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| Registered number: 04605743
KENDALL KINGSCOTT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
KENDALL KINGSCOTT LIMITED COMPANY INFORMATION
DIRECTORS | Mr J M Press
| Ms J Blood
| Mr S B V Weston (resigned 21 June 2024)
| Mr A C Bailey
| Mr T C Fenton
| Mr G Cowling
| Dr G W Tuckwell (appointed 29 October 2024)
| Mr A A Ryder (appointed 29 October 2024)
| Mr M A Rothwell (appointed 29 October 2024, resigned 22 August 2025)
| Mr C M England (appointed 29 October 2024)
| Ms A S Draper (appointed 29 October 2024, resigned 31 March 2025)
| Mr R Brinkworth (appointed 29 October 2024)
| Mr F Herlihy (appointed 1 April 2025)
| Mr N Hutchinson (appointed 22 August 2025)
REGISTERED NUMBER | 04605743
REGISTERED OFFICE | Spring Lodge
| 172 Chester Road
| Helsby
| Cheshire
| WA6 0AR
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 10 Temple Back
| Bristol
| BS1 6FL
KENDALL KINGSCOTT LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5
Directors' Responsibilities Statement | 6
Independent Auditors' Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 - 26
KENDALL KINGSCOTT LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 31 MARCH 2025
INTRODUCTION
The Directors present their Strategic Report for Kendall Kingscott Limited for the year ended 31 March 2025. The accounting period was adjusted to align with RSK Group following the Company’s acquisition in October 2024. As a result, this report covers a 10-month trading period. Where applicable, pro-rated figures have been used to provide meaningful comparisons with prior performance.
BUSINESS REVIEW
For the 10-month period ended 31 March 2025, Kendall Kingscott achieved a turnover of £14.61 million, compared to £15.74 million in the preceding 12-month period. On an annualised basis, this equates to a projected turnover of £17.53 million, reflecting 11.4% year-on-year growth. Gross profit for the shorter period totalled £5.46 million, inclusive of £1.4 million in direct sub-consultant costs, up from £5.794 million the previous year. This represents a gross margin increase from 36.8% to 37.4%, an improvement of 0.6%. When excluding direct sub-consultant appointments, gross margin is approximately 42% for both years, comfortably exceeding our benchmark target of 40%. Operating profit remained strong, and EBITDA outperformed target productivity ratios, aligned with our strategic growth objectives. The balance sheet closed at £3.79 million, up from £3.23 million in the previous year and £2.32 million in FY2022/23 – a significant increase in asset value over 22 months. The Company is debt-free, with £1.109 million in cash reserves and improved debtor days driven by enhanced collection processes. Despite a turbulent macroeconomic backdrop, the Company continued to perform strongly across all key indicators. Inflationary pressure, interest rate volatility, and international geopolitical tensions contributed to broader market uncertainty. The October budget from the new Labour government introduced additional cost burdens through higher National Insurance contributions, significant increases to the National Minimum Wage, and other tax-related policy changes that took effect in April 2025. These came on top of recent corporation tax increases and have required a further review of efficiencies and productivity ratios to protect margins. Looking forward, we are excited by the prospect of Artificial Intelligence and the potential it brings to our business, though remain cautious in its implementation given its current pace of development. Towards the end of the year, there has been some early signs that government’s commitment to investment in housing, decarbonisation, health, and infrastructure - all core markets for Kendall Kingscott - has begun to materialise. Notably, an increase in health-sector capital expenditure towards the end of the financial year led to several new commissions now secured in FY2025/26. Our strong and diverse business model has once again demonstrated resilience under pressure. The combination of multi-disciplinary service lines and sector balance has underpinned sustained growth, increased productivity, and improved operational efficiency. Looking ahead, the Board remains confident in the Company’s trajectory. Having delivered near 80% revenue growth and improved profitability over the past five years, our sights are now set on maintaining this momentum, underpinned by a robust platform for continued strategic expansion. In October 2024, following a robust and thorough process, Kendall Kingscott Limited became part of the RSK Group—an ambitious international environmental consultancy comprising over 250 business units across a broad spectrum of technical services. This acquisition represents a significant milestone in our strategic journey, unlocking accelerated access to national coverage, new markets, and a wider service offering through group-wide specialisms. These capabilities further enhance our ability to support clients with a single point of access to integrated consultancy solutions. RSK’s cultural identity closely aligns with our own. Their purpose-driven approach fosters an environment where people can thrive, underpinned by clear net-zero ambitions, strong social value commitments, and a largely employee-owned structure that offers all staff a pathway to ownership. It was essential that Kendall Kingscott’s independent identity, heritage, and core values remained intact. Integration into the RSK Group has enabled us to do exactly that—continuing to serve our loyal client base with authenticity, while benefiting from the scale and structure of a wider organisation Page 1
KENDALL KINGSCOTT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 We are now entering a bold new phase of growth, with new offices planned for Manchester and Nottingham in September 2025, providing enhanced geographic reach to both new and existing clients. Alongside our growing presence in prime central London, including our hub office and Teddington base, this expansion positions us towards a national delivery model. Our distinctive interdisciplinary model -1-Team - remains a cornerstone of our service offering. This approach delivers project lifecycle services through a single, integrated team, ensuring consistency, quality, and accountability. Since the launch of our refreshed brand in 2023, we have intensified our market visibility and profile. This brand evolution, aligned with our enhanced marketing and communication efforts, has directly supported continued business growth, with 2024/25 marking our most significant growth period to date. We continue to celebrate our achievements, analyse our performance, and promote industry-leading metrics, particularly in staff retention, training, and wellbeing. Feedback from clients, employees, and candidates has been overwhelmingly positive, reinforcing the strength of our approach. Looking ahead, our strategic ambition is to grow our team to over 300 professionals within five years, delivering high-quality services across the UK and potentially internationally. At the heart of this vision is our people-first culture, underpinned by initiatives designed to nurture talent, empower teams, and embed a culture of lifelong learning. Our bespoke ‘KK Way’ training model anchors this strategy and reflects our enduring commitment to professional development. Our purpose remains clear: to act with integrity, reflect often, and evolve continually - ensuring we provide exceptional, market-leading service that genuinely supports our clients’ ambitions. To support this, our work continues to actively pursue several strategic objectives: ∙Enhancing visibility and market reputation. ∙Attracting and retaining the best talent. ∙Standardising office practices across all locations. ∙Centralising our corporate services for efficiency and consistency. ∙Creating new growth-focused roles. ∙Preparing to lead in the green revolution and emerging compliance landscapes. ∙Formalising our net-zero strategy in advance of 2030. ∙Championing social value through meaningful partnerships. ∙Leveraging AI to drive productivity and maintain a competitive edge. ∙Expanding our services into Interior Design, Building Safety Advisor, Sustainability Consulting, and Fire Safety. Trading in the current financial year is robust, with first quarter performance aligned with forecast expectations. We anticipate further momentum in the second half of the year and are confident in achieving continued growth into FY26/27, though to a lesser extent than recent years, allowing for consolidation before further growth beyond. Page 2
KENDALL KINGSCOTT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
PRINCIPAL RISKS AND UNCERTAINTIES
The Company operates in a complex macroeconomic and political landscape that presents several operational risks, yet its diversified service offering and broad sectoral footprint offer strong resilience. Economic and Political Environment The UK’s economic climate continues to be shaped by inflationary pressures, elevated interest rates, and geopolitical instability. Although inflation showed signs of moderation during the year, rate cuts were delayed, prolonging strain on private sector investment. The October 2024 Budget, introduced by the newly elected Labour government, brought further cost pressures through increased National Insurance contributions and uplifts in the National Minimum Wage. These changes, combined with historic corporation tax hikes, have placed further cost burden on the business community. Nevertheless, there are signs of government commitment to investment in critical sectors such as housing, decarbonisation, health, and infrastructure—areas that align closely with Kendall Kingscott’s strategic focus. Our sector diversity and adaptable business model continue to offer strong protection against isolated downturns. Group Dynamics and Structural Risk Integration within the RSK Group introduces both opportunity and operational complexity. The potential for internal competition within the Group is being managed through clearer demarcation of services and improved coordination. The ability to access specialist consultancy services within RSK has enhanced our client offering, particularly in sustainability, fire safety, and MEP. Labour and Skills Shortages Recruitment continues to be a key operational challenge, particularly in securing senior MEP professionals and Chartered Building Surveyors. Our enviable internal Academy programme continues to provide resilience against recruitment challenges, where we have invested considerably and upscaled its ambitions to reflect our growth trajectory. Accordingly, graduate first-time qualification success rate is exceptional – close to 90% pass at the first attempt. Consequently, we have an excellent track record of recruiting high quality graduate and apprenticeship talent. Operational and Compliance Risk The evolving regulatory environment, particularly surrounding the Building Safety Act 2022, requires continued vigilance and capability development. Our Lead Designer responsibilities have now been embedded following robust training over the past 18 months. Further regulation around decarbonisation and ESG reporting will require adaptive responses, for which we are preparing through improved carbon tracking and training initiatives. Technological Change We are actively exploring the use of AI to enhance productivity, although adoption is being carefully calibrated to avoid risk and ensure human oversight. Investment in cloud-based infrastructure is ongoing, with system migrations scheduled in FY25 to support better collaboration and data security. Page 3
KENDALL KINGSCOTT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
FINANCIAL KEY PERFORMANCE INDICATORS
The Company monitors a suite of financial KPIs to track progress against its strategic objectives. We carry out monthly performance reviews covering management accounts, cash flow forecasts, pipeline health, debtor and creditor management and project sensitivity analysis to ensure timely response to variances.
OTHER KEY PERFORMANCE INDICATORS
People & Culture: Staff engagement and retention remain industry leading. Our ‘KK Way’ training model and expanded graduate programme support long-term capacity building and leadership development. Client Satisfaction: Feedback indicates high client loyalty, supported by our integrated 1-Team model and national delivery focus. Sustainability & ESG: We are on track for net zero before 2030. The rollout of EV vehicles, installation of solar PV systems, and implementation of the THRIVE platform demonstrate progress on both environmental and social value fronts. Brand & Market Presence: The 2023 rebrand has increased industry visibility. Strategic marketing campaigns and investment in content creation continue to drive market engagement. Technology Investment: Cloud migration and centralised IT systems will be implemented in the current financial year to support scalability and enhance security posture. Risk Mitigation & Governance: Continued ISO9001, ISO14001, and Cyber Essentials certification provide quality and security assurance. We maintain a balanced portfolio of public and private sector projects, consistently delivering beyond expectations. Our project pipeline is healthy, with continued success in securing new contracts and maintaining existing relationships. This report was approved by the board and signed on its behalf.
Mr A C Bailey Director
Date: 22 October 2025
Page 4
KENDALL KINGSCOTT LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The directors present their report and the financial statements for the period ended 31 March 2025.
PRINCIPAL ACTIVITY
The principal activity of Kendall Kingscott in the ten month period under review was that of a multi-disciplinary construction consultancy covering a wide array of services such as: Architecture, Building Surveying, Quantity Surveying, Interior Design, Principal Designer (CDM), Project Management, Building Services Engineering, Sustainability and Low Carbon Consultancy.
RESULTS AND DIVIDENDS
The profit for the period, after taxation, amounted to £1,113,536 (2024, 12 months: £1,063,934).
DIRECTORS
The directors who served during the period were:
Mr J M Press
Ms J Blood
Mr S B V Weston (resigned 21 June 2024)
Mr A C Bailey
Mr T C Fenton
Mr G Cowling
Dr G W Tuckwell (appointed 29 October 2024)
Mr A A Ryder (appointed 29 October 2024)
Mr M A Rothwell (appointed 29 October 2024, resigned 22 August 2025)
Mr C M England (appointed 29 October 2024)
Ms A S Draper (appointed 29 October 2024, resigned 31 March 2025)
Mr R Brinkworth (appointed 29 October 2024)
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'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's auditors are aware of that information.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr A C Bailey Director
Date: 22 October 2025
Spring Lodge
172 Chester Road
Helsby
Cheshire
WA6 0AR
Page 5
KENDALL KINGSCOTT LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE PERIOD ENDED 31 MARCH 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report 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 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 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 for the company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
KENDALL KINGSCOTT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENDALL KINGSCOTT LIMITED
OPINION
We have audited the financial statements of Kendall Kingscott Limited (the 'company') for the period ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity , the Statement of Cash Flows, 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 company's affairs as at 31 March 2025 and of its profit for the period 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 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 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 other information comprises the information included in the Strategic report and Directors report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Strategic report and Directors 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. Page 7
KENDALL KINGSCOTT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENDALL KINGSCOTT LIMITED (CONTINUED)
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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Directors' Responsibilities Statement set out on page 6, 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 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. Page 8
KENDALL KINGSCOTT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENDALL KINGSCOTT LIMITED (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 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: ∙The nature of the industry and sector, control environment and business performance; ∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and ∙Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in accounting for revenue relating to long term contracts. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with them may be fundamental for the Company’s ability to operate or avoid a material penalty. These included building regulation laws, health and safety legislation, environmental legislation and employment legislation. Our audit procedures performed to respond to the risks identified included, but were not limited to: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; ∙Challenging assumptions and judgements made by management in their significant accounting estimates; Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; and ∙Review of board meeting minutes. 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. Page 9
KENDALL KINGSCOTT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENDALL KINGSCOTT LIMITED (CONTINUED) Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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. 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 Auditors' Report.
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. Simon Morrison FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 23 October 2025 Page 10
KENDALL KINGSCOTT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2025
| 10 month period ended 31 March 2025 | Year ended 31 May 2024
| £ | £
Turnover | 4 | 14,607,503 | 15,739,125
Cost of sales |  | (9,147,565) | (9,945,025)
Gross profit |  | 5,459,938 | 5,794,100
Administrative expenses |  | (3,910,290) | (4,343,682)
Operating profit | 5 | 1,549,648 | 1,450,418
Interest receivable and similar income |  | 17,318 | 37,713
Interest payable and similar expenses |  | (43,884) | (62,992)
Profit before tax |  | 1,523,082 | 1,425,139
Tax on profit | 9 | (409,546) | (361,205)
Profit for the period |  | 1,113,536 | 1,063,934
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 26 form part of these financial statements.
Page 11
KENDALL KINGSCOTT LIMITED REGISTERED NUMBER:04605743 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 31 March |  | 31 May
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 429,418 |  | 435,162
|  |  | 429,418 |  | 435,162
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 5,406,131 |  | 4,908,856 |
Cash at bank and in hand |  | 1,109,713 |  | 1,949,209 |
|  | 6,515,844 |  | 6,858,065 |
Creditors: amounts falling due within one year | 14 | (3,024,772) |  | (3,725,622) |
Net current assets |  |  | 3,491,072 |  | 3,132,443
Total assets less current liabilities |  |  | 3,920,490 |  | 3,567,605
Creditors: amounts falling due after more than one year | 15 |  | - |  | (278,424)
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (80,705) |  | (62,347) |
Other provisions | 17 | (50,000) |  | - |
|  |  | (130,705) |  | (62,347)
Net assets |  |  | 3,789,785 |  | 3,226,834
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 138,351 |  | 167,975
Share premium account | 19 |  | 666,000 |  | 666,000
Capital redemption reserve | 19 |  | 163,349 |  | 133,725
Profit and loss account | 19 |  | 2,822,085 |  | 2,259,134
|  |  | 3,789,785 |  | 3,226,834
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2025.
Mr A C Bailey
Director
The notes on pages 15 to 26 form part of these financial statements. Page 12
KENDALL KINGSCOTT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 June 2024 | 167,975 | 666,000 | 133,725 | 2,259,134 | 3,226,834
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 1,113,536 | 1,113,536
Contributions by and distributions to owners |  |  |  |  |
Purchase of own shares | (29,624) | - | 29,624 | (550,585) | (550,585)
At 31 March 2025 | 138,351 | 666,000 | 163,349 | 2,822,085 | 3,789,785
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MAY 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 June 2023 | 167,975 | 666,000 | 133,725 | 1,348,363 | 2,316,063
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,063,934 | 1,063,934
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (153,163) | (153,163)
At 31 May 2024 | 167,975 | 666,000 | 133,725 | 2,259,134 | 3,226,834
| The notes on pages 15 to 26 form part of these financial statements.
Page 13
KENDALL KINGSCOTT LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2025
|  |  | 31 March | 31 May
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 1,113,536 | 1,063,934
Adjustments for: |  |
Depreciation of tangible assets | 111,137 | 119,268
Loss on disposal of tangible assets | (1,663) | 2,214
Interest payable | 43,884 | 62,992
Interest receivable | (17,318) | (37,713)
Taxation charge | 409,546 | 361,205
(Increase) in debtors | (497,275) | (433,136)
(Decrease) in creditors | (342,938) | (223,546)
Increase in provisions | 50,000 | -
Corporation tax (paid)/received | (482,615) | 66,085
Net cash generated from operating activities | 386,294 | 981,303
Cash flows used in investing activities |  |
Purchase of tangible fixed assets | (107,056) | (237,742)
Sale of tangible fixed assets | 3,326 | 2,534
Interest received | 17,318 | 37,713
Net cash from investing activities | (86,412) | (197,495)
Cash flows from financing activities |  |
Repayment of loans | (450,000) | (200,000)
Repayment of other loans | (94,908) | (51,468)
Dividends paid | - | (153,163)
Interest paid | (43,884) | (62,992)
Shares repurchased | (550,585) | -
Net cash used in financing activities | (1,139,377) | (467,623)
Net (decrease)/increase in cash and cash equivalents | (839,495) | 316,185
Cash and cash equivalents at beginning of period | 1,949,209 | 1,633,024
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 1,109,714 | 1,949,209
The notes on pages 15 to 26 form part of these financial statements.
Page 14
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1. | GENERAL INFORMATION
Kendall Kingscott Limited is a private limited company, limited by shares, incorporated within the United Kingdom and registered within England and Wales. The Company's registered office is Spring Lodge,172 Chester Road, Helsby,Cheshire, WA6 0AR and its registered number is 04605743. The functional currency of Kendall Kingscott Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. 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 accounting period was adjusted to align with RSK Group following the Company’s acquisition in October 2024. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The directors have assessed the likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence and to meet the financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director’s report. The Company's forecasts and projections show that the company should be able to operate within the level of its current facilities. Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Page 15
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | REVENUE RECOGNITION
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 10% straight line
|  |  |  | Office & computer equipment | - | 10-20% straight line
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 in profit or loss.
| 2.5 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment.
| 2.6 | 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. Page 16
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | OPERATING LEASES
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.11 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
| 2.12 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.13 | PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. Page 17
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | CURRENT AND DEFERRED TAXATION
The tax expense for the period 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 reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include: Amounts recoverable on contracts are recognised on the proportion of work completed to date on the project. The attributable profit is recognised once the outcome of the project can be assessed with reasonable certainity.
4. | TURNOVER
The whole of the turnover is attributable to the principal activity of the company.
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| United Kingdom | 14,607,503 | 15,739,125
| All turnover arose within the United Kingdom.
Page 18
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 568,450 | 708,696
6. | AUDITORS' REMUNERATION
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the company's financial statements | 21,000 | 19,750
7. | EMPLOYEES
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,980,707 | 7,643,362
| Social security costs | 720,353 | 785,213
| Cost of defined contribution scheme | 704,093 | 741,756
|  | 8,405,153 | 9,170,331
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  | No. | No.
|  | Professional and administration | 189 | 173
Page 19
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| Directors' emoluments | 592,054 | 1,027,359
| Company contributions to defined contribution pension schemes | 37,653 | 66,324
|  | 629,707 | 1,093,683
9. | TAXATION
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the period | 389,584 | 363,222
| Adjustments in respect of previous periods | 1,604 | -
| TOTAL CURRENT TAX | 391,188 | 363,222
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 18,358 | (2,017)
| TAXATION ON PROFIT ON ORDINARY ACTIVITIES | 409,546 | 361,205
Page 20
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 9.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR
| The tax assessed for the period/year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 10 month period ended 31 March 2025 | Year ended 31 May 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,523,082 | 1,425,139
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 380,771 | 356,285
| EFFECTS OF: |  |
| Fixed assets differences | - | 365
| Expenses not deductible for tax purposes | 7,493 | 28,191
| Adjustments to tax charge in respect of prior periods | 21,282 | 431
| Movement in deferred tax not recognised | - | (24,067)
| TOTAL TAX CHARGE FOR THE PERIOD/YEAR | 409,546 | 361,205
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
10. | DIVIDENDS
|  |  |  |  | 10 month period ended 31 March | Year ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | - | 153,163
|  | - | 153,163
Page 21
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
| 11. | ANALYSIS OF NET DEBT
|  |  | At 1 June 2024 | Cash flows | At 31 March 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 1,949,209 | (839,495) | 1,109,714
| Debt due after 1 year | (278,424) | 278,424 | -
| Debt due within 1 year | (302,459) | 302,459 | -
|  | 1,368,326 | (258,612) | 1,109,714
12. | TANGIBLE FIXED ASSETS
|  | Motor vehicles | Fixtures and fittings | Office & computer equipment | Total
|  | £ | £ | £ | £
| COST |  |  |  |
| At 1 June 2024 | 133,760 | 421,498 | 1,170,824 | 1,726,082
| Additions | - | 11,326 | 95,730 | 107,056
| Disposals | (41,739) | - | - | (41,739)
| At 31 March 2025 | 92,021 | 432,824 | 1,266,554 | 1,791,399
| DEPRECIATION |  |  |  |
| At 1 June 2024 | 124,016 | 284,023 | 882,881 | 1,290,920
| Charge for the period on owned assets | 1,762 | 22,395 | 86,980 | 111,137
| Disposals | (40,076) | - | - | (40,076)
| At 31 March 2025 | 85,702 | 306,418 | 969,861 | 1,361,981
| NET BOOK VALUE |  |  |  |
| At 31 March 2025 | 6,319 | 126,406 | 296,693 | 429,418
| At 31 May 2024 | 9,744 | 137,475 | 287,943 | 435,162
Page 22
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
13. | DEBTORS
|  |  |  |  | 31 March | 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,388,629 | 3,170,389
| Other debtors | 302,959 | 113,482
| Prepayments and accrued income | 375,235 | 202,234
| Amounts recoverable on long-term contracts | 1,339,308 | 1,422,751
|  | 5,406,131 | 4,908,856
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 31 March | 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 200,000
| Other loans | - | 66,484
| Trade creditors | 784,367 | 887,248
| Corporation tax | 276,921 | 368,348
| Other taxation and social security | 807,174 | 1,157,742
| Other creditors | 66,823 | 187,638
| Accruals and deferred income | 1,089,487 | 858,162
|  | 3,024,772 | 3,725,622
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 31 March | 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 250,000
| Other loans | - | 28,424
|  | - | 278,424
| The bank loan is payable over a term of 6 years from the date of the first drawdown of the loan. The interest is charge at a rate of 3.99% per annum. The bank loan was repaid on the 31 October 2024.
Page 23
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
16. | DEFERRED TAXATION
|  | 31 March 2025 | 31 May 2024
|  | £ | £
| At beginning of period | (62,347) | (64,364)
| Charged to profit or loss | (18,358) | 2,017
| AT END OF YEAR | (80,705) | (62,347)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 31 March | 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (82,025) | (84,634)
| Short term timing differences | 1,320 | 22,287
|  | (80,705) | (62,347)
17. | PROVISIONS
|  | Dilapidation provision
|  | £
| Charged to profit or loss | 50,000
| AT 31 MARCH 2025 | 50,000
| The provision represents management’s best estimate of the costs required to restore leased properties to their original condition at the end of the lease term, as required under the terms of the lease agreements.
Page 24
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
18. | SHARE CAPITAL
|  |  |  |  | 31 March | 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 138,351 (2024: 167,975) ordinary shares of £1.00 each | 138,351 | 167,975
| On the 21 June 2024, the company bought back 29,624 ordinary shares of £1.00 each. The cash consideration for the purchase was £550,585.
19. | RESERVES
Share premium account The share premium account includes any premiums received on issue of share capital. Capital redemption reserve The capital redemption reserve represents the nominal value of shares purchased back by the company. This reserve is not considered distributable. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
20. | PENSION COMMITMENTS
Pension commitments: The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £665,785 (2024: £601,662). Contributions totalling £53,767 (2024: £48,917) were payable to the fund at the reporting date. This amount is included within other creditors due within one year.
21. | COMMITMENTS UNDER OPERATING LEASES
| At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 March | 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 459,426 | 492,426
| Later than 1 year and not later than 5 years | 1,459,046 | 1,557,766
| Later than 5 years | 714,450 | 952,050
|  | 2,632,922 | 3,002,242
Page 25
KENDALL KINGSCOTT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
22. | RELATED PARTY TRANSACTIONS
| At the period end the company owed a total of £Nil (2024: £54,889) to the directors, these balances being included within short term creditors above. During the period interest payable on these balances amounted to £1,770 (2024: £2,395). Interest is charged at 2% per annum over the base rate. Some members of key management personnel have advanced loans to the company. Interest of £1,953 (2024: £6,953) was incurred during the period. At the period end date a total of £Nil (2024: £71,180) remained outstanding of which £Nil (2024: £49,863) is shown within other loans falling due within one year and the remaining £Nil (2024: £21,317) is shown within other loans falling due after more than one year. Interest is charged at 8% on these loans. An entity controlled by key management personnel of the company owns an office used by the company operates. During the year rent of £95,000 (2024: £114,000) and property costs of £864 (2024: £Nil) was charged to the company. An entity controlled by close family members of the key management personnel of the company owns a second office used by the company. During the period, rent of £122,500 (2024: £147,000) and property costs of £1,071 (2024: £955) was charged to the company. During the period, the directors received dividends totalling £Nil (2024:£115,662).
23. | CONTROLLING PARTY
Prior to October 2024 the company had no overall controlling party. In October 2024, the company was acquired by RSK Environment Limited and since that date the company's immediate parent company has been RSK Environment Ltd. The ultimate parent company is RSK Group Ltd and the ultimate controlling party of the group is RSK Group Ltd.
Page 26