IRIS Accounts Production v25.4.12.37 02740512 Board of Directors 1.1.25 31.12.25 31.12.25 Medium entities geotechnical and ground engineering. 81 76 true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 02740512 2024-12-31 02740512 2025-12-31 02740512 2025-01-01 2025-12-31 02740512 2023-12-31 02740512 2024-01-01 2024-12-31 02740512 2024-12-31 02740512 ns15:EnglandWales 2025-01-01 2025-12-31 02740512 ns14:PoundSterling 2025-01-01 2025-12-31 02740512 ns10:Director1 2025-01-01 2025-12-31 02740512 ns10:Director2 2025-01-01 2025-12-31 02740512 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02740512 ns10:MediumEntities 2025-01-01 2025-12-31 02740512 ns10:Audited 2025-01-01 2025-12-31 02740512 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 02740512 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 02740512 ns10:FullAccounts 2025-01-01 2025-12-31 02740512 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 02740512 ns10:Director3 2025-01-01 2025-12-31 02740512 ns10:Director4 2025-01-01 2025-12-31 02740512 ns10:CompanySecretary1 2025-01-01 2025-12-31 02740512 ns10:RegisteredOffice 2025-01-01 2025-12-31 02740512 ns5:CurrentFinancialInstruments 2025-12-31 02740512 ns5:CurrentFinancialInstruments 2024-12-31 02740512 ns5:ShareCapital 2025-12-31 02740512 ns5:ShareCapital 2024-12-31 02740512 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-12-31 02740512 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 02740512 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 02740512 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 02740512 ns5:ShareCapital 2023-12-31 02740512 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 02740512 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 02740512 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02740512 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-01-01 2024-12-31 02740512 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 02740512 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-01-01 2025-12-31 02740512 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 02740512 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 02740512 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 02740512 ns5:Non-currentFinancialInstruments 2025-12-31 02740512 ns5:Non-currentFinancialInstruments 2024-12-31 02740512 ns10:OrdinaryShareClass1 2025-12-31

REGISTERED NUMBER: 02740512 (England and Wales)

Menard Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

Menard Limited (Registered number: 02740512)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 6 |

Statement of Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Notes to the Financial Statements | 12 |

Menard Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr M Evans

| Mr C D G Plomteux

| Mr G J Trafford

| Mr M J Pedley

| SECRETARY: | Mr G J Trafford

| REGISTERED OFFICE: | Henderson House

| Langley Place

| Burscough

| Lancashire

| L40 8JS

| REGISTERED NUMBER: | 02740512 (England and Wales)

| AUDITORS: | Advance Audit Limited

| Statutory Auditor

| 71/73 Hoghton Street

| Southport

| Merseyside

| PR9 0PR

Menard Limited (Registered number: 02740512)

Strategic Report

for the Year Ended 31 December 2025

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

The Company's principal activity is geotechnical and ground engineering. This includes amongst other techniques:

- Stone Columns

- Vibro Compaction

- Dynamic Compaction

- Controlled Modulus Columns

BUSINESS MODEL

Menard Limited is a leading geotechnical specialist offering expertise on ground improvement for sites with poor soil. The Company is part of the worldwide foundation group, Soletanche Freyssinet, itself one of the largest and most diverse specialist engineering companies in the world.

The Company employs a skilled workforce including an in-house design service. The Company carries out projects nationally for a wide range of major clients.

The Company views health, safety and training as priority areas to ensure the wellbeing and development of its human resources. The Company is also focussed on reducing its environmental impact whilst delivering the service required by our clients effectively.

REVIEW OF BUSINESS

The profit for the year amounted to £2.47m (2024: £3.65m profit).

Economic conditions have remained challenging in the year, and the market has remained very competitive. The Company carried out a higher number of large value of contracts in 2024 compared to 2025 which has resulted in a decrease in the turnover compared to the previous year. The decreased turnover has resulted in a reduced operating profit in the year.

KEY PERFORMANCE INDICATORS

The Company views turnover and profitability as the main indicators in the business. Turnover has decreased in 2025 by 9% to £37.7m (2024: £41.4m) and an operating profit of £3.2m (2024: £5.0m).

PRINCIPAL RISKS AND UNCERTAINTIES

The key challenge ahead will be ensuring an increasing workload is secured and carried out safely and profitably. There is an inherent risk of competition in the market but the Company is always looking to provide the best technological solution at the best value for the client.

The other main risk is the non-payment of client debts but the Company regularly monitors the financial health of its clients to ensure bad debts are not a significant issue in the Company strategic report.

Menard Limited (Registered number: 02740512)

Strategic Report

for the Year Ended 31 December 2025

SECTION 172(1) STATEMENT

The Board confirm they have carried out their s.172 duties under the Companies Act 2006. The Board have developed a detailed strategic action plan which focuses on investment in people and equipment, Health & Safety, sustainability and environment. The strategy will also build on the recent growth achieved by consolidating existing markets and looking to develop new markets.

These areas whilst having independent actions are also interdependent and the success of the action plan will provide benefits to multiple stakeholders ensuring our staff are valued, rewarded and motivated to provide innovative and quality solutions to our clients.

Employee engagement statement

The Company makes full use of its intranet, regular news flashes and in-house magazines, with contributions from employees, to communicate matters of interest to as wide an audience as possible.

The company offers an employee share ownership scheme which allows employees to purchase shares in the Company's ultimate parent company Vinci SA. Under the terms of this scheme the Company will match the shares purchased by the employee.

It is the Company's policy to give full and fair consideration to the employment of disabled people wherever possible, in as much as their abilities allow. Efforts are and will continue to be made to retain employees who become disabled whilst in service, and to afford them whatever training they may need to take on new challenges in the Company.

Engagement with other key stakeholders

Customers

The Company works closely and collaboratively with our customers to ensure the most cost effective and efficient designs are produced to deliver our works in accordance with our customer's needs. We believe open communication at all stages of the works is vital to ensure our customers receive the end result they are happy with. We carry out satisfaction surveys following completion of our works to understand the areas that went well and review where improvements can be made.

Suppliers

The Company has a number of national framework contracts with key suppliers which provides visibility and consistency for those suppliers as well as ensuring we have access to the key products and services we require. We have regular meetings with our suppliers to ensure the expectations of both parties are being met and where they are not action plans put in place to address any issues.

The Company also recognises the importance of working with local smaller suppliers ensuring the local regions will benefit economically from our presence there.

Community

The Company works nationally and provides employment opportunities through our local offices, depot and worksites. We have a well-established apprenticeship programme providing an excellent training programme. The Company and employees will provide support and donations to local charities including through the Group charity, Vinci Foundation.

Menard Limited (Registered number: 02740512)

Strategic Report

for the Year Ended 31 December 2025

FUTURE DEVELOPMENTS

The Company will continue promoting its behavioural safety initiative which places safe practices and behaviour at the forefront of all we do.

The Company continues to look at ways to increase its profitability through increased market share, improved site productivity and long term relationships with key clients and partners. With a good level of secured works heading into next year, the Board are confident of another successful year in 2026.

ON BEHALF OF THE BOARD:

Mr G J Trafford - Director

12 March 2026

Menard Limited (Registered number: 02740512)

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £3,000,000

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr M Evans

Mr C D G Plomteux

Mr G J Trafford

Mr M J Pedley

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and future developments.

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.

ON BEHALF OF THE BOARD:

Mr G J Trafford - Director

12 March 2026

Report of the Independent Auditors to the Members of

Menard Limited

Opinion

We have audited the financial statements of Menard Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 December 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

Menard 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 five, 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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

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

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

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

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

Menard 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.

Jennifer Tobin FCCA (Senior Statutory Auditor)

for and on behalf of Advance Audit Limited

Statutory Auditor

71/73 Hoghton Street

Southport

Merseyside

PR9 0PR

12 March 2026

Menard Limited (Registered number: 02740512)

Statement of Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

TURNOVER | 4 | 37,713 |  | 41,403 |  |

Cost of sales | 30,580 |  | 32,833 |  |

GROSS PROFIT | 7,133 |  | 8,570 |  |

Administrative expenses | 4,274 |  | 4,058 |  |

OPERATING PROFIT | 6 | 2,859 |  | 4,512 |  |

Interest receivable and similar income | 369 |  | 478 |  |

PROFIT BEFORE TAXATION | 3,228 |  | 4,990 |  |

Tax on profit | 8 | 760 |  | 1,334 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,468 |  | 3,656 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,468 |  | 3,656 |  |

Menard Limited (Registered number: 02740512)

Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

CURRENT ASSETS

Stocks | 10 | 441 |  | 399 |  |

Debtors | 11 | 7,006 |  | 4,789 |  |

Cash at bank | 7,041 |  | 10,294 |  |

14,488 |  | 15,482 |  |

CREDITORS

Amounts falling due within one year | 12 | 8,935 |  | 9,397 |  |

NET CURRENT ASSETS | 5,553 |  | 6,085 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,553 |  | 6,085 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1 |  | 1 |  |

Capital contribution reserve | 219 |  | 219 |  |

Retained earnings | 5,333 |  | 5,865 |  |

SHAREHOLDERS' FUNDS | 5,553 |  | 6,085 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2026 and were signed on its behalf by:

Mr M Evans - Director

Menard Limited (Registered number: 02740512)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |  | Capital |

| share |  | Retained |  | contribution |  | Total

| capital |  | earnings |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 January 2024 | 1 |  | 5,209 |  | 219 |  | 5,429 |  |

Changes in equity

Dividends | - |  | (3,000 | ) | - |  | (3,000 | ) |

Total comprehensive income | - |  | 3,656 |  | - |  | 3,656 |  |

Balance at 31 December 2024 | 1 |  | 5,865 |  | 219 |  | 6,085 |  |

Changes in equity

Dividends | - |  | (3,000 | ) | - |  | (3,000 | ) |

Total comprehensive income | - |  | 2,468 |  | - |  | 2,468 |  |

Balance at 31 December 2025 | 1 |  | 5,333 |  | 219 |  | 5,553 |  |

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Menard 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.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities at fair value through profit or loss.

| The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1,000.

| The Company's ultimate parent undertaking, Vinci S.A. includes the Company in its consolidated financial statements. The consolidated financial statements of Vinci S.A. are prepared in accordance with International Financial Reporting Standards as adopted by the EU and are available to the public and may be obtained from the address given in note 16.

| In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:

| - Reconciliation of the number of shares outstanding from the beginning to end of the period;

| - Cash Flow Statement and related notes; and

| - Key Management Personnel compensation.

| The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

| The company proposes to continue to adopt the reduced disclosure framework of FRS102 in its next financial statements.

| Going concern

| The financial statements have been prepared on the going concern basis which the directors believe to be appropriate. Having considered the current and forecast trading, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis in preparing the annual financial statements.

| The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover has been calculated on the basis of the value of work done during the year including the settlement of monetary claims on contracts completed in previous years, and includes the Company's share of any turnover from joint arrangements, net of VAT where appropriate.

| Construction contracts

| The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

| Contract work in progress is stated at costs incurred, less those transferred to the profit and loss, after deducting foreseeable losses and payments on account not matched to turnover.

| Construction contract debtors

| Construction contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date less a provision for foreseeable losses and less progress billings. Variations are included in contract revenue when they are reliably measurable and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the entity's contract activities based on normal operating capacity.

| Construction contract debtors are presented as part of debtors in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented as accruals and deferred income in the balance sheet.

| Stocks

| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

| Impairment excluding stocks

| Financial assets (including trade and other debtors)

| A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

| An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS102 in respect of financial instruments.

| Trade and other debtors / creditors

| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash balances and call deposits.

| 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 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.

| Foreign currencies

| Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

| Employee benefits

| A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Provisions

| A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

| Expenses

| Operating lease

| Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

| Interest receivable and Interest payable

| Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy).

| Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.

| Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

4. | TURNOVER

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

5. | EMPLOYEES AND DIRECTORS

| The average number of persons employed by the Group (including directors) during the year, analysed by category, was as follows:

|  | 2025 |  | 2024 |  |

| Production staff |  |  | 81 |  | 76 |  |

| The aggregate payroll costs of these persons were as follows:

|  | 2025 |  | 2024 |  |

|  | £'000 |  | £'000 |  |

| Wages and salaries |  |  | 5,482 |  | 4,997 |  |

| Social security costs |  |  | 705 |  | 573 |  |

| Other pension costs |  |  | 185 |  | 144 |  |

|  | 6,372 |  | 5,714 |  |

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

|  | 2025 |  | 2024 |  |

|  | £'000 |  | £'000 |  |

| Directors remuneration |  |  | 261 |  | 260 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£'000 | £'000 |

| Foreign exchange differences | 23 |  | 20 |  |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£'000 | £'000 |

| Fees payable to the company's auditors for the audit of the company's financial statements | 16 |  | 14 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£'000 | £'000 |

| Current tax:

| UK corporation tax | 760 |  | 1,334 |  |

| Tax on profit | 760 |  | 1,334 |  |

| Reconciliation of total tax charge 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:

| 2025 |  | 2024

£'000 | £'000 |

| Profit before tax | 3,228 |  | 4,990 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 807 |  | 1,248 |  |

| Effects of:

| Adjustments in respect of prior periods | (47 | ) | 86 |  |

| Total tax charge | 760 |  | 1,334 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£'000 | £'000 |

| Ordinary shares of £1 each

| Final | 3,000 |  | 3,000 |  |

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | STOCKS

2025 | 2024 |

£'000 | £'000 |

| Stocks | 441 |  | 399 |  |

11. | DEBTORS

2025 | 2024 |

£'000 | £'000 |

| Amounts falling due within one year:

| Trade debtors | 5,491 |  | 3,109 |  |

| Amounts owed by group undertakings | 249 |  | 519 |  |

| Other debtors | 4 |  | - |  |

| Tax | 47 |  | 94 |  |

| VAT | 699 |  | 431 |  |

| Prepayments | 516 |  | 536 |  |

7,006 |  | 4,689 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | - |  | 100 |  |

| Aggregate amounts | 7,006 |  | 4,789 |  |

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

2025 | 2024 |

£'000 | £'000 |

| Trade creditors | 1,135 |  | 1,238 |  |

| Amounts owed to group undertakings | 225 |  | - |  |

| Social security and other taxes | 159 |  | 166 |  |

| Other creditors | 23 |  | 57 |  |

| Accrued expenses | 7,393 |  | 7,936 |  |

8,935 |  | 9,397 |  |

13. | LEASING AGREEMENTS

| Non-cancellable operating lease rentals are payable as follows:

|  | 2025 |  | 2025 |  | 2024 |  | 2024 |  |

|  | Land and Buildings |  | Other |  | Land and Buildings |  | Other |  |

|  | £'000 |  | £'000 |  | £'000 |  | £'000 |  |

| Less than one year |  | 16 |  | 329 |  | 24 |  | 202 |  |

| Between one and five years |  | - |  | 443 |  | - |  | 245 |  |

| More than five years |  | - |  | - |  | - |  | - |  |

|  | 16 |  | 762 |  | 24 |  | 447 |  |

| During the year £312,000 was recognised as an expense in the profit and loss account in respect of operating leases (2024: £294,000).

Menard Limited (Registered number: 02740512)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £'000 | £'000 |

| 1,000 | Ordinary | £1 | 1 |  | 1 |  |

| Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

15. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other members within the group.

16. | ULTIMATE PARENT COMPANY

| The Company is a subsidiary undertaking of Soletanche Freyssinet S.A. The ultimate parent company at the balance sheet date is Vinci S.A, incorporated in France.

| The largest group in which the results of the Company are consolidated is that headed by Vinci S.A., incorporated in France. The smallest group in which they are consolidated is that headed by Soletanche Freyssinet S.A, incorporated in France. The consolidated financial statements, of these groups are available to the public and may be obtained from Soletanche Freyssinet S.A., Rueil Malmaison Cedex, France.