IRIS Accounts Production v25.4.0.155 05471244 Board of Directors Board of Directors 31.3.25 1.4.24 31.3.25 31.3.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false true false Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05471244 2024-03-31 05471244 2025-03-31 05471244 2024-04-01 2025-03-31 05471244 2023-03-31 05471244 2023-04-01 2024-03-31 05471244 2024-03-31 05471244 ns15:EnglandWales 2024-04-01 2025-03-31 05471244 ns14:PoundSterling 2024-04-01 2025-03-31 05471244 ns10:Director1 2024-04-01 2025-03-31 05471244 ns10:Director2 2024-04-01 2025-03-31 05471244 ns10:Consolidated 2025-03-31 05471244 ns10:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 05471244 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 05471244 ns10:Consolidated ns10:MediumEntities 2024-04-01 2025-03-31 05471244 ns10:Consolidated ns10:Audited 2024-04-01 2025-03-31 05471244 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 05471244 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 05471244 ns10:Consolidated 2024-04-01 2025-03-31 05471244 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 05471244 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 05471244 ns10:FullAccounts 2024-04-01 2025-03-31 05471244 ns5:Subsidiary1 2024-04-01 2025-03-31 05471244 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 05471244 ns10:Director4 2024-04-01 2025-03-31 05471244 ns10:CompanySecretary1 2024-04-01 2025-03-31 05471244 ns10:RegisteredOffice 2024-04-01 2025-03-31 05471244 ns10:Director3 2024-04-01 2025-03-31 05471244 ns10:Consolidated 2023-04-01 2024-03-31 05471244 ns5:ShareCapital 2025-03-31 05471244 ns5:ShareCapital 2024-03-31 05471244 ns5:ShareCapital 2023-03-31 05471244 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 05471244 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 05471244 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 05471244 ns5:CostValuation 2024-03-31 05471244 1 ns5:Subsidiary1 2024-04-01 2025-03-31 05471244 ns5:Subsidiary1 2025-03-31 05471244 ns5:Subsidiary1 2024-03-31 05471244 ns5:Subsidiary1 2023-04-01 2024-03-31 05471244 ns10:OrdinaryShareClass1 2025-03-31 05471244 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31

REGISTERED NUMBER: 05471244 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

G R Carr (Holdings) Limited

G R Carr (Holdings) Limited (Registered number: 05471244)

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Consolidated Statement of Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 17 |

G R Carr (Holdings) Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | J Gilliland

| J Riley

| D J Riley

| SECRETARY: | J Riley

| REGISTERED OFFICE: | Archers Fields

| Burnt Mills Industrial Estate

| Basildon

| Essex

| SS13 1DN

| REGISTERED NUMBER: | 05471244 (England and Wales)

| AUDITORS: | Cartwrights

| Chartered Accountants and Business Advisors

| Statutory Auditor

| Regency House

| 33 Wood Street

| Barnet

| Hertfordshire

| EN5 4BE

| BANKERS: | Barclays Bank Plc

| 75 High Street

| Brentwood

| Essex

| CM14 4RP

G R Carr (Holdings) Limited (Registered number: 05471244)

Group Strategic Report

for the Year Ended 31 March 2025

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

REVIEW OF BUSINESS

The company has continued to further diversify its activities into the nuclear sector. The extensive amount of time and capital investment invested into developing the company's processes, procedures and infrastructure in order to be able to progress further within this industry, is now seeing a return. The company has and will continue to develop its own unique methods and procedures to facilitate growth in the field of nuclear technology. The company is continuing to enhance our abilities to carry out work in ever developing areas within this sector such as the small nuclear reactor technologies and the development of future new build sites such as Sizewell C. We continue to train our personnel, adapt our processes and working procedures to rise to every new challenge each individual contract may bring.

Although the company has undergone some significant restructuring during the 2024-2025 period, performance has

continued to grow and build an even stronger and healthier corporate position.

Some administrative appointments have enhanced the company's development into the nuclear sector work whilst still maintaining good progress in the more historic oil, gas and petrochemical sectors. Success with some longer-term contracts and continually building upon new and existing relationships has positioned the company well for security over a longer term.

Our well-established workforce continues to deliver on the industry's required KPI's of safety, quality, and productivity and are constantly evolving to satisfy the new and challenging developments within the company's sphere of operation.

We are keen to further develop our facilities and therefore the company's capacity and capability to expand on the ongoing successes with our current client base and to capitalise on future opportunities.

Sound business practices, a progressive approach and sensible control of reserves and cash flow have allowed the group to weather fluctuations in the UK economy and continue to move it forward.

Key performance indicators

Turnover is an important metric as it reflects the core underlying activities of the group.

Operating profit is an important metric as it is an indirect measure of efficiency. The higher the operating profit, the more profitable the company's core business is.

Earnings before interest, tax, depreciation and amortisation ("EBITDA") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges.

The figures for these 3 key performance measures are stated below:

| 2025 |  | 2024 |  |

Turnover |  | £12,115,625 |  | £10,394,863 |  |

Operating profit/(loss) |  | £1,365,951 |  | £1,175,865 |  |

EBITDA |  | £1,750,488 |  | £1,396,626 |  |

Turnover rose 2%.

All metrics improved in the year and the directors expect the group to remain profitable in the 2026 financial year.

G R Carr (Holdings) Limited (Registered number: 05471244)

Group Strategic Report

for the Year Ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Financial and liquidity risks

The group operates in the UK and is exposed to both general economic conditions and specific conditions in the pharmaceutical, oil, petrochemical and gas industry, particularly regarding oil prices which indirectly affect our customers budgets on capital projects. As a result of this, the group is in the process of diversifying into other technologies such as the nuclear sector for which it has had to develop new processes, procedures, policies and practices. Retraining and retention of staff has been particularly difficult with some markets cooling however there are good signs that other developing sectors will benefit the skill set that the group and its personnel possess. Good opportunities lie ahead.

Operational risks

Health and safety - all staff are provided with comprehensive training to ensure they are fully compliant with the relevant legislation and guidelines, are all aware of the risks they are undertaking and how they can help to mitigate them.

ON BEHALF OF THE BOARD:

J Riley - Director

5 December 2025

G R Carr (Holdings) Limited (Registered number: 05471244)

Report of the Directors

for the Year Ended 31 March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of fabrication, installation, testing and coating of industrial pipework and structural steelwork together with ancillary equipment within oil refining, petrochemical and gas storage facilities and process plants, pharmaceutical and chemical industries, power plants, nuclear power stations, waste environments and other such similar establishments.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The directors do not anticipate significant changes in the structure of the group for the foreseeable future.

DIRECTORS

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

J Gilliland

J Riley

D J Riley

Other changes in directors holding office are as follows:

S Gilliland - resigned 31 July 2024

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;

- | 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.

G R Carr (Holdings) Limited (Registered number: 05471244)

Report of the Directors

for the Year Ended 31 March 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

J Riley - Director

5 December 2025

Report of the Independent Auditors to the Members of

G R Carr (Holdings) Limited

Opinion

We have audited the financial statements of G R Carr (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Report of the Independent Auditors to the Members of

G R Carr (Holdings) Limited

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 four, 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.

Report of the Independent Auditors to the Members of

G R Carr (Holdings) 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.

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

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Report of the Independent Auditors to the Members of

G R Carr (Holdings) Limited

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.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

5 December 2025

G R Carr (Holdings) Limited (Registered number: 05471244)

Consolidated Statement of Comprehensive Income

for the Year Ended 31 March 2025

| 31/3/25 |  | 31/3/24

| Notes | £ | £ |

TURNOVER | 4 | 12,115,625 |  | 10,394,863 |  |

Cost of sales | (8,498,557 | ) | (7,270,922 | ) |

GROSS PROFIT | 3,617,068 |  | 3,123,941 |  |

Administrative expenses | (2,344,557 | ) | (2,052,350 | ) |

1,272,511 |  | 1,071,591 |  |

Other operating income | 5 | 93,439 |  | 104,274 |  |

OPERATING PROFIT | 8 | 1,365,950 |  | 1,175,865 |  |

Income from fixed asset investments | - |  | 38,352 |  |

Interest receivable and similar income | 139,495 |  | 39,581 |  |

PROFIT BEFORE TAXATION | 1,505,445 |  | 1,253,798 |  |

Tax on profit | 9 | (381,896 | ) | (307,580 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,123,549 |  | 946,218 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of land and buildings | - |  | 2,926,000 |  |

Income tax relating to other comprehensive income | - |  | (731,500 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | 2,194,500 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,123,549 |  | 3,140,718 |  |

Profit attributable to:

Owners of the parent | 1,123,549 |  | 946,218 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,123,549 |  | 3,140,718 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Consolidated Balance Sheet

31 March 2025

| 31/3/25 | 31/3/24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 6,445,872 |  | 6,242,659 |  |

Investments | 12 | - |  | - |  |

6,445,872 |  | 6,242,659 |  |

CURRENT ASSETS

Debtors | 13 | 1,641,473 |  | 2,982,514 |  |

Cash at bank and in hand | 4,885,477 |  | 2,519,402 |  |

6,526,950 |  | 5,501,916 |  |

CREDITORS

Amounts falling due within one year | 14 | 1,191,452 |  | 1,142,698 |  |

NET CURRENT ASSETS | 5,335,498 |  | 4,359,218 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,781,370 |  | 10,601,877 |  |

PROVISIONS FOR LIABILITIES | 18 | 1,447,174 |  | 1,391,230 |  |

NET ASSETS | 10,334,196 |  | 9,210,647 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,000 |  | 1,000 |  |

Revaluation reserve | 20 | 3,680,485 |  | 3,680,485 |  |

Retained earnings | 20 | 6,652,711 |  | 5,529,162 |  |

SHAREHOLDERS' FUNDS | 10,334,196 |  | 9,210,647 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

J Riley - Director

J Gilliland - Director

G R Carr (Holdings) Limited (Registered number: 05471244)

Company Balance Sheet

31 March 2025

| 31/3/25 |  | 31/3/24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 1,000 |  | 1,000 |  |

1,000 |  | 1,000 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,000 |  | 1,000 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,000 |  | 1,000 |  |

SHAREHOLDERS' FUNDS | 1,000 |  | 1,000 |  |

Company's profit for the financial year | - |  | - |  |

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

J Riley - Director

J Gilliland - Director

G R Carr (Holdings) Limited (Registered number: 05471244)

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |  | Fair |

| share |  | Retained |  | Revaluation |  | value |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 1,000 |  | 4,576,799 |  | 1,485,985 |  | 6,145 |  | 6,069,929 |  |

Changes in equity

Total comprehensive income | - |  | 952,363 |  | 2,194,500 |  | (6,145 | ) | 3,140,718 |  |

Balance at 31 March 2024 | 1,000 |  | 5,529,162 |  | 3,680,485 |  | - |  | 9,210,647 |  |

Changes in equity

Total comprehensive income | - |  | 1,123,549 |  | - |  | - |  | 1,123,549 |  |

Balance at 31 March 2025 | 1,000 |  | 6,652,711 |  | 3,680,485 |  | - |  | 10,334,196 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1,000 |  | - |  | 1,000 |  |

Changes in equity

Balance at 31 March 2024 | 1,000 |  | - |  | 1,000 |  |

Changes in equity

Balance at 31 March 2025 | 1,000 |  | - |  | 1,000 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

| 31/3/25 |  | 31/3/24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,914,358 |  | (388,534 | ) |

Interest paid | 1 |  | - |  |

Tax paid | (250,989 | ) | 80,741 |  |

Net cash from operating activities | 2,663,370 |  | (307,793 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (480,533 | ) | (416,840 | ) |

Sale of tangible fixed assets | 51,228 |  | 62,218 |  |

Investment movement | - |  | 532,297 |  |

Interest received | 139,495 |  | 39,581 |  |

Dividends received | - |  | 38,352 |  |

Net cash from investing activities | (289,810 | ) | 255,608 |  |

Increase/(decrease) in cash and cash equivalents | 2,373,560 |  | (52,185 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,511,917 |  | 2,564,102 |  |

Cash and cash equivalents at end of year | 2 | 4,885,477 |  | 2,511,917 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Profit before taxation | 1,505,445 |  | 1,253,798 |  |

| Depreciation charges | 245,043 |  | 182,409 |  |

| Profit on disposal of fixed assets | (18,952 | ) | (51,542 | ) |

| Finance income | (139,495 | ) | (77,933 | ) |

1,592,041 |  | 1,306,732 |  |

| Decrease/(increase) in trade and other debtors | 1,341,041 |  | (1,601,554 | ) |

| Decrease in trade and other creditors | (18,724 | ) | (93,712 | ) |

| Cash generated from operations | 2,914,358 |  | (388,534 | ) |

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 March 2025

| 31/3/25 |  | 1/4/24

£ | £ |

| Cash and cash equivalents | 4,885,477 |  | 2,519,402 |  |

| Bank overdrafts | - |  | (7,485 | ) |

4,885,477 |  | 2,511,917 |  |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£ | £ |

| Cash and cash equivalents | 2,519,402 |  | 2,564,102 |  |

| Bank overdrafts | (7,485 | ) | - |  |

2,511,917 |  | 2,564,102 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,519,402 |  | 2,366,075 |  | 4,885,477 |  |

| Bank overdrafts | (7,485 | ) | 7,485 |  | - |  |

2,511,917 |  | 2,373,560 |  | 4,885,477 |  |

| Total | 2,511,917 |  | 2,373,560 |  | 4,885,477 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| G R Carr (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.

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.

| Basis of consolidation

| The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to the balance sheet date. The results of subsidiaries sold or acquired are included in the profit and loss accounts up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consideration.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments have had the most significant effect on amounts recognised in the financial statements:

| Tangible fixed assets

| Tangible fixed assets are depreciated over their useful lives taking into accounts residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue recognition - provision of goods and services

| Turnover is recognised when the significant ownership of the goods have transferred to the buyer or the provision of services has been completed, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Sales of goods are recognised on sale to the customer, which is the point of delivery. Sales of services are recognised on the provision of the service to the customer. All sales are invoiced and on credit.

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

| Land and buildings freehold - 2.5% straight line (buildings only)

| Plant and machinery - 20% reducing balance

| Fixture, fittings and equipments - 15% reducing balance

| Motor vehicles - 25% reducing balance

| Depreciation is not provided on freehold land.

| Freehold land and buildings are stated at deemed cost. Other tangible fixed assets are stated at cost less depreciation.

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | 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.

| The group only enters into basic financial instrument transactions.

| 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.

| Financial assets are derecognised when:

| - the contractual right to cash flows from the asset are settled or expire,

| - substantially all the risk and rewards of the ownership of the asset are transferred to another party or

| - despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

| 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 any bank loans, 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.

| 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.

| Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

| Deferred tax

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

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| 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

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Investments

| Investments comprise investments in equity instruments which are measured at fair value in accordance with FRS102 section 11. Changes in fair value are recognised in profit or loss. Fair value is derived from quoted market transactions.

4. | TURNOVER

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

5. | OTHER OPERATING INCOME

| 31/3/25 |  | 31/3/24

£ | £ |

| Rents received | 88,269 |  | 90,000 |  |

| Sundry receipts | 5,170 |  | 14,274 |  |

93,439 |  | 104,274 |  |

6. | EMPLOYEES AND DIRECTORS

| 31/3/25 |  | 31/3/24

£ | £ |

| Wages and salaries | 4,033,375 |  | 3,682,406 |  |

| Social security costs | 445,886 |  | 397,936 |  |

| Other pension costs | 101,407 |  | 99,191 |  |

4,580,668 |  | 4,179,533 |  |

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

| 31/3/25 |  | 31/3/24

| Production staff | 53 |  | 57 |  |

| Management staff | 16 |  | 16 |  |

69 |  | 73 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

7. | DIRECTORS' EMOLUMENTS

| 31/3/25 |  | 31/3/24

£ | £ |

| Directors' remuneration | 609,234 |  | 537,848 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 31/3/25 |  | 31/3/24

£ | £ |

| Emoluments etc | 192,186 |  | 187,052 |  |

| Payments in the year included pension payments on behalf of the directors amounting to £17,017 (2024: £29,593).

8. | OPERATING PROFIT

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Hire of plant and machinery | 370,662 |  | 309,324 |  |

| Depreciation - owned assets | 245,044 |  | 182,440 |  |

| Profit on disposal of fixed assets | (18,952 | ) | (51,542 | ) |

| Auditors' remuneration | 8,200 |  | 10,361 |  |

| Auditors' remuneration for non audit work | 3,965 |  | - |  |

9. | TAXATION

| Analysis of the tax charge

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Current tax:

| UK corporation tax | 325,952 |  | 250,989 |  |

| UK corporation tax prior year | - |  | (424 | ) |

| Total current tax | 325,952 |  | 250,565 |  |

| Deferred tax | 55,944 |  | 57,015 |  |

| Tax on profit | 381,896 |  | 307,580 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31/3/25 |  | 31/3/24

£ | £ |

| Profit before tax | 1,505,445 |  | 1,253,798 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 376,361 |  | 313,450 |  |

| Effects of:

| Expenses not deductible for tax purposes | 76,692 |  | 1,066 |  |

| Income not taxable for tax purposes | (6,685 | ) | (9,588 | ) |

| Capital allowances in excess of depreciation | (120,416 | ) | (53,939 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (424 | ) |

| Deferred tax | 55,944 |  | 57,015 |  |

| Total tax charge | 381,896 |  | 307,580 |  |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 31 March 2025.

| 31/3/24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of land and buildings | 2,926,000 |  | (731,500 | ) | 2,194,500 |  |

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.

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 5,644,250 |  | 1,046,288 |  | 184,809 |  | 441,855 |  | 7,317,202 |  |

| Additions | - |  | 206,634 |  | 9,670 |  | 264,229 |  | 480,533 |  |

| Disposals | - |  | (129,782 | ) | - |  | (69,846 | ) | (199,628 | ) |

| At 31 March 2025 | 5,644,250 |  | 1,123,140 |  | 194,479 |  | 636,238 |  | 7,598,107 |  |

| DEPRECIATION

| At 1 April 2024 | 94,250 |  | 614,984 |  | 73,052 |  | 292,257 |  | 1,074,543 |  |

| Charge for year | 3,250 |  | 125,172 |  | 18,214 |  | 98,408 |  | 245,044 |  |

| Eliminated on disposal | - |  | (117,703 | ) | - |  | (49,649 | ) | (167,352 | ) |

| At 31 March 2025 | 97,500 |  | 622,453 |  | 91,266 |  | 341,016 |  | 1,152,235 |  |

| NET BOOK VALUE

| At 31 March 2025 | 5,546,750 |  | 500,687 |  | 103,213 |  | 295,222 |  | 6,445,872 |  |

| At 31 March 2024 | 5,550,000 |  | 431,304 |  | 111,757 |  | 149,598 |  | 6,242,659 |  |

| Included in cost or valuation of land and buildings is freehold land of £5,514,250 (2024 - £5,514,250) which is not depreciated.

| Cost or valuation at 31 March 2025 is represented by:

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2002 | 863,064 |  | - |  | - |  | - |  | 863,064 |  |

| Valuation in 2005 | 1,210,000 |  | - |  | - |  | - |  | 1,210,000 |  |

| Valuation in 2016 | (91,750 | ) | - |  | - |  | - |  | (91,750 | ) |

| Valuation in 2024 | 2,926,000 |  | - |  | - |  | - |  | 2,926,000 |  |

| Cost | 736,936 |  | 1,123,140 |  | 194,479 |  | 636,238 |  | 2,690,793 |  |

5,644,250 |  | 1,123,140 |  | 194,479 |  | 636,238 |  | 7,598,107 |  |

| If freehold land and buildings had not been revalued they would have been included at the following historical cost:

| 31/3/25 |  | 31/3/24

£ | £ |

| Cost | 736,936 |  | 736,936 |  |

| Aggregate depreciation | 87,750 |  | 87,750 |  |

| Value of land in freehold land and buildings | 658,936 |  | 658,936 |  |

| Freehold land and buildings were valued on an open market basis on 11 March 2024 by Glenny LLP .

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,000 |  |

| At 31 March 2024 | 1,000 |  |

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

| Subsidiary

| G R Carr (Essex) Limited

| Registered office: Archers Fields, Burnt Mills Industrial Estate, Basildon, Essex, SS13 1DN

| Nature of business:

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31/3/25 |  | 31/3/24

£ | £ |

| Aggregate capital and reserves | 10,334,196 |  | 9,210,647 |  |

| Profit for the year | 1,123,549 |  | 946,218 |  |

| The principal activity of the group in the year under review was that of fabrication, installation, testing and coating of industrial pipework and structural steelwork together with ancillary equipment within oil refining, petrochemical and gas storage facilities and process plants, pharmaceutical and chemical industries, power plants, nuclear power stations, waste environments and other such similar establishments.

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

| Group |

| 31/3/25 |  | 31/3/24 |

£ | £ |

| Trade debtors | 1,159,198 |  | 1,903,128 |  |

| Other debtors | 30,954 |  | 22,977 |  |

| Prepayments and accrued income | 451,321 |  | 1,056,409 |  |

1,641,473 |  | 2,982,514 |  |

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

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

| Group |

| 31/3/25 |  | 31/3/24 |

£ | £ |

| Bank loans and overdrafts (see note 15) | - |  | 7,485 |  |

| Trade creditors | 349,659 |  | 415,243 |  |

| Tax | 325,952 |  | 250,989 |  |

| Social security and other taxes | 127,043 |  | 131,476 |  |

| VAT | 129,437 |  | 83,466 |  |

| Other creditors | 15,736 |  | 7,389 |  |

| Accruals and deferred income | 243,625 |  | 246,650 |  |

1,191,452 |  | 1,142,698 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31/3/25 |  | 31/3/24 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | - |  | 7,485 |  |

16. | SECURED DEBTS

| The following asset held in the accounts is held as security formally charged to the bank (charge dated

| 28/11/2014):

| Archer Fields Close, Archer Fields, Burnt Mills, Industrial Estate, Basildon, Essex, SS13 1DN

17. | FINANCIAL INSTRUMENTS

| The group had the following financial instruments:

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Financial assets that are debt instruments measured at amortised cost |  | 1,190,152 |  |  | 1,926,105 |  |

| Financial assets that are equity instruments measured at cost less impairment |  | - |  |  | - |  |

|  | 1,190,152 |  |  | 1,926,105 |  |

| Financial liabilities measured at amortised cost |  | 960,929 |  |  | 896,048 |  |

| Financial assets measured at amortised cost comprise trade debtors, other debtors and tax debtors.

| Financial assets that are equity instruments measured at cost less impairment comprise of shares in group undertakings.

| Financial liabilities measured at amortised cost comprise of trade creditors, tax, social security and other taxes, VAT, other creditors and any bank loans.

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

18. | PROVISIONS FOR LIABILITIES

| Group |

| 31/3/25 |  | 31/3/24 |

£ | £ |

| Deferred tax | 1,447,174 |  | 1,391,230 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 1,391,230 |  |

| Provided during year | 55,944 |  |

| Balance at 31 March 2025 | 1,447,174 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/3/25 |  | 31/3/24

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

20. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 5,529,162 |  | 3,680,485 |  | 9,209,647 |  |

| Profit for the year | 1,123,549 |  | 1,123,549 |  |

| At 31 March 2025 | 6,652,711 |  | 3,680,485 |  | 10,333,196 |  |

| Company

| Retained

| earnings

£ |

| Profit for the year | - |

| At 31 March 2025 | - |  |

21. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund.

G R Carr (Holdings) Limited (Registered number: 05471244)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

22. | CONTINGENT LIABILITIES

| Performance Guarantees

| The group regularly enters into contracts with customers which include the requirement for bank performance guarantees to be signed at the outset of the contract. The terms of such guarantees are generally to oblige the group (as subcontractor) to provide a performance bond to the customer (the contractor) to fulfil their duties during the course of the contract. If duties are not fulfilled, then the group is not entitled to a return of the bond monies deposited.

| There were no performance bonds in place at the balance sheet date.