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Registered number: 03754286 MARCOE ENGINEERING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
MARCOE ENGINEERING LIMITED COMPANY INFORMATION
Directors | Mark Beresford
| David Bimson
| Mark Crilley
| Ian Haddock
| John Reynolds (resigned 30 September 2025)
| Thomas Woodcock
Registered number | 03754286
Registered office | Unit 3 Mallow Park
| Welwyn Garden City
| Hertfordshire
| AL7 1GX
Independent auditors | Moore Kingston Smith LLP
| Chartered Accountants
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
MARCOE ENGINEERING LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 25
MARCOE ENGINEERING LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report for the year ended 30 September 2025.
Business review
We are very pleased with our results for the trading year up to 30 September 2025 and the associated upturn in our turnover, cash and profit, is directly attributable to us targeting and securing several ‘turnkey’ projects with both existing and new clients. By adopting this approach, it has allowed us to leverage our engineering expertise, which has such a positive effect on the project performance through the design, pre-construction, installation and commissioning phases. We continue to undertake monthly Project Reviews, and this allows us to foresee project related issues and then invoke the necessary mitigation measures. The results of the monthly Project Reviews feed directly into our financial reporting, and this allows us to have very accurate Management Information. Our pipeline, order book and company finances are in a very healthy position, but we remain ever mindful of the volatile trading conditions. Our current order book includes Data Centres in the Home Counties, Pharmaceutical and Healthcare work in London and Cambridge, a central London commercial office scheme and an infrastructure project at Stansted Airport. Our entry into the specialist construction market and the Renewable Energy sector is gaining momentum and we have now obtained our MCS renewable accreditation. We have also made a significant investment in our head office, and our recently completed solar panel and battery storage installations have reduced our carbon footprint and means that we will continue our journey to Net zero. Our long-standing graduate and apprenticeship programmes emphasise our commitment to train and develop the next generation and this continues to allow our business to evolve. We have just signed off our next Five-Year Plan, and this will continue our organic development and empowerment of our management teams.
Principal risks and uncertainties
•Labour shortages and increasing rates of pay. • Material price fluctuations. • Interest rates. • Potential failures of clients and contractors. • Loss of confidence in the construction industry.
Financial key performance indicators
•Cash • Cash flow • Tender Margin • Contract Margins • Gross margin • Turnover to Overhead ratio Page 1
MARCOE ENGINEERING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Other key performance indicators
The company has a number of internal KPI’s including. • The health, safety and wellbeing of all our employees and operatives. • Accuracy of our tenders, giving careful consideration to all items that can affect projects and the various components of our tender submissions. • Monthly project reviews which monitor progress, undertake both risk analysis and mitigation, the financial performance and cash flow. • Monthly Financial reporting based on the project reviews and our internal budgets. • ‘Live’ cash flow forecasting. • Ensuring our supply chain only utilise manufacturer’s that are specified, technically approved and benchmarked by our project teams. • Securing fixed prices for the duration of our projects. • An industry leading standard for all of our installations. • Working with financially strong and ethical clients. This report was approved by the board and signed on its behalf.
Mark Crilley Director
Date: 27 January 2026
Page 2
MARCOE ENGINEERING LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company continued to be that of electrical engineering contractors. Our main work sectors are commercial, data centres, food industry, healthcare, pharmaceutical, public sector and some residential schemes.
Results and dividends
The profit for the year, after taxation, amounted to £1,187,627 (2024 - loss £728,850). No dividends were proposed during the year.
Directors
The directors who served during the year were:
Mark Beresford
David Bimson
Mark Crilley
Ian Haddock
John Reynolds (resigned 30 September 2025)
Thomas Woodcock
Page 3
MARCOE ENGINEERING LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Future developments
Our pipeline, order book and company finances are in a very healthy position, but we remain ever mindful of the volatile trading conditions. We are also mindful of the geopolitical times that we are all living in and the unpredictable market fluctuations of copper and steel.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Moore Kingston Smith LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mark Crilley Director
Date: 27 January 2026
Page 4
MARCOE ENGINEERING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCOE ENGINEERING LIMITED
Opinion
We have audited the financial statements of Marcoe Engineering Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
MARCOE ENGINEERING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCOE ENGINEERING LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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. Page 6
MARCOE ENGINEERING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCOE ENGINEERING LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent 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. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Page 7
MARCOE ENGINEERING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCOE ENGINEERING LIMITED (CONTINUED) Our approach was as follows: ∙We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are [the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation] ∙We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. ∙We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. ∙We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. ∙Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Graham Wintle (Senior statutory auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants 4 Victoria Square St Albans Hertfordshire AL1 3TF 27 January 2026 Page 8
MARCOE ENGINEERING LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 15,663,703 | 12,340,243
Cost of sales |  | (12,160,970) | (11,300,837)
Gross profit |  | 3,502,733 | 1,039,406
Administrative expenses |  | (2,345,555) | (1,789,891)
Operating profit/(loss) | 5 | 1,157,178 | (750,485)
Interest receivable and similar income | 9 | 18,140 | 22,477
Interest payable and similar expenses |  | (3,518) | (17,637)
Profit/(loss) before tax |  | 1,171,800 | (745,645)
Tax on profit/(loss) | 10 | 15,827 | 16,795
Profit/(loss) for the financial year |  | 1,187,627 | (728,850)
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,187,627 | (728,850)
The notes on pages 12 to 25 form part of these financial statements.
Page 9
MARCOE ENGINEERING LIMITED REGISTERED NUMBER: 03754286 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 115,881 |  | 100,020
|  |  | 115,881 |  | 100,020
Current assets |  |  |  |  |
Stocks | 13 | 150,652 |  | 65,000 |
Debtors: amounts falling due after more than one year | 14 | - |  | 34,309 |
Debtors: amounts falling due within one year | 14 | 4,456,889 |  | 4,971,934 |
Cash at bank and in hand | 15 | 2,145,851 |  | 538,439 |
|  | 6,753,392 |  | 5,609,682 |
Creditors: amounts falling due within one year | 16 | (2,323,274) |  | (2,351,330) |
Net current assets |  |  | 4,430,118 |  | 3,258,352
Net assets |  |  | 4,545,999 |  | 3,358,372
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 4,545,899 |  | 3,358,272
|  |  | 4,545,999 |  | 3,358,372
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mark Crilley
Director
Date: 27 January 2026
The notes on pages 12 to 25 form part of these financial statements. Page 10
MARCOE ENGINEERING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2023 | 100 | 4,087,122 | 4,087,222
Loss for the year | - | (728,850) | (728,850)
At 1 October 2024 | 100 | 3,358,272 | 3,358,372
Profit for the year | - | 1,187,627 | 1,187,627
At 30 September 2025 | 100 | 4,545,899 | 4,545,999
| The notes on pages 12 to 25 form part of these financial statements.
Page 11
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Marcoe Engineering Limited is a company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is Unit 3 Mallow Park, Welwyn Garden City, AL1 1GX. The principal activity of the company is that of being electrical engineering contractors. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Marcoe Engineering Services Limited as at 30 September 2025 and these financial statements may be obtained from companies house.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis as the Directors are satisfied that the Company will continue to have access to sufficient resources to meet the working capital requirements of the Company for a period of at least twelve months from the date of signing of these financial statements. Page 12
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% on cost
|  |  |  | Motor vehicles | - | 25% on reducing balance
|  |  |  | Fixtures and fittings | - | 25% on reducing balance
|  |  |  | Office equipment | - | 20% on cost
|  |  |  | Computer equipment | - | 50% on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 15
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 16
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. The main area of estimation uncertainty are the construction contracts. The profitability of contracts is estimated which affects both costs and revenues included in the accounts. Stage of completion is also estimated to determine whether and how much income should be brought into the current period. These judgements are made by quarterly surveyors, so the decisions made are from a professional, reliable source. Page 17
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Electrical engineering contracts | 15,663,703 | 12,340,243
| All turnover arose within the United Kingdom.
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 11,933 | 9,499
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,850 | 14,150
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 18
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,200,098 | 1,757,047
| Social security costs | 355,850 | 288,378
| Cost of defined contribution scheme | 57,030 | 46,383
|  | 2,612,978 | 2,091,808
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 6 | 6
|  | Other employees | 42 | 39
|  |  | 48 | 45
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 789,963 | 675,317
| Company contributions to defined contribution pension schemes | 6,604 | 6,217
|  | 796,567 | 681,534
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £153,189 (2024 - £194,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
Page 19
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 18,140 | 22,477
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | (15,827) | (16,795)
| Total current tax | (15,827) | (16,795)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 1,171,800 | (745,645)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 292,950 | (186,411)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 25,443 | 10,560
| Capital allowances for year in excess of depreciation | (4,014) | -
| Utilisation of tax losses | (298,460) | -
| Adjustments to tax charge in respect of prior periods | (15,827) | -
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (16,795)
| Changes in provisions leading to an increase (decrease) in the tax charge | (15,919) | -
| Tax losses carried forward | - | 175,424
| Group relief | - | 427
| Total tax charge for the year | (15,827) | (16,795)
| Factors that may affect future tax charges
Page 20
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 10.Taxation (continued) There were no factors that may affect future tax charges.
11. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 October 2024 | 800,000
| At 30 September 2025 | 800,000
| Amortisation |
| At 1 October 2024 | 800,000
| At 30 September 2025 | 800,000
| Net book value |
| At 30 September 2025 | -
| At 30 September 2024 | -
| Goodwill of £800,000 arose from the acquisition by the previous parent company. This amount was amortised on a straight-line basis over 10 years and is now fully amortised.
Page 21
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2024 | 93,798 | 116,780 | 22,926 | 233,504
| Additions | - | 33,017 | - | 33,017
| At 30 September 2025 | 93,798 | 149,797 | 22,926 | 266,521
| Depreciation |  |  |  |
| At 1 October 2024 | 82,058 | 28,500 | 22,926 | 133,484
| Charge for the year on owned assets | 2,935 | 14,221 | - | 17,156
| At 30 September 2025 | 84,993 | 42,721 | 22,926 | 150,640
| Net book value |  |  |  |
| At 30 September 2025 | 8,805 | 107,076 | - | 115,881
| At 30 September 2024 | 11,740 | 88,280 | - | 100,020
| Depreciation on items of fixtures and fittings acquired during this year and the previous year have been calculated at 15% per annum on a straight-line basis, reflecting its expected useful life. This differs from the standard rate of 25% but is not considered material to the financial statements.
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods | 150,652 | 65,000
Page 22
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | - | 34,309
|  | - | 34,309
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 1,135,248 | 1,125,080
| Amounts owed by group undertakings | 1,410,320 | 1,561,288
| Amounts owed by joint ventures and associated undertakings | 83,205 | 72,237
| Other debtors | 128,588 | 107,560
| Prepayments and accrued income | 1,601,813 | 1,226,064
| Amounts recoverable on long term contracts | 97,715 | 879,705
|  | 4,456,889 | 4,971,934
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,145,851 | 538,439
Page 23
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 111,111
| Trade creditors | 1,777,942 | 1,801,180
| Other taxation and social security | 88,903 | 98,716
| Other creditors | 197,607 | 311,284
| Accruals and deferred income | 258,822 | 29,039
|  | 2,323,274 | 2,351,330
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank Loans | - | 111,111
| Details of security provided:
There is security over the bank loan in the form of a debenture covering the undertaking of the company. This was fully satisfied after the year end.
17. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,145,851 | 538,439
| Financial assets measured at fair value through profit or loss comprise cash at bank.
18. | Pension commitments
The Company operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held seperately from those of the company in an independently administered fund. During the year there were contributions of £57,030 (2024: £46,383) to the pension scheme. Contributions of £17,606 (2024: £9,965) were owed to the scheme at the balance sheet date. Page 24
MARCOE ENGINEERING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 130,740 | 131,652
| Later than 1 year and not later than 5 years | 471,200 | 475,940
| Later than 5 years | 117,800 | 235,600
|  | 719,740 | 843,192
20. | Related party transactions
| During the year the company entered into the following transactions with related parties: Rent of £127,617 (2024: £113,477) was paid to JBOS Holdings Limited during the year. JBOS Holdings Limited is a related party due to common ownership. There is no outstanding balance for the rent at the year end. Sales of £30,736 (2024: £10,805) and purchases of £36,038 (2024: £4,442) were made with Marcoe Interiors Limited, a joint venture. There is a debtor balance of £68,545 (2024: £18,234) owed by the company at year end. No interest is due on this balance. Sales of £28,543 (2024: £38,249) and purchases of £55,544 (2024: £Nil) were made with Marcoe Construct Limited, a joint venture. There is a debtor balance of £14,660 (2024: £54,003) owed by the company at year end. No interest is due on this balance. All transactions were at an arms length basis. At the year end, a director owed £10,000 (2024: £Nil) to the company. No interest is charged on this loan. This amount is included in other debtors. The company has taken advantage of the exception available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
21. | Controlling party
The Company's immediate parent company is Marcoe Engineering Services Limited. The ultimate controlling party is Mark Crilley.
Page 25