REGISTERED NUMBER: 04664193 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2025

for

CITY BRICKWORK (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other 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

15

DIRECTORS:

S Stevens

C G Wilmond

SECRETARY:

S D Stevens

REGISTERED OFFICE:

Dsco

The Tower

The Maltings, Hoe Lane

Ware

Hertfordshire

SG12 9LR

BUSINESS ADDRESS:

The Old Boardroom

Collett Road

Ware

Hertfordshire

SG12 7LR

REGISTERED NUMBER:

04664193 (England and Wales)

AUDITORS:

Attenboroughs (Accountants) Limited

Statutory Auditor

1 Tower House

Tower Centre

Hoddesdon

Hertfordshire

EN11 8UR

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

The directors are responsible for the preparation of the Strategic Report.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the balance sheet date. Our review is consistent with the size and non-complex nature of our business.

The directors consider that the key financial performance indicators are those that communicate the financial performance and profitability of the company as a whole, these being turnover, gross profit margin and operating profit margins.

The company's turnover increased from £17.4M in 2024 to £20.0M in 2025. this represents an increase of 15% showing significant growth in the company's activities.

The company's gross profit as a percentage of its sales has decreased slightly for the year, with this year's showing a gross profit margin of 12.2% (2024: 14.6%). This is considered by the board to be quite satisfactory and reflects that good margins are still being achieved through increased activity. The company's operating profit as a percentage of sales has decreased from 5.7% in 2024 to 2.3% in 2025.

The company has adequate finance to take advantage of business opportunities, and the directors anticipate the continuation of satisfactory results.

The group's policy is to monitor non-financial key performance indicators which include staff retention and customer satisfaction.

PRINCIPAL RISKS AND UNCERTAINTIES

The UK construction market continues to be very competitive. Future challenges undoubtedly await, with uncertainty dominating the outlook for the industry as a whole, with the risk of a potential slowdown.

However, the pipeline of new work is strong, with new clients secured. This, combined with a healthy balance sheet, places the business in a strong position to move forward with cautious optimism.

Margins are relatively low, and risk remains high. There have been numerous business failures within the sector, with the inevitable fall out that entails. Late payments remain endemic, and as the industry slows, clients adopt more aggressive contractual stances,whilst seeking to place more risk onto subcontractors.

We manage business risks by:

· Being very selective who we work for, and which projects we take on.

· Thorough due diligence checks on new clients.

· Forging closer relationships with existing clients.

· Stringent financial management and retaining strong levels of working capital within the group.

· Regular contract reviews.

· Employing professional estimating, quantity surveying and production teams.

· Taking appropriate legal and contractual advice.

· Having a robust and proven supply chain.

We need to comply with laws and regulations governing occupational health and safety matters. Furthermore, accidents could happen which might result in injury to an individual, claims against the company and damage to our reputation.

Our mitigating activities include maintaining appropriate health and safety policies and procedures regarding the need to comply with laws and regulations and to reasonably guard our employees against the risk of injury, and induction and training programmes that reinforce health and safety policies.This is a risk which we insure against as required by law.

There remains risk from fire-related legacy projects, which we have minimised by engaging with clients to assist in investigation and remedial work as and when required. This approach has proved successful so far and has enabled progress towards satisfactory resolutions.

ON BEHALF OF THE BOARD:

S Stevens - Director

18th December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of construction of commercial buildings.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £ 300,000 .

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st April 2024 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

N P Hatsell - resigned 28/3/2025

The directors shown below were in office at 31st March 2025 but did not hold any interest in the Ordinary shares of £1 each at 1st April 2024 or 31st March 2025.

S Stevens

C G Wilmond

CHARITABLE AND POLITICAL DONATIONS

The company did not make any political donations during the year.

The company made charitable donations of £8,114 (2024 £14,567).

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, Attenboroughs (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S Stevens - Director

18th December 2025

Opinion

We have audited the financial statements of City Brickwork (Uk) Limited (the 'company') for the year ended 31st March 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 31st March 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 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities (non-compliance with laws and regulations), including fraud.

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

We have made enquires of management around actual and potential litigation claims.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We have reviewed the financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.

We have considered the risks of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

Mr David Roger Pattman FCCA (Senior Statutory Auditor)

for and on behalf of Attenboroughs (Accountants) Limited

Statutory Auditor

1 Tower House

Tower Centre

Hoddesdon

Hertfordshire

EN11 8UR

18th December 2025

TURNOVER

20,035,411

17,411,636

Cost of sales

17,599,299

14,865,317

GROSS PROFIT

2,436,112

2,546,319

Administrative expenses

1,998,486

1,562,276

437,626

984,043

Other operating income

22,983

4,799

OPERATING PROFIT

4

460,609

988,842

Interest receivable and similar income

73

61

460,682

988,903

Interest payable and similar expenses

5

286,054

255,571

PROFIT BEFORE TAXATION

174,628

733,332

Tax on profit

6

(156,449

)

299,495

PROFIT FOR THE FINANCIAL YEAR

331,077

433,837

PROFIT FOR THE YEAR

331,077

433,837

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

331,077

433,837

FIXED ASSETS

Tangible assets

8

124,798

175,530

CURRENT ASSETS

Stocks

9

1,573,691

400,519

Debtors

10

3,139,168

4,621,726

Cash at bank

1,335,916

531,039

6,048,775

5,553,284

CREDITORS

Amounts falling due within one year

11

4,131,519

3,834,655

NET CURRENT ASSETS

1,917,256

1,718,629

TOTAL ASSETS LESS CURRENT LIABILITIES

2,042,054

1,894,159

PROVISIONS FOR LIABILITIES

12

521,776

404,958

NET ASSETS

1,520,278

1,489,201

CAPITAL AND RESERVES

Called up share capital

13

20

20

Share premium

14

59,999

59,999

Retained earnings

14

1,460,259

1,429,182

SHAREHOLDERS' FUNDS

1,520,278

1,489,201

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

S Stevens - Director

C G Wilmond - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st April 2023

20

1,395,345

59,999

1,455,364

Changes in equity

Dividends

-

(400,000

)

-

(400,000

)

Total comprehensive income

-

433,837

-

433,837

Balance at 31st March 2024

20

1,429,182

59,999

1,489,201

Changes in equity

Dividends

-

(300,000

)

-

(300,000

)

Total comprehensive income

-

331,077

-

331,077

Balance at 31st March 2025

20

1,460,259

59,999

1,520,278

Cash flows from operating activities

Cash generated from operations

1

1,409,633

401,541

Interest paid

(286,054

)

(255,571

)

Tax paid

(371,513

)

297,679

Net cash from operating activities

752,066

443,649

Cash flows from investing activities

Purchase of tangible fixed assets

(5,917

)

(98,177

)

Interest received

73

61

Net cash from investing activities

(5,844

)

(98,116

)

Cash flows from financing activities

Amount introduced by directors

-

19,042

Amount withdrawn by directors

(63,765

)

-

Inter group loans

360,855

114,471

loans to/ from participating interests

61,565

(127,510

)

Equity dividends paid

(300,000

)

(400,000

)

Net cash from financing activities

58,655

(393,997

)

Increase/(decrease) in cash and cash equivalents

804,877

(48,464

)

Cash and cash equivalents at beginning of year

2

531,039

579,503

Cash and cash equivalents at end of year

2

1,335,916

531,039

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

31/3/25

31/3/24

£

£

Profit before taxation

174,628

733,332

Depreciation charges

56,651

66,516

Finance costs

286,054

255,571

Finance income

(73

)

(61

)

517,260

1,055,358

(Increase)/decrease in stocks

(1,173,172

)

1,192,884

Decrease/(increase) in trade and other debtors

1,844,322

(1,481,784

)

Increase/(decrease) in trade and other creditors

221,223

(364,917

)

Cash generated from operations

1,409,633

401,541

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 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

1,335,916

531,039

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

531,039

579,503

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

531,039

804,877

1,335,916

531,039

804,877

1,335,916

Total

531,039

804,877

1,335,916

1.	STATUTORY INFORMATION

City Brickwork (Uk) 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from construction contracts is recognised based on the percentage of completion method, provided the outcome of the contract can be reliably estimated.

Tangible fixed assets

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

Improvements to property

-

15% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

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

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.

Debtors

It is the company's policy to maintain good relationships with it's customers. Customers are made aware of the terms of settlement, which are agreed with them in advance.

Accounting standards

The financial statements comply with all applicable accounting standards.

3.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

743,513

620,573

Social security costs

65,091

73,817

Other pension costs

201,367

172,164

1,009,971

866,554

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

31/3/25

31/3/24

Directors

2

2

Other employees

19

12

21

14

31/3/25

31/3/24

£

£

Directors' remuneration

251,350

170,660

Directors' pension contributions to money purchase schemes

113,562

46,632

Information regarding the highest paid director for the year ended 31st March 2025 is as follows:

31/3/25

£

Emoluments etc

129,767

Pension contributions to money purchase schemes

17,241

4.	OPERATING PROFIT

The operating profit is stated after charging:

31/3/25

31/3/24

£

£

Hire of plant and machinery

438,643

476,024

Other operating leases

102,000

87,000

Depreciation - owned assets

56,649

66,516

Auditors' remuneration

3,650

3,000

Provision for remedial works

126,000

(17,000

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/3/25

31/3/24

£

£

Loan interest

286,054

255,571

6.

TAXATION

Analysis of the tax (credit)/charge

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

31/3/25

31/3/24

£

£

Current tax:

UK corporation tax

(147,267

)

281,311

Deferred tax

(9,182

)

18,184

Tax on profit

(156,449

)

299,495

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:

31/3/25

31/3/24

£

£

Profit before tax

174,628

733,332

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

43,657

183,333

Effects of:

Expenses not deductible for tax purposes

32,736

18,957

Capital allowances in excess of depreciation

-

(7,945

)

Depreciation in excess of capital allowances

12,656

-

Movement on deferred tax

(9,182

)

18,184

R&D tax refunds

(236,316

)

86,966

Total tax (credit)/charge

(156,449

)

299,495