Company registration number 11940501 (England and Wales)
ARDMORE MAJOR PROJECTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ARDMORE MAJOR PROJECTS LTD
COMPANY INFORMATION
Director
C J Byrne
Company number
11940501
Registered office
6 Wharf Studios
28 Wharf Road
London
England
N1 7GR
Auditor
MHA
2 London Wall Place
London
EC2Y 5AU
ARDMORE MAJOR PROJECTS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
ARDMORE MAJOR PROJECTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The director presents the strategic report for the year ended 30 September 2024.

Principal activities

The Company's principal activity continues to be that of a main contractor for the construction of residential and commercial developments in the UK.

Nature of the business

The Company has a geographic focus of London and the South East, with developments ranging from high end luxury apartments, hotel refurbishments, to mixed residential schemes for private housebuilders and housing associations.

Business review and key performance indicators

The Company has continued to see a significant increase in revenue in the year to £98.1m (2023 - £59.0m), as a result of progress on key projects started in the previous year and commencement on new projects. This has also seen an expansion of the balance sheet. Due to the headwinds in the year which have continued since year end and are forecast to remain into 2026, margins continue to be under pressure and a focus for management.

Due to these headwinds, together with specific project pressures, provisions have increased by £3.5m to £12.3m (2023 - £8.8m) in the year primarily relating to anticipated losses on live contracts which, under accounting rules, is provided for when forecast and the company has a obligation, rather than when the loss takes place.

These provisions, together with other accounting adjustments for long term contracts and activity in the year, have resulted in a loss before tax of £12.1m (2023 - £6.0m) which has been taken against reserves.

Cash & Working capital

Cash has increased to £9.7m (2023 - £6.8m) in the year alongside the increased activity. This, together with increased debtors has seen an increase in current assets to £18.8m (2023 - £16.1m) however the increase in current liabilities, which includes long term contract adjustments, results in net current liabilities of £2.8m (2023 - net current assets £4.7m). Taken together with long term liabilities and provisions, which both increased in the year, net liabilities increased from £4.9m to £17.0m.

The Company’s principal bankers National Westminster Bank as well as the Surety companies remain involved and supportive and are recognised as essential to our operational success.

Building Safety Act

The continuing development and interpretation of Government legislation, such as the Building Safety Act and Building Liability Orders (“Orders”), which impacts historic contracts creates significant uncertainty for the Group and wider industry. The Group actively manages these risks wherever possible. The Group has received several claims and Orders relating to historic projects. Further disclosure of these contingent liabilities can be found in note 23.

Going Concern

The directors also refer to disclosures relating to Going Concern in note 1.2 to the financial statements.

Outlook

Turnover remains strong however pressure continues on margins and this is set to continue. The Company is well positioned to weather the headwinds in the wider environment, with a strong balance sheet and project pipeline, together with the wider strength of the Ardmore Group of which the Company is a member.

ARDMORE MAJOR PROJECTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

The Company continues to operate within specific policies, agreed by the board, to control and monitor risks within the Company. The primary areas of risk are as follows:

Operational risk

The Company recognises the risks involved in the various stages of project completion. Budgets are prepared for all projects prior to commencement, with detailed planning performed in advance to support the operations on site. All projects are closely monitored via monthly Cost Valuation Reporting mechanisms with action taken where any variations are identified.

Supply chain

The Company’s supply chain is a key element of business operations. The risk of supply chain failure continues to increase and can have a significant impact on projects. The Company manages this risk wherever possible with proactive engagement of the supply chain, and robust monitoring, including a PQQ (pre- qualification questionnaire) and due diligence process, and contingency plans where appropriate.

Political and economic risks

The Company follows industry best practice in its operations and on its sites. Any changes to the legislative environment may impact the Company. The Company is also impacted by UK direct and indirect tax changes, together with inflation and government actions to manage or mitigate this. The Company manages these risks wherever possible through active management an engagement with stakeholders, reforecasting and monitoring for changes in the wider environment. See also disclosure above relating to evolving legislation.

Financial risk management objectives and policies

The Company is exposed to a variety of financial risks including liquidity and credit risk. The Company has in place a risk management programme that seeks to limit any adverse effect on the financial performance of the Company.

Credit risk

The Company’s financial assets are contract debtors and other receivables. All new clients are referenced with reputable credit reporting agencies. Across the Company, contract debtors are regularly reviewed whereby any variance from agreed terms is immediately reported.

Liquidity risk

The Company maintains appropriate funding levels relative to the level of current and future requirements arising from the Company’s strategy. Cash flow forecasts are prepared and are closely monitored. Having performed detailed analysis, we consider the degree of headroom within our current facilities to be adequate.

Market risk

The Company is aware of the risks inherent in the current market place which stem from wider economic issues facing the global economy. As such we continue to monitor closely our secured order books and prepare twelve month flexed forecasts focussing on the implications for liquidity and profitability. These are closely monitored by the board with remedial action taken as and when required.

On behalf of the board

C J Byrne
Director
3 February 2026
ARDMORE MAJOR PROJECTS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 September 2024.

Principal activities

The Company's principal activity continues to be that of a main contractor for the construction of residential and commercial developments in the UK

Results and dividends

The results for the year are set out on page 8.

See the Strategic Report which covers the business update, including a business review and outlook, together with a description of the Company's financial risk management objectives and policies.

See note 1.2 for disclosure of a material uncertainty relating to going concern.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Directors

The director s who held office during the year and up to the date of signature of the financial statements were as follows:

C J Byrne
P J Byrne
(Resigned 26 July 2024)

The above directors are covered by the Ardmore Group's directors' and officers' indemnity insurance.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

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 auditor is 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 auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
C J Byrne
Director
3 February 2026
ARDMORE MAJOR PROJECTS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

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

ARDMORE MAJOR PROJECTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ARDMORE MAJOR PROJECTS LTD
- 5 -
Opinion

We have audited the financial statements of Ardmore Major Projects Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the statement of financial position, 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 September 2024 and of its loss 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 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.

Material uncertainty related to going concern

We draw attention to Note 1.2 in the financial statements, which describes matters relating to the Company’s ability to continue as a going concern.

As set out in that note, a material uncertainty exists relating to the outcome of the Building Liability Order (“BLO”) notifications of claims and claims made against the wider Group in respect of remedial works required on projects undertaken by Ardmore Construction Limited. These events and conditions may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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 director is 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 director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 and the director's r eport.

ARDMORE MAJOR PROJECTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ARDMORE MAJOR PROJECTS LTD
- 6 -
Matters on which we are required to report by exception

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

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

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred;

- Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;

- An assessment of the methodologies used in order to calculate the final margins on contracts for evidence of bias;

- The accounting policy was checked to the financial reporting standards where necessary and confirmed to be appropriate;

- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;

- Performing audit work over the recognition of revenue at the year end to provide assurance over cut-off;

- Reviewing minutes of meetings of those charged with governance; and

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

ARDMORE MAJOR PROJECTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ARDMORE MAJOR PROJECTS LTD
- 7 -

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

A further description of our responsibilities 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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Atul Kariya FCCA
Senior Statutory Auditor
4 February 2026
For and on behalf of MHA
Statutory Auditor
London
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
ARDMORE MAJOR PROJECTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
98,109,017
58,987,508
Cost of sales
(122,086,968)
(62,854,763)
Gross loss
(23,977,951)
(3,867,255)
Administrative expenses
(5,284,998)
(2,176,414)
Loss before taxation
(29,262,949)
(6,043,669)
Tax on loss
7
-
0
716,464
Loss for the financial year
(29,262,949)
(5,327,205)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 21 form part of these financial statements.

ARDMORE MAJOR PROJECTS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
8
4,402,822
1,714,717
Debtors falling due within one year
8
10,415,393
9,242,953
Cash at bank and in hand
9,710,996
6,827,154
24,529,211
17,784,824
Creditors: amounts falling due within one year
9
(27,343,323)
(13,084,232)
Net current (liabilities)/assets
(2,814,112)
4,700,592
Creditors: amounts falling due after more than one year
10
(1,881,143)
(829,025)
Provisions for liabilities
11
(29,504,592)
(8,808,465)
Net liabilities
(34,199,847)
(4,936,898)
Capital and reserves
Called up share capital
12
350,000
350,000
Profit and loss reserves
(34,549,847)
(5,286,898)
Total equity
(34,199,847)
(4,936,898)

The notes on pages 11 to 21 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 February 2026 and are signed on its behalf by:
C J Byrne
Director
Company registration number 11940501 (England and Wales)
ARDMORE MAJOR PROJECTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
350,000
40,307
390,307
Year ended 30 September 2023:
Loss and total comprehensive income
-
(5,327,205)
(5,327,205)
Balance at 30 September 2023
350,000
(5,286,898)
(4,936,898)
Year ended 30 September 2024:
Loss and total comprehensive income
-
(29,262,949)
(29,262,949)
Balance at 30 September 2024
350,000
(34,549,847)
(34,199,847)

The notes on pages 11 to 21 form part of these financial statements.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Ardmore Major Projects Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Wharf Studios, 28 Wharf Road, London, England, N1 7GR. The principal activity of the Company is detailed in the Director's report.

1.1
Accounting convention

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 on a going concern basis 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.

The financial statements of the company are consolidated in the financial statements of Ardmore Construction Group Limited. These consolidated financial statements are available from Companies House.

The company has taken advantage of the exemption available in FRS 102 and has not disclosed transactions and balances with entities that form part of the group headed by Ardmore Group Limited.

1.2
Going concern

The Company is a member of the Ardmore Group headed by Ardmore Group Limited (together the “Group”). The Group has net current assets of £8 4.96 m and net assets of £23.4m. The Group meets their day to day working capital requirements through cash held at the year-end of £27.6m. The Group does not have bank debt or external borrowings other than leases.

The company had net current liabilities of £2,814,112 at the balance sheet date. Ardmore Group Limited, an intermediate parent company has indicated its intention and ability to support the company for at least 12 months form the date of approval of the financial statements in order that the company can pay its debts as they fall due.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Base case and severe but plausible downside models

The Director has prepared a base case forecast to 3 February 2027 for the Group. In preparing the base case the director has considered current market economic conditions and has made the following significant assumptions:

- Gross margins on live projects remain consistent with managements forecasts at December 2025.

- Payment of suppliers and receipts from clients (working capital movements) occur around 30 days from invoicing.

- The ability to win new work is unaffected.

- That the realisation of property values through short-term borrowing is achievable.

In preparing the severe but plausible downside model, the director has included the following sensitivities:

- A reduction in gross margins on projects.

- Deterioration of working capital.

- The group wins no new work in the going concern period.

- A significant amount of legal fees are incurred in the period.

The Director considers that each of the downside scenarios occurring together is unlikely.

Should the severe but plausible downside scenario crystallise management will implement mitigating actions which would include further realisation of property values through short term borrowing.

In view of the assessment performed, the Director is satisfied that sufficient financial resources will be generated to enable the Group and Company to meet its liabilities as they fall due for the period to 3 February 2027.

Material uncertainty related to going concern

Following a fellow group company, Ardmore Construction Limited, entering administration in August 2025 the Company and Group are exposed to the potential for Building Liability Orders (“BLO”) to be brought in accordance with the Building Safety Act 2022 (“the Act”). To date, the Company and certain companies within the Group have received claims, notifications of claims and are actively defending in court proceedings. These matters all pertain to alleged defective works performed by Ardmore Construction Limited.

As these matters are at an early stage there remains an uncertainty in respect of the potential range of outcomes as well as when these outcomes will be, although it is unlikely that the outcome of these cases will be known within the going concern assessment period. Further detail can be found within note 1 3 of the financial statements. As a result of these events there is a material uncertainty that may cast significant doubt on the Group’s and Company’s ability to continue as a going concern, and therefore, the Group and the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

1.3
Turnover

Turnover represents revenue received from construction work carried out in the year and includes an apprioriate proportion of revenue receivable from construction contracts which are recognised by reference to the stage of completion of the contract at the reporting date as measured by the Company's surveyors in liaison wiht third parties.

Turnover from contract variations and claims are included in the assessment of a contract position to the extent that it is probable that they will result in revenue and they are capable of being reliably measured.

Turnover is recognised at the consideration received or receivable, and is shown net of VAT and discounts.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Long term contracts

Long term contracts are assessed on a contract by contract basis and are reflected in the Statement of comprehensive income by recording turnover and related costs as contract activity progresses.

The amount of long term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover, is included as long term contract balances.

The amount by which turnover is in excess of payments on account is included in debtors as amounts recoverable on long term contracts. Payments in excess of recorded turnover and long term contract basis are included in creditors as payments received on account on long term contracts.

The amount by which provisions or accruals for foreseeable losses exceed costs incurred, after transfers to cost of sales, is included within provisions.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting 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 present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.6
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.

1.7
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 income statement 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 and 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. Such assets and 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11

Reserves

The Company's capital and reserves comprise the following:

- Share capital, which represents the nominal value of the shares issued.

- Retained earnings, which represents cumulative profits or losses, net of dividends and other adjustments.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

- Determine the expected future profitability in respect of long term contracts, on a contract by contract basis, to recognise the appropriate stage o f completion and profits as the project progresses. The directors employ chartered surveyors who work closely on the projects, together with regular update meetings with the senior finance team, to critically assess the current and expected positions to enable them to make these judgements.

- Determine the recoverability of trade and other debtors, retention balances and amounts recoverable on contracts. The directors and senior finance team monitor the recoverability, cash collection trends and creditworthiness of customers and make or reverse specific provisions where necessary.

- Determine where accruals, provisions or contingent liabilities exist for remedial works required to completed contracts. The directors and senior management assess all construction contracts on a regular basis alongside the Company’s surveyors, customer communications and industry developments, and consider if any liability exists. Where a liability is identified, the directors and senior management consider if a probably outflow and reliable estimate exist and record an accrual, provision or contingent liability accordingly.

3
Turnover

All turnover relates to construction contracts and arose within the United Kingdom.

4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,000
9,000
Operating lease charges
22,959
23,224
ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
5
Employees

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

2024
2023
Number
Number
Directors
2
2
Production & Technical
105
60
Total
107
62

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,218,797
583,806
Social security costs
702,033
66,617
Pension costs
208,374
19,378
7,129,204
669,801

Pension commitments

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 charge for the year is shown above.

6
Director's remuneration

No remuneration was paid to the directors by the Company. The directors are remunerated by a fellow group company.

7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(716,464)

During the prior year the rate of taxation increased from 19% to 25%. The average rate for the year is 25% (2023 - 22%).

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Taxation
(Continued)
- 18 -

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(29,262,949)
(6,043,669)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(7,315,737)
(1,329,607)
Adjustments in respect of prior years
-
0
(19,157)
Tax losses carried forward where no deferred tax asset recognised
7,315,737
632,300
Taxation charge/(credit) for the year
-
(716,464)
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,078,224
2,756,760
Amounts recoverable on long term contracts
4,351,412
4,768,191
Amounts owed by group undertakings
938,153
716,924
Other debtors
47,604
1,001,078
10,415,393
9,242,953
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
4,402,822
1,714,717
Total debtors
14,818,215
10,957,670

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,072,318
5,736,251
Amounts owed to group undertakings
2,801,776
2,251,118
Taxation and social security
2,043,638
669,352
Other creditors
37,704
20,578
Accruals and deferred income
16,387,887
4,406,933
27,343,323
13,084,232

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Trade creditors
1,881,143
829,025
11
Provisions for liabilities
2024
2023
£
£
Provision for remedial work
993,732
676,080
Provision for losses on construction contracts
28,510,860
8,132,385
29,504,592
8,808,465
Movements on provisions:
Provision for remedial work
Provision for losses on construction contracts
Total
£
£
£
At 1 October 2023
676,080
8,132,385
8,808,465
Additional provisions in the year
317,652
20,378,475
20,696,127
At 30 September 2024
993,732
28,510,860
29,504,592

Provision for remedial work

The director, based on internal and external advice, has made a provision for remedial work required on previous projects. The obligation is likely to crystalise more than one year after the balance sheet date, although the timing for settlement of these amounts is uncertain. The provision reflects the anticipated loss to the Company.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Provisions for liabilities
(Continued)
- 20 -

Provision for losses on construction contracts

This provision relates to live contracts where the director estimates that costs will exceed revenue on a construction contract. The provision reflects the expected loss and is recognised immediately. The obligation is likely to crystalise more than one year after the balance sheet date.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
350,000
350,000
350,000
350,000
13
Financial commitments, guarantees and contingent liabilities

Recent developments in government legislation, notably the Building Safety Act and the introduction of Building Liability Orders (“Orders”), have created significant uncertainty both for the Group and the broader industry, particularly in relation to historic contracts. The Group actively manages these risks wherever possible.

The Ardmore Group of companies have received multiple claims, or notices of intention to raise a claim, relating to historic contracts. All these historic contracts were projects delivered by Ardmore Construction Limited which entered administration in August 2025, the extent and effect of Orders on the remaining Group companies therefore depends on evolving legal guidance and ongoing legal processes.

The expanding scope of Building Liability Orders means that other companies within the Group may also be held jointly and severally liable for claims involving a relevant liability, where it is deemed just and equitable. Considerable judgement is required in determining these factors, and each Order is subject to a specific legal mechanism.

The merit, likely outcome and potential impact of these claims is subject to a number of significant uncertainties and, therefore, the Group cannot make any assessment of the likely outcome or quantum of any such litigation as at 30 September 2024. The uncertainties relate to the vague nature of these claims, a lack of supporting evidence from claimants, and the lengthy timeframes involved before a reliable estimate of financial cost can be determined. Factors affecting this include the age and complexity of projects, the judgement required in determining if claims relate to relevant liabilities, the developing interpretation of legislation, particularly regarding the judgement of the claim being fair and equitable, and issues relating to the supply chain and onward claims.

Nonetheless, the Group believes it holds strong positions on many claims. However, given the ongoing evolution of legislation and guidance, it remains difficult to determine outcomes with sufficient certainty. Where claims are successful, the financial impact is likely to be partially mitigated through subsequent claims on the supply chain and/or other parties.

ARDMORE MAJOR PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
14
Ultimate controlling party

The Company's immediate parent company is Ardmore Construction Group Limited, incorporated in England and Wales. Ardmore Construction Group Limited is the smallest group in which the results of the Company are consolidated.

The largest group in which the results of the Company are consolidated is that headed by Ardmore Group Limited. The consolidated accounts of Ardmore Group Limited an Ardmore Construction Group Limited are available to the public and may be obtained from Companies House.

The ultimate parent company is Ardmore Group Holdings Limited.

Ultimate control of the Company rests with C J Byrne.

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