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REGISTERED NUMBER: 11350802 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2025

for

Ashwell Construction Limited

| Ashwell Construction Limited (Registered number: 11350802) |

Contents of the Financial Statements

for the Year Ended 31 May 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Statement of Other Comprehensive Income | 10 |

| Statement of Financial Position | 11 |

| Statement of Changes in Equity | 12 |

| Statement of Cash Flows | 13 |

| Notes to the Statement of Cash Flows | 14 |

| Notes to the Financial Statements | 15 |

| Ashwell Construction Limited |

Company Information

for the Year Ended 31 May 2025

| DIRECTORS: | R S Pratt

| D Thorrold

| R Tampion

| R Sturman

| REGISTERED OFFICE: | The Stables

| Summer Road

| Walsham-Le-Willows

| Bury St Edmunds

| Suffolk

| IP31 3AJ

| REGISTERED NUMBER: | 11350802 (England and Wales)

| AUDITORS: | Whitings LLP

| Greenwood House

| Skyliner Way

| Bury St Edmunds

| Suffolk

| IP32 7GY

| Ashwell Construction Limited (Registered number: 11350802) |

Strategic Report

for the Year Ended 31 May 2025

The directors present their strategic report for the year ended 31 May 2025.

PRINCIPAL ACTIVITIES

The company's principal activity is the preparation and installation of groundworks to commercial and residential construction sites.

REVIEW OF BUSINESS

The Directors are pleased with the results for the financial year.

Turnover for the period was just under £14m with a profit before tax of £532,000. The balance sheet of the company is in a strong position with £1.8m of net assets, moving in line with the profit generated in the period, and cash at bank of over £900k.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have considered and addressed the principal risks and uncertainties as follows:

PRICE RISK

The Directors continually monitor and review prices with their suppliers and where appropriate they take action to set prices with suppliers for specified periods. Contract tender values are prepared with careful consideration to expected future costs on the contract and of any anticipated price movements.

CREDIT RISK

Credit checks are carried out on potential customers with policies aimed at minimising losses from a customer's failure to discharge an obligation to the company. Credit terms are provided to customers who demonstrate an appropriate payment history and satisfy credit worthiness. Pre-emptive action to credit risk is taken through a daily review of outstanding debts.

LIQUIDITY/CASHFLOW RISK

The company manages its cashflows as part of its banking arrangements and through forecasting of expected income and expenditure.

The board are committed to the management of these risks through risk management process, and mitigated where necessary by insurance.

| Ashwell Construction Limited (Registered number: 11350802) |

Strategic Report

for the Year Ended 31 May 2025

BUSINESS ENVIRONMENT

New build residential properties continue to be developed with acknowledgement from central government that more housing is required for the expanding population Commercial expansion continue to be affected by general economic conditions and although trading conditions in the construction industry are currently challenging, the Directors remain positive for the short/medium term performance of the company.

STRATEGY

The company strives to offer competitive tenders which do not compromise on its ability to deliver quality workmanship to its clients.

FUTURE OUTLOOK

The directors are confident that the company will continue to trade profitably in the year ended 31 May 2026 and the opening months of the 2025/26 year are profitable.

The company has a strong order book in line for the future together with contracts at the period end continuing into the new financial year.

KEY PERFORMANCE INDICATORS

In addition to monitoring of contracts on an individual basis the Directors use key performance indicators (KPIs) to monitor the financial and non-financial position of the company:

| 2025 |  | 2024 |

Turnover |  | £13,640,950 |  | £13,809,933 |

Profit Before Tax |  | £532,437 |  | £488,958 |

Net Assets |  | £1,755,089 |  | £2,761,878 |

Gross Profit |  | 21% |  | 19% |

The directors are pleased to report that the company has returned satisfactory results in its KPIs.

ON BEHALF OF THE BOARD:

R S Pratt - Director

25 February 2026

| Ashwell Construction Limited (Registered number: 11350802) |

Report of the Directors

for the Year Ended 31 May 2025

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

200000 |  | - 29 January 2025

1200000 |  | - 30 May 2025

1,400,000 |

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2025 will be £ 1,400,000 .

Dividends declared post year end up to the date of signing these financial statements is £1,000,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

R S Pratt

D Thorrold

R Tampion

R Sturman

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| Ashwell Construction Limited (Registered number: 11350802) |

Report of the Directors

for the Year Ended 31 May 2025

AUDITORS

The auditors, Whitings LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R S Pratt - Director

25 February 2026

Report of the Independent Auditors to the Members of

Ashwell Construction Limited

Opinion

We have audited the financial statements of Ashwell Construction Limited (the 'company') for the year ended 31 May 2025 which comprise the Statement of Comprehensive Income, Statement of Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Ashwell Construction Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

- | certain disclosures of 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

o Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud;

o Enquiry of management around actual and potential litigation and claims;

o Reviewing compliance with laws and regulations;

o Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

o Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business.

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Ashwell Construction Limited

Use of our report

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

Jaimie King (Senior Statutory Auditor)

for and on behalf of Whitings LLP

Greenwood House

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

25 February 2026

| Ashwell Construction Limited (Registered number: 11350802) |

Statement of Comprehensive

Income

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

TURNOVER | 3 | 13,640,950 |  | 13,809,933 |  |

Cost of sales | 10,828,036 |  | 11,249,155 |  |

GROSS PROFIT | 2,812,914 |  | 2,560,778 |  |

Administrative expenses | 2,308,493 |  | 2,085,285 |  |

OPERATING PROFIT | 5 | 504,421 |  | 475,493 |  |

Interest receivable and similar income | 6 | 28,235 |  | 13,600 |  |

532,656 |  | 489,093 |  |

Interest payable and similar expenses | 7 | 219 |  | 135 |  |

PROFIT BEFORE TAXATION | 532,437 |  | 488,958 |  |

Tax on profit | 8 | 139,226 |  | 142,380 |  |

PROFIT FOR THE FINANCIAL YEAR | 393,211 |  | 346,578 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Statement of Other

Comprehensive Income

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 393,211 |  | 346,578 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 393,211 |  | 346,578 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Statement of Financial Position

31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 101 |  | 101 |  |

Tangible assets | 11 | 40,774 |  | 43,591 |  |

40,875 |  | 43,692 |  |

CURRENT ASSETS

Stocks | 12 | 78,436 |  | 73,736 |  |

Debtors | 13 | 3,169,033 |  | 2,883,080 |  |

Cash at bank and in hand | 940,818 |  | 1,757,864 |  |

4,188,287 |  | 4,714,680 |  |

CREDITORS

Amounts falling due within one year | 14 | 2,463,879 |  | 1,985,571 |  |

NET CURRENT ASSETS | 1,724,408 |  | 2,729,109 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,765,283 |  | 2,772,801 |  |

PROVISIONS FOR LIABILITIES | 15 | 10,194 |  | 10,923 |  |

NET ASSETS | 1,755,089 |  | 2,761,878 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100 |  | 100 |  |

Retained earnings | 17 | 1,754,989 |  | 2,761,778 |  |

SHAREHOLDERS' FUNDS | 1,755,089 |  | 2,761,878 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2026 and were signed on its behalf by:

R S Pratt - Director

| Ashwell Construction Limited (Registered number: 11350802) |

Statement of Changes in Equity

for the Year Ended 31 May 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 June 2023 | 100 |  | 2,415,200 |  | 2,415,300 |  |

Changes in equity

Total comprehensive income | - |  | 346,578 |  | 346,578 |  |

Balance at 31 May 2024 | 100 |  | 2,761,778 |  | 2,761,878 |  |

Changes in equity

Dividends | - |  | (1,400,000 | ) | (1,400,000 | ) |

Total comprehensive income | - |  | 393,211 |  | 393,211 |  |

Balance at 31 May 2025 | 100 |  | 1,754,989 |  | 1,755,089 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Statement of Cash Flows

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 715,917 |  | 904,628 |  |

Interest paid | (219 | ) | (135 | ) |

Tax paid | (142,156 | ) | (57,222 | ) |

Net cash from operating activities | 573,542 |  | 847,271 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (18,823 | ) | (19,158 | ) |

Interest received | 28,235 |  | 13,600 |  |

Net cash from investing activities | 9,412 |  | (5,558 | ) |

Cash flows from financing activities

Equity dividends paid | (1,400,000 | ) | - |  |

Net cash from financing activities | (1,400,000 | ) | - |  |

(Decrease)/increase in cash and cash equivalents | (817,046 | ) | 841,713 |  |

Cash and cash equivalents at beginning of year | 2 | 1,757,864 |  | 916,151 |  |

Cash and cash equivalents at end of year | 2 | 940,818 |  | 1,757,864 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Statement of Cash Flows

for the Year Ended 31 May 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit before taxation | 532,437 |  | 488,958 |  |

| Depreciation charges | 21,640 |  | 31,877 |  |

| Deferred tax | (224 | ) | - |  |

| Finance costs | 219 |  | 135 |  |

| Finance income | (28,235 | ) | (13,600 | ) |

525,837 |  | 507,370 |  |

| (Increase)/decrease in stocks | (4,700 | ) | 70,061 |  |

| Increase in trade and other debtors | (285,953 | ) | (47,344 | ) |

| Increase in trade and other creditors | 480,733 |  | 374,541 |  |

| Cash generated from operations | 715,917 |  | 904,628 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 May 2025

| 31.5.25 |  | 1.6.24

£ | £ |

| Cash and cash equivalents | 940,818 |  | 1,757,864 |  |

| Year ended 31 May 2024

| 31.5.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 1,757,864 |  | 916,151 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.6.24 | Cash flow | At 31.5.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,757,864 |  | (817,046 | ) | 940,818 |  |

1,757,864 |  | (817,046 | ) | 940,818 |  |

| Total | 1,757,864 |  | (817,046 | ) | 940,818 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements

for the Year Ended 31 May 2025

1. | STATUTORY INFORMATION

| Ashwell Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors have adopted the going concern basis of accounting in preparing the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2018 is not amortised due to the insignificant and immaterial amount of the original purchase consideration.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 33% on cost

| Computer equipment | - | 33% on cost

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

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise purchased goods, are based on the method most appropriate to the type of inventory class, but normally on a First In First Out (FIFO) basis.

| The amount of any write-down of stocks to estimated selling price less costs to complete and sell and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stock is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial statements.

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which included trade receivables, other receivables, cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method

| Where the arrangement constitutes a financing transaction, the asset is initially measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised.

| Impairment of financial assets

| Financial assets, other than those held at fair value through the statement of comprehensive income, are assessed for indicators of impairment at each reporting end date.

| Financial assets impaired where there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected.

| Financial liabilities and equity

| 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

| Trade payables and other payables within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently amortised, being the transaction price less any amounts settled.

| Derecognition of financial assets and liabilities

| 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.

| A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Operating leases as a lessee

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Construction contracts

| When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract.

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

| When the outcome of the construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that are recoverable and the contract costs are expensed as incurred.

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

| Cash and cash equivalent

| Cash and cash equivalents are basic financial assets and include deposits held at call with banks and cash in hand.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

| Dividend distribution

| Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the period in which the dividend is approved by the Company’s shareholders in the case of final dividends, or the date at which they are paid in the case of interim dividends.

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 31.5.25 |  | 31.5.24

£ | £ |

| Contract work | 13,640,950 |  | 13,809,933 |  |

13,640,950 |  | 13,809,933 |  |

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

| 31.5.25 |  | 31.5.24

£ | £ |

| United Kingdom | 13,640,950 |  | 13,809,933 |  |

13,640,950 |  | 13,809,933 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Wages and salaries | 2,902,412 |  | 2,858,771 |  |

| Other pension costs | 145,463 |  | 187,797 |  |

3,047,875 |  | 3,046,568 |  |

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

| 31.5.25 |  | 31.5.24

| Direct | 53 |  | 45 |  |

| Administrative | 15 |  | 15 |  |

68 |  | 60 |  |

| 31.5.25 |  | 31.5.24

£ | £ |

| Directors' remuneration | 554,502 |  | 379,716 |  |

| Directors' pension contributions to money purchase schemes | 145,463 |  | 187,797 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 31.5.25 |  | 31.5.24

£ | £ |

| Emoluments etc | 218,631 |  | 166,646 |  |

| Pension contributions to money purchase schemes | 55,014 |  | 6,828 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.5.25 |  | 31.5.24

£ | £ |

| Hire of plant and machinery | 1,202,825 |  | 1,335,997 |  |

| Depreciation - owned assets | 21,640 |  | 31,879 |  |

| Auditors' remuneration | 14,145 |  | 11,470 |  |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 31.5.25 |  | 31.5.24

£ | £ |

| Deposit account interest | 28,235 |  | 13,600 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank charges & interest | 219 |  | 135 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 31.5.25 |  | 31.5.24

£ | £ |

| Current tax:

| UK corporation tax | 139,731 |  | 142,156 |  |

| Deferred tax | (505 | ) | 224 |  |

| Tax on profit | 139,226 |  | 142,380 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit before tax | 532,437 |  | 488,958 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 133,109 |  | 122,240 |  |

| Effects of:

| Expenses not deductible for tax purposes | 5,917 |  | 7,197 |  |

| Depreciation in excess of capital allowances | 705 |  | 12,719 |  |

| Deferred tax | (505 | ) | 224 |  |

| Total tax charge | 139,226 |  | 142,380 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

9. | DIVIDENDS

| 31.5.25 |  | 31.5.24

£ | £ |

| Ordinary shares of £1 each

| Interim | 1,400,000 |  | - |  |

10. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 101 |  |

| NET BOOK VALUE

| At 31 May 2025 | 101 |  |

| At 31 May 2024 | 101 |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 June 2024 | 89,016 |  | 94,815 |  | 10,894 |  | 194,725 |  |

| Additions | 4,000 |  | 14,823 |  | - |  | 18,823 |  |

| Disposals | - |  | (2,404 | ) | - |  | (2,404 | ) |

| At 31 May 2025 | 93,016 |  | 107,234 |  | 10,894 |  | 211,144 |  |

| DEPRECIATION

| At 1 June 2024 | 65,409 |  | 76,695 |  | 9,030 |  | 151,134 |  |

| Charge for year | 6,068 |  | 13,990 |  | 1,582 |  | 21,640 |  |

| Eliminated on disposal | - |  | (2,404 | ) | - |  | (2,404 | ) |

| At 31 May 2025 | 71,477 |  | 88,281 |  | 10,612 |  | 170,370 |  |

| NET BOOK VALUE

| At 31 May 2025 | 21,539 |  | 18,953 |  | 282 |  | 40,774 |  |

| At 31 May 2024 | 23,607 |  | 18,120 |  | 1,864 |  | 43,591 |  |

12. | STOCKS

| 31.5.25 |  | 31.5.24

£ | £ |

| Raw materials & consumables | 78,436 |  | 73,736 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

13. | DEBTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 1,580,717 |  | 1,108,413 |  |

| Amounts recoverable on contract | 1,014,210 |  | 1,107,485 |  |

| Other debtors | 164,309 |  | 279,653 |  |

| Amounts recoverable on contract - Retention | 163,229 |  | 310,860 |  |

| Prepayments and accrued income | 54,669 |  | 33,857 |  |

2,977,134 |  | 2,840,268 |  |

| Amounts falling due after more than one year:

| Amounts recoverable on contract - Retention | 191,899 |  | 42,812 |  |

| Aggregate amounts | 3,169,033 |  | 2,883,080 |  |

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

| 31.5.25 |  | 31.5.24

£ | £ |

| Trade creditors | 1,174,509 |  | 1,024,214 |  |

| Corporation tax | 139,731 |  | 142,156 |  |

| Social security and other taxes | 145,134 |  | 119,608 |  |

| VAT | 3,627 |  | 192,293 |  |

| Other creditors | 2,867 |  | 665 |  |

| Accruals & deferred income | 998,011 |  | 506,635 |  |

2,463,879 |  | 1,985,571 |  |

15. | PROVISIONS FOR LIABILITIES

| 31.5.25 |  | 31.5.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 10,194 |  | 10,923 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 10,923 |  |

| Credit to Statement of Comprehensive Income during year | (729 | ) |

| Balance at 31 May 2025 | 10,194 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.5.25 |  | 31.5.24

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| Ashwell Construction Limited (Registered number: 11350802) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

17. | RESERVES

| Retained

| earnings

£ |

| At 1 June 2024 | 2,761,778 |  |

| Profit for the year | 393,211 |  |

| Dividends | (1,400,000 | ) |

| At 31 May 2025 | 1,754,989 |  |

18. | ULTIMATE PARENT COMPANY

| Ashwell Projects Limited is regarded by the directors as being the company's ultimate parent company.

19. | RELATED PARTY DISCLOSURES

| The company made a loan to a close family member of one of the Directors during the year amounting to £160,000. Interest is charged at a commercial rate. The amount outstanding at 31 May 2025 was £160,000.

| The company also had the following trading relationship :

| Walsham Construction Services - a partnership in which 2 of the Directors have a material interest

| 31.5.25 |  | 31.5.24

£ | £ |

| Sales | 923,574 |  | 782,451 |  |

| Purchases | 1,723,985 |  | 1,864,010 |  |

| Amount due from related party | 186,926 |  | 148,820 |  |

| Amount due to related party | 69,878 |  | 181,012 |  |

20. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is R S Pratt & D Thorrold.