REGISTERED NUMBER: 13903815 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VCMP UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

N H M M Fleuriot

S G Houard

S Lauro

L O D Ravix

P W Whitman

REGISTERED OFFICE:

New Timber Yard

1 Dimes Place

London

W6 0QR

REGISTERED NUMBER:

13903815 (England and Wales)

AUDITORS:

Orcom Civvals Audit Limited

Chartered Accountants and

Statutory Auditors

50 Seymour Street

London

W1H 7JG

The directors present their Strategic Report of the Company for the year ended 31 December 2024.

REVIEW OF BUSINESS

VCMP UK Limited employs personnel to provide professional services for major projects in the United Kingdom. Currently, we service the High Speed 2 Project in Birmingham.

At the end of the fiscal year ended December 2024, VCMP UK Limited employed on average, 931 staff who were deployed on our major projects, generating revenue of £72 million.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's activities expose it to a number of financial and operational risks. The continued success of the Company depends upon management's ability to identify and manage risks which are inherent in the type of activities the Company is enaged in. The principal business risks, which are predominantly external, are summarised below.

- Disallowed costs during the Project cost verification audit.

- Project Stoppage that may affect the Company’s Cash Flow.

FINANCIAL KEY PERFORMANCE INDICATORS

Key performance indicators for the Company are turnover and minimisation of cost of operation.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPA

The directors confirm that they are compliant with Section 172 of the Companies Act 2006 which stipulates their duty to promote the success of the Company for the benefit of all members. In doing so the directors have regard amongst other matters to the following:

a) The likely consequences of decision making

Due to the size of the Company, the directors fulfil their duties through a governance framework that delegates day-to-day decision making to employees of the Company. The directors maintain oversight of the Company's performance and are responsible for ensuring that both management and employees act in accordance with the strategy and plans agreed by the Board.

In making decisions concerning the Business Plan and future strategy, the directors have regard to a variety of matters including the consequences of its decisions in the long-term and its long-term reputation. As such, the board recognises that it is important that we effectively identify, evaluate, manage and mitigate the risks we face.

b) The need to foster the Company's business relationships with suppliers, customers and others

The directors recognise the importance of clear communication and proactive engagement with all stakeholders. Comprehensive engagement enables informed decision making and is integral to the long-term success of the Company. The directors takes into consideration, the implications of decisions on stakeholders, where relevant and feasible.

c) The impact of the Company's operations on the community and the environment

We are committed to understanding, respecting and making a positive difference to to each community within which we work. We work closely with clients to create projects that support and serve local communities. We understand the catalytic and multiplier effects of the Company's spend within commercial and social economies.

d) High standards of business conduct

The directors ensure that high standards are maintained both within the business and the business relationships we maintain.

e) Acting fairly between members of the Company

By weighing up all relevant factors, the directors consider which course of action best enables delivery of strategy through the long-term, taking into consideration the impact on stakeholders. We consider it important that our shareholders understand our strategy and objectives and maintain regular, continuing dialogue with them to explain and discuss business performance and future plans.

ON BEHALF OF THE BOARD:

P W Whitman - Director

1 December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

Looking ahead, VCMP UK Limited remains focused on delivering high-value and quality service through our employees on our projects. We are dedicated to the continuous development of our employees through professional development, training, and engagement. Our commitment to delivering value to our shareholders for the future is a top priority.

DIRECTORS

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

N H M M Fleuriot

S G Houard

S Lauro

L O D Ravix

Other changes in directors holding office are as follows:

P W Whitman - appointed 19 April 2024

J P Gatward - resigned 19 April 2024

DISABLED EMPLOYEES

The Company is committed to a policy and practice under which it recognizes its obligations under the Equality Act 2010 not to discriminate unlawfully against people with disabilities at any stage of employment, and undertake to:

a. seek to employ people with disabilities in jobs suited to their aptitudes, abilities, and qualifications, making any reasonable adjustments necessary to do so;

b. seek to ensure that employees with disabilities are considered for promotion according to their

aptitudes, abilities, and qualifications, making any reasonable adjustments necessary to do so;

c. ensure that assessments are carried out of the scope of reasonable adjustments which may be made to the workplace and its environment, so as to make it possible to retain an employee with a disability or to recruit a person with a disability;

d. make any reasonable alterations to Company premises required to ensure that they are accessible and safe for people with disabilities;

e. make reasonable changes to the workplace and to employment arrangements so that a person with a disability is not at any substantial disadvantage compared to a non-disabled person.

ENGAGEMENT WITH EMPLOYEES

Our employees are a key resource and we prioritise investment in continual training and personal development for all.

We have a culture of inclusion and diversity and there are a number of ways we invlove, communicate and gather feedback from our employees where our leadership and members of staff come together to discuss plans and topics of interest, a range of surveys covering safety and wellbeing, inclusion and satisfaction, local and national newsletters and electronic noticeboards.

Face to face briefings with directors are held regularly to provide feedback on business plan progress, news of future opportunities and to allow two-way dialogue with team members. In addition to this, we produce a range of communications for both internal and external audiences to keep employees informed and to promote business achievements.

The senior management team are encouraged to be visible and approachable and regularly undertake site safety tours, where they engage with employees on any topic, including safety and working practices, incorporating that feedback into business decisions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Orcom Civvals Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P W Whitman - Director

1 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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.

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.

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

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing account estimates for biases.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Philip Jones (Senior Statutory Auditor)

for and on behalf of Orcom Civvals Audit Limited

Chartered Accountants and

Statutory Auditors

50 Seymour Street

London

W1H 7JG

1 December 2025

TURNOVER

3

72,122,857

58,806,964

Cost of sales

72,098,807

57,590,922

GROSS PROFIT

24,050

1,216,042

Administrative expenses

1,734,464

3,287,947

OPERATING LOSS

5

(1,710,414

)

(2,071,905

)

Interest receivable and similar income

6

198,310

131,228

LOSS BEFORE TAXATION

(1,512,104

)

(1,940,677

)

Tax on loss

7

(36,124

)

-

LOSS FOR THE FINANCIAL YEAR

(1,475,980

)

(1,940,677

)

LOSS FOR THE YEAR

(1,475,980

)

(1,940,677

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,475,980

)

(1,940,677

)

FIXED ASSETS

Tangible assets

8

250,285

432,327

CURRENT ASSETS

Debtors

9

11,032,568

3,901,273

Cash at bank

2,995,159

3,956,547

14,027,727

7,857,820

CREDITORS

Amounts falling due within one year

10

17,694,569

10,230,724

NET CURRENT LIABILITIES

(3,666,842

)

(2,372,904

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,416,557

)

(1,940,577

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

(3,416,657

)

(1,940,677

)

SHAREHOLDERS' FUNDS

(3,416,557

)

(1,940,577

)

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

P W Whitman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

-

100

Changes in equity

Total comprehensive income

-

(1,940,677

)

(1,940,677

)

Balance at 31 December 2023

100

(1,940,677

)

(1,940,577

)

Changes in equity

Total comprehensive income

-

(1,475,980

)

(1,475,980

)

Balance at 31 December 2024

100

(3,416,657

)

(3,416,557

)

Cash flows from operating activities

Cash generated from operations

1

(1,155,302

)

1,041,116

Tax paid

36,124

-

Net cash from operating activities

(1,119,178

)

1,041,116

Cash flows from investing activities

Purchase of tangible fixed assets

(40,520

)

(429,990

)

Interest received

198,310

131,228

Net cash from investing activities

157,790

(298,762

)

(Decrease)/increase in cash and cash equivalents

(961,388

)

742,354

Cash and cash equivalents at beginning of year

2

3,956,547

3,214,193

Cash and cash equivalents at end of year

2

2,995,159

3,956,547

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

2024

2023

£

£

Loss before taxation

(1,512,104

)

(1,940,677

)

Depreciation charges

222,562

186,400

Finance income

(198,310

)

(131,228

)

(1,487,852

)

(1,885,505

)

Increase in trade and other debtors

(7,131,295

)

(2,349,886

)

Increase in trade and other creditors

7,463,845

5,276,507

Cash generated from operations

(1,155,302

)

1,041,116

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,995,159

3,956,547

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,956,547

3,214,193

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

3,956,547

(961,388

)

2,995,159

3,956,547

(961,388

)

2,995,159

Total

3,956,547

(961,388

)

2,995,159

1.	STATUTORY INFORMATION

VCMP UK 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

- Office Equipment - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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.

Going concern

The Directors of the company have made an assessment of the entity's ability to continue as a going concern. All available information about the future of the company has been taken into account.

.

The financial statements have been prepared on a going concern basis notwithstanding the

Company has net liabilities of £3,416,557 at the year end. The group continues to invest in the operations of the company as at 31 December 2024. The directors therefore consider that the going concern basis is appropriate in the preparation of these financial statement.

3.

TURNOVER

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

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

2024

2023

£

£

Services

72,122,857

58,806,964

72,122,857

58,806,964

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

50,534,650

42,738,151

Social security costs

5,536,068

4,329,115

Other pension costs

1,361,798

1,020,021

57,432,516

48,087,287

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

2024

2023

Directors

5

5

Operations

894

778

899

783

5.	OPERATING LOSS

The operating loss is stated after charging:

2024

2023

£

£

Motor vehicle leasing

2,704,418

1,910,670

Depreciation - owned assets

222,562

186,400

Auditors' remuneration

18,091

30,000

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Deposit account interest

198,310

131,228

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

£

Current tax:

Taxes Reliefs (Not Gain taxes)

(36,124

)

-

Tax on loss

(36,124

)

-

8.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

647,621

Additions

40,520

At 31 December 2024

688,141

DEPRECIATION

At 1 January 2024

215,294

Charge for year

222,562

At 31 December 2024

437,856

NET BOOK VALUE

At 31 December 2024

250,285

At 31 December 2023

432,327

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

4,472,206

2,959,348

Deposits & Advances

8,432

18,201

Prepayments and accrued income

6,551,930

923,724

11,032,568

3,901,273

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

VAT

2,017,894

2,164,421

Other creditors

7,716,395

5,511,468

Wages Accruals

5,107,870

54,961

Other Tax and equipments

125,000

125,000

Directors loan account

2,250,000

2,250,000

Accrued expenses

477,410

124,874

17,694,569

10,230,724

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

12.	RELATED PARTY TRANSACTIONS

During the year, the company entered into the following transactions with related parties:

The company provided staff and related equipment and logistics to a joint venture. The joint venture is between Balfour Beatty and Vinci, namely Balfour Beatty Vinci JV. Services supplied to the joint venture in 2024 amounted to £72,122,857 (2023: £58,806,964).

13.	CONTROLLING PARTY

The Company is controlled by VINCI Construction Grands Projects (55%) and VINCI Construction Geoinfrastructure (previous name: VINCI Construction Terrassement Grands Projets (45%). The immediate parent undertaking is Vinci Construction Terrassement Grands Projets. The ultimate parent undertaking and controlling party is Vinci SA, a company registered in France. Vinci SA is the only group for which these results have been consolidated. Copies of these group accounts are publicly available on their website www.vinci.com.