Multi Services Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 11157302

MULTI SERVICES HOLDINGS LIMITED

FINANCIAL STATEMENTS

31 March 2025

MULTI SERVICES HOLDINGS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Pages

Officers and professional advisers	1

Strategic report	2

Directors' report	3 to 4

Independent auditor's report to the members	5 to 8

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	11

Consolidated statement of changes in equity	12

Company statement of changes in equity	13

Consolidated statement of cash flows	14

Notes to the financial statements	15 to 27

MULTI SERVICES HOLDINGS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	N O'Keeffe
	M J Doughty
	A R Stone
	D J Guildford
	M E Stone

Registered office	Numeric House
	98 Station Road
	Sidcup
	Kent
	DA15 7BY

Auditor	Affinia (Orpington)
	Chartered Accountants & statutory auditor
	Lynwood House
	Crofton Road
	Orpington
	Kent
	BR6 8QE

Bankers	Barclays Bank Plc
	1 Churchill Place
	Canary Wharf
	London
	E14 5HP

Solicitors	Clarkson Wright & Jakes Ltd
	Valiant House
	12 Knoll Rise
	Orpington
	BR6 0PG

MULTI SERVICES HOLDINGS LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2025

Strategic Management The objective of the group is to be the leading provider of services to the construction industry in the UK. To achieve this objective the group's strategy is to deliver the following wide range of bespoke services to exceptional standards: - Waste management - Security and access control - Logistics - Strip out - Rail infrastructure services - Management and consolidation expertise - Brickwork and masonry contractual services All group companies employ traditional values and methods and are committed to delivering services tailored to client's requirements and have a wealth of knowledge and skills in the construction industry.

Business Environment The group is subject to various health and safety risks due to the nature of business of the different group companies. The group is totally committed to achieving the highest level of health and safety provision throughout all areas of the group and aim to work towards achieving a working environment that is free from work-related accidents and ill health, which is regarded as an ongoing process. All employees of the group are encouraged to actively participate in working towards these aims and provide a robust in house training programme. The group is fully aware of their environmental responsibilities and has developed their own environmental management system in accordance with the international standards ISO14001:2015.

Key Performance Indicators The group operates in a very competitive construction industry where margins are reducing due to rising subcontractor and material costs. The board have implemented measures to monitor costs and therefore improve profit margins in the future. 1. Gross Profit Percentage The Gross Profit Percentage achieved in 2025 was 22% and in 2024 it was 19%. The board is pleased with the improvement and hope to maintain this going forward. 2. The ratio of current assets to current liabilities The ratio of current assets to current liabilities at 31st March 2025 was 1.93 and at 31st March 2024 it was 1.83. This result is in-line with the board's expectations.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

N O'Keeffe

Director

MULTI SERVICES HOLDINGS LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2025

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

Directors

The directors who served the company during the year were as follows:

N O'Keeffe
M J Doughty
A R Stone
D J Guildford
M E Stone

Dividends

The directors do not recommend the payment of a dividend.

Future developments

To gain market share and to continue to train and upskill workforce.

Energy and carbon report

Principal measures taken to increase energy efficiency

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

N O'Keeffe

Director

MULTI SERVICES HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MULTI SERVICES HOLDINGS LIMITED

YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Multi Services Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the Year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the Year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the building and waste management industry; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias - investigated the rationale behind significant or unusual transactions; and - observed and identified internal controls in place, specifically around payroll and bank transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Middleton FCA

(Senior Statutory Auditor)

For and on behalf of

Affinia (Orpington)

Chartered Accountants & statutory auditor

Lynwood House

Crofton Road

Orpington

Kent

BR6 8QE

23 December 2025

MULTI SERVICES HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 MARCH 2025

		2025	2024
			(restated)
Note		£	£
Turnover	4	70,719,791	57,148,097

Cost of sales	( 55,249,387)	( 46,394,171)
	-------------	-------------
Gross profit	15,470,404	10,753,926

Administrative expenses		( 11,554,425)	( 6,049,311)
Other operating income	5	( 66,224)	10
		-------------	-------------
Operating profit	6	3,849,755	4,704,625

Other interest receivable and similar income	10	40,835	436
Interest payable and similar expenses	11	( 312,714)	( 353,924)
		-------------	-------------
Profit before taxation		3,577,876	4,351,137

Tax on profit	12	( 1,029,032)	( 2,902,230)
		------------	------------
Profit for the financial year and total comprehensive income		2,548,844	1,448,907
		------------	------------

All the activities of the group are from continuing operations.

MULTI SERVICES HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
		(restated)
Note	£	£

Fixed assets

Tangible assets	14		11,257,063	11,668,477

Current assets

Stocks	16	8,934	8,934
Debtors	17	16,203,997	16,618,894
Cash at bank and in hand		6,303,054	2,282,145
		-------------	-------------
		22,515,985	18,909,973

Creditors: amounts falling due within one year	18	11,654,790		10,313,819
		-------------		-------------
Net current assets			10,861,195	8,596,154
			-------------	-------------
Total assets less current liabilities			22,118,258	20,264,631

Creditors: amounts falling due after more than one year	19		2,938,712	3,592,774

Provisions	21	596,046	637,201
		-------------	-------------
Net assets		18,583,500	16,034,656
		-------------	-------------

Capital and reserves

Called up share capital	25	50,000	50,000
Profit and loss account	26	18,533,500	15,984,656
		-------------	-------------
Shareholders funds		18,583,500	16,034,656
		-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

N O'Keeffe

Director

Company registration number: 11157302

MULTI SERVICES HOLDINGS LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15		17,524,000	17,524,000

Current assets

Debtors	17	1,039,900		989,900

Creditors: amounts falling due within one year	18	17,802,958		17,656,147
		-------------		-------------
Net current liabilities			16,763,058	16,666,247
			-------------	-------------
Total assets less current liabilities			760,942	857,753

Creditors: amounts falling due after more than one year	19	696,989	816,989
		---------	---------
Net assets		63,953	40,764
		---------	---------

Capital and reserves

Called up share capital	25	50,000	50,000
Profit and loss account	26	13,953	( 9,236)
		--------	--------
Shareholders funds		63,953	40,764
		--------	--------

The profit for the financial year of the parent company was £ 23,189 (2024: £ 23,457 loss).

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

N O'Keeffe

Director

Company registration number: 11157302

MULTI SERVICES HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

		Called up share capital	Profit and loss account	Total
Note		£	£	£
At 1 April 2023 (as previously reported)		50,000	12,990,364	13,040,364
Prior period adjustments	24	–	1,545,385	1,545,385
		--------	-------------	-------------
At 1 April 2023 (restated)		50,000	14,535,749	14,585,749
		--------	-------------	-------------

Profit for the year			1,448,907	1,448,907
		--------	-------------	-------------
Total comprehensive income for the year		–	1,448,907	1,448,907

At 31 March 2024		50,000	15,984,656	16,034,656

Profit for the year			2,548,844	2,548,844
		--------	-------------	-------------
Total comprehensive income for the year		–	2,548,844	2,548,844

		--------	-------------	-------------
At 31 March 2025		50,000	18,533,500	18,583,500
		--------	-------------	-------------

MULTI SERVICES HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2023	50,000	14,221	64,221

Loss for the year		( 23,457)	( 23,457)
	--------	--------	--------
Total comprehensive income for the year	–	( 23,457)	( 23,457)

At 31 March 2024	50,000	( 9,236)	40,764

Profit for the year		23,189	23,189
	--------	--------	--------
Total comprehensive income for the year	–	23,189	23,189

	--------	--------	--------
At 31 March 2025	50,000	13,953	63,953
	--------	--------	--------

MULTI SERVICES HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2025

	2025	2024
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	2,548,844	1,448,907

Adjustments for:
Depreciation of tangible assets	556,692	577,171
Other interest receivable and similar income	( 40,835)	( 436)
Interest payable and similar expenses	312,714	353,924
Loss on disposal of tangible assets	28,743	38,888
Tax on profit	1,029,032	2,902,426
Accrued expenses/(income)	1,526,964	( 377,973)

Changes in:
Trade and other debtors	281,167	( 1,960,705)
Trade and other creditors	469,558	( 108,264)
	------------	------------
Cash generated from operations	6,712,879	2,873,938

Interest paid	( 312,714)	( 353,924)
Interest received	40,835	436
Tax paid	( 1,219,176)	( 2,022,291)
	------------	------------
Net cash from operating activities	5,221,824	498,159
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 197,604)	( 10,028)
Proceeds from sale of tangible assets	23,583	16,833
	------------	------------
Net cash (used in)/from investing activities	( 174,021)	6,805
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	–	2,723
Repayments of borrowings	( 960,396)	( 830,727)
Payments of finance lease liabilities	( 66,498)	( 106,273)
	------------	------------
Net cash used in financing activities	( 1,026,894)	( 934,277)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	4,020,909	( 429,313)
Cash and cash equivalents at beginning of year	2,282,145	2,711,458
	------------	------------
Cash and cash equivalents at end of year	6,303,054	2,282,145
	------------	------------

MULTI SERVICES HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Debtors

Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of share-based payments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.

Creditors

Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.

Consolidation

The financial statements consolidate the financial statements of Multi Services Holdings Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the Year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account .

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The key source of estimation uncertainty is revenue recognition on long term contracts. Profits on long term contracts are accrued evenly over the life of the contract. There are two estimated factors that are used in calculating the carrying amounts, being an estimated budgeted gross profit percentage and the estimated percentage of completion. The carrying amounts of the estimated contract values as at 31st March 2025 are uninvoiced sales of £2,642,789 (2024 - £1,990,196) and sales in advance of £444,361 (2024 - £504,090).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Negative Goodwill	-	100% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	10% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	10% and 15% straight line
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
		(restated)
	£	£
Rendering of services	51,328,368	38,087,850
Construction contracts	19,391,423	19,060,247
	-------------	-------------
	70,719,791	57,148,097
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
		(restated)
	£	£
United Kingdom	54,684,573	53,392,144
Overseas	16,035,218	3,755,953
	-------------	-------------
	70,719,791	57,148,097
	-------------	-------------

5. Other operating income

	2025	2024
		(restated)
	£	£
Other operating income	( 66,224)	10
	--------	----

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
		(restated)
	£	£
Depreciation of tangible assets	556,692	577,171
Loss on disposal of tangible assets	28,743	38,888
Impairment of trade debtors	5,512,724	217,710
Foreign exchange differences	66,049	( 6,995)
	------------	---------

7. Auditor's remuneration

	2025	2024
		(restated)
	£	£
Fees payable for the audit of the financial statements	42,500	58,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	70,479	120,133
	--------	---------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Administrative staff	46	47
Management staff	6	6
Operatives	54	53
	----	----
	106	106
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
		(restated)
	£	£
Wages and salaries	8,327,487	5,840,351
Social security costs	1,090,976	686,838
Other pension costs	633,194	291,933
	-------------	------------
	10,051,657	6,819,122
	-------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
		(restated)
	£	£
Remuneration	753,004	660,029
Company contributions to defined contribution pension plans	204,553	123,302
	---------	---------
	957,557	783,331
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
		(restated)
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
		(restated)
	£	£
Aggregate remuneration	100,000	260,000
Company contributions to defined contribution pension plans	60,149	80,000
	---------	---------
	160,149	340,000
	---------	---------

10. Other interest receivable and similar income

	2025	2024
		(restated)
	£	£
Interest on cash and cash equivalents	40,835	436
	--------	----

11. Interest payable and similar expenses

	2025	2024
		(restated)
	£	£
Interest on banks loans and overdrafts	242,932	285,886
Interest on obligations under finance leases and hire purchase contracts	41,205	44,581
Other interest payable and similar charges	28,577	23,457
	---------	---------
	312,714	353,924
	---------	---------

12. Tax on profit

Major components of tax expense

	2025	2024
		(restated)
	£	£

Current tax:

UK current tax income	862,460	2,221,277
Adjustments in respect of prior periods	50,070	579,981
	---------	------------
Total UK current tax	912,530	2,801,258

Foreign current tax income	157,657	8,360
	------------	------------
Total current tax	1,070,187	2,809,618
	------------	------------

Deferred tax:

Origination and reversal of timing differences	( 41,155)	92,612
	------------	------------
Tax on profit	1,029,032	2,902,230
	------------	------------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
		(restated)
	£	£
Profit on ordinary activities before taxation	3,577,876	4,351,137
	------------	------------
Profit on ordinary activities by rate of tax	724,961	1,065,580
Adjustment to tax charge in respect of prior periods	50,070	579,981
Effect of expenses not deductible for tax purposes	94,680	88,225
Effect of capital allowances and depreciation	74,631	55,566
Utilisation of tax losses	( 31,812)	( 1,094)
Effect of deferred taxation	( 41,155)	92,612
Payments on account in relation to enquiry	–	1,013,000
Effect of foreign tax charge	157,657	8,360
	------------	------------
Tax on profit/(loss)	1,029,032	2,902,230
	------------	------------

The company are concluding with HM Revenue and Customs tax treatment with regard to expenses and revenue with regard to prior periods. The Directors expect matters to conclude in 2026 and have included in the Financial Statements the expected final position of the taxation due.

13. Intangible assets

Group	Negative goodwill
	£
Cost
At 1 April 2024 (as restated) and 31 March 2025	( 4,345,934)
	------------
Amortisation
At 1 April 2024 and 31 March 2025	( 4,345,934)
	------------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	------------
At 31 March 2024	–
	------------

The company has no intangible assets.

14. Tangible assets

Group	Freehold property	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024 (as restated)	7,159,828	3,146,137	1,391,758	2,923	1,999,022	13,699,668
Additions	–	83,315	107,189	–	7,100	197,604
Disposals	–	–	( 4,350)	–	( 297,853)	( 302,203)
	------------	------------	------------	-------	------------	-------------
At 31 Mar 2025	7,159,828	3,229,452	1,494,597	2,923	1,708,269	13,595,069
	------------	------------	------------	-------	------------	-------------
Depreciation
At 1 Apr 2024	–	756,284	368,848	2,093	903,966	2,031,191
Charge for the year	–	186,874	162,772	517	206,529	556,692
Disposals	–	–	( 3,850)	–	( 246,027)	( 249,877)
	------------	------------	------------	-------	------------	-------------
At 31 Mar 2025	–	943,158	527,770	2,610	864,468	2,338,006
	------------	------------	------------	-------	------------	-------------
Carrying amount
At 31 Mar 2025	7,159,828	2,286,294	966,827	313	843,801	11,257,063
	------------	------------	------------	-------	------------	-------------
At 31 Mar 2024	7,159,828	2,389,853	1,022,910	830	1,095,056	11,668,477
	------------	------------	------------	-------	------------	-------------

The company has no tangible assets.

Tangible assets held at valuation

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Freehold property	Long leasehold property	Total
	£	£	£
At 31 March 2025
Aggregate cost	4,439,866	1,003,123	5,442,989
Aggregate depreciation	–	–	–
	------------	------------	------------
Carrying value	4,439,866	1,003,123	5,442,989
	------------	------------	------------

At 31 March 2024
Aggregate cost	4,439,866	1,003,123	5,442,989
Aggregate depreciation	–	–	–
	------------	------------	------------
Carrying value	4,439,866	1,003,123	5,442,989
	------------	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery
	£
At 31 March 2025	205,812
	---------
At 31 March 2024	251,637
	---------

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 as restated and 31 March 2025	17,524,000
	-------------
Impairment
At 1 April 2024 as restated and 31 March 2025	–
	-------------

Carrying amount
At 1 April 2024 and 31 March 2025	17,524,000
	-------------
At 31 March 2024	17,524,000
	-------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
MSK Southern Limited	Ordinary	100
Lesterose Holdings Limited	Ordinary	100

16. Stocks

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Raw materials and consumables	8,934	8,934	–	–
	-------	-------	----	----

17. Debtors

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Trade debtors	5,257,726	5,316,417	–	–
Amounts owed by group undertakings	–	–	1,039,900	989,900
Prepayments and accrued income	3,763,450	4,577,412	–	–
Corporation tax repayable	–	133,730	–	–
Amounts recoverable on contracts	4,212,490	4,347,363	–	–
Other debtors	2,970,331	2,243,972	–	–
	-------------	-------------	------------	---------
	16,203,997	16,618,894	1,039,900	989,900
	-------------	-------------	------------	---------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Amounts recoverable on contracts	271,840	331,033	–	–
	---------	---------	----	----

18. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	500,000	500,000	–	–
Payments received on account	444,361	504,090	–	–
Trade creditors	4,610,623	4,658,946	–	–
Amounts owed to group undertakings	–	–	15,019,508	14,561,356
Accruals and deferred income	2,818,190	1,291,226	526,047	499,236
Corporation tax	932,193	1,214,912	–	–
Social security and other taxes	577,669	333,602	–	–
Obligations under finance leases and hire purchase contracts	34,057	66,493	–	–
Director loan accounts	1,164,729	1,505,125	2,257,403	2,595,555
Other creditors	572,968	239,425	–	–
	-------------	-------------	-------------	-------------
	11,654,790	10,313,819	17,802,958	17,656,147
	-------------	-------------	-------------	-------------

19. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Debenture loans	696,989	816,989	696,989	816,989
Bank loans and overdrafts	2,166,667	2,666,667	–	–
Obligations under finance leases and hire purchase contracts	75,056	109,118	–	–
	------------	------------	---------	---------
	2,938,712	3,592,774	696,989	816,989
	------------	------------	---------	---------

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	34,057	66,493	–	–
Later than 1 year and not later than 5 years	75,056	109,118	–	–
	---------	---------	----	----
	109,113	175,611	–	–
	---------	---------	----	----

21. Provisions

Group	Deferred tax (note 22)
	£
At 1 April 2024 (as restated)	637,201
Charge against provision	( 40,493)
Unused amounts reversed	( 662)
	---------
At 31 March 2025	596,046
	---------

The company does not have any provisions.

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Included in provisions (note 21)	596,046	637,201	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Accelerated capital allowances	263,565	309,322	–	–
Revaluation of tangible assets	376,132	376,132	–	–
Unused tax losses	( 30,530)	( 32,368)	–	–
Accelerated depreciation charges	( 12,123)	( 14,668)	–	–
Unused capital allowances	(998)	(1,217)	–	–
	---------	---------	----	----
	596,046	637,201	–	–
	---------	---------	----	----

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 633,194 (2024: £ 291,933 ).

24. Prior period adjustments

The company are concluding with HM Revenue and Customs tax treatment with regard to expenses with regard to prior periods. The Directors expect matters to conclude in 2026 and have included in the Financial Statements the expected final position of the taxation due. The financial statements for the prior year have been restated as a result of this. The recognition of these events has resulted in the re-statement on the Balance Sheet and also the Profit and Loss account.

25. Called up share capital

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	24,000	24,000	24,000	24,000
Ordinary 'A' shares of £ 1 each	24,000	24,000	24,000	24,000
Ordinary 'B' shares of £ 1 each	2,000	2,000	2,000	2,000
	--------	--------	--------	--------
	50,000	50,000	50,000	50,000
	--------	--------	--------	--------

26. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserves are non distributable amounts of £3,071,150

27. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	2,282,145	4,020,909	6,303,054
Debt due within one year	(2,071,618)	372,832	(1,698,786)
Debt due after one year	(3,592,774)	654,062	(2,938,712)
	------------	------------	------------
	( 3,382,247)	5,047,803	1,665,556
	------------	------------	------------

28. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	28,800	28,800	–	–
	--------	--------	----	----

29. Controlling party

There is no one controlling party .