Company registration number 07201905 (England and Wales)
GALLDRIS SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 APRIL 2024 TO 30 APRIL 2025
GALLDRIS SERVICES LIMITED
COMPANY INFORMATION
Directors
D Gallagher
S O'Driscoll
Secretary
S O'Driscoll
Company number
07201905
Registered office
166 College Road
Harrow
Middlesex
HA1 1RA
Auditors
Charterhouse (Audit) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
Business address
Galldris House
Units 9 & 10 Pavilion Business Centre
6 Kinetic Crescent, Innova Science Park
Enfield
Middlesex
EN3 7FJ
Bankers
Lloyds Bank
3 St George's Road
London
SW19 4DR
GALLDRIS SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 9
Independent auditor's report
10 - 12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 31
GALLDRIS SERVICES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 1 -

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

Section 172(1) Statement
Long term strategy

The directors continue to build on the medium to long term strategy of controlled growth by offering exceptional service, competitive tendering and flawless performance to both existing and new clients.

Stakeholder relationships

Effective communication is at the forefront of our goal to keep stakeholder relationships as a n essential component of our success. Our stakeholders have direct access to our directors and senior management to work through changing circumstances in a positive way.

Community and environment

We have invested heavily in our environmental responsibilities and embrace the ever-changing requirements of a responsible contractor. We work closely with our clients, suppliers, subcontractors and employees to ensure that we all recognise our responsibilities, providing training where necessary. We have a team of people totally engaged in community and environmental issues.

We seek to procure our materials from sustainable sources wherever possible. We monitor our carbon footprint closely and avoid waste, not only from the supply of material to our sites but also in our everyday life at site and office locations.

Risk management

A wide range of measures have been implemented across the company in order to manage and mitigate specific risks and as such the directors are satisfied that sufficient protocols are in situ for each and every scenario under consideration.

The company is selective in its bids to ensure it is best placed to deliver the projects it takes on and that the terms of the contracts are suitable.

Fair review of the business

The period ended 30 April 2025 was a challenging period with pressure on margins due to continued supply side costs and the effects of inflation. We expect the supply side cost pressures on materials, labour and energy to continue into the next financial period and beyond. However, overall underlying performance in 2025 demonstrated a stable and consistent turnover with improved levels of profitability showing an impressive resilience given the trading challenges faced by the UK and Global economies.

Performance

Turnover increased in the financial period 2025 compared to 2024 (2025: £147.8m /​​ 2024: £125.4m) with an improved GP margin of 16.32% (2024: 15.34%). A focused strategy of targeted cost control, cost-plus contracts, selective bidding and pro-active supply chain management have all combined to raise the margins for the period.

However, from a prudence stance, we have ensured our provisions on contracts adequately reflect continued mounting political and economic uncertainties both in the UK and globally including, but not exclusively steel and aggregate prices together with longer lead times.

Overall, management is pleased to deliver another solid performance in 2025, but we remain vigilant to macro events from geopolitical tensions in regions including Russia, Ukraine and the Middle East, to the ongoing issues of inflation, the rising costs of raw materials and energy.

We remain unwavering in our commitment to the fundamental principles that underpin our ongoing success: the health, safety and wellbeing of our people, diversity and inclusion, careful risk management and an unyielding focus to drive productivity.

GALLDRIS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 2 -

Our principal internal measure of EBITDA increased by £4.90m from 2024 (2025: £18.84m /​​ 2024: £13.94m).

Our expectation is that margins will remain tight but that, unless there is a further major shutdown or prolonged supply issue constraints, the company should continue to be cash positive with a strong order book to take forward. Our balance sheet remains strong and our near minimal external borrowing and zero interest related entity funding means we are well placed for the future.

Principle risk and uncertainties

There are number of potential risks and uncertainties which could impact the company's performance. The Board of Directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and the company's operations. These risks are reassessed by the Board on a regular basis to ensure that any risks arising from changes in the company's operations or the external environment are identified and appropriately managed. The key risks affecting the company's business have been categorised into the following areas:

Commercial Risk

The company manages this risk by providing added value services to its customers, having fast response times not only in supplying products and services but also by maintaining strong relationships with customers. The company’s commercial risk is reduced as many of the company’s customers are long standing market leaders in their field. The company has spread its commercial risk by actively seeking to widen its customer base but also through continued expansion of its activities in London, Midlands and the South of England. The company continues to diversify its activities in relevant areas such as rail, commercial, social housing, health, educational, MoD, local authorities and water boards. By diversifying in the way described above, we are minimising the sector risk.

Management risk

The company is reliant on its high calibre team of operational managers, surveyors and board of directors. The company recruits and develops high calibre employees. The board have tried to ensure that the knowledge base of the operational management team is shared as much as possible throughout the company. We appreciate that high quality staff are what sets us apart from our competitors. The risk of not retaining and employing staff of the highest calibre is that we may experience a temporary reduction in our efficiency and ability to deliver a high-quality product. Because of this, we have implemented a robust remuneration package which ensures that our staff retention rate is high.

Taxation risk

The company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including VAT. Principal controls to mitigate this risk include regular monitoring of legislative proposals and the engagement of experienced executives and the use of experienced sector specific professional advisers to mitigate the impact of changes.

Financing risk

The company is principally funded from retained profits and is reliant on converting these profits into cash. Financial monitoring, forecasting and planning are continuous processes, and emphasis is placed on balancing maintenance or growth of profit margin against investment in resources to maintain delivery of a high quality of service to customers.

Financial instruments

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans from and to related companies. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. The company's approach to managing risks applicable to the financial instruments concerned is as follows:

GALLDRIS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 3 -

Liquidity risk

The company manages the liquidity risk by ensuring there are sufficient funds to meet the operating needs of the business.

In respect of bank balances the liquidity risk is managed by maintaining a positive balance between continuity of funding and flexibility through an agreed payment policy. The company makes use of money market facilities where funds are available.

Trade debtors are closely monitored. Strict payments terms are negotiated at the commencement of a contract which enables it to ensure that applications are paid within the agreed timescale. A high proportion of contracts are negotiated in this way.

- Trade debtors are monitored on an ongoing basis and provision made where necessary.

- Trade creditors are paid to terms.

- Loans due to related companies are interest-free and payable on demand.

This is an area of detailed analysis on a regular basis, and we consider current arrangements are adequate.

Interest rate risk

The company has minimal external borrowing so is not exposed to significant interest rate risk

Credit risk

The principal financial assets are amounts recoverable under contracts and cash. The risk is mitigated by regular application for and certification of works completed under contractual agreements. The company regularly monitors counterparty credit risk by reference to third party credit rating agencies.

Company contract debtors are regularly reviewed, whereby any variance from agreed terms is immediately reported and action taken as required.

Market risk

The company is aware and monitors closely the ever-evolving market dynamics and inflationary pressures.

The board has developed robust monitoring processes covering inter alia the secured order book and flexed forecasts within a rolling 12-month period. Any unforeseen increases or decreases which are identified as having potential impact on profitability or liquidity are flagged immediately, to ensure remedial action is taken swiftly.

GALLDRIS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 4 -
Key performance indicators

The key performance indicators used to determine the progress and performance of the company are set out below:

| 202 5 |  | 202 4
| £ |  | £
Turnover | 147,834,692 |  | 125,400,194
Gross profit | 24,133,225 |  | 19,235,576
Gross profit margin | 16.32% |  | 15.34%
Operating profit/(loss) | 15,257,012 |  | 21,314,758
Earnings before interest, tax, depreciation |  |  |
and amortisation (EBITDA) | 18,841,507 |  | 13,941,737

Operating profit/loss and EBITDA percentage of s ales Operating profit as a percentage of sales is viewed as a key performance indicator for the business and this is reviewed regularly. The EBITDA is a more comparable measure of the performance of the business which shows that the EBITDA percentage of sales is 12.74% (2024: 11.12%). The results are considered encouraging considering the challenging market conditions. It is the intention of the company to continue to strengthen its financial performance in the industry by concentrating on and improving our management processes and further expanding our market share, whilst at the same time closely monitoring both direct and indirect costs.
Market Share The company is a privately owned construction service provider and i s based in South East of England. The company enjoys greater than national average market share. Although difficult to quantify within a given criteria, it is estimated to have a significant market share.

GALLDRIS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 5 -

Employee involvement

The company's employees are its most important resource. It is essential to the future success of the business that a skilled and motivated workforce is retained. The company continues to make significant investment in its human resources both in terms of necessary increases and strengthening of its management teams, supervisory personnel and work force.

Details of the number of employees and related costs can be found in note 6 to the financial statements.

The company's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The company engages, promotes and trains staff based on their capabilities, qualifications and experience without discrimination, giving all employees an equal opportunity to progress within the company.

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, as far as possible, be identical with that of other employees.

The company's policy to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interest. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Safety, health and environmental policies

The company continues to strive to improve its safety, health and environmental standards and performance. These are monitored regularly throughout the period and reviewed in response to performance and changes in legislation by its in-house safety department.

Health & Safety

The company recognises the significance of health and safety in the workplace to ensure its work force is free from risk, through investment in training and education in the occupational health and safety field. In recognising the significance of health and safety the company has made significant investment in a company training programme, external monitoring, environmental impact, reducing risk, employment of professionally qualified personnel and a full-time health and safety director who heads up the in-house health and safety department.

The implementation of the company training programme has the objective of ensuring that all site workers will achieve industry-recognised qualifications such as the Construction Skills Certification Scheme (CSCS) and all plant operatives gain the Construction Plant Competence Scheme (CPCS) card. In addition, the monitoring of its employee’s health and welfare through regular site visits and the continuation of its extensive training programme, ensuring competency in the workplace, has all played a part in achieving a reduction in the company’s accident rate.

Environment

The company recognises the importance of its environmental responsibilities, monitoring its impact on the environment and designs and implements policies to reduce any damages that might be caused by its activities. Initiatives designed to minimise the company’s impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.

The directors have taken steps to expand its environmental department and are continually striving to improve their environmental policies. In so doing, they have implemented a series of initiatives to minimise the company’s carbon footprint, ranging from the fitting of carbon reduction filters on plant, ensuring that timber used only comes from sustainable sources to waste reduction methods and improved efficiency of deliveries of material to site. The company has also developed environmental, waste disposal and sustainable procurement policies that it will continue to review on an annual basis.

GALLDRIS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 6 -

Future developments

The company is focused on securing profitable work and continuing to increase its market share by expanding its customer base and is working towards securing more work as principal contractor in the future.

At the date of approval of the financial statements the company has a reasonable secured order book, considering the market conditions that have prevailed, with several confirmed contracts from repeat customers. As a result, the directors have considered the period ahead and believe that the company is well placed to manage its business risks successfully.

Accreditations

The company has been assessed and has achieved ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and ISO 50001:201 8 certification with a third-party UKAS accredited auditor and has developed detailed quality, environmental and health and safety management systems that in the opinion of the directors, will continue to improve its internal and external processes. The company has also achieved the following accreditations and awards:

- Achilles Building Confidence Qualified Supplier

- British Safety Council Member

- Builder’s Profile Member

- Confidential Industry Reporting & Analysis Service (CIRAS) Member

- Concrete Society Member

- Construction Line Gold Verified

- Cyber Essentials Plus

- Full Member of the Royal Society for the Prevention of Accidents (ROSPA) and achieved

- Gas Industry Registration Scheme (GIRS) Project Management Verified

- National Electricity Registration Scheme (NERS) Project Management Verified

- ROSPA Gold Award for Occupational Health & Safety 2013 – 2022 (10 years in a row)

- Railway Industry Supplier Qualification Scheme (RISQS) Accredited Supplier

- Safe Contractor Verified & Accredited

- Water Industry Registration Scheme (WIRS) Project Management Verified

Post balance sheet events

On 30 May 2025, the entire share capital of the ultimate parent company, Galldris Holdings Limited, was sold to an Employee Ownership Trust (EOT) which is solely for the benefit of all eligible employees.

On behalf of the board

..............................
D Gallagher
Director
26 January 2026
GALLDRIS SERVICES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 7 -

The directors present their annual report and financial statements for the period ended 30 April 2025.

Principal activities

The principal activities of the company were that of provision of management services to related entities and carrying out complex civil engineering and groundworks projects.

Results and dividends

The results for the period are set out on page 13.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

D Gallagher
S O'Driscoll
T Kerins
(Resigned 29 August 2025)
Energy and carbon report

Under the Companies (Director Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, we are mandated to disclose our UK energy use and associated greenhouse gas (GHG) emissions. Specifically, and as a minimum, we are required to report those GHG emissions relating to natural gas, electricity, and transport fuel, as well as an intensity ratio, under the Streamlined Energy and Carbon Reporting (SECR) Regulations.

To ensure we achieve the transparency required, and deliver effective emissions management, we must implement and utilise robust and accepted methods. Accordingly, whilst the Regulations provide no prescribed methodology, we collate our GHG annually, and using the latest Defra (Department of Environment, Food and Rural Affairs) and BEIS (Department for Business, Energy & Industrial Strategy) emissions factors.

The periods covered for the purposes of the Streamlined Energy and Carbon Reporting section is 1st April 2023 to 30th April 2025 and our calculations are for the following scope:

Building related energy – Fuel usage in company cars (Scope 1) and electricity (Scope 2)

The table below shows Galldris Services Limited's GHG emissions during the reporting periods 1st April 2023 to 30th April 2025:

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the period
342,615
365,192
GALLDRIS SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 8 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
2,761.64
2,252.63
2,761.64
2,252.63
Scope 2 - indirect emissions
- Electricity purchased
60.69
75.62
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
2,822.33
2,328.25
Intensity ratio
Tonnes of CO2e per employee
23.52
16.87
Quantification and reporting methodology

We have assessed our GHG emissions with the Defra’s Environmental Reporting Guidelines, including Streamlined Energy and Carbon Reporting requirements, and uses conversion figures based on Department for Energy Security and Net-​Zero and Department for Environment, Food and Rural Affairs published annually at https://​www.gov.uk/​government/​publications/​greenhouse-​gas-​reporting-​conversion-​factors-​2024

Intensity measurement

The chosen intensity measurement ratios are total gross emissions in metric tonnes CO2e per employee, and total gross emissions in metric tonnes CO2e per £M turnover, the recommended ratios for the sector.

We aim to report on further emissions over the coming years to improve and better our understanding of our other indirect emissions.

Measures taken to improve energy efficiency

During the past year the company has completed Energy Surveys across the business as part of the Energy Savings Opportunities Scheme (ESOS). This has identified a number of areas the company is reviewing. In addition to this, our annual carbon footprint assessment report, has made a number of additional recommendations.

During the period, the business implemented several strategies to improve our sustainability performance and reduce our emissions. The business is implementing a sustainability strategy to ensure we achieve our own internal net zero target prior to 2050.

Results Analysis

The company currently operates from two offices, our HQ in Enfield and a secondary office in Birmingham which accounts for circa 44% of the energy consumption and emissions throughout the period. Additional kWH is also associated with project delivery when the company acted as a Principal Contractor (PC) and was thus responsible for project wide power supply. Therefore, with an additional office and increased site activity the overall intensity ratios have increased slightly on prior year based on the number of employees and turnover against kWH outputs.

GALLDRIS SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 9 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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 of disclosure to auditors

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.

On behalf of the board
D Gallagher
Director
26 January 2026
GALLDRIS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GALLDRIS SERVICES LIMITED
- 10 -
Opinion

We have audited the financial statements of Galldris Services Limited (the 'company') for the period ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 period 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GALLDRIS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GALLDRIS SERVICES LIMITED
- 11 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

- we identified the laws and regulations applicable to the company through discussions with directors, key management personnel and from our commercial knowledge and experience.

- we focused on specific laws and regulations which we considered may have a direct effect on the financial statements or the operations of the company including the Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

GALLDRIS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GALLDRIS SERVICES LIMITED
- 12 -

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statements disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, enquiring of management over health and safety.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identifying non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

.....................................................................................
27 January 2026
Nirav Sheth (Senior Statutory Auditor)
For and on behalf of Charterhouse (Audit) Limited
Statutory Auditor
Charterhouse (Audit) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
GALLDRIS SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2025
- 13 -
Period
Year
ended
ended
30 April
31 March
2025
2024
Notes
£
£
Turnover
3
147,834,692
125,400,194
Cost of sales
(123,701,467)
(106,164,618)
Gross profit
24,133,225
19,235,576
Administrative expenses
(9,062,516)
1,798,475
Other operating income
186,303
280,707
Operating profit
4
15,257,012
21,314,758
Interest receivable and similar income
8
2,414,214
776,122
Interest payable and similar expenses
9
(301,844)
(1,156,846)
Profit before taxation
17,369,382
20,934,034
Tax on profit
10
(4,066,757)
(6,802,885)
Profit for the financial period
13,302,625
14,131,149
Earnings before interest, tax, depreciation and amortisation (EBITDA)
18,841,507
13,941,737

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GALLDRIS SERVICES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 14 -
30 April 2025
31 March 2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,443,750
5,800,000
Tangible assets
12
287,652
184,342
Investments
13
300
300
3,731,702
5,984,642
Current assets
Stocks
15
59,724
779,200
Debtors
16
51,743,295
44,391,682
Cash at bank and in hand
30,991,231
31,115,008
82,794,250
76,285,890
Creditors: amounts falling due within one year
17
(35,917,169)
(45,041,313)
Net current assets
46,877,081
31,244,577
Total assets less current liabilities
50,608,783
37,229,219
Creditors: amounts falling due after more than one year
18
-
0
(2,675,554)
Provisions for liabilities
Provisions
20
10,369,525
7,617,032
(10,369,525)
(7,617,032)
Net assets
40,239,258
26,936,633
Capital and reserves
Called up share capital
23
7,558,905
7,558,905
Profit and loss reserves
32,680,353
19,377,728
Total equity
40,239,258
26,936,633
The financial statements were approved by the board of directors and authorised for issue on 26 January 2026 and are signed on its behalf by:
D Gallagher
Director
Company registration number 07201905 (England and Wales)
GALLDRIS SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
7,558,905
5,246,579
12,805,484
Year ended 31 March 2024:
Profit and total comprehensive income
-
14,131,149
14,131,149
Balance at 31 March 2024
7,558,905
19,377,728
26,936,633
Period ended 30 April 2025:
Profit and total comprehensive income
-
13,302,625
13,302,625
Balance at 30 April 2025
7,558,905
32,680,353
40,239,258
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 16 -
1
Accounting policies
Company information

Galldris Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA and the business address is Galldris House, Units 9 & 10 Pavillion Business Centre, 6 Kinetic Crescent, Innova Science Park, Enfield, Middlesex, EN3 7FJ.

1.1
Reporting period

The financial statement was prepared for 13 months from 1 April 2024 to 30 April 2025. This financial statement had been prepared for a period longer than one year due the restructure of the group. Therefore, as a result, the comparative amounts in the financial statement (including related notes) are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Galldris Services Limited is a wholly owned subsidiary of Galldris Holdings Limited and the financial statements of the company are consolidated in the financial statements of Galldris Holdings Limited. These consolidated financial statements are available from its registered office, 166 College Road, Harrow, Middlesex, HA1 1RA.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

The following factors have been considered by the Directors when assessing whether the financial statements should be prepared on a going concern basis:true

- The cash balances available within the Company;

- The principal risks and uncertainties described in the Strategic report; and

- The forecasts for the business for the upcoming periods.

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern.

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the twelve-month period from the signing of the financial statements. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Gross amounts due from contract customers, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Fixtures, fittings & equipment
25% Straight line
Computer equipment
25% Straight line
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis and represents the unbilled direct and indirect costs incurred as at the year end. These typically arise where mid month valuations have occurred and a time apportioned estimate of the cost of measured work has been calculated. Net realisable value represents the value of the measured work carried out in a particular period, invoiced subsequent to the year end.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.11
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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end 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 recoverable amount. The impairment loss is recognised in profit or loss.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.12
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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Retirement benefits

The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 21 to the financial statements.

The company also provides pension benefits (defined contribution) in respect of its employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

1.16
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17

Preference shares

The Redeemable Preference shares are classified as equity in accordance with Section 22 (liabilities and equity) as they are redeemable at the option of the issuer and do not carry a right to a return.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of 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.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Establishing useful economic lifes for amortisation of intangible fixed assets

Intangible fixed assets consist of goodwill. The annual amortisation charge depends on the estimated useful economic life of the asset. The directors regularly review the remaining useful life of the asset. Changes in asset useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies.

Long term contract provisions

The company is involved in the construction industry and are engaged in a number of long term contracts at the year end. As a result it is necessary to consider cost of long term contracts and the associated provisions required. When calculating the long term contract provision, management considers the stage of completion and the estimated costs to completion. The level of provision required is reviewed on an on-going basis and is disclosed in note 17.

Provision for doubtful debts

The company makes an estimate of the recoverable value of the trade and other debtors. The company uses estimates based on historical experience determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of the debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis and is disclosed in note 16.

Provision for latent defects

The company makes an estimate of the provision for latent defects. This estimate is based on historical experience, data from large contracts, and the industry benchmarks. The provision has been applied across the baseline material and the associated remediation costs relating to plant and labour. The level of provision is determined by the volume of large contracts and the company's risk profile linked to the industry benchmarks. Any movements in these variables will have an impact on operating results. The level of provision required is reviewed on an ongoing basis and is disclosed in Note 20.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Construction and civil engineering services
147,834,692
125,400,194
2025
2024
£
£
Other revenue
Interest income
1,303,033
776,122
Dividends received
1,111,181
-
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 22 -
4
Operating profit
2025
2024
Operating profit for the period is stated after charging:
£
£
Depreciation of owned tangible fixed assets
117,064
67,238
Depreciation of tangible fixed assets held under finance leases
-
9,720
Amortisation of intangible assets
2,356,250
2,175,000
Operating lease charges
406,203
295,810
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditors and associates:
£
£
For audit services
Audit of the financial statements of the company
39,377
33,072
For other services
Taxation services
21,203
17,808
Fee Protection Insurance
6,000
6,000
Company secretarial services
395
4,220
Accounting fees in relation to non-group connected companies
2,596
1,400
30,194
29,428
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2024
Number
Number
Construction
77
58
Administration
41
43
Total
118
101

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
9,015,508
5,909,114
Social security costs
921,294
723,170
Pension costs
250,148
(9,431,160)
10,186,950
(2,798,876)
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 23 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
553,700
842,109
Company pension contributions to defined contribution schemes
10,833
-
Company pension contributions to defined benefit schemes
-
1,010,210
Company pension contributions to defined benefit schemes written back
-
(10,635,189)
564,533
(8,782,870)
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
531,667
510,000

Directors are considered to be the key management personnel.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,038,596
776,122
Other interest income
264,437
-
0
Total interest revenue
1,303,033
776,122
Income from fixed asset investments
Income from shares in group undertakings
1,111,181
-
0
Total income
2,414,214
776,122
9
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
-
0
670,921
Interest on finance leases and hire purchase contracts
405
887
Other interest
301,439
485,038
301,844
1,156,846
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 24 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
4,717,141
4,176,511
Adjustments in respect of prior periods
(650,384)
2,626,374
Total current tax
4,066,757
6,802,885

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
17,369,382
20,934,034
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
4,342,346
5,233,509
Tax effect of expenses that are not deductible in determining taxable profit
89,486
(1,592,931)
Tax effect of income not taxable in determining taxable profit
(277,795)
-
0
Adjustments in respect of prior years
(650,384)
2,626,374
Permanent capital allowances in excess of depreciation
(55,224)
(27,057)
Depreciation on assets not qualifying for tax allowances
29,266
19,240
Amortisation on assets not qualifying for tax allowances
589,062
543,750
Taxation charge for the period
4,066,757
6,802,885
11
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 30 April 2025
21,750,000
Amortisation and impairment
At 1 April 2024
15,950,000
Amortisation charged for the period
2,356,250
At 30 April 2025
18,306,250
Carrying amount
At 30 April 2025
3,443,750
At 31 March 2024
5,800,000
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 25 -
12
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2024
58,245
404,820
463,065
Additions
30,200
190,174
220,374
At 30 April 2025
88,445
594,994
683,439
Depreciation and impairment
At 1 April 2024
53,076
225,647
278,723
Depreciation charged in the period
6,032
111,032
117,064
At 30 April 2025
59,108
336,679
395,787
Carrying amount
At 30 April 2025
29,337
258,315
287,652
At 31 March 2024
5,169
179,173
184,342

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance lease or hire purchase contracts.

2025
2024
£
£
Computer equipment
-
0
7,515
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
300
300
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Galldris Construction Limited
1
Non-trading
Ordinary shares
100.00
Galldris Rail Limited
1
Dormant
Ordinary shares
100.00
Galldris Structures Limited
1
Dormant
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
166 College Road, Harrow, Middlesex, HA1 1RA
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
14
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Galldris Construction Limited
151,942
137,842
Galldris Rail Limited
100
-
0
Galldris Structures Limited
100
-
0
15
Stocks
2025
2024
£
£
Work in progress
59,724
779,200
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
17,912,765
11,210,436
Gross amounts owed by contract customers
13,943,881
8,569,568
Other debtors
5,050,854
2,749,348
Prepayments and accrued income
1,016,682
739,757
37,924,182
23,269,109
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
13,819,113
21,122,573
Total debtors
51,743,295
44,391,682

The fair value of trade and other receivables approximate to their carrying amounts. Trade debtors are stated after provisions for doubtful debts of £2,303,159 (2024: £3,461,721).

The amounts due from parent undertaking are unsecured and interest-free.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 27 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
19
2,193
8,457
Trade creditors
9,223,040
10,933,478
Amounts due to subsidiary undertakings
78,774
-
0
Amounts due to companies under common control
7,329,392
13,609,825
Corporation tax
1,009,539
6,981,911
Other taxation and social security
386,262
327,229
Other creditors
12,044
38,608
Accruals and deferred income
17,875,925
13,141,805
35,917,169
45,041,313

The fair value of trade and other payables approximates to their book value. Included within accruals and deferred income are costs accrued for long term contracts amounting to £2,667,962 (2024: £8,724,566)

The amounts due to companies under common control are unsecured, interest-free and repayable on demand.

18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
19
-
0
2,918
Amounts owed to group undertakings
-
0
2,672,636
-
0
2,675,554
Creditors which fall due after five years are payable as follows:
Payable other than by instalments
-
2,672,636

Obligations under finance leases are secured against the assets to which they relate.

19
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
2,193
8,457
After more than one year
-
0
2,918
2,193
11,375
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
19
Finance lease obligations
(Continued)
- 28 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
2,193
8,457
In two to five years
-
0
2,918
2,193
11,375

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Provisions for liabilities
2025
2024
£
£
Provision for fines (See note below)
5,200,000
5,200,000
Provision for latent defects
5,169,525
2,417,032
10,369,525
7,617,032
Movements on provisions:
Provision for fines
Provision for latent defects
Total
£
£
£
At 1 April 2024
5,200,000
2,417,032
7,617,032
Additional provisions in the year
-
2,752,493
2,752,493
At 30 April 2025
5,200,000
5,169,525
10,369,525

The company is subject to two ongoing matters which may result in financial penalties. To avoid potential serious prejudice to the company it relies on the exemption in section 21.17 of FRS 102 in not disclosing further details on the amounts above. These amounts are provisional. The actual liability and quantum of any fines are yet to be determined.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 29 -
21
Retirement benefits
2025
2024
Defined contribution and benefit schemes
£
£
Charge to profit or loss in respect of defined benefit schemes
-
1,010,210
Write back to profit and loss in respect of defined benefit schemes
-
(10,635,189)
Charge to profit or loss in respect of defined contribution schemes
250,148
193,819

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The above pension charge includes an amount of £250,148 (2024: £193,819) in respect of defined contribution scheme paid by the company to the funds.

The company also provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom pension benefits are accruing under these pension agreements is nil (2024: 2).

The company has entered into an agreement with the senior employees to cancel some of the sums payable under the pension agreements in the year ended 31 March 2024 and as a result pension liabilities of £10,635,189 ha d been written back to the profit and loss. In respect of these sums the company has agreed to a settlement of the corresponding tax liabilities and a provision has been made in respect of the tax liabilities in the financial statements.

22
Contingent liability and contingent asset

In the event that th e companies in which the pension liabilities of £12,522,145 have been transferred to are unable to meet their payment obligations, the pension liabilities will ultimately revert back to Galldris Services Limited. Similarly, the corresponding intercompany debtor balance of £12,522,145 owed by those companies in which the senior employees have a controlling interest, would also revert back to Galldris Services Limited at the same time. This would result in no impact on the company's balance sheet.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference shares of £1 each
7,558,805
7,558,805
7,558,805
7,558,805
Preference shares classified as equity
7,558,805
7,558,805
Total equity share capital
7,558,905
7,558,905
GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
23
Share capital
(Continued)
- 30 -

The holders of R edeemable P reference shares are entitled to receive dividends as declared from time to time and are not entitled to vote at meetings of the company. For full details of the rights attached to each class of share s, refer to Companies House.

24
Financial commitments, guarantees and contingent liabilities

The company together with its principal subsidiary, Galldris Construction Limited, have provided guarantees in respect of outstanding hire purchase liabilities of a related company, ODG Plant Hire Limited. At 30 April 2025, the outstanding hire purchase liability in ODG Plant Hire Limited amounted to £5,800,746 (2024: £4,403,015).

25
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
359,080
180,000
359,080
180,000
26
Related party transactions

Included within debtors falling due within one year is an amount of £11,262,815 (2024: £6,118,508) owed by Debden Developments Limited, a company controlled by the directors, D Gallagher and S O'Driscoll.

Included within debtors falling due within one year is an amount of £8,200 (2024: £nil) owed by Twins Estates (London) Limited, a company controlled by the director, D Gallagher.

Included within other creditors falling due within one year is an amount of £7,329,937 (2024: £11,966,537) owed to ODG Plant Hire Limited, a company controlled by the directors, D Gallagher and S O'Driscoll. During the period goods and services totalling £26,624,207 (2024: £15,119,941) were received from ODG Plant Hire Limited, on normal commercial terms.

Included within other debtors falling due within one year is an amount of £783,180 (2024: £1,643,288 payable) owed by 3G Tunnelling Services Limited, a company controlled by the directors, D Gallagher and S O'Driscoll. During the period services totalling £7,180,419 (2024: £16,391,142) were received from 3G Tunnelling Services Limited, on normal commercial terms.

Included within other debtors falling due within one year is an amount of £2,352,730 (2024: £nil) owed by Odris Investments Limited, a company controlled by S O'Driscoll.

During the period the company paid rent of £205,833 (2024: £180,000) to the directors, D Gallagher and S O'Driscoll, in respect of premises occupied by the company. The transactions were made on normal commercial terms.

27
Parent company

The company's ultimate parent company is Galldris Holdings Limited, a company registered in England and Wales, whose registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

GALLDRIS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 31 -
28
Ultimate controlling party

As at the balance sheet date, the ultimate controlling parties are S O’Driscoll and D Gallagher with no one party having an overall control.

From 30 May 2025, the ultimate controlling party is GHL Trustee Limited, acting as a trustee of an Employee Ownership Trust (EOT) which is solely for the benefit of all eligible employees.

29
Post balance sheet events

On 30 May 2025, the entire share capital of the ultimate parent company, Galldris Holdings Limited, was sold to an Employee Ownership Trust (EOT) which is solely for the benefit of all eligible employees.

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