REGISTERED NUMBER: 04005400 (England and Wales)

QUINN (LONDON) LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

S A Quinn

P McGrath

P W Clement

M Devon

I Karim

E P McConville

G O'Connor

J Butchart

SECRETARY:

Mrs M A Quinn

REGISTERED OFFICE:

Dome House

8 Hartley Avenue

Mill Hill

London

NW7 2HX

REGISTERED NUMBER:

04005400 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lorraine Catherine Purdy FCCA

AUDITORS:

Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

BANKERS:

Barclays Bank Plc

1 Churchill Place

Canary Wharf

London

E14 5HP

INTRODUCTION

The company's principal activities continued to be that of property building, refurbishment, cyclical repair and maintenance contractors.

REVIEW OF BUSINESS

The Directors consider the profit on ordinary activities to be in accordance with their expectations, after taking into account general trading conditions prevailing during the period under review and known legacy projects.

The business has performed very well since my decision to introduce joint Managing Directors to achieve a more robust and controlled assistance to the wider business. The Senior Management team of Quinn London Ltd continue to ensure the safeguarding of the business, especially given the continued growth this year with turnover of over £109m and the business's milestone £100m turnover reported in the 2024 financial year. The experience of the Managing Directors and support from the wider Senior Management team continue to support the core functions of the business made up of three Divisions (Central London, Heritage and Property Services), to ensure the focus and resilience is maintained to successfully deliver projects.

The audited accounts for the year ended 31 May 2025 reflect a period of strong operational and financial performance for Quinn London Ltd, achieved against a backdrop of continuing market challenges. Despite persistent inflationary pressures, rising material costs, and ongoing supply chain volatility, the company maintained robust revenue growth, protected margins, and delivered solid profitability.

This performance highlights Quinn London Ltd's resilience, strong project management capabilities, and effective cost control. The business continues to build on its reputation for quality, timely delivery, and responsible contracting across all sectors.

Revenue and Profitability

The company reported year-on-year revenue growth, supported by a healthy pipeline of commercial and public sector projects. Effective cost management and disciplined tendering helped sustain gross margins despite inflationary challenges. Net profit increased relative to the prior year, reflecting improved efficiency and selective bidding practices.

Liquidity and Capital Structure

Cash flow remained stable, aided by prudent working capital management and timely collection of receivables. The company maintained a strong liquidity position, ensuring continued ability to meet short-term obligations and invest in strategic initiatives. Debt levels remained controlled, and gearing ratios stayed within conservative limits, highlighting the firm's sound financial management.

Market Environment

The UK construction sector in FY2024-25 faced inflation-driven cost pressures, relatively high interest rates, and delayed client funding decisions. However, public sector frameworks and urban regeneration schemes provided stable demand. Quinn London Ltd successfully leveraged its established client relationships and strong delivery record to secure repeat business and new framework contracts.

Sustainability and Innovation

Increasing demand for low-carbon solutions requires further investment and we remain committed to achieving the challenging target of Net Zero by 2040, we are currently on track to achieve this.

Further introductions to sustainable processes and schemes to aid our target has proven successful with clients and employees alike. We continue with the processes introduced such as tree planting, cycle to work scheme, 100% of non-hazardous waste diverted from landfill, reduced energy consumption, solar cabins, partnering with wood recycling schemes, electric vehicles across the business and the exploration of investment in peat bogs in the future, we believe with the dedication of our staff and delivery teams this is achievable. Accredited with Planet Mark, our carbon reduction plan will be periodically reviewed and audited to assist in achieving our target.

Social Value

Social Value remains an integral part of our business ethos as we introduce further measures to enable all staff to take part in a variety of events and challenges resulting in 100's of hours being volunteered for worthy causes.

Summary

The company's turnover was £109m, compared to the previous period of £100m. The turnover is some £6m less than budgeted due to regulatory constraints of certain core business elements. A profit in excess of £4m is reported before tax, which is in line with the Board's expectation, and these profits will be reinvested to achieve future goals.

The projected turnover for the 2026 financial year is £105m, with an estimated return of £3m before tax. This is in line with the long-term goals of the business and the Board's expectations.

The 2024-25 financial year demonstrates Quinn London Ltd's ability to deliver strong results in a challenging climate. The company remains strategically well-positioned, with solid financial foundations, a strong order book, and a clear focus on sustainable growth. Continuous investment in innovation, people, and process efficiency will underpin future competitiveness and long-term value creation.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors regularly review issues, risks and uncertainties that face the company in order to plan ways to mitigate risk.

Principal risks facing the company are the cost of materials and the associated labour charges as well as exposure to current regulations, in particular Health & Safety and recently revised Building Safety Act.

Quarterly management accounts are prepared to review the company performance and compared to forecasts by the directors.

The pressure on global supply chains presents a supply and cost risk in conducting its contracts and completing them in a timely fashion.

FINANCIAL KEY PERFORMANCE INDICATORS

The gross profit of the company for the current period is 7.7% compared to 8.6% for the previous period. The current ratio is 1.33:1 (2024 - 1.29:1) and debtor days for the year are 47 compared to 49 in the last period.

Directors' statement of compliance with duty to promote the success of the company

Please refer to the Directors' report for detail in this regard.

This report was approved by the board and signed

ON BEHALF OF THE BOARD:

S A Quinn - Director

9 December 2025

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

DIVIDENDS

During the year the company paid dividends of £2,100,000 (2024 - £Nil).

DIRECTORS

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

S A Quinn

P McGrath

P W Clement

M Devon

I Karim

E P McConville

G O'Connor

Other changes in directors holding office are as follows:

J Butchart was appointed as a director after 31 May 2025 but prior to the date of this report.

DIRECTORS' RESPONSIBILITIES STATEMENT

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). 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.

Directors' statement of compliance with duty to promote the success of the company

Under section 172 of the Companies Act 2006 the directors of the company have a duty to promote the success of the company for the benefit of its members as a whole. While performing this duty the directors discuss and consider, during board meetings, the likely long term consequence of any decision that is made. The interests of employees is also very important to the directors and any decisions made consider them as essential stakeholders of the business both in the short term and long term. Due to the nature of the business the company is reliant on subcontractors, the wider supply chain and customers and works hard to foster positive relationships with these parties for the long term success of the company and these parties. The operations of the company can have an impact on the communities and environment where work is undertaken and the directors always try to mitigate this impact as much as possible by thoroughly reviewing projects before work is started and actively throughout the project. The directors ensure they maintain a reputation for high standards of business conduct and ensure all staff are aware and compliant with the Bribery Act 2010. Finally the directors strive to act fairly between all members of company.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower according to the latest available statistics.

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, Clay Ratnage Daffin & Co Limited, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

S A Quinn - Director

9 December 2025

Opinion

We have audited the financial statements of Quinn (London) Limited (the 'company') for the year ended 31 May 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 May 2025 and of its 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 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 Directors' Responsibilities Statement set out on pages five and six, 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.

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:

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

- Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate.

- Obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries to the management of the company's accounting department, and management itself.

- The susceptibility of the company's financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures:

o Identifying and assessing the design effectiveness of controls which management have in place to

prevent and detect fraud

o Understanding how those charged with governance considered and addressed the potential for override

of controls and management biases

o Identifying and testing journal entries, in particular any journal entries posted with unusual account

combinations

o Assessing the extent of compliance with the relevant laws and regulations

o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue

recognition

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.

The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Lorraine Catherine Purdy FCCA (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

9 December 2025

TURNOVER

109,019,097

100,294,475

Cost of sales

100,658,544

91,632,999

GROSS PROFIT

8,360,553

8,661,476

Administrative expenses

4,487,468

5,289,230

OPERATING PROFIT

4

3,873,085

3,372,246

Interest receivable and similar income

188,848

213,685

4,061,933

3,585,931

Interest payable and similar expenses

6

-

(10,533

)

PROFIT BEFORE TAXATION

4,061,933

3,596,464

Tax on profit

7

1,060,728

867,366

PROFIT FOR THE FINANCIAL YEAR

3,001,205

2,729,098

FIXED ASSETS

Tangible assets

9

244,130

218,243

CURRENT ASSETS

Debtors

10

31,727,644

32,682,433

Cash at bank

7,228,666

6,514,463

38,956,310

39,196,896

CREDITORS

Amounts falling due within one year

11

29,220,607

30,344,102

NET CURRENT ASSETS

9,735,703

8,852,794

TOTAL ASSETS LESS CURRENT LIABILITIES

9,979,833

9,071,037

PROVISIONS FOR LIABILITIES

13

56,245

48,654

NET ASSETS

9,923,588

9,022,383

CAPITAL AND RESERVES

Called up share capital

14

5,000

5,000

Retained earnings

15

9,918,588

9,017,383

SHAREHOLDERS' FUNDS

9,923,588

9,022,383

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

S A Quinn - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

5,000

6,288,285

6,293,285

Changes in equity

Total comprehensive income

-

2,729,098

2,729,098

Balance at 31 May 2024

5,000

9,017,383

9,022,383

Changes in equity

Dividends on equity shares

-

(2,100,000

)

(2,100,000

)

Total comprehensive income

-

3,001,205

3,001,205

Balance at 31 May 2025

5,000

9,918,588

9,923,588

1.	STATUTORY INFORMATION

Quinn (London) 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.

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 information in the accounts is rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

This information is included in the consolidated financial statements of Quinn Investment Holdings (London) Limited as at year ended 31 May 2025 and these financial statements may be obtained from the registered office.

Critical accounting judgements and key sources of estimation uncertainty

The directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some construction contracts. The amounts receivable from customers on such construction contracts at the end of the year has been estimated at £13,176,517 (2024 - £12,593,508) and cost of sales accruals estimated at £13,560,369 (2024 - £13,612,480).

Turnover

Turnover is measured at 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.

Full provision is made for losses on contracts in the year in which they are first foreseen.

The whole of the turnover relates to construction contract revenue. All turnover arose within the United Kingdom.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Operating leases: the company as lessee

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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

12,142,068

11,469,440

Social security costs

1,216,123

1,164,149

Other pension costs

292,574

241,655

13,650,765

12,875,244

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

2025

2024

Directors

7

7

Office staff

20

18

Site staff

149

150

176

175

2025

2024

£

£

Directors' remuneration

738,306

786,218

Directors' pension contributions to money purchase schemes

77,590

80,092

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

Money purchase schemes

7

7

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

198,909

184,406

Pension contributions to money purchase schemes

43,237

74,761

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

64,199

65,895

(Profit)/loss on disposal of fixed assets

(932

)

61,936

5.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements

22,165

21,730

Taxation advisory services

4,090

4,010

Other non- audit services

13,745

13,520

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other loan interest payable

-

(10,533

)

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

1,053,137

299,532

Adjustment to prior year corporation tax

-

(84,560

)

Total current tax

1,053,137

214,972

Deferred tax

7,591

652,394

Tax on profit

1,060,728

867,366

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

4,061,933

3,596,464

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

1,015,483

899,116

Effects of:

Expenses not deductible for tax purposes

42,404

32,937

Capital allowances in excess of depreciation

(6,299

)

-

Depreciation in excess of capital allowances

-

6,550

Utilisation of tax losses

-

(640,451

)

Adjustments to tax charge in respect of previous periods

-

(84,560

)

Movement in pension fund creditor leading to an increase in tax

1,549

1,380

Deferred tax timing diff. leading to an increase/(decrease) in tax

7,591

652,394

Total tax charge

1,060,728

867,366

8.	DIVIDENDS ON EQUITY SHARES

2025

2024

£

£

Ordinary A shares of £1 each

Final

2,100,000

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 June 2024

44,716

76,924

156,748

Additions

-

-

36,500

Disposals

-

-

-

At 31 May 2025

44,716

76,924

193,248

DEPRECIATION

At 1 June 2024

21,090

12,983

119,932

Charge for year

4,476

16,116

14,717

Eliminated on disposal

-

-

-

At 31 May 2025

25,566

29,099

134,649

NET BOOK VALUE

At 31 May 2025

19,150

47,825

58,599

At 31 May 2024

23,626

63,941

36,816

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2024

112,513

112,724

503,625

Additions

70,008

-

106,508

Disposals

(21,401

)

-

(21,401

)

At 31 May 2025

161,120

112,724

588,732

DEPRECIATION

At 1 June 2024

47,157

84,220

285,382

Charge for year

21,762

7,128

64,199

Eliminated on disposal

(4,979

)

-

(4,979

)

At 31 May 2025

63,940

91,348

344,602

NET BOOK VALUE

At 31 May 2025

97,180

21,376

244,130

At 31 May 2024

65,356

28,504

218,243