REGISTERED NUMBER: 05578139 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2025

for

Carver Engineering Services Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Directors' Responsibilities Statement

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

J Molloy

T J Sheppard

B Simms

N D Simms

SECRETARY:

Miss H Stubbs

REGISTERED OFFICE:

11 Brunel Close

Brunel Industrial Estate

Blyth Road, Harworth

Doncaster

South Yorkshire

DN11 8QA

REGISTERED NUMBER:

05578139 (England and Wales)

AUDITORS:

Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

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

Carver Engineering Services Limited is a trading subsidiary of the Carver Engineering Holdings Limited Group. The principal activity of the company are the general fabrication and engineering of steel products. The activity is split into three main divisions:

Railwork

General Fabrications

Highways

REVIEW OF BUSINESS

Turnover during the financial year reduced by £3,891,930 in 2025. The total turnover for the year was £8,155,424 compared to £12,047,354 (2024).

Gross profit margin was 19% compared to 19.1% in 2024.

Operating loss before taxation was £403,032 compared a profit of £742,701in 2024.

Full details of the results suffered are shown in the Statement of Comprehensive Income. The directors consider that the company has reduced turnover which has had a detrimental effect on the company's performance which has not further deteriorated.

The company retains reserves of £1,816,390 after the loss for the year and dividends voted that have a healthy balance of available funds.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a highly specialised sector which is influenced by public spending within the UK. While this environment remains challenging we understand the need to retain a diversified portfolio in order to spread risk and maximize profitability in a highly competitive market. The continuing success of the company is dependent upon the continued training and retention of key personnel. This will assist us in managing the uncertainties we face in the industry.

FUTURE DEVELOPMENTS

The company continues to undertake engineering work for highway bridges and the construction of large structures.

Railwork is the dominant activity with 77.1% (2024, 69.1%) of turnover generated from this principle activity. General fabrications produces 16.1% (2024,4.2%) of total turnover. The remaining 6.8% (2024, 26.8%) turnover relates to highway construction.

ON BEHALF OF THE BOARD:

T J Sheppard - Director

5 December 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary "A" £1 shares

484.46

31 March 2025

Ordinary "B" £1 shares

210.14

31 March 2025

Ordinary "C" £1 shares

143.18

31 March 2025

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £1,712,931.

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 Molloy

T J Sheppard

B Simms

N D Simms

DISCLOSURE IN THE STRATEGIC REPORT

The company has elected to set out the information required in the strategic report in a separate report, this includes a review of the business, future developments and details on the company's procedures relating to the principle risks and uncertainties.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T J Sheppard - Director

5 December 2025

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

Opinion

We have audited the financial statements of Carver Engineering Services Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation

- Analytical procedures to identify any unusual or unexpected relationships

- Testing appropriateness of journal entries

- Review of accounting estimates for potential bias

- Enquire with management as to actual and potential litigation and claims

- Review of correspondence

- Visiting premises and identifying WIP and stock

- Enquiry of independent audit examinations and good standing

- Laws and regulations compliance with regard to work conducted onsite

- Sampling of sales for additional verification for turnover

- Sampling of purchases for additional verification of expenditure

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ism's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or 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.

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.

David Adams FCA (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

5 December 2025

TURNOVER

4

8,155,424

12,047,354

Cost of sales

(6,603,381

)

(9,743,788

)

GROSS PROFIT

1,552,043

2,303,566

Administrative expenses

(1,971,073

)

(1,576,764

)

(419,030

)

726,802

Other operating income

15,998

15,899

OPERATING (LOSS)/PROFIT

6

(403,032

)

742,701

Interest receivable and similar income

19,292

17,052

(383,740

)

759,753

Interest payable and similar expenses

7

(445

)

(665

)

(LOSS)/PROFIT BEFORE TAXATION

(384,185

)

759,088

Tax on (loss)/profit

8

94,238

(200,369

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(289,947

)

558,719

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(289,947

)

558,719

FIXED ASSETS

Tangible assets

10

211,316

253,092

CURRENT ASSETS

Stocks

11

8,000

8,000

Debtors

12

2,150,058

4,840,376

Cash at bank and in hand

1,595,416

674,056

3,753,474

5,522,432

CREDITORS

Amounts falling due within one year

13

2,079,599

1,871,888

NET CURRENT ASSETS

1,673,875

3,650,544

TOTAL ASSETS LESS CURRENT LIABILITIES

1,885,191

3,903,636

CREDITORS

Amounts falling due after more than one year

14

(5,998

)

(13,195

)

PROVISIONS FOR LIABILITIES

17

(48,090

)

(56,460

)

NET ASSETS

1,831,103

3,833,981

CAPITAL AND RESERVES

Called up share capital

18

4,982

4,982

Share premium

19

9,731

9,731

Retained earnings

19

1,816,390

3,819,268

SHAREHOLDERS' FUNDS

1,831,103

3,833,981

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:

T J Sheppard - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

4,982

3,642,844

9,731

3,657,557

Changes in equity

Dividends

-

(382,295

)

-

(382,295

)

Total comprehensive income

-

558,719

-

558,719

Balance at 31 March 2024

4,982

3,819,268

9,731

3,833,981

Changes in equity

Dividends

-

(1,712,931

)

-

(1,712,931

)

Total comprehensive income

-

(289,947

)

-

(289,947

)

Balance at 31 March 2025

4,982

1,816,390

9,731

1,831,103

1.	STATUTORY INFORMATION

Carver Engineering Services 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company satisfies the criteria of being a qualifying entity under FRS 102. Its financial statements are consolidated into the financial statements of Carver Engineering Holdings Limited which are publicly available. As such advantage has been taken of the following reduced disclosures available under paragraph 1.12 of FRS 102;

(a) Disclosures in respect of each class of share capital has not been presented.

(b) No cashflow statement has been presented for the company.

(c) No disclosure has been given for the aggregate remuneration of key management.

Turnover

Turnover is measured at the fair valuation of the consideration received or receivable from construction and engineering contracts, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the extent to which the company has obtained the right to consideration through the performance of its contractual obligations to its clients. Turnover is derived from ordinary activities and is stated net of discounts and VAT.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

50% on reducing balance

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

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

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

4.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

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

31.3.25

31.3.24

£

£

Mining Sales

-

(1,956

)

General Fabrications

1,313,676

507,335

Railwork

6,285,724

8,319,241

Highways

556,024

3,222,734

8,155,424

12,047,354

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

8,155,424

12,047,354

8,155,424

12,047,354

5.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

2,328,343

2,084,889

Social security costs

241,963

214,513

Other pension costs

261,271

57,138

2,831,577

2,356,540

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

31.3.25

31.3.24

Directors

3

4

Office and Administration

11

7

Production

46

47

60

58

31.3.25

31.3.24

£

£

Directors' remuneration

51,324

49,019

Directors' pension contributions to money purchase schemes

203,968

5,597

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

Money purchase schemes

3

3

6.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

31.3.25

31.3.24

£

£

Equipment hire

656,926

465,181

Other operating leases

104,826

106,430

Depreciation - owned assets

59,237

68,007

Depreciation - assets on hire purchase contracts

4,794

6,392

Loss on disposal of fixed assets

2,150

-

Auditors' remuneration

24,807

4,670

Other non- audit services

15,149

10,429

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

HMRC interest

445

-

Hire purchase interest

-

665

445

665

8.

TAXATION

Analysis of the tax (credit)/charge

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

(85,868

)

187,788

Deferred tax

(8,370

)

12,581

Tax on (loss)/profit

(94,238

)

200,369

Reconciliation of total tax (credit)/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

£

£

(Loss)/profit before tax

(384,185

)

759,088

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

(96,046

)

189,772

Effects of:

Expenses not deductible for tax purposes

427

298

Accelerated capital allowances

1,381

3,557

Tax payable under S455 CTA 2010

-

6,742

Total tax (credit)/charge

(94,238

)

200,369

9.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary "A" shares of £1 each

Interim

1,294,477

-

Ordinary "B" shares of £1 each

Interim

275,277

249,357

Ordinary "C" shares of £1 each

Interim

143,177

132,938

1,712,931

382,295

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Office

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

858,222

294,108

162,400

55,749

1,370,479

Additions

15,710

-

-

9,195

24,905

Disposals

(10,360

)

-

(15,023

)

(14,214

)

(39,597

)

At 31 March 2025

863,572

294,108

147,377

50,730

1,355,787

DEPRECIATION

At 1 April 2024

728,326

212,779

124,723

51,559

1,117,387

Charge for year

35,969

12,199

9,208

6,655

64,031

Eliminated on disposal

(8,631

)

-

(14,177

)

(14,139

)

(36,947

)

At 31 March 2025

755,664

224,978

119,754

44,075

1,144,471

NET BOOK VALUE

At 31 March 2025

107,908

69,130

27,623

6,655

211,316

At 31 March 2024

129,896

81,329

37,677

4,190

253,092

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

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

34,090

DEPRECIATION

At 1 April 2024

14,915

Charge for year

4,794

At 31 March 2025

19,709

NET BOOK VALUE

At 31 March 2025

14,381

At 31 March 2024

19,175

11.

STOCKS

31.3.25

31.3.24

£

£

Stocks

8,000

8,000