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Registered number: 03718466 J P Dunn Construction Limited Annual report and financial statements For the year ended 30 September 2025
J P Dunn Construction Limited Company Information
Directors | J P Dunn
| Y Uruci
| N Jacks
| J Galloway
| J J Fahy
| S M Ibrahim (appointed 10 November 2025)
Company secretary | S Ibrahim
Registered number | 03718466
Registered office | 1st Floor
| Harlequin House
| 7 High Street
| Teddington
| England
| TW11 8EE
Independent auditors | Kreston Reeves Audit LLP
| 2nd Floor
| 168 Shoreditch High Street
| London
| E1 6RA
J P Dunn Construction Limited Contents
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 29
J P Dunn Construction Limited Strategic report For the year ended 30 September 2025
Introduction
The directors present their strategic report for the year ended 30 September 2025. The purpose of the Strategic Report is to inform shareholders and help them to assess how the directors have performed their duties to promote the success of the Company. The report, together with the further information in the Directors' Report provides a fair and balanced review of the Company's business including: i) The development and performance of the business during the year; ii) The position of the Company at the end of the year; and iii) A description of the principal risks and uncertainties facing the Company.
Business review
The principal activity of the Company during the year was that of a specialist sub-contractor in the construction industry carrying out groundworks and RC frames. During the year the company turnover increased to £30,054,671 (2024: decreased to £24,154,733). This rebound represented a partial recovery in turnover. Turnover remained depressed due to a combination of factors including jobs being deferred due to the Building Safety Act, and the radical slowdown in the London residential market. In the year ahead there is a much stronger pipeline secured with turnover set to return to the levels of pre-2023. An operating profit was made in the year of £1,541,928 (2024: loss of £186,157). A healthy gross margin was made across the projects. The company has strong net assets in the balance sheet of £8,094,193 (2024: £13,575,804). This reflects the full impact of the management buyout on the 29 October 2024. The fixed assets are stated at £4,463,079 (2024: £3,951,747) and a very strong year end cash position at £7,243,822 (2024: £8,623,376). The Company remains focused on delivering complex jobs safely, to the quality required, and on time. The bulk of on-going work remains with repeat customers including Knight Harwood, Bowmer and Kirkland, Kier, Wates, Kingerlee, McAlpine, Morgan Sindall, and Galliford Try. Key to the business success is a collaborative approach with customers from the pre-contract phase through to project completion. The company has no significant legacy disputes. Over the last two years the company has made a significant investment in both the infrastructure and management team at the plant yard in Woking. The HQ has moved to Teddington which has provided an enhanced professional environment. The senior management team has been strengthened by the appointment of Jerry Fahy as Operations Director. With a strong liquidity, a high ownership of specialist equipment, a wide client base, and a healthy pipeline of secured work the company is well positioned to move forward positively in the year ahead. The financial position of the Company at the year end at the year end the Company had a pre-tax profit for the year of £1,586,181 (2024: £70,073). The Company has no bank borrowings and limited outstanding hire purchase agreements (see notes 19-21). Page 1
J P Dunn Construction Limited Strategic report (continued) For the year ended 30 September 2025
Principal risks and uncertainties
The directors continually monitor the key risks facing the Company together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the Company are as follows: Liquidity risk The Company manages its cash requirements to ensure that the Company has sufficient resources to meet the operating needs of the business. Interest rate risk Borrowings are capped at £1m via HP agreements and rates for these are fixed so there is no exposure to interest rate fluctuations. Credit risk The nature of the activities means that individual client balances can sometimes be significant. The Company's clients are monitored on an ongoing basis to determine the exposure to bad debts and the timing and size of contract entered into is managed to limit this risk to an acceptable level. In addition, the company has put in place credit insurance to cover bad debts due to the uncertainties of the market.
Financial key performance indicators
The Company monitors the business performance through a number of key performance indicators, mainly those noted above. Given the straightforward nature of the business the directors are of the opinion that further analysis using non-financial KPI's is not necessary for the understanding of the development, performance or position of the business.
Financial instruments
The Company has very limited exposure to financial instruments in respect of its own assets which comprise principally of cash in liquid resources, trade debtors, trade creditors and finance leases that arise directly from its operations. Research and development During the financial year the company incurred research and development (R&D) expenses relating to a company's efforts to develop, design, and enhance its products, and services, and processes. R&D offers a way to improve what we offer customers in terms of Contractors Design Packages, and temporary works design. Future developments The directors expect growth in turnover in 2025/26, and a stable profit. Going forward all secured work has been priced to reflect all inflationary factors. The Company has protected itself from future inflationary pressures to materials through a combination of inserting cost-plus clauses with customers and securing back-to-back agreements with suppliers to fix rates for contract durations. Wage increases have flattened, and the company continues to invest in its apprentice scheme to mitigate against the impact of an aging workforce in the UK construction sector. The company owns 70% of the plant that it utilises which further eases any inflationary pressures. The company ownership altered to provide shares to senior management from the end of October 2024. This change does not impact on the management structure of the business with Jonathan Dunn remaining as the Managing Director. This change is viewed as a strengthening of the business and demonstrates the commitment of senior management to the long-term success of the business. Page 2
J P Dunn Construction Limited Strategic report (continued) For the year ended 30 September 2025 This report was approved by the board and signed on its behalf.
S Ibrahim Secretary
Date: 19 December 2025
Page 3
J P Dunn Construction Limited Directors' report For the year ended 30 September 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Principal activity
The principal activity of the Company in the year under review was that of a specialist sub-contractor in the construction industry carrying out groundworks and RC frames.
Results and dividends
The profit for the year, after taxation, amounted to £1,211,553 (2024: £52,899). Oridinary dividends were paid amounting to £6,693,164 (2024: £30,857). The directors do not recommend payment of a final dividend (2024: £Nil).
Directors
The directors who served during the year were:
J P Dunn
Y Uruci
N Jacks
D Christie (resigned 12 November 2024)
J Galloway (appointed 16 December 2024)
J J Fahy (appointed 4 September 2025)
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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. Page 4
J P Dunn Construction Limited Directors' report (continued) For the year ended 30 September 2025
Matters covered in the Strategic report
The Strategic report includes information on the company’s business model, strategy, principal risks and uncertainties, and an analysis of its development, performance and position during the year. It also includes details of research and developement and future developments, which are required by the Companies Act 2006 to be disclosed in the Directors’ Report but have been included in the Strategic Report to avoid unnecessary duplication.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. As a result, Kreston Reeves LLP resigned as auditors on 6 October 2025 and Kreston Reeves Audit LLP were formally appointed as auditors to the company on 6 October 2025. The auditors, Kreston Reeves Audit LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
S Ibrahim Secretary
Date: 19 December 2025
Page 5
J P Dunn Construction Limited Independent auditors' report to the members of J P Dunn Construction Limited
Opinion
We have audited the financial statements of J P Dunn Construction Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 30 September 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 6
J P Dunn Construction Limited Independent auditors' report to the members of J P Dunn Construction Limited (continued)
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 4, 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 is 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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Page 7
J P Dunn Construction Limited Independent auditors' report to the members of J P Dunn Construction Limited (continued) Auditors' responsibilities for the audit of the financial statements (continued) Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, and employment law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Health and Safety Act 1974, Construction Industry Scheme (CIS) building regulations, Companies Act 2006, pension and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as revenue and margin recognition on long-term contracts, recoverability of debtors and valuation of tangible fixed assets. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud;and ∙Assessment of identified fraud risk factors; and ∙Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and ∙Challenging assumptions and judgements made by management in its significant accounting estimates; Performing analytical procedures to identify unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and ∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and ∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and ∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Page 8
J P Dunn Construction Limited Independent auditors' report to the members of J P Dunn Construction Limited (continued) Auditors' responsibilities for the audit of the financial statements (continued) ∙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 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 Auditors' report 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 Auditors' report. However, future events or conditions may cause the 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. 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Anne Dwyer BSc (Hons) FCA (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor London 19 December 2025 Page 9
J P Dunn Construction Limited Statement of comprehensive income For the year ended 30 September 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 30,054,671 | 24,154,733
Cost of sales |  | (25,959,426) | (21,266,801)
Gross profit |  | 4,095,245 | 2,887,932
Administrative expenses |  | (2,645,590) | (2,646,807)
Exceptional items | 8 | - | (574,592)
Other operating income | 5 | 92,273 | 147,310
Operating profit/(loss) | 6 | 1,541,928 | (186,157)
Interest receivable and similar income | 11 | 49,222 | 256,230
Interest payable and similar expenses | 12 | (4,969) | -
Profit before tax |  | 1,586,181 | 70,073
Tax on profit |  | (374,628) | (17,174)
Profit for the financial year |  | 1,211,553 | 52,899
There was no other comprehensive income for 2025 (2024: £Nil).
The notes on pages 13 to 29 form part of these financial statements.
Page 10
J P Dunn Construction Limited Registered number: 03718466 Balance sheet As at 30 September 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 4,463,079 |  | 3,951,747
Current assets |  |  |  |  |
Stocks | 16 | 21,559 |  | 67,689 |
Debtors | 17 | 3,945,124 |  | 4,481,927 |
Cash at bank and in hand | 18 | 7,243,822 |  | 8,623,376 |
|  | 11,210,505 |  | 13,172,992 |
Creditors: amounts falling due within one year | 19 | (5,917,937) |  | (2,714,677) |
Net current assets |  |  | 5,292,568 |  | 10,458,315
Total assets less current liabilities |  |  | 9,755,647 |  | 14,410,062
Creditors: amounts falling due after more than one year | 20 |  | (707,983) |  | (255,887)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 |  | (953,471) |  | (578,371)
Net assets |  |  | 8,094,193 |  | 13,575,804
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 41,386 |  | 41,386
Capital redemption reserve | 24 |  | 2,000 |  | 2,000
Profit and loss account | 24 |  | 8,050,807 |  | 13,532,418
|  |  | 8,094,193 |  | 13,575,804
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2025.
J P Dunn | D Christie
Director | Director
The notes on pages 13 to 29 form part of these financial statements. Page 11

|  | J P Dunn Construction Limited |
Statement of changes in equity For the year ended 30 September 2025
|  | Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 October 2023 | 41,817 | 2,000 | (176,476) | 13,510,376 | 13,377,717
| Profit for the year | - | - | - | 52,899 | 52,899
| Deficit on revaluation of assets | - | - | 176,476 | - | 176,476
| Dividends: Equity capital | - | - | - | (30,857) | (30,857)
| Shares adjustment | (431) | - | - | - | (431)
| At 1 October 2024 | 41,386 | 2,000 | - | 13,532,418 | 13,575,804
| Profit for the year | - | - | - | 1,211,553 | 1,211,553
| Dividends: Equity capital | - | - | - | (6,693,164) | (6,693,164)
| At 30 September 2025 | 41,386 | 2,000 | - | 8,050,807 | 8,094,193
Page 12

J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
1. | General information
J P Dunn Construction Limited is a private company, limited by shares, and is incorporated in England and Wales with the registration number 03718466. The address of the registered office and principal place of business is 1st Floor, Harlequin House, 7 High Street, Teddington, United Kingdom, TW11 8EE. The principal activity of the Company in the year under review was that of a specialist sub-contractor in the construction industry carrying out groundworks and RC frames. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of J P Dunn Construction Holdings Limited as at 30 September 2025 and these financial statements may be obtained from Companies House. Page 13
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. The current economic conditions present increased risks for all businesses. The directors have reviewed and considered relevant information, including the annual budget in making their assessment. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, including the ability to realise further assets, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
| 2.4 | Revenue
The company's revenue is primarily derived from construction contracts, with payments applied based on the percentage of project completion and agreed-upon milestones. Revenue is recognised based on the measured amount of work completed. Each month, the surveying department assesses progress and compares it with the costs incurred during the period and to date. The client’s certification often differs from the internal valuation, as the client typically certifies work only once an agreed stage of completion has been reached. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Page 14
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.4 | Revenue (continued)
Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 15
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Formworks (included in plant & machinery) | - | 10% straight line
|  |  |  | Mechanical plant and machinery | - | 15 % straight line
|  |  |  | Motor vehicles | - | 20% reducing balance
|  |  |  | Fixtures and fittings | - | 25% straight line
|  |  |  | Computer equipment | - | 33% straight line
|  |  |  | Leasehold improvements | - | Over the life of the lease
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 16
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 17
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, loans and borrowings. The Company has chosen to apply the provisions of FRS102 Section 11 Basic Financial Instruments in full. Financial assets and liabilities - classified as basic financial instruments Cash and cash equivalents This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Trade and other receivables Trade and other receivables are initially recognised at the transaction price, including any transaction costs,and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the income statement. Trade and other payables and loans and borrowings Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Page 18
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 3.Judgments in applying accounting policies (continued) Critical judgements in applying the Company's accounting policies The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: (i) Assessing indicators and impairment In assessing whether there have been any indicators or impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: (i) Income recognition Turnover is recognised on contracts as contract activity progresses. Therefore determining the stage of progress inherently carries some subjectivity. Deferred income and accrued income is recognised when the total sales invoices do not equal the percentage of the contract value multiplied by costs incurred over the total costs to complete the project. As costs to complete are considered to be a key source of estimation uncertainty, so is the calculation of deferred income and accrued income. At the balance sheet date, accrued income totalled £618,439 (2024: £716,451) and deferred income totalled £327,969 (2024: £67,275). Accrued income is included within 'Trade debtors' within Note 17 Debtors and deferred income is included within 'Accruals and deferred income' within Note 19 Creditors: Amounts falling due within one year of these financial statements. (ii) Determining residual values and useful economic lives of property, plant and equipment The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. The carrying values of fixed assets are shown in Note 15 to these financial statements.
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction contracts | 30,054,671 | 24,154,733
| All turnover arose within the United Kingdom.
Page 19
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other sales | 92,273 | 147,310
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 200,000 | 126,878
| Depreciation | 494,411 | 600,879
| Other operating lease rentals | 128,760 | 115,070
| Exceptional bad debt expense | - | 574,592
| Hire of plant and machinery | 1,473,127 | 934,763
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 33,000 | 27,500
8. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bad debt expense | - | 574,592
| The Company experienced a significant bad debt, which fell outside the ordinary activities of the Company, due to a key customer becoming insolvent in the year. The loss recognised is unlikely to be recovered.
Page 20
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
9. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,380,002 | 1,316,287
| Social security costs | 131,001 | 140,622
| Cost of defined contribution scheme | 32,254 | 41,195
|  | 1,543,257 | 1,498,104
| Key management personnel remuneration comprises salaries and benefits in kind totalling £533,468, social security costs totalling £63,170 and pension costs totalling £19,772.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 17 | 16
|  | Site workers | 6 | 7
|  | Yard workers | 3 | 5
|  |  | 26 | 28
10. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 421,384 | 352,105
| Company contributions to defined contribution pension schemes | 19,552 | 17,015
|  | 440,936 | 369,120
| During the year retirement benefits were accruing to 4 directors (2024: 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £119,167 (2024: £141,151).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,735 (2024: £6,000).
Page 21
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 49,222 | 256,230
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 4,969 | -
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | (472) | -
| Total current tax | (472) | -
| Deferred tax |  |
| Tax on profit | 375,100 | 17,174
| Tax on profit | 374,628 | 17,174
Page 22
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 13.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,586,181 | 70,073
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 396,545 | 17,518
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 30,864 | 14,619
| Income not taxable for tax purposes | - | (172,459)
| Utilisation of tax losses | (296,075) | 64,020
| Depreciation in excess of capital allowances | (122,713) | (47,358)
| Adjustments to tax charge in respect of prior periods | (472) | -
| Book profit on chargeable assets | (8,621) | (1,766)
| Changes in provisions leading to an increase (decrease) in the tax charge | - | 4,156
| Tax losses carried forward | - | 121,270
| Deferred tax | 375,100 | 17,174
| Total tax charge for the year | 374,628 | 17,174
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
14. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim dividend on £1 Ordinary shares of £162 each (2024: £1) | 6,693,164 | 30,857
Page 23

|  | J P Dunn Construction Limited |
Notes to the financial statements For the year ended 30 September 2025
| 15. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Leasehold improvements | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 October 2024 | 7,149,580 | 835,514 | 25,006 | 218,511 | 244,513 | 8,473,124
| Additions | 722,061 | 360,390 | 43,438 | 21,314 | - | 1,147,203
| Disposals | (430,470) | (307,672) | - | - | - | (738,142)
| At 30 September 2025 | 7,441,171 | 888,232 | 68,444 | 239,825 | 244,513 | 8,882,185
| Depreciation |  |  |  |  |  |
| At 1 October 2024 | 3,784,674 | 449,352 | 25,006 | 216,499 | 45,846 | 4,521,377
| Charge for the year | 295,073 | 128,185 | 5,329 | 4,696 | 61,128 | 494,411
| Disposals | (328,984) | (267,698) | - | - | - | (596,682)
| At 30 September 2025 | 3,750,763 | 309,839 | 30,335 | 221,195 | 106,974 | 4,419,106
| Net book value |  |  |  |  |  |
| At 30 September 2025 | 3,690,408 | 578,393 | 38,109 | 18,630 | 137,539 | 4,463,079
| At 30 September 2024 | 3,364,906 | 386,162 | - | 2,012 | 198,667 | 3,951,747
Page 24

J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 15.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 507,228 | 409,511
| Motor vehicles | 360,390 | 153,435
|  | 867,618 | 562,946
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 21,559 | 67,689
| The replacement cost of stock is not materially different from its cost.
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,444,902 | 4,005,559
| Other debtors | 205,934 | 257,056
| Prepayments and accrued income | 294,288 | 219,312
|  | 3,945,124 | 4,481,927
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 7,243,822 | 8,623,376
Page 25
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,685,592 | 1,348,299
| Amounts owed to group undertakings | 911,050 | -
| Corporation tax | - | 472
| Other taxation and social security | 35,657 | 42,330
| Obligations under finance lease and hire purchase contracts | 254,355 | 147,839
| Other creditors | 356,253 | 230,113
| Accruals and deferred income | 675,030 | 945,624
|  | 5,917,937 | 2,714,677
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 707,983 | 255,887
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 254,355 | 147,839
| Between 1-5 years | 707,983 | 255,887
|  | 962,338 | 403,726
22. | Deferred taxation
|  | 2025
|  | £
| At beginning of the year | 578,371
| Charged to profit or loss | 375,100
| At end of year | 953,471
Page 26
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025 22.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed assets timing differences | 1,073,220 | 953,075
| Tax losses carried forward | (119,749) | (364,405)
| Short term timing differences | - | (10,299)
|  | (953,471) | (578,371)
| There are no expiry dates on deferred tax losses or credits.
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 41,386 (2024: 38,800) Ordinary shares of £1.00 each | 41,386 | 38,800
|  | 0 (2024: 2,586) Ordinary A shares of £1.00 each | - | 2,586
|  |  | 41,386 | 41,386
| During the year, the company undertook a redesignation of its share capital. 2,586 Ordinary A shares of £1 each were redesignated as Ordinary shares with the same nominal value. There was no change to the total issued share capital as a result of this redesignation. The Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights. and they do no confer any rights of redemption. The Ordinary A shares have rights to vote and rights to distribution on winding up.
Page 27
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
24. | Reserves
Called up share capital This reserve represents the nominal value of the shares issued. On 28 October 2024, 2,586 Ordinary A shares of £1 each were re-designated into 862 Ordinary shares of £1 each. Such shares have the same rights and are subject to the same restrictions as the existing Ordinary shares of £1 each. Revaluation reserve This reserve comprises fixed asset revaluation adjustments. Capital redemption reserve This reserve contains the nominal value of own shares that have been acquired by the company and cancelled. Profit and loss account This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
25. | Analysis of net debt
|  | At 1 October 2024 | Cash flows | Other non-cash changes | At 30 September 2025
|  | £ | £ | £ | £
| Cash at bank and in hand | 8,623,376 | (1,379,554) | - | 7,243,822
| Debt due within 1 year | - | (10,626) | - | (10,626)
| Finance leases < 1 year | (147,839) | - | (106,516) | (254,355)
| Finance leases > 1 year | (255,887) | - | (452,096) | (707,983)
|  | 8,219,650 | (1,390,180) | (558,612) | 6,270,858
26. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £32,254 (2024: £41,195). At the balance sheet date, there were no (2024: £Nil) pension amounts payable. Page 28
J P Dunn Construction Limited Notes to the financial statements For the year ended 30 September 2025
27. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 245,997 | 50,645
| Later than 1 year and not later than 5 years | 723,625 | 202,765
| Later than 5 years | 513,736 | -
|  | 1,483,358 | 253,410
| During 2018 the company entered in to an operating lease for an office in Thames Ditton. This lease was renewed with a termination date of March 2025. The smallest of the company's leases for yard space terminated in March 2024. The other yard lease is ongoing with a revised termination date of December 2026. During the year, the company entered in to an operating lease at 1st Floor, Harlequin House. This has an end date of February 2035.
28. | Controlling party
The company's immediate parent company is J P Dunn Construction Holdings Limited, company incorporated in England with registered office 1st Floor, Harlequin House, 7 High Street, Teddington, United Kingdom, TW11 8EE. There is no ultimate controlling party.
29. | Outstanding charges
On 29 October 2024, a charge was registered against the company by J Dunn and O Dunn, by way of fixed and floating charge over the plant and machinery and fixtures and fittings held at the leasehold property at Martlands Industrial Estate. A negative pledge is also in place, restricting the company from creating further charges over the same assets without prior consent.
Page 29