REGISTERED NUMBER: 04564422 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

INTEX PROJECTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

Mr S Swinson

Mr C Wolverson

REGISTERED OFFICE:

The Coach House

Cross Road

Leamington Spa

Warwickshire

CV32 5PB

REGISTERED NUMBER:

04564422 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tarandeep Singh Birdi

AUDITORS:

Pentlands Accountants and advisors Ltd

Chartered Certified Accountants

and Statutory Auditors

3 & 4 Pegasus House

Pegasus Court

Olympus Avenue

Warwick

Warwickshire

CV34 6LW

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

Intex Projects operates within the commercial property market, specialising in office fit-outs. This report outlines a strategic growth plan leveraging market trends, competitive positioning, and emerging client demands. The primary objective is to strengthen market share across the UK while enhancing service offerings to meet the evolving needs of hybrid and sustainable workplaces.

REVIEW OF BUSINESS

Executive Overview

This review sets out the strategic direction for 2025-26, focusing on national growth, service innovation, operational resilience, and improved market visibility. Intex Projects continues to strengthen its position within the UK commercial interiors sector, delivering consistent revenue growth and expanding its presence in key markets. The shift towards hybrid working, the refurbishment of ageing office stock, and increased demand for sustainable, design-led environments present strong opportunities for further expansion.

Market Landscape and Sector Outlook

Hybrid & Flexible Workplaces:

Companies are redefining their workspace strategies, investing in agile layouts, enhanced collaboration zones, and amenity-rich environments to attract staff back to the office. This trend directly aligns with Intex's strengths in turnkey fit-out, design & build, and fast-track delivery.

Sustainability & Compliance:

Environmental performance, circular materials, low-carbon construction, and WELL/BREEAM-aligned solutions are increasingly built into client briefs. Sustainability is no longer an add-on - it is a procurement filter. Clients prioritise contractors who can demonstrate credible ESG credentials and supply-chain alignment.

Technology-Led Offices:

Demand continues to rise for integrated smart systems-adaptive lighting, occupancy-led controls, AV-rich meeting environments, and IoT monitoring.

Refurbishment Opportunity:

Significant regional office stock now requires Cat A/Cat A+ upgrades, driving strong national refurbishment demand.

Market Position and Competitive Profile

Intex Projects is recognised for reliability, quality, and strong relationships with architects, surveyors, asset managers, and end-users. The company continues to consolidate its strength in the Midlands while expanding nationally.

Financial Projections

2025-26 projection: £24M

2026-27 projection: £26M

Strategic Priorities for 2025-26

o Expand national presence, targeting London, Manchester, Leeds, and Birmingham.

o Strengthen design-led and end-user offerings through enhanced in-house design capability.

o Increase visibility through digital marketing, case studies, and improved SEO.

o Integrate smart office technologies and innovation-led M&E partnerships.

o Formalise sustainability objectives and supply-chain commitments.

o Enhance recruitment strategy to secure high-calibre site managers, PMs, Admin and design staff.

Principal Risks & Mitigation

o Recruitment challenges ? targeted hiring, improved retention, career pathways.

o Rising material costs ? supplier negotiations, value engineering, early procurement.

o Competitive pressure ? differentiation through design capability, sustainability, and delivery reliability.

o Economic fluctuations ? maintain diverse client base and pipeline balance.

Conclusion

By strengthening its design-led capability, expanding nationally, and investing in marketing, technology, and sustainable solutions, Intex Projects is positioned to capture greater market share and deliver continued year-on-year growth across the UK commercial interiors sector.

ON BEHALF OF THE BOARD:

Mr C Wolverson - Director

18 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of office interior refurbishment.

DIVIDENDS

Interim dividends totalling £1487.80485 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2025 will be £ 244,000 .

DIRECTORS

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

Mr S Swinson

Mr C Wolverson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	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, Pentlands Accountants and advisors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S Swinson - Director

18 December 2025

Opinion

We have audited the financial statements of Intex Projects Limited (the 'company') for the year ended 31 May 2025 which comprise the Income Statement, Other 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 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 Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our procedures were designed to identify the key areas where irregularities, including fraud, could occur. We have designed the procedures in accordance with our knowledge of the entity and its current environment.

Before the audit commenced, we determined the areas that are more likely to be at risk of material misstatement. This included looking areas where the non-compliance with laws and regulations could occur. Our initial assessment determined that the risk to material misstatement and fraud was low due to the good segregation of duties. The business always takes good advice surrounding its activities in order to confirm they are complying with laws and regulations.

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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion 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.

Tarandeep Singh Birdi (Senior Statutory Auditor)

for and on behalf of Pentlands Accountants and advisors Ltd

Chartered Certified Accountants

and Statutory Auditors

3 & 4 Pegasus House

Pegasus Court

Olympus Avenue

Warwick

Warwickshire

CV34 6LW

18 December 2025

TURNOVER

19,811,501

23,666,106

Cost of sales

16,934,334

20,063,971

GROSS PROFIT

2,877,167

3,602,135

Administrative expenses

2,632,706

2,791,819

244,461

810,316

Interest receivable and similar income

15,964

13,944

260,425

824,260

Interest payable and similar expenses

4

42,127

100,895

PROFIT BEFORE TAXATION

5

218,298

723,365

Tax on profit

6

60,436

213,145

PROFIT FOR THE FINANCIAL YEAR

157,862

510,220

PROFIT FOR THE YEAR

157,862

510,220

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

157,862

510,220

FIXED ASSETS

Intangible assets

8

2,452

-

Tangible assets

9

259,394

267,712

261,846

267,712

CURRENT ASSETS

Debtors

10

4,364,510

5,288,878

Cash at bank

1,453,798

676,451

5,818,308

5,965,329

CREDITORS

Amounts falling due within one year

11

5,281,632

5,281,646

NET CURRENT ASSETS

536,676

683,683

TOTAL ASSETS LESS CURRENT LIABILITIES

798,522

951,395

CREDITORS

Amounts falling due after more than one year

12

(297,656

)

(362,982

)

PROVISIONS FOR LIABILITIES

16

(54,338

)

(55,747

)

NET ASSETS

446,528

532,666

CAPITAL AND RESERVES

Called up share capital

17

164

164

Share premium

18

8,418

8,418

Retained earnings

18

437,946

524,084

SHAREHOLDERS' FUNDS

446,528

532,666

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

Mr S Swinson - Director

Mr C Wolverson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2023

164

17,864

8,418

26,446

Changes in equity

Dividends

-

(4,000

)

-

(4,000

)

Total comprehensive income

-

510,220

-

510,220

Balance at 31 May 2024

164

524,084

8,418

532,666

Changes in equity

Dividends

-

(244,000

)

-

(244,000

)

Total comprehensive income

-

157,862

-

157,862

Balance at 31 May 2025

164

437,946

8,418

446,528

Cash flows from operating activities

Cash generated from operations

1

1,297,063

(165,781

)

Interest paid

(16,468

)

(67,681

)

Interest element of hire purchase payments paid

(25,659

)

(33,214

)

Tax paid

(103,469

)

83,974

Net cash from operating activities

1,151,467

(182,702

)

Cash flows from investing activities

Purchase of intangible fixed assets

(3,065

)

-

Purchase of tangible fixed assets

(98,834

)

(285,448

)

Sale of tangible fixed assets

21,334

88,160

Interest received

15,964

13,944

Net cash from investing activities

(64,601

)

(183,344

)

Cash flows from financing activities

Loan repayments in year

(77,573

)

(49,841

)

Capital repayments in year

13,161

119,200

Amount withdrawn by directors

(1,107

)

(975

)

Equity dividends paid

(244,000

)

(4,000

)

Net cash from financing activities

(309,519

)

64,384

Increase/(decrease) in cash and cash equivalents

777,347

(301,662

)

Cash and cash equivalents at beginning of year

2

676,451

978,113

Cash and cash equivalents at end of year

2

1,453,798

676,451

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

2025

2024

£

£

Profit before taxation

218,298

723,365

Depreciation charges

94,242

88,602

(Profit)/loss on disposal of fixed assets

(7,812

)

22,953

Finance costs

42,127

100,895

Finance income

(15,964

)

(13,944

)

330,891

921,871

Decrease in trade and other debtors

925,848

92,212

Increase/(decrease) in trade and other creditors

40,324

(1,179,864

)

Cash generated from operations

1,297,063

(165,781

)

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 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

1,453,798

676,451

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

676,451

978,113

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank

676,451

777,347

1,453,798

676,451

777,347

1,453,798

Debt

Finance leases

(322,800

)

(13,161

)

(335,961

)

Debts falling due within 1 year

(89,465

)

-

(89,465

)

Debts falling due after 1 year

(114,384

)

77,572

(36,812

)

(526,649

)

64,411

(462,238

)

Total

149,802

841,758

991,560

1.	STATUTORY INFORMATION

Intex Projects 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.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Intellectual property

The Intellectual Property of the Company was re-purchased in 2015. This has been written off over its estimated economical useful life.

Computer software

The Company purchased computer software in 2016. This has been written off over its its economical useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost and 20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Long term contracts and work in progress

Amounts recoverable on contracts are valued on a prudent basis at anticipated net sale value after provision for contingencies and anticipated future losses, less amounts invoiced. Progress payments in excess of the value of work done are included in current liabilities.

Amounts included in work in progress represent direct costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on account.

This approach enables profit on contracting activities to be recognised as work progresses.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,681,334

1,728,327

Social security costs

190,086

221,977

Other pension costs

20,181

21,286

1,891,601

1,971,590

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

2025

2024

Employee

17

17

Director

2

2

19

19

2025

2024

£

£

Directors' remuneration

477,354

655,109

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

262,910

380,908

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

16,427

47,316

CT late payment interest

41

587

VAT late payment interest

-

19,778

Hire purchase

25,659

33,214

42,127

100,895

5.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

11,822

11,154

Depreciation - owned assets

6,589

3,334

Depreciation - assets on hire purchase contracts

87,041

85,267

(Profit)/loss on disposal of fixed assets

(7,812

)

22,953

Computer software amortisation

613

-

Auditors' remuneration

11,300

15,500

6.

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

61,845

52,434

R&D tax credit

-

130,500

Total current tax

61,845

182,934

Deferred tax

(1,409

)

30,211

Tax on profit

60,436

213,145

7.

DIVIDENDS

2025

2024

£

£

Interim

244,000

4,000