REGISTERED NUMBER: 06056699 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

BJF CONNECTIONS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

10

Report of the Independent Auditors

13

Income Statement

17

Other Comprehensive Income

18

Balance Sheet

19

Statement of Changes in Equity

20

Cash Flow Statement

21

Notes to the Cash Flow Statement

22

Notes to the Financial Statements

23

DIRECTORS:

B J Foster

S Foster

L D Galloway

REGISTERED OFFICE:

Abbey Court

Boarley Lane

Maidstone

Kent

ME14 3DD

REGISTERED NUMBER:

06056699 (England and Wales)

AUDITORS:

Greenaway Chartered Accountants

and Statutory Auditors

1 Bligh's Road

Sevenoaks

Kent

TN13 1DA

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

REVIEW OF BUSINESS

The company has continued the recent trend of strong growth achieving a significant increase in turnover to £70.5m (from £50.3m - an increase of 40%). Despite this growth, margins have held steady at just under 2% reporting £1.1m for the year. The company still have a few legacy contracts being delivered which are contributing to the lower-than-expected margins however these should all be completed in the next financial year and we expect margins to significantly increase hence forth.

Recent government budgetary legislation has seen a cost impact which will particularly hit contracts where there is a larger employed labour force. However, we are in negotiations on these longer-term contracts to ensure we mitigate these increases where possible and doesn't see this as an inhibiting factor in future growth.

The company has implemented several new commercial processes/strategies to mitigate the risks associated particularly on longer term contracts and will continue to review this moving forward. The company continues to grow a particularly healthy pipeline across all divisions with a mix of longer term secured contracts and several project frameworks across key clients and industries.

The company continues to be committed in investing in its infrastructure across the group. A key part of this remains the mindset that Information Technology and supplementing software will be the key driver in ongoing success within the market. With that in mind there are several items the company is pursuing that form a key part of its ongoing strategy. This will enable the company to continue to scale up whilst reducing its overall group overhead on a correlated basis. There have already been positive strides in this area however the scope remains to gain significant efficiencies in this regard.

The company continues to build on the success of the brand BJF Group and has recently launched a new logo/website and marketing material in 2025. We believe this will put the company in the best position possible to ensure it can reach new clients whilst advertising the business to a wider group of stakeholders including but not limited to the wider community and potential employees. The company is continuing to focus on its core strategy of remaining diversified across all construction and building services.

Performance for 2025-26 is so far tracking in line with 2024-2025 which Turnover and Margins being comparable at this time last year. The company has several new opportunities starting in 2026 which we believe will again drive further growth in the business. The business is also currently in discussions over its long-term contracts with the aim to secure these for the next several years to ensure the track record of consolidated growth continues.

PRINCIPAL RISKS AND UNCERTAINTIES

It is the Directors' duty to focus on the principal risk confronting the business such as those relating to commercial, staff resource, liquidity, operational and regulatory risk and business continuity.

Commercial Risk

Managing Commercial Risk is a key focus of the company's objectives given the prevalent risk that exists within the industry and wider economy. To combat this the business continues to diversify its core markets so that it is well positioned to deal with any industry impacts.

Inflation/Supply Chain Risk

The company has increased focus on analysing both key supply chain partners and clients to ensure that the company is mitigating risk of insolvencies which appear to be particularly prevalent currently within the industry. The company will closely monitor industry bulletins to ensure it can react and easily adapt to any market changes.

Staff Resource Risk

Staff resource is critical to the company's operation. The company promotes staff retention, training, and succession planning to ensure it can maintain high standards and continuously improve its service to all clients.

Operation and Regulatory Risk

The company operates in an increasingly regulated environment by adhering to H&SE industry standards. To that effect the company has developed an Integrated Management System (IMS) for SHEQ and has worked alongside ALCUMUS ISOQAR and now holds; ISO9001, ISO14001 and ISO45001 to the required UKATA standards. Thus, proving the company is dedicated to continuing investment in its, people, systems, and regulative industry standards.

Liquidity Risk

The company seeks to mitigate any liquidity risk by maintaining sufficient levels of funds within the business to meet its forecast working capital requirements. The company policy has consistently been to build up its reserves to enable it to manage its resources and risks. These risks are managed by management on a regular basis with reference to trading and cash flow forecasts.

Business Continuity Risk

The company has continued to invest in IT infrastructure to further enhance its disaster recovery plans whilst also being able to adapt to issues presented by an ever-challenging environment. A key focus this year has been the rise of Cyber Attacks which have dominated the news headlines. Several measures have already been implemented and the Directors have a key focus on this area moving forward.

Research and Development

The company is committed to continuously improving its processes and technical competency to ensure it can adapt to the latest changes within the industry. The company believes this is integral to its future operations such that it can meet the challenges of an ever-changing industry.

Future Developments

The company is now focusing its efforts on expanding and developing the various systems it uses with a key objective on continuously improving the various IT Systems and newly introduced digital platforms which are both in use and being implemented.

SECTION 172(1) STATEMENT

Under S172 of the Companies Act 2006, the directors have a duty to promote the success of the company for the benefit of the members as a whole and they are required to describe how they had regard to the following matters when performing their duties:

a)

the consequence of decisions in the long term;

b)

the interests of employees;

c)

the company's business relationships with suppliers, customers and others;

d)

the impact of the company's operations on the community and environment;

e)

the desirability of maintaining a reputation for high standards of business conduct; and

f)

the need to act fairly between members of the company.

The company's key stakeholders are its clients, employees, supply chain, community, bankers and shareholders.

Clients

We endeavor to work collaboratively with clients on all projects/contracts to achieve a first in class service for both our direct clients and also any end users further on in the chain. We achieve this through robust processes and ensuring that the business supports the relevant operational staff to achieve the individual requirements of any task whilst ensuring that we are regularly engaging with other entities on site and adapting where required to achieve common goals. We believe that the fact we have so many clients with long-term relationships and that we support across many Government departments supports the steps and we undertake in this regard.

Employees

Our employees are core to the success of the company, and we carefully consider the needs of all our team when making decisions and have several different ways in which we do so. These include training and development plans; the support provided by our well-resourced HR team; our health, safety & welfare management resources and various staff forums.

We have launched a set of TEAMS (Trust/Excellent/Agile/Motivation/Safety) values that we believe are integral to the development of not just the company but ensuring best practice throughout all departments and projects. We have also launched several new schemes for staff in recent years including external support for employee well-being and enhanced benefits to ensure that every employee is supported.

Supply chain

Our supply chain has played an integral role in sustaining our operations and facilitating growth. Our supply chain encompasses a network of suppliers, manufacturers, distributors, and logistics partners, all collaborating seamlessly to ensure timely delivery of goods and services to our customers. We engage with our suppliers/subcontractors through regular meetings and communication. Our rigorous onboarding process is supported by our robust commercial processes to ensure all new orders of a certain value are prequalified and signed off by each relevant department to ensure that performance requirements are being met and the contract risk and deliverables are suitable for both parties on each individual project.

Community

Our community and wider social responsibilities are a key part of our long-term strategy. Working with a specialist sustainability consultant we are now developing a long term ESG/CSR Strategy to include key target measurements for us to achieve moving forward. This will focus on three key elements; Natural Capital, Human Capital & Social Capital. The CSR report and the Carbon report will also detail how we assess the sustainability of our activities and minimise their impact on the environment.

Bankers

We have a long-term positive relationship with our bankers, Barclays Bank. We are in regular contact to discuss matters relevant to both parties and have regular scheduled meetings with the banks relationship team including scheduled reports.

Shareholders

BJF Connections Ltd is wholly owned by BJF Group Ltd. The single shareholder of BJF Group Ltd is the Managing Director of both companies and is an active member of the day-to-day running of the company. The board meet regularly to discuss matters relevant to the running of the companies and have regular scheduled engagement with the rest of the senior team.

EMPLOYEES AND HUMAN RESOURCES

The policy in the year in respect of disabled persons regarding consideration to applications for employment, continuing their employment and their training, career development and promotion.

At BJF Group we take measures to tackle inequality in recruitment, practices, promotion opportunities, routes of progression and talent management by adopting inclusive and accessible recruitment practices, offering a range of quality opportunities with routes to progression. We operate with unbiased screening methods throughout the recruitment process.

The People & Talent team ensure that guidance and support is provided to all employees particularly people managers to gain skills and increase confidence to ensure equality in all people related activities to include; recruitment and selection, equality, benefits of a diverse workforce, flexibility, reasonable adjustments, different communication techniques and mental health support. Having an understanding and awareness of disabilities results in the ability to both recruit and support disabled people and those with long term health conditions at work.

The action taken during the year to introduce, maintain or develop arrangements in connection with employees, in respect of the provision of information, consultation, involvement in performance and awareness of factors affecting the company.

At BJF Group we recognise that effective employee communication is key to a successful organisation. An annual company update is provided at the company's annual Christmas event, and a recorded version is made available for those not in attendance.

During the year, BJF Group implemented a range of measures to ensure employees were informed, consulted, and actively involved in matters affecting the company. These included:

-

Provision of Information: Regular updates via newsletters, intranet announcements, and regular team meetings to share company performance, strategic objectives, and market developments, big project wins, client engagement activities etc.

-

Consultation and Involvement: Employee engagement surveys, focus groups, and departmental forums are conducted to gather feedback and encourage participation in decision-making processes. Consultation on any operational changes, to include rationale and who/what is affected.

-

Performance Awareness: Clear communication of individual and team objectives through structured IPMP processes, performance dashboards, and one-to-one reviews.

-

Awareness of External and Internal Factors: Briefings and training sessions are provided to ensure employees understood regulatory changes, economic conditions, and internal initiatives impacting the business.

Our core TEAMS values continue to underpin all activity and shape the decisions made as an organisation, having a clear mission and vision that has been communicated well in various formats, face to face, electronically, on social media and by issuing values branded items means that the goals of BJF Group are clear and in turn employees recognise how they can support these in their individual roles and as a team.

Summary of how the directors have engaged with the employees.

During the year, the Directors of BJF Group actively engaged with employees through a range of initiatives designed to foster transparency, collaboration, and inclusion.

BJF Group's Managing Director is based at head office and has an open-door policy, meaning that he is always approachable and accessible for all local employees. Due to a remote work force, Directors regularly visit sites across the UK, engage in conversation and seek direct feedback from employees. This fosters a culture of open communication, where people feel comfortable to raise concerns, freely express opinion without recourse and give feedback.

-

Regular Communication

-

Attend divisional team meetings in which Directors share company performance, strategic priorities, and market updates where applicable.

-

Newsletters and intranet posts providing updates on business developments, project wins and achievements.

-

Consultation and Feedback

-

Oversight of Employee engagement surveys and follow-up action plans.

-

Accessible during divisional visits to address employee concerns and ideas.

-

Visibility and Accessibility

-

Directors conducted site visits and informal drop-in sessions to maintain visibility and build trust.

-

Encouraged two-way communication through open-door policies and digital feedback channels.

-

Support for Development and Wellbeing

-

Endorsement of training programs and career development initiatives.

-

Promotion of mental health awareness and flexible working arrangements.

These actions demonstrate the Directors' commitment to ensuring employees are informed, consulted, and involved in decisions that affect the company, while fostering a culture of openness and inclusion.

Directors appoint and heavily support senior leaders in the business through development and coaching activities, selecting the individuals who embody the BJF values and culture.

BJF Group invest in training and development by upskilling the workforce, hiring apprentices and nurturing relationships with education providers and the armed forces resettlement schemes.

How the directors have regard to employee interests, and the effect of that regard, including on the principal decisions taken by the company during the financial year.

See Section S172 Statement

ENERGY AND CARBON REPORT

BJF Group is committed to achieving net zero carbon in line with the government's date of 2050. To achieve this goal, we have quantified our carbon emissions and begun implementing strategies to reduce our emissions.

This document presents the GHG emissions Inventory of BJF Group occurring between 01/04/2024 - 31/03/2025. This mirrors the company's financial year. Copies of our full carbon report and assessment are available on our website.

Summary & Activities of significant importance

We have engaged with a specialist carbon consultant to ensure that we are recording full accuracy in the data we are collecting alongside creating a longer term strategy to measure improvements.

To that end we have remeasured our previous financial year to ensure all relevant information is considered and ensure an accurate baseline moving forward.

Net emissions have slightly increased in this financial year compared to last year however due to the company's growth we have seen improvements in both the intensity ratios we are tracking (sales & number of employees). Carbon emissions from mobile combustion by the commercial fleet of vans remain the significant source of Scope 1 and this remains a key focus of BJF Groups moving forward.

We have partnered with a market leading telematics solution and are part way through full implementation which we are aiming to complete in 2027.

We are continually assessing the suitability of our vehicles for a transition to hybrid and electric models to further reduce carbon emissions while improving air quality in the communities in which we operate. We will monitor the development of both the vehicles and the charging infrastructure to create a roadmap towards this goal.

Methodology

This assessment of GHG emissions is compliant with the Greenhouse Gas Protocol, a globally recognised standard jointly developed by the World Resources Institute and the World Business Council for Sustainable Development. The Greenhouse Gas Protocol provides comprehensive, standardised frameworks for quantifying and managing GHG emissions across private and public sector operations, value chains, and mitigation efforts.

Energy efficiency activities during the assessment period

-

Fleet Management - Ongoing implementation of a new telematics system which trains driver behavior to reduce fuel wastage and encourage efficiency in driving.

-

Reduced lease term for commercial fleet to 3 years to benefit from the improved fuel economy of new models.

-

Extended use of 3d camera modelling technology so that project teams can monitor progress reducing the number of site visits and fuel consumption.

Longer term initiatives under consideration

-

We plan to construct a new office space with solar panels and energy-efficient appliances.

-

We will continue to review the feasibility of installing EV charging facilities on sites.

-

We are working to establish rigorous waste sorting practices on our construction project sites, with the goal of achieving zero waste to landfill.

UK Emissions SECR Measurement Data

Annual Carbon Emissions

Current Reporting Year

Comparison Year

(tCO2e)

06/04/2024 - 05/04/2025

06/04/2023 - 05/04/2024

Scope 1

983

939

Stationary Combustion

1.2

0.4

Mobile Combustion

982

939

Process Emissions

-

-

Fugitive Emissions

-

-

Scope 2 (Location Based)

22

18

Scope 2 (Market Based)

22

18

Purchased Electricity (Location Based)

22

18

Purchased Electricity (Market Based)

22

18

Purchased Steam, Heat, Cooling

-

-

Scope 3 (Grey Fleet)

94

83

Grey Fleet

94

83

Total (Location Based)

1,100

1,041

Total (Market Based)

1,100

1,041

Direct Biogenic Emissions

-

-

Intensity Ratio

Carbon Emissions per

Current Reporting Year

Comparison Year

Business Metric

06/04/2024 - 05/04/2025

06/04/2023 - 05/04/2024

Emission per Sales (tCO2e/MGBP)

15.7

20.7

Emission per Employees (tCO2e/FTE)

3.2

3.3

Current Reporting Year

Comparison Year

Business Metric

06/04/2024 - 05/04/2025

06/04/2023 - 05/04/2024

Sales (MGBP)

70

50

Employees (FTE)

339

311

ON BEHALF OF THE BOARD:

B J Foster - Director

24 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 of an electrical, mechanical and building service provider.

DIVIDENDS

Interim dividends totalling £18.70 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 187,000 .

DIRECTORS

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

B J Foster

S Foster

L D Galloway

ENGAGEMENT WITH EMPLOYEES

The policy in the year in respect of disabled persons regarding consideration to applications for employment, continuing their employment and their training, career development and promotion.

At BJF Group we take measures to tackle inequality in recruitment, practices, promotion opportunities, routes of progression and talent management by adopting inclusive and accessible recruitment practices, offering a range of quality opportunities with routes to progression. We operate with unbiased screening methods throughout the recruitment process.

The People & Talent team ensure that guidance and support is provided to all employees particularly people managers to gain skills and increase confidence to ensure equality in all people related activities to include; recruitment and selection, equality, benefits of a diverse workforce, flexibility, reasonable adjustments, different communication techniques and mental health support. Having an understanding and awareness of disabilities results in the ability to both recruit and support disabled people and those with long term health conditions at work.

The action taken during the year to introduce, maintain or develop arrangements in connection with employees, in respect of the provision of information, consultation, involvement in performance and awareness of factors affecting the company.

At BJF Group we recognise that effective employee communication is key to a successful organisation. An annual company update is provided at the company's annual Christmas event and a recorded version is made available for those not in attendance.

We celebrate and communicate on a regular basis electronically to all regarding big project wins, client engagement activities, awards that we have entered and issue a quarterly newsletter. We also consult where any operational changes may be occurring, the reasons for those changes and how they may be affected.

During the year, BJF Group have defined its mission and vision statement and introduced company core TEAMS values. Our values underpin all activity and shape the decisions made as an organisation, as a result these were launched via company updates across different sites, which included in person feedback sessions with employees.

Having a clear mission and vision that has been communicated well in various formats, face to face, electronically, on social media and by issuing values branded items means that the goals of BJF Group are clear and in turn employees recognise how they can support these in their individual roles and as a team.

Summary of how the directors have engaged with the employees.

BJF Group's Managing Director is based at head office and has an open-door policy, meaning that he is always approachable and accessible for all local employees. Due to a remote work force, Directors regularly visit sites across the UK, engage in conversation and seek direct feedback from employees. This fosters a culture of open communication, where people feel comfortable to raise concerns, freely express opinion without recourse and give feedback.

Both quarterly recognition awards and annual awards were implemented in 2023 with Directors on the selection panel any winners receive personal recognition from a Director. Physical Awards and certificates are presented. When client and end user feedback is received the People & Talent team notify Directors and a personal call of thanks and recognition occurs, which has improved engagement significantly. This shapes the culture of team work and defines and reinforces our TEAMS values ensuring BJF Group culture is aligned with the vision and mission.

Directors appoint and heavily support senior leaders in the business through development and coaching activities, selecting the individuals who embody the BJF values and culture.

BJF Group invest in training and development by upskilling the workforce, hiring apprentices and nurturing relationships with education providers and the armed forces resettlement schemes.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

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, Greenaway Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B J Foster - Director

24 December 2025

Opinion

We have audited the financial statements of BJF Connections Ltd (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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eleven, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. We did not identify any additional fraud risks.

We performed procedures including identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

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. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

R J Lovitt (Senior Statutory Auditor)

for and on behalf of Greenaway Chartered Accountants

and Statutory Auditors

1 Bligh's Road

Sevenoaks

Kent

TN13 1DA

24 December 2025

TURNOVER

3

68,486,214

50,275,412

Cost of sales

55,182,090

39,053,842

GROSS PROFIT

13,304,124

11,221,570

Distribution costs

6,018

10,132

Administrative expenses

12,202,541

9,814,662

12,208,559

9,824,794

1,095,565

1,396,776

Other operating income

-

1,500

OPERATING PROFIT

5

1,095,565

1,398,276

Interest receivable and similar income

-

2,187

1,095,565

1,400,463

Interest payable and similar expenses

6

17,618

23,946

PROFIT BEFORE TAXATION

1,077,947

1,376,517

Tax on profit

7

274,549

347,134

PROFIT FOR THE FINANCIAL YEAR

803,398

1,029,383

PROFIT FOR THE YEAR

803,398

1,029,383

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

803,398

1,029,383

FIXED ASSETS

Tangible assets

9

876,443

681,963

CURRENT ASSETS

Debtors

10

14,640,799

11,996,522

Cash at bank

4,316,997

2,564,104

18,957,796

14,560,626

CREDITORS

Amounts falling due within one year

11

15,231,328

11,179,275

NET CURRENT ASSETS

3,726,468

3,381,351

TOTAL ASSETS LESS CURRENT LIABILITIES

4,602,911

4,063,314

CREDITORS

Amounts falling due after more than one year

12

(26,814

)

(126,304

)

PROVISIONS FOR LIABILITIES

16

(89,473

)

(66,784

)

NET ASSETS

4,486,624

3,870,226

CAPITAL AND RESERVES

Called up share capital

17

10,000

10,000

Retained earnings

18

4,476,624

3,860,226

SHAREHOLDERS' FUNDS

4,486,624

3,870,226

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:

B J Foster - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

10,000

2,982,843

2,992,843

Changes in equity

Dividends

-

(152,000

)

(152,000

)

Total comprehensive income

-

1,029,383

1,029,383

Balance at 31 March 2024

10,000

3,860,226

3,870,226

Changes in equity

Dividends

-

(187,000

)

(187,000

)

Total comprehensive income

-

803,398

803,398

Balance at 31 March 2025

10,000

4,476,624

4,486,624

Cash flows from operating activities

Cash generated from operations

1

2,709,723

2,028,551

Interest paid

(12,284

)

(23,403

)

Interest element of hire purchase payments paid

(5,334

)

(543

)

Tax paid

(353,098

)

(96,948

)

Net cash from operating activities

2,339,007

1,907,657

Cash flows from investing activities

Purchase of tangible fixed assets

(267,962

)

(143,430

)

Sale of tangible fixed assets

-

6,670

Interest received

-

2,187

Net cash from investing activities

(267,962

)

(134,573

)

Cash flows from financing activities

Loan repayments in year

(161,462

)

(201,881

)

Capital repayments in year

(25,002

)

78,988

Amount introduced by directors

145,270

181,996

Amount withdrawn by directors

(90,458

)

(160,322

)

Intercompany loans

500

-

Equity dividends paid

(187,000

)

(152,000

)

Net cash from financing activities

(318,152

)

(253,219

)

Increase in cash and cash equivalents

1,752,893

1,519,865

Cash and cash equivalents at beginning of year

2

2,564,104

1,044,239

Cash and cash equivalents at end of year

2

4,316,997

2,564,104

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

31/3/25

31/3/24

£

£

Profit before taxation

1,077,947

1,376,517

Depreciation charges

73,482

40,344

Loss on disposal of fixed assets

-

63,980

Finance costs

17,618

23,946

Finance income

-

(2,187

)

1,169,047

1,502,600

(Increase)/decrease in trade and other debtors

(2,717,135

)

441,451

Increase in trade and other creditors

4,257,811

84,500

Cash generated from operations

2,709,723

2,028,551

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

4,316,997

2,564,104

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

2,564,104

1,044,239

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

2,564,104

1,752,893

4,316,997

2,564,104

1,752,893

4,316,997

Debt

Finance leases

(78,988

)

25,002

(53,986

)

Debts falling due within 1 year

(89,144

)

89,144

-

Debts falling due after 1 year

(72,318

)

72,318

-

(240,450

)

186,464

(53,986

)

Total

2,323,654

1,939,357

4,263,011