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

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

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

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

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.

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

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.

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

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.

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.

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.

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

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

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

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

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

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

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

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

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

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.