REGISTERED NUMBER: 04123370 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st March 2025

for

Metek Plc

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

C J Rogan

O L Rogan

J R Walker

SECRETARY:

M A Fishwick

REGISTERED OFFICE:

Unit 602 Stonehouse Business Park

Sperry Way

Stonehouse

GL10 3UT

REGISTERED NUMBER:

04123370 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matthew Dobbins FCA

AUDITORS:

Dunkley's

Statutory Auditor

Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

The company continues to develop good working relationships with both residential and commercial developers and their steel products continue to be in high demand due to the quality of the products and the ease in which they can be assembled.

REVIEW OF BUSINESS

The Company continued to focus on delivering high quality projects on time, while controlling costs. This resulted in a turnover of £20.69m (2024: £14.87m), the gross profit margin increased to 23% (2024: 20.7%). The company achieved a net profit of £0.8m (2024: £0.4m).

Cash flow during the period remained strong, due to a combination of pro-active daily management of work in progress, prompt settlement of final accounts and timely release of retentions from customers.

There is continual effort on building and developing relationships across the supply chain, with particular focus on our payment practices.

PRINCIPAL RISKS AND UNCERTAINTIES

Trading conditions have improved this year with more confidence in the economy. The directors have identified the following risks as being of major concern:

Loss of key management and staff.

Economic and political uncertainty including Brexit

Customer or supply chain insolvency

Cyber attack

Design team failure

Each individual risk is actively considered within the appropriate business unit and managed by the Directors. A disaster recovery plan is in place to deal with significant events which affect the day to day activity of the business. Assessments of these risks are regularly reviewed and presented throughout the year to the directors.

Financial risk management

Exposure to credit and liquidity risks arise in the normal course of the Company's business. The Company does not have any derivative financial instruments.

The Company's credit risk is attributable to its trade receivables. The amounts presented in the statement of financial position are net of any allowances for doubtful debtors, based upon prior experience and assessment of specific circumstances by the Directors. The Company does not have any significant concentration of credit risk, with exposure spread over a number of customers.

The Company seeks to manage risk to ensure that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by the use of fixed and variable deposit accounts. The Directors prepare rolling cash flow forecasts to plan for future surpluses and expenditure.

SECTION 172(1) STATEMENT

The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Company has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and it's stakeholders.

The Company is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which co-contractors are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers. Their importance to the business is considered below.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Company.

Our highest key objective remains the preservation of our workforce both site and office based. The Health Safety and Wellbeing of our workforce is paramount.

Our supply chain remains robust and we continue to nurture and maintain strong relations. We are even more focused on material management and look to rationalise the use of materials as much as possible. Material shortages are becoming less of a problem but we remain focused on planning ahead to alleviate any impact extended lead times may present us.

We continue to focus on our impact to the environment and this is even more pertinent with the increase in cost for energy supply across all groups. All vehicles and vans have been updated and we are actively looking to introduce electric vehicles into the fleet as soon as possible.

Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective.

Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the company.

ENGAGEMENT WITH EMPLOYEES

The Company strives to create a working environment where people enjoy working, give their best and deliver successful outcomes.

The Company continues to invest in leadership, technical and safety training for all staff who have been identified as likely to benefit themselves and the Company.

Employment of disabled persons

All applications received by disabled persons for employment by the company are fairly considered with due regard to their expertise and experience in relation to the requirements of the advertised vacancy. The company is committed to employing disabled persons and should a current employee become disabled, where possible and if required, the company will retrain the employee in a suitable alternative job role.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Company agrees terms and conditions for its business transactions with suppliers before orders are placed. Payments are then made in accordance with these obligations.

As a Company we believe it is important to pay our suppliers promptly and on time for the service they provide. The average time taken to pay invoices is 45 days, which is significantly ahead of the industry norm.

ON BEHALF OF THE BOARD:

O L Rogan - Director

3rd October 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of supplier of light steel frame technology and contractor.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £664,701 (2024: £443,916).

RESEARCH AND DEVELOPMENT

During the period, the company spent £86,322 (2024: £58,985 ) on research and development of a new, fire resistant product. As of the period end, the project is still in the research stage, and so all costs for the period have been expensed.

DIRECTORS

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

C J Rogan

O L Rogan

J R Walker

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £1,397 (2024 £502). Of this there were no donations of political nature.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Dunkley's, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

O L Rogan - Director

3rd October 2025

Opinion

We have audited the financial statements of Metek Plc (the 'company') for the year ended 31st March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st March 2025 and of its 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets;

- any matters we identified, having obtained and reviewed the company's documentation of their policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- enquiring of management, concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Matthew Dobbins FCA (Senior Statutory Auditor)

for and on behalf of Dunkley's

Statutory Auditor

Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

6th October 2025

TURNOVER

20,694,768

14,871,979

Cost of sales

(15,937,846

)

(11,794,331

)

GROSS PROFIT

4,756,922

3,077,648

Administrative expenses

(3,726,684

)

(2,636,510

)

1,030,238

441,138

Other operating income

133,197

133,197

OPERATING PROFIT and

PROFIT BEFORE TAXATION

1,163,435

574,335

Tax on profit

5

(295,411

)

(110,055

)

PROFIT FOR THE FINANCIAL YEAR

868,024

464,280

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

868,024

464,280

FIXED ASSETS

Tangible assets

7

74,013

74,970

CURRENT ASSETS

Stocks

8

1,845,011

1,480,523

Debtors

9

4,753,135

2,902,032

Cash at bank

1,828,547

1,994,020

8,426,693

6,376,575

CREDITORS

Amounts falling due within one year

10

4,618,030

2,748,225

NET CURRENT ASSETS

3,808,663

3,628,350

TOTAL ASSETS LESS CURRENT LIABILITIES

3,882,676

3,703,320

PROVISIONS FOR LIABILITIES

13

20,765

44,732

NET ASSETS

3,861,911

3,658,588

CAPITAL AND RESERVES

Called up share capital

14

50,025

50,025

Capital redemption reserve

15

374

374

Retained earnings

15

3,811,512

3,608,189

SHAREHOLDERS' FUNDS

3,861,911

3,658,588

The financial statements were approved by the Board of Directors and authorised for issue on 3rd October 2025 and were signed on its behalf by:

O L Rogan - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2023

50,025

3,587,825

374

3,638,224

Changes in equity

Dividends

-

(443,916

)

-

(443,916

)

Total comprehensive income

-

464,280

-

464,280

Balance at 31st March 2024

50,025

3,608,189

374

3,658,588

Changes in equity

Dividends

-

(664,701

)

-

(664,701

)

Total comprehensive income

-

868,024

-

868,024

Balance at 31st March 2025

50,025

3,811,512

374

3,861,911

Cash flows from operating activities

Cash generated from operations

1

2,018,086

1,276,009

Tax paid

(125,928

)

(61,260

)

Net cash from operating activities

1,892,158

1,214,749

Cash flows from investing activities

Purchase of tangible fixed assets

(31,791

)

(15,437

)

Net cash from investing activities

(31,791

)

(15,437

)

Cash flows from financing activities

Movement in loans with related parties

(1,361,139

)

-

Amount withdrawn by directors

-

(2,058

)

Equity dividends paid

(664,701

)

(443,916

)

Net cash from financing activities

(2,025,840

)

(445,974

)

(Decrease)/increase in cash and cash equivalents

(165,473

)

753,338

Cash and cash equivalents at beginning of year

2

1,994,020

1,240,682

Cash and cash equivalents at end of year

2

1,828,547

1,994,020

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

31.3.25

31.3.24

£

£

Profit before taxation

1,163,435

574,335

Depreciation charges

32,750

44,054

Decrease in remedial provision

(24,518

)

(38,736

)

1,171,667

579,653

(Increase)/decrease in stocks

(364,488

)

80,825

(Increase)/decrease in trade and other debtors

(560,938

)

323,391

Increase in trade and other creditors

1,771,845

292,140

Cash generated from operations

2,018,086

1,276,009

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

1,828,547

1,994,020

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,994,020

1,240,682

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

1,994,020

(165,473

)

1,828,547

1,994,020

(165,473

)

1,828,547

Total

1,994,020

(165,473

)

1,828,547

1.	STATUTORY INFORMATION

Metek Plc is a public limited company, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

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.

Significant judgements and estimates

The preparation of financial statements requires the company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historic experience and other factors including expectations of future events and believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as outlined below:

1) Revenue and margin recognition

Management applies judgement when assessing the percentage of completion for contracts and the subsequent net realisable value of contract work in progress, taking into account the most reliable evidence available at each reporting date. The future realisation of these amounts may be affected by future outcome of these contracts.

2) Provisions

Provisions are made for any losses which are foreseen.The company's revenue recognition requires forecasts to be made on the outcome of long-term construction services contracts, which require assessment and judgements to be made on recovery of pre-contract costs, changes in the scope of work, contract programmes, defects and changes in costs.

Revenue recognition

Revenue is measured based on the consideration specified in a contract with a customer. When consideration is not specified within the contract and therefore subject to variability, the company estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probably not to result in a significant reversal in future period.

Where a modification to an existing contract occurs, the company assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied by the company or whether it is a modification to the existing performance obligation.

The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Costs associated with long-term contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in work in progress are stated at cost, after provision has been made for any foreseeable losses and deduction of applicable payments on account.

Full provision is made for losses on all contracts in the year in which the loss is first foreseen

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Reducing balance over 3 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts and loans to or from related parties.

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately.

Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Pension costs and other post-retirement benefits

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

Work in progress

Profit on long term contracts is taken as the work is carried out, provided that the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses.

Full provision is made for losses on all contracts in the period in which they are first foreseen.

Provisions

In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

2,243,631

1,748,697

Social security costs

268,480

206,130

Other pension costs

293,263

59,374

2,805,374

2,014,201

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

31.3.25

31.3.24

Management

3

3

Administration and design

28

22

Direct site operations

8

5

39

30

31.3.25

31.3.24

£

£

Directors' remuneration

268,648

292,260

Directors' pension contributions to money purchase schemes

236,979

15,838

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

31.3.25

31.3.24

£

£

Emoluments etc

140,620

38,400

Pension contributions to money purchase schemes

4,566

1,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Hire of plant and machinery

320,058

202,743

Depreciation - owned assets

32,748

44,054

Auditors' remuneration

21,000

11,498

5.

TAXATION

Analysis of the tax charge

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

294,860

111,314

Deferred tax

551

(1,259

)

Tax on profit

295,411

110,055

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:

31.3.25

31.3.24

£

£

Profit before tax

1,163,435

574,335

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

290,859

143,584

Effects of:

Expenses not deductible for tax purposes

12,050

2,904

Capital allowances in excess of depreciation

(8,049

)

-

Depreciation in excess of capital allowances

-

7,153

Adjustments to tax charge in respect of previous periods

-

(29,645

)

Research & Development enhanced deduction

-

(12,682

)

Deferred tax movement

551

(1,259

)

Total tax charge

295,411

110,055

6.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £0.01 each

Interim

664,701

443,916

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2024

149,582

44,128

8,276

274,505

476,491

Additions

5,414

5,945

-

20,432

31,791

At 31st March 2025

154,996

50,073

8,276

294,937

508,282

DEPRECIATION

At 1st April 2024

111,348

28,804

8,185

253,184

401,521

Charge for year

10,460

5,122

67

17,099

32,748

At 31st March 2025

121,808

33,926

8,252

270,283

434,269

NET BOOK VALUE

At 31st March 2025

33,188

16,147

24

24,654

74,013

At 31st March 2024

38,234

15,324

91

21,321

74,970

8.

STOCKS

31.3.25

31.3.24

£

£

Work-in-progress

1,845,011

1,480,523