REGISTERED NUMBER: 03942688 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GREEN PILING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

Mr K A Cameron

Mr D J Green

Mr J M Young

Mr M J Mason

SECRETARY:

Ms C A Riley

REGISTERED OFFICE:

2 Smithy Brook Road

Renishaw

Sheffield

South Yorkshire

S21 3JS

REGISTERED NUMBER:

03942688 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

HSBC Bank PLC

Carmel House

49-63 Fargate

Sheffield

South Yorkshire

S1 2HD

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

REVIEW OF BUSINESS

The company maintained its strong market position during the year, with turnover of £16,101,653 (2024: £20,353,524). A focus on the business's sustainable development and efficiency has produced another strong balance sheet.The company continues to reinvest in people and resources for the future, whilst introducing new products and services to our portfolio.

PRINCIPAL RISKS AND UNCERTAINTIES

As is the nature of the industry managing risk is essential to the success we seek. Analysis of accurate data will help us understand and manage areas of the business where we feel we could be exposed and assist us in:

- Identifying areas and sectors where low risk/high margin work can be secured.

- Identifying areas and sectors where we need to be aware of the high risk/low margin potential.

- Negotiation with suppliers to further improve buying gains.

- Inflation and availability of raw materials and labour is an issue that could potentially impact business efficiency and profitability, action is being taken with a strategy to minimise the impact of both materials and resource cost availability.

Sustaining the growth and profitability of the business is a constant focus in terms of identifying opportunities to add value:-

- Lower risk work with higher margins.

- Areas and sectors of the construction market not yet served

- Adding products and services to our existing portfolio.

Operational and commercial protocols and procedures continue to be, introduced and developed to ensure that liquidity of the business remains on a firm footing. It is our intention to build cash reserves to enable us to deal with any market downturns that may be around the corner in any period of economic uncertainty.We are pleased to report progress with these matters.

Every opportunity to improve risk management in the business is explored, where identified opportunities to reduce loss are implemented and embedded.

In order to sustain growth and profitability we continuously review at board level key indicators and data in order to identify both risks and opportunities.

Risks relating to the business

High risk contracts are reviewed by a Director or senior management before proceeding.

Financial risks

Customer financial position is reviewed prior to agreeing terms and their status is monitored on an ongoing basis. The senior management monitor the actual and budgeted financial performance of the company through regular management accounts in order to identify, manage and mitigate any financial risks that may occur.

Liquidity risk

The company projects forward its cash flows and plans are put in place to meet requirements in advance. Emphasis is placed highly on cash collection procedures.

DEVELOPMENT AND PROSPECTS

We continue to invest in the people to improve competence, safety and efficiency, in order to build a business that is sustainable. Safety is remains top of our priorities, which is demonstrated with our excellent safety record in what is a high risk industry. Diversification and development of our products, services and customers will allow us to improve our future outlook in what is a specialist yet competitive industry. As a Board of Directors we are keen to build on previous years improvements.

ON BEHALF OF THE BOARD:

Mr D J Green - Director

4 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of geotechnical and foundation engineering which includes but is not limited to the manufacturing, supply and installation of precast concrete piles, supply and installation of tubular piles, steel 'H' section piles, mini piling and continuous flight auger piling (CFA) including contiguous and secant retaining walls. The company continues to work in a diverse range of sectors including Commercial, Industrial, Civil Engineering and Residential.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

Mr K A Cameron

Mr D J Green

Mr J M Young

Other changes in directors holding office are as follows:

Mr M J Mason - appointed 17 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D J Green - Director

4 December 2025

Opinion

We have audited the financial statements of Green Piling Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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. The 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 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.

Robert Ian Watson (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

4 December 2025

TURNOVER

16,101,653

20,353,524

Cost of sales

12,701,458

16,590,438

GROSS PROFIT

3,400,195

3,763,086

Administrative expenses

3,750,777

3,502,621

(350,582

)

260,465

Other operating income

118,587

26,212

OPERATING (LOSS)/PROFIT

4

(231,995

)

286,677

Interest receivable and similar income

6,015

2,058

(225,980

)

288,735

Interest payable and similar expenses

6

24,155

23,615

(LOSS)/PROFIT BEFORE TAXATION

(250,135

)

265,120

Tax on (loss)/profit

7

(67,150

)

66,380

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(182,985

)

198,740

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(182,985

)

198,740

FIXED ASSETS

Intangible assets

8

10,200

-

Tangible assets

9

69,592

56,218

79,792

56,218

CURRENT ASSETS

Stocks

10

425,573

454,022

Debtors

11

3,236,831

4,323,101

Cash at bank and in hand

1,089,192

1,237,898

4,751,596

6,015,021

CREDITORS

Amounts falling due within one year

12

2,702,570

3,759,436

NET CURRENT ASSETS

2,049,026

2,255,585

TOTAL ASSETS LESS CURRENT LIABILITIES

2,128,818

2,311,803

PROVISIONS FOR LIABILITIES

15

12,465

12,465

NET ASSETS

2,116,353

2,299,338

CAPITAL AND RESERVES

Called up share capital

16

45,000

45,000

Retained earnings

17

2,071,353

2,254,338

SHAREHOLDERS' FUNDS

2,116,353

2,299,338

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2025 and were signed on its behalf by:

Mr D J Green - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

45,000

2,055,598

2,100,598

Changes in equity

Total comprehensive income

-

198,740

198,740

Balance at 31 March 2024

45,000

2,254,338

2,299,338

Changes in equity

Total comprehensive income

-

(182,985

)

(182,985

)

Balance at 31 March 2025

45,000

2,071,353

2,116,353

Cash flows from operating activities

Cash generated from operations

1

(13,719

)

(3,117,023

)

Interest paid

(24,155

)

(23,615

)

Amounts recoverable on contract

47,115

4,214,573

Tax paid

(71,915

)

(56,991

)

Net cash from operating activities

(62,674

)

1,016,944

Cash flows from investing activities

Purchase of intangible fixed assets

(10,200

)

-

Purchase of tangible fixed assets

(50,793

)

(17,044

)

Sale of tangible fixed assets

1

-

Interest received

6,015

2,058

Net cash from investing activities

(54,977

)

(14,986

)

Cash flows from financing activities

Loan repayments in year

(31,055

)

(88,017

)

Net cash from financing activities

(31,055

)

(88,017

)

(Decrease)/increase in cash and cash equivalents

(148,706

)

913,941

Cash and cash equivalents at beginning of year

2

1,237,898

323,957

Cash and cash equivalents at end of year

2

1,089,192

1,237,898

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(250,135

)

265,120

Depreciation charges

31,832

19,621

Loss on disposal of fixed assets

5,586

19,968

Finance costs

24,155

23,615

Finance income

(6,015

)

(2,058

)

(194,577

)

326,266

Decrease in stocks

28,449

51,554

Decrease/(increase) in trade and other debtors

1,106,305

(3,161,767

)

Decrease in trade and other creditors

(953,896

)

(333,076

)

Cash generated from operations

(13,719

)

(3,117,023

)

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

1,089,192

1,237,898

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,237,898

323,957

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,237,898

(148,706

)

1,089,192

1,237,898

(148,706

)

1,089,192

Debt

Debts falling due within 1 year

(31,055

)

31,055

-

(31,055

)

31,055

-

Total

1,206,843

(117,651

)

1,089,192

1.	STATUTORY INFORMATION

Green Piling 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 statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Revenue

Revenue is measured at the fair value of the consideration received or receivable net of VAT, discounts and rebates. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods (piles sales) is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue in respect of piling construction contracts is recognised as the company performs its obligations and when the outcome of the transaction can be estimated reliably. The company is able to reliably estimate the outcome of a construction contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

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

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

Stage of completion is measured by reference the number of piles drilled and other factors.

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is not currently being amortised.

Tangible fixed assets

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

Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Improvements to property

- at varying rates on cost

Plant and machinery

- at variable rates on reducing balance and at varying rates on cost

Fixtures and fittings

- at varying rates on cost

Computer equipment

- at varying rates on cost

Stocks

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

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Stock is recognised using the average cost method.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual, as arrangement either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Contract assets

The recoverable amount of applications that have not been certified and other amounts that have not been applied for but represent the recoverable value of work carried out at the balance sheet date are recognised as contract assets within amounts recoverable on contracts within the balance sheet.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,926,829

3,773,655

Social security costs

467,619

409,232

Other pension costs

239,394

202,111

4,633,842

4,384,998

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

2025

2024

Management

14

12

Office administration

23

17

Production

11

10

Direct labour

41

40

89

79

2025

2024

£

£

Directors' remuneration

172,730

80,335

Directors' pension contributions to money purchase schemes

15,913

7,763

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

Money purchase schemes

2

1

4.	OPERATING (LOSS)/PROFIT

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

2025

2024

£

£

Hire of plant and machinery

2,470,630

3,653,042

Other operating leases

352,124

233,759

Depreciation - owned assets

31,832

19,621

Loss on disposal of fixed assets

5,586

19,968

Foreign exchange differences

(229

)

(346

)

5.	AUDITORS' REMUNERATION

2025

2024

£

£

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

20,000

20,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

24,155

23,615

7.

TAXATION

Analysis of the tax (credit)/charge

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

2025

2024

£

£

Current tax:

UK corporation tax

(67,150

)

71,915

Deferred tax

-

(5,535

)

Tax on (loss)/profit

(67,150

)

66,380

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

£

£

(Loss)/profit before tax

(250,135

)

265,120

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

(62,534

)

66,280

Effects of:

Expenses not deductible for tax purposes

-

5,092

Income not taxable for tax purposes

1,373

-

Capital allowances in excess of depreciation

(5,989

)

-

Depreciation in excess of capital allowances

-

543

Deferred tax

-

(5,535

)

period

Total tax (credit)/charge

(67,150

)

66,380

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

10,200

At 31 March 2025

10,200

NET BOOK VALUE

At 31 March 2025

10,200