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REGISTERED NUMBER: 04192823 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 April 2025

for

The Guild Of Construction Workers

Limited

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Contents of the Financial Statements

for the Year Ended 30 April 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 5 |

Report of the Independent Auditors | 7 |

Statement of Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Notes to the Financial Statements | 14 |

The Guild Of Construction Workers

Limited

Company Information

for the Year Ended 30 April 2025

| DIRECTOR: | Mr D S Reynolds

| REGISTERED OFFICE: | 69 Bridge Street

| Pinner

| HA5 3HZ

| REGISTERED NUMBER: | 04192823 (England and Wales)

| AUDITORS: | Nordens Audit Limited

| Statutory Auditors

| The Retreat

| 406 Roding Lane South

| Woodford Green

| Essex

| IG8 8EY

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Strategic Report

for the Year Ended 30 April 2025

The director presents his strategic report for the year ended 30 April 2025.

Introduction

The Guild of Construction Workers Limited, is part of the Guild Corporate Services Group of companies ("The Group"), which together provide specialist engagement and compliance services with over 27 years' experience in CIS and employment status matters. The Group's in-house technical teams ensure that clients receive fully compliant, reliable and commercially informed guidance in a complex regulatory environment. The Group continues to differentiate itself through its depth of regulatory expertise, long-standing client relationships and proprietary systems, which together provide a defensible market position in an increasingly complex and highly regulated sector.

REVIEW OF BUSINESS

The results for the year and financial position are set out in the financial statements that form part of these accounts.

Turnover fell by 7.7% from £254.8m to £235.2m and Earnings Before Interest, Taxation and Depreciation ("EBITDA") decreased from £2.3m to £1.9m (a reduction of 17.4%) and net assets fell slightly by 0.3% to £0.919m from £1.136m. The fall in turnover and EBITDA was largely driven by challenging market conditions, particularly in the construction sector, and a shift towards PAYE structures in major infrastructure projects. While gross margin percentage remained constant year-on-year the decrease in turnover accounted for all of the £0.2m of the year-on-year decrease in EBITDA. Administration costs remained broadly flat year-on-year.

In response, management has implemented a number of strategic initiatives during the year, including continued investment in automation and software development to enhance operational efficiency, the refinement of service offerings to align with evolving client requirements, and the development of new products and adjacent market opportunities designed to diversify revenue streams and reduce dependency on any single sector.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Strategic Report

for the Year Ended 30 April 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a range of risks, which are managed through proactive risk management processes. The following risks have been identified:

Financial Risk: The company is exposed to risks associated with its financial assets and liabilities, including the possibility that proceeds f rom financial assets may be insufficient to meet obligations when they fall due. To mitigate this, management cont inuously reviews cash flows to ensure adequate liquidity is maintained and that sufficient funds are available to me et both expected and unforeseen expenditure. These controls operated effectively throughout the year and continue to be strengthened.

Economic and Market Conditions: Economic downturns, inflationary pressures, sector contraction and changes in customer activity-particularly within construction-may adversely impact revenue and profitability. In mitigation, the company actively monitors econ omic and sector trends and adjusts its operations to respond to both favourable and unfavourable developments. The company's flexible operating model enables it to respond quickly to changing conditions.

Regulatory and Compliance Risks: Changes in legislation or regulation, including tax, employment status, data protection and environmental requirements, could have a material impact on the company's operations. To address this, the company's in-house legal, tax an d compliance teams, supported by external specialists, ensure ongoing monitoring of regulatory changes and allow the business to plan and adapt proactively. This framework continues to operate effectively.

HMRC Enforcement and Litigation Exposure: Should HMRC increase the number of compliance investigations it undertakes, the company could find itself having to divert resources to engage with such inquiries. This would put pressure on internal teams and shift focu s away from running the business. To mitigate this risk, the company devotes significant resources to regulatory monit oring and compliance and therefore believes it is well positioned to demonstrate adherence to required standards, signific antly reducing the likelihood of penalties and associated reputational impact.

Client Concentration Risk: The company recognises that a significant proportion of its activity is focused on the construction sector. To miti gate this exposure, the company continues to expand into adjacent markets and to develop new products and services de signed to broaden its client base and revenue mix.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Strategic Report

for the Year Ended 30 April 2025

FINANCIAL KEY PERFORMANCE INDICATORS

The company believes that Turnover, EBITDA and Net Assets are the key performance indicators ("KPIs") for the business. For the financial year under review these were as follows:

Key Metric |  | 2025 |  | 2024 |  | Change |

| £m |  | £m |  | % |

Turnover |  | 235.2 |  | 254.8 |  | (7.7) |

EBITDA |  | 0.919 |  | 1.136 |  | (19.1) |

Net Assets |  | 0.144 |  | 0.154 |  | (6.4) |

Senior management recognises that key drivers of turnover and EBITDA are the average number of operatives paid in a week and the level of client retention. Both these areas are constantly monitored and action quickly initiated where any adverse trends are identified.

In addition to the above, the company also monitors key non-financial KPIs including client retention levels, staff turnover, system performance and delivery accuracy, and the pace of product and technology development. These measures are considered critical to sustaining long-term performance.

The company believes that its employees are fundamental to delivering high-quality services and remains committed to being a responsible employer. The company maintains an established network of professional advisors to support staff development and wellbeing, and continues to invest in training, research and governance to ensure all services remain fully compliant and commercially relevant.

CONCLUSION

In conclusion, the company remains financially resilient and well positioned to pursue sustainable growth. Management's strategic priorities for the coming year include further investment in technology and automation, continued diversification of revenue streams, and selective expansion into adjacent market segments where the company's expertise can deliver meaningful competitive advantage. The Board remains confident in the company's strategy and in management's ability to execute it successfully.

ON BEHALF OF THE BOARD:

Mr D S Reynolds - Director

19 January 2026

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Report of the Director

for the Year Ended 30 April 2025

The director presents his 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 offering engagement and compliance services.

DIVIDENDS

Ordinary dividends were paid during the year amounting to £883,992 (2024: £935,360).

DIRECTOR

Mr D S Reynolds held office during the whole of the period from 1 May 2024 to the date of this report.

GOING CONCERN

The financial statements have been prepared on the going concern basis, which the director believes to be appropriate for the reasons stated below.

Having reviewed the company's financial forecasts and expected future cash flows, the director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.

Based on the considerations set out above, the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Report of the Director

for the Year Ended 30 April 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr D S Reynolds - Director

19 January 2026

Report of the Independent Auditors to the Members of

The Guild Of Construction Workers

Limited

Opinion

We have audited the financial statements of The Guild Of Construction Workers Limited (the 'company') for the year ended 30 April 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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.

Report of the Independent Auditors to the Members of

The Guild Of Construction Workers

Limited

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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

The Guild Of Construction Workers

Limited

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.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

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

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- Enquiring of management of whether they are aware of any non-compliance with laws and regulations.

- Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.

- Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.

- Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we evaluated management's incentive and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls and determined that the principal risk was related to the posting of inappropriate journal entries.

- Obtaining an understanding of the legal and regulatory framework under which the company operates, focussing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included the UK Companies Act 2006, IR35, applicable tax legislation, employment law and health and safety laws.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identity any unusual or unexpected relationships and transactions.

- Audited the risk of management override of controls, including through testing journal entries for appropriateness with specific focus on entries containing unusual account combinations and reviewing large and unusual bank transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation.

- Enquiring of management as to actual and potential litigation claims.

- Confirming with management that there had been no non-compliance with any of the legislation discussed above.

- Reviewing relevant profit and loss account items for evidence of litigation.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

Report of the Independent Auditors to the Members of

The Guild Of Construction Workers

Limited

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.

Lorraine Curtis (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

Statutory Auditors

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

19 January 2026

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Statement of Comprehensive Income

for the Year Ended 30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

TURNOVER | 3 | 235,215,041 |  | 254,797,265 |  |

Cost of sales | (232,403,805 | ) | (251,784,449 | ) |

GROSS PROFIT | 2,811,236 |  | 3,012,816 |  |

Administrative expenses | (1,987,307 | ) | (2,001,130 | ) |

OPERATING PROFIT | 5 | 823,929 |  | 1,011,686 |  |

Interest receivable and similar income | 337,092 |  | 406,596 |  |

PROFIT BEFORE TAXATION | 1,161,021 |  | 1,418,282 |  |

Tax on profit | 6 | (286,570 | ) | (360,577 | ) |

PROFIT FOR THE FINANCIAL YEAR | 874,451 |  | 1,057,705 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 874,451 |  | 1,057,705 |  |

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Balance Sheet

30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 314,971 |  | 298,730 |  |

Tangible assets | 9 | - |  | - |  |

314,971 |  | 298,730 |  |

CURRENT ASSETS

Debtors | 10 | 4,591,139 |  | 3,946,522 |  |

Cash at bank | 9,007,350 |  | 7,482,249 |  |

13,598,489 |  | 11,428,771 |  |

CREDITORS

Amounts falling due within one year | 11 | (13,768,963 | ) | (11,573,463 | ) |

NET CURRENT LIABILITIES | (170,474 | ) | (144,692 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 144,497 |  | 154,038 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 400 |  | 400 |  |

Retained earnings | 13 | 144,097 |  | 153,638 |  |

SHAREHOLDERS' FUNDS | 144,497 |  | 154,038 |  |

The financial statements were approved by the director and authorised for issue on 19 January 2026 and were signed by:

Mr D S Reynolds - Director

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Statement of Changes in Equity

for the Year Ended 30 April 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 400 |  | 31,293 |  | 31,693 |  |

Changes in equity

Dividends | - |  | (935,360 | ) | (935,360 | ) |

Total comprehensive income | - |  | 1,057,705 |  | 1,057,705 |  |

Balance at 30 April 2024 | 400 |  | 153,638 |  | 154,038 |  |

Changes in equity

Dividends | - |  | (883,992 | ) | (883,992 | ) |

Total comprehensive income | - |  | 874,451 |  | 874,451 |  |

Balance at 30 April 2025 | 400 |  | 144,097 |  | 144,497 |  |

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements

for the Year Ended 30 April 2025

1. | STATUTORY INFORMATION

| The Guild Of Construction Workers 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.

| The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| 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 33.7.

| The financial statements of the company are consolidated in the financial statements of Guild Corporate Services Group Limited. These consolidated financial statements are available from its registered office: 69 Bridge Street, Pinner, HA5 3HZ.

| Significant judgements and estimates

| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents the amounts receivable from clients for services provided by the company in the normal course of the business. It includes the recharge of costs incurred in delivering those services.

| Turnover is recognised when the services are completed and the right to consideration has been established. It is stated net of discounts, value added tax and other sales taxes.

| Intangible fixed assets other than goodwill

| Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

| Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

| Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Intellectual property |  |  | Straight line over 5 years |  |

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost of valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Plant and equipment |  |  | 25% on reducing balance, written off in full after 5 years |  |

| Fixtures and fittings |  |  | 25% on reducing balance, written off in full after 5 years |  |

| Computers |  |  | 25% on reducing balance, written off in full after 5 years |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

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

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

2. | ACCOUNTING POLICIES - continued

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

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

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

| 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.

| Going concern

| The financial statements have been prepared on the going concern basis, which the director believes to be appropriate for the reasons stated below.

| Having reviewed the company's financial forecasts and expected future cash flows, the director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.

| Based on the considerations set out above, the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 30.4.25 |  | 30.4.24

£ | £ |

| United Kingdom | 235,215,041 |  | 254,797,265 |  |

235,215,041 |  | 254,797,265 |  |

4. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 30 April 2025 nor for the year ended 30 April 2024.

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

| 30.4.25 |  | 30.4.24

1 |  | 1 |  |

| 30.4.25 |  | 30.4.24

£ | £ |

| Director's remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 30.4.25 |  | 30.4.24

£ | £ |

| Depreciation - owned assets | - |  | 49,111 |  |

| Intellectual property amortisation | 94,700 |  | 74,992 |  |

| Auditors' remuneration | 27,000 |  | 27,000 |  |

6. | TAXATION

| Analysis of the tax charge

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

| 30.4.25 |  | 30.4.24

£ | £ |

| Current tax:

| UK corporation tax | 286,570 |  | 360,577 |  |

| Tax on profit | 286,570 |  | 360,577 |  |

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

6. | TAXATION - continued

| 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:

| 30.4.25 |  | 30.4.24

£ | £ |

| Profit before tax | 1,161,021 |  | 1,418,282 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 290,255 |  | 354,571 |  |

| Effects of:

| Expenses not deductible for tax purposes | 24,050 |  | 31,349 |  |

| Capital allowances | (27,735 | ) | (25,343 | ) |

| Total tax charge | 286,570 |  | 360,577 |  |

7. | DIVIDENDS

| 30.4.25 |  | 30.4.24

£ | £ |

| Ordinary shares of £1 each

| Final | 883,992 |  | 935,360 |  |

8. | INTANGIBLE FIXED ASSETS

| Intellectual

| property

£ |

| COST

| At 1 May 2024 | 422,648 |  |

| Additions | 110,941 |  |

| At 30 April 2025 | 533,589 |  |

| AMORTISATION

| At 1 May 2024 | 123,918 |  |

| Amortisation for year | 94,700 |  |

| At 30 April 2025 | 218,618 |  |

| NET BOOK VALUE

| At 30 April 2025 | 314,971 |  |

| At 30 April 2024 | 298,730 |  |

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024

| and 30 April 2025 | 10,354 |  | 373,471 |  | 383,825 |  |

| DEPRECIATION

| At 1 May 2024

| and 30 April 2025 | 10,354 |  | 373,471 |  | 383,825 |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  | - |  | - |  |

| At 30 April 2024 | - |  | - |  | - |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.4.25 |  | 30.4.24

£ | £ |

| Trade debtors | 24,190 |  | 349,206 |  |

| Amounts owed by group undertakings | 4,170,611 |  | 3,022,471 |  |

| Amounts owed by associates | - |  | 29,801 |  |

| Other debtors | 30,350 |  | 30,350 |  |

| Tax | 204,409 |  | 393,642 |  |

| VAT | - |  | 6,225 |  |

| Prepayments and accrued income | 161,579 |  | 114,827 |  |

4,591,139 |  | 3,946,522 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.4.25 |  | 30.4.24

£ | £ |

| Trade creditors | 37,274 |  | 25,081 |  |

| Amounts owed to group undertakings | 12,697,499 |  | 10,372,504 |  |

| Tax | 286,570 |  | 360,577 |  |

| VAT | 60,557 |  | - |  |

| Other creditors | 34,781 |  | 26,377 |  |

| Accrued expenses | 652,282 |  | 788,924 |  |

13,768,963 |  | 11,573,463 |  |

The Guild Of Construction Workers

Limited (Registered number: 04192823)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.4.25 |  | 30.4.24

| value: | £ | £ |

| 400 | Ordinary | £1 | 400 |  | 400 |  |

13. | RESERVES

| Retained

| earnings

£ |

| At 1 May 2024 | 153,638 |  |

| Profit for the year | 874,451 |  |

| Dividends | (883,992 | ) |

| At 30 April 2025 | 144,097 |  |

14. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr D S Reynolds.