REGISTERED NUMBER: 07981272 (England and Wales)

CUIG GROUP HOLDINGS LIMITED

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Directors' Responsibilities Statement

5

Independent Auditors' Report

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

MR D Mcloughlin

MR P McNally

REGISTERED OFFICE:

Canal Wharf

Horsenden Lane North

Greenford

Middlesex

UB6 7PH

REGISTERED NUMBER:

07981272 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tony Castagnetti

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

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

FAIR REVIEW OF BUSINESS

The group has seen an increase in turnover from £22.5m in 2024 to £30.4m in 2025.

The group's plan to secure controlled growth has progressed with the appointment of additional senior management and staff, including, Commercial and Delivery with the aim of improving its management systems, assets and processes.

Forward order book

The pipeline for opportunities is strong in the group's key market sectors, Construction, Rail Infrastructure and other public projects. The Group is focusing its sights on expanding in these sectors by continued investment.

The group's current order book is healthy, with significant works secured for the future.

The group remains committed to retaining its client base, the continued high percentage of repeat business provides a constant reminder of the group's ability to satisfy client requirements whilst recognising the need to offer its clients added value and reduced costs to maintain its competitive edge.

PRINCIPAL RISKS AND UNCERTAINTIES

The group remains committed to its policy of managing its exposure to risk. Continuous monitoring of sales income, costs, and overheads together with robust cash management is a significant factor in its ability to make informed decisions about its future.

The group continues to enjoy a good reputation in the industry for prompt payment of its supply chain and remains committed to ensuring that its creditors are discharged within terms. Working closely with our supply chain is important in bringing certainty on project delivery and remains an integral part of the group's approach.

Health & safety continues to be pivotal in the group's management of risks to the business as a whole, and the group is keen to keep Health & Safety and the environment at the forefront to our overall reputation in the marketplace.

FINANCIAL RISKS MANAGEMENT AND POLICIES

The group is robust in credit risk in management and administration of its supply chain and trade receivables within contractual obligations. A strong secured order book supports a healthy cash balance going forward.

The importance of financial risk and management remains, financial checks are carried out on clients and trade contractors prior to entering contracts with ad-hoc review during the process of the projects, continuously valuating risk exposure.

The directors remain mindful of the challenges the group faces in the industry that they operate in and are

committed to meeting them.

Key performance indicators

The key financial highlights for the group for the last four years are as follows:

2025

2024

2023

2022

Turnover

£'000

30,417

22,517

26,808

31,373

Profit before taxation

£'000

1,589

920

361

870

Net assets

£'000

5,335

4,356

5,090

4,862

Research and development (R&D)

The group remains committed to the continuous development of its methods, systems and processes through R&D.It's focus on providing innovative robust processes and solutions that significantly benefits including health and safety, time and costs savings and improved quality to our clients.

Accreditations and Awards

The group continues with its accreditations to ISO 9001, 14001, 45001 and memberships to CHAS, constructionline, SMAS, Builders profile and RISQS.

ON BEHALF OF THE BOARD:

MR P McNally - Director

24 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company and group continued to be that of civil engineering.

DIVIDENDS

Ordinary dividends were paid amounting to £181,000. The directors do not recommend payment of a further dividend.

FUTURE DEVELOPMENTS

The company closely monitors the economic situation in the UK, and the UK government takes all necessary measures to ensure the company adapts to meet the needs of the market, details of which are set out in the strategic report.

While the directors expect the global and national economic environments to impact on the construction sector they believe the company is well positioned to achieve its objectives of a reduced activity level, but increasing profitability through good revenue visibility, tight cost controls and a good project pipeline.

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 D Mcloughlin

MR P McNally

STATEMENT OF DISCLOSURE 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Belluzzo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions applicable to groups entitled to the medium sized groups exemption.

ON BEHALF OF THE BOARD:

MR P McNally - Director

24 December 2025

The directors are responsible for preparing the Group Strategic Report, the 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 group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Cuig Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company 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; 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Directors' Report and the Directors' Responsibilities Statement, but does not include the financial statements and our Auditors' Report 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 Group 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 Group 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 Group Strategic Report or the Directors' Report.

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 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 set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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 an Auditors' 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.

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

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. The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

-The Companies Act 2006

-Financial Reporting Standard 102

-UK tax legislation

-UK employment legislation

-UK health and safety legislation

-General Data Protection Regulations

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise noncompliance with these laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-Identifying and assessing the measures management has in place to prevent and detect fraud,

-Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,

-Challenging assumptions and judgements made by management in its significant estimates, and

-Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the oganisation for fraud and identified the greatest potential existed within the recording and recognition of revenue. Our procedures in this respect were focused on the origination of revenue and directed towards ensuring the accuracy and completeness of the same by undertaking testing on a sample basis of the revenue items to ensure that sales had been recorded correctly and in the appropriate accounting period.

We consider that the work we undertook in this regard was considered capable of detecting irregularities and fraud within the sales cycle. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

24 December 2025

TURNOVER

30,417,280

22,517,585

Cost of sales

25,960,322

19,231,784

GROSS PROFIT

4,456,958

3,285,801

Administrative expenses

2,779,969

2,280,055

1,676,989

1,005,746

Other operating income

-

4,192

OPERATING PROFIT

5

1,676,989

1,009,938

Interest receivable and similar income

-

60

1,676,989

1,009,998

Interest payable and similar expenses

7

87,581

90,241

PROFIT BEFORE TAXATION

1,589,408

919,757

Tax on profit

8

429,742

545,859

PROFIT FOR THE FINANCIAL YEAR

1,159,666

373,898

Profit attributable to:

Owners of the parent

1,159,666

373,898

PROFIT FOR THE YEAR

1,159,666

373,898

OTHER COMPREHENSIVE INCOME

Payments to acquire own shares

-

(929,630

)

Capital redemption reserve

-

200

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(929,430

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,159,666

(555,532

)

Total comprehensive income attributable to:

Owners of the parent

1,159,666

(555,532

)

FIXED ASSETS

Tangible assets

11

5,551,943

4,966,605

Investments

12

-

-

5,551,943

4,966,605

CURRENT ASSETS

Debtors

13

3,513,203

5,465,477

Cash at bank and in hand

1,452,571

1,092,284

4,965,774

6,557,761

CREDITORS

Amounts falling due within one year

14

3,915,333

5,315,805

NET CURRENT ASSETS

1,050,441

1,241,956

TOTAL ASSETS LESS CURRENT LIABILITIES

6,602,384

6,208,561

CREDITORS

Amounts falling due after more than one year

15

-

(734,055

)

PROVISIONS FOR LIABILITIES

18

(1,266,798

)

(1,117,586

)

NET ASSETS

5,335,586

4,356,920

CAPITAL AND RESERVES

Called up share capital

19

400

400

Capital redemption reserve

20

200

200

Retained earnings

20

5,334,986

4,356,320

SHAREHOLDERS' FUNDS

5,335,586

4,356,920

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

MR P McNally - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

300

300

300

300

CURRENT ASSETS

Debtors

13

29,179

29,162

Cash at bank

101

383

29,280

29,545

CREDITORS

Amounts falling due within one year

14

28,980

29,245

NET CURRENT ASSETS

300

300

TOTAL ASSETS LESS CURRENT LIABILITIES

600

600

CAPITAL AND RESERVES

Called up share capital

19

400

400

Capital redemption reserve

200

200

SHAREHOLDERS' FUNDS

600

600

Company's profit for the financial year

181,000

1,106,630

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

MR P McNally - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

600

5,089,052

-

5,089,652

Changes in equity

Reduction in share capital

(200

)

-

-

(200

)

Dividends

-

(177,000

)

-

(177,000

)

Total comprehensive income

-

(555,732

)

200

(555,532

)

Balance at 31 March 2024

400

4,356,320

200

4,356,920

Changes in equity

Dividends

-

(181,000

)

-

(181,000

)

Total comprehensive income

-

1,159,666

-

1,159,666

Balance at 31 March 2025

400

5,334,986

200

5,335,586

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

600

-

-

600

Changes in equity

Profit for the year

-

1,106,630

-

1,106,630

Other comprehensive income

-

(929,630

)

200

(929,430

)

Total comprehensive income

-

177,000

200

177,200

Dividends

-

(177,000

)

-

(177,000

)

Reduction in share capital

(200

)

-

-

(200

)

Total transactions with owners, recognised directly in equity

(200

)

(177,000

)

-

(177,200

)

Balance at 31 March 2024

400

-

200

600

Changes in equity

Profit for the year

-

181,000

-

181,000

Total comprehensive income

-

181,000

-

181,000

Dividends

-

(181,000

)

-

(181,000

)

Total transactions with owners, recognised directly in equity

-

(181,000

)

-

(181,000

)

Balance at 31 March 2025

400

-

200

600

Cash flows from operating activities

Cash generated from operations

1

2,931,284

3,297,344

Interest paid

(87,581

)

(90,241

)

Tax paid

(24,584

)

(147,389

)

Net cash from operating activities

2,819,119

3,059,714

Cash flows from investing activities

Purchase of tangible fixed assets

(1,257,644

)

(72,108

)

Sale of tangible fixed assets

99,725

83,193

Interest received

-

60

Net cash from investing activities

(1,157,919

)

11,145

Cash flows from financing activities

Loan repayments in year

(636,100

)

(1,655,225

)

Capital repayments in year

(474,813

)

(285,514

)

Amount introduced by directors

-

207,027

Amount withdrawn by directors

(9,000

)

-

Share buyback

-

(929,630

)

Equity dividends paid

(181,000

)

(177,000

)

Net cash from financing activities

(1,300,913

)

(2,840,342

)

Increase in cash and cash equivalents

360,287

230,517

Cash and cash equivalents at beginning of year

2

1,092,284

861,767

Cash and cash equivalents at end of year

2

1,452,571

1,092,284

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

31.3.25

31.3.24

£

£

Profit before taxation

1,589,408

919,757

Depreciation charges

544,516

418,743

Loss on disposal of fixed assets

28,059

29,368

Finance costs

87,581

90,241

Finance income

-

(60

)

2,249,564

1,458,049

Decrease/(increase) in trade and other debtors

1,952,274

(154,833

)

(Decrease)/increase in trade and other creditors

(1,270,554

)

1,994,128

Cash generated from operations

2,931,284

3,297,344

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,452,571

1,092,284

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,092,284

861,767

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,092,284

360,287

1,452,571

1,092,284

360,287

1,452,571

Debt

Finance leases

(1,131,091

)

474,813

(656,278

)

Debts falling due within 1 year

(350,000

)

209,433

(140,567

)

Debts falling due after 1 year

(426,667

)

426,667

-

(1,907,758

)

1,110,913

(796,845

)

Total

(815,474

)

1,471,200

655,726

1.	COMPANY INFORMATION

Cuig Group Holdings Limited (company number 07981272) is a private company limited by shares and incorporated in England and Wales. Its registered office is Canal Wharf, Horsenden Lane North, Greenford, UB6 7PH.

2.	ACCOUNTING POLICIES

Accounting convention

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 principal accounting policies adopted are set out below.

Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cuig Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.