The directors present their strategic report for the year ended 31 March 2025.

This time last year we referred to various factors that were affecting the market and creating further uncertainty and confusion within the industry. There are of course still matters of concern to our industry and many remain beyond our control. The market continues to be uncertain, property values are fluctuating, business are still failing, and the political and economic outlook remains confusing and uncertain.

It is a harsh reality of this environment that we have lost both members of our supply chain and sterling competitors during the last twelve months. These incidences have been too frequent and of great detriment to the industry as a whole. Many of these businesses were well managed and professional but the vagaries of the market and, no doubt, the length of some long-term fixed price contracts proved too great for them to continue.

Despite these challenges, the Board are happy to report that 8build are making an operating profit during the year to 31 March 2025 and feel that there is continued optimism within the market and for the trading year ahead.

The calendar year 2025 sees 8build enter its 20th year of operation which is an envious milestone for many. Our first client still remains a valued customer to this day showing repeat business as a cornerstone of our success. Forging new relationships and with the continued support of our long-standing clients, 8build are embarking upon a year where we look forward to our greatest ever revenue. This comes with its challenges and 8build are perfectly placed to help clients achieve their desires in a proactive and collaborative manner.

Our current financial year of 2025/​26 has improved again on last year with significant projects secured at reasonable margins, and many for repeat clients. This position is most welcome after several difficult years for all companies in our industry and we anticipate this improvement continuing throughout the coming year.

8build continues to be represented across all sectors in the construction award circuit. We were shortlisted this year in no less than 8 award categories across 8 award events. We are delighted to have been voted winners of National Site Award from Considerate Constructors Scheme as well as a much-coveted Pineapple Award which recognises projects that make a positive social, environmental and economic impact.

We are delighted to report we continue to have strong cash reserves which have increased substantially since the year end and a record forward order book of £165m. We currently sit in a very strong position for the year ahead, confident of our highest turnover to date for 25/26 and expect for a most profitable year. We are confident of strong results, including excellent repeat business, a growing orderbook and employee count and a solid pipeline of opportunities across most sectors.

Our principal activity remains property fit out, new build and refurbishment in all of the following sectors:

• Commercial Office Fit-Out

• Life Science

• Healthcare

• Higher Education

• Aviation

• Arts and Leisure

• Historic Buildings

The detailed results and the financial position of the group are shown in the financial statements.

The turnover for the year exceeded that reported last year at £167m (2024: £123m) which is a 36% increase on the year exceeding the budget. The markets, in our experience, have moved away from the PCSA contracts and moved to more Fixed Price Lump sum and Fixed price Design and Build contracts. This has reduced the time period from enquiry to construction in comparison to the elongated PCSA periods. This has helped bolster our revenue for the period. As previously stated, we are confident of a record turnover for 2025/26.

As noted above, our operating profit was £1.73m (2024: £0.69m) and following the inclusion of investment income the Profit before Tax for the year is £2.2m.

The group continues its excellent working capital management with no bad debts, no borrowings of any kind and a year-end cash position of £18.9m (2024: £13.8m). The current balance is in excess of £16m after our first six months trading in 2025/​26, indicative of the currently strong year.

There has also been a significant increase in our aviation offering. We have worked in partnership with London City Airport for many years and during the past year we have also won projects at Heathrow and, most recently, at Gatwick. We are extremely excited by this development and hope to enhance this offering in the current year with many designated experienced airport teams within our portfolio.

Notable project successes during the year include the following, many of which are still ongoing:

• 6 More London        £45m

• Burlington Gardens    £21m

• Brick Street        £9.2m

• Sloane Avenue        £6.6m

• ICL Michael Uren        £4.3m

• RSA – Horsham        £3.4m

• Davies Street        £3.2m

• London City Airport    £3.0m

• 22 Bishopsgate        £2.3m

• Bedford Square        £2.2m

Record revenue of £157m is already secured for 2025/​26 and with a total forward order book of £165m, this year and the coming one look to bring increased security and a more balanced outlook with better margins than in the past. We still choose to engage on projects of mixed length and value to employ strategically the various skillsets within our business.

The value of our Head Office which 8build own fully at Leman Street has decreased in value in line with the property market which we have prudently allowed for entirely within the accounts.

Our tendering procedures have been made even more robust ensuring that we now only tender for projects of low or manageable risk profiles and without overtly onerous conditions.

The directors continue to manage projects very closely, using their varied skills to good effect and ensuring the good health of the group. The culture of the business is as important as financial security, and we aim for continuous improvement in all things to prepare the business and its staff for the challenges and changes ahead. The introduction of oversight committees on key areas within the business has become fruitful by providing information in a more focused and informative manner to the operating teams which has helped improve our governance.

The management of the business and the execution of its strategy are subject to a number of risks. The key risks and uncertainties affecting the group remain much the same as last year and are considered to relate to:

• The turbulent economic and political climate around the world and at home and how that affects client appetite for investment.

• The economic outlook in the marketplace and the strength of the market against the backdrop of failing competition.

• The effect of these changes upon our clients and supply chain and how they add to their overall fragility.

• Recruitment and retention of high-quality staff.

• The effect on labour and material supplies with overseas conflicts.

• The health and safety of staff and suppliers as detailed below in the health and safety section of this report.

• The threat of fraud and social engineering as evidenced by increased incidence in the world around us and any financial loss which may result.

The directors consider health and safety to be a key priority taking all reasonable measures to conduct business in a way that ensures the health, safety and welfare of all employees and other individuals who are affected by the group's activities. They seek continuous improvement in all areas of health and safety, including training, reporting, and data collection in a systemised drive to reduce accidents and incidents of all kinds, focusing heavily on prevention. 8build have employed the most H&S safety staff we have ever had showing our commitment to improving the health and safety not only of our workforce but that of our subcontractors and clients and the industry as a whole.

Fortunately, we have experienced a decrease in our Accident Frequency Rate (AFR) this year. We have had four reportable incidents and with an increased man hours of 1.423-million-man hours (FY24 1.359-million-man hours), this results in an AFR of 0.28 which, although good in the industry, is higher than we would wish.

The year has seen significant improvement in early engagement with H&S processes with the introduction of a RAG scoring system at tender stage with the divisions as part of the whole tender review process. This identifies H&S risks and concerns ahead of reaching site to provide proactive rather than reactive solutions.

The directors are happy to report that all divisions across the business engage fully with the new H&S App. This provides real time data to enable an instant view on H&S incidents and statistics. It allows early intervention to quickly identify and correct any unhelpful trends, before they become matters of concern or worse, accidents, that cause harm to our employees or members of the public. This information is reviewed weekly by our Head of Health & Safety and H&S Director. Building on the success of our internally developed apps we have further enhanced the Health and Safety function and insight to improve our KPIs.

Work continues in establishing our H&S Strapline built around our five key headings of People, Workplace, Behaviours, Standards and Leading to Win. This work will provide a clear uniform message and keep our people safe and enhance the group's reputation on H&S matters. We hope that all these initiatives will result in marked improvement in our statistics over the coming year.

During the past twelve months, 8build has partnered with a consultancy in regard to its data capture and reporting of carbon emissions. We have spent a great deal of time collaborating with ESGPro, encompassing not just Carbon reporting but CSR and Governance also, and we are currently awaiting our first report and our initial GRI score. It has been an eye-opening experience in which we realise what a great deal we have to learn. Despite having issued our initial Carbon Reduction Plan in 2021, we restarted our Carbon journey with ESGPro and issued a new baseline report for 2024. Our latest report for the year to 31 March 2025 has just been issued. There are extracts from this in the Energy and Carbon Section of the Directors Report later, but the full report can be located on our website.

8build continues to engage widely with the communities in which we work, maintaining the excellent relationships we have held for many years. During the trading year we have given 1240 hours or work experience and engaged with three separate schools providing support and advice including financial support for STEM initiatives to 52 students.

Our charitable work now extends beyond mere donations to active involvement in projects and our staff work tirelessly to raise their own funds for many worthy causes. They have taken part in Marathons, Dragonboat Racing, Sailing Regattas, Tough Mudder’s etc. to name but few and have between them raised an additional £21k towards our chosen charities which is an 8build record. The introduction of our NextGen scheme has materially enhanced this offering as they are committed and enthusiastic group who continuously strive to make a positive impact in the world around them.

8build’s own donations are as follows:

                    31 March 2025    31 March 2024

Donations to medical charities £4,542 £1,234

Donations to youth charities     £3,650 £800

Donations to helping the homeless     £13,135 £12,323

8build remains a major supporter of the charity CRASH and further reinforced our relationship by running a Golf Day in partnership with them to raise further donations on games such as Nearest the Pin. The event was an astounding success with support from our key supply chain members who contributed a further £22k for the charity and we all eagerly anticipate next year’s invitational.

Employee wellbeing and development is vitally important at 8build, and we are committed to fostering a safe, healthy and inclusive working environment for everyone. We have touched on H & S already in this report and are rightly proud of our well-being strategy. We have enhanced this offering during the year in regard to mental health by engaging with our supply chain on this also and providing help and support where appropriate to members of the wider 8build community. We have also linked with James Place, who are a charity offering free lifesaving treatment to men in suicidal crisis. They have provided talks on sites about the services they offer to promote dialogue and support.

The group continues to support equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on any grounds. The directors’ policy is to treat all employees, job applicants, clients and suppliers equally and as they would wish to be treated.

We are delighted to report a most successful first year with our NextGen cohort who have embraced the concept and risen to the challenge across the board. We now have tiers of training and education to suit all levels and disciplines and are constantly adding to the training suite where possible. This year we have reengaged with presentation training and, for the first time, are using it for targeted brand awareness. We are also delighted to report the inclusion of coaching into our offering and are confident that we will see great benefit from this initiative in years to come.

Overcoming the continuous ongoing challenges would not be possible without the commitment, enthusiasm and loyalty of all staff; and the directors give heartfelt thanks to all the group’s employees for supporting us continuously and giving of their best to colleagues, clients and all stakeholders alike.

Governance, Duties and Stakeholder Engagement.

Section 172 of the Companies Act 2006 requires directors to act in a way that they consider most likely to promote the success of the business. In doing so, directors must take into consideration the interests of various stakeholders including employees, clients, suppliers, shareholders and the wider public. They must also consider the impact of operations on the community and the environment as well as the long-term consequences of the decisions they make.

The directors believe that in this report they have already evidenced many examples of their decisions and the reasons for them. Their overall goal is for continuous improvement for the benefit of the majority. However, details and specifics are further detailed below.

The group is owned by individuals who are employed within 8build. The Boards of 8build Limited and 8build Group Limited are all shareholders within the business so have a vested interest in tirelessly promoting the success of the group. They are constantly seeking ways to improve stakeholder engagement. During the ongoing challenges, communication, strong decision making, and leadership has been as important as ever.

Employees

Our staff remain our primary focus. It is no mean feat to achieve a 20-year milestone with some of our staff having been with us for that entire time. Over 22% of our existing staff have been with the group for over 10 years and over 52% for 5 years. We continue to celebrate long service, and it is a matter of some pride that we retain so many loyal colleagues in such volatile and competitive market conditions. We aim to provide support to and tolerance of everyone, no matter their role or background. We believe that there is strength in celebrating our differences and learning from each other. May that continue for the next 20 years.

Clients

We are working harder than ever to build on our long-term relationships with our clients and partners. During the financial year we have delivered many projects with repeat clients. Some have been with the business 20 years. Last year we employed a business development director to help us manage and enhance these relationships which has helped bear fruit by bringing in some new clients to enjoy our value-added service.

Supply chain

Our sub-contractors and suppliers are critical to our operations at every level. We agree fair payment terms with all our suppliers, and it is our policy to pay within these terms. As well as supporting the Governments Prompt Payment Code we have supported some of our sub-contractors who have suffered as a result of the demise of our competitors. The Supply Chain department continues going from strength to strength as evidenced by the support and personal relationships flourishing within our supply chain. We always aim for long term collaborative relationships.

To improve our supply chain due diligence and control we implemented an improved supply chain management system which allows a more collaborative approach to tendering and liaison with our supply chain to bring improved value to both parties.

8build are proud to have been participants a tree planting program with a key supply chain member. Thanks to our combined efforts there are now 722 more trees in the world helping towards providing a sustainable future.

Communities

We engage with all our communities at site level; each site having a dedicated Community Liaison Officer. All sites have newsletters and public noticeboards, and we encourage engagement with local community groups where appropriate. We have worked very hard to maintain engagement with local communities. We are members of a variety of industry groups, and we hope to improve the image of the construction industry in the eyes of the general public by improving community engagement and providing a service to local people within those communities.

A number of the site teams help with initiatives in their local areas and raise money for local causes. We have seen and felt the benefits first-hand of what such engagement can deliver both personally and professionally.

Principal decisions

Principal decisions are those that are material to the group, and of benefit to the categories of stakeholders mentioned above. It is vital to the board that we act fairly in all our decision making and maintain a reputation for high standards of business conduct. The directors reviewed and approved the annual strategic plan and financial budget for the year whilst considering the group's appetite for risk. We have had a complete overhaul of our meeting priorities, responsibilities and lines of communication within the business, and we feel better placed to deal with the challenges ahead.

The directors are also acutely aware of the increased incidence of fraud and social engineering around the world. To this end, we are delighted to report that we have successfully attained accreditation with BSI ISO 27001:2022 Information Security Management. This required considerable input from our IT and Compliance departments, but it is a vital step forward in combating information security issues in the years ahead.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company is that of a holding company with subsidiaries trading in the UK and Singapore. The activities of the subsidiary undertakings are that of property fit out, new build, refurbishment and property development.

The results for the year are set out on page 13.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

During the year, the Group repurchased 7,000 Ordinary B shares with an aggregate nominal value of £70 for a total consideration of £1,169.

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

8build Group are only too aware of the construction industry’s responsibility and its current contribution to high levels of CO2. Fo this reason, 8build has partnered with ESGPro, an award winning ESG consultancy. With their guidance, we have begun a new and improved cycle of SECR reporting. This underpins 8build’s commitment to openness in environmental performance. The framework provides a clear mechanism for monitoring progress and goes beyond regulatory compliance to demonstrate 8build’s accountability to all stakeholders.

Our full annual carbon report, of which this represents just a brief extract, can be found on our website, 8build.com. It has been prepared in alignment with the SECR framework established by the UK Government under the Companies (Director Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Our disclosure covers Scope 1, Scope 2, and relevant Scope 3 categories.

The reporting boundary is the financial year 2024/2025 and covers the operations of the group within the UK. During the year we have enhanced our data capture and scope, tracking flights records, hotel stays and expense claims amassing more accurate data, and have therefore revisited the 23/24 figures for comparable statistics.

The year-on-year comparison reveals a profound change in 8build’s emissions profile. In 2023-24, Scope 3 Waste accounted for most reported emissions, totalling 1,629.98 tonnes of carbon dioxide equivalent. By 24-25, this figure had dropped to just 4.20 tonnes. This sharp reduction is the result of two key factors; a recycling rate exceeding 98 per cent across waste streams and an improved application of the DEFRA methodology, which assigns only minimal transport related emissions to recycled materials. This coupled with the purchase of 100% of renewable energy, resulted in a remarkable shift in reported emissions.

8build remains committed to reduction of CO2 emissions but recognises the huge challenge facing the industry moving forward. Business aspirations are to grow and with growth comes increased volume and greater challenges. With each year, data capture and reporting is also enhanced which, in turn, can lead to an increase is the data numbers. Against this is our continued desire to see those numbers reduce to reach our 2040 target

For the coming year, 8build is committed to stronger primary data capture and enhanced project level metering where possible. The next phase will encompass standardizing activity data across offices, sites and suppliers. This alone will be a mammoth task as so many moving parts are involved. We need to maintain both market based and location-based reporting for electricity and apply DEFRA 2024 factors with independent checks to ensure accuracy and completeness. Business travel is now a leading category, so a travel hierarchy will be introduced and embedded within policy and practice moving forward.

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• 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 and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report, including the energy and carbon report.

We have audited the financial statements of 8build Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their 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 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.

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

For construction companies, there are judgements in assessing the contract revenues, stage of completion, final expected margins and assessment of loss making contracts. In addition, assessments must be made regarding the recovery of retentions and other contractual amounts. We therefore consider this to be a high risk area for fraud, due to the potential for management bias.

To respond to the above potential risk of fraud, our audit procedures included:

• Assessing the relevant controls over the revenue invoicing and work in progress calculations for contract customers.

• Reviewing a sample of the client’s on-going contracts to ensure the stage of completion method methodology had been correctly applied.

• Reviewing a sample of customer contracts, assessing the costs to date and stage of completion per the valuation reports, variations within contract revenue and contract costs, and the completeness of loss provisions arising from customer disputes and contract overruns.

• Re-performing the key calculations behind the profit margins or loss provisions applied.

• Assessing and challenging the most significant contract positions and the judgements adopted by management to recognise revenue, costs and the profits or losses.

• Evaluating the financial performance of contracts against previous estimates and historical trends.

• Where appropriate, reviewing correspondence with insurance providers and legal advisors.

In addition to the above, our procedures to respond to the further risks identified included the following:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102, the Companies Act 2006), the relevant direct and indirect tax compliance regulation in the United Kingdom, health and safety regulations, as well as employment laws.

• We understood how the company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation, as well as reviewing certifications the company has and their health and safety policies.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating management override as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We tested specific transactions reconciling to source documentation or independent confirmation, ensuring appropriate authorisation of the transactions.

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, including a review of legal and professional expenses.

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

The income statement has been prepared on the basis that all operations are continuing operations.

As permitted by s408 of the Companies Act 2006, the company has not presented its own income statement and related notes. The company's loss for the year was £4,601 (2024: £64,455)

8build Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The group consists of 8build Group Limited and all of its subsidiaries. The address of the registered office is 64 Leman Street, London, E1 8EU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The consolidated financial statements incorporate those of 8build Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the year end date. Exchange differences arising on translating the opening net assets at the opening rate and the results of overseas operations at actual rate are recognised directly in equity through other comprehensive income,

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

At the year end the company had net liabilities. However, the directors have the reasonable expectation the company will have adequate resources due to financial support from it's subsidiaries being provided where necessary. Accordingly, the directors continue to adopt the going concern basis.

Revenue represents amounts receivable for goods and services net of VAT and trade discounts.

Construction contracts

Revenue from construction contracts includes amounts initially agreed in the contract plus any variations in contract work to the extent that it is probable that the variation will result in revenue that can be reliably measured.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting date. Normally the reference to the amount of work performed is carried out by a third party surveyor and a valuation certificate is received. Internal valuations are also used for smaller assignments. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is immediately recognised as an expense in the income statement.

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

The “percentage of completion method” is used to determine the appropriate amount of profit to recognise in a given period. The stage of completion is measured by the proportion of contract revenue completed to date, which is certified by a third party surveyor, as a percentage of the estimated total revenue for the project.

As is standard industry practice, included within revenue are retentions that cannot be invoiced until project completion. The retained amounts are based upon a pre-agreed percentage. The unbillable amounts are recognised as the work is performed and included in debtors. Where completion is not expected within 12 months of the balance sheet date, these amounts are recorded within debtors falling due after one year.

Software development costs are capitalised at cost as they are incurred and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Software development costs are reviewed annually for impairment. Maintenance costs associated with the software development are charged to the profit and loss account in the period they are incurred.

Intangible assets are amortised from the date that the asset is in use. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets, other than freehold land and buildings, are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and amounts directly attributable in bringing the asset to its working condition for its intended use.

Freehold land and buildings whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.

Tangible fixed assets are written off over their estimated useful lives on a straight line basis. Expected useful lives are as follows:-

The directors have chosen not to depreciate the freehold land and buildings held by the group. This is in contravention of the Companies Act 2006 which requires depreciation to be charged. The directors are of the opinion that the residual value of the property at the end of its useful life is expected to be in excess of the carrying value. As a result any depreciation to be provided is not material over the life of the asset and therefore has not been accounted for.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the profit and loss account in the year of disposal.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

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

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset and 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, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.

Financial assets are derecognised when:

• the contractual rights to the cash flows from the asset expire or are settled, or

• substantially all the risks and rewards of the ownership of the asset are transferred to another party, or

• control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables are initially recognised at the transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

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

Financial liabilities are derecognised when the liability is extinguished; that is when the contractual obligation is discharged, cancelled or has expired.

Financial assets and liabilities are offset and 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.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

Taxation expense for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In these cases tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end. When R&D tax credits are claimed, they reduce the tax liability in the year they are approved by HMRC. The credits are calculated by a third party specialist.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in the tax assessments during periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Deferred tax is recognised in full on all revaluation gains.

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. The group’s expense for the annual bonus plans for employees are recognised in the income statement when the group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period during which the service is received.

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 when they are due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from those of the company in an independently administered fund.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Government grants are recognised at the fair value of the asset received when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to revenue are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset’s expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset’s carrying amount.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transaction. At each reporting end date, monetary assets and liabilities denominated in foreign currencies are retranslated into pounds sterling at the rates of exchange prevailing at the balance sheet date. Gains and losses arising on translation are included in the profit and loss account for the period.

Termination benefits

Termination benefits are recognised when the company has demonstrated a commitment to either terminate the employment of an employee or group of employees before the normal retirement date, or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

Exceptional items

Exceptional items are defined as items of income or expenditure which, in the opinion of the directors, are material and unusual in nature or of such significance that they require separate disclosure on the face of the statement of comprehensive income.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are addressed below.

Recognition of revenue and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including rectification of snagging issues. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed, including the recoverability of any unagreed income from variations and the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.

The valuation of the freehold property is on the basis of a valuation carried out by an independent surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Notwithstanding the turbulence in the property market, the directors consider the valuation to be materially accurate.

Exceptional items are reported separately in order to calculate adjusted results, as the company believes these adjusted measures provide additional useful information on continuing performance and trends. Judgement is required in determining whether an item should be classified as an exceptional item or included within adjusted results.

The exceptional costs recognised during the prior year related to a complex legacy project whereby there were various insurance claims that were under recovered or subject to a provision and the associated legal costs. These costs have all been treated as exceptional as they relate to an unusual circumstance that is unlikely to reoccur.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024: 6).

The directors consider themselves to be key management personnel.

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

If revalued assets were stated on an historical basis rather than a fair value basis, the total amounts included would have been as follows:

Freehold land and buildings with a carrying amount of £2,500,000 (2024: £3,500,000) have been pledged to secure banking facilities for the company. This charge was created on 8 July 2020. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity without a signed written consent.

The freehold land and buildings were valued on 25 April 2025 on an open market basis by Frost Meadowcroft Surveyors LLP, an independent firm of property consultants and Chartered Surveyors.

Details of the company's subsidiaries at 31 March 2025 are as follows:

The registered office of 8build Limited is 64 Leman Street, London, United Kingdom, E1 8EU

The registered office of 8build PTE Limited is 10 Anson Road, #26-15 International Plaza, Singapore 079903.

8build PTE Limited is considered a subsidiary of 8build Group Limited as 8build Group Limited is deemed to have control over the entity through its ability to direct the relevant activities via representation on the board of directors.

The contract assets, which are included within amounts owed by contract customers, primarily relate to the company's right to consideration for construction work completed but not invoiced at the balance sheet date.

Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as amounts owed to contract customers on construction contracts.

At 31 March 2025, retentions held by customers for contract work amounted to £7,276,000 (2024: £4,976,000) and are included within amounts owed from contract customers.

At 31 March 2025, amounts of £4,438,000 (2024: £1,253,000) included in trade and other receivables and arising from construction contracts are due for settlement after more than 12 months.

At 31 March 2025, amounts of £4,047,000 (2024: 1,533,000) included in trade and other payables and arising from construction contracts are due for payment after more than 12 months.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the Company repurchased 7,000 Ordinary B shares with a nominal value of £70. The total consideration is £1,169.

Operating lease payments represent rentals payable by the company for certain of its assets. Leases are negotiated for an average term of 5 years and rentals are fixed for that period.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year, £757,000 (2024: £746,000) in renumeration was paid to employees of the group who are members of the directors' families.