REGISTERED NUMBER: 04204136 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

LITTLEWOOD FENCING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

10

Report of the Independent Auditors

12

Statement of Comprehensive Income

15

Balance Sheet

16

Statement of Changes in Equity

17

Notes to the Financial Statements

18

DIRECTORS:

J M Hobden

K A Fowlie

J M Maitland

M Porter

REGISTERED OFFICE:

Network Plus Services ltd

Chaddock Lane

Worsley

Manchester

M28 1XW

REGISTERED NUMBER:

04204136 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

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

Principal Activities

The principal activity of the Company is as a fencing installation contractor. Littlewood Fencing's expertise covers the design, supply and installation of fencing, security systems, vehicle restraints, noise barriers, gates, access control and associated ground works.

BUSINESS REVIEW

In September 2024, the ultimate controlling party of the Company changed due to Network Plus Services Ltd acquiring an entity further up the Group structure. The Directors are excited about the opportunities to spread our business services within the new Group, create synergies and extend our client base.

This has been another successful year for the Company, with growth in both turnover and operating profit. As well as growth in profitability. The growth in the business is in line with the 5-year strategy to secure leading positions across the UK, in strong markets in the Utility, Highways and HS2 sectors.

Key Performance Indicators (KPIs)

The Board monitors progress on the overall Company strategy and trading performance by reference to KPIs, the principal measures being turnover, EBITDA, EBITDA % and operating profit.

Financial KPI

2025

2024

Performance

as restated

£

£

Turnover

53,293,552

47,686,126

Turnover has increased by £5.6m, a year-on-year increase of 11.8%. The increase was driven by work on a large HS2 project,

EBITDA*

5,656,635

2,015,784

EBITDA has increased by £3.5m year-on-year, an increase of 181%. The increase in EBITDA is driven by an improved gross margin without a significant increase in overheads.

EBITDA %

10.6%

4.5%

Operating profit

5,330,968

1,658,192

221% increase in operating profit compared to the year ended 31 May 2024.

*The table below reconciles EBITDA to Profit Before Tax (PBT).

2025

2024

as restated

£

£

EBITDA*

5,656,635

2,015,784

Interest

36,227

(68,883)

Depreciation

(432,987)

(371,489)

Amortisation

151,218

28,873

Foreign exchange differences

(43,898)

(14,976)

Profit Before Tax (PBT)

5,367,195

1,589,309

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is exposed to a number of financial and operational risks due to the nature of the work we undertake and the markets in which we operate. Key operational risks include health, safety and environmental risks, failure to meet customer expectations or performance standards, cyber and information security risks and resource risks. Key financial risks include inflation risk and liquidity risk. The Company aims to maintain a financial position that enables operational and strategic flexibility, the opportunity for further investment and expansion, and resilience to meet unforeseen market conditions, opportunities and operational challenges. Each of the key risks and the key mitigations are discussed in further detail below.

Risk Management

The Company operates under a system of controls that includes our Company's minimum standards. These standards are monitored by an internal audit process to ensure compliance in areas including risk management, control environment and activities, information and communication, and the evaluation and effectiveness to deliver robust commercial risk management. If an individual contract or departmental risk is sufficiently serious, it is included in the Key Risk Register which is subject to periodic review by the Board. These reviews are in addition to the monthly meetings that are used to assess trends in operational and financial performance. All risks and mitigation measures are documented, allocated owners, reviewed and updated each quarter, or whenever there is a material change in circumstances.

The Company's principal risks and uncertainties, and a summary of actions to mitigate them, are set out in the table below. Key risks are defined as those which could result in very serious injuries (including fatalities) or have a significant potential to damage the assets or profitability of the Company, and which require attention by Executive leadership. These risks are consistent with the prior year and represent those considered material to the Company. There has been no significant change in the risk profile from the prior year.

Risk

Description of Risk and Impact

Mitigation of Risk

Health, safety and environmental (HSE) incidents

The Company is exposed to health and safety risks including risks that may result in fatalities or injuries to our staff, sub-contractors or the public. The consequence of this may also result in financial impacts and reputational damage through prosecution or fines.

- Health, Safety, Environmental and Quality (HSEQ) strategy setting the internal system of controls.- Proactive three lines of defence approach to risk management.- Collaboration with industry partners to aid identification of emerging risks and sharing of best practice.- Thorough risk assessments.- Strict safety protocols and use of appropriate personal protective equipment (PPE).- Robust training and employee engagement including learnings from incidents that do occur, supported by safety stand downs where appropriate.- Robust auditing and detailed incident investigations.

Health, safety and environmental compliance risk

Failure to comply with relevant health, safety or environmental laws and regulations may result in fines or penalties that negatively impact financial performance and cause reputational damage.

- Experienced and dedicated HSE personnel to oversee compliance and maintain relevant accreditations.- Through the new owners of the Company, Sustainability Delivery Committee established which sets actions to meet agreed targets.- Monitoring performance against key measures.- Monitoring of changing requirements. Industry collaboration to ensure compliance with new legislation.

Risk

Description of Risk and Impact

Mitigation of Risk

Failure to meet customer expectations or performance standards

The success of the Company relies on maintaining positive customer relationships and meeting performance expectations. Failure to meet expected standards, including customer service levels and other performance obligations, may damage the reputation of the Company and could result in reduced profitability through lower incentive earnings or loss of turnover.

- Selective approach to bidding, led by experienced personnel ensuring pricing and contract mechanisms are appropriate.- Involvement of key operational personnel as part of the bidding process, ensuring visibility and continuity.- Monthly Senior Leadership Meetings including all Directors.- Effective framework of contract management with supervisors, managers and contract directors.- Management of performance through management information reports.- Sharing of best practice and lessons learned.

Business continuity risks including cyber and information security risks

External events may impact on availability of resources, our offices and depots and access to equipment. A failure or cyber security breach of core IT systems could have a considerable impact on business operations. Data breaches could result in financial penalties and reputational damage to the Company.

- Business continuity and incident planning.- Cyber Essentials certification.- Robust policies and procedures including training for employees.- Investment in appropriate cyber management tools.- Monitor compliance with General Data Protection Regulations (GDPR) and the Data Protection Act (DPA).

Availability of key resources

Our people are key to our success. Failure to attract and retain a workforce who are equipped with the necessary competences and skills to safely undertake their work and who demonstrate our core values will damage the performance of the business.

- Resource planning and recruitment strategies.- Talent Management programme.- Programme of training and leadership development.- Appropriate remuneration and benefits packages.- Effective company-wide communication reinforcing our core values and culture.- Targeted strategies for roles with resource scarcity or significant forecast growth.

Inflation risk

The Company is exposed to inflation risk, for example to materials and staff costs.

- Contracts structured to include an annual inflationary uplift to mitigate inflation risk impact, where required. Inflationary impacts are monitored periodically by the Board.

Cash flow and liquidity risk

The Company is exposed to liquidity risk through non-payment risks or other factors affecting operating cash flow.

- Liquidity monitoring with weekly cash reporting to Executive management.- Budgets and forecasts are used to project forward compliance with key ratios with key sensitivities considered.

Trends and Factors Affecting Future Development and Performance

The Directors have an ambitious plan to grow the Company significantly over the coming years. The trading prospects in current markets are positive, with significant increases in spend anticipated across the Utility sector. Littlewood Fencing expects to generate additional revenue through contacts in the Utility sector from its new parent company Network Plus Services Ltd and also to see an increase through the new Electronic Security Systems division.

We regularly review market trends, business operations and the objectives of our clients to ensure they support the Company's overall strategic objectives. Our order book is strong and we are well positioned to embark on the next phase of our development through organic growth and selective bidding of new opportunities.

We have a strong focus on innovation as we aim to implement solutions that reduce costs and carbon emissions, minimise disruption and improve service for our clients. We are working with our supply chain and strategic supply partners to collaboratively review and improve the products we use and the services we offer on an ongoing basis, with the objective of improving the experience of the end user.

Health, Safety and Environment

Our health and safety culture and performance are key to the success of the Company. We acknowledge an evolving risk landscape, requiring sustained focus, agility, and innovation to maintain and build on our current progress.

Over the past 12 months, significant investment has been directed towards HSEQ improvements including but not limited to tools, equipment and training. This continues to strengthen our organisational capability to respond to emerging regulatory requirements, meet the evolving expectations of clients, and continuously improve operational safety performance. The integration of HSEQ values into our core business operations has remained central to our approach, reinforcing our long-term strategic commitment to excellence and compliance.

Strategic Industry Collaboration and Innovation

Over the past year, employees and leaders from across the business have actively participated in a range of client and industry-led events and schemes. Notably, our team has successfully delivered the VRS replacement scheme at M20 Junction 5 on behalf of National Highways as part of the South East Scheme Delivery Framework. Through strategic planning, early contractor involvement, collaboration with our supply chain, and the use of innovative materials & plant, the project delivered a 52.8% reduction in carbon emissions to that of a traditional installation, establishing a new benchmark for sustainable highways delivery.

HSEQ remains integral, not only to our own operations, but also across our supply chain network. As we continue to grow, we are committed to maintaining agility and responsiveness, ensuring that all supply chain partners align with our high standards of safety, environmental stewardship and quality assurance.

Health and Safety Strategy

The Company remains firmly committed to embedding safety, environmental and sustainable values at every level of the organisation. Our five-year HSEQ Business Plan focuses on driving continuous improvement in regulatory compliance, performance, and operational quality across our own operations and also across our supply chain network.

As operational risks continue to evolve, we work to anticipate emerging risks in readiness to remain responsive and prepared. These efforts are critical as new contract periods commence across key sectors. By embedding strategic foresight into planning and operations, we are strengthening our capability to safeguard our workforce, the public and ensure operational continuity. Delivery has been underpinned by a proactive three lines of defence approach to risk management, early trend identification and strategic intervention.

Learning from incidents that do occur remains a central pillar of our HSEQ strategy. Throughout the year, we have shared reminders of previous life changing incidents and learnings, reinforcing a culture of continuous improvement, accountability and shared responsibility.

The Senior Leadership Team continues to play a pivotal role in shaping and evolving our safety culture. Their visible and active commitment to HSEQ has reinforced its position as a core business value. This was clearly reflected in the results of the January 2025 Safety Climate Survey, conducted during our business-wide standdown which demonstrated that safety is widely recognised as a top priority, with strong endorsement from line managers across all operational areas. The survey also identified key opportunities for enhancement. These insights are being used to shape our strategic priorities for the coming year, ensuring we maintain momentum and further embed a proactive, engaged, and accountable HSEQ culture across the business.

Environmental, Social and Governance

We are passionate in our commitment to be a good neighbour to those who live and work in the communities in which we work, mitigating any risk our work might present whilst protecting and enhancing the local environment. Recognising our responsibility to operate more sustainably, we remain on track to reduce our carbon footprint each year, in-line with current government strategy, to reach net-zero by 2050.

Our environment and sustainability policy links crucial initiatives from across the Company into a single framework and establishes a clear plan of action to address major challenges facing society today. The policy sets the standards we expect of both direct employees and sub-contractors and outlines the measures we will take as a business to be compliant with legislative requirements including ISO 14001:2015, the scope of which impacts many areas of our operations.

As well as meeting or exceeding relevant legal and regulatory requirements, we are committed to environmental sustainability. Reduction of our carbon footprint and minimising operational waste to landfill remain priorities for the business.

Respect for Human Rights

The Company operates exclusively in the UK and, as such, is subject to the European Convention on Human Rights, the UK Human Rights Act 1998 and the Modern Slavery Act 2015. The Company is committed to a work environment that is free from human trafficking, forced labour and unlawful child labour. It also strongly believes that it has a responsibility for promoting ethical and lawful employment practices. The Modern Slavery Act Compliance Statement is available on the Network Plus Group website: www.networkplus.co.uk.

Employees

Our people are the key to our success whether on the front line or in support service roles. This is why we recruit, retain and develop the right people - people who live our values and act as ambassadors for the business. We are determined to create the best possible working environment, ensuring our people are equipped with the necessary competences and skills to safely undertake their work and deliver for our customers.

We attract and develop future talent through degree and apprenticeship programmes. A range of apprenticeship schemes run across the business, ensuring we have appropriately skilled people to meet our clients' needs.

Leadership visibility becomes even more important as the business grows. Our Chief Executive Officer, Kevin Fowlie, now delivers a quarterly business update, "Inside the Network", to colleagues across the country, which includes an opportunity to ask questions and provide feedback. This is one of the ways that employees are kept informed on matters affecting them, with other communication through regular electronic mailings, the intranet and team briefings. These communications provide all employees with an awareness of the financial and economic factors that affect the performance of the Company.

With business growth has come a sharper focus on employees' mental health and wellbeing. These are challenging times for many people and for many reasons. Anybody can find themselves overwhelmed and feeling worried, anxious or stressed. How we respond to this is what makes us the business we are. Employees are encouraged to feel confident to open up discussion on mental wellbeing, this is promoted through periodic campaigns such as Mental Health Week and our network of Mental Health First Aiders (MHFA) or wellbeing ambassadors. Confidential advice and specialist support for Men's and Women's Health is also available through our workplace health app, Peppy. Recognising the challenges in supporting front line employees, we are also developing a mental health and wellbeing app for field operatives, ensuring they receive the same level of care and support as office-based employees.

We are Disability Confident Committed and work to create opportunities for disabled people to develop their careers here. Belonging to the Disability Confident initiative helps remove accessibility barriers and gives disabled employees reasonable accommodations and support to succeed.

We fairly remunerate and incentivise employees. Where individuals are invited to be part of the Company's bonus scheme, individual awards are linked to both personal and financial performance.

Training and Development

Our people operate in challenging environments. To deliver safely and efficiently, their skills must match our commitment to their safety. Accordingly, we make significant investment in mandatory training to ensure compliance and deliver face-to-face training for all new starters in frontline management posts.

In addition to the structured training through graduate and apprenticeship routes, a range of management development qualifications and training is available to support managers at all levels of our organisation. Opportunities include female development programmes supported by our external training provider Raise the Bar.

Diversity and Inclusion

We understand the value of having a diverse workforce. A variety of backgrounds and experience helps bring different perspectives to decision making. We want all employees to feel valued and included, to be able to thrive at work no matter their background, identity or circumstances.

Diversity and inclusion is fostered through various initiatives and support groups.

In 2024, through our parent company, we secured Armed Forces Gold Award status from the Ministry of Defence. Gold status is awarded to employers who implement HR policies that accommodate the needs of the Armed Forces community, while continuously promoting this advocacy within their own networks and inspiring others across the industry. Being forces-friendly allows us to tap into talent pools where we believe there are many transferable skills for a career in fencing.

There is no place for discrimination at Littlewood Fencing, a member of the Network Plus Group. We are fully committed to being considerate, inclusive and respectful in the way we employ and develop our workforce.

Employment of Disabled Persons

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

Going Concern

The financial statements have been prepared on the going concern basis as the Directors have a reasonable expectation that the Company has adequate resources for a period of at least 12 months from the date of approval of the financial statements.

In assessing the appropriateness of the going concern basis of accounting, the Board has taken into account a number of factors including current operating performance, cash liquidity, approved budgets and forecasts covering the going concern period and forecast banking compliance ratios. Cash forecasts do not indicate any liquidity issues. As at 31 May 2025, the Company had £3.5m of cash at bank and in hand, net current assets of £5.3m and net assets of £10.7m.

The Board has reviewed and approved the Company's budget for the financial year ending 30 March 2026 and, alongside their 'base case' forecasts, has considered the potential impact of plausible downside scenarios which could possibly result from changing economic conditions, loss of a contract or a delay in cash recovery The budget prepared includes profit projections and cash flow forecasts for the Network Plus Group. An element of uncertainty is inherent in forecasting and key sensitivities have been considered when budgets are prepared and approved.

Consequently, the Directors are satisfied that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Therefore, the financial statements have been prepared on a going concern basis.

SECTION 172(1) STATEMENT

The following serves as our Section 172 statement and should be read in conjunction with the Strategic Report on the previous pages. Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in decision making, including suppliers, customers, employees, the local community and environment.

The principal decisions taken by Directors during the year include those in relation to tendering for new contracts and management of relationships with our key clients.

Statement by the Directors in Performance of their Statutory Duties in Accordance with s172 Companies Act 2006: The Directors of the Company consider, both individually and together, that they have acted in a way they consider in good faith would be most likely to promote the success of the Company for the benefit of its members.

Long Term Decision Making: Strong financial and business controls are in place to ensure the integrity and reliability of financial and other information on which the Company relies for day-to-day operations, external reporting and for long-term planning and decision making. We exercise financial and business control through a combination of qualified and experienced personnel, performance analysis, budgeting and cash flow forecasting and clearly defined approval limits supported by integrated and proven systems.

Our People: The Board considers that appropriate remuneration, benefits and employment procedures are in place which fairly reward our employees in relation to the local communities in which they operate and identify opportunities for employee development. This is essential to ensuring that the Company is able to attract, develop and retain a sustainable, skilled workforce to ensure the seamless delivery of essential services. This is discussed further in the Employees section of the Strategic Report on page 5.

Our Suppliers and Clients: The Directors of the Company have a responsibility to ensure good relationships are maintained with suppliers and clients, which are recognised as being vital for the long-term success of the business. The Company maintains good, long-term supplier relationships by contracting on standard business terms and prompt payment within agreed terms. There are long standing relationships with key suppliers to ensure the quality and continuity of the supply chain. The Board receive regular performance updates on both established and new client relationships to ensure any decision making takes into account the commercial and service requirements of the client base.

Community and Environment: It is our intention that we will only do business with responsible suppliers and subcontractors who understand the nature of the products, materials and services they supply, and who recognise their responsibility to protect the environment. We collaborate with our suppliers to support local communities and provide local employment.

Ethical Business Conduct: The Company is committed to maintaining the highest standards of ethics and integrity and to conducting our business legally, responsibly, ethically, honestly and fairly and we require all our workers to carry out their duties in accordance with these principles. We take a zero-tolerance approach to legal and ethical misconduct, and are committed to acting professionally, fairly and with integrity in all our business dealings and relationships, wherever we operate, and implementing and enforcing effective systems to counter wrongdoing. Our attitude to dishonesty, illegal or improper activity amongst our workers, partners and suppliers is that of zero tolerance.

We are committed to preventing the facilitation of any form of legal or ethical misconduct in order to maintain and protect our reputation with our clients, suppliers, contractors, workers and all other third parties with whom we have dealings or whom may be affected by our activities. In pursuit of these objectives the Company will ensure that our policies, procedures and practices are open, fair and equitable for all parties involved. Our key policies include Financial Ethics, Whistleblower, GDPR, Equal Opportunities, Anti-harassment & Bullying, Disciplinary Rules & Procedures and Grievance policies. These policies apply to all individuals working at all levels and grades, including temporary workers, consultants, contractors, agency staff or any other person associated with us.

ON BEHALF OF THE BOARD:

M Porter - Director

8 January 2026

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

Information Contained in the Strategic Report

As permitted by section 414C of the Companies Act 2006, certain information required to be included in the Directors' Report has been included in the Strategic Report. Specifically, this relates to:

- Trends and Factors Affecting Future Development and Performance, page 5;

- Risk Management, page 3;

- Employees, page 6;

- Our Suppliers and Clients, page 8; and

- Employment of Disabled Persons, page 7.

Events After the Balance Sheet Date

There are no significant subsequent events since 31 May 2025 to disclose.

Research and Development

The Company remains focused on delivering innovative solutions and performance enhancements, addressing client challenges through diverse value adding services. Our research and development efforts have centred around exploring new technologies, both for the back office and on the frontline. Advancements in technology allow us to optimise existing solutions, drive automation and facilitate seamless integration between various third-party platforms.

Existence of Branches Outside the UK

The Company does not have any branches, as defined in section 1046(3) of the Companies Act 2006, outside the UK.

DIVIDENDS

Dividends of £7,000,000 were distributed for the year ended 31 May 2025 (2024: £nil).

DIRECTORS

J M Hobden has held office during the whole of the period from 1 June 2024 to the date of this report.

Other changes in directors holding office are as follows:

D A Symes - resigned 19 September 2024

J Verjee - resigned 19 September 2024

K A Fowlie - appointed 19 September 2024

J M Maitland - appointed 19 September 2024

M Porter - appointed 19 September 2024

Directors' Indemnities

The Company has made qualifying third party indemnity provisions for the benefit of its Directors which were made during the year and remain in force at the date of this report. These are paid by Network Plus Services Ltd on behalf of all Directors of the Group.

Political Contributions

No political donations were made during the year.

STREAMLINED ENERGY AND CARBON REPORTING

The Company has taken advantage of the exemption not to include streamlined energy and carbon reporting because the potential impacts on the business from climate change and reporting of our environmental performance are included in the Nyetimber Finco Limited Group accounts for the year ended 30 March 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

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

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

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

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who is a Director at the date of approval of this report confirms that:

-

So far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

-

Each Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

M Porter - Director

8 January 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Prior to engagement the following audit procedures are considered:

- Identification of laws and regulations being significant in the context of the entity;

- Understanding the entity's current activities, the scope of its authorisation and the effectiveness of its control environment where the entity is a regulated entity;

- Determining any key audit matters that require further explanation;

- In the case of a group, how the auditor addressed these matters at both at the group and component levels;

- communications with the engagement team and, where relevant, component auditors regarding non-compliance with laws and regulations and fraud.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading key correspondence from regulatory bodies;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We focused on the valuation of provisions against WIP, retentions and application debtors, and the assessment of impairment of intangible and tangible assets, as well as any other estimates and provisions within the accounts;

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and

- Testing all material consolidation adjustments to ensure these were appropriate in nature and magnitude;

- Communicating with component auditors any matters which arise, and disclosing any instances of non-compliance or fraud, in addition to testing inter-group transactions and amounts owed by/(to) any group companies;

- Reviewing relevant meeting minutes including those of the board of directors

- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the 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 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.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

9 January 2026

TURNOVER

3

53,293,552

47,686,126

Cost of sales

(38,582,906

)

(36,990,528

)

GROSS PROFIT

14,710,646

10,695,598

Administrative expenses

(9,380,097

)

(9,038,427

)

5,330,549

1,657,171

Other operating income

419

1,021

5,330,968

1,658,192

Interest receivable and similar income

5

105,616

69,816

5,436,584

1,728,008

Interest payable and similar expenses

6

(69,389

)

(138,699

)

PROFIT BEFORE TAXATION

7

5,367,195

1,589,309

Tax on profit

8

(1,275,037

)

(367,561

)

PROFIT FOR THE FINANCIAL YEAR

4,092,158

1,221,748

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,092,158

1,221,748

FIXED ASSETS

Intangible assets

11

(43,668

)

(194,885

)

Tangible assets

12

1,794,380

1,823,681

Investments

13

4,250,100

100

6,000,812

1,628,896

CURRENT ASSETS

Stocks

14

491,040

450,385

Debtors

15

16,052,617

13,449,597

Cash at bank and in hand

3,539,462

5,781,676

20,083,119

19,681,658

CREDITORS

Amounts falling due within one year

16

(14,894,481

)

(7,099,316

)

NET CURRENT ASSETS

5,188,638

12,582,342

TOTAL ASSETS LESS CURRENT LIABILITIES

11,189,450

14,211,238

CREDITORS

Amounts falling due after more than one year

17

(178,909

)

(292,691

)

PROVISIONS FOR LIABILITIES

19

(447,681

)

(447,845

)

NET ASSETS

10,562,860

13,470,702

CAPITAL AND RESERVES

Called up share capital

20

60

60

Capital redemption reserve

21

40

40

Retained earnings

21

10,562,760

13,470,602

SHAREHOLDERS' FUNDS

10,562,860

13,470,702

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

M Porter - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 June 2023

60

13,718,331

40

13,718,431

Changes in equity

Total comprehensive income

-

1,308,326

-

1,308,326

Balance at 31 May 2024

60

15,026,657

40

15,026,757

Prior year adjustment

-

(1,556,055

)

-

(1,556,055

)

As restated

60

13,470,602

40

13,470,702

Changes in equity

Dividends

-

(7,000,000

)

-

(7,000,000

)

Total comprehensive income

-

4,092,158

-

4,092,158

Balance at 31 May 2025

60

10,562,760

40

10,562,860

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared for the individual company. The financial statements are prepared in accordance with applicable accounting standards and under the historical cost convention.

The financial statements are presented in Pound Sterling (£), which is the Company’s functional and presentation currency. Pound Sterling is the currency of the primary economic environment in which the Company operates. All amounts have been rounded to the nearest pound, unless otherwise stated.

Going concern

The financial statements have been prepared on the going concern basis as the Directors have a reasonable expectation that the Company has adequate resources for a period of at least 12 months from the date of approval of the financial statements.

In assessing the appropriateness of the going concern basis of accounting, the Board has taken into account a number of factors including current operating performance, cash liquidity, approved budgets and forecasts covering the going concern period and forecast banking compliance ratios. Cash forecasts do not indicate any liquidity issues. As at 31 May 2025, the Company had £3.5m of cash at bank and in hand, net current assets of £5.3m and net assets of £10.7m.

The Board has reviewed and approved the Company's budget for the financial year ending 30 March 2026 and, alongside their 'base case' forecasts, has considered the potential impact of plausible downside scenarios which could possibly result from changing economic conditions, loss of a contract or a delay in cash recovery The budget prepared includes profit projections and cash flow forecasts for the Network Plus Group. An element of uncertainty is inherent in forecasting and key sensitivities have been considered when budgets are prepared and approved.

Consequently, the Directors are satisfied that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Therefore, the financial statements have been prepared on a going concern basis.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirements of paragraphs 29.28(b) and 29.29.

Preparation of consolidated financial statements

The financial statements contain information about Littlewood Fencing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Nyetimber Finco Limited, Chaddock Lane, Worsley, Manchester, England, M28 1XW.

Turnover

Turnover is the total amount receivable by the company in the ordinary course of business with customers for goods supplied and services provided excluding value added tax.

Turnover is recognised to the extent it is probable that economic benefit will flow to the Company. Turnover is recognised as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

-The amount of turnover can be measured reliably;

-It is probable that the Company will receive the consideration due under the contract; and

-Where applicable, the costs incurred and the costs to complete the contract can be measured reliably.

Turnover in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer. Where turnover recognised exceeds billing, the balance is shown as due from customers within debtors.

Where contracts are undertaken jointly with other parties the Company only recognises its share of turnover.

Interest Receivable

Interest income is recognised in the profit and loss account using the effective interest method. It is measured at the fair value of consideration receivable and subsequently at amortised cost. Interest receivable is recognised when it is probable that the economic benefits will flow to the Company and the amount can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Negative Goodwill is being amortised in line with the consumption of the non-monetary assets acquired.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost using the effective interest method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade payables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.