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

The James Mercer Group Limited is a company specialising in all aspects of mechanical and electrical building services engineering installation and maintenance. The company carries out a range of mechanical and electrical building engineering contracts for both the private and the public sectors along with planned and preventative maintenance across both disciplines.

Our head office is located in Preston, Lancashire and we also have a branch in Liverpool which allows us to easily access all of the locations we deal with in the North West.

During the financial year, the company maintained a strong order book and continued to build on established relationships with key public- and private-sector clients. Projects within NHS estates, university estates and aerospace manufacturing facilities have been central to performance, reflecting the continued demand for technically proficient contractors with robust delivery capability.

This trading year has seen consolidation in our role as a principal contractor, delivering specialist mechanical and electrical projects across a diverse range of sectors. Our success has been supported by our ongoing participation in key public-sector frameworks, particularly within the Health and Education sectors across the North West, where we have established strong and trusted relationships with clients. Framework opportunities remain a core element of our delivery strategy, enabling early engagement, technical input at the design stage, and added value throughout the project lifecycle. We consistently exceed client expectations and achieve the key performance indicators set for our projects, resulting in increased repeat business and direct awards through framework partnerships.

Over the past year, we have also made significant progress in measuring and reducing the environmental impact of our operations. Sustainability and carbon reduction are becoming increasingly central to project delivery, and we anticipate this will continue to be a major focus in the coming year as both we and our clients work towards achieving Net Zero objectives.

Looking ahead, the company intends to build on its market position in the health and education sectors while expanding further within the aerospace and advanced manufacturing sectors. Strategic priorities for the coming year include:

• Strengthening relationships with framework partners.

• Expanding capabilities in sustainable energy systems and building technology.

• Continuing to invest in training and apprenticeships to address industry skills shortages.

• Using optimised spatial coordination and project delivery tools to improve efficiency and transparency.

Despite some industry trends, management remains confident in the company’s ability to deliver sustainable growth through technical excellence, reliability, and long-term client partnerships.

Our people remain our greatest strength, combining exceptional mechanical and electrical engineering expertise with a commitment to delivering high-quality, technically complex projects. Their skill and professionalism are reflected in the successful delivery of challenging installations across healthcare, education, and aerospace sectors. We continue to invest in the development of our workforce through our established apprenticeship programme, which brings new talent into the industry, as well as through continuous training that enhances and advances the skills of existing employees. This ongoing investment ensures that our teams remain leaders in technical excellence, innovation, and expert advice for our clients.

As the majority of the company’s turnover is derived from the mechanical and electrical contracting sector, it is recognised that industry-specific risks and challenges will continue to arise. These include fluctuations in material costs, labour availability, regulatory changes, and evolving technical standards within the build environment. Such risks are actively managed and mitigated through the collective expertise and extensive experience of the company’s directors and staff, whose technical knowledge and proactive approach ensure the successful delivery of complex M&E projects across all sectors.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Liquidity risk

The company manages its cash and borrowing requirements in order to ensure that the company has sufficient liquid resources to meet the operating needs of the businesses.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts arising from irrecoverable debts.

The directors are pleased to report that the company has had another good year and has achieved a turnover of £42.3 million (2024: £47.1 million).

The company was able to report a healthy profit before tax of £2.7m (2024 £3.6m). Our balance sheet remains strong with shareholders’ funds of £3.9m at 31 July 2025.

Ordinary dividends were declared amounting to £1,269,488 (2024: £2,676,650). The directors do not recommend payment of a further dividend.

Accreditations

The James Mercer Group Ltd holds accreditations and memberships to several industry related Trade, Technical and Health and Safety organisations including:-

•    BESA

•    REFCOM

•    Gas Safe Register

•    NICEIC

•    OFTEC

•    Mitsubishi Diamond Partner

•    F Gas

•    CHAS

•    Safe Contractor

Clients can view our current credentials via our Constructionline membership which is maintained to Gold level.

In addition, the Company holds accreditation to 3 ISO Standards 9001, 14001 and 45001. Our Cyber Essentials Plus certification demonstrates the robustness of our IT Systems and our Investors in People, Silver award is testament to our dedication to improving workplace culture, developing employee engagement and structuring leadership.

The order book for 2026 is strong and it is our aim to maintain our turnover over the forthcoming year.

The company continues to invest in its apprenticeship scheme to mitigate the effects of the labour skills shortage in the construction industry. We view investment in our employees and their training as the best mitigation for the challenges facing the industry going forward and this will be a determining factor in the company’s growth.

On 20 November 2025, the entire issued share capital of the company was acquired by Tendra Technical Services Limited, incorporated in England and Wales. The company's immediate parent company is now Tendra Technical Services Limited and the ultimate controlling party is Triton Smaller Mid-Cap General Partner II S.a.r.l., based in Luxembourg which controls the fund known as Triton Smaller Mid-Cap Fund II, also based in Luxembourg.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 July 2025.

The principal activity of the company during the year was that of building services engineers.

The results for the year are set out on page 11.

Ordinary dividends were declared amounting to £1,269,488. The directors do not recommend payment of a further dividend.

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

On 20 November 2025, the entire issued share capital of the company was acquired by Tendra Technical Services Limited, incorporated in England and Wales. The company’s immediate parent company is now Tendra Technical Services Limited and the ultimate controlling party is Triton Smaller Mid-Cap General Partner II S.a.r.l., based in Luxembourg which controls the fund known as Triton Smaller Mid-Cap Fund II, also based in Luxembourg.

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies and future developments.

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

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

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

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

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of The James Mercer Group Limited (the 'company') for the year ended 31 July 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 July 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 Auditor 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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

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

• adequate accounting records have not been kept, 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

• Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to profit recognition in respect of long term contracts;

• Auditing the risk of fraud in revenue by testing a sample of transactions throughout the year for occurrence and reviewing post year end credit notes raised;

• Reviewing board minutes; and

• Reviewing legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.

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.

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

This report is made solely to the company’s member, 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 member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member as a body, for our audit work, for this report, or for the opinions we have formed.

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

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The James Mercer Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tulketh Hall Works, Hesketh Street, Ashton on Ribble, Preston, PR2 2RB.

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts as its only subsidiary company is dormant. The financial statements present information about the company as an individual entity and not about its group.

The James Mercer Group Limited is a wholly owned subsidiary of James Mercer Holdings Limited and the results of The James Mercer Group Limited are included in the consolidated financial statements of James Mercer Holdings Limited which are available from Tulketh Hall Works, Hesketh Street, Ashton on Ribble, Preston, PR2 2RB.

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

Turnover comprises the value of work performed, goods sold and services provided excluding Value Added Tax. Turnover relates to income generated from construction contracts, the recognition of which is detailed further in accounting policy 1.8.

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

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

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

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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

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

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

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

The company has no non-basic financial assets.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

The company has no non-basic financial liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

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

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception:

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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

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

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

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

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

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Management review the carrying value of the balances in line with the expected future cash receipts, in order to assess whether any anticipated losses need to be provided for. Management then use their contract knowledge to apply a reasonable profit uplift on a contract by contract basis. Where it becomes apparent that a contractor is in financial difficulties, management assess the potential financial impact, considering the impact on the cash receipts which can be recovered, and the overall profitability of the contract. In making their assessment, the directors consider the likelihood and amount of the cash that can be collected. Specific provision is made where necessary.

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

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 5).

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

The company disposed of the dormant subsidiary post year end.

At 31 July 2025, retentions held by customers for contract work amounted to £624,925 (2024 - £531,709).

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

As at the signing date of these financial statements, the company has not finalised its capital expenditure programme for the coming year. Therefore an assessment as to the likely movement of the deferred tax balance within the next twelve months cannot be made.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, the company owed £5,484 (2024 - £25,138) to the fund.

As regards income rights, the A and B Ordinary shares shall rank pari passu with regard to entitlement to income, save that the Directors may at any time resolve to declare a dividend on one class of share and not on the other class.

As regards the rights to the return of assets in a liquidation, reduction in share capital or otherwise, each class of share has significantly similar rights.

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

Amounts contracted for but not provided in the financial statements:

On 20 November 2025, the entire issued share capital of the company was acquired by Tendra Technical Services Limited, incorporated in England and Wales. The company’s immediate parent company is now Tendra Technical Services Limited and the ultimate controlling party is Triton Smaller Mid-Cap General Partner II S.a.r.l., based in Luxembourg which controls the fund known as Triton Smaller Mid-Cap Fund II, also based in Luxembourg.

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

The company has taken advantage of the exemption conferred by FRS 102 Section 33, in that transactions entered into between two or more members of the group are not disclosed, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

During the year and up to 20 November 2025, the company's immediate and ultimate holding company was James Mercer Holdings Limited, a company incorporated in England and Wales.

The largest and smallest group in which the results of the company for the year ended 31 July 2025 are consolidated is that headed by James Mercer Holdings Limited, Tulketh Hall Works, Hesketh Street, Ashton On Ribble, Preston, Lancashire, United Kingdom, PR2 2RB. The consolidated financial statements of this group are available to the public and may be obtained from Companies House, Cardiff.

On 20 November 2025, the entire issued share capital of the company was acquired by Tendra Technical Services Limited, incorporated in England and Wales. The company’s immediate parent company is now Tendra Technical Services Limited and the ultimate controlling party is Triton Smaller Mid-Cap General Partner II S.a.r.l., based in Luxembourg which controls the fund known as Triton Smaller Mid-Cap Fund II, also based in Luxembourg.