Esendee Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 07635255 (England and Wales)

ESENDEE HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page

Company Information

1

Group Strategic Report

2

to

6

Report of the Directors

7

to

8

Report of the Independent Auditors

9

to

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

to

19

Notes to the Consolidated Financial Statements

20

to

36

DIRECTORS:

S A Hoare

S J Tysoe

REGISTERED OFFICE:

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

REGISTERED NUMBER:

07635255 (England and Wales)

AUDITORS:

Essex Abel Ltd (Statutory Auditors)

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

The directors present their strategic report of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS

The group specialises in the provision of infrastructure and groundworks services and has a client base of blue-chip house builders, developers and consortiums. In addition, the group operates a property development business and inter-group plant hire business. The group's head office is based in Kempston, Bedfordshire and the company operates primarily in the South Midlands and Home Counties regions. The principal activity of the company is a holding company for group investments.

The directors aim to present a balanced and comprehensive review of the development and performance of the group's business during the period and its position at the period-end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties the group faces.

Results and performance

The directors are pleased to present the company's results for the year ended 31 July 2025

The results of the group for the period, as set out on pages 12 to 36, show a reduction in revenue of 7.8%; however, EBITDA was only reduced by 0.2% to 4.8% (2024 - 5.0%). The shareholders' funds of the group have increased to £12.9m (2024 - £12.6m), as the directors have retained profit to fund the working capital required to support the business during the current economic climate.

Whilst the results for the year show a reduction in revenue, the directors consider that this does not reflect the true underlying position for the group. During the year the main trading company won 22 new contracts; however, due to subdued market conditions the commencement of a number of contracts was delayed, including into the new financial year. The is reflected in the order book, which shows significant growth with an order book of £186m compared to £132m in the previous year.

During the previous year the group's profitability was affected by the significant period of consistent wet weather that the directors had not seen in their lifetime working in the industry which had a material impact on the group's operations and productivity. The group's profitability has partially recovered from this with the gross margin improving from 6.5% to 7.8% and net profit increasing by 92% from £0.8m to £1.5m, despite the delays in new contracts meaning that the group experienced a difficult winter trading period. This improvement is forecast to continue in the current financial year.

Due to the group's reserves and strong relationships with its bank and suppliers, the group was able to manage the cash flow issues that arose from the difficult trading conditions of the past two years and based on their profit and cash forecasts are well placed to navigate the foreseeable future.

ECL Plant Hire Ltd, as our inter-group plant hire operators does not provide a return and Eastco Homes Ltd made a small loss during the period, as it reduced its activity in the property development sector.

Considering the difficult trading conditions experienced during the previous two years, the directors are satisfied with the current periods trading results, considering the above and are confident that the actions taken together with the improvement in short to medium market conditions will allow them to continue to develop the business in a sustainable manner.

Business environment

We continue to have a number of tenders and opportunities ahead of us which will allow us to develop the business in a sustainable and profitability manner in the medium term, subject to the future economic climate.

The group is committed to the achievement of quality in the projects undertaken and complies with the requirements of ISO9001 - quality management systems. We ensure that we recognise our environmental responsibilities to enable us to understand, as well as manage the actual and potential environmental impact of our activities. Our operations are conducted to ensure we comply with the legal requirements relating to the environment in which we carry out our business. As part of this obligation, we comply with the requirements of ISO14001 - environmental management for which the main trading subsidiary has received accreditation.

The group continues to invest in its health and safety standards and performance across all its sites. Health and safety remains at the forefront of our planning and culture to manage the risks associated with operating within the construction industry, whilst further improving the group's procedures and processes. The group recognises the importance of specific and effective training for its employees to ensure compliance with the legal requirements and accreditations held by the main trading subsidiary. The main trading subsidiary is accredited under OHSAS18001 - occupational health & safety accreditation.

As for many businesses of our size, the business environment in which we operate continues to be challenging, but we believe the group is well placed to deliver its performance objectives in these uncertain economic times.

SECTION 172(1) STATEMENT

This S172 statement, explains how the directors have:

- Engaged with employees, customers, and others; and

- had regard to employees' interests, the need to foster the group's relationship with suppliers,

customers and others, and the effect of that regards, including on the principal decisions

taken by the company and its subsidiaries during the financial period.

The S172 statement focuses on matters of strategic importance to the group and the level of information disclosed is consistent with the size and complexity of the business.

When making decisions, each director ensures that he acts in a way he considers, in good faith, would most likely promote the group's success for the benefit of its members, and in doing so have regards (among other matters) to the section 172 matters.

The likely consequence of any decision in the long term

Key decisions and matters that are of strategic importance are always discussed openly between the board members and key advisors.

As part of making these decisions the board considers the potential impact they will have in the short and long term on all parties that have an interest in the group. Whether it be employees, customers, suppliers or the community and environment.

The long term aims of the group, in addition to increasing the shareholder value, is to provide secure employment opportunities within the local area in which it operates. During these challenging economic times, ensuring that people have secure and stable employment is more important than ever.

Engagement with employees:

The directors recognise that the employees are fundamental to the success of the group, and their mission is to develop the next generation of construction professionals and skilled workforce. They have worked hard to establish a culture that puts people first and recognise that recruiting and retaining motivated staff is key to the group's long-term development. The directors help all employees reach their full potential through training and development opportunities.

The directors are always committed to providing a safe, secure, and inclusive working environment. The directors want all their staff to feel safe whether they are office or site based, and employees are encouraged to provide feedback and speak their minds so that the group can continually develop and improve. This involved regular discussions with the employees to ensure that this environment could be maintained.

Engagement with our customers:

Our leading groundworks and civil engineering services help our clients plan, build, and develop their portfolio, safer and quicker than ever before. We are committed to building and maintaining a reputation for excellence and are proud to be known for providing the best in safety, expertise, service, and quality.

To ensure that we maintain our excellent reputation the projects are closely managed, engaging with the customer from start to finish to ensure that their requirements and deadlines are adhered to.

Engagement with suppliers:

We seek to ensure that we engage with all our suppliers and value the long-term relationships that have been built over the years.

The directors understand that many businesses are encountering financial difficulties due to the economic climate, so the directors ensured that suppliers were paid in a timely manner, and local suppliers are used where possible, to minimise any financial impact on its suppliers and local community.

The impact on the community and its environment:

We believe that every company has a responsibility to its customers, its people, and the planet. We have established policies and procedures in place to ensure that our business and the constructions services we provide make a positive impact.

We also understand that supporting communities means more than just charity and community work. Therefore, we actively employ workers, apprentices, and graduates from local areas, giving our local workforce the chances, they deserve.

We regularly work with our charity partners, carrying out fundraising activities and donating our time and resources to help deserving organisations.

We have taken steps to ensure that we carry out business in an environmentally friendly and sustainable manner, as evidenced by our subsidiaries ISO 14001 accreditation.

Reputation for high standards:

We are always striving for more, through our dedication and continual improvement, we can consistently demonstrate best practice, and as a result have gained a range of industry accreditations.

The need to act fairly between members:

The shareholders in the company are also the main directors and so the decisions made by the directors are always fair between the members of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk management is applied through a combination of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the group. The directors are responsible for ensuring that effective internal controls exist to manage the risks and that these controls operate effectively for the benefit of the business and its stakeholders.

The directors endeavour to identify the risks that the group faces on a day-to-day basis. This is to ensure the group has the financial strength and operational capacity to support the business and mitigate these risks wherever possible.

The group is subject to the inherent uncertainty surrounding the continued demand for new housing developments in the UK with the economic climate, government policy and the housing market, being the key factors in whether any growth achieved is sustainable in the long term. The effects of the impact from the pandemic and current inflationary economics continue to be an uncertainty in the market and on the supply chain.

The directors have continuously worked to build a robust and flexible business by attracting and retaining the high-quality staff and clients to help us achieve this. In doing so we are in a strong financial position to deal with situations as they arise and those which we expect to face in the future.

The principal risks for our business relate to the main trading subsidiary, ECL Civil Engineering Ltd and are as follows:

Tender pricing: The work which the company tenders for involves a high degree of complexity, particularly on the larger tenders. Tender assumptions could be inaccurate, or the risks associated with the tender may not be fully considered. If risks are not given due consideration, contract losses and potential reputational damage are likely to arise.

If risks are over-priced, future contract offerings will suffer.

The company's appetite for long-term and competitively tendered construction contracts is limited. This is influenced by the desire to maintain the quality of work being undertaken and to manage the price risk within the supply chain. Tenders for contracts are subject to approval by the directors.

Completion of contracts: The company carries out a number of contracts annually and the risks to which the company is exposed are dependent on the nature of the work undertaken and the length of the contract. If such risks are not managed properly the company may suffer contract losses, delays, and potential reputational damage.

Current contracts in progress are controlled and managed through the company's operating structure and procedures, this includes regular reviews of the forecast revenue and costs to completion between the managing surveyors and the directors.

Competitor risk: The company operates in a highly competitive market balancing both customer requirements and market pressures. The directors review and monitor these factors to ensure the company's competitiveness is maintained.

Liquidity risk and going concern: The company is exposed to liquidity risk as sufficient funds are required to support trading and financing activities. The company regularly monitors its liquidity position to ensure that sufficient funds are available to meet both current and future requirements.

Economic risk: The company's trading is broadly linked to the recovery and performance of the UK economy and therefore, is exposed to the economic climate. To mitigate such a risk, management regularly reviews the market to assess the potential impact on the business operations and the business remains ready to respond to significant downturns in the housing market.

The group's reserves position removes some elements of the financial risks any business faces. With business risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

KEY PERFORMANCE INDICATORS

A summary of our key financial performance indicators monitored within the business are as follows:

2025

2024

EBITDA %

4.8%

5.0%

Gross profit margin

7.8%

6.5%

Please see the review of the business section for commentary in relation to the changes for the year.

GOING CONCERN

The group has considerable financial resources together with long established relationships with its customers, suppliers, and bankers. Consequently, based on its profit and cash reserves extending beyond 12 months from the date the financial statements are signed, the directors believe that the group is well placed to manage its business risks successfully despite the economic uncertainty.

The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:

S A Hoare - Director

6 November 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary 'A' 1p

-

£143.1882

- 16 April 2025

Ordinary 'B' 1p

-

£8265.614

- 16 April 2025

The total distribution of dividends for the year ended 31 July 2025 will be £ 849,289 .

DIRECTORS

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

S A Hoare

S J Tysoe

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

A detailed report on the engagement with suppliers, customers and others has been completed as part of the S172 statement in the strategic report on pages 3-4 in accordance with section 414C(11) CA 2006.

GREENHOUSE GAS (GHG) REPORT

Under changes introduced by the 2018 Regulations, large unquoted companies are obliged to report their UK energy use and associated greenhouse gas emissions as a minimum relating to gas, electricity and transport fuel, as well as an intensity ratio and information relating to energy efficiency action, through their annual reports.

GHG emissions used

2025

2024

Tonnes of
CO2e

Kilowatt hours
(kWh)

Tonnes of
CO2e

Kilowatt
hours
(kWh)

Electricity and gas usage

4

14,552

35

161,122

Combustion of fuel for transport and plant

7,749

28,039,689

8,981

37,584,881

Combustion of fuel for company facilities

465

1,789,767

997

4,176,098

Total scope 1 and 2 emissions

8,218

29,844,008

10,013

41,922,101

Total scope 1 and 2 emissions per employee

100

363,951

110

460,682

Methodology

We have reported on all of the emission sources required under the Companies Act 2006 (Strategic and Directors' Report) Regulations 2018. We do not have any responsibility for any sources that are not included in our consolidated financial statements except those quoted in the omissions section.

For the 2025 emissions calculation we used the UK Government's GHG Conversion Factors for Company Reporting 2025 in order to calculate the above emission usage. For 2024 we used the GHG Conversion Factors for Company Reporting 2024 to calculate the emissions total shown above.

Energy Efficiency

As a company we continue to where possible make changes to the business to make it more energy efficient as is evidenced by our ISO 14001 accreditation.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S A Hoare - Director

6 November 2025

Opinion

We have audited the financial statements of Esendee Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 July 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We obtained an understanding of the internal controls which are used by the entity in order to prevent such fraud or errors from occurring and design audit test and procedures in order to test the appropriateness and effectiveness of such internal controls.

We have performed substantive testing in order to assess the appropriateness of the internal controls and whether the controls are being followed and as such to what extent the risk of fraud or error is being mitigated through these controls.

We obtained an understanding on the subjective judgements made by management, such as accounting estimates where there is a potential for personal bias to affect the judgements which have been made. We have also obtained an understanding of the accounting policies which have been used by management.

We held discussions with management to find the rationale behind any judgemental area such as accounting estimates and assessed the appropriateness of accounting policies used, using our professional judgement.

We identified the laws and regulations applicable to the group through discussions with the directors and other management. These were communicated throughout the audit team and the team remained alert to instances of non-compliance throughout the audit.

We assessed the extent of compliance with the laws and regulations identified through making enquiries of management and those charged with governance.

We correspond with those charged with governance, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies or inadequacies in internal controls that we identify during our audit.

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

Use of our report

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

Jason Mark Oram FCCA (Senior Statutory Auditor)

for and on behalf of Essex Abel Ltd (Statutory Auditors)

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

6 November 2025

TURNOVER

4

104,890

113,820

Cost of sales

96,702

106,398

GROSS PROFIT

8,188

7,422

Administrative expenses

5,990

5,752

2,198

1,670

Other operating income

2

3

OPERATING PROFIT

6

2,200

1,673

Interest payable and similar expenses

8

712

898

PROFIT BEFORE TAXATION

1,488

775

Tax on profit

9

351

168

PROFIT FOR THE FINANCIAL YEAR

1,137

607

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,137

607

Profit attributable to:

Owners of the parent

1,137

607

Total comprehensive income attributable to:

Owners of the parent

1,137

607

FIXED ASSETS

Intangible assets

12

-

Tangible assets

13

13,651

16,907

Investments

14

Interest in joint venture

Share of gross assets

1

13,652

16,908

CURRENT ASSETS

Stocks

15

1,167

1,315

Debtors

16

26,981

24,329

Cash at bank

2,167

3,767

30,315

29,411

CREDITORS

Amounts falling due within one year

17

26,131

28,393

NET CURRENT ASSETS

4,184

1,018

TOTAL ASSETS LESS CURRENT
LIABILITIES

17,836

17,926

CREDITORS

Amounts falling due after more than one
year

18

(3,601

)

(4,889

)

PROVISIONS FOR LIABILITIES

22

(1,299

)

(389

)

NET ASSETS

12,936

12,648

CAPITAL AND RESERVES

Called up share capital

23

-

Retained earnings

12,936

12,648

SHAREHOLDERS' FUNDS

12,936

12,648

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6 November 2025 and were signed on its behalf by:

S J Tysoe - Director

FIXED ASSETS

Intangible assets

12

-

Tangible assets

13

3,942

Investments

14

297

298

4,239

4,240

CURRENT ASSETS

Debtors

16

2,574

1,150

Cash at bank

95

159

2,669

1,309

CREDITORS

Amounts falling due within one year

17

4,841

2,997

NET CURRENT LIABILITIES

(2,172

)

(1,688

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,067

2,552

CREDITORS

Amounts falling due after more than one
year

18

2,046

2,404

NET ASSETS

21

148

CAPITAL AND RESERVES

Called up share capital

23

-

Retained earnings

21

148

SHAREHOLDERS' FUNDS

21

148

Company's profit/(loss) for the financial year

722

(126

)

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6 November 2025 and were signed on its behalf by:

S J Tysoe - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

Balance at 1 August 2023

-

12,086

Changes in equity

Dividends

-

(45

)

(45

)

Total comprehensive income

-

607

Balance at 31 July 2024

-

12,648

Changes in equity

Dividends

-

(849

)

(849

)

Total comprehensive income

-

1,137

Balance at 31 July 2025

-

12,936

Called up

share

Retained

Total

capital

earnings

equity

£'000

Balance at 1 August 2023

-

319

Changes in equity

Dividends

-

(45

)

(45

)

Total comprehensive income

-

(126

)

(126

)

Balance at 31 July 2024

-

148

Changes in equity

Dividends

-

(849

)

(849

)

Total comprehensive income

-

722

Balance at 31 July 2025

-

21

Cash flows from operating activities

Cash generated from operations

1

2,829

5,773

Interest paid

(340

)

(319

)

Interest element of hire purchase payments
paid

(348

)

(579

)

Tax paid

559

62

Net cash from operating activities

2,700

4,937

Cash flows from investing activities

Purchase of tangible fixed assets

(451

)

(553

)

Sale of tangible fixed assets

3,467

3,566

Net cash from investing activities

3,016

3,013

Cash flows from financing activities

Loan repayments in period

(399

)

(554

)

Capital repayments in period

(4,674

)

(5,465

)

Amount introduced by directors

964

151

Amount withdrawn by directors

(2,358

)

(1,732

)

Equity dividends paid

(849

)

(45

)

Net cash from financing activities

(7,316

)

(7,645

)

(Decrease)/increase in cash and cash equivalents

(1,600

)

305

Cash and cash equivalents at beginning of
year

2

3,767

3,462

Cash and cash equivalents at end of year

2

2,167

3,767

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

2025

2024

£'000

Profit before taxation

1,488

775

Depreciation charges

2,675

3,301

Loss on disposal of fixed assets

125

715

Finance costs

712

898

5,000

5,689

Decrease in stocks

148

73

Increase in trade and other debtors

(1,258

)

(7,019

)

(Decrease)/increase in trade and other creditors

(1,061

)

7,030

Cash generated from operations

2,829

5,773

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2025

31/7/25

1/8/24

£'000

Cash and cash equivalents

2,167

3,767

Year ended 31 July 2024

31/7/24

1/8/23

£'000

Cash and cash equivalents

3,767

3,462

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/8/24

Cash flow

changes

At 31/7/25

£'000

Net cash

Cash at bank

3,767

(1,600

)

2,167

3,767

(1,600

)

2,167

Debt

Finance leases

(6,512

)

4,674

(2,561

)

(4,399

)

Debts falling due

within 1 year

(394

)

41

-

(353

)

Debts falling due

after 1 year

(2,404

)

358

-

(2,046

)

(9,310

)

5,073

(2,561

)

(6,798

)

Total

(5,543

)

3,473

(2,561

)

(4,631

)

1.	STATUTORY INFORMATION

Esendee Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The address of the principal place of business is at Vanquish House, Wolseley Road, Woburn Road Industrial Estate, Kempston, Bedfordshire.

The financial statements are presented in Sterling (£) and rounded to the nearest thousand.

The Groups principal activities are set out in the strategic report and directors report.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets, in accordance with applicable United Kingdom accounting standards and under the provision of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

o the requirements of Section 7 Statement of Cash Flows.

Basis of consolidation

The consolidated financial statements incorporate the assets, liabilities and results of the Company and its

subsidiary undertakings controlled by the group up to 31 July each year.

Subsidiary undertakings are fully consolidated from the date on which control is transferred to the Group.

Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary undertakings have been consolidated.

The principal subsidiary undertakings of the Company at 31 July each year are detailed in note 14 to the Company balance sheet. Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation.

Associates and joint ventures

An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. An entity is treated as a joint venture where the group is party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.

In the consolidated accounts, interests in associated undertakings and joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor’s share of the profit or loss, other comprehensive income and equity of the associate, or joint venture. The consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. Any share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the group has no obligations to make payments on behalf of the associate or joint venture, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal to the unrecognised losses. In the consolidated balance sheet, the interests in associated undertakings and joint ventures are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any unrealised profits and losses from transactions between the Group and the associate or joint venture are eliminated to the extent of the Group’s interest in the associate or joint venture.

Any premium on acquisition is included within the equity method accounted figure in the financial statements as goodwill. This goodwill is amortised over its estimates useful life. Where there are indicators of impairment, the investment as a whole is tested for impairment

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

In the application of the Group's accounting policies, which are described in the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(a) Revenue and profit recognition

The estimation techniques used for revenue and profit recognition in respect of construction contracts and services contracts require forecasts to be made of the outcome of long-term contracts which require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities and changes in costs.

The key judgements and estimates in determining the recognition of construction contracts are:

o

An estimation of costs to complete;

o

An estimation of the remaining revenues.

These assessments include a degree of uncertainty and therefore if the key judgements and estimates change unfavourably, then write downs of construction contracts may be necessary.

b) Recoverable value of recognised receivables

The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

c) Establishing useful economic lives for depreciation purposes of property, plant and equipment

Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

Revenue and profit recognition

Revenue comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract revenue and costs are recognised by reference to the degree of completion of each contract, as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract.

Variations arising from construction contracts are included where they have been agreed with the client.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable.

The principal estimation technique used by the company in attributing profit on contracts to a particular period is the preparation of forecasts on a contract by contract basis. These focus on revenues and costs to complete and enable an assessment to be made of the final out-turn of each contract. Consistent contract review procedures are in place in respect of contract forecasting.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as expenses in the period in which they are incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as due from customers on construction contracts within trade and other debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on construction contracts within trade and other creditors.

Services

Revenue and profit from services rendered is recognised as and when the service is provided.

Where revenue that has been recognised is found not to be recoverable due to a dispute with the client, these amounts are charged against the revenue recognised. Where non-recovery is as a result of inability of a client to meet its obligations, these amounts are charged to administrative expenses.

Property sales

Turnover on property sales are recognised on legal completion of the property. Provision is made in full for anticipated future losses on uncompleted developments.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance and 10% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks

Stocks are valued on a first in first out basis at the lower of cost and estimated selling price less costs to complete and sell.

Cost for raw materials and consumables are at the purchase cost to the company. Cost for Work in progress includes all direct expenditure. The cost of work in progress includes overheads and the attributable proportion of indirect overheads based on the normal level of activity.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The group has chosen to adopt Section 11 of FRS 102 in respect of financial instruments.

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to or from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Investments in group undertakings

In the balance sheet of the Company, investments in Group undertakings and participating interests are stated at cost, unless their value has been impaired in which case they are valued at their realisable value or value in use as appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and; thereafter, stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and; thereafter, stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities when applicable.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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

Provisions for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4.

TURNOVER

All the group's turnover and profits before taxation are attributable to its principal activity of civil engineering services and property sales, and its turnover is all from the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

Wages and salaries

4,806

5,179

Social security costs

536

553

Other pension costs

388

359

5,730

6,091

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

2025

2024

Directors

2

Site and construction personnel

10

13

Office and administration

70

76

82

91

2025

2024

£

Directors' remuneration

127,686

41,292

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£'000

Depreciation - owned assets

1,288

1,159

Depreciation - assets on hire purchase contracts

1,388

2,143

Loss on disposal of fixed assets

125

715

7.	AUDITORS' REMUNERATION

Fees payable to the company's auditors are:

2025

2024

£'000

Audit of the company's financial statements

7

10

Audit of the subsidiary financial statements

44

67

Tax compliance

11

10

Other services

91

95

153

182

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

Bank interest

159

73

Bank loan interest

192

246

Other interest

13

-

Hire purchase

348

579

712

898

9.

TAXATION

Analysis of the tax charge

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

2025

2024

£'000

Current tax:

Adjustment for prior year

(559

)

8

Deferred tax:

Origination and reversal of

timing differences

910

160

Tax on profit

351

168

UK corporation tax has been charged at 25 % (2024 - 25 %).

Reconciliation of total tax 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:

2025

2024

£'000

Profit before tax

1,488

775

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

372

194

Effects of:

Expenses not deductible for tax purposes

80

33

Adjustments to tax charge in respect of previous periods

(101

)

(59

)

Total tax charge

351

168

The main rate of corporation tax is set to remain at 25%.

10.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

11.

DIVIDENDS

2025

2024

£'000

Ordinary 'A' shares of 1p each

Interim

14

45

Ordinary 'B' shares of 1p each

Interim

835

-

849

45

12.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£'000

COST

At 1 August 2024

and 31 July 2025

2

AMORTISATION

At 1 August 2024

and 31 July 2025

2

NET BOOK VALUE

At 31 July 2025

-

At 31 July 2024

-

13.	TANGIBLE FIXED ASSETS

Group

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£'000

COST

At 1 August 2024

3,942

21,785

169

Additions

-

1,993

-

Disposals

-

(8,523

)

-

At 31 July 2025

3,942

15,255

169

DEPRECIATION

At 1 August 2024

-

11,082

131

Charge for year

-

1,970

8

Eliminated on disposal

-

(4,974

)

-

At 31 July 2025

-

8,078

139

NET BOOK VALUE

At 31 July 2025

3,942

7,177

30

At 31 July 2024

3,942

10,703

38

Motor

Computer

vehicles

equipment

Totals

£'000

COST

At 1 August 2024

5,034

262

31,192

Additions

916

103

3,012

Disposals

(277

)

(219

)

(9,019

)

At 31 July 2025

5,673

146

25,185

DEPRECIATION

At 1 August 2024

2,843

229

14,285

Charge for year

658

40

2,676

Eliminated on disposal

(234

)

(219

)

(5,427

)

At 31 July 2025

3,267

50

11,534

NET BOOK VALUE

At 31 July 2025

2,406

96

13,651

At 31 July 2024

2,191

33

16,907

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£'000

COST

At 1 August 2024

11,409

2,311

13,720

Additions

1,901

916

2,817

Transfer to ownership

(4,359

)

-

(4,359

)

At 31 July 2025

8,951

3,227

12,178

DEPRECIATION

At 1 August 2024

3,950

613

4,563

Charge for year

1,265

123

1,388

Transfer to ownership

(1,934

)

-

(1,934

)

At 31 July 2025

3,281

736

4,017

NET BOOK VALUE

At 31 July 2025

5,670

2,491

8,161

At 31 July 2024

7,459

1,698

9,157

Company

Freehold

Plant and

property

machinery

Totals

£'000

COST

At 1 August 2024

and 31 July 2025

3,942

2

3,944

DEPRECIATION

At 1 August 2024

and 31 July 2025

-

2

NET BOOK VALUE

At 31 July 2025

3,942

-

3,942

At 31 July 2024

3,942

-

3,942

14.	FIXED ASSET INVESTMENTS

Group

Interest

in joint

venture

£'000

COST

At 1 August 2024

and 31 July 2025

1

NET BOOK VALUE

At 31 July 2025

1

At 31 July 2024

1

Interest in joint venture

Esendee Holdings Limited acquired 50% of the Ordinary share capital of Optrax Limited for a consideration of £500 paid in cash.

The company did not contribute any profit or loss to the group in the period to 31 July 2025. The group's share of net assets of the company as at 31 July 2025 was £500.

The company remained dormant throughout the period.

Company

Shares in

Interest

group

in joint

undertakings

venture

Totals

£'000

COST

At 1 August 2024

297

1

298

Impairments

(1

)

-

(1

)

At 31 July 2025

296

1

297

NET BOOK VALUE

At 31 July 2025

296

1

297

At 31 July 2024

297

1

298

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

ECL Civil Engineering Limited

Registered office: 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF

Nature of business: Civil engineering

%

Class of shares:

holding

Ordinary shares

100.00

ECL Plant Hire Limited

Registered office: 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF

Nature of business: Hire of plant & machinery

%

Class of shares:

holding

Ordinary shares

100.00

ECL Plant Hire Limited (Company number 07393267) has taken advantage of s479A of the Companies Act 2006 to dispense with the need to have an audit. In order to qualify for this exemption Esendee Holdings Limited has provided a guarantee under this section of the Act.

Eastco Homes Limited

Registered office: 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF

Nature of business: Construction of domestic buildings

%

Class of shares:

holding

Ordinary shares

100.00

Eastco Homes Limited (Company number 10505664) has taken advantage of s479A of the Companies Act 2006 to dispense with the need to have an audit. In order to qualify for this exemption Esendee Holdings Limited has provided a guarantee under this section of the Act.

ECL Infrastructures Limited

Registered office: 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF

Nature of business: Dormant

%

Class of shares:

holding

Ordinary shares

100.00

ECL Civils Limited

Registered office: 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

All the subsidiaries shown were incorporated in Great Britain, registered in England and Wales and are included in the consolidation.

In the opinion of the directors the shares in the company's subsidiaries are worth at least the amounts at which they are stated in the balance sheet.

15.

STOCKS

Group

2025

2024

£'000

Raw materials

828

976

Work-in-progress

339

1,167

1,315

There was no write-down of stock during the year.

16.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Trade debtors

2,333

2,198

-

Amounts owed by group undertakings

-

201

166

Amounts recoverable on contract

21,157

19,521

-

Other debtors

3

785

-

Directors' current accounts

2,243

849

2,243

849

VAT

1,029

816

-

Deferred tax asset

-

104

106

Prepayments

216

160

26

29

26,981

24,329

2,574

1,150

Debtors considered recoverable in more than one year are shown within amounts recoverable on contracts for £191,429 (2024 - £239,750).

17.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Bank loans and overdrafts (see note 19)

353

394

1,440

394

Hire purchase contracts (see note 20)

2,844

4,027

-

Payments on account

1,637

1,013

-

Trade creditors

19,472

21,223

2

1

Amounts owed to group undertakings

-

3,349

2,576

Social security and other taxes

162

181

-

Other creditors

347

91

-

Accrued expenses

1,316

1,464

50

26

26,131

28,393

4,841

2,997

18.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

2025

2024

2025

2024

£'000

Bank loans (see note 19)

2,046

2,404

2,046

2,404

Hire purchase contracts (see note 20)

1,555

2,485

-

3,601

4,889

2,046

2,404

19.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2025

2024

2025

2024

£'000

Amounts falling due within one year or on

demand:

Bank overdrafts

-

1,087

-

Bank loans

353

394

353

394

353

394

1,440

394

Amounts falling due between two and five

years:

Bank loans - 2-5 years

1,066

1,012

1,066

1,012

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

980

1,392

980

1,392

20.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Hire purchase

contracts

2025

2024

£'000

Net obligations repayable:

Within one year

2,844

4,027

Between one and five years

1,555

2,485

4,399

6,512

21.	SECURED DEBTS

The following secured debts are included within creditors:

Group

Company

2025

2024

2025

2024

£'000

Bank overdrafts

-

1,087

-

Bank loans

2,399

2,798

2,399

2,798

Hire purchase contracts

4,399

6,512

-

6,798

9,310

3,486

2,798

There is a fixed charge over the land and buildings of the company.

There is a fixed and floating charge over all assets of the company and its subsidiaries in favour of National Westminster Bank Plc.

There is an unlimited multilateral guarantee given by the company for its subsidiaries, in favour of National Westminster Bank Plc. The total amount secured as at 31 July 2025 was £NIL (2024 - £3).

The hire purchase creditors are secured on the assets to which they relate.

There is a fixed charge for land at Dunstable road, Tilsworth, owned by Esendee in favour of Barclays Bank plc for the amount of £1,392,388 (31 July 2024 - £1,481,247).

22.	PROVISIONS FOR LIABILITIES

Group

2025

2024

£'000

Deferred tax

1,299

389

Group

Deferred

tax

£'000

Balance at 1 August 2024

389

Accelerated capital allowances

(610

)

Pension creditor

(1

)

Tax losses used in the year

1,521

Balance at 31 July 2025

1,299

Company

Deferred

tax

£'000

Balance at 1 August 2024

(106

)

Accelerated capital allowances

Tax losses in the year

1

Balance at 31 July 2025

(105

)

Deferred tax is provided at the future effective tax rate of 25% (2024 - 25%) based on the rates substantively enacted at the balance sheet date, the expected timing of the reversals and the profitability of the group.

23.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

101

Ordinary 'A'

1p

1

101

Ordinary 'B'

1p

1

2

24.	PENSION COMMITMENTS

The group does not operate a defined benefit pension scheme but a defined contribution pension scheme. The company makes contributions to its pension scheme for employees of the company, including directors. The pension cost charge for the period represents contributions payable by the company to the company pension scheme and amounted to £388,541 (2024 - £359,237).

Contributions of £32,829 (2024 - £33,231) were payable to the employees schemes at the year end.

25.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2025 and 31 July 2024:

2025

2024

£'000

S A Hoare

Balance outstanding at start of year

14

-

Amounts advanced

841

14

Amounts repaid

(14

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

841

14

S J Tysoe

Balance outstanding at start of year

835

-

Amounts advanced

1,518

938

Amounts repaid

(950

)

(103

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

1,403

835

26.	RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

2025

2024

£'000

Amount due from related party

2,243

849

The loans are unsecured and interest free.

The directors of the group have guaranteed the debts owed to National Westminster Bank Plc totalling £1,006,791 (2024 - £1,316,987) across the group.

Other related parties

2025

2024

£'000

Services received

1,959

1,939

Services provided

2,358

1,758

Amount due from related party

2,232

1,528

Amount due to related party

446

602

During the period the group provided and received services to and from companies which are owned by directors of the group.

27.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Mr S Hoare and Mr S Tysoe.