REGISTERED NUMBER: 09562567 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2025

for

REDS 10 MODULAR LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

Directors:

S Ruddick

P Ruddick

M Ruddick

Secretary:

A Ruddick

Registered office:

Metalbox Factory

30 Great Guildford Street

London

SE1 0HS

Registered number:

09562567 (England and Wales)

Senior statutory auditor:

Paul Hodgett BA (Hons) FCA

Auditors:

Cooper Parry Group Limited

Statutory Auditor

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

The directors present their strategic report for the year ended 30 April 2025.

Review of business

Reds10 Group offers a fully turnkey service, designing, building, equipping and supporting zero-carbon infrastructure, accommodation and workspace solutions. This year, our vertically integrated, industrialised delivery model has further consolidated in our core client sectors of Defence, Education and Justice.

Our model is increasingly leveraging advanced technologies and embedded AI to unlock greater improvements in performance and productivity, eliminating waste and enabling continuous improvement in all we do. This transformative approach continues to challenge and disrupt traditional construction methodologies and is set to deliver better, faster and improved value-for-money infrastructure for the public-sector we support.

Principal risks and uncertainties

Politics and Priorities - The evolving political landscape continues to generate both significant opportunities and risk for the Reds10 Group. Government departmental priorities and budgets continue to be subject to constant review, shifting the scheduling, funding, and requirements of a number of public sector projects. However, recent commitments mitigate much risk exposure for Reds10. Thus, the public sector landscape presents significant opportunities.

People - Skilled labour shortages remain a concern. However, we are confident our vertically integrated business model, coupled to the growth and development of our own organic skilled workforce will ensure we navigate these effectively.

Health & safety - Maintaining and enhancing high standards of health and safety is a core commitment of REDS10 and our accreditations, including ISO 45001 Health & Safety, affirm our unwavering commitment to safety excellence.

The company continues to proactively manage health and safety risks through:

· Leadership-driven safety culture, emphasising accountability at all levels.

· Safe and well-managed working environments, across our project sites and factory.

· Continued investment in comprehensive staff training and robust policies and procedures.

Key performance indicators

- Revenue and Percentage Change - The company recorded a 126% increase in turnover in the year, with revenue increasing from £12.1M to £27.5M. This was part of the company's growth strategy and an increased number of modular units on hire.

Reds 10 Modular continue to invest in additional modular units in order to increase the hire fleet available.

- Profit - Operating profit before taxation has increased from £2.37m to £3.75m.

Social value

Reds10 Modular's impact goes beyond the infrastructure projects we deliver. We are passionate about doing things that positively impact our people, our business, our clients and their customers and communities that we live and work in. Our meaningful social value initiatives demonstrates our long-term commitment to UK prosperity and the social infrastructure sector we serve.

Our purpose, to help everyone live, learn, and thrive in amazing spaces continues to delight our customers and our culture and core values underpin all we do. From this foundation we will continue to drive transformation into both product and process in our relentless pursuit of excellence.

On behalf of the board:

P Ruddick - Director

13 January 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

Principal activity

The principal activity of the company in the year under review was that of installation and rental of modular buildings.

Dividends

An interim dividend of 10000 per share was paid on 22 October 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2025 will be £ 1,000,000 .

Directors

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

S Ruddick

P Ruddick

M Ruddick

Donations and expenditure

Donations paid during the year for £28,903 (2024 - £1,034). The donations made in these financial statements are not of a political nature.

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;

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

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

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

P Ruddick - Director

13 January 2026

Opinion

We have audited the financial statements of Reds 10 Modular Limited (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 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 three, 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.

Irregularities, including fraud, are instances or 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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Other matters which we are required to address

The prior year comparative information presented in these financial statements has not been audited. As such, we do not express an opinion on the unaudited comparative information.

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.

Paul Hodgett BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

13 January 2026

Turnover

27,457,589

12,128,015

Cost of sales

(19,932,351

)

(8,469,481

)

Gross profit

7,525,238

3,658,534

Distribution costs

(164,310

)

(156,318

)

Administrative expenses

(3,616,163

)

(1,141,175

)

3,744,765

2,361,041

Other operating income

5,212

6,000

Operating profit and

Profit before taxation

3,749,977

2,367,041

Tax on profit

6

(932,875

)

(1,161,978

)

Profit for the financial year

2,817,102

1,205,063

Profit for the year

2,817,102

1,205,063

Other comprehensive income

Revaluation of tangible assets

-

1,248,747

Income tax relating to other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

-

1,248,747

Total comprehensive income for the year

2,817,102

2,453,810

Fixed assets

Tangible assets

9

6,407,991

3,996,675

Investments

10

502,779

311,357

Investment property

11

454,193

454,193

7,364,963

4,762,225

Current assets

Stocks

12

1,260,362

2,016,647

Debtors

13

1,075,233

470,409

Cash at bank and in hand

1,025,443

2,501,192

3,361,038

4,988,248

Creditors

Amounts falling due within one year

14

2,331,503

3,463,689

Net current assets

1,029,535

1,524,559

Total assets less current liabilities

8,394,498

6,286,784

Provisions for liabilities

16

1,136,907

846,295

Net assets

7,257,591

5,440,489

Capital and reserves

Called up share capital

17

100

100

Fair value reserve

18

1,248,747

1,248,747

Retained earnings

18

6,008,744

4,191,642

Shareholders' funds

7,257,591

5,440,489

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2026 and were signed on its behalf by:

P Ruddick - Director

Called up

share

Retained

Fair value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 May 2023

100

2,986,579

-

2,986,679

Changes in equity

Profit for the year

-

1,205,063

-

1,205,063

Other comprehensive income

-

-

1,248,747

1,248,747

Total comprehensive income

-

1,205,063

1,248,747

2,453,810

Balance at 30 April 2024

100

4,191,642

1,248,747

5,440,489

Changes in equity

Profit for the year

-

2,817,102

-

2,817,102

Total comprehensive income

-

2,817,102

-

2,817,102

Dividends

-

(1,000,000

)

-

(1,000,000

)

Balance at 30 April 2025

100

6,008,744

1,248,747

7,257,591

Cash flows from operating activities

Cash generated from operations

1

2,618,688

2,483,221

Tax paid

(356,293

)

40,610

Net cash from operating activities

2,262,395

2,523,831

Cash flows from investing activities

Purchase of tangible fixed assets

(2,602,722

)

(1,616,728

)

Purchase of fixed asset investments

(191,422

)

-

Purchase of investment property

-

(454,193

)

Interest received

5,212

6,000

Net cash from investing activities

(2,788,932

)

(2,064,921

)

Cash flows from financing activities

Amount withdrawn by directors

50,788

79,000

Equity dividends paid

(1,000,000

)

-

Net cash from financing activities

(949,212

)

79,000

(Decrease)/increase in cash and cash equivalents

(1,475,749

)

537,910

Cash and cash equivalents at beginning of year

2

2,501,192

1,963,282

Cash and cash equivalents at end of year

2

1,025,443

2,501,192

1.	Reconciliation of profit before taxation to cash generated from operations

2025

2024

as restated

£

£

Profit before taxation

3,749,977

2,367,041

Depreciation charges

321,407

170,858

Investment income

(5,212

)

(6,000

)

4,066,172

2,531,899

Decrease/(increase) in stocks

626,284

(2,016,647

)

(Increase)/decrease in trade and other debtors

(655,611

)

80,494

(Decrease)/increase in trade and other creditors

(1,418,157

)

1,887,475

Cash generated from operations

2,618,688

2,483,221

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

1,025,443

2,501,192

Year ended 30 April 2024

30.4.24

1.5.23

as restated

£

£

Cash and cash equivalents

2,501,192

1,963,282

3.	Analysis of changes in net funds

At 1.5.24

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank and in hand

2,501,192

(1,475,749

)

1,025,443

2,501,192

(1,475,749

)

1,025,443

Total

2,501,192

(1,475,749

)

1,025,443

1.	Statutory information

Reds 10 Modular 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.

The presentation currency of the financial statements is the Pound Sterling (£) and all amounts have been rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

Judgements in applying accounting policies and key sources of estimation

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Depreciation: Despite efforts to align the depreciation policy with the actual useful life of assets, there is a potential risk that the policy may not fully reflect the assets' actual lifespan.

Deferred Tax: While considerable effort is made to accurately estimate deferred tax, there is a possibility that the provisions may not align with the actual tax liability incurred upon the disposal of an asset.

Bad Debt Provisions: Although the company strives to ensure the accuracy of bad debt provisions, there remains a risk that the provisions may not correspond to the actual level of debts that ultimately become uncollectable.

Work in Progress (WIP) and Accrued Income: Despite efforts to accurately account for WIP and accrued income, there is a risk that the provisions may not accurately reflect the actual level of work completed.

Fair Value of Assets: Fair values are estimated using appropriate valuation methods based on information available at the reporting date. These estimates involve assumptions about market conditions and other relevant factors, and actual results may differ from these estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from capital works, installation of contract works, and building removals is recognised by reference to the stage of completion at the balance sheet date, based on the proportion of costs incurred relative to total estimated costs.

Where the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of recoverable costs incurred.

Any expected contract losses are recognised immediately as an expense. Variations, claims, and incentive payments are included only when agreed with the customer and capable of reliable measurement.

Tangible fixed assets

Modular building systems held

- 5% on cost

Motor vehicles

- 33% on reducing balance

Plant & Machinery

- over 8 years

Modular building systems are measured at fair value, with changes in fair value recognised in other comprehensive income in line with FRS 102.

Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, therefore in practice the concept is similar to open market value. Fair values are assessed regularly to ensure carrying amounts do not differ materially from current values.

Depreciation is charged on the revalued amount over the estimated useful life once assets are available for use.

Assets under construction are not depreciated until completion, and only directly attributable costs meeting the recognition criteria are capitalised.

Investment property

Investment property is measured at fair value, with changes in fair value recognised in profit or loss. Fair values are determined regularly to ensure that the carrying amount reflects current market conditions.

Investment property is not depreciated while carried at fair value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The directors assess any contracts that are in progress at the year end, with due consideration to the accounting policy applied to turnover, as noted below. This assessment is made on a contract by contract basis to review the stage of completion between the last survey date and the year end. The directors apply their judgement, based on their knowledge of the business and industry to determine the stage of completion and the quantum of turnover and profit, or foreseeable losses that need to be adjusted for at the year end.

Financial instruments

The company has elected to apply the provisions of Section 11 Basic Financial Instruments” of FRS 102 to all of its financial instruments. The company has elected to apply the recognition and measurement provisions of FRS 102 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

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.

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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

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.

3.	Employees and directors

2025

2024

as restated

£

£

Wages and salaries

2,134,775

522,827

Social security costs

269,920

59,944

Other pension costs

58,207

-

2,462,902

582,771

The average number of employees during the year was as follows:

2025

2024

as restated

Finance

3

1

Head Office

6

2

Operations

3

1

Procurement

4

2

Site Staff

5

1

21

7

4.	Directors' emoluments

Total directors emoluments in the year were £870,000 (2024 - £165,000)

The emoluments of the highest-paid director in respect of qualifying services amounted salary of £450,000 and contributions to defined contribution pension scheme of £2,201.

5.	Operating profit

The operating profit is stated after charging:

2025

2024

as restated

£

£

Hire of plant and machinery

164,310

156,318

Depreciation - owned assets

321,406

170,858

Auditors' remuneration

22,000

-

6.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

as restated

£

£

Current tax:

UK corporation tax

689,141

315,793

Prior year tax

(46,878

)

(110

)

Total current tax

642,263

315,683

Deferred tax

290,612

846,295

Tax on profit

932,875

1,161,978

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

as restated

£

£

Profit before tax

3,749,977

2,367,041

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

937,494

591,760

Effects of:

Expenses not deductible for tax purposes

27,087

6,740

Capital allowances in excess of depreciation

(275,441

)

(203,072

)

Utilisation of tax losses

-

(79,855

)

Adjustments to tax charge in respect of previous periods

(46,877

)

110

Deferred tax movement

290,612

846,295

Total tax charge

932,875

1,161,978

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 April 2025.

2024

Gross

Tax

Net

£

£

£

Revaluation of tangible assets

1,248,747

-

1,248,747