IRIS Accounts Production v25.4.12.37 11830818 Board of Directors 1.3.24 28.2.25 28.2.25 Medium entities the construction of commercial premises. true false true true false false true false Auditors Opinion These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 11830818 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 28 February 2025

for

AKN Build Ltd

| AKN Build Ltd (Registered number: 11830818) |

Contents of the Financial Statements

for the Year Ended 28 February 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 15 |

| AKN Build Ltd |

Company Information

for the Year Ended 28 February 2025

| DIRECTORS: | W Gibson

| R J Quarmby

| REGISTERED OFFICE: | Park House

| 37 Clarence Street

| Leicester

| Leicestershire

| LE1 3RW

| BUSINESS ADDRESS: | Oldgate House

| 34 Far Street

| Wymsewold

| Loughborough

| Leicestershire

| LE12 6TZ

| REGISTERED NUMBER: | 11830818 (England and Wales)

| AUDITORS: | Duncan & Toplis Audit Limited

| Statutory Auditor

| Park House

| 37 Clarence Street

| Leicester

| Leicestershire

| LE1 3RW

| AKN Build Ltd (Registered number: 11830818) |

Strategic Report

for the Year Ended 28 February 2025

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

The principal activity of the company in the year under review was that of the construction of commercial premises.

Turnover increased from £17,719,165 to £24,256,632 in the year. The 37% increase is a demonstration of the company's continued growth and carries on from the 57% increase in turnover the year prior.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks, outlined in more detail below. The company has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial costs.

Price Risk

The company can be exposed to increases in material and supplier costs as tenders can be sent up to six months before a project contract is awarded. The company aims to ensure that tenders take any anticipated price increases into account.

Credit Risk

The company continues to monitor and review policies surrounding credit checks on both new and existing customers when looking at offering credit limits and reviewing payment terms. The company has a good relationship with all its customers which ensures prompt payment.

Interest Rate Risk

The company finances its operations primarily through retained profits, and also has access to bank

borrowings if required.

Other Risks

As a contractor, the company is dependent on retaining the loyalty of both its customers and its suppliers. For customers this is addressed by maintaining a constant focus on customer service and quality.

Supplier risk is managed via our relationship with our suppliers. Communication and liaison takes place on a regular basis to ensure that these relationships remain strong.

KEY PERFORMANCE INDICATORS

The directors use a number of performance indicators to evaluate the company's performance, the key ones being turnover, gross profit and profit before tax. These numbers are detailed on page 8. Gross profit and overhead percentage are tracked on a quarterly basis and compared to annual budgets and prior year. Project margins are tracked on a monthly basis ensuring that each project is profitable.

FUTURE DEVELOPMENTS

The future prospects of the company remain healthy. The directors are pleased with the company's performance and expect its results for the next financial year to be satisfactory.

ON BEHALF OF THE BOARD:

R J Quarmby - Director

11 March 2026

| AKN Build Ltd (Registered number: 11830818) |

Report of the Directors

for the Year Ended 28 February 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

DIRECTORS

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

W Gibson

R J Quarmby

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). 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.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R J Quarmby - Director

11 March 2026

Report of the Independent Auditors to the Members of

AKN Build Ltd

Qualified opinion

We have audited the financial statements of AKN Build Ltd (the 'company') for the year ended 28 February 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

· give a true and fair view of the state of the company's affairs as at 28 February 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 qualified opinion

We were unable to observe the counting of the physical stock held by the company at 28 February 2025 and 29 February 2024 because we were not appointed as an auditor of the company until July 2025. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £223,039 held at 28 February 2025 and £236,000 held at 29 February 2024 by using other audit procedures. We were also unable to obtain sufficient appropriate audit evidence regarding the valuation of stock £236,000 held at 29 February 2024.

Consequently, we were unable to determine whether any adjustments to stock as stated in the balance sheet at 28 February 2025 and 29 February 2024 were necessary, or whether there was any consequential effect on cost of sales for the year then ended and retained earnings at those dates.

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 qualified opinion, except for the possible effects of the matter described below.

Material uncertainty related to going concern

We draw attention to Note 2 in the financial statements, which indicates that the company reported net assets of £74,638 as at 28 February 2025 and had net liabilities of £1,109,200 as at 29 February 2024. As stated in Note 2, these events or conditions, along with other matters set forth in Note 2, indicate that a material uncertainty exists that 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. Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included reviewing the company’s financial position, financing arrangements and the directors’ assessment of the company’s expected future project activity and cash flows. The directors have indicated that project activity following the year end has continued positively, supporting their assessment that the company will be able to meet its obligations as they fall due.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of

AKN Build Ltd

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.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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 Report of the Directors.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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:

- 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.

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 three, 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.

Report of the Independent Auditors to the Members of

AKN Build Ltd

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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- |  | Understanding the nature of the industry and sector, control environment and business performance; |

- |  | Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |

- |  | Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud; |

- |  | Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; |

- |  | Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation. |

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- |  | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement; |

- |  | Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims; |

- |  | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators; |

- |  | 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 normal course of business; |

- |  | Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |

Report of the Independent Auditors to the Members of

AKN Build Ltd

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.

Other matters

In the prior year the directors took advantage of section 477 of the Companies Act 2006 for the financial statements not to be audited. As a result the comparatives shown in these financial statements are not audited

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.

Peter Morris FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

12 March 2026

| AKN Build Ltd (Registered number: 11830818) |

Income Statement

for the Year Ended 28 February 2025

| 28.2.25 |  | 29.2.24

| as | restated |

| Notes | £ | £ |

TURNOVER | 3 | 24,256,632 |  | 17,719,165 |  |

Cost of sales | (20,917,392 | ) | (17,472,872 | ) |

GROSS PROFIT | 3,339,240 |  | 246,293 |  |

Administrative expenses | (2,001,704 | ) | (1,632,669 | ) |

OPERATING PROFIT/(LOSS) | 5 | 1,337,536 |  | (1,386,376 | ) |

Interest receivable and similar income | 28,125 |  | 2,011 |  |

1,365,661 |  | (1,384,365 | ) |

Interest payable and similar expenses | 6 | (181,823 | ) | (193,803 | ) |

PROFIT/(LOSS) BEFORE TAXATION | 1,183,838 |  | (1,578,168 | ) |

Tax on profit/(loss) | 7 | - |  | 59,020 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 1,183,838 |  | (1,519,148 | ) |

| AKN Build Ltd (Registered number: 11830818) |

Other Comprehensive Income

for the Year Ended 28 February 2025

| 28.2.25 |  | 29.2.24

| as | restated |

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 1,183,838 |  | (1,519,148 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,183,838 |  | (1,519,148 | ) |

| Note

Prior year adjustment | 8 | (1,554,945 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | (371,107 | ) |

| AKN Build Ltd (Registered number: 11830818) |

Balance Sheet

28 February 2025

| 28.2.25 |  | 29.2.24

| as | restated |

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,203,852 |  | 459,576 |  |

CURRENT ASSETS

Stocks | 10 | 223,039 |  | 236,000 |  |

Debtors | 11 | 5,277,690 |  | 4,742,274 |  |

Cash at bank and in hand | 107,934 |  | 513,149 |  |

5,608,663 |  | 5,491,423 |  |

CREDITORS

Amounts falling due within one year | 12 | (6,234,064 | ) | (6,788,735 | ) |

NET CURRENT LIABILITIES | (625,401 | ) | (1,297,312 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 578,451 |  | (837,736 | ) |

CREDITORS

Amounts falling due after more than one year | 13 | (503,813 | ) | (271,464 | ) |

NET ASSETS/(LIABILITIES) | 74,638 |  | (1,109,200 | ) |

CAPITAL AND RESERVES

Called up share capital | 17 | 10 |  | 10 |  |

Retained earnings | 18 | 74,628 |  | (1,109,210 | ) |

SHAREHOLDERS' FUNDS | 74,638 |  | (1,109,200 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2026 and were signed on its behalf by:

R J Quarmby - Director

| AKN Build Ltd (Registered number: 11830818) |

Statement of Changes in Equity

for the Year Ended 28 February 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 March 2023 | 10 |  | 409,938 |  | 409,948 |  |

Changes in equity

Total comprehensive income | - |  | 35,797 |  | 35,797 |  |

Balance at 29 February 2024 | 10 |  | 445,735 |  | 445,745 |  |

Prior year adjustment | - |  | (1,554,945 | ) | (1,554,945 | ) |

As restated | 10 |  | (1,109,210 | ) | (1,109,200 | ) |

Changes in equity

Total comprehensive income | - |  | 1,183,838 |  | 1,183,838 |  |

Balance at 28 February 2025 | 10 |  | 74,628 |  | 74,638 |  |

| AKN Build Ltd (Registered number: 11830818) |

Cash Flow Statement

for the Year Ended 28 February 2025

| 28.2.25 |  | 29.2.24

| as | restated |

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 972,322 |  | 1,024,832 |  |

Interest paid | (23,473 | ) | - |  |

Net cash from operating activities | 948,849 |  | 1,024,832 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (269,870 | ) | (44,114 | ) |

Amounts withdrawn by directors | (607,750 | ) | (861,079 | ) |

Interest received | 28,125 |  | 2,011 |  |

Net cash from investing activities | (849,495 | ) | (903,182 | ) |

Cash flows from financing activities

Loan advances in year | - |  | 655,523 |  |

Loan repayments in year | (439,337 | ) | (328,073 | ) |

Loan interest paid in year | (113,347 | ) | (157,998 | ) |

Hire purchase capital repayments | (190,422 | ) | (85,804 | ) |

Hire purchase interest | (45,003 | ) | (35,805 | ) |

Net cash from financing activities | (788,109 | ) | 47,843 |  |

(Decrease)/increase in cash and cash equivalents | (688,755 | ) | 169,493 |  |

Cash and cash equivalents at beginning of year | 2 | 504,597 |  | 335,104 |  |

Cash and cash equivalents at end of year | 2 | (184,158 | ) | 504,597 |  |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Cash Flow Statement

for the Year Ended 28 February 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Profit/(loss) before taxation | 1,183,838 |  | (1,578,168 | ) |

| Depreciation charges | 291,991 |  | 141,113 |  |

| Finance costs | 181,823 |  | 193,803 |  |

| Finance income | (28,125 | ) | (2,011 | ) |

1,629,527 |  | (1,245,263 | ) |

| Decrease in stocks | 12,961 |  | 175,122 |  |

| Decrease/(increase) in trade and other debtors | 72,332 |  | (2,383,719 | ) |

| (Decrease)/increase in trade and other creditors | (742,498 | ) | 4,478,692 |  |

| Cash generated from operations | 972,322 |  | 1,024,832 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 28 February 2025

| 28.2.25 |  | 1.3.24

£ | £ |

| Cash and cash equivalents | 107,934 |  | 513,149 |  |

| Bank overdrafts | (292,092 | ) | (8,552 | ) |

(184,158 | ) | 504,597 |  |

| Year ended 29 February 2024

| 29.2.24 |  | 1.3.23

| as restated |

£ | £ |

| Cash and cash equivalents | 513,149 |  | 335,104 |  |

| Bank overdrafts | (8,552 | ) | - |  |

504,597 |  | 335,104 |  |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Cash Flow Statement

for the Year Ended 28 February 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.3.24 | Cash flow | At 28.2.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 513,149 |  | (405,215 | ) | 107,934 |  |

| Bank overdrafts | (8,552 | ) | (283,540 | ) | (292,092 | ) |

504,597 |  | (688,755 | ) | (184,158 | ) |

| Debt

| Finance leases | (254,959 | ) | (575,974 | ) | (830,933 | ) |

| Debts falling due within 1 year | (450,334 | ) | 327,823 |  | (122,511 | ) |

| Debts falling due after 1 year | (111,515 | ) | 111,515 |  | - |  |

(816,808 | ) | (136,636 | ) | (953,444 | ) |

| Total | (312,211 | ) | (825,391 | ) | (1,137,602 | ) |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements

for the Year Ended 28 February 2025

1. | STATUTORY INFORMATION

| AKN Build Ltd 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

| As at 28 February 2025, the company had net current liabilities of £625,401 compared to net current liabilities of £1,297,312 as at 29 February 2024, as shown in the balance sheet. The company reported net assets of £74,638 as at 28 February 2025 compared to net liabilities of £1,109,200 as at 29 February 2024. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern.

| Due to the nature of its business, the company may experience fluctuations in project activity and cash flows, which can create challenges for short-term cash flow management.

| As at the year end, the company managed its financing requirements through a mixture of invoice financing and other financing arrangements. The directors continue to monitor the company’s cash flow position and financing arrangements closely.

| The directors have historically met their capital and interest repayment obligations and are satisfied that the company’s existing financing arrangements will enable it to continue meeting its obligations as they fall due.

| The directors have also considered the company’s current order book and ongoing project activity following the year end when assessing the company’s ability to continue as a going concern.

| Based on the above, the directors have concluded that, although a material uncertainty exists which may cast significant doubt on the company’s ability to continue as a going concern, the company is expected to have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of financial statements requires the company's directors to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis.

| The company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| Notwithstanding this, the company's activities are undertaken through construction contracts and the company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

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

| Construction contracts

| When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to surveys of work performed.

| Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 20% on cost

| Stocks

| Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The

| capital element of the future payments is treated as a liability.

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

| period of the lease.

| Pension costs and other post-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.

3. | TURNOVER

| The company's revenue for the year from continuing operations is as follows:

|  | 28.2.25 |  |  | 29.2.24 |

| as |  |

| restated |  |

|  | £ |  |  | £ |

| Rendering of services |  | 24,256,632 |  |  | 17,719,165 |

| CONSTRUCTION CONTRACTS

|  | 28.2.25 |  |  | 29.2.24 |

| as |  |

| restated |  |

|  | £ |  |  | £ |

| Gross amount due from customers for construction work |  | 471,094 |  |  | 477,606 |

| Gross amount due to customers for construction work |  | - |  |  | - |

| Contract revenue recognised as revenue during the year |  | 24,256,632 |  |  | 17,719,165 |

4. | EMPLOYEES AND DIRECTORS

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Wages and salaries | 1,661,433 |  | 1,193,249 |  |

| Social security costs | 163,946 |  | 122,549 |  |

| Other pension costs | 72,208 |  | 47,051 |  |

1,897,587 |  | 1,362,849 |  |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| 28.2.25 |  | 29.2.24

| as | restated |

| Staff | 41 |  | 30 |  |

| Directors | 2 |  | 2 |  |

43 |  | 32 |  |

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Directors' remuneration | 71,434 |  | 33,300 |  |

| Directors' pension contributions to money purchase schemes | 22,311 |  | 14,000 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

5. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging:

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Depreciation - owned assets | 63,715 |  | 50,867 |  |

| Depreciation - assets on hire purchase contracts | 228,275 |  | 90,246 |  |

| Auditors' remuneration | 14,000 |  | - |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Loan interest | 113,347 |  | 159,358 |  |

| Corporation tax interest | 4,764 |  | (1,360 | ) |

| Other interest | 18,709 |  | - |  |

| Hire purchase | 45,003 |  | 35,805 |  |

181,823 |  | 193,803 |  |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

7. | TAXATION

| Analysis of the tax credit

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

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Deferred tax | - |  | (59,020 | ) |

| Tax on profit/(loss) | - |  | (59,020 | ) |

| UK corporation tax has been charged at 25% (2024 - 24.49%).

| Reconciliation of total tax credit included in profit and loss

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

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Profit/(loss) before tax | 1,183,838 |  | (1,578,168 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.492%) | 295,960 |  | (386,525 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 2,475 |  | 3,535 |  |

| Enhanced capital allowances | - |  | (401 | ) |

| Deferred tax asset movement not recognised | (298,435 | ) | 324,371 |  |

| Total tax credit | - |  | (59,020 | ) |

8. | PRIOR YEAR ADJUSTMENT

| Prior year adjustments have been made to correct the cost of sales recognised as at 29 February 2024.

| Below is a summary of the impact of the change in prior years.

|  | Year ended 29 February 2024 |  |  |

|  | £ |  |  |

| Reduction in stock |  |  | (461,992 | ) |

| Increase in accrued expenses |  |  | (1,607,396 | ) |

| Decrease in Net Assets |  |  | (2,069,388 | ) |

| Reduction in dividends |  |  | 331,000 |  |

| Reduction in tax charge |  |  | 183,443 |  |

| Total (decrease) in retained earnings for Financial Period |  |  | (1,554,945 | ) |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

9. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 March 2024 | 30,718 |  | 189,009 |  | 8,118 |  |

| Additions | - |  | 131,312 |  | 2,627 |  |

| At 28 February 2025 | 30,718 |  | 320,321 |  | 10,745 |  |

| DEPRECIATION

| At 1 March 2024 | - |  | 92,388 |  | 2,463 |  |

| Charge for year | - |  | 51,085 |  | 1,630 |  |

| At 28 February 2025 | - |  | 143,473 |  | 4,093 |  |

| NET BOOK VALUE

| At 28 February 2025 | 30,718 |  | 176,848 |  | 6,652 |  |

| At 29 February 2024 | 30,718 |  | 96,621 |  | 5,655 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 March 2024 | 404,256 |  | 55,892 |  | 687,993 |  |

| Additions | 889,201 |  | 13,126 |  | 1,036,266 |  |

| At 28 February 2025 | 1,293,457 |  | 69,018 |  | 1,724,259 |  |

| DEPRECIATION

| At 1 March 2024 | 110,429 |  | 23,137 |  | 228,417 |  |

| Charge for year | 226,254 |  | 13,021 |  | 291,990 |  |

| At 28 February 2025 | 336,683 |  | 36,158 |  | 520,407 |  |

| NET BOOK VALUE

| At 28 February 2025 | 956,774 |  | 32,860 |  | 1,203,852 |  |

| At 29 February 2024 | 293,827 |  | 32,755 |  | 459,576 |  |

| Th net book value of assets held under finance lease or hire purchase contracts, included above, total £983,084 (2024 - £285,327).

10. | STOCKS

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Stocks | 223,039 |  | 236,000 |  |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Trade debtors | 2,576,107 |  | 3,028,567 |  |

| Amounts recoverable on contract | 471,094 |  | 477,606 |  |

| Other debtors | 187,181 |  | 5,489 |  |

| Coporation tax recoverable | 507,574 |  | 202,846 |  |

| Directors' current accounts | 1,503,892 |  | 896,142 |  |

| Prepayments and accrued income | 31,842 |  | 131,624 |  |

5,277,690 |  | 4,742,274 |  |

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

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Bank loans and overdrafts (see note 14) | 304,592 |  | 18,552 |  |

| Other loans (see note 14) | 110,011 |  | 440,334 |  |

| Hire purchase contracts (see note 15) | 327,120 |  | 95,010 |  |

| Trade creditors | 2,486,410 |  | 2,528,575 |  |

| Corporation tax | 635,459 |  | 234,834 |  |

| Social security and other taxes | 1,896,448 |  | 1,704,334 |  |

| Other creditors | 152,769 |  | 136,784 |  |

| Accruals and deferred income | 321,255 |  | 1,630,312 |  |

6,234,064 |  | 6,788,735 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Bank loans (see note 14) | - |  | 12,500 |  |

| Other loans (see note 14) | - |  | 99,015 |  |

| Hire purchase contracts (see note 15) | 503,813 |  | 159,949 |  |

503,813 |  | 271,464 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 292,092 |  | 8,552 |  |

| Bank loans | 12,500 |  | 10,000 |  |

| Other loans | 110,011 |  | 440,334 |  |

414,603 |  | 458,886 |  |

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

14. | LOANS - continued

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 10,000 |  |

| Other loans - 1-2 years | - |  | 99,015 |  |

- |  | 109,015 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 2,500 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 28.2.25 |  | 29.2.24 |

| as | restated |

£ | £ |

| Net obligations repayable:

| Within one year | 327,120 |  | 95,010 |  |

| Between one and five years | 503,813 |  | 159,949 |  |

830,933 |  | 254,959 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| Hire purchase contracts | 830,933 |  | 254,959 |  |

| Hire purchase creditors are secured against the assets being so acquired.

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 28.2.25 |  | 29.2.24

| value: |  | as restated |

£ | £ |

| 4 | Ordinary 'A' | £1 | 4 |  | 4 |  |

| 6 | Ordinary 'B' | £1 | 6 |  | 6 |  |

10 |  | 10 |  |

| All share classes carry full voting rights with no restrictions and have no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.

| AKN Build Ltd (Registered number: 11830818) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

18. | RESERVES

| Called up share capital

| This represents the nominal value of shares that have been issued.

| Retained earnings

| This includes all current and prior period retained profits and losses.

19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

| 28.2.25 |  | 29.2.24

| as | restated |

£ | £ |

| W Gibson

| Balance outstanding at start of year | 214,042 |  | 36,248 |  |

| Amounts advanced | 133,485 |  | 177,794 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 347,527 |  | 214,042 |  |

| R J Quarmby

| Balance outstanding at start of year | 682,100 |  | - |  |

| Amounts advanced | 474,268 |  | 682,100 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,156,368 |  | 682,100 |  |

| The above loans are subject to HMRC's official rate of interest and are repayable on demand.

20. | ULTIMATE CONTROLLING PARTY

| The company's ultimate controlling party is Richard Quarmby, Director of AKN Build Limited of Park House, 37 Clarance Street, Leicester, Leicestershire,LE1 3RW.