The directors present the strategic report for the period ended 28 March 2025.

We are a Property Services contractor specialising in painting, hygienic finishes and flooring.

Sitting within the Bell Group, we seek to improve people’s lives through enhancing the built environment. Our workforce and supply chain are rooted in the communities where we work, successfully delivering projects across commercial, education, healthcare, hospitality and residential sectors.

Our core objectives are:

• Quality: Deliver an exceptional service to maintain, protect and improve the built environment, prioritising zero defects and getting it "right the first time."

• Self-Delivery: Build in-house teams for direct delivery, ensuring controlled, high-quality outcomes with safety, communication, and expertise at the core.

• Diversification of service: Invigorate teams through varied work opportunities, nurturing skills, addressing industry gaps, and supporting career growth whilst de-risking the business.

• Customer-centric: Cultivate a culture of excellence and care with a customer-centric approach to create exceptional experiences.

• Sustainability: Leave a lasting positive impact, reduce environmental footprint, and create opportunities for underrepresented groups.

• Apprenticeships: Develop industry talent in all trades, by investing in apprenticeships, promoting pride and achievement in future leaders.

The year to March 2025 marked a period of stabilisation and structural change across the UK and Ireland’s property maintenance and social housing sectors. After several volatile years, the market is now defined less by supply chain disruption and more by the growing weight of compliance, safety, and decarbonisation requirements.

The sector has effectively pivoted from a “volume and delivery” model to one increasingly dominated by legislation, governance, and long-term asset compliance. This evolution has brought a new set of challenges, tighter budgets, more complex programmes, and heightened scrutiny — but also long-term opportunity for well-organised, competent contractors with strong delivery systems, accredited workforces, and national reach.

Looking ahead, the UK property maintenance sector will continue to be shaped by compliance, safety, and sustainability imperatives. The pace of change — from damp and mould regulations to building safety case reviews and decarbonisation targets — will keep landlords and contractors alike under pressure to invest in skills, systems, and data.

For those with strong operational discipline and long-term customer relationships, the opportunity is substantial. The direction of travel is clear: the market is becoming more regulated, more data-driven, and more capital-intensive. Contractors who can deliver compliance-led programmes efficiently, transparently, and with a directly employed, accredited workforce are likely to emerge strongest.

In that sense, while 2024–25 brought margin pressure and a more competitive bidding environment, it also reinforced a simple truth — quality, compliance, and long-term trust are once again the most valuable commodities in our industry.

Throughout 2024–25, we continued to see strong demand for our services. Our ability to provide clients with a comprehensive suite of services is supported by our membership of Bell Group and now includes Flooring, Painting Programmes, Window and Door Replacements, Kitchen and Bathroom Installations and Passive Fire Upgrades. This holistic approach continues to strengthen our market presence, enabling us to support a wide range of project requirements while deepening long-term client relationships.

We remain focused on being selective in our bidding approach — targeting opportunities that align with our growth ambitions, operational strengths, and commitment to working with strategic clients who value long-term collaboration. This selectivity allows us to concentrate on contracts that deliver meaningful impact and reinforce our reputation for reliability and performance. It also supports long-term employment visibility, giving our local management teams the confidence to invest in and develop their people, knowing they have a stable workload ahead.

Our workforce remains at the heart of our success, and we have continued to grow our core team of skilled trades professionals, building a strong foundation for the business’s future. This investment enables us to deliver cost-effective, high-quality services that create positive experiences for clients and communities alike — all while reducing the environmental impact of our work and generating meaningful career opportunities for under-represented groups. We also strengthened our training and apprenticeship programme.

Financial: The company's profit and loss account are set out on page 12 these financial statements. Performance was on target for the year.

Quality: We have met our right first time and complaints indicators. Handover, customer satisfaction and client retention figures have all met our targeted standards.

Health and Safety: Our health and safety accident statistics for the year are up, but reportable accidents are down. Our new Health and Safety team are continuing to drive a reporting culture which should give us more meaning full data sets to analyse and understand trends.

Equality and Diversity: Our Gender Pay Gap exercise across the Bell Group demonstrates that we have again retained our negative gender pay gap which remains groundbreaking in the construction industry. We have successfully met our female apprentice intake targets for the fourth consecutive year. We have exceeded targets in recruitment from underrepresented groups.

S172 Statement

The Board and its individual Directors consider that, in the decisions taken during the year, they have acted in the way most likely to promote the success of CB Contracts NI Ltd (and the wider Bell Group within which is sits) for the benefit of its members as a whole, having regard to the stakeholders and matters set out in S.172 of the Companies Act 2006.

Section 172 of the Companies Act 2006 states that it is the duty of all Directors to promote the success of the Company for the benefit of its members as a whole. In fulfilling this obligation, the Board have regard to the likely long-term consequences of any decision, the interests of the Company’s employees and the impact of the Company’s operations on the community and the environment.

In considering our fulfilment of s172 obligations, the Board of CB Contracts have identified our key stakeholders as being our employees and colleagues, our customers and suppliers, the communities in which we operate and our shareholders.

Material issues for our stakeholder groups are presented below along with a summary of how these were considered in Board discussions and decision-making and engagement throughout the year.

Overall, 2024–25 has been a year of consolidation, strategic growth, and preparation for the future. By focusing on compliance-led opportunities, expanding our service offering, investing in our people, and enhancing operational capability, the business is well-positioned to capture future opportunities and deliver sustainable, long-term success.

On behalf of the board

The directors present their annual report and financial statements for the period ended 28 March 2025.

The principal activity of the company was that of painting and flooring contractors.

The results for the period are set out on page 12.

The Directors are pleased with the Results for the year which show continued top-line growth (turnover £17.2m, prior year £16.3m) as we continue to expand our service and sector offering, with successful delivery of several social housing refurbishment projects alongside our traditional commercial works. 

Operating profit has remained consistent year on year (£0.5m) with an increased contribution to group costs in the current year following our positive integration into Bell, migrating on to group systems and utilising shared policies, procedures and resources. 

Ordinary dividends were paid amounting to £250,000. The directors do not recommend payment of a final dividend.

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

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

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

The financial statements have been prepared on a going concern basis, which assumes that the company will continue its operations for the foreseeable future and will be able to meet its liabilities as they fall due.

Across the year to 31 March 2025 a profit of £0.4m has been reported.  This is consistent with the prior year and supported by net current assets of £1.0m and net assets of £1.1m.

The directors are confident further improvements in the Company’s trading performance and cashflow will be achieved following the Group’s refinance in July 2024. This has bolstered availability of working capital, increasing Group facilities by over 50%.

The company’s projections, prepared up to March 2027, are in the directors view based on conservative assumptions and the directors believe they have a number of realistic actions that can be taken to improve the company's cashflow in the event of performance being behind plan. In preparing these projections, the directors acknowledge there are inherent uncertainties and plausible downside risks, such as the erosion of gross margin due to market conditions, a lower than expected conversion of the sales pipeline and increasing costs of work delivery.  The directors believe the business has appropriate process and controls in place to monitor and take timely mitigating action should any of these plausible downside risks occur.

On this basis the financial statements are prepared on a going concern basis for the year ended 31 March 2025.

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 company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of C.B. Contracts (N.I.) Ltd (‘the company’) for the period ended 28 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• Give a true and fair view of the state of the company’s affairs as at 28 March 2025 and of its profit for the period then ended;

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our 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 other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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

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

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

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

• Certain disclosures of Directors’ remuneration specified by law are not made; or

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

As explained more fully in the Directors’ responsibilities statement set out on page 7, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

• Companies Act 2006;

• UK Tax legislation;

• Health and Safety legislation;

• Employment legislation; and

• UK Generally Accepted Accounting Practice.

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

• Management override of controls

• Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

• Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

• Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

• Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;

• Performing sales cutoff testing ensuring transactions were recorded in the appropriate accounting period by verifying the accuracy of sales and revenue recognition at the end of the reporting period;

• Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

• Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

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

C.B. Contracts (N.I.) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Unit B1 19 Heron Road, Sydenham Business Park, Belfast, United Kingdom, BT3 9LE.

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

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

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

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

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

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

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

The financial statements of the company are consolidated in the financial statements Bell Global Property Services (UK) Ltd. These consolidated financial statements are available from its registered office, Bell Business Park, Rochsolloch Road, Airdrie, ML6 9BG.

The financial statements have been prepared on a going concern basis, which assumes that the company will continue its operations for the foreseeable future and will be able to meet its liabilities as they fall due.true

Across the year to 31 March 2025 a profit of £0.4m has been reported.  This is consistent with the prior year and supported by net current assets of £1.0m and net assets of £1.1m.

The directors are confident further improvements in the Company’s trading performance and cashflow will be achieved following the Group’s refinance in July 2024. This has bolstered availability of working capital, increasing Group facilities by over 50%.

The company’s projections, prepared up to March 2027, are in the directors view based on conservative assumptions and the directors believe they have a number of realistic actions that can be taken to improve the company's cashflow in the event of performance being behind plan. In preparing these projections, the directors acknowledge there are inherent uncertainties and plausible downside risks, such as the erosion of gross margin due to market conditions, a lower than expected conversion of the sales pipeline and increasing costs of work delivery.  The directors believe the business has appropriate process and controls in place to monitor and take timely mitigating action should any of these plausible downside risks occur.

On this basis the financial statements are prepared on a going concern basis for the year ended 31 March 2025.

These financial statements cover the 52-week period ended 28 March 2025. The prior year financial statements cover the 52-week period ended 29 March 2024.

The turnover shown in the profit and loss account represents the invoices, net of value added tax, raised in the year which are adjusted for movements in the level of amounts recoverable on contracts. Contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion or phase of the contract and credit is taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. Turnover is only recognised in the financial statements when there is a contractual right to consideration.

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

Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

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

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

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

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

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

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

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

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

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

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

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

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants are recognised in accordance with the performance model. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

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

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

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

The policy for revenue and profit recognition on contracts is set out at note 1.3. Revenue recognition requires the directors to exercise judgements with regard to the outcome of contracts and the recoverability of contract costs. In doing so, the directors consider the progress of each individual contract by reference to the phase of the contract or the stage of completion. Profit is only recognised when the directors believe the outcome of the contract can be measured reliably.

Auditor's remuneration has been borne by the company's parent.

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

Their aggregate remuneration comprised:

Executive pay is borne by Bell Group Limited with the company recharged for services provided to the company.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 0).

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

Amounts owed by group undertakings are interest-free and repayable on demand.

Amounts owed to group undertakings are interest-free and repayable on demand.

The provision for onerous contracts relates to a provision for anticipated losses on certain contracts which were underway at the previous reporting date. The provision has been utilised in the current reporting period.

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

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has provided cross-guarantees to its funders in respect of amounts due from other group companies amounting to £9,424,604 (2024: £11,423,013).

The company has taken advantage of disclosure exemptions available under Section 33 of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

As at 31 March 2025, deferred consideration in the amount of £500,000 is due to members of key management personnel by the company's parent undertaking.

The parent undertaking of the smallest group within which the company belongs and for which group financial statements are prepared is Bell Global Property Services (UK) Ltd, which has its registered office at Bell Business Park, Rochsolloch Road, Airdrie, ML6 9BG.