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COMPANY REGISTRATION NUMBER: 03402613

IMPERIAL DUCTWORK SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 July 2025

IMPERIAL DUCTWORK SERVICES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

Contents | Pages

Officers and professional advisers | 1

Strategic report | 2 to 3

Directors' report | 4 to 5

Independent auditor's report to the members | 6 to 9

Statement of comprehensive income | 10

Statement of financial position | 11

Statement of changes in equity | 12

Statement of cash flows | 13

Notes to the financial statements | 14 to 22

IMPERIAL DUCTWORK SERVICES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors | A O'Connell
| D Barnes
| R Silke
| J Smith
| D Morris
| K Barclay
| S Strutton
| J A Barnes

Registered office | Numeric House
| 98 Station Road
| Sidcup
| Kent
| DA15 7BY

Auditor | Affinia (Orpington)
| Chartered Accountants & statutory auditor
| Lynwood House
| Crofton Road
| Orpington
| Kent
| BR6 8QE

Bankers | National Westminster Bank Plc
| 1-7 Powis Street
| Woolwich
| London
| SE18 6LE

IMPERIAL DUCTWORK SERVICES LIMITED

STRATEGIC REPORT

YEAR ENDED 31 JULY 2025
Strategic Management The objective of the company is to increase market share in the manufacture and installation of ductwork ventilation systems sector. To achieve this objective the company's strategy is to deliver contracts to the highest level of quality and service, on time and snag free. The company's personnel have a wealth of experience in the ductwork ventilation sector and the engineering departments are fully supported by the company's in-house CAD resources.
Business Environment The sector remains competitive, with continued pressure on raw material and subcontractors' costs. The company has a strong business relationship with a manufacturer of ductwork ventilation systems, which allows the company to ensure that the high quality of the products is maintained and produced on time. In the industry there is a potential liquidity risk due to monies being tied up in large, long-term contracts, however, the management regularly monitors the company's cashflow to manage this risk. The company is subject to various health safety risks due to the nature of the business. The company has its own dedicated heath, safety and environmental department that ensure that all health and safety procedures are followed. The company is fully accredited to ISO standards 45001, 14001 and 9001.
Environmental and sustainability Management are aware of their environmental responsibilities and have made a conscious and strategic decision to use 'green steel', steel produced using environmentally friendly and sustainable methods, in their products they products they provide to their customers. This will assist the company in reducing their carbon footprint, as the production of green steel produces 35% less CO2 emissions than standard crude steel produced from iron ore. The price of green steel is greater than standard steel, however as the company work closely with larger entities and listed companies, who are required to report on carbon efficiency and have targets to reduce their carbon usage, this strategy could potentially make the company more attractive and as a result generate increased sales.
Key Performance Indicators 1 Gross Profit Percentage The Gross Profit Percentage achieved in 2025 was 18.8% and in 2024 it was 15.6%. This result is in-line with board expectations. 2 Subcontractors Costs The Subcontractors' costs, as a percentage of turnover, for the year was 35.5% and in 2024 it was 40.4%. The board are content with this result, given the current industry conditions.
This report was approved by the board of directors on 30 January 2026 and signed on behalf of the board by:
A O'Connell Director

IMPERIAL DUCTWORK SERVICES LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 JULY 2025
The directors present their report and the financial statements of the company for the year ended 31 July 2025 .
Directors
The directors who served the company during the year were as follows:

A O'Connell |
D Barnes |
R Silke |
J Smith |
D Morris |
K Barclay |
S Strutton |
J A Barnes |

Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Future developments
Imperial Ductwork Services Limited have the resources in place to be able to successfully undertake larger contracts and compete within a highly competitive industry. These contracts are typically works on prestigious buildings which increases the profile of the company and can give a greater return. The board have made a strategic decision to effectively use their resources to undertake more of these larger contracts and therefore increase profitability in the future.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 30 January 2026 and signed on behalf of the board by:
A O'Connell Director

IMPERIAL DUCTWORK SERVICES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL DUCTWORK SERVICES LIMITED

YEAR ENDED 31 JULY 2025
Opinion
We have audited the financial statements of Imperial Ductwork Services Limited (the 'company') for the year ended 31 July 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the 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, 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 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the ductworking and ventilation sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - 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. - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 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 - investigated the rationale behind significant or unusual transactions; and - observed and identified internal controls in place, specifically around payroll and bank 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 statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors. 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 identify 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.

Christopher Jones FCCA
(Senior Statutory Auditor)

For and on behalf of
Affinia (Orpington)
Chartered Accountants & statutory auditor
Lynwood House
Crofton Road
Orpington
Kent
BR6 8QE

4 February 2026

IMPERIAL DUCTWORK SERVICES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 JULY 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 50,403,600 | 38,212,671

Cost of sales | 40,926,619 | 32,259,300
| -------------- | --------------
Gross profit | 9,476,981 | 5,953,371

Administrative expenses | 6,840,821 | 4,923,219
|  | ------------ | ------------
Operating profit | 5 | 2,636,160 | 1,030,152

Interest receivable | 9 | 38,800 | 24,389
| ------------ | ------------
Profit before taxation | 2,674,960 | 1,054,541

Taxation on ordinary activities | 10 | 633,336 | 123,733
| ------------ | ------------
Profit for the financial year and total comprehensive income | 2,041,624 | 930,808
| ------------ | ------------

All the activities of the company are from continuing operations.

IMPERIAL DUCTWORK SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

31 July 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 12 |  | 151,102 | 127,717

Current assets

Debtors | 13 | 19,535,757 |  | 12,840,833
Cash at bank and in hand | 4,500,446 |  | 1,810,935
| -------------- |  | --------------
| 24,036,203 |  | 14,651,768

Creditors: amounts falling due within one year | 14 | 17,940,225 |  | 9,581,392
| -------------- |  | --------------
Net current assets |  | 6,095,978 | 5,070,376
|  | ------------ | ------------
Total assets less current liabilities |  | 6,247,080 | 5,198,093

Provisions

Taxation including deferred tax | 15 |  | 18,900 | 11,537
|  | ------------ | ------------
Net assets |  | 6,228,180 | 5,186,556
|  | ------------ | ------------

Capital and reserves

Called up share capital | 19 |  | 35 | 35
Capital redemption reserve | 20 |  | 65 | 65
Profit and loss account | 20 |  | 6,228,080 | 5,186,456
|  | ------------ | ------------
Shareholders funds |  | 6,228,180 | 5,186,556
|  | ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2026 , and are signed on behalf of the board by:
A O'Connell
Director
Company registration number: 03402613

IMPERIAL DUCTWORK SERVICES LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 JULY 2025

| Called up share capital | Capital redemption reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 August 2023 | 35 | 65 | 5,255,648 | 5,255,748
Profit for the year |  |  | 930,808 | 930,808
| ---- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 930,808 | 930,808
Dividends paid and payable | 11 | – | – | ( 1,000,000) | ( 1,000,000)
| ---- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 1,000,000) | ( 1,000,000)
At 31 July 2024 | 35 | 65 | 5,186,456 | 5,186,556
Profit for the year |  |  | 2,041,624 | 2,041,624
| ---- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 2,041,624 | 2,041,624
Dividends paid and payable | 11 | – | – | ( 1,000,000) | ( 1,000,000)
| ---- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 1,000,000) | ( 1,000,000)
| ---- | ---- | ------------ | ------------
At 31 July 2025 | 35 | 65 | 6,228,080 | 6,228,180
| ---- | ---- | ------------ | ------------

IMPERIAL DUCTWORK SERVICES LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 JULY 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 2,041,624 | 930,808

Adjustments for: |  |
Depreciation of tangible assets | 40,427 | 33,714
Interest receivable | ( 38,800) | ( 24,389)
Loss on disposal of tangible assets | 15,000 | –
Taxation on ordinary activities | 633,336 | 123,733

Changes in: |  |
Trade and other debtors | ( 6,690,360) | ( 1,298,743)
Trade and other creditors | 7,836,915 | 1,034,573
| ------------ | ------------
Cash generated from operations | 3,838,142 | 799,696

Interest received | 38,800 | 24,389
Tax paid | ( 270,292) | ( 90,671)
| ------------ | ----------
Net cash from operating activities | 3,606,650 | 733,414
| ------------ | ----------

Cash flows from investing activities

Purchase of tangible assets | ( 78,812) | ( 35,360)
Proceeds from sale of tangible assets | – | 18,498
| ------------ | ----------
Net cash used in investing activities | ( 78,812) | ( 16,862)
| ------------ | ----------

Cash flows from financing activities

Proceeds from borrowings | 166,237 | 205,003
Repayments of loans from group undertakings | ( 4,564) | ( 4,657)
Dividends paid | ( 1,000,000) | ( 1,000,000)
| ------------ | ------------
Net cash used in financing activities | ( 838,327) | ( 799,654)
| ------------ | ------------

Net increase/(decrease) in cash and cash equivalents | 2,689,511 | ( 83,102)
Cash and cash equivalents at beginning of year | 1,810,935 | 1,894,037
| ------------ | ------------
Cash and cash equivalents at end of year | 4,500,446 | 1,810,935
| ------------ | ------------

IMPERIAL DUCTWORK SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statement have been prepared on the going concern basis. The directors have assessed the company's ability to continue as a going concern for a period of at least 12 months from the reporting date. Based on current projections, reasonable forecasts, and confirmed future projects, they are satisfied that the company will continue to meet its liabilities as they fall due and will remain in operation for the foreseeable future.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The key source of estimation uncertainty is revenue recognition on long term contracts. Profits on long term contracts are accrued evenly over the life of the contract. There are two estimated factors that are used in calculating the carrying amounts, being an estimated budgeted gross profit percentage and the estimated percentage of completion. The carrying amounts of the estimated contract values as at 31st July 2025 are amounts recoverable on contracts £6,960,177(2024: £4,649,772), uninvoiced sales £364,664 (2024: £983,976) and payments received on account (£6,955,028) (2024: £4,253,642).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fixture & Fittings | - | 20% reducing balance
| Motor Vehicles | - | 25% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Construction contracts | 50,403,600 | 38,212,671
| -------------- | --------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:

| 2025 | 2024
| £ | £
Depreciation of tangible assets | 40,427 | 33,714
Loss on disposal of tangible assets | 15,000 | –
Research and development expenditure written off | 601,144 | 428,224
| ---------- | ----------

Operating profit or loss is the profit or loss from business operations before deduction of interest and taxes.
6. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 20,000 | 18,000
| -------- | --------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services | 11,239 | 9,407
| -------- | --------

7. Particulars of employees
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 3 | 3
Administrative staff | 54 | 54
Management staff | 8 | 8
| ---- | ----
| 65 | 65
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 3,751,323 | 2,455,306
Social security costs | 500,343 | 299,130
Other pension costs | 193,948 | 180,025
| ------------ | ------------
| 4,445,614 | 2,934,461
| ------------ | ------------

8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 1,235,387 | 628,256
Company contributions to defined contribution pension plans | 130,192 | 130,192
| ------------ | ----------
| 1,365,579 | 758,448
| ------------ | ----------

The number of directors who accrued benefits under company pension plans was as follows:

| 2025 | 2024
| No. | No.
Defined contribution plans | 5 | 5
| ---- | ----

Remuneration of the highest paid director in respect of qualifying services:

| 2025 | 2024
| £ | £
Aggregate remuneration | 387,145 | 150,100
| ---------- | ----------

9. Interest receivable

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 38,800 | 24,389
| -------- | --------

10. Taxation on ordinary activities
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 625,973 | 109,341
Adjustments in respect of prior periods | – | 10,671
| ---------- | ----------
Total current tax | 625,973 | 120,012
| ---------- | ----------

Deferred tax:

Origination and reversal of timing differences | 7,363 | 3,721
| ---------- | ----------
Taxation on ordinary activities | 633,336 | 123,733
| ---------- | ----------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 2,674,960 | 1,054,541
| ------------ | ------------
Profit on ordinary activities by rate of tax | 668,740 | 263,635
Adjustment to tax charge in respect of prior periods | – | 10,671
Effect of expenses not deductible for tax purposes | 54,450 | 43,730
Effect of capital allowances and depreciation | ( 7,364) | ( 2,094)
Other tax adjustment to decrease tax liability | ( 89,853) | ( 147,004)
Effect of group relief claim | – | ( 48,926)
Effect of deferred taxation charge | 7,363 | 3,721
| ------------ | ------------
Tax on profit | 633,336 | 123,733
| ------------ | ------------

11. Dividends

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 1,000,000 | 1,000,000
| ------------ | ------------

12. Tangible assets

| Fixtures and fittings | Motor vehicles | Total
| £ | £ | £
Cost |  |  |
At 1 August 2024 | 123,058 | 80,223 | 203,281
Additions | 78,812 | – | 78,812
Disposals | – | ( 29,150) | ( 29,150)
| ---------- | -------- | ----------
At 31 July 2025 | 201,870 | 51,073 | 252,943
| ---------- | -------- | ----------
Depreciation |  |  |
At 1 August 2024 | 44,403 | 31,161 | 75,564
Charge for the year | 30,365 | 10,062 | 40,427
Disposals | – | ( 14,150) | ( 14,150)
| ---------- | -------- | ----------
At 31 July 2025 | 74,768 | 27,073 | 101,841
| ---------- | -------- | ----------
Carrying amount |  |  |
At 31 July 2025 | 127,102 | 24,000 | 151,102
| ---------- | -------- | ----------
At 31 July 2024 | 78,655 | 49,062 | 127,717
| ---------- | -------- | ----------

13. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 7,558,856 | 3,356,358
Amounts owed by group undertakings | 3,461,709 | 3,457,145
Prepayments and accrued income | 494,114 | 1,092,394
Amounts recoverable on contracts | 6,960,177 | 4,649,772
Other debtors | 1,060,901 | 285,164
| -------------- | --------------
| 19,535,757 | 12,840,833
| -------------- | --------------

The debtors above include the following amounts falling due after more than one year:

| 2025 | 2024
| £ | £
Trade debtors | 9,406 | 24,599
Amounts recoverable on contracts | 974,959 | 334,335
| ---------- | ----------
| 984,365 | 358,934
| ---------- | ----------

14. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 9,268,059 | 4,808,962
Accruals and deferred income | 6,979,028 | 4,275,642
Corporation tax | 385,022 | 29,341
Social security and other taxes | 185,144 | 135,842
Director loan accounts | 458,740 | 292,503
Other creditors | 664,232 | 39,102
| -------------- | ------------
| 17,940,225 | 9,581,392
| -------------- | ------------

15. Provisions

| Deferred tax (note 16)
| £
At 1 August 2024 | 11,537
Additions | 7,363
| --------
At 31 July 2025 | 18,900
| --------

16. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 15) | 18,900 | 11,537
| -------- | --------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 18,900 | 11,537
| -------- | --------

17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 63,756 (2024: £ 49,833 ).
18. Financial instruments
The carrying amount for each category of financial instrument is as follows:

| 2025 | 2024
| £ | £

Financial assets measured at fair value through profit or loss

Trade debtors | 7,558,856 | 3,356,358
Amounts owed by group undertakings | 3,461,709 | 3,457,145
Amounts recoverable on contracts | 6,960,177 | 4,649,772
| -------------- | --------------
| 17,980,742 | 11,463,275
| -------------- | --------------

Financial liabilities measured at fair value through profit or loss

Trade creditors | 9,268,059 | 4,808,962
| ------------ | ------------

19. Called up share capital
Authorised share capital

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100 | 100 | 100 | 100
| ---- | ---- | ---- | ----

Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 35 | 35 | 35 | 35
| ---- | ---- | ---- | ----

20. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Analysis of changes in net debt

| At 1 Aug 2024 | Cash flows | At 31 Jul 2025
| £ | £ | £
Cash at bank and in hand | 1,810,935 | 2,689,511 | 4,500,446
Debt due within one year | (292,503) | (166,237) | (458,740)
| ------------ | ------------ | ------------
| 1,518,432 | 2,523,274 | 4,041,706
| ------------ | ------------ | ------------

22. Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 122,007 | 157,396
Later than 1 year and not later than 5 years | 216,629 | 338,636
| ---------- | ----------
| 338,636 | 496,032
| ---------- | ----------

23. Related party transactions
During the year the company purchased goods and materials to the value of £4,342,804 from Imperial Ductwork Manufacturing Limited. At the balance sheet date the company owed Imperial Ductwork Manufacturing Limited £141,118, which is included within trade creditors. Imperial Ductwork Services Limited and Imperial Ductwork Manufacturing Limited are related by the virtue of the fact that both companies have directors in common. The transactions were completed under standard trading terms and conditions, the payables are due 60 days from invoice date. In accordance with paragraph 33.1A of FRS 102 no disclosures have been made of transactions within the group on the basis they are all wholly owned.
24. Parent company.
The company's parent undertaking is Imperial Ductwork Services Holdings Limited.
25. Controlling party
The company's immediate and ultimate parent undertakings is IDSH Limited, a company registered in England & Wales.
The company is controlled by A O'Connell by virtue of his majority shareholding in IDSH Limited.