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

The group has continued its key activities of property maintenance and refurbishment for public and private sector clients, construction projects in the education, defence, justice and health sectors, and responsive and planned infrastructure services at utilities and defence establishments.

Property Services

The Property Services division saw continued growth during the year across its primary workstreams:

Property Care - providing electrical, mechanical and building fabric repairs, servicing, maintenance and planned installations across domestic properties throughout the UK, predominantly through long-term contracts with local authorities and housing associations. In addition to the business’s core M&E and fabric offering, the following sub-divisions enhanced and broadened the scope of services provided:

• Independent & Supported Living – dedicated to delivering Property Care services tailored to assisted and independent living schemes and care homes. Drawing on years of experience managing such sensitive properties, and developing tailored customer care practices and liaison roles, this specialist division was formally established last year and has shown continuous expansion.

• Retrofit & Building Services – providing building fabric and fire suppression system installations, domestic building maintenance, repairs, installation contracts, and numerous government-funded retrofit schemes. Benefitting from the expertise of industry specialists, the division successfully completed numerous large-scale retrofit programmes, ensuring the implementation of the latest technologies and standards.

Facilities Management - providing electrical, mechanical and building fabric repairs, servicing, maintenance and planned installations across commercial properties throughout the UK, predominantly through long-term maintenance contracts with local authorities and housing associations. Recent enhancements to this sub-division included the launch of DG EnviroCare, expanding the commercial service provision to incorporate a broader spectrum of soft FM services, such as pest control, gardening, bird control, property clearance and hygiene services, promoting a strategic commitment to a more Total FM offering.

Decarbonisation / Projects – focused on the design and installation of sustainable energy solutions, from feasibility study to project completion. The business has established partnerships with multiple consultants to assist clients in accessing finance and funding mechanisms, vital to the advancement of their estates towards Net Zero targets.

Construction

The Construction division continued to secure sizeable schemes with select main contractors across all regions, strategically targeting projects in the education, defence, justice, and health sectors. Our in-house design teams have continued to champion low carbon and Net Zero Carbon in Operation (NZCiO) projects.

Defence Services

The Defence Services division continued with its long-term contracts providing planned maintenance and infrastructure services on multiple M.O.D. establishments. The consistent revenue stream from the planned maintenance element of these frameworks continues to be supplemented by additional project work secured through our permanent presence on the bases.

Utilities

The Utilities division continued to deliver consistent work streams in the water and telecoms sectors, through various long-term frameworks for major operators in this market. Supported by our specialist engineering teams, the division has continued to secure significant repeat business.

The directors consider that the group's key financial performance indicators are those that communicate the profitability and strength of the group as a whole, these being pre-tax profit and net assets.

Pre-tax profit for the year was £7,475,000 (2024: £6,290,000).

Net assets at the year end were £64,163,000 (2024: £59,664,000).

Section 172(1) of the Companies Act 2006 requires the directors to act in a way that they consider, in good faith, would most likely promote the success of the group for the benefit of its members and stakeholders. In order to comply, the directors are required to have regard, amongst other matters, to:

• the likely consequences of any decisions in the long-term;

• the interests of the group's employees;

• the need to foster the group's business relationships with suppliers, customers and others;

• the impact of the group's operations on the community and environment;

• the maintenance of its reputation for high standards of business conduct; and

• the need to act fairly as between the different stakeholders of the group.

In discharging these duties, the directors have regard to the interests and views of its internal and external stakeholders.

By considering the group's purpose, vision, and values, together with its strategic priorities, the directors aim to ensure that their decisions are consistent and equitable. The group has established policies and procedures that reflect its commitment to responsible business practices.

These policies are communicated clearly and consistently across the staff base. The group seeks to foster a culture of open communication and transparency, and management is actively engaged in setting, approving, and overseeing the execution of the business strategy and related policies. We aim to be a responsible employer, having due regard for remuneration, health, safety, and well-being of all employees.

Engagement with customers and suppliers is essential for any successful business. All levels of management meet with both on a regular basis, ensuring ongoing dialogue and cooperation regarding performance and compliance, both technical and legal.

Financial and operational performance of the business are reviewed on a quarterly basis with formal reporting and review at both board and executive level, and on a monthly basis within individual business units.

Regular meetings are held throughout the year with directors and local management teams, with participation from other senior employees. Through these and other means the directors review a variety of important matters over the course of the financial year including risk and compliance, corporate governance, environmental, legal, and health and safety matters, as well as corporate social responsibility, and other stakeholder related issues.

On behalf of the board

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

The principal activity of the group continued to be that of electrical, heating and ventilation engineers and contractors.

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

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £500,000 (2024: £500,000). The directors do not recommend payment of a further dividend.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

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

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

Energy and Carbon Report

Compliance Overview

This report covers the Dodd Group of companies for the financial year 1st April 2024 to 31st March 2025. The report details annual GHG emissions (Scope 1 & 2) from activities for which the group is directly responsible. Having considered the potential metrics within the business, we have concluded that Dodd Group's overall turnover of £254,942,000 is the most appropriate to achieve a benchmark which aligns with the carbon reduction policy and methodology that Dodd Group are currently working towards. The facilities owned by Dodd Group comprise offices, storage and workshops where client needs are managed and delivered. There is a large fleet of company vehicles that consume the majority of the carbon footprint for the company. The key environmental risks identified include waste management, provision of utilities and fuel, and legionella, which can become apparent if a building is not properly maintained and managed. The management recognise their responsibility to monitor and control the impact of these risks.

Methodology and Estimates

The methodology used to calculate total energy consumption and carbon emissions has been through the extraction of consumption data from invoices and meter reads for the financial year stated. Where data was not available, estimates have been calculated using historical profiles and details kept in the group's evidence pack. Energy and fuel consumption has been converted to carbon (TCO2e) using 2024 Government published conversion factors (Greenhouse gas reporting: conversion factors 2024).

Energy Performance Benchmarking

Dodd Group have already taken the necessary steps to show their commitment to reducing GHG emissions. A key action undertaken was to reduce greenhouse gas emissions for its fleet of vehicles. The trial of Electric and Hybrid vehicles was successful and therefore the migration to fully electric vehicles is continuing.

Energy Efficiency Action Taken

In the last year and up to date, Dodd Group have undertaken the following:

20 fully electric vans in use

82 fully electric cars in use and another 7 on order

Offset 2023 carbon emissions

Switched energy providers for 82% of suppliers, to renewable energy/non fossil fuel in 2024

On a continual basis, all drivers are completing a Driver safety awareness and eco driving training presentation (including driving electric vehicles) which was created for the Dodd Group, internet-based training portal.

Solar Panels installed at the new Great Yarmouth branch

Started installing Roam EV chargers at branch offices

Statistics

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

We have audited the financial statements of Dodd Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 17 to 35 form part of these financial statements.

The notes on pages 17 to 35 form part of these financial statements.

The notes on pages 17 to 35 form part of these financial statements.

The notes on pages 17 to 35 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company made a profit before tax this year of £178,860 (2024: £118,000).

The notes on pages 17 to 35 form part of these financial statements.

Dodd Group Holdings Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is Stafford Park 13, Telford, Shropshire, United Kingdom, TF3 3AZ.

The group consists of Dodd Group Holdings Limited and all of its subsidiaries.

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1,000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Dodd Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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

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

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

Turnover represents amounts receivable for services, net of VAT and trade discounts, wholly in respect of construction activities which are described below.

Attributable profit on construction contracts is recognised only where the outcome of a contract can be assessed with reasonable certainty, and is determined by reference to the degree of completion of the work. Costs for these contracts on which the company has obtained a right to consideration through partial performance of contractual obligations, and is reasonably certain that the contractual obligations will be achieved in full, are recognised as costs of sale. Attributable revenue on such contracts is recognised as turnover.

In the event that a loss on completion of a contract is forecast, a provision for losses to contract completion is recognised irrespective of the stage of completion of the contract, by reference to the best estimate of the forecast results measured on a reasonable basis. Provision for losses on contract completion are presented as "provisions" in the balance sheet.

The amount by which recorded turnover is in excess of invoiced turnover is included in debtors as "amounts recoverable on contracts". Amounts of invoiced turnover which are in excess of recognised turnover are included in creditors.

Costs for contracts which are not deemed sufficiently progressed to warrant profit recognition, or where there is no contractual right to consideration for partial performance, are treated as work in progress and are stated at the lower of cost or net realisable value.

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for as tangible fixed assets.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Payments received on account are deducted from work in progress and if in excess of individual contract values are included in creditors.

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

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

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

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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 group's contractual obligations expire or are discharged or cancelled.

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

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred taxation is provided in full in respect of material amounts of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that 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 reporting end date, 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. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recognition of profit on long term contracts requires management judgement regarding the anticipated final revenue and costs on individual contracts and the stage of completion of contracts at the year end. Management undertakes detailed reviews of contracts monthly to exercise judgement over the outcome of each project.

Regular management reviews of contract progress include comparison of internal cost forecast, applications for payments made by sub-contractors and external valuations of works completed to date.

Management maintain robust processes and procedures to ensure that estimates are applied on a consistent basis.

The Group makes an estimate of the realisable value of its investments. When assessing impairment of investment, management considers current and predicted future probability of the investments and future cash flows from the investment.

The recoverability of trade debtor balances can be uncertain and could lead to possible impairment. The group assesses the recoverability of trade debtors based on historical experience, with reference to the financial position and performance of the counterparty, amongst other factors.

An analysis of the group's turnover is as follows:

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

Their aggregate remuneration comprised:

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

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

The fair value of investments property has been arrived at on the basis of valuations carried out in 2023 by Andrew Dixon and Co, Underwoods LLP and Cruso & Wilkin all firms of chartered surveyors who are not connected to the company.

The valuation was made on the open market value basis by reference to market evidence of transactions price for similar properties, in accordance with current RICS valuation practice statements and guidance notes.

The Directors are of the opinion that the investment properties have not materiality changed since the valuation date.

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

Financial assets measured at amortised cost consists of trade debtors, other debtors and cash at bank.

Financial assets measured at fair value through the profit or loss consist of current asset investments.

Financial liabilities measured at amortised cost consists of trade creditors, directors' current accounts, obligations under hire purchase contracts, payments on accounts and other creditors and accruals.

Unlisted investments comprise loan notes to various UK companies. In the year there were additions of £860,000 and an impairment charge of £2,495,000 (2024: £319,000) which has been charged to the profit and loss account.

Included within current assets are investments in unconsolidated subsidiaries. Their shares are held as collateral against a debt due to a trading subsidiary, and the group's control is not used to deploy the underlying assets and liabilities as part of the group's continuing actvities. It is on this basis that they have been excluded from consolidation and included within current asset investments. The carrying value of both the investments and the associated debt at the year end was £Nil (2024: £Nil).

Other creditors comprise of amounts due under long-term remuneration agreements.

Hire purchase payments represent rentals payable by the company or group for certain items of plant and machinery. Contracts include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All contracts are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The pension fund provision is in respect of a subsidiary company’s liability to a defined benefit pension fund provided by a Local Government Pension Scheme. Under the terms of its contract, the company is liable up to a maximum of £50,000.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The group contributes to a defined contribution personal pension scheme for all qualifying employees.

At the year end contributions of £104,587 (2024: £129,699) were outstanding.

The shares carry a right to vote, a right to a dividend and the right to participate in a distribution of capital on winding up.

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

Included in the above is a commitment for £1,178,333 relating to a 125 year lease for ground rent, expiring in May 2110 and a commitment for £989,083 relating to a 125 year lease for ground rent, expiring in February 2115.

During the year loan accounts were operated with the Directors. At the year end £1,049,093 (2024: £664,967) was owed to the directors in this regard.

No guarantees have been given or received.

An interim dividend of £500,000 was paid after the year end in respect of financial year ended 31 March 2026.

The ultimate controlling parties are various Dodd family trusts, by virtue of their combined shareholdings.