2025.

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain challenging and they believe that the group is in a good financial position and that the risks that have been identified are being well managed. The directors will continue carefully assessing the state of the market and development of the services on offer to customers.

The directors anticipate that the current uncertain economic climate will lead to lower sales and a challenge to profits in the year 2025/26 but they will continue to invest in service development and enhancements to operations to achieve greater efficiencies. Overall we still expect satisfactory results in these uncertain times

DIRECTORS

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

W J Parkinson

T G Wood

W T S Murray

A Keyes

FINANCIAL

The group has policies and procedures that require appropriate credit checks to be performed on potential credit customers before contracts for services are made.

The group's principal financial liabilities are trade creditors and trade accruals. The group's principal financial assets are bank balances, work in progress and trade debtors.

The financial liabilities and assets are controlled by the directors to ensure sufficient funds are available for the group to meet its business needs. The financial liabilities and assets are stated at fair value and after allowance for doubtful receivables.

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.

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Report of the Directors

for the Year Ended 31 May 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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, Voisey & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T G Wood - Director

2 October 2025

Report of the Independent Auditors to the Members of

Murraywood Construction Holdings Limited (Registered number: 10107424)

Opinion

We have audited the financial statements of Murraywood Construction Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 31 May 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.

Report of the Independent Auditors to the Members of

Murraywood Construction Holdings Limited (Registered number: 10107424)

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 pages five and six, 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.

Report of the Independent Auditors to the Members of

Murraywood Construction Holdings Limited (Registered number: 10107424)

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:

1 - We enquired of management and those charged with governance about actual and potential litigation and claims in the context of the company, including review of relevant nominal ledger accounts.

2 - We obtained an understanding of laws, regulations and guidance that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on their operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, health and safety legislation and employment legislation.

3 - We enquired of management and those charged with governance to identify any instances of non-compliance with laws and regulations. We also reviewed meeting minutes where available for evidence of non-compliance with relevant laws and regulations.

4 - We reviewed the company's financial statement disclosures, and agreed all to supporting documentation to assess compliance with the applicable laws and regulations discussed above.

5 - We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any incidences of fraud that had taken place during the accounting period.

6 - The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.

7 - In addressing the risk of fraud due to management override of controls, we performed testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

8 - We also challenge management assumptions with regard to accounting estimates.

Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery 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.

Report of the Independent Auditors to the Members of

Murraywood Construction Holdings Limited (Registered number: 10107424)

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.

Janine Boyo BFP ACA MAAT (Senior Statutory Auditor)

for and on behalf of Voisey & Co LLP

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

2 October 2025

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

TURNOVER | 3 | 16,816,890 |  | 18,578,018 |  |

Cost of sales | (13,678,765 | ) | (15,782,120 | ) |

GROSS PROFIT | 3,138,125 |  | 2,795,898 |  |

Administrative expenses | (2,747,633 | ) | (2,324,963 | ) |

390,492 |  | 470,935 |  |

Other operating income | 69,284 |  | 31,879 |  |

OPERATING PROFIT | 5 | 459,776 |  | 502,814 |  |

Interest receivable and similar income | 56,562 |  | 38,145 |  |

516,338 |  | 540,959 |  |

Interest payable and similar expenses | 6 | (20,401 | ) | (30,061 | ) |

PROFIT BEFORE TAXATION | 495,937 |  | 510,898 |  |

Tax on profit | 7 | (188,486 | ) | (216,602 | ) |

PROFIT FOR THE FINANCIAL YEAR | 307,451 |  | 294,296 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 307,451 |  | 294,296 |  |

Profit attributable to:

Owners of the parent | 307,451 |  | 294,296 |  |

Total comprehensive income attributable to:

Owners of the parent | 307,451 |  | 294,296 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Consolidated Balance Sheet

31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 287,030 |  | 574,065 |  |

Tangible assets | 11 | 95,117 |  | 37,869 |  |

Investments | 12 | - |  | - |  |

382,147 |  | 611,934 |  |

CURRENT ASSETS

Stocks | 13 | 287,779 |  | 86,574 |  |

Debtors | 14 | 2,963,025 |  | 2,554,976 |  |

Cash at bank | 2,666,694 |  | 3,091,220 |  |

5,917,498 |  | 5,732,770 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,460,646 |  | 3,353,055 |  |

NET CURRENT ASSETS | 2,456,852 |  | 2,379,715 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,838,999 |  | 2,991,649 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (226,014 | ) | (670,493 | ) |

PROVISIONS FOR LIABILITIES | 20 | (36,160 | ) | (51,782 | ) |

NET ASSETS | 2,576,825 |  | 2,269,374 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 94 |  | 94 |  |

Share premium | 22 | 54,219 |  | 54,219 |  |

Capital redemption reserve | 22 | 10 |  | 10 |  |

Retained earnings | 22 | 2,522,502 |  | 2,215,051 |  |

SHAREHOLDERS' FUNDS | 2,576,825 |  | 2,269,374 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

T G Wood - Director

W J Parkinson - Director

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Company Balance Sheet

31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 5,053,347 |  | 5,053,347 |  |

5,053,347 |  | 5,053,347 |  |

CURRENT ASSETS

Cash at bank | 1,205,020 |  | 326,833 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,955,430 |  | 1,962,089 |  |

NET CURRENT LIABILITIES | (1,750,410 | ) | (1,635,256 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,302,937 |  | 3,418,091 |  |

CREDITORS

Amounts falling due after more than one year | 16 | 226,014 |  | 670,493 |  |

NET ASSETS | 3,076,923 |  | 2,747,598 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 94 |  | 94 |  |

Share premium | 22 | 54,219 |  | 54,219 |  |

Capital redemption reserve | 22 | 10 |  | 10 |  |

Retained earnings | 22 | 3,022,600 |  | 2,693,275 |  |

SHAREHOLDERS' FUNDS | 3,076,923 |  | 2,747,598 |  |

Company's profit for the financial year | 329,325 |  | 307,313 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Company Balance Sheet - continued

31 May 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

T G Wood - Director

W J Parkinson - Director

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 May 2025

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 June 2023 | 90 |  | 1,975,756 |  | - |  | 10 |  | 1,975,856 |  |

Changes in equity

Issue of share capital | 4 |  | - |  | 54,219 |  | - |  | 54,223 |  |

Dividends | - |  | (55,001 | ) | - |  | - |  | (55,001 | ) |

Total comprehensive income | - |  | 294,296 |  | - |  | - |  | 294,296 |  |

Balance at 31 May 2024 | 94 |  | 2,215,051 |  | 54,219 |  | 10 |  | 2,269,374 |  |

Changes in equity

Total comprehensive income | - |  | 307,451 |  | - |  | - |  | 307,451 |  |

Balance at 31 May 2025 | 94 |  | 2,522,502 |  | 54,219 |  | 10 |  | 2,576,825 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Company Statement of Changes in Equity

for the Year Ended 31 May 2025

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 June 2023 | 90 |  | 2,440,963 |  | - |  | 10 |  | 2,441,063 |  |

Changes in equity

Issue of share capital | 4 |  | - |  | 54,219 |  | - |  | 54,223 |  |

Dividends | - |  | (55,001 | ) | - |  | - |  | (55,001 | ) |

Total comprehensive income | - |  | 307,313 |  | - |  | - |  | 307,313 |  |

Balance at 31 May 2024 | 94 |  | 2,693,275 |  | 54,219 |  | 10 |  | 2,747,598 |  |

Changes in equity

Total comprehensive income | - |  | 329,325 |  | - |  | - |  | 329,325 |  |

Balance at 31 May 2025 | 94 |  | 3,022,600 |  | 54,219 |  | 10 |  | 3,076,923 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Consolidated Cash Flow Statement

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 281,886 |  | 1,629,338 |  |

Interest paid | (20,401 | ) | (30,061 | ) |

Tax paid | (219,222 | ) | (125,608 | ) |

Net cash from operating activities | 42,263 |  | 1,473,669 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (88,759 | ) | (28,000 | ) |

Interest received | 56,562 |  | 38,145 |  |

Net cash from investing activities | (32,197 | ) | 10,145 |  |

Cash flows from financing activities

Amount introduced by directors | - |  | 8 |  |

Share issue | - |  | 54,223 |  |

Repayment of loan notes | (434,592 | ) | (424,939 | ) |

Equity dividends paid | - |  | (55,001 | ) |

Net cash from financing activities | (434,592 | ) | (425,709 | ) |

(Decrease)/increase in cash and cash equivalents | (424,526 | ) | 1,058,105 |  |

Cash and cash equivalents at beginning of year | 2 | 3,091,220 |  | 2,033,115 |  |

Cash and cash equivalents at end of year | 2 | 2,666,694 |  | 3,091,220 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 May 2025

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

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit before taxation | 495,937 |  | 510,898 |  |

| Depreciation charges | 318,546 |  | 300,407 |  |

| Finance costs | 20,401 |  | 30,061 |  |

| Finance income | (56,562 | ) | (38,145 | ) |

778,322 |  | 803,221 |  |

| (Increase)/decrease in stocks | (201,205 | ) | 77,380 |  |

| (Increase)/decrease in trade and other debtors | (408,048 | ) | 886,719 |  |

| Increase/(decrease) in trade and other creditors | 112,817 |  | (137,982 | ) |

| Cash generated from operations | 281,886 |  | 1,629,338 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 May 2025

| 31.5.25 |  | 1.6.24

£ | £ |

| Cash and cash equivalents | 2,666,694 |  | 3,091,220 |  |

| Year ended 31 May 2024

| 31.5.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 3,091,220 |  | 2,033,115 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.6.24 | Cash flow | At 31.5.25

£ | £ | £ |

| Net cash |

| Cash at bank | 3,091,220 |  | (424,526 | ) | 2,666,694 |  |

3,091,220 |  | (424,526 | ) | 2,666,694 |  |

| Debt

| Debts falling due within 1 year | (434,599 | ) | (9,880 | ) | (444,479 | ) |

| Debts falling due after 1 year | (670,493 | ) | 444,479 |  | (226,014 | ) |

(1,105,092 | ) | 434,599 |  | (670,493 | ) |

| Total | 1,986,128 |  | 10,073 |  | 1,996,201 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 May 2025

1. | STATUTORY INFORMATION

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

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Monetary amounts in these financial statements are rounded to the nearest £.

| The principal accounting policies adopted are set out below.

| Going Concern

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

| Basis of consolidation

| The group financial statements consolidate the financial statements of Murraywood Construction Holdings Limited and all its subsidiaries drawn up to 31st May each year.

| Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continues to consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

| Murraywood Construction Limited has been included in the group financial statements using the purchase method of accounting. Accordingly the group profit and loss account and statement of cashflows include the results and cash flows of Murraywood Construction Limited for the 12 month period. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

| In the parent company financial statements investments in subsidiaries are accounted for at cost less impairment. The parent has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

| Related party exemption

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

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

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Goodwill and Customer Lists

| The directors have reviewed the asset lives and associated residual values of goodwill and the customer lists, and in particular, the useful economic life and residual value and has concluded that asset lives and residual values are appropriate.

| Work In Progress and Amounts Recoverable on Contracts

| Management reviews are undertaken on all projects each month to assess the value of work completed and agreed with the customers using contracting industry standard approach with adjustments to cut off as required.

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents the amounts chargeable, net of value added tax, in respect of the provision of services to customers under long term contract arrangements. The total turnover of the company for the year has been derived from its principal activity which is wholly undertaken in the UK.

| Contract revenue recognition

| Revenue earned in relation to construction contracts is recognised based on the stage of completion.

| The stage of completion is assessed on a contract by contract basis, with reference to surveys of the work performed. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

| Where it is probable that the total contract costs will exceed total revenue turnover, the expected loss is recognised as an expense immediately.

| Where the outcome of a contract cannot be measured reliably contract costs are recognised as an expense in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they are recoverable.

| Where amounts have not been invoiced at the balance sheet date the estimated revenue is accrued, and provided for within amounts recoverable on long term contracts within debtors.

| Goodwill and intangible assets

| The Group established a reliable estimate of the useful life of goodwill arising on business combinations as 10 years. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

| Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired as part of an acquisition of a business are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

| Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful life.

| The useful economic life of intangibles are as follows:

| Customer List - 10 years

| Goodwill - 10 years

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Plant and machinery |  | 25% straight line |  |

| Fixtures, fittings & equipment |  | 25% straight line |  |

| Computers |  | 33% straight line |  |

| Motor vehicles |  | 25% straight line |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted

| Stocks and work in progress

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

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

| Work in progress is valued by the internal quantity surveyors in respect of the work completed at the year end, however have not been agreed by third party quantity surveyor. The valuation is adjusted for shortfalls and other significant events.

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

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

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Other financial assets

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

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

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

| Provisions

| A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

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

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activity of the group and is the amount of contract revenue recognised as revenue for the period. All revenue is derived from activities within the United Kingdom.

4. | EMPLOYEES AND DIRECTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Wages and salaries | 3,488,328 |  | 3,261,564 |  |

| Social security costs | 419,566 |  | 371,325 |  |

| Other pension costs | 93,757 |  | 81,397 |  |

4,001,651 |  | 3,714,286 |  |

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

| 31.5.25 |  | 31.5.24

| Directors | 5 |  | 4 |  |

| Office | 5 |  | 8 |  |

| Site / Production | 49 |  | 38 |  |

59 |  | 50 |  |

| 31.5.25 |  | 31.5.24

£ | £ |

| Directors' remuneration | 753,156 |  | 792,825 |  |

| Directors' pension contributions to money purchase schemes | 8,852 |  | 8,618 |  |

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

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 31.5.25 |  | 31.5.24

£ | £ |

| Emoluments etc | 204,831 |  | 202,415 |  |

| Pension contributions to money purchase schemes | 3,610 |  | 3,593 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.5.25 |  | 31.5.24

£ | £ |

| Hire of plant and machinery | 1,421,076 |  | 1,350,756 |  |

| Other operating leases | 118,576 |  | 140,362 |  |

| Depreciation - owned assets | 31,511 |  | 13,371 |  |

| Goodwill amortisation | 197,925 |  | 197,925 |  |

| Customer List amortisation | 89,110 |  | 89,110 |  |

| Auditors' remuneration | 41,520 |  | 38,381 |  |

| Auditors' remuneration for non audit work | 20,860 |  | 23,750 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.5.25 |  | 31.5.24

£ | £ |

| Debenture unwinding discount | 20,401 |  | 30,061 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 31.5.25 |  | 31.5.24

£ | £ |

| Current tax:

| UK corporation tax | 195,801 |  | 218,913 |  |

| Over provision in prior year | 8,307 |  | (91 | ) |

| Total current tax | 204,108 |  | 218,822 |  |

| Deferred tax | (15,622 | ) | (2,220 | ) |

| Tax on profit | 188,486 |  | 216,602 |  |

| UK corporation tax was charged at 25 %) in 2024.

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit before tax | 495,937 |  | 510,898 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 123,984 |  | 127,725 |  |

| Effects of:

| Expenses not deductible for tax purposes | 14,747 |  | 16,467 |  |

| Depreciation in excess of capital allowances | 57,070 |  | 67,831 |  |

| Adjustments to tax charge in respect of previous periods | 8,307 |  | 6,799 |  |

| Timing differences | (15,622 | ) | (2,220 | ) |

| Total tax charge | 188,486 |  | 216,602 |  |

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 31.5.25 |  | 31.5.24

£ | £ |

| A2 Ordinary shares of 0.1p each |

| Interim | - |  | 6,111 |  |

| A3 Ordinary shares of 0.1p each |

| Interim | - |  | 6,111 |  |

| B1 Ordinary shares of 0.1p each |

| Interim | - |  | 3,056 |  |

| B2 Ordinary shares of 0.1p each |

| Interim | - |  | 3,056 |  |

| B3 Ordinary shares of 0.1p each |

| Interim | - |  | 3,056 |  |

| C1 Ordinary shares of 0.1p each |

| Interim | - |  | 12,222 |  |

| C2 Ordinary shares of 0.1p each |

| Interim | - |  | 12,222 |  |

| B4 Ordinary shares of 0.1p each |

| Interim | - |  | 9,167 |  |

- |  | 55,001 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Customer |

| Goodwill |  | List |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024

| and 31 May 2025 | 1,979,249 |  | 891,096 |  | 2,870,345 |  |

| AMORTISATION

| At 1 June 2024 | 1,583,400 |  | 712,880 |  | 2,296,280 |  |

| Amortisation for year | 197,925 |  | 89,110 |  | 287,035 |  |

| At 31 May 2025 | 1,781,325 |  | 801,990 |  | 2,583,315 |  |

| NET BOOK VALUE

| At 31 May 2025 | 197,924 |  | 89,106 |  | 287,030 |  |

| At 31 May 2024 | 395,849 |  | 178,216 |  | 574,065 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Computer |

| Fixtures |  | and |

| Plant and |  | and |  | Motor |  | office |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 June 2024 | 15,000 |  | 19,026 |  | 53,840 |  | 3,489 |  | 91,355 |  |

| Additions | - |  | - |  | 88,759 |  | - |  | 88,759 |  |

| At 31 May 2025 | 15,000 |  | 19,026 |  | 142,599 |  | 3,489 |  | 180,114 |  |

| DEPRECIATION

| At 1 June 2024 | 15,000 |  | 19,026 |  | 15,971 |  | 3,489 |  | 53,486 |  |

| Charge for year | - |  | - |  | 31,511 |  | - |  | 31,511 |  |

| At 31 May 2025 | 15,000 |  | 19,026 |  | 47,482 |  | 3,489 |  | 84,997 |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  | - |  | 95,117 |  | - |  | 95,117 |  |

| At 31 May 2024 | - |  | - |  | 37,869 |  | - |  | 37,869 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 5,053,347 |  |

| NET BOOK VALUE

| At 31 May 2025 | 5,053,347 |  |

| At 31 May 2024 | 5,053,347 |  |

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

| Subsidiary

| Murraywood Construction Limited

| Registered office: 8 Wimmarleigh Street, Warrington, Cheshire, WA1 1JW

| Nature of business: Provision of groundwork and construction

| %

| Class of shares: | holding |

| Ordinary £1 | 100.00 |

13. | STOCKS

| Group |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Work-in-progress | 287,779 |  | 86,574 |  |

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

| Group |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Amounts recoverable on contract | 2,184,529 |  | 1,919,304 |  |

| VAT | 162,518 |  | 87,790 |  |

| Retentions | 603,399 |  | 535,303 |  |

| Prepayments | 12,579 |  | 12,579 |  |

2,963,025 |  | 2,554,976 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

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

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

| Debentures (see note 17) | 444,479 |  | 434,599 |  | 444,481 |  | 434,601 |  |

| Trade creditors | 1,138,874 |  | 1,054,885 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 2,392,851 |  | 1,405,841 |  |

| Tax | 203,799 |  | 218,913 |  | 118,098 |  | 121,647 |  |

| Social security and other taxes | 93,346 |  | 87,939 |  | - |  | - |  |

| Other creditors | 4,095 |  | 4,235 |  | - |  | - |  |

| Directors' current accounts | 56 |  | 48 |  | - |  | - |  |

| Accrued expenses | 1,575,997 |  | 1,552,436 |  | - |  | - |  |

3,460,646 |  | 3,353,055 |  | 2,955,430 |  | 1,962,089 |  |

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

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

| Debentures (see note 17) | 226,014 |  | 670,493 |  | 226,014 |  | 670,493 |  |

17. | LOANS

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

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

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

| Debentures | 444,479 |  | 434,599 |  | 444,481 |  | 434,601 |  |

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

| Debentures - 1-2 years | 226,014 |  | 444,479 |  | 226,014 |  | 444,479 |  |

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

| Debentures - 2-5 years | - |  | 226,014 |  | - |  | 226,014 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

| Group

| Non-cancellable |

| operating leases |

| 31.5.25 |  | 31.5.24

£ | £ |

| Within one year | 85,568 |  | 156,996 |  |

| Between one and five years | 127,230 |  | 142,798 |  |

212,798 |  | 299,794 |  |

19. | SECURED DEBTS

| Debentures totalling £660,613 (2024: £1,105,092) are in relation to loan notes issued by Murraywood Construction Holdings Limited in May 2016 to settle deferred consideration to the directors. The loan notes are to repaid by monthly instalments over 10 years at a rate of nil interest.

| The loan notes are secured by way of debenture with a fixed and floating charge over all property of Murraywood Construction Limited.

20. | PROVISIONS FOR LIABILITIES

| Group |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Deferred tax

| Customer list | 22,277 |  | 44,554 |  |

| Accelerated capital allowances | 13,883 |  | 7,228 |  |

36,160 |  | 51,782 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 51,782 |  |

| Credit to Statement of Comprehensive Income during year | (15,622 | ) |

| Balance at 31 May 2025 | 36,160 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number |  | Class |  | Nominal |  | 31.05.25 |  |  | 31.05.24 |  |

|  | Value |  | £ |  |  | £ |  |

| 10,000 |  | A1 Ordinary |  | 0.1p |  | 0 |  |  | 0 |  |

| 10,000 |  | A2 Ordinary |  | 0.1p |  | 10 |  |  | 10 |  |

| 10,000 |  | A3 Ordinary |  | 0.1p |  | 10 |  |  | 10 |  |

| 5,000 |  | B1 Ordinary |  | 0.1p |  | 5 |  |  | 5 |  |

| 5,000 |  | B2 Ordinary |  | 0.1p |  | 5 |  |  | 5 |  |

| 5,000 |  | B3 Ordinary |  | 0.1p |  | 5 |  |  | 5 |  |

| 15,000 |  | B4 Ordinary |  | 0.1p |  | 15 |  | 15 |  |

| 2,370 |  | B5 Ordinary |  | 0.1p |  | 2 |  |  | 2 |  |

| 2,370 |  | B6 Ordinary |  | 0.1p |  | 2 |  |  | 2 |  |

| 20,000 |  | C1 Ordinary |  | 0.1p |  | 20 |  |  | 20 |  |

| 20,000 |  | C2 Ordinary |  | 0.1p |  | 20 |  |  | 20 |  |

|  | 95 |  |  | 95 |  |

| The Directors of the company may from time to time pay to the holders of any particular class of shares (without being required to pay any dividend to any holders of any other class of shares) such interim dividend as appears to the Directors to be justified by the profits of the company available for distribution.

| The shares carry equal voting rights and on a winding up the assets are to be distributed in accordance with the memorandum accounts drawn up for each class of share.

22. | RESERVES

| Group

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 June 2024 | 2,215,051 |  | 54,219 |  | 10 |  | 2,269,280 |  |

| Profit for the year | 307,451 |  | 307,451 |  |

| At 31 May 2025 | 2,522,502 |  | 54,219 |  | 10 |  | 2,576,731 |  |

| Company

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 June 2024 | 2,693,275 |  | 54,219 |  | 10 |  | 2,747,504 |  |

| Profit for the year | 329,325 |  | 329,325 |  |

| At 31 May 2025 | 3,022,600 |  | 54,219 |  | 10 |  | 3,076,829 |  |

| Murraywood Construction Holdings Limited (Registered number: 10107424) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

22. | RESERVES - continued

| Retained earnings

| Includes all current and prior periods retained profits and losses.

| Capital redemption reserve

| Includes amounts transferred following the redemption or purchase of the company's own shares out of distributable profits.

23. | PENSION COMMITMENTS

| During the year the group contributed to a defined contribution pension scheme totalling £93,757 (2024: £81,397). There were no amounts outstanding at the year end.

24. | RELATED PARTY DISCLOSURES

| Murraywood Construction Limited has provided security to the value of £5,550,000 to pay W T S Murray and T G Wood in settlement of the sale of shares (May 2016) to Murraywood Construction Holdings Limited. The security is by way of debenture with a fixed and floating charge over all property of Murraywood Construction Limited.

| Endeavour Plant Limited

| Endeavour Plant Limited is related by way of mutual directors.

| Murraywood Construction Limited hire plant and equipment from Endeavour Plant Limited. Hire of plant and equipment from Endeavour Plant Limited during the year totalled £1,458,802 (2024: £1,301,120).

| Amounts owed to Endeavour Plant Limited at the year end were £168,883 (2024: £96,037)

| Murraywood Executive Pension Fund

| Two directors of Murraywood Construction Limited are Trustees of Murraywood Executive Pension Fund.

| Rents of £70,000 (2024: £70,000) per annum are paid to Murraywood Executive Pension Fund.

25. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party are the shareholders acting in concert under the provisions of a shareholder agreement.