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REGISTERED NUMBER: 11523996 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

CR CONSTRUCTION (U.K.) COMPANY LIMITED

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Contents of the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 6 |

Report of the Independent Auditors | 8 |

Profit and loss Account | 11 |

Statement of Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 14 |

Notes to the Financial Statements | 15 |

CR CONSTRUCTION (U.K.) COMPANY LIMITED

Company Information

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | K W R Li

| K Shen

| REGISTERED OFFICE: | 2nd Floor 8 Gate Street

| London

| WC2A 3HP

| REGISTERED NUMBER: | 11523996 (England and Wales)

| INDEPENDENT AUDITORS: | AKS Advisers Limited

| 14-15 Lower Grosvenor Place

| London

| SW1W 0EX

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

The directors have chosen to set out in the Strategic Report certain information required to be contained in the directors' report regarding:

- the company's financial risk management objectives and policies; and

- the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk.

REVIEW OF THE BUSINESS

The directors consider the following key financial performance indicators when evaluating the business:

| 2024 |  | 2023 |

Turnover |  | £'000 |  | 66,746 |  | 56,202 |

Operating (loss)/profit |  | £'000 |  | 18 |  | 1,556 |

Operating (loss)/profit margin |  | % |  | .03 |  | 2.8 |

Net assets |  | £'000 |  | 1,697 |  | 1,669 |

The Company had another successful year with increased turnover.

The Company continues to grow and invest in our operational team, adding new personnel and maintaining our focus on being professional, attracting highly skilled personnel, implementing health and safety and staff training.

The ongoing war in Ukraine, the aftermath of COVID -19 and the economic recession have created significant trading challenges. These include shortages and substantial increases in material and wages costs, which have driven inflation and in turn, raised overall costs throughout the previous year and continued into 2025, and ultimately impacting net profit.

The Board remains committed to delivering an excellent service with a focus on maintaining a sustainable business which continues to be a strategic partner of its customers, suppliers, and stakeholders.

Future Outlook

The company's order book and pipeline remain satisfactory heading into 2026 as we continue working with key clients to manage risks from ongoing market volatility.

The company believes that our pragmatic project delivery model will continue to set us apart from competitors by providing a higher level of service to our clients.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The Construction sector by nature has several inherent risks and uncertainties which could impact the Company's performance and those are considered by the board on a regular basis. We are working tirelessly to establish systems and procedures that help mitigate risks to the company.

Operational risk

The Company recognises the risk involve in the various stages of project completion which are reviewed on an ongoing basis.

Market and economy risk

The Company keeps abreast of development in the market through maintaining strong relationships with its client and monitoring the wider economic environment.

Interest rate risk

Movement in interest rates which affect the wider economy, do not present a substantial risk to our business as the Company does not have any significant borrowings.

Liquidity risk

The company finances its operations through cash reserves, trade receivables, and payables, ensuring sufficient liquidity to meet obligations as they arise.

Credit risk

The Company undertakes appropriate credit agency checks on new customers and suppliers before engaging in a trading relationship.

Health, safety and wellbeing

The company places great importance on supporting the mental health and wellbeing of its employees, recognising that a healthy, happy, and safe workforce is essential to delivering high-quality services and operating effectively and efficiently.

We are committed to providing equal opportunities for all, regardless of race, religion, sex, or disability, and we actively promote a culture of inclusion and respect. Our policies reflect this commitment, particularly in supporting mental health and wellbeing in the workplace. Additionally, we are committed to providing a working environment free from sexual harassment and ensuring all staff are treated, and treat others, with dignity and respect.

We strive to foster a positive working environment for everyone, in line with the requirements of the Equality Act 2010 and the Health and Safety at Work Act 1974.

Our people, training and development

The company recognises that its success depends heavily on attracting and retaining skilled, experienced management and staff. The directors acknowledge that our employees are key stakeholders and central to the company's continued growth, performance and success.

Our performance improvement procedures apply equally to all employees, whether full-time or part-time, and whether on permanent or fixed-term contracts. We are committed to fairness, consistency, and supporting every individual in achieving their full potential.

The company also recognises that effective training and development benefit both the individual and the organisation, ultimately contributing to the achievement of broader business objectives. These benefits include:

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

- higher standards of work performance

- greater understanding and appreciation of factors affecting work performance

- sharing of ideas and dissemination of good practice

- effective management and implementation of change

- encouragement of team spirit

- increased motivation and job satisfaction for the individual; and

- greater understanding of the Company business.

We are committed to fostering a culture of continuous learning and professional development, ensuring that our people are equipped to meet current and future challenges.

Sustainability and environment

The company is committed to conducting business ethically in all interactions with its stakeholders, including clients, employees, suppliers, and the wider community. We uphold high standards of integrity, transparency, and accountability, ensuring that our operations reflect our core values and contribute positively to society.

Ethical business practice involves upholding the responsibilities and obligations of a company to act with integrity, fairness, and accountability in all aspects of its operations. This includes meeting the expectations of stakeholders, the public, governmental bodies, and society as a whole.

These standards encompass both formal obligations - such as paying taxes, fair compensation to employees, and compliance with legal regulations-and informal expectations, such as acting with honesty, transparency, and social responsibility. Ethical conduct also includes responsiveness to stakeholder concerns and a commitment to doing what is right, even beyond legal requirements.

The company promotes a zero-tolerance approach to unethical business practices and is committed to maintaining the highest standards of integrity across all areas of operation. We continue to strengthen our risk management practices across all sites, providing our clients with confidence in our dedication to quality, safety, and ethical conduct.

.

Corporate social responsibility

The directors are actively working with staff, their representatives, contractors, and suppliers to uphold and strengthen public confidence in the integrity of our operations. Transparency, accountability, and ethical conduct remain central to our approach.

The company values strong local partnerships, particularly with schools, and is committed to supporting educational development. We believe that collaboration between businesses and educational institutions enhances learning experiences and helps prepare students for future careers.

Community engagement is a key part of our ethos, and we are committed to incorporating it into all future projects. By fostering these relationships, we aim to create lasting, positive impacts in the areas where we operate.

The company is committed to making a positive impact in the communities where we operate. By working collaboratively with clients, local authorities, community groups, agencies, and schools, we are able to identify areas where we can deliver meaningful benefits.

These include:

- Employment opportunities for local residents

- Training and upskilling programmes

- Support for education and youth engagement initiatives

- Partnerships that promote social inclusion and economic development

Through these efforts, we aim to contribute to the long-term wellbeing and resilience of the communities we serve, aligning our business goals with social responsibility.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

ON BEHALF OF THE BOARD:

K Shen - Director

13 October 2025

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Report of the Directors

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

An interim dividend of 0.035 per share was paid on 29 November 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 2,800 .

DIRECTORS

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

K W R Li

K Shen

Other changes in directors holding office are as follows:

M Guan - resigned 10 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Report of the Directors

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

The auditors, AKS Advisers Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K Shen - Director

13 October 2025

Report of the Independent Auditors to the Members of

CR Construction (U.K.) Company Limited

Opinion

We have audited the financial statements of CR Construction (U.K.) Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

CR Construction (U.K.) Company Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Report of the Independent Auditors to the Members of

CR Construction (U.K.) Company Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

1. We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Company's Constitution, UK Companies Act 2006, tax legislation, employment legislation and health and safety regulations.

2. We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

3. We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.

4. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets.

5. We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

6. We enquired of the directors about actual and potential litigation and claims.

7. We performed analytical procedures to identify any unusual or unexpected relationship that might indicate risks of material misstatement due to fraud.

8. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ashish Kirtikumar Shah (Senior Statutory Auditor)

for and on behalf of AKS Advisers Limited

14-15 Lower Grosvenor Place

London

SW1W 0EX

16 October 2025

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Profit and loss Account

FOR THE YEAR ENDED 31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 4 | 66,746,014 |  | 56,202,180 |  |

Cost of sales | 65,378,789 |  | 53,202,085 |  |

GROSS PROFIT | 1,367,225 |  | 3,000,095 |  |

Administrative expenses | 1,349,623 |  | 1,443,708 |  |

OPERATING PROFIT | 6 | 17,602 |  | 1,556,387 |  |

Interest payable and similar expenses | 7 | 3,305 |  | - |  |

PROFIT BEFORE TAXATION | 14,297 |  | 1,556,387 |  |

Tax on profit | 8 | (17,104 | ) | 376,000 |  |

PROFIT FOR THE FINANCIAL YEAR | 31,401 |  | 1,180,387 |  |

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Statement of Comprehensive Income

FOR THE YEAR ENDED 31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 31,401 |  | 1,180,387 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 31,401 |  | 1,180,387 |  |

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Balance Sheet

31 DECEMBER 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 63,613 |  | 79,616 |  |

CURRENT ASSETS

Debtors | 11 | 21,144,527 |  | 8,440,324 |  |

Cash at bank | 12 | 3,673,057 |  | 1,270,617 |  |

24,817,584 |  | 9,710,941 |  |

CREDITORS

Amounts falling due within one year | 13 | 21,913,356 |  | 7,057,638 |  |

NET CURRENT ASSETS | 2,904,228 |  | 2,653,303 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,967,841 |  | 2,732,919 |  |

CREDITORS

Amounts falling due after more than one year | 14 | 1,270,450 |  | 1,064,129 |  |

NET ASSETS | 1,697,391 |  | 1,668,790 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 80,000 |  | 80,000 |  |

Retained earnings | 1,617,391 |  | 1,588,790 |  |

SHAREHOLDERS' FUNDS | 1,697,391 |  | 1,668,790 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2025 and were signed on its behalf by:

K Shen - Director

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Statement of Changes in Equity

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | - |  | 408,403 |  | 408,403 |  |

Changes in equity

Issue of share capital | 80,000 |  | - |  | 80,000 |  |

Total comprehensive income | - |  | 1,180,387 |  | 1,180,387 |  |

Balance at 31 December 2023 | 80,000 |  | 1,588,790 |  | 1,668,790 |  |

Changes in equity

Dividends | - |  | (2,800 | ) | (2,800 | ) |

Total comprehensive income | - |  | 31,401 |  | 31,401 |  |

Balance at 31 December 2024 | 80,000 |  | 1,617,391 |  | 1,697,391 |  |

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | COMPANY INFORMATION

| CR Construction (U.K) Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, B Gate Street, London, WC2A 3HP.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| As part of the directors' consideration of the appropriateness of adopting the going concern basis in preparing the financial statements, a range of severe scenarios have been reviewed. The assumptions modelled are based on the estimated potential impact the company's order book and assessment of management reports to date and over the course of the next 18 months. Under each scenario, mitigating actions are all within management control, can be initiated as they relate to discretionary spend, and do not impact the ability to meet demand. These mitigating actions include the option to reduce all non-essential and non-committed capex where and when necessary.

| The company has reported net profit after tax in the sum of £31,401 (2023: £1,180,387) and net reserves amounting to £1,697,391 (2023: £1,668,790) for the year ended 31 December 2024. In addition, the company also has reasonable cash balances at the balance sheet date.

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

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial

| statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and

| Republic of Ireland":

| o Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

| o Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

| o Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

| o Section 33 'Related Party Disclosures': Compensation for key management personnel.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and there nominal amount received is recognised as interest income.

| Construction contracts

| Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

| Costs that relate directly to a contract and are incurred in securing the contract are also included as part of the contract costs if they can be separately identified and measured reliably and it is probable that the contract will be obtained.

| The company recognises the gross amount due from/to customers for contract work an asset or liability. The gross amount due from/to customers for contract work is the net amount of:

| (a) costs recognised as contract expenses plus recognised profits; less

| (b) the sum of recognised losses and progress billings,

| for all contracts in progress for which contract expenses plus recognised profits (less recognised losses)exceed progress billings as contract asset and for all contracts in progress for which progress billings exceed contract expenses plus recognised profits (less recognised losses) as contract liability.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation 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:

| Leasehold improvements 20% p.a. on a straight line basis

| Fixtures and fittings 10% p.a. on a straight line basis

| Computers 20% p.a. on a straight line basis

| 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 credited or charged to profit or loss.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible 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 (if any). 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.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Cash at bank and in hand

| 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. Bank overdrafts are shown within borrowings in current liabilities.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic Financial liabilities

| Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at 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. Financial liabilities classified as payable within one year are not amortised.

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

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled..

| Taxation

| Taxation for the year comprises current and deferred tax. 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.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Leases

| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

| Retirement benefits

| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

| Employee benefits

| The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost to stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Dividend

| Interim dividends are recognised when they are paid to the Company’s shareholders. Final dividends are recognised when they are approved by shareholders.

3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company'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.

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Revenue recognition

| The company uses the percentage of completion method to determine the appropriate amount of revenue to recognise in a given period. The percentage of completion is measured by reference to the year end cost as a percentage of total estimated costs for each contract as an input method.

| This requires forecasts to be made of the outcomes of long-term construction, which require assessments and judgements to be made on changes in the scope of work and changes in costs.

| Due to the long term nature of the project where the best estimate has been made on a significant judgements, any such estimate may change as new information becomes available and may have a material effect on the company's revenue, profits and cash flows.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Construction Contracts | 66,746,014 |  | 56,202,180 |  |

66,746,014 |  | 56,202,180 |  |

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | TURNOVER - continued

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 66,746,014 |  | 56,202,180 |  |

66,746,014 |  | 56,202,180 |  |

5. | EMPLOYEES AND DIRECTORS

|  | 31.12.24 |  | 31.12.23 |  |

| £ |  | £ |  |

| Wages and salaries |  | 3,356,383 |  | 3,072,092 |  |

| Social security costs |  | 103,041 |  | 370,133 |  |

| Other pension costs |  | 32,896 |  | 115,994 |  |

|  | 3,492,320 |  | 3,558,219 |  |

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

|  | 31.12.24 |  | 31.12.23 |  |

| Average employee numbers (including directors) |  | 46 |  | 36 |  |

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 84,000 |  | 100,000 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Other operating leases | 81,140 |  | 109,876 |  |

| Depreciation - owned assets | 23,062 |  | - |  |

| Auditors' remuneration | 28,200 |  | 17,784 |  |

| Foreign exchange differences | 937 |  | (2,233 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank interest | 3,305 |  | - |  |

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the profit for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | (17,104 | ) | 376,000 |  |

| Tax on profit | (17,104 | ) | 376,000 |  |

| UK corporation tax has been charged at 25% .

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 14,297 |  | 1,556,387 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 25%) | 2,716 |  | 389,097 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | 8,751 |  |

| Depreciation in excess of capital allowances | 3,040 |  | 1,672 |  |

| Effect of change in corporation tax rate | - |  | (23,643 | ) |

| Under/over provided | (22,860 | ) | 123 |  |

| Total tax (credit)/charge | (17,104 | ) | 376,000 |  |

9. | DIVIDENDS

| 31.12.24 |  | 31.12.23

£ | £ |

| Odinary share capital issued and fully paid shares of 1 each

| Interim | 2,800 |  | - |  |

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 51,892 |  | 6,774 |  | 58,255 |  | 116,921 |  |

| Additions | - |  | - |  | 7,059 |  | 7,059 |  |

| At 31 December 2024 | 51,892 |  | 6,774 |  | 65,314 |  | 123,980 |  |

| DEPRECIATION

| At 1 January 2024 | 1,710 |  | 98 |  | 35,497 |  | 37,305 |  |

| Charge for year | 10,379 |  | 678 |  | 12,005 |  | 23,062 |  |

| At 31 December 2024 | 12,089 |  | 776 |  | 47,502 |  | 60,367 |  |

| NET BOOK VALUE

| At 31 December 2024 | 39,803 |  | 5,998 |  | 17,812 |  | 63,613 |  |

| At 31 December 2023 | 50,182 |  | 6,676 |  | 22,758 |  | 79,616 |  |

11. | DEBTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 4,453,941 |  | 4,360,739 |  |

| Retention Asset | 2,099,769 |  | - |  |

| Amounts owed by group undertakings | 80,000 |  | 80,000 |  |

| Other debtors | 39,216 |  | 169,704 |  |

| Amount owed contract customers | 11,850,531 |  | 1,321,866 |  |

| Prepayments and accrued income | 171,123 |  | 39,630 |  |

18,694,580 |  | 5,971,939 |  |

| Amounts falling due after more than one year:

| Trade debtors | 2,449,947 |  | 2,468,385 |  |

| Aggregate amounts | 21,144,527 |  | 8,440,324 |  |

12. | CASH AT BANK

| 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. Bank overdrafts are shown within borrowings in current liabilities.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 6,405,802 |  | 4,323,483 |  |

| Retention Liability | 1,225,320 |  | - |  |

| Amounts owed to group undertakings | 6,928,505 |  | 110,420 |  |

| Tax | 5,757 |  | 382,538 |  |

| Social security and other taxes | 114,538 |  | 97,094 |  |

| VAT | 1,724,675 |  | - |  |

| Other creditors | 177,744 |  | 23,865 |  |

| Accrued expenses | 5,331,015 |  | 2,120,238 |  |

21,913,356 |  | 7,057,638 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 1,270,450 |  | 1,064,129 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 141,046 |  | 141,046 |  |

| Between one and five years | 459,413 |  | 459,413 |  |

600,459 |  | 600,459 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 80,000 | Odinary share capital issued |

| and fully paid | 1 | 80,000 |  | 80,000 |  |

17. | RELATED PARTY TRANSACTIONS

| Included in short term creditors are amounts owed to an immediate holding company call China Zhejiang Construction Group (H.K.) Limited of £27,281 (2023: £27,093). The loan is unsecured, interest free and repayable on demand.

| Included in short term creditors are amounts owed to an immediate holding company called CR Construction Group Holdings Limited of £6,901,224 (2023: £23,666). The loan is unsecured, interest free and repayable on demand.

| Included in debtors is the amount of £80,000 (2023: £80,000) due from CR Construction (U.K.) Investments Company Limited, the immediate parent undertakings.

CR CONSTRUCTION (U.K.) COMPANY LIMITED (REGISTERED NUMBER: 11523996)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

18. | ULTIMATE CONTROLLING PARTY

| The company's ultimate controlling party is Zhejiang State-owned Capital Operation Company Limited, incorporated in the People's Republic of China.

| The group in which the results of the company are consolidated is that of CR Construction Group Holdings Limited, a company incorporated in the Cayman Islands. Copies of the consolidated financial statements may be obtained from their registered office: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111.