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REGISTERED NUMBER: 03316572 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

TRENCHCO LIMITED

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

TRENCHCO LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 March 2025

| DIRECTORS: | R Byrne

| W Kelly

| REGISTERED OFFICE: | 17 Clewer Crescent

| Harrow Weald

| Middlesex

| HA3 5QA

| REGISTERED NUMBER: | 03316572 (England and Wales)

| AUDITORS: | Mantax Lynton

| Chartered Accountants

| Statutory Auditor

| Suite 207

| Equitable House

| 7 General Gordon Square

| London

| SE18 6FH

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 March 2025

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are shown in the annexed financial statements.

The directors are pleased with the result for the financial year ending 31 March 2025. Sales of £14.6M (2024:£15.5M), combined with operating profit of £229K (2024: £205K) are good results, particularly when you consider the competitive and difficult market conditions that prevailed, with the continuing pressure on margins.

Monitoring sales and margin is a key measure for the business in view of the continuing investment in plant and our people. The forward order book is also closely monitored.

We enter the new financial year with a good order book, but we anticipate minimal growth in 2026/27. Uncertainty still surrounds the future impact of both the economy and falling interest rates, meaning that the short and medium outlook for the UK construction industry also remains uncertain. However, we consider that we are well placed to react to prevailing market conditions given our strong client relationships, adaptable business model and financial position.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of potential risks and uncertainties which could impact the company's performance and these are considered by the board on a regular basis. The board of directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business are as follows :

Operating Risk

The company's reputation and continued success depends on its ability to provide services which are valued by its customers. The company regularly reviews the quality of its services both internally and through client feedback and evaluation.

Market Risk

The company operates in a specialised market and seeks to maintain a competitive advantage by offering a high level of customer service from professional and dedicated staff. The company keeps abreast of developments in the market through maintaining strong relationships with its clients and monitoring the wider economic environment.

Personnel Risk

The company is a privately owned business and places great emphasis on recruiting and training high quality staff. The directors consider staff resourcing on a regular basis. Health, safety and environmental issues remain a high priority in all aspects of the company's affairs.

Financial Risk

The company is principally funded from retained profits and is reliant on converting these profits to cash. Financial monitoring and planning are continuous processes and emphasis is placed on balancing maintenance of growth of profit margin against investment in resources to maintain delivery of a high quality of service to customers.

Given the straight forward nature of the business, the company's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

HEALTH AND SAFETY

The company considers health and safety to be a priority issue. We have a positive and professional attitude to the subject, which is taken into our business by the directors and senior management. To achieve high standards, we make sure we have competent, trained people and modern well maintained plant and equipment. Our internal resources are audited and supported by external industry experts, with 'prevention', 'learning from experience' and continuous improvement' being the underlying themes.

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 March 2025

The balance sheet on page 9 of the financial statements show that the company's financial position is strong, in both net assets and liquidity terms.

ON BEHALF OF THE BOARD:

R Byrne - Director

22 December 2025

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 March 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 groundwork, building contractors and ancillary services.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 £68,000 (2024: £74,000).

FUTURE DEVELOPMENTS

We expect 2025/26 to be another challenging year, but are confident that we can maintain the growth and profitability we have shown in recent years.

DIRECTORS

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

R Byrne

W Kelly

DONATIONS

Non political donations totalling £12,666 (2024 : £2,546) were made in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Mantax Lynton, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Byrne - Director

22 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRENCHCO LIMITED

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRENCHCO LIMITED

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

Use of our report

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

Janak Raj Pokhrel (Senior Statutory Auditor)

for and on behalf of Mantax Lynton

Chartered Accountants

Statutory Auditor

Suite 207

Equitable House

7 General Gordon Square

London

SE18 6FH

22 December 2025

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

INCOME STATEMENT

FOR THE YEAR ENDED 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 14,578,598 |  | 15,465,680 |  |

Cost of sales | (13,224,458 | ) | (14,071,308 | ) |

GROSS PROFIT | 1,354,140 |  | 1,394,372 |  |

Administrative expenses | (1,128,940 | ) | (1,193,735 | ) |

225,200 |  | 200,637 |  |

Other operating income | 4,080 |  | 4,000 |  |

OPERATING PROFIT | 5 | 229,280 |  | 204,637 |  |

Interest payable and similar expenses | 6 | (39,565 | ) | (40,525 | ) |

PROFIT BEFORE TAXATION | 189,715 |  | 164,112 |  |

Tax on profit | 7 | 191,150 |  | 21,995 |  |

PROFIT FOR THE FINANCIAL YEAR | 380,865 |  | 186,107 |  |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 380,865 |  | 186,107 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 380,865 |  | 186,107 |  |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

BALANCE SHEET

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 873,072 |  | 1,048,376 |  |

CURRENT ASSETS

Stocks | 10 | 91,300 |  | 87,400 |  |

Debtors | 11 | 6,138,720 |  | 5,257,968 |  |

Cash at bank | 20,000 |  | 43,051 |  |

6,250,020 |  | 5,388,419 |  |

CREDITORS

Amounts falling due within one year | 12 | (2,270,160 | ) | (1,849,234 | ) |

NET CURRENT ASSETS | 3,979,860 |  | 3,539,185 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,852,932 |  | 4,587,561 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (30,822 | ) | (49,631 | ) |

PROVISIONS FOR LIABILITIES | 16 | (124,848 | ) | (153,533 | ) |

NET ASSETS | 4,697,262 |  | 4,384,397 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 4 |  | 4 |  |

Share premium | 18 | 20,000 |  | 20,000 |  |

Retained earnings | 18 | 4,677,258 |  | 4,364,393 |  |

SHAREHOLDERS' FUNDS | 4,697,262 |  | 4,384,397 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

R Byrne - Director

W Kelly - Director

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 March 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 4 |  | 4,252,286 |  | 20,000 |  | 4,272,290 |  |

Changes in equity

Dividends | - |  | (74,000 | ) | - |  | (74,000 | ) |

Total comprehensive income | - |  | 186,107 |  | - |  | 186,107 |  |

Balance at 31 March 2024 | 4 |  | 4,364,393 |  | 20,000 |  | 4,384,397 |  |

Changes in equity

Dividends | - |  | (68,000 | ) | - |  | (68,000 | ) |

Total comprehensive income | - |  | 380,865 |  | - |  | 380,865 |  |

Balance at 31 March 2025 | 4 |  | 4,677,258 |  | 20,000 |  | 4,697,262 |  |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 32,127 |  | 142,503 |  |

Interest paid | (17,440 | ) | (5,988 | ) |

Interest element of hire purchase payments paid | (22,125 | ) | (34,537 | ) |

Tax paid | 162,464 |  | - |  |

Net cash from operating activities | 155,026 |  | 101,978 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (75,200 | ) | - |  |

Sale of tangible fixed assets | - |  | 70,900 |  |

Net cash from investing activities | (75,200 | ) | 70,900 |  |

Cash flows from financing activities

Movement on HP loan | (71,690 | ) | (247,877 | ) |

Equity dividends paid | (68,000 | ) | (74,000 | ) |

Net cash from financing activities | (139,690 | ) | (321,877 | ) |

Decrease in cash and cash equivalents | (59,864 | ) | (148,999 | ) |

Cash and cash equivalents at beginning of year | 2 | (204,834 | ) | (55,835 | ) |

Cash and cash equivalents at end of year | 2 | (264,698 | ) | (204,834 | ) |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 189,715 |  | 164,112 |  |

| Depreciation charges | 250,504 |  | 287,263 |  |

| Profit on disposal of fixed assets | - |  | (52,372 | ) |

| Finance costs | 39,565 |  | 40,525 |  |

479,784 |  | 439,528 |  |

| Increase in stocks | (3,900 | ) | (1,900 | ) |

| (Increase)/decrease in trade and other debtors | (880,751 | ) | 4,587 |  |

| Increase/(decrease) in trade and other creditors | 436,994 |  | (299,712 | ) |

| Cash generated from operations | 32,127 |  | 142,503 |  |

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 | 20,000 |  | 43,051 |  |

| Bank overdrafts | (284,698 | ) | (247,885 | ) |

(264,698 | ) | (204,834 | ) |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£ | £ |

| Cash and cash equivalents | 43,051 |  | 85,879 |  |

| Bank overdrafts | (247,885 | ) | (141,714 | ) |

(204,834 | ) | (55,835 | ) |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank | 43,051 |  | (23,051 | ) | 20,000 |  |

| Bank overdrafts | (247,885 | ) | (36,813 | ) | (284,698 | ) |

(204,834 | ) | (59,864 | ) | (264,698 | ) |

| Debt

| Finance leases | (180,494 | ) | 71,690 |  | (108,804 | ) |

(180,494 | ) | 71,690 |  | (108,804 | ) |

| Total | (385,328 | ) | 11,826 |  | (373,502 | ) |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Compliance with accounting standards

| 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.

| The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

| Significant judgements and estimates

| In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

| Borrowing costs

| All borrowing costs are recognised in profit or loss in the year in which they are incurred.

| Turnover and profits

| Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Sales are recognised on the basis of work measured, valued and certified at the year end.

| Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of contract value which costs to date bear to total expected costs for that contract.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

| Depreciation is provided on the following basis:

| Plant and machinery - 20% Reducing balance method

| Fixtures and fittings - 25% Reducing balance method

| Motor vehicles - Straight line over 4 years

| Computer equipment - 20% Reducing balance method

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| Stocks

| Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis and represents the unbilled direct and indirect costs incurred as at the year end. Net realisable value represents the certified value of the measured work carried out in a particular period, invoiced subsequent to the year end.

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Debtors

| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

| Creditors

| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Research & Development tax credits are recognised in the profit or loss in the year in which the

| amounts receiveable by the company can be measured reliably and are virtually certain.

| Hire purchase and leasing commitments

| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to profit and loss account

| Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

| 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.

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Long term contracts

| Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of 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.

| Financial instruments

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Going concern

| The company has a strong balance sheet and is maintaining reasonable liquidity ratio to deal with the amount that will fall due within one year. After making the necessary enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Going concern is therefore considered appropriate.

3. | TURNOVER

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

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 478,751 |  | 521,379 |  |

| Social security costs | 53,138 |  | 56,006 |  |

| Other pension costs | 3,474 |  | 5,776 |  |

535,363 |  | 583,161 |  |

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

| 2025 |  | 2024

| Number of employees | 7 |  | 8 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 155,968 |  | 173,821 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Professional Fees | 609,275 |  | 228,723 |  |

| Depreciation - owned assets | 250,504 |  | 287,263 |  |

| Profit on disposal of fixed assets | - |  | (52,372 | ) |

| Auditors' Renumeration | 16,000 |  | 15,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank and loan interest | 7,830 |  | 5,027 |  |

| Interest on late payment | 9,610 |  | 961 |  |

| Hire purchase Interest | 22,125 |  | 34,537 |  |

39,565 |  | 40,525 |  |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 March 2025

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| R&D tax credit | (162,464 | ) | - |  |

| Deferred tax | (28,686 | ) | (21,995 | ) |

| Tax on profit | (191,150 | ) | (21,995 | ) |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 189,715 |  | 164,112 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 47,429 |  | 41,028 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,950 |  | 3,564 |  |

| Depreciation in excess of capital allowances | 28,685 |  | 40,602 |  |

| Utilisation of tax losses | (78,065 | ) | (85,194 | ) |

| R & D claim | (162,464 | ) | - |  |

| Deferred tax | (28,685 | ) | (21,995 | ) |

| Total tax credit | (191,150 | ) | (21,995 | ) |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Final | 68,000 |  | 74,000 |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 5,262,102 |  | 10,216 |  | 223,020 |  | 10,616 |  | 5,505,954 |  |

| Additions | 75,200 |  | - |  | - |  | - |  | 75,200 |  |

| At 31 March 2025 | 5,337,302 |  | 10,216 |  | 223,020 |  | 10,616 |  | 5,581,154 |  |

| DEPRECIATION

| At 1 April 2024 | 4,292,186 |  | 7,605 |  | 148,723 |  | 9,064 |  | 4,457,578 |  |

| Charge for year | 209,023 |  | 653 |  | 40,518 |  | 310 |  | 250,504 |  |

| At 31 March 2025 | 4,501,209 |  | 8,258 |  | 189,241 |  | 9,374 |  | 4,708,082 |  |

| NET BOOK VALUE

| At 31 March 2025 | 836,093 |  | 1,958 |  | 33,779 |  | 1,242 |  | 873,072 |  |

| At 31 March 2024 | 969,916 |  | 2,611 |  | 74,297 |  | 1,552 |  | 1,048,376 |  |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 March 2025

9. | TANGIBLE FIXED ASSETS - continued

| There is a fixed and floating charge against all assets in favour of Handlesbanken to the value of £200,000.

| The net book value of Tangible Fixed Assets held during the year under hire purchase lease agreements is £181,448 (2024 : £274,836)

10. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 91,300 |  | 87,400 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 3,005,342 |  | 2,258,877 |  |

| Owed by companies under common control | 908,595 |  | 883,958 |  |

| Amounts recoverable on contract | 1,795,293 |  | 1,776,214 |  |

| Other debtors | 23,200 |  | 29,795 |  |

| VAT | 177,587 |  | 94,740 |  |

| Accrued income | 10,313 |  | - |  |

| Prepayments | 218,390 |  | 214,384 |  |

6,138,720 |  | 5,257,968 |  |

| The amounts owed by companies under common control are interest free, with no security and is repayable on demand.

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 284,698 |  | 247,885 |  |

| Hire purchase contracts (see note 15) | 77,982 |  | 130,863 |  |

| Trade creditors | 1,585,684 |  | 1,229,865 |  |

| Other creditors | 12,286 |  | 10,521 |  |

| PAYE/NIC | 50,262 |  | 50,834 |  |

| Wages payable | 6,576 |  | 6,286 |  |

| Pension payable | 830 |  | 804 |  |

| Directors' loan accounts | 28,415 |  | 53,079 |  |

| Accrued expenses | 223,427 |  | 119,097 |  |

2,270,160 |  | 1,849,234 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 30,822 |  | 49,631 |  |

| The interest charged on HP contracts is at the prevailing market rate. Obligations under HP are secured on the assets concerned and are repayable by monthly instalments.

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 284,698 |  | 247,885 |  |

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 March 2025

14. | LOANS - continued

| There is a fixed and floating charge over the company's assets.

| R Byrne and W Kelly have also each provided a personal guarantee in the sum of £200,000 for the overdraft facility provided by Handelsbanken, supported by a 1st priority legal mortgage charge over freehold properties at 86 Brent Terrace, London, NW2 1BY and Flat 8, Welshside, London NW9 7RU.

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 77,982 |  | 130,863 |  |

| Between one and five years | 30,822 |  | 49,631 |  |

108,804 |  | 180,494 |  |

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 124,848 |  | 153,533 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 153,533 |  |

| Credit to Income Statement during year | (28,685 | ) |

| Balance at 31 March 2025 | 124,848 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 4 | Ordinary Shares | £1 | 4 |  | 4 |  |

18. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 4,364,393 |  | 20,000 |  | 4,384,393 |  |

| Profit for the year | 380,865 |  | 380,865 |  |

| Dividends | (68,000 | ) | (68,000 | ) |

| At 31 March 2025 | 4,677,258 |  | 20,000 |  | 4,697,258 |  |

19. | PENSION COMMITMENTS

| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,474 (2024 : £5,776) .

| Contributions totalling £829 (2024: £804) were outstanding at year end

TRENCHCO LIMITED (REGISTERED NUMBER: 03316572)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 March 2025

20. | ULTIMATE CONTROLLING PARTY

| The company is controlled by R Byrne and W Kelly.

21. | RELATED PARTY DISCLOSURES

| During the year, total dividends of £68,000 (2024 - £74,000) were paid to the directors .

| During the year, in the course of normal operations, the company paid rent £83,000 (2024 : £83,000) to Trencho Holdings Limited, a company under common control.

| The company also charged Trencho Holdings Limited a management fee of £4,000 (2024 : £4,000).

| As at 31 March 2025, Trencho Holdings Limited owed £908,595 (2024 : £883,958) to the company. The amount owing is interest free, with no security and is repayable on demand.