REGISTERED NUMBER: 12285332 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CARSON POWELL HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Consolidated Statement of Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

to

17

Notes to the Consolidated Financial Statements

18

to

34

DIRECTORS:

S Carson

A Carson

N K Grange

R W Longman

N Powell

S J Simcock

REGISTERED OFFICE:

Building 103

Campbell Road

Stoke-on-Trent

Staffordshire

ST4 4DE

REGISTERED NUMBER:

12285332 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

The directors present their strategic report of the company and the group for the year ended 31 March 2025. The group's principal activity continues to be that of a construction and maintenance operation with a trade arm in the plastics sector.

REVIEW OF BUSINESS

During this financial year we achieved an increase in turnover throughout the group. Our focus continued to be business continuity and organic growth. Adhering to our existing long-term strategies gave us some positive results.

Carson Powell Construction Limited, being the core company, retained a good level of turnover and profitability, whilst maintaining its focus on continuity and strategic future growth, along with tight overhead control. Operating from our centrally located flagship premises gives the company the capacity for future growth, along with a local commercial profile.

Horton Building Plastics Limited's turnover and profitability remained static. This was in the most part due to restructuring of the sites, something that will see future benefits and profitability. Continuity in the face of turbulent times remains the company's focus, with an eye still on its long-term strategy of expansion.

The group built on the trading period to 31 March 2025 by posting a pre-tax profit of £1,210,421 (2024: £1,655,119).

Turnover of the group has increased by 2.76% (2024: 6.76% decrease). During the year, operating profit margin has decreased to 5.62% (2024: 8%).

Return on capital employed decreased to 35.9% (2024: 50%).

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors meet monthly to continue to manage and monitor the financial performance of the business; and assess and manage material risks faced by the business, ensuring effective risk management strategies are in place.

CORPORATE AND SOCIAL RESPONSIBILITY

The group recognises its responsibilities in terms of equality and human rights towards its employees and individuals involved with the group. To these ends a high priority is given to ethical considerations in supplier and employee selection and partnership. The group has well established codes in respect of employee welfare and respect for the community and the group operates these.

FINANCIAL RISK MANAGEMENT

Credit risk is addressed by carrying out regular checks of our customers with a reputable credit risk agency and holding a provision for doubtful debts on the balance sheet.

OPERATING EXPENSES

Operational expenses are monitored continually for each expense category and the directors are satisfied that the business continues to demonstrate strong cost control and caution in its decision making.

WORKING CAPITAL

The group meets its day to day working capital requirements through receipts from customers. These are closely monitored to ensure adherence to agreed credit terms. Any obsolete stock that is identified is fully provided for within these financial statements.

FUTURE DEVELOPMENTS

With the future of the UK economy remaining turbulent with vastly fluctuating costs and uncertain interest rate direction, we adhere to our short term plans and strategies.

Throughout the last few years we have focused on trying to keep the business as strong as possible. We have maintained good working capital surplus to support internal cash flow management so we can react to changes with confidence.

We continue to be cautiously optimistic about the company's growth strategies and longevity, even when faced with challenging times ahead. To date we are showing month on month growth in all areas and continue to monitor profitability and financial resources closely.

ON BEHALF OF THE BOARD:

S J Simcock - Director

23 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £744,769 (2024: £777,933).

FUTURE DEVELOPMENTS

Likely future developments in the business of the entity have been disclosed in the strategic report.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

S Carson

A Carson

N K Grange

R W Longman

N Powell

S J Simcock

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 including future developments.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 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.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

S J Simcock - Director

23 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 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 Group 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 Group 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 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 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 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 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 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 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o

the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

o

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

o

any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:

-

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

o

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the Group risks and ensure the risks were considered throughout all areas of audit testing across all Group companies. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified Health and Safety compliance risk as a key audit matter related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:

o

review of the outcomes of health and safety inspections and ISO audits;

o

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

o

enquiring of management concerning actual and potential litigation and claims;

o

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

o

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

o

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due 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, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

-	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Michelle Coates (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

29 December 2025

TURNOVER

3

21,875,639

21,287,410

Cost of sales

(17,541,234

)

(16,696,309

)

GROSS PROFIT

4,334,405

4,591,101

Administrative expenses

(3,122,342

)

(2,888,945

)

1,212,063

1,702,156

Other operating income

17,330

34,931

GROUP OPERATING PROFIT

5

1,229,393

1,737,087

Share of operating profit in

Associates

46,791

48,497

Loss on sale of subsidiary

7

-

(82,799

)

1,276,184

1,702,785

Interest receivable and similar income

2,530

4,961

1,278,714

1,707,746

Interest payable and similar expenses

8

(68,293

)

(52,627

)

PROFIT BEFORE TAXATION

1,210,421

1,655,119

Tax on profit

9

(307,820

)

(425,818

)

PROFIT FOR THE FINANCIAL YEAR

902,601

1,229,301

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

902,601

1,229,301

Profit attributable to:

Owners of the parent

845,543

1,136,372

Non-controlling interests

57,058

92,929

902,601

1,229,301

Total comprehensive income attributable to:

Owners of the parent

845,543

1,136,372

Non-controlling interests

57,058

92,929

902,601

1,229,301

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

1,974,692

2,121,643

Investments

14

Interest in associate

318,127

282,285

2,292,819

2,403,928

CURRENT ASSETS

Stocks

15

1,281,047

1,480,903

Debtors

16

5,037,634

3,108,789

Cash at bank and in hand

193,639

594,599

6,512,320

5,184,291

CREDITORS

Amounts falling due within one year

17

(4,852,648

)

(3,533,213

)

NET CURRENT ASSETS

1,659,672

1,651,078

TOTAL ASSETS LESS CURRENT LIABILITIES

3,952,491

4,055,006

CREDITORS

Amounts falling due after more than one year

18

(333,620

)

(444,452

)

PROVISIONS FOR LIABILITIES

22

(242,651

)

(252,498

)

NET ASSETS

3,376,220

3,358,056

CAPITAL AND RESERVES

Called up share capital

23

100

100

Share premium

24

15,983

15,983

Retained earnings

24

3,515,496

3,414,722

SHAREHOLDERS' FUNDS

3,531,579

3,430,805

NON-CONTROLLING INTERESTS

(155,359

)

(72,749

)

TOTAL EQUITY

3,376,220

3,358,056

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

S J Simcock - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

596,705

534,511

Investments

14

6,505

6,505

603,210

541,016

CURRENT ASSETS

Debtors

16

1,640,997

1,635,870

Cash at bank

4,285

2,919

1,645,282

1,638,789

CREDITORS

Amounts falling due within one year

17

(128,091

)

(75,446

)

NET CURRENT ASSETS

1,517,191

1,563,343

TOTAL ASSETS LESS CURRENT LIABILITIES

2,120,401

2,104,359

PROVISIONS FOR LIABILITIES

22

(127,306

)

(127,969

)

NET ASSETS

1,993,095

1,976,390

CAPITAL AND RESERVES

Called up share capital

23

100

100

Retained earnings

24

1,992,995

1,976,290

SHAREHOLDERS' FUNDS

1,993,095

1,976,390

Company's profit for the financial year

761,474

1,036,307

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

S J Simcock - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

100

3,056,283

15,983

Changes in equity

Dividends

-

(777,933

)

-

Total comprehensive income

-

1,136,372

-

Balance at 31 March 2024

100

3,414,722

15,983

Changes in equity

Dividends

-

(744,769

)

-

Total comprehensive income

-

845,543

-

Balance at 31 March 2025

100

3,515,496

15,983

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

3,072,366

(48,267

)

3,024,099

Changes in equity

Disposal of subsidiary with minority interest

-

24,498

24,498

Dividends

(777,933

)

(141,909

)

(919,842

)

Total comprehensive income

1,136,372

92,929

1,229,301

Balance at 31 March 2024

3,430,805

(72,749

)

3,358,056

Changes in equity

Dividends

(744,769

)

(139,668

)

(884,437

)

Total comprehensive income

845,543

57,058

902,601

Balance at 31 March 2025

3,531,579

(155,359

)

3,376,220

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

1,717,916

1,718,016

Changes in equity

Dividends

-

(777,933

)

(777,933

)

Total comprehensive income

-

1,036,307

1,036,307

Balance at 31 March 2024

100

1,976,290

1,976,390

Changes in equity

Dividends

-

(744,769

)

(744,769

)

Total comprehensive income

-

761,474

761,474

Balance at 31 March 2025

100

1,992,995

1,993,095

Cash flows from operating activities

Cash generated from operations

1

993,464

1,488,309

Interest paid

(61,133

)

(45,731

)

Interest element of hire purchase payments paid

(7,161

)

(6,896

)

Tax paid

(159,231

)

(329,062

)

Net cash from operating activities

765,939

1,106,620

Cash flows from investing activities

Purchase of tangible fixed assets

(286,345

)

(329,565

)

Sale of tangible fixed assets

264,164

207,217

Sale of subsidiary

-

(110,717

)

Dividends received from associates

-

14,000

Interest received

2,530

4,961

Net cash from investing activities

(19,651

)

(214,104

)

Cash flows from financing activities

Loan repayments in year

(100,464

)

(75,760

)

Capital repayments in year

(84,270

)

(68,331

)

Amount introduced by directors

460,886

358,534

Amount withdrawn by directors

(538,963

)

(603,199

)

Equity dividends paid

(744,769

)

(777,933

)

Dividends paid to minority interests

(139,668

)

(141,909

)

Net cash from financing activities

(1,147,248

)

(1,308,598

)

Decrease in cash and cash equivalents

(400,960

)

(416,082

)

Cash and cash equivalents at beginning of year

2

594,599

1,010,681

Cash and cash equivalents at end of year

2

193,639

594,599

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

31.3.25

31.3.24

£

£

Profit before taxation

1,210,421

1,655,119

Depreciation charges

274,486

257,988

Profit on disposal of fixed assets

(16,894

)

(68,062

)

Income from associates

(46,791

)

(48,496

)

Disposal of subsidiary

-

82,799

Finance costs

68,293

52,627

Finance income

(2,530

)

(4,961

)

1,486,985

1,927,014

Decrease/(increase) in stocks

199,856

(65,445

)

(Increase)/decrease in trade and other debtors

(1,847,228

)

608,583

Increase/(decrease) in trade and other creditors

1,153,851

(981,843

)

Cash generated from operations

993,464

1,488,309

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

193,639

594,599

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

594,599

1,010,681