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Registered number: 00504927 WW Martin Ltd Annual report and financial statements For the year ended 28 February 2025
WW Martin Ltd Company Information
Directors | M R Darling
| I D Posnett
| D A Barker
| T J Codd
Registered number | 00504927
Registered office |
Independent auditors | Kreston Reeves Audit LLP
| Chartered Accountants & Statutory Auditor
| 37 St Margaret's Street
| Canterbury
| Kent
| CT1 2TU
Bankers | Lloyds Bank Plc
| 3rd Floor
| 2 City Place
| Beehive Ring Road
| Gatwick
| West Sussex
| RH6 0PA
Solicitors | Girlings
| Stourside Place
| Station Road
| Ashford
| Kent
| TN23 1PP Fenwick Elliott Aldwych House 71-91 Aldwych London WC2B 4HN
WW Martin Ltd Contents
| Page
Group strategic report | 1 - 4
Directors' report | 5 - 8
Independent auditors' report | 9 - 13
Consolidated profit and loss account | 14
Consolidated balance sheet | 15 - 16
Company balance sheet | 17 - 18
Consolidated statement of changes in equity | 19
Company statement of changes in equity | 20
Consolidated statement of cash flows | 21
Notes to the financial statements | 22 - 43
WW Martin Ltd Group strategic report For the year ended 28 February 2025
Introduction
The Directors are pleased to present their Strategic Report and the Financial Statements of the Company for the year ending 28th February 2025. The Company is celebrating its 148th year and its second year as the Holding Company for all its associated businesses; WWM Civils, KRS Interiors, East Kent Brickwork and WWM Plant Hire. The businesses within the Holding Company have all performed well and WW Martin itself continues to go from strength to strength and is led by a strong leadership team. The result and performance of the business reflects the strength of our people, our strategic focus and our commitment to delivering lasting impact. We are proud by the progress made and excited about the opportunities ahead as we continue to build a resilient, sustainable future. Equally as important is our long-standing Supply Chain with support from our excellent Client base.
Business review
The turnover of the Group is £60,824M (2024: £51,918), profit is £4,025M (2024: £3,039M) after tax. The Balance Sheet now stands at £13,042M. The Group is well-positioned for controlled growth and the Board’s strategic focus remains on sustainable construction and long-term partnership. Turnover for the year ending February 2026 will increase in the region of 5%. Margin will broadly be in line with this year. Cash at the Year End is £18,095M (2024: £14,358M). Cashflow continues to be closely monitored to ensure a good level of liquidity and strict credit control policies are in place. As the Company’s liquidity continues to be high, interest has accrued in the sum of £624k. The Board expects that liquidity will remain constant throughout the coming year. Interest for the coming year will reduce as interest rates have fallen. Overall, we have an excellent cash balance and no debt. The Directors are pleased with the direction and performance of the Holding Company and that it continues to perform well, delivering excellent services for our clients. WW Martin has positioned itself as a “go to” contractor for a high-quality, non-adversarial approach to construction. This has resulted in repeat negotiated work. Year-on-year we are becoming financially stronger, with good cash in hand and an ever-increasing Balance Sheet. The Company has entered the new financial year with a strong order book and a good level of tenders. Turnover from the Kent County Council (KCC) £500M “Property Construction Partnership Framework” has started to contribute towards our turnover with the construction of schools in Deal and Teynham. Both are due for completion in 2025. Under the Framework we have further projects currently in or imminently waiting for planning decisions. These schemes will contribute to the 2026 result. The close collaboration between the businesses and investment into WW Martin’s self-delivery capabilities is driving more efficient, innovative and sustainable solutions for our Client Partners. It enables the business to be agile and responsive. It also enables the training of apprentices to be more efficient and allows the Group to contribute towards the recruitment, training and development of young people in the industry. Health and Safety and Environmental Management are core business values and we believe that effective Health, Safety and Environmental management actively contributes to our success. We are proud of our safety record. We approach the subject in a responsible, practicable and pragmatic manner, concentrating on the matters that make a difference. In this respect, our staff care, which has resulted in an excellent culture of health and safety. During the year we reviewed our Health & Safety and Compliance Departments. We merged the two into a single Department that will oversee H&S and compliance. We have a new Health and Safety Manager and created a new role of Compliance Officer to ensure that this important aspect is given the priority it warrants. The new department shone when we renewed our ISO 45001 accreditation. It is our policy to do all that is reasonably practicable to ensure that we provide a safe and healthy environment not just for those that work for us, but for anyone else who may be affected by our business activities. Page 1
WW Martin Ltd Group strategic report (continued) For the year ended 28 February 2025 To maintain these high standards, we make sure we have competent, trained people. Our Management Systems and Policies provide clear guidance and monitoring/reporting and analysis of performance and incidents. Each of our projects is regularly audited by our inhouse H&S Manager and is supported by external industry experts, with prevention and continuous improvement being the underlying theme. It is the intention that all the businesses follow the same Management System. As well as ensuring the health and safety of our staff and supply chain, we also believe in mitigating the environmental impact of each project and actively look for ways to operate ever more sustainably. We have a well-established Environmental and Sustainability Committee who meet regularly to ensure that the business is identifying realistic measures to reduce the environmental impact of the operations of the business. We have committed to increasing social value across the business and we are active in the local community where we operate. This includes local employment, community partnerships and charity fundraising. We are particularly proud of our partnerships with Ramsgate FC and Kent Cricket and support them in their work in the local community. In the case of the latter, we have renewed our sponsorship for a further 3 years.
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could impact the Company’s performance which are considered by the Directors on a regular basis. The Board of Directors and the senior members of staff consider the risks of all significant business decisions and projects in an open and transparent manner to ensure that the risk to the company’s operations is eliminated or minimised. Market Conditions are challenging, however inflation dropped from the peak in 2022 and interest rates have starting to reduce. Even with these conditions, turnover increased by 17%. The increase in turnover is due to our continued emphasis on delivering “excellence” for our customers which enables us to win work with trusted Clients. The Company continues to be focused and remains vigilant when assessing tenders in this competitive market. We continue to try and avoid the race to the bottom that often accompanies a competitive market. Unfortunately, we are seeing signs of some contractors submitting low tenders. Due to the varied nature and type of work we carry out, our client base is very wide ranging. This is a deliberate strategy of the Board, which has paid dividends in these uncertain times. Our strategy ensures that we are well placed to diversify and be flexible across a variety of sectors. The business’ workload continues to be very diverse which protects the business should a particular sector be affected by events. The Holding Company continues to self-deliver and is working extremely well to ensure projects are completed on time and to the required quality. The subsidiary businesses maintain their competitiveness by also working for clients outside the Group. Recruiting and maintaining staff is potentially a risk. We are a family business, and we recognise the huge important role that employees have in making the business successful. We pride ourselves on having excellent staff who care passionately about the business and our clients. We aim to be the employer of choice offering both informal and formal training for everyone within the business. We want everyone to feel part of the family by making people feel valued, engaged and safe and importantly enjoy coming to work. It is for this reason that WW Martin has an excellent staff retention rate. The reputation of the business makes recruitment easier. We aim to be the first-choice contractor for the supply chain. We want our supply chain to have the same values as us, are customer focused and care. For our part, we are absolutely committed to maintaining prompt payments which has resulted in our having an excellent reputation in the market. It is also important to us that the supply chain enjoy working with us. The Directors are extremely proud of their record of never having an adjudication with a sub-contractor. The new Governments commitment to house building has not yet materialised, so the reduction in this market has had the knock-on effect that material supplies are more readily available than they have been in recent times. Page 2
WW Martin Ltd Group strategic report (continued) For the year ended 28 February 2025 We are conscious of and prepared to navigate the changing political and economic landscapes, particularly form the recent experiences of Brexit, the pandemic, Ukraine war, the ongoing conflict in Gaza and the financial effect of the increase in National Insurance contribution. We hope that the Autumn Statement is positive and that the Government introduces measures that will positively stimulate growth. Whatever the outcome, we believe that the agile nature of the business will allow us to successfully navigate these unforeseen risks. Future Developments The two 4-year NHS Frameworks on the £20M Fire Remedial Works and the Measured Term Contract Minor Works Framework continue to deliver for the hospitals of East Kent. This work is extremely challenging, but very rewarding as it allows us to update the hospitals infrastructure. An award post year end is the Major Works Capital Framework for East Kent Hospitals University NHS Trust, for works valued up to £10M. This is a four-year framework, with WW Martin’s contract valued at £96M. This will commence on 1st August 2025. We continue to work at both Maidstone Hospital and Medway Maritime Hospital. Our team’s commitment to deliver on time and to budget, has made us the “go to” contractor for healthcare. Two KCC schools in Deal and Teynham are due to complete in the Autumn. These were the first major schemes to be appointed to WW Martin under the Construction Partnership Framework. We are also in the planning stage of two waste transfer stations and a school in Maidstone. These schemes are not due to start until 2026. Of the current portfolio, we completed the high-profile redevelopment of Kingsmead Leisure complex in Canterbury and we are due to complete in the Autumn a 91-bed student accommodation complex also in Canterbury. We were also successful in winning two housing schemes, one for Ashford Borough Council and one for West Kent Housing. These are due to commence in late Autumn 2025, as soon as planning is granted. The new visitors centre, retail shop and carpark for the National Trust at Ightham Mote was successfully completed and looks stunning within the National Trust grounds. The project incorporated very traditional trades and included hempcrete blocks, which have rarely been used in the Country. East Kent Brickwork were exceptional using these very traditional materials. Following the successful partnership with English Rural Housing to build thirteen units in Shepherdswell, Kent, we negotiated and commenced a further 13-unit development in West Kingsdown. The open and transparent nature of the relationship between the two businesses, lent itself to following the same model. We are on target to finish the scheme early. A notable success was the award of the Phase 4 of Thanet District Council’s £16M housing scheme in Margate and Ramsgate. The scheme is over four sites and is due for completion in early 2026. This is the third phase that WW Martin has secured with the Council, having previously completed phases 1 and 3. WWM Civils continue to deliver extremely well for the Holding Company. Their first-class service is now being recognised outside the Group and they have recently completed a £7M scheme direct for Maidstone Hospital. They have also carried out several schemes for a competitor and a waste transfer company. They have gained an excellent reputation in their own right. KRS had record turnover, with 33% of their turnover attributed to third party contractors. KRS’s excellent quality on commercial buildings has led to repeat business. East Kent Brickwork’s turnover outside the Group is 40%. Their close collaboration with their clients has resulted in repeat business and have now completed several care homes. They now have an excellent springboard on which to take the business forward. Page 3
WW Martin Ltd Group strategic report (continued) For the year ended 28 February 2025 Research and Development As in previous years, the business continues to invest in research and development to realise tax incentives on leading edge technologies, which is often associated with challenging projects.
Financial key performance indicators
The Group’s financial key performance indicators are Gross Profit Percentage, Current Ratio and Return on Capital Employed. Conclusion The Board is extremely pleased with the strategic position of the Group. We are confident that the measures that we have taken place us in the very best position to organically grow over the coming year.
Directors' statement of compliance with duty to promote the success of the Group
Section 172 of the Companies Act 2006 requires the directors of the Group to act in the way they consider, in good faith, would most likely promote the success of the Group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the: • likely consequences of any decisions in the long-term; • interests of the Group’s employees; • need to foster the Group’s business relationships with suppliers, customers and others; • impact of the Group’s operations on the community and environment; • desirability of the Group maintaining a reputation for high standards of business conduct, and • need to act fairly as between members of the Group. In discharging our section 172 duties we have regard to the factors set out above. We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Group’s purpose, vision and values together with its strategic priorities and having a process in place for decision-making, we do, however, aim to make sure that our decisions are consistent and predictable. Information regarding our engagement with employees and the Group's business relationships is included in the Directors' Report. All members of the Board are executives within the Group and work alongside the management team on a day-to-day basis. The Board engage with the management team in setting, approving and overseeing execution of the business strategy and related policies. Monitoring of this is conducted through regular business review meetings which are attended by the Board of Directors. Board meetings are held periodically, and activities reviewed through the consideration and discussion of information, which is sent in advance of each Board meeting and through presentations to the Board, and the consideration of the impact of the relevant decisions on stakeholders. This report was approved by the board and signed on its behalf.
I D Posnett Director
Date: 17 October 2025
Page 4
WW Martin Ltd Directors' report For the year ended 28 February 2025 The directors present their report and the financial statements for the year ended 28 February 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK 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 Group 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 the Group and to 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.
Results and dividends
The profit for the year, after taxation, amounted to £4,025,200 (2024 - £3,039,847). The directors declared a dividend totalling £220,000 for the year ended 28 February 2025 (2024 - £666,250). In 2025, dividends totalling £100,000 were distributed to holders of ordinary A shares and dividends totalling £120.000 were distributed to holders of ordinary D shares.
Directors
The directors who served during the year were:
M R Darling
I D Posnett
D A Barker
T J Codd
Page 5
WW Martin Ltd Directors' report (continued) For the year ended 28 February 2025
Financial instruments
The Group finances its operations through various financial instruments comprising bank balances, bank overdrafts, finance leases, trade debtors and trade creditors. The Group ensures its liquidity is maintained by entering into short term financial instruments to support operational and other funding requirements. The Group's liquidity management process includes projecting cashflows and considering the level of liquid assets. Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Engagement with suppliers, customers and others
Employee engagement The Group and the Board is committed to promoting a diverse and inclusive workplace, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business strategy and developing talent at every level in the organisation. We operate a successful employment, apprenticeship and training programme which provides opportunities for a whole host of different groups including young persons, over 50’s, and hard to reach groups including long term unemployed, school and college leavers, lone parents, ex-offenders and ex-service personnel in Kent. The Group also works with local training providers and our supply chain providing Apprenticeship opportunities. The Board and Senior Management are responsible for ensuring that the Group’s purpose, vision and values are effectively communicated to employees and that the Group’s activities reflect the culture we wish to instill in employees and drive appropriate behaviours. Examples of how this is achieved include: formal and informal meetings, a mandatory code of conduct, dedicated training sessions, quarterly staff newsletters and our annual group wide business strategy day. Fostering business relationships The Group’s key stakeholders are its employees, customers, suppliers, planning authorities and the local Kent Community. The views and impact of the Group’s activities on those stakeholders are an important consideration for Directors when making relevant decisions. While there are cases where the board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of our stakeholders means that generally our stakeholder engagement best takes place at an operational level. The senior management team foster long term relationships with key customers in line with the Group’s Integrated Management Systems policy. We work with key customer Groups and stakeholders including Kent County Council, local planning authorities and NHS Trusts to deliver their needs as part of our strategic relationships with them, alongside our partnerships with local developers and suppliers. The Board is committed to working alongside our Customers and local authorities to deliver high quality sustainable affordable home projects. Our partnership with Orbit homes has led to the Parent Company being the first construction firm of a new build housing project to receive “Green Plaque” status, recognizing the commitment of the Board to its strategic objective of delivering to the highest environmental standards. The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making. Page 6
WW Martin Ltd Directors' report (continued) For the year ended 28 February 2025 Corporate Governance The Board aspires to have high standards of corporate governance. We have not adopted the revised 2018 UK Corporate Governance Code, which is designed for premium listed companies and, whilst we fully support the introduction of the Wates Corporate Governance Principles for Large Private Companies (in particular the focus on purpose, culture and employee and stakeholder engagement). We expect to adopt our own corporate governance principles in due course which we believe will be most appropriate for the Group and will be designed to ensure effective decision-making to promote the Group’s success for the long term. Our primary aim is that our governance is: • effective in providing challenge, advice and support to management; • provides checks and balances and encourages constructive challenge; and • drives informed, collaborative and accountable decision-making. In the absence of an express corporate governance code, we continue to comply with relevant law and regulations in relation to governance arrangements and have processes in place to ensure decisions are made at the appropriate level.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Group's greenhouse gas emissions and energy consumption are as follows:
|  |  |  | 2025 | 2024
UK energy used kWh | 541,075 | 601,350
Associated greenhouse gas emissions (in tonnes of CO2 equivalent) | 124.13 | 138.2
The GHG Reporting Protocol - Corporate Standard methodology was used to calculate the company's emissions and energy consumption. The intensity ratio has been calculated using CO2 in tonnes per full time employee, which gives a ratio of 1.31 (2024: 1.44). The Group is committed to reducing its emissions encouraging greater use of electric vehicles, has installed EV charging points for staff and installed solar capture panels at its premises.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 7
WW Martin Ltd Directors' report (continued) For the year ended 28 February 2025
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. Under section 487(2) of the Companies Act 2006, Kreston Reeves Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
I D Posnett Director
Date: 17 October 2025
Page 8
WW Martin Ltd Independent auditors' report to the members of WW Martin Ltd
Opinion
We have audited the financial statements of WW Martin Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 28 February 2025, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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's affairs as at 28 February 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 United Kingdom, including the Financial Reporting Council'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 or 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. Page 9
WW Martin Ltd Independent auditors' report to the members of WW Martin Ltd (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report 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 Directors' report. We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 5, 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 is 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. Page 10
WW Martin Ltd Independent auditors' report to the members of WW Martin Ltd (continued)
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 an Auditors' report 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 Group 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: Capability of the audit in detecting irregularities, including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Based on our understanding of the Company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition and amounts recoverable on long-term contracts. Audit procedures performed by the engagement team included: • Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and • Assessment of identified fraud risk factors; and • Challenging assumptions and judgements made by management in its significant accounting estimates; and • Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and • Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and • Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and • Reading minutes of meetings of those charged with governance; and • Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and • Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. Page 11
WW Martin Ltd Independent auditors' report to the members of WW Martin Ltd (continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 12
WW Martin Ltd Independent auditors' report to the members of WW Martin Ltd (continued)
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 an Auditors' report 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. Mark Attwood FCCA (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Chartered Accountants Statutory Auditor Canterbury 17 October 2025 Page 13
WW Martin Ltd Consolidated profit and loss account For the year ended 28 February 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 60,824,122 | 51,918,284
Cost of sales |  | (51,664,970) | (43,766,796)
Gross profit |  | 9,159,152 | 8,151,488
Administrative expenses |  | (4,853,105) | (4,629,576)
Other operating income | 5 | 78,372 | 32,297
Operating profit | 6 | 4,384,419 | 3,554,209
Interest receivable and similar income | 10 | 623,666 | 290,078
Interest payable and similar expenses | 11 | (23,842) | (7,226)
Profit before tax |  | 4,984,243 | 3,837,061
Tax on profit | 12 | (959,043) | (797,214)
Profit for the financial year |  | 4,025,200 | 3,039,847
Profit for the year attributable to: |  |  |
Owners of the parent |  | 4,025,200 | 3,039,847
|  | 4,025,200 | 3,039,847
There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of comprehensive income has been presented.
The notes on pages 22 to 43 form part of these financial statements.
Page 14
WW Martin Ltd Registered number: 00504927 Consolidated balance sheet As at 28 February 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,351,650 |  | 2,378,398
Investment property | 16 |  | 1,445,208 |  | -
|  |  | 3,796,858 |  | 2,378,398
Current assets |  |  |  |  |
Stocks | 17 | 658,672 |  | 1,810,246 |
Debtors: amounts falling due after more than one year | 18 | - |  | 775,094 |
Debtors: amounts falling due within one year | 18 | 12,116,960 |  | 10,906,014 |
Cash at bank and in hand | 19 | 18,094,625 |  | 14,357,634 |
|  | 30,870,257 |  | 27,848,988 |
Creditors: amounts falling due within one year | 20 | (21,237,035) |  | (20,588,640) |
Net current assets |  |  | 9,633,222 |  | 7,260,348
Total assets less current liabilities |  |  | 13,430,080 |  | 9,638,746
Creditors: amounts falling due after more than one year | 21 |  | (47,627) |  | (99,461)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (340,128) |  | (302,160) |
|  |  | (340,128) |  | (302,160)
Net assets |  |  | 13,042,325 |  | 9,237,125
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 14,252 |  | 14,252
Share premium account | 26 |  | 900 |  | 900
Revaluation reserve | 26 |  | 173,538 |  | 173,538
Capital redemption reserve | 26 |  | 10,232 |  | 10,232
Profit and loss account | 26 |  | 12,843,403 |  | 9,038,203
Equity attributable to owners of the parent Company |  |  | 13,042,325 |  | 9,237,125
|  |  | 13,042,325 |  | 9,237,125
Page 15
WW Martin Ltd Registered number: 00504927 Consolidated balance sheet (continued) As at 28 February 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
I D Posnett | M R Darling
Director | Director
Date: 17 October 2025 |
The notes on pages 22 to 43 form part of these financial statements. Page 16
WW Martin Ltd Registered number: 00504927 Company balance sheet As at 28 February 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 1,601,326 |  | 1,716,247
Investments | 15 |  | 200,201 |  | 200,201
Investment Property | 16 |  | 1,445,208 |  | -
|  |  | 3,246,735 |  | 1,916,448
Current assets |  |  |  |  |
Stocks | 17 | 343,479 |  | 1,473,626 |
Debtors: amounts falling due after more than one year | 18 | - |  | 775,094 |
Debtors: amounts falling due within one year | 18 | 10,422,350 |  | 9,526,205 |
Cash at bank and in hand | 19 | 13,897,647 |  | 10,951,742 |
|  | 24,663,476 |  | 22,726,667 |
Creditors: amounts falling due within one year | 20 | (18,257,227) |  | (17,535,969) |
Net current assets |  |  | 6,406,249 |  | 5,190,698
Total assets less current liabilities |  |  | 9,652,984 |  | 7,107,146
Creditors: amounts falling due after more than one year | 21 |  | (18,204) |  | (80,911)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (151,720) |  | (168,841) |
|  |  | (151,720) |  | (168,841)
Net assets |  |  | 9,483,060 |  | 6,857,394
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 14,252 |  | 14,252
Share premium account | 26 |  | 900 |  | 900
Revaluation reserve | 26 |  | 173,538 |  | 173,538
Capital redemption reserve | 26 |  | 10,232 |  | 10,232
Profit and loss account brought forward |  | 6,658,472 |  | 5,527,363 |
Profit for the year |  | 2,845,666 |  | 1,631,109 |
Other changes in the profit and loss account |  | (220,000) |  | (500,000) |
Profit and loss account carried forward |  |  | 9,284,138 |  | 6,658,472
|  |  | 9,483,060 |  | 6,857,394
Page 17
WW Martin Ltd Registered number: 00504927 Company balance sheet (continued) As at 28 February 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
I D Posnett | M R Darling
Director | Director
Date: 17 October 2025 |
The notes on pages 22 to 43 form part of these financial statements. Page 18

|  | WW Martin Ltd |
Consolidated statement of changes in equity For the year ended 28 February 2025
|  | Called up share capital | Share premium account | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 March 2023 | 14,252 | 900 | 10,232 | 173,538 | 6,664,606 | 6,863,528
| Profit for the year | - | - | - | - | 3,039,847 | 3,039,847
| Dividends: Equity capital | - | - | - | - | (666,250) | (666,250)
| At 1 March 2024 | 14,252 | 900 | 10,232 | 173,538 | 9,038,203 | 9,237,125
| Profit for the year | - | - | - | - | 4,025,200 | 4,025,200
| Dividends: Equity capital | - | - | - | - | (220,000) | (220,000)
| At 28 February 2025 | 14,252 | 900 | 10,232 | 173,538 | 12,843,403 | 13,042,325
| The notes on pages 22 to 43 form part of these financial statements.
Page 19

|  | WW Martin Ltd |
Company statement of changes in equity For the year ended 28 February 2025
|  | Called up share capital | Share premium account | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 March 2023 | 9,775 | 900 | 10,232 | 173,538 | 5,527,363 | 5,721,808
| Profit for the year | - | - | - | - | 1,631,109 | 1,631,109
| Dividends: Equity capital | - | - | - | - | (500,000) | (500,000)
| Shares issued during the year | 4,477 | - | - | - | - | 4,477
| At 1 March 2024 | 14,252 | 900 | 10,232 | 173,538 | 6,658,472 | 6,857,394
| Profit for the year | - | - | - | - | 2,845,666 | 2,845,666
| Dividends: Equity capital | - | - | - | - | (220,000) | (220,000)
| At 28 February 2025 | 14,252 | 900 | 10,232 | 173,538 | 9,284,138 | 9,483,060
| The notes on pages 22 to 43 form part of these financial statements.
Page 20

WW Martin Ltd Consolidated statement of cash flows For the year ended 28 February 2025
|  |  | 28 February | 29 February
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 4,025,200 | 3,039,847
Adjustments for: |  |
Depreciation of tangible assets | 260,038 | 274,637
Loss on disposal of tangible assets | (20,373) | 4,811
Government grants received | (26,262) | (19,587)
Interest paid | 23,842 | 55,117
Interest received | (623,666) | (290,078)
Taxation charge | 959,043 | 797,214
(Increase) in stocks | (293,634) | (1,311,121)
(Increase) in debtors | (449,297) | (3,298,473)
Increase in creditors | 466,682 | 4,515,788
Corporation tax (paid) | (666,919) | (100,865)
Net cash generated from operating activities | 3,654,654 | 3,667,290
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (295,621) | (437,706)
Sale of tangible fixed assets | 82,704 | 64,831
Government grants received | 26,262 | 19,587
Interest received | 623,666 | 290,078
HP interest paid | (39) | (3,937)
Net cash from investing activities | 436,972 | (67,147)
Cash flows from financing activities |  |
Repayment of/new loans | (9,933) | (10,236)
Repayment of/new finance leases | (100,899) | 95,671
Dividends paid | (220,000) | (666,250)
Interest paid | (23,803) | (51,180)
Net cash used in financing activities | (354,635) | (631,995)
Net increase in cash and cash equivalents | 3,736,991 | 2,968,148
Cash and cash equivalents at beginning of year | 14,357,634 | 11,389,486
Cash and cash equivalents at the end of year | 18,094,625 | 14,357,634
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 18,094,625 | 14,357,634
| 18,094,625 | 14,357,634
Page 21
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
1. | General information
WW Martin Ltd is a limited liability company incorporated in England. The company's registered office is Dane Park Road, Ramsgate, Kent, CT11 7LT. The company's registered number is 00504927. The company's principal activity continues to be that of building contractors. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The group's functional and presentational currency is Pounds Sterling. The group's financial statements are presented to the nearest Pound. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. In the opinion of the directors, the creation of the group was a group reconstruction rather than an acquisition, since the equity holders of the company remain the same as the former equity holders and the rights of the equity holders are unchanged and no minority interest in the net assets of the group has arisen. In addition, the purpose of the transaction was not to move the net asset value out of the group and return it to the equity holder, but rather to reorganise the assets and liabilities within the existing individual entities. Therefore, the directors consider that to record the transaction as an acquisition by the company, attributing fair values to the assets and liabilities of the group and reflecting only the post transaction results within the financial statements would fail to give a true and fair view of the group's results and financial position. For the initial acquisition on 1 June 2023, the directors adopted the merger accounting principles. The main consequence of adopting merger rather than acquisition accounting is that the balance sheet of the merged group includes the assets and liabilities of each of the group's combining entities at their carrying values prior to the merger, subject to any adjustments to achieve uniformity of accounting policies, rather than at their fair values at the date of the merger.
| 2.3 | Going concern
In the opinion of the directors, there are no factors in existence that would result in the Group not being considered as a going concern. As such, the financial statements have been prepared on a going concern basis. Page 22
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Construction contracts Revenue is only recognised on a construction contract where the outcome can be estimated reliably. Revenue and costs are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is measured by assessment of project progress based on surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property. When it is probable that the total costs on a construction contract will exceed total contract revenue, the expected loss is recognised as an expense in the profit and loss account immediately.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | over 25 years
|  |  |  | Plant and machinery | - | over 3 - 20 years
|  |  |  | Motor vehicles | - | over 5 - 10 years to residual value
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'Administrative expenses' in the profit and loss account. Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use and reclassified to freehold property. Revaluation of tangible fixed assets As permitted by Financial Reporting Standard 102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 28 February 2011 as deemed cost. Under the cost model, land and buildings will not be subject to any further revaluations. Page 23
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Stocks and work in progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. The company recognises costs that relate to future activity on a construction contract, such as for materials or labour, as an asset in work in progress if it is probable that the costs will be recovered. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 24
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 25
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.14 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.15 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated profit and loss account in the same period as the related expenditure.
| 2.16 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.18 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 26
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 2.Accounting policies (continued)
| 2.19 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.20 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.21 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.22 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Page 27
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements: Lease commitments The group has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the group has acquired the risks and rewards associated with the ownership of the underlying assets. The following are the group's key sources of estimation uncertainty: Construction contracts As a building contractor, the group has entered into a number of construction contracts in the year. When the outcome of a construction contract can be estimated reliably, the group has recognised contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (often referred to as the percentage of completion method). Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings. The group determines project progress and the stage of completion of a construction contract using surveys of work performed. Taxation A deferred tax liability has been recognised in the financial statements and is detailed in note 24. This is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies. Investment properties The company holds investment properties with fair value of £1,445,208 at the year end (see note 16). In order to determine the fair value of investment properties, the directors have used a valuation technique based on comparable market data. The determined fair value of the investment properties is most sensitive to fluctuations in the property market.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction contracts | 60,824,122 | 51,918,284
|  | 60,824,122 | 51,918,284
| All turnover arose within the United Kingdom.
Page 28
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 5,775 | 7,210
| Net rents receivable | 46,335 | 5,500
| CITB grant funding receivable | 26,262 | 19,587
|  | 78,372 | 32,297
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 2,038 | -
| Other operating lease rentals | 158,279 | 227,792
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 60,000 | 60,000
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Other non-audit services | 40,000 | 40,000
Page 29
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 5,888,176 | 5,818,953 | 4,675,527 | 4,412,860
| Social security costs | 624,625 | 596,784 | 492,879 | 510,299
| Cost of defined contribution scheme | 239,517 | 244,811 | 204,706 | 201,621
|  | 6,752,318 | 6,660,548 | 5,373,112 | 5,124,780
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Employees | 116 | 122 | 95 | 96
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 844,840 | 755,082
| Group contributions to defined contribution pension schemes | 47,293 | 43,950
|  | 892,133 | 799,032
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £283,505 (2024 - £239,176).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,320 (2024 - £10,837).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 623,666 | 290,078
|  | 623,666 | 290,078
Page 30
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 4,393 | -
| Other interest payable | 19,410 | 3,289
| Finance leases and hire purchase contracts | 39 | 3,937
|  | 23,842 | 7,226
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 916,603 | 679,402
| Adjustments in respect of previous periods | 1,378 | 87,419
|  | 917,981 | 766,821
| Total current tax | 917,981 | 766,821
| Deferred tax |  |
| Origination and reversal of timing differences | 41,062 | 30,393
| Total deferred tax | 41,062 | 30,393
| Tax on profit | 959,043 | 797,214
Page 31
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,984,243 | 3,837,061
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,246,061 | 959,265
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,950 | 29,935
| Capital allowances for year in excess of depreciation | 1,571 | 1,833
| Adjustments to tax charge in respect of prior periods | 1,378 | (34,403)
| Non-taxable income | (375) | -
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | (329,839) | (149,413)
| Other differences leading to an increase (decrease) in the tax charge | 91,422 | (10,003)
| Group income | (56,125) | -
| Total tax charge for the year | 959,043 | 797,214
13. | Dividends
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends on ordinary shares | 220,000 | 666,250
|  | 220,000 | 666,250
| In 2025, dividends totalling £100,000 were distributed to holders of ordinary A shares and dividends totalling £120.000 were distributed to holders of ordinary D shares.
Page 32
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
14. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 March 2024 | 1,567,241 | 914,145 | 1,166,109 | 3,647,495
| Additions | - | 61,843 | 233,778 | 295,621
| Disposals | - | (45,545) | (222,597) | (268,142)
| At 28 February 2025 | 1,567,241 | 930,443 | 1,177,290 | 3,674,974
| Depreciation |  |  |  |
| At 1 March 2024 | 109,108 | 471,803 | 688,186 | 1,269,097
| Charge for the year on owned assets | 47,469 | 75,441 | 137,128 | 260,038
| Disposals | - | (29,355) | (176,456) | (205,811)
| At 28 February 2025 | 156,577 | 517,889 | 648,858 | 1,323,324
| Net book value |  |  |  |
| At 28 February 2025 | 1,410,664 | 412,554 | 528,432 | 2,351,650
| At 29 February 2024 | 1,458,133 | 442,342 | 477,923 | 2,378,398
| Included in land and buildings is freehold land at deemed cost of £360,027 (2024: £360,027), historic cost of £30,145 (2024: £30,145) which is not depreciated.
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 257,093 | 280,075
|  | 257,093 | 280,075
The company has revalued its freehold property in the past which now represents deemed cost as permitted by FRS102. The company's freehold property was independently revalued at 28 February 2011 to open market value of £508,298 by Somersby Estates Limited, who are members of the Royal Institute of Chartered Surveyors. Subsequent additions and depreciation charged on freehold land and buildings has resulted in a carrying value of £1,410,664 at 28 February 2025. Page 33
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 14.Tangible fixed assets (continued)
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 266,363 | 266,363
| Accumulated depreciation | (117,987) | (110,561)
| Net book value | 148,376 | 155,802
| Company
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 March 2024 | 1,567,241 | 190,831 | 540,128 | 2,298,200
| Disposals | - | (25,866) | (49,777) | (75,643)
| At 28 February 2025 | 1,567,241 | 164,965 | 490,351 | 2,222,557
| Depreciation |  |  |  |
| At 1 March 2024 | 109,108 | 174,425 | 298,420 | 581,953
| Charge for the year on owned assets | 47,469 | 5,321 | 61,532 | 114,322
| Disposals | - | (25,866) | (49,178) | (75,044)
| At 28 February 2025 | 156,577 | 153,880 | 310,774 | 621,231
| Net book value |  |  |  |
| At 28 February 2025 | 1,410,664 | 11,085 | 179,577 | 1,601,326
| At 29 February 2024 | 1,458,133 | 16,406 | 241,708 | 1,716,247
| Included in land and buildings is freehold land at deemed cost of £360,027 (2024: £360,027), historic cost of £30,145 (2024: £30,145) which is not depreciated.
Page 34
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 14.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 175,622 | 234,740
|  | 175,622 | 234,740
The company has revalued its freehold property in the past which now represents deemed cost as permitted by FRS102. The company's freehold property was independently revalued at 28 February 2011 to open market value of £508,298 by Somersby Estates Limited, who are members of the Royal Institute of Chartered Surveyors. Subsequent additions and depreciation charged on freehold land and buildings has resulted in a carrying value of £1,410,664 at 28 February 2025.
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 March 2024 | 200,201
| At 28 February 2025 | 200,201
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| WWM Civils Limited | England (1) | Ordinary | 100%
| East Kent Brickwork Ltd | England (1) | Ordinary | 100%
| WWM Plant Hire Ltd | England (1) | Ordinary | 100%
| K R S Interiors Limited | England (1) | Ordinary | 100%
Page 35
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 Subsidiary undertakings (continued)
| The registered office of all of the above companies is WWM Martin, Dane Park Road, Ramsgate, CT11 7LT. The aggregate of the share capital and reserves as at 28 February 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| WWM Civils Limited | 2,316,006 | 930,585
| East Kent Brickwork Ltd | 119,691 | (3,223)
| WWM Plant Hire Ltd | 490,519 | 48,380
| K R S Interiors Limited | 785,413 | 432,949
16. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| Additions at cost | 1,445,208
| At 28 February 2025 | 1,445,208
The fair value of the investment properties has been determined by the directors using a valuation methodology that incorporates comparable market data and relevant external indicators.
| Company
|  | Freehold investment property
|  | £
| Valuation |
| Additions at cost | 1,445,208
| At 28 February 2025 | 1,445,208
The fair value of the investment properties has been determined by the directors using a valuation methodology that incorporates comparable market data and relevant external indicators. Page 36
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
17. | Stocks
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Work in progress | 318,254 | 356,865 | 12,000 | 26,000
| Goods held for resale | 340,418 | 1,453,381 | 331,479 | 1,447,626
|  | 658,672 | 1,810,246 | 343,479 | 1,473,626
| During the year, freehold property previously classified as stock (goods held for resale) was transferred to investment property upon completion of construction and commencement of rental activity. The property now meets the definition of investment property under FRS 102 and is measured at fair value.
Page 37
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
18. | Debtors
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | - | 775,094 | - | 775,094
|  | - | 775,094 | - | 775,094
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 3,075,824 | 6,224,044 | 2,685,494 | 6,012,327
| Amounts owed by group undertakings | - | - | 363,962 | 406,227
| Other debtors | 6,224,753 | 1,590,843 | 5,578,222 | 1,096,872
| Prepayments and accrued income | 103,868 | 93,080 | 100,413 | 85,547
| Amounts recoverable on long-term contracts | 2,712,515 | 2,998,047 | 1,694,259 | 1,925,232
|  | 12,116,960 | 10,906,014 | 10,422,350 | 9,526,205
19. | Cash and cash equivalents
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 18,094,625 | 14,357,634 | 13,897,647 | 10,951,742
|  | 18,094,625 | 14,357,634 | 13,897,647 | 10,951,742
Page 38
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
20. | Creditors: Amounts falling due within one year
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 9,324 | 6,868 | - | -
| Payments received on account | 3,609,000 | 2,404,000 | 3,609,000 | 2,404,000
| Trade creditors | 6,667,273 | 5,595,523 | 5,118,053 | 4,265,457
| Amounts owed to group undertakings | - | - | 350,966 | 633,557
| Amounts owed to companies under common control | - | 47,891 | - | 47,891
| Corporation tax | 933,558 | 679,402 | 466,398 | 285,943
| Other taxation and social security | 971,578 | 1,456,924 | 933,917 | 1,431,591
| Obligations under finance lease and hire purchase contracts | 89,357 | 150,811 | 62,708 | 75,191
| Other creditors | 296,668 | 652,409 | 178,950 | 552,808
| Accruals and deferred income | 8,660,277 | 9,594,812 | 7,537,235 | 7,839,531
|  | 21,237,035 | 20,588,640 | 18,257,227 | 17,535,969
| Finance leases and hire purchase contracts are secured on the assets to which they relate.
21. | Creditors: Amounts falling due after more than one year
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 6,161 | 18,550 | - | -
| Net obligations under finance leases and hire purchase contracts | 41,466 | 80,911 | 18,204 | 80,911
|  | 47,627 | 99,461 | 18,204 | 80,911
Finance leases and hire purchase contracts are secured on the assets to which they relate. Page 39
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group 28 February | Group 29 February
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 9,324 | 6,868
|  | 9,324 | 6,868
| Amounts falling due 1-2 years |  |
| Bank loans | 6,161 | 18,550
|  | 6,161 | 18,550
|  | 15,485 | 25,418
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Within one year | 89,357 | 100,900 | 62,708 | 75,191
| Between 1-5 years | 41,466 | 130,822 | 18,204 | 80,911
|  | 130,823 | 231,722 | 80,912 | 156,102
24. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (302,160)
| Charged to profit or loss | (37,968)
| At end of year | (340,128)
Page 40
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025 24.Deferred taxation (continued)
| Company
|  | 2025
|  | £
| At beginning of year | (168,841)
| Charged to profit or loss | 17,121
| At end of year | (151,720)
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (340,128) | (302,160) | (151,720) | (168,841)
|  | (340,128) | (302,160) | (151,720) | (168,841)
25. | Share capital
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Company Allotted, called up and fully paid |  |
| 10,602 (2024 - 7,820) Ordinary "A" shares of £1.00 each | 10,602 | 10,602
| 977 (2024 - 977) Ordinary "B" shares of £1.00 each | 977 | 977
| 978 (2024 - 978) Ordinary "C" shares of £1.00 each | 978 | 978
| 265 (2024 - 265) Ordinary "D" shares of £1.00 each | 265 | 265
| 1,430 (2024 - 1,430) Ordinary "E" shares of £1.00 each | 1,430 | 1,430
|  | 14,252 | 14,252
Page 41
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
26. | Reserves
Share premium account This reserve records the amount above the nominal value received for shares issued by the company. Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares. Revaluation reserve Prior to the adoption of FRS102 the company adopted the revaluation model for the measurement of its land and buildings. This reserve records the legacy revaluation surplus recognised less the related provision for deferred tax. The amount of depreciation provided on book value which represents valuation surpluses is transferred each year by way of a reserve movement to the profit and loss account. Capital redemption reserve This reserve records the nominal value of shares repurchased by the company. Profit and loss account This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
27. | Pension commitments
The group operates a money purchase scheme for its present directors. The assets of the scheme are held separately from those of the company in an independently administered fund. The group operates a defined contributions scheme for present employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £35,303 (2024: £39,503) were payable to the funds at the balance sheet date, and are included in creditors.
28. | Commitments under operating leases
| At 28 February 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 119,315 | 119,783 | 116,640 | 119,083
| Later than 1 year and not later than 5 years | 120,159 | 135,148 | 117,639 | 133,573
|  | 239,474 | 254,931 | 234,279 | 252,656
Page 42
WW Martin Ltd Notes to the financial statements For the year ended 28 February 2025
29. | Related party transactions
| During the year the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 29 February, are as follows:
|  | 28 February | 29 February
|  | 2025 | 2024
|  | £ | £
| Transactions with key management personnel | 23,431 | -
| Amounts due to companies under common control | 14,759 | 52,428
| Purchases from a company under common control | 224,851 | 18,727
| Sales to a company under common control | 4,155 | -
| Management charges with a company under common control | - | 9,900
| Salary paid to close family members | 195,392 | 151,132
|  | 462,588 | 232,187
| Key management personnel All directors have authority and responsibility for planning, directing and controlling the activities of the company and are considered to be key management personnel. Total remuneration in respect of these individuals is comprised of directors remuneration totalling £892,134 (2024: £799,032), employers national insurance contributions of £96,635 (2024: £91,556) and employers pension of £47,293 (2024: £43,950). Total dividends paid in the year to shareholders totals £220,000 (2024: £666,250).
30. | Controlling party
In the opinion of the directors, there is no overall controlling party.
31. | Analysis of net debt
|  | At 1 March 2024 | Cash flows | At 28 February 2025
|  | £ | £ | £
| Cash at bank and in hand | 14,357,634 | 3,736,991 | 18,094,625
| Debt due after 1 year | (18,550) | 12,389 | (6,161)
| Debt due within 1 year | (6,868) | (2,456) | (9,324)
| Finance leases | (231,722) | 100,899 | (130,823)
|  | 14,100,494 | 3,847,823 | 17,948,317
Page 43