REGISTERED NUMBER: 14174575 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Huyton Asphalt Management Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

9

Report of the Independent Auditors

12

Consolidated Statement of Comprehensive Income

14

Consolidated Statement of Financial Position

15

Company Statement of Financial Position

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Notes to the Consolidated Statement of Cash Flows

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

M Blennerhassett

K Mellon

A Sephton

REGISTERED OFFICE:

Merton Bank Road

St Helens

WA9 1HZ

REGISTERED NUMBER:

14174575 (England and Wales)

AUDITORS:

DJH Audit Limited

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

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

The principal activities of the group during the year were those of tarmacadam and asphalt surfacing, civil engineering and groundworks. The trading company delivers contracts ranging in size from £10,000 to £3 million and utilises its own direct workforce. The groups activities span a wide range of work-types and sectors including Local Authorities, Housing, Industrial and Commercial.

The main trading company is Huyton Asphalt Limited. Reproduced below is the Strategic Report from that company.

REVIEW OF BUSINESS

The year ended 31 March 2025 represented a period of resilient and stable performance for the Company despite

ongoing challenges across the construction and highways sectors. Inflationary pressures, competitive tendering

conditions and supply chain constraints continued, but the Company maintained strong operational delivery, a healthy order book and robust financial stability.

The Company continued to invest in its people, fleet and sustainability initiatives, reinforcing the four long-term strategic pillars that guide our direction:

1. Developing and retaining a skilled, engaged and directly employed workforce

2. Advancing our Net Zero and sustainability commitments

3. Driving operational excellence and innovation in delivery

4. Creating social value and meaningful impact in the communities we serve

A significant development during FY25 was the Board's approval of the HA Highways Academy, a major workforce and skills initiative designed to address regional shortages and sustain long-term talent pipelines. Planning, curriculum development and partnership formation were undertaken during the year, with formal launch in late 2025.

Despite market pressures, the Company upheld its strong financial foundation, enabling continued investment in people,technology and low-carbon solutions.

Turnover for the year was £43.4m (2024: £42.5m), which is a marginal 2% increase and a positive result following the key focus from 2025 to retain profitability.

The company reported a profit before tax of £3.6m (2024: profit before tax of £3.8m). The gross profit margin remained fairly constant at 14.3% (2024:14.4%), which, again, is another positive result as we have managed to retain margins whilst having to manage increasing inflationary pressures in our sectors.

Administrative costs of £2.8m (2024: £2.5m) are in line with expectations for the year and the management has seen no reason to make any significant cuts in overheads as these resources will be needed to support future growth.

The company has a strong Statement of Financial Position at the year end with net assets of £29.2m (2024: £26.4m)

and has strong liquidity with year end cash balances of £7m (2024: £6.4m).

Our pipeline of work remained strong throughout 2025, which supported the company ethos to maintain a stable

overhead base.

The company maintains a healthy ratio of Net Assets to Turnover of 67% (2024: 62%). This continues to rank highly

against our industry competitors and is a good indicator that the company trades within its financial capabilities.

Operational performance during FY25 remained resilient in a challenging marketplace. The Company maintained a

strong pipeline of work across its core sectors, ensuring stable utilisation of its direct workforce, and continued to invest in technology and infrastructure to support long-term efficiency and high-quality service delivery.

Supply chain pressures were effectively managed through proactive engagement with suppliers and careful planning

across projects, while a clear focus on quality, safety and timely delivery helped to protect and strengthen key client

relationships.

The experience and flexibility of our workforce, supported by long-standing local partnerships, enabled the Company to navigate operational risks and position itself well for future opportunities.

The company has continued to invest time and resources into understanding Net Carbon Zero, looking at how we can reduce our own carbon footprint but also positioning ourselves as a leading solutions provider for clients who are looking to decarbonise their operations in order to meet their own Net Carbon Zero targets.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Company remain broadly consistent with prior years.

Market & Economic Risks

The highly competitive tender market continues to place pressure on pricing and margins, particularly within the local

highways and construction sectors. Inflation and supply chain volatility, most notably in material and fuel costs, also

present ongoing challenges that must be carefully managed to maintain financial stability.

People & Skills Risks

In addition, the industry-wide shortage of skilled operatives and managers reinforces the importance of attracting,

training and retaining talent to support long-term workforce sustainability.

Supply Chain Risks

Wider economic and political uncertainty, including fluctuations in public spending and changes in regulatory

requirements, further contributes to the external risk landscape.

Regulatory & Environmental Risks

The Company also faces increasing expectations around environmental performance, carbon reduction and

compliance, all of which require continued attention and long-term planning.

The Board manages these risks through a combination of robust financial management, operational discipline and

strategic investment. Detailed budgeting and forecasting support informed decision-making and ensure the Company

can respond effectively to market fluctuations.

A selective approach to tendering and project risk assessment helps protect margins and maintain a balanced risk

profile across the workload. Continued investment in training, apprenticeships and employee engagement strengthens the Company's ability to retain talent and build a skilled, motivated workforce.

Long-standing relationships with key suppliers and framework partners enhance supply chain resilience and support

consistent service delivery. In parallel, active monitoring of regulatory developments and environmental performance

ensures that the Company remains compliant and aligned with evolving client and sector expectations.

FUTURE OUTLOOK

The Board remains confident in the Company's ability to deliver sustainable and profitable growth over the medium term. A number of important developments will shape this next phase of progress.

The Company intends to continue expanding its HALO low-carbon product range and further electrifying its fleet,

strengthening its contribution to client Net Zero objectives while improving environmental performance across

operations. At the same time, we will focus on reinforcing our position on key frameworks and cultivating new client

relationships where these align with our strategic priorities and operational capabilities.

Investment in digital tools, operational excellence and process improvements will remain a priority, helping to enhance productivity, strengthen quality and support more efficient project delivery. Social value will also continue to be an area of strategic importance, with plans to build on existing programmes and introduce clearer measurement and reporting of outcomes related to employment, education and community impact.

By maintaining financial discipline, prioritising our people and embedding sustainability and innovation at the heart of

our business, the Company is well positioned to navigate future challenges and take advantage of emerging

opportunities across the highways and civil engineering market.

FINANCIAL PERFORMANCE

The Company delivered a stable financial performance in FY25, maintaining strong revenue streams and consistent

profitability despite a challenging external environment.

Key characteristics of performance included:

- Robust liquidity and cash position, supporting continued investment

- Disciplined tendering to protect margins in a competitive market

- Effective cost control across materials, fleet and operational expenditure

- A resilient order book providing good visibility into FY26

FINANCIAL KEY PERFORMANCE INDICATORS

The directors have monitored the progress of the Company with reference to certain financial key performance indicators:

2025

2024

Turnover

£43.4m

42.5

Gross profit %

14.3%

14.4%

Net assets: Turnover ratio

67%

62%

The directors also monitor certain non-financial key performance indicators:

2025

2024

Average number of employees

94

92

Apprentices as a proportion of direct workforce

6%

6%

SECTION 172(1) STATEMENT

In accordance with section 172 of the Companies Act 2006, the directors confirm that they have acted in a way they consider, in good faith, would promote the success of the Company for the benefit of its members as a whole, while having regard to:

- the interests of employees

- the need to foster relationships with customers, suppliers and partners

- the impact of operations on communities and the environment

- the desirability of maintaining high standards of conduct

- the need to act fairly between members

How the Board Engages with Stakeholders

The Board receives regular reporting on:

- employee wellbeing, training and development

- client feedback and contract performance metrics

- supplier performance, quality and ESG compliance

- community engagement and social value outcomes

- environmental performance, including carbon reporting and fleet transition

This information informs decision-making and long-term planning.

Examples of Board Decisions Reflecting s172 Duties

During FY25, the Board:

- Enhanced the sustainability strategy, including fleet transition and low-carbon materials adoption

- Maintained a selective tendering approach to protect workforce stability and margin discipline

- Invested in wellbeing and mental health initiatives, strengthening support for employees

- Reviewed suppliers to ensure alignment with quality, safety and environmental expectations

Long-Term Impact Considerations

The Board carefully evaluates long-term implications when making decisions, including:

- the need to preserve a skilled workforce

- environmental responsibilities and Net Zero commitments

- maintaining strong client relationships and service standards

- ongoing social value contributions to local communities

The directors are satisfied that these considerations are embedded into governance, operations and strategic planning.

ENGAGEMENT WITH EMPLOYEES

At Huyton Asphalt, we prioritise our people and have embedded sustainability at the core of our operations, creating

shared value for both our business and the communities we serve. By employing our own workforce and apprentices, we ensure continuity, sustainability, and long-term skills development within the organisation. We are committed to fostering a workplace where our employees feel proud to be part of Huyton Asphalt and the broader construction industry.

Our HA Means More initiative underpins our commitment to delivering social value across all contracts. Over the past year, we have welcomed three new apprentices, facilitated work placements for individuals from disadvantaged

backgrounds, and provided numerous hours of valuable work experience.

We remain a certified Living Wage Employer dedicated to maintaining a healthy, inclusive workplace for employees and subcontractors alike. We strive to offer quality work opportunities that positively impact the overall wellbeing of our people. This year, we were reaccredited with the Workplace Wellbeing Charter, reflecting our proactive approach to championing a positive workplace culture. By equipping our workforce with the knowledge, tools, and confidence to manage their health and wellbeing and support their colleagues, we continue to see the benefits of prioritising employee welfare.

In 2024, we further strengthened our efforts to address mental health and wellbeing. We have promoted open

conversations about mental health through our internal mental health campaign, It's Time to Talk, and our renewed

Company Supporter status with the Lighthouse Construction Industry Charity. This partnership enables us to provide

emotional, physical, and financial support to construction workers and their families, reinforcing our commitment to the wellbeing of all those connected to Huyton Asphalt.

In addition, we have:

- Maintained a direct workforce over 90 employees, providing flexibility and strong site-based capability;

- Employed 7 apprentices, including 3 NEETs;

- Recruited 3 individuals who have been long-term unemployed as a result of targeted recruitment programmes;

Supported 11 paid work placements of at least 2 weeks, providing exposure to real-world construction and

- highways environments;

Continued to offer all employees and supply chain partners access to wellbeing support through the Lighthouse

- Construction Industry Charity:

- Delivered over 125 hours of Colleague Volunteering to Local charities and community organisations.

The company was reaccredited with the Workplace Wellbeing Charter, reflecting our on going commitment to mental health and wellbeing.

Our internal mental health campaign, It's Time to Talk, continued during FY25, encouraging open conversations about mental health, reducing stigma and signposting employees to available support. We will further build on this culture of openness and support in the coming years.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The culture of our business is based on a proactive approach to collaboration. We continue to focus on ensuring our customers enjoy a positive experience, with building relationships being as important to us as building projects. We take enormous pride in the friendships and partnerships we make in this industry, in local communities and with our customers and employees.

Our business units have developed their structures to provide clarity in the service to clients, with technical and sector specific experts which enable us to deliver innovation for our customers, providing quality solutions, on budget and on time. With strong relationships across a number of key frameworks we have continued to grow the repeat customer base and investigate new markets.

Our supply chain partners continue to play a significant role in the delivery of goods and services across all our sectors. Through the refinement process to achieve our approved supplier list we have created a structured mandatory selection process which ensures our supply chain demonstrates the highest level of quality and health & safety.

STAKEHOLDERS AND STRATEGY

The Board's primary responsibility is to promote the long-term success of the company by creating and delivering

sustainable shareholder value as well as contributing to wider society.

The Board has set clear strategic priorities that will guide the business over the medium term:

People & Skills

- Strengthen our direct workforce model.

- Expand apprenticeship and training routes.

- Increase leadership, technical and safety competencies across the organisation.

Sustainability & Net Zero

- Deliver on our Time for Change: Net Zero initiative and Carbon Reduction Strategy.

- Increase deployment of low-carbon products such as the HALO range.

- Continue transitioning the fleet to electric and hybrid vehicles.

Operational Excellence & Innovation

- Improve productivity through better planning, technology and process optimisation.

- Adopt innovative construction methods that reduce programme durations, costs and environmental impact.

Market Position & Selective Growth

- Maintain a strong presence in key frameworks and local authority contracts.

- Pursue selective growth opportunities where they align with our risk appetite and capability.

Social Value & Community Leadership

- Deliver measurable social value outcomes on all major contracts.

- Enhance community partnerships and targeted support for disadvantaged groups.

MARKETING & OPERATING ENVIRONMENT

The Company's strategy is shaped by a dynamic external environment. Key PESTLE factors during FY25 included:

Political

- Ongoing focus on both national Strategic Network and regional Key Network infrastructure investment.

- Public sector procurement increasingly emphasises social value, local employment and environmental performance as core evaluation criteria.

Economic

- Cost inflation and supply chain volatility continued, particularly in materials and fuel.

- Competitive tension in the local market remains high, requiring selective tendering and close cost control to maintain profitability.

Social

- Ageing work-force and ongoing skills shortages in construction and highways underline the importance of

apprenticeships, training and direct workforce investment.

- Communities and clients place growing importance on local employment, fair pay and visible social value outcomes.

Technological

- Advances in sustainable materials, digital planning tools and asset management systems present opportunities to

enhance productivity and reduce environmental impact.

- The Company continues to explore and adopt innovative construction methods and technologies where they deliver measurable benefit.

Legal / Regulatory

- Increasing environmental reporting requirements, including SECR, mean energy and carbon performance must be

robustly measured and managed.

- Health, safety and employment regulation remain key areas of focus, with the Company maintaining high compliance standards.

Environmental

- The transition towards Net Zero within the highways sector is accelerating. Clients increasingly expect low-carbon

solutions, reduced waste and environmentally responsible operations.

- Climate resilience and environmental risk considerations are increasingly integrated into infrastructure planning.

The Board regularly reviews these external drivers and incorporates them into strategic prioritisation, risk assessment

and investment decisions.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

The Board's primary responsibility is to promote the long-term success of the company by creating and delivering sustainable shareholder value as well as contributing to wider society. The successful delivery of the long-term plans relies on key input and positive relationships with a wide range of stakeholders. The Board seeks to achieve this by setting out its strategy, monitoring performance against the company's strategic objectives and reviewing the implementation of the strategy.

A formal schedule of matters reserved for Board approval is maintained and reviewed regularly for operational relevance. This includes the determination of the company's strategy and long-term direction, reviewing health and safety performance, approval of budgets, capital expenditure, project selection, organisational changes and changes in key policies. The Board also monitors the effectiveness of the company's systems of internal control, governance and risk management.

SOCIAL RESPONSIBILITY

The Company continued to progress it's Time for Change: Net Zero initiative during FY25, building on earlier work to

measure, manage and reduce its carbon footprint. After being PAS 2080 accredited in FY24, we reached the level to be re-accredited in FY25. A major investment of FY25 has been the development of Huyton House, Lees Road, Knowsley, which is the new Head Office, Plant/Logistics, depot for the company.

Sustainability Actions in the Period:

Key actions taken to improve environmental performance include:

- Ongoing promotion and development of the HALO carbon-reducing asphalt product range

- Establishment of a sustainability review team to assess orders, long-term agreements and suppliers against carbon

and sustainability criteria

- Continued transfer of relevant fleet to hybrid or electric vehicles

These initiatives demonstrate the Company's commitment to supporting clients' Net Zero objectives and improving its

own environmental performance over time.

INNOVATION & SKILLS DEVELOPMENT

Innovation in both delivery methods and workforce development is fundamental to the Company's strategy.

During FY25 the Company:

- Continued to investigate and adopt alternative construction methods and technologies to deliver more efficient,

lower-carbon solutions for clients

- Invested time and resource into understanding Net Zero pathways and the implications for materials, fleet and

operations - for example, the ABG4820 HALO Tracked Paver and the Electric Ammann EARX26-2 Light-Tandem

Roller, for carbon reduction and efficiency.

SOCIAL VALUE AND COMMUNITY IMPACT

Social value is integral to how we operate and is embedded in our HA Means More culture. During FY25, the Company focused on three primary social value themes:

Employment & Skills

- Provided apprenticeships, work placements and training opportunities, particularly for young people and those facing labour-market barriers.

- Engaged with schools, colleges and universities to promote careers in construction and highways.

Community Support & Charitable Giving

- Donated to more than 33 local charities, including those supporting families, children and vulnerable groups.

- Provided Easter eggs, Christmas toys and care packages to local authority-led appeals and community initiatives.

Education & Road Safety

- Delivered road safety assemblies in local schools in partnership with organisations such as The Bobby Colleran Trust.

- Promoted awareness of safe road use among children and vulnerable road users.

During FY25, the Company also worked with partners such as the University of Liverpool and local careers fairs to

engage with students and graduates, promoting opportunities within the business and the wider industry.

ON BEHALF OF THE BOARD:

M Blennerhassett - 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 loss for the year, after taxation, amounted to £378,386 (2024: profit £674,280).

The directors recommended and paid total dividends of £497,384 (2024: £674,280) to both the shareholders of the parent company and the non-controlling interest of its subsidiary undertaking.

DIRECTORS

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

M Blennerhassett

K Mellon

A Sephton

GOING CONCERN

As detailed in the financial statements, the group meets its day-to-day working capital requirements through significant available cash balances.

The directors of Huyton Asphalt Management Limited have prepared forecasts for the period to 31 March 2026, and, after review of the forecasts, significant available cash resources and consideration of the parental support provided to the subsidiary undertakings, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

Accordingly, they continue to adopt the going concern basis in the preparation of these financial statements.

FUTURE DEVELOPMENTS

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has agreed to indemnify its director against third party claims which may be brought against them and has put in place a director and officers insurance policy.

FUTURE DEVELOPMENTS

Looking ahead to 2026, the Company intends to continue delivering its long-term strategy focused on:

- investing in innovation, digital capability and research;

- advancing sustainability and low-carbon solutions;

- progressing skills development initiatives, including the HA Highways Academy;

- maintaining a disciplined and selective approach to large-scale activities.

The Board will continue to balance growth opportunities with prudent risk management to ensure long-term stability and resilience.

FINANCIAL RISK MANAGEMENT

The Company's principal financial assets comprise cash deposits, cash balances, amounts receivable on contracts and trade debtors. The key financial risks relate to:

- Credit risk - managed through customer approval procedures and the use of credit insurance where appropriate.

- Liquidity risk - addressed through regular cash flow monitoring, strong cash reserves and robust forecasting

processes.

The director constantly monitor and forecast cash flow and consider that the company is in a strong position in terms of its ability to manage cash flow and liquidity risks.

INVESTMENT IN OUR PEOPLE

With a workforce of over 90 employees, the director recognises that the Company's success depends on the dedication, skills and commitment of its people. Direct employment provides flexibility, supports rapid mobilisation, and delivers a consistently high-quality service.

The Company continues to invest in training and development, including:

- apprenticeship programmes

- targeted upskilling

- professional qualifications

- structured work placements and development opportunities

This commitment ensures a sustainable talent pipeline and supports long-term operational excellence.

DISABLED EMPLOYEES

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the

applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their

employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

STREAMLINED ENERGY AND CARBON REPORTING

The SECR disclosure covers the group's greenhouse gas emissions (scope 1 and 2), an appropriate intensity ratio, the total energy usage of gas, electricity, fuel for transport and production.

2025

2024

Emissions resulting from activities for which the company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)

739.18

743.77

Emissions resulting from the purchase of electricity by the company for its own use, including for the purposes of transportation

13.77

15.58

Energy consumed from activities for which the company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the company for its own use, including for the purposes of transport, in kWH

3,035,728

3,029,771

GHG emissions have been calculated through the application of BEIS '2022 Government Greenhouse Gas Conversion Factors for Company Reporting' (June 2022) using the reporting standard 'The Greenhouse Gas Protocol - Corporate Accounting and Reporting Standard (WBCSD & WRI 2015 updated edition)'.

The following energy efficiency actions shave been initiated during the reporting period;

-

Promotion of our HALO™ range of carbon reducing products;

-

Employed a sustainability team to review orders, long term agreements, and suppliers to ensure carbon and sustainability requirements are considered; and

-

Ongoing transfer of relevant fleet to hybrid or electric vehicles.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with the Companies Act 2006, s. 414C (11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and

Reports) Regulations 2008, Sch. 7 to be contained in the directors' report, including employee engagement statement and stakeholder engagement statement (incorporated within the section 172 statement).

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;

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

ON BEHALF OF THE BOARD:

M Blennerhassett - Director

23 December 2025

Opinion

We have audited the financial statements of Huyton Asphalt Management 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 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 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:

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

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud:

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

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with

applicable law and regulations:

- Challenging assumptions and judgements made by management in its significant accounting estimates in particular:

- Depreciation- we carried out a review and recalculation of depreciation to assess it appropriateness for inclusion within the financial statements:

- Accruals & prepayments- we reviewed a sample of accruals and prepayments in the year to determine that those were applied correctly:

- Tax provisions- we carried out a review of the tax provision to assess its appropriateness for inclusion within the

financial statements:

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

Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However,

despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their vary nature, any such instances of fraud or irregularity likely involve collusion, forgery, intertional

misrepresentations, or override of internal controls.

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.

Michael Forshaw (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

23 December 2025

TURNOVER

43,350,157

42,496,389

Cost of sales

37,148,109

36,394,063

GROSS PROFIT

6,202,048

6,102,326

Administrative expenses

3,652,847

3,419,284

2,549,201

2,683,042

Other operating income

128,050

164,815

OPERATING PROFIT

4

2,677,251

2,847,857

Interest receivable and similar income

90,788

110,569

2,768,039

2,958,426

Interest payable and similar expenses

5

29,274

23,167

PROFIT BEFORE TAXATION

2,738,765

2,935,259

Tax on profit

6

783,602

880,667

PROFIT FOR THE FINANCIAL YEAR

1,955,163

2,054,592

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,955,163

2,054,592

Profit attributable to:

Owners of the parent

1,689,811

1,029,035

Non-controlling interests

265,352

1,025,557

1,955,163

2,054,592

Total comprehensive income attributable to:

Owners of the parent

1,950,575

1,301,238

Non-controlling interests

4,588

753,354

1,955,163

2,054,592

FIXED ASSETS

Intangible assets

9

14,397,672

15,267,442

Tangible assets

10

3,088,781

2,233,668

Investments

11

-

-

Investment property

12

739,431

739,431

18,225,884

18,240,541

CURRENT ASSETS

Debtors

13

16,020,692

11,340,312

Cash and cash equivalents

7,045,460

6,447,934

23,066,152

17,788,246

CREDITORS

Amounts falling due within one year

14

12,727,844

9,638,219

NET CURRENT ASSETS

10,338,308

8,150,027

TOTAL ASSETS LESS CURRENT LIABILITIES

28,564,192

26,390,568

CREDITORS

Amounts falling due after more than one year

15

(16,585,445

)

(15,839,330

)

PROVISIONS FOR LIABILITIES

19

(757,864

)

(527,370

)

NET ASSETS

11,220,883

10,023,868

CAPITAL AND RESERVES

Called up share capital

20

520

520

Retained earnings

21

1,916,258

723,831

SHAREHOLDERS' FUNDS

1,916,778

724,351

NON-CONTROLLING INTERESTS

9,304,105

9,299,517

TOTAL EQUITY

11,220,883

10,023,868

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:

M Blennerhassett - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

28,339,581

28,339,581

Investment property

12

-

-

28,339,581

28,339,581

CURRENT ASSETS

Debtors

13

6,000

6,000

Cash in hand

520

520

6,520

6,520

CREDITORS

Amounts falling due within one year

14

12,653,000

12,647,000

NET CURRENT LIABILITIES

(12,646,480

)

(12,640,480

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,693,101

15,699,101

CREDITORS

Amounts falling due after more than one year

15

15,698,581

15,698,581

NET (LIABILITIES)/ASSETS

(5,480

)

520

CAPITAL AND RESERVES

Called up share capital

20

520

520

Retained earnings

21

(6,000

)

-

SHAREHOLDERS' FUNDS

(5,480

)

520

Company's profit for the financial year

491,384

674,280

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:

M Blennerhassett - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2023

520

369,076

369,596

8,546,163

8,915,759

Changes in equity

Dividends

-

(674,280

)

(674,280

)

-

(674,280

)

Total comprehensive income

-

1,029,035

1,029,035

753,354

1,782,389

Balance at 31 March 2024

520

723,831

724,351

9,299,517

10,023,868

Changes in equity

Dividends

-

(497,384

)

(497,384

)

-

(497,384

)

Total comprehensive income

-

1,689,811

1,689,811

4,588

1,694,399

Balance at 31 March 2025

520

1,916,258

1,916,778

9,304,105

11,220,883