REGISTERED NUMBER: 06217178 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

HEYDON & CARR LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Mr L M Harvey

Mr J Lewis

Mr A F Carr

Mr S R Heydon

SECRETARY:

Mr S R Heydon

REGISTERED OFFICE:

104 High Street

London Colney

St. Albans

Hertfordshire

AL2 1QL

REGISTERED NUMBER:

06217178 (England and Wales)

AUDITORS:

AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

Winchmore Hill

London

N21 3NA

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

REVIEW OF BUSINESS

The principle activities of the company are retail, hospitality and commercial design & fit out contracts.

The turnover for the year increased by approximately 33% to £23,471,052 (2024: £17,610,095).

The gross margin has increased to 13.5% from 9%. The results for the year ended 31 March 2025 show an exceptional year due to the unique nature of the contracts completed in the year which had a higher turnover than normal. The Directors expect that turnover and margin will revert to normal levels in future years. This can already be seen in our latest management accounts.

The profit before tax for the year is £2,342,138 (2024 : £938,447).

PRINCIPAL RISKS AND UNCERTAINTIES

The market is highly competitive. The directors actively manage risk across all areas of the business. The main risks are competition risk, reputational risk and credit risk.

KEY PERFORMANCE INDICATORS

The Directors consider the following as key performance indicators:

2025

2024

£

£

Turnover

23,471,052

17,610,095

Cost of Sales

20,298,568

16,018,764

Gross Profit

3,172,484

1,591,331

Gross Margin

13.50%

9%

Profit before tax

2,342,138

938,447

Net Assets

2,837,083

1,079,402

KEY STRATEGY AND FUTURE DEVELOPMENTS

The Directors have built a strong brand and reputation by providing first class service in construction projects. This is achieved by aligning ourselves closely with our clients, ensuring we have a full understanding of their requirements. Our strategy is to continue to specialise in our principle activities, maintain our brand reputation whilst managing the

risk areas across our business.

FINANCIAL POSITION

The Company is in good health and allows expansion of the business from its own resources. The results for the year and the financial position at the year-end were considered satisfactory by the directors who expect controlled growth and profitability to continue in the forseeable future.

The directors are confident that the company will be able to strengthen its financial position by building on its current portfolio of contract and grow the business with both existing and new clients in the future.

ON BEHALF OF THE BOARD:

Mr S R Heydon - Director

12 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of main contractor delivering new build refurbishment and fit out projects within the UK.

DIVIDENDS

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

DIRECTORS

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

Mr L M Harvey

Mr J Lewis

Mr A F Carr

Mr S R Heydon

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S R Heydon - Director

12 December 2025

Opinion

We have audited the financial statements of Heydon & Carr Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our 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 recognize 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 industry;

- 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; and

- 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; and

- investigated the rationale behind significant or unusual 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;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters

As disclosed in the note 20 of the financial statements, the comparative figures in these financial statements are unaudited. Our opinion is not modified with respect to that matter.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alekos Christofi (FCCA) (Senior Statutory Auditor)

for and on behalf of AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

Winchmore Hill

London

N21 3NA

12 December 2025

REVENUE

3

23,471,052

17,610,095

Cost of sales

20,298,567

16,018,764

GROSS PROFIT

3,172,485

1,591,331

Administrative expenses

685,326

664,411

OPERATING PROFIT

5

2,487,159

926,920

Impairment of investments

6

150,000

-

2,337,159

926,920

Interest receivable and similar income

4,979

11,595

2,342,138

938,515

Interest payable and similar expenses

7

-

68

PROFIT BEFORE TAXATION

2,342,138

938,447

Tax on profit

8

584,457

147,764

PROFIT FOR THE FINANCIAL YEAR

1,757,681

790,683

PROFIT FOR THE YEAR

1,757,681

790,683

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,757,681

790,683

FIXED ASSETS

Property, plant and equipment

10

1,940

736

Investments

11

-

150,000

1,940

150,736

CURRENT ASSETS

Debtors

12

7,599,477

4,181,695

Prepayments and accrued income

46,050

18,931

Cash and cash equivalents

2,012,474

2,534,880

9,658,001

6,735,506

CREDITORS

Amounts falling due within one year

13

6,822,373

5,806,656

NET CURRENT ASSETS

2,835,628

928,850

TOTAL ASSETS LESS CURRENT LIABILITIES

2,837,568

1,079,586

PROVISIONS FOR LIABILITIES

15

485

184

NET ASSETS

2,837,083

1,079,402

CAPITAL AND RESERVES

Called up share capital

16

50,000

50,000

Retained earnings

17

2,787,083

1,029,402

SHAREHOLDERS' FUNDS

2,837,083

1,079,402

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Mr S R Heydon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

50,000

938,719

988,719

Changes in equity

Dividends

-

(700,000

)

(700,000

)

Total comprehensive income

-

790,683

790,683

Balance at 31 March 2024

50,000

1,029,402

1,079,402

Changes in equity

Total comprehensive income

-

1,757,681

1,757,681

Balance at 31 March 2025

50,000

2,787,083

2,837,083

Cash flows from operating activities

Cash generated from operations

1

(330,311

)

2,293,930

Interest paid

-

(68

)

Tax paid

(194,219

)

87,413

Net cash from operating activities

(524,530

)

2,381,275

Cash flows from investing activities

Purchase of tangible fixed assets

(2,855

)

(883

)

Interest received

4,979

11,595

Net cash from investing activities

2,124

10,712

Cash flows from financing activities

Share issue

-

50,000

Equity dividends paid

-

(700,000

)

Net cash from financing activities

-

(650,000

)

(Decrease)/increase in cash and cash equivalents

(522,406

)

1,741,987

Cash and cash equivalents at beginning of year

2

2,534,880

792,893

Cash and cash equivalents at end of year

2

2,012,474

2,534,880

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

2025

2024

(Unaudited)

£

£

Profit before taxation

2,342,138

938,447

Depreciation charges

496

147

Amount owed by group

(4,000,050

)

-

Amounts recoverable on contract

1,303,981

-

Impairment of Investments

150,000

-

Finance costs

-

68

Finance income

(4,979

)

(11,595

)

(208,414

)

927,067

Increase in trade and other debtors

(748,832

)

(2,497,667

)

Increase in trade and other creditors

626,935

3,864,530

Cash generated from operations

(330,311

)

2,293,930

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,012,474

2,534,880

Year ended 31 March 2024

31.3.24

1.4.23

(Unaudited)

£

£

Cash and cash equivalents

2,534,880

800,554

Bank overdrafts

-

(7,661

)

2,534,880

792,893

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash and cash equivalents

2,534,880

(522,406

)

2,012,474

2,534,880

(522,406

)

2,012,474

Total

2,534,880

(522,406

)

2,012,474

1.	STATUTORY INFORMATION

Heydon & Carr Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

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.

Significant judgement and estimates relates to the recognition of revenue on long term contracts. Recognition of revenue and profit on long term contracts are based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived through the use of estimates in relation to the costs and value of the work performed to date and to be performed in bringing contracts to completion. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised upon rendering of construction services to customers in an amount that reflects the considerationwhich the company expects to receive in exchange for those services. To recognise revenues, the company applies following five step approach:

(1) identify the contract with a customer,

(2) identify the performance obligations in the contract,

(3) determine the transaction price,

(4) allocate the transaction price to the performance obligations in the contract, and

(5) recognise revenues when a performance obligation is satisfied

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is reduced for customer returns and other similar allowances.

Turnover is recognised at the point the company has transferred to the buyer the significant risks and rewards, the amount of the turnover can be measured reliably and it is probable the economic benefits associated with the transactions will flow to the company.

Turnover related income from maintenance contracts is recognised evenly over the period of the contract.

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Contract revenue comprises the initial amount of revenue agreed in the contract and variations in the contract work and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is probable that the customer will approve the variation or negotiations have reached an advanced stage such that it is probable that the customer will accept the claim.

The stage of completion is measured by reference to the ratio of contract costs incurred to date to the estimated total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs are shown as construction contract work-in-progress on the balance sheet unless it is not probable that such contract costs are recoverable from the customers, in which case, such costs are recognised as an expense immediately.

At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progress billings, the balance is presented as due from customers on construction contracts within "Amount recoverable on contract". Where progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within "Payments on account".

Progress billings not yet paid by customers and retentions by customers are included within "Amount recoverable on contract". Advances received are included within "Payments on account".

Property, plant & equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant & Machinery - 25% on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Cash and cash equivalent

Basic financial assets

Basic financial assets, which include 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

Other financial assets 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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 profit or loss.

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 profit or loss.

Derecognition of financial assets

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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, that are classified as debt, 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.

Other financial liabilities

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 though 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.

Derecognition of financial liabilities

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

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2025

2024

(Unaudited)

£

£

Construction

23,471,052

17,610,095

23,471,052

17,610,095

An analysis of revenue by geographical market is given below:

2025

2024

(Unaudited)

£

£

United Kingdom

23,471,052

17,610,095

23,471,052

17,610,095

4.	EMPLOYEES AND DIRECTORS

2025

2024

(Unaudited)

£

£

Wages and salaries

689,984

610,509

Social security costs

85,915

76,988

Other pension costs

17,754

16,354

793,653

703,851

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

2025

2024

(Unaudited)

7

7

2025

2024

(Unaudited)

£

£

Directors' remuneration

261,000

245,750

Information regarding the highest paid director is as follows:

2025

2024

(Unaudited)

£

£

Emoluments etc

135,000

126,250

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

(Unaudited)

£

£

Other operating leases

40,804

27,618

Depreciation - owned assets

1,651

147

6.	EXCEPTIONAL ITEMS

2025

2024

(Unaudited)

£

£

Impairment of investments

(150,000

)

-

During the year the invesments were fully written off as there was a diminution in its value.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

(Unaudited)

£

£

Interest payable

-

68