REGISTERED NUMBER: 03957969

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DANAHER & WALSH GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

N A Hill

D H Danaher

S Danaher

A L Danaher

C T Danaher

E M Danaher

E C Danaher

S V Danaher

D G Danaher

SECRETARY:

S Danaher

REGISTERED OFFICE:

20 Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

REGISTERED NUMBER:

03957969

AUDITORS:

Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

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

REVIEW OF BUSINESS

The results for the year are set out in detail on page 8.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the end of the year. Our review is consistent with the size and nature of our business and is written in the context of our known risks and uncertainties. We consider that our key financial performance indicators, turnover and margins, are those that communicate the financial performance and strength of the group.

The group is a prominent small to medium sized contractor (SME) in the Midlands and has been established for over 55 years. It is an objective within our Business Plan to increase the share of turnover through frameworks, year on year. Frameworks provided 53% (2024: 46%) of turnover in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

As for many businesses of our size, the trading climate remains challenging; however the company's sales pipeline is encouraging, reflecting the increased focus placed on business development activities in line with our strategic goals. The company makes little use of financial instruments other than an operational bank account and its trade is exclusively within the UK and transacted in UK sterling.

Price risk is minimized by fixing terms with suppliers and customers wherever possible. Credit risk is controlled by reviewing customers creditworthiness ahead of any engagement, negotiating best payment terms and ensuring credit insurance is in place. Liquidity and cashflow risk are managed by continuous cashflow forecasting along with the management of terms with both suppliers and customers.

FINANCIAL KEY PERFORMANCE INDICATORS

This year's financial results show a considerable improvement on the prior year. The increase in turnover through frameworks, in line with our business plan, has played a substantial part in this, delivering a significant average gross margin improvement.

Overall, turnover increased by 8.3% to £33.4m, up from £30.8m in the prior year. The gross margin also increased by 2.0% from 10.0% to 12.0%. The group made a net profit of £1.4m before tax as compared to £235k in the previous year.

The group has a strong pipeline of work for the coming year. Our Business Plan is to continue to focus on winning and delivering work through frameworks and to further increase our efficiencies in order to grow turnover and margin in a highly competitive market.

FUTURE DEVELOPMENTS AND OUTLOOK

Over the coming year, the group will focus on winning and delivering high quality, higher value projects in order to increase turnover and margin in a highly competitive market. We expect the downward pressure on margins to continue, particularly given the materials and labour shortages currently facing the industry.

ON BEHALF OF THE BOARD:

Director

16 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of civil engineering. The principal activity of the company during the year continued to be that of a holding company.

DIVIDENDS

The group paid dividends of £Nil (2024: £Nil) during the year. The directors do not recommend the payment of a final dividend.

DIRECTORS

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

N A Hill

D H Danaher

S Danaher

A L Danaher

C T Danaher

E M Danaher

E C Danaher

S V Danaher

D G Danaher

RESULTS

The profit for the year, after taxation, amounted to £1,105,524 (2024: £167,810).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D H Danaher - Director

16 December 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

-

Obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

-

Obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing of controls, including discussions with the Health and Safety compliance manager for the company, and the review of legal and professional expenses;

-

Obtaining an understanding and testing the assumptions and calculations involved in the recognition of long term contracts, including review of forecasts, detailed cost allocation testing and a review of the completeness of provisions for loss making contracts; and

-

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

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

- Agreeing financial statement disclosures to underlying supporting documentation;

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

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

- Reviewing correspondence with HMRC and associated parties.

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.

Luke Turner FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

17 December 2025

TURNOVER

4

33,365,654

30,809,459

Cost of sales

(29,351,994

)

(27,741,077

)

GROSS PROFIT

4,013,660

3,068,382

Administrative expenses

(3,076,971

)

(2,842,413

)

936,689

225,969

Other operating income

5

53,542

54,210

OPERATING PROFIT

7

990,231

280,179

Profit on sale of freehold

property

8

415,608

-

1,405,839

280,179

Interest receivable and similar income

21,643

2,214

1,427,482

282,393

Interest payable and similar expenses

9

(58,056

)

(47,659

)

PROFIT BEFORE TAXATION

1,369,426

234,734

Tax on profit

10

(263,900

)

(66,924

)

PROFIT FOR THE FINANCIAL YEAR

1,105,526

167,810

Profit attributable to:

Owners of the parent

1,105,526

167,810

PROFIT FOR THE YEAR

1,105,526

167,810

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,105,526

167,810

Total comprehensive income attributable to:

Owners of the parent

1,105,526

167,810

FIXED ASSETS

Tangible assets

13

2,779,057

2,516,166

Investments

14

-

-

2,779,057

2,516,166

CURRENT ASSETS

Stocks

15

78,442

49,751

Debtors

16

7,419,584

6,231,402

Cash at bank and in hand

2,159,035

487,145

9,657,061

6,768,298

CREDITORS

Amounts falling due within one year

17

(5,954,980

)

(4,567,048

)

NET CURRENT ASSETS

3,702,081

2,201,250

TOTAL ASSETS LESS CURRENT LIABILITIES

6,481,138

4,717,416

CREDITORS

Amounts falling due after more than one year

18

(694,665

)

(300,369

)

PROVISIONS FOR LIABILITIES

20

(548,673

)

(284,773

)

NET ASSETS

5,237,800

4,132,274

CAPITAL AND RESERVES

Called up share capital

21

4,000

4,000

Retained earnings

22

5,233,800

4,128,274

SHAREHOLDERS' FUNDS

5,237,800

4,132,274

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D H Danaher - Director

FIXED ASSETS

Tangible assets

13

123,372

861,755

Investments

14

2

2

123,374

861,757

CURRENT ASSETS

Stocks

15

500

500

Debtors

16

1,379,796

919,017

Cash at bank and in hand

226,275

2,939

1,606,571

922,456

CREDITORS

Amounts falling due within one year

17

(549,233

)

(970,735

)

NET CURRENT ASSETS/(LIABILITIES)

1,057,338

(48,279

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,712

813,478

PROVISIONS FOR LIABILITIES

20

(23,626

)

(39,191

)

NET ASSETS

1,157,086

774,287

CAPITAL AND RESERVES

Called up share capital

21

4,000

4,000

Retained earnings

1,153,086

770,287

SHAREHOLDERS' FUNDS

1,157,086

774,287

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

382,799

(8,002

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D H Danaher - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

4,000

3,960,464

3,964,464

Changes in equity

Total comprehensive income

-

167,810

167,810

Balance at 31 March 2024

4,000

4,128,274

4,132,274

Changes in equity

Total comprehensive income

-

1,105,526

1,105,526

Balance at 31 March 2025

4,000

5,233,800

5,237,800

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

4,000

778,289

782,289

Changes in equity

Total comprehensive income

-

(8,002

)

(8,002

)

Balance at 31 March 2024

4,000

770,287

774,287

Changes in equity

Total comprehensive income

-

382,799

382,799

Balance at 31 March 2025

4,000

1,153,086

1,157,086

Cash flows from operating activities

Cash generated from operations

1

1,353,005

203,963

Interest paid

(3,533

)

(12,282

)

Tax paid

-

(10

)

Net cash from operating activities

1,349,472

191,671

Cash flows from investing activities

Purchase of tangible fixed assets

(1,653,821

)

(928,150

)

Sale of tangible fixed assets

1,228,436

39,323

HP interest paid

(54,523

)

(34,860

)

Interest received

21,643

2,214

Net cash from investing activities

(458,265

)

(921,473

)

Cash flows from financing activities

New loans in year

1,204,651

638,573

Capital repayments in year

(423,968

)

(292,119

)

Interest paid

-

(517

)

Net cash from financing activities

780,683

345,937

Increase/(decrease) in cash and cash equivalents

1,671,890

(383,865

)

Cash and cash equivalents at beginning of year

2

487,145

871,010

Cash and cash equivalents at end of year

2

2,159,035

487,145

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit for the financial year

1,105,526

167,810

Depreciation charges

622,232

533,096

Profit on disposal of fixed assets

(459,738

)

(26,730

)

Finance costs

58,056

47,659

Finance income

(21,643

)

(2,214

)

Taxation

263,900

66,924

1,568,333

786,545

Increase in stocks

(28,691

)

(45,011

)

Increase in trade and other debtors

(1,188,182

)

(1,241,872

)

Increase in trade and other creditors

1,001,545

704,301

Cash generated from operations

1,353,005

203,963

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,159,035

487,145

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

487,145

871,010

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

£

£

£

Net cash

Cash at bank

and in hand

487,145

1,671,890

2,159,035

487,145

1,671,890

2,159,035

Debt

Finance leases

(564,128

)

423,968

(1,204,651

)

(1,344,811

)

(564,128

)

423,968

(1,204,651

)

(1,344,811

)

Total

(76,983

)

2,095,858

(1,204,651

)

814,224

1.	STATUTORY INFORMATION

Danaher & Walsh Group Limited is a group, registered in England and Wales. Its registered office address 20 Granite Way, Mountsorrel, Leicestershire, United Kingdom, LE12 7TZ and the registered number is 03957969.

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.

The financial statements are prepared in Sterling (£).

Basis of consolidation

The consolidated financial statements present the results of the group and all of its subsidiary undertakings ("the group").

The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the balance sheet, the acquirer's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of income and retained earnings from the date of which control is obtained. They are de-consolidated from the date control ceases.

Turnover and profit recognition

Turnover represents amounts due on contracts completed in the year adjusted for turnover attributable to long term work in progress, exclusive of value added tax and trade discounts.

Profit on long-term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Cumulative turnover is compared with total payments on account. If turnover exceeds payments on account, an amount recoverable on contract is recognised and separately disclosed.

If payments on account are greater than turnover to date, the excess is classified within creditors.

The amount of long-term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payment on account not matched with turnover, is included in work in progress.

Rendering of services

Turnover from a contract to provide services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the group 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 or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets 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.

At each reporting date, the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of an 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 the asset, the group estimates the recoverable amount of the cash generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to statement of income and retained earnings during the period in which they are incurred.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives on the following basis:

Buildings

- 3.33% on cost per annum

Plant and machinery

- 12.5% and 20% on cost per annum

Motor vehicles

- 20% on cost per annum

Fixtures and fittings

- 20%, 33% and 50% on cost per annum

Freehold land

- not depreciated

The assets' residual value, useful lives and deprecation 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 within cost of sales or administrative expenses, dependant upon nature, in the consolidated statements of income and retained earnings.

Investment in subsidiaries

Investment in subsidiaries are initially valued at cost and reviewed annually for signs of impairment. If an impairment loss is identified this is recognised immediately in the statement of income and retained earnings and the value of the investment is reduced accordingly.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivable and payable, loans from banks and other third parties.

All basic financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between as asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.