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| Registered number: 12590255
ALLIANCE GROUNDWORKS AND CIVILS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
ALLIANCE GROUNDWORKS AND CIVILS LIMITED COMPANY INFORMATION
DIRECTORS | Luke Lloyd Evans
| Paul McCourt
REGISTERED NUMBER | 12590255
REGISTERED OFFICE | Unit 1, Venture Park
| Maybrook Road
| Walsall
| West Midlands
| WS8 7BA
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 1-3 College Yard
| Worcester
| WR1 2LB
BANKERS | Barclays Bank
| 15 Market Square
| Stafford
| ST16 2BE
ALLIANCE GROUNDWORKS AND CIVILS LIMITED CONTENTS
| Page
Strategic report | 1 - 5
Directors' report | 6 - 8
Directors' responsibilities statement | 9
Independent auditors' report | 10 - 13
Statement of comprehensive income | 14
Statement of financial position | 15
Statement of changes in equity | 16
Statement of cash flows | 17
Notes to the financial statements | 18 - 31
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025
INTRODUCTION
The Directors present their report and the financial statements for the year from 1 December 2024 to 30 November 2025. OUR MISSION Alliance Groundworks and Civils Limited seeks to serve the public, our partners, and our stakeholders by building the foundations to lasting relationships. Our mission is underpinned by a passion for people, a commitment to creating opportunity, a dedication to delivering quality, and an appreciation of the relationships that make this possible.
BUSINESS REVIEW
Alliance Groundworks and Civils Limited has proactively managed further growth and commercial flexibility in a refiring UK construction market. Specialising in residential groundworks for key housing developers across the East, West, and South Midlands, we continue to showcase ourselves as a high-quality market player. With another year of significant investment in plant, a dedication to delivering technical and operational expertise, and investing in staff at all tranches of the business, we have driven positive results in our fourth full trading period. Our strong relationships with customers and our supply chain continue to be the foundation of our success. Delivering high-quality services is central to our commitment to excellence, and we acknowledge that this is only achievable through our partnerships with key stakeholders. We have accordingly taken further steps in the year to establish these connections and aim to continue to do so in the future. With credit to the above and a determination to achieve more, we have seen an increase in gross profit margin, driven by both the economic climate and confidence in a build-focused government. Further, a resilient tenders submitted value, improved operational efficiency, and with a betterment in our internal controls, we foresee further gross profit margin improvement the following year. Looking ahead, outlooks remain positive and confidence is steadfast in Alliance Groundworks and Civils Limited’s continued growth and stability.
HEALTH & SAFETY
The importance of excellence in health and safety as a key factor for the industry is well understood at Alliance. As such, we continue to dedicate time and care in training, embedding, and developing risk management initiatives both on sites and within head office. Alliance was able to achieve another year without significant injury while continuing to branch out awareness of and respect to personal, mental and physical wellbeing. We continue to develop our management systems to ensure they exceed the minimum legal requirements ensuring we keep our workforce safe and are proud to say that a significant portion of our staff are first aid trained with some venturing further to a mental health first aid certification.
GOING CONCERN
Alliance Groundworks and Civils Limited have shown continuing profitability and improved strong cash flow for a fourth consecutive period. With close control in a period of large capital investment and growth, we have managed to pull into a net current asset position. Measures such as improved debt collection, supplier cost analysis, and inventory management are expected to further build working capital in future periods. A resilient order book, together with continued investment in plant and equipment, further underpins long-term value creation and supports the Directors’ confidence in the adoption of the going concern basis in preparing the financial statements. The Company has reviewed all retention balances and considers them to be fully recoverable, based on contractual terms and the strength of ongoing customer relationships, though the majority are now capped. Uncapped retentions are subject to close and regular monitoring, with proactive measures in place to support timely recovery and with ongoing negotiations to achieve caps. Page 1
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
PRINCIPAL RISKS AND UNCERTAINTIES
Economic & Regulatory Risks Market variation and government development policies present inherent risks to any construction-based industry. Further to that, we are aware of the IR35 compliance standards which continue to be a focus of the government. We actively monitor economic trends and legislative changes, incorporating expert advice into strategic planning. Additionally, we have undertaken sensitivity analysis and significant event planning to ensure that structures and processes are in place for wide scale economic risks and to ensure that the externalities are well understood. Supply Chain & Labour Availability We continue to see shifting patterns in labour and supply chain, driven by external and internal factors but manage this through symbiotic supplier relationships, a stratified development process and a keen focus on opportunities for diversification. The continued works on HS2 as well as other market players has been of note, and the directors monitor this closely. Sustainability & Carbon Targets The green targets of the country, specifically aims on sustainability and carbon neutrality, are taken as opportunities for thinking laterally and for out of the box suggestions. Our approach on this includes emissions reduction strategies, investment in greener methodologies of work, and streamlining of operations. It must be noted that as the business has grown, our emissions in absolute terms has seen a rise but is lower relative to last year. Liquidity Risk The Company continues to maintain close oversight of cash flow, ensuring adequate resources are available to meet its obligations as they fall due. A disciplined approach to financial management, supported by robust credit control procedures and regular cash flow forecasting, works to mitigate liquidity risk. The Company has access to £4.5m of additional liquidity facilities, providing financial flexibility to support both operational requirements and future growth. In addition, up to £2m could be realised through the disposal of fully paid-up fixed assets, should this be required.
ENVIRONMENTAL, ENERGY AND CARBON REPORTING
Overview Alliance Groundworks & Civils Limited is committed to operating in a responsible and sustainable manner and has undertaken a comprehensive assessment of its carbon footprint for the reporting year ended 30 November 2025. While reporting of Scope 3 emissions is not currently mandatory, the Company has proactively elected to include its full Scope 3 emissions, including those associated with procurement, in the interests of transparency and best practice. Methodology The Company’s carbon footprint has been calculated in accordance with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard. Emissions are reported in tonnes of carbon dioxide equivalent (tCO2e) and include all seven greenhouse gases specified under the UNFCCC Kyoto Protocol. Page 2
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 Carbon Footprint Summary Measures undertaken through FY2024/2025 ∙Onsite EV charging at Head Office ∙Solar Panels introduced at Head Office ∙Cycle-to-Work Scheme ∙93% of electricity from renewable sources - saving 36.79 tCO2e Alliance Groundworks & Civils Limited has made meaningful progress in reducing its environmental impact and has established a clear pathway for ongoing carbon reduction through a combination of short-term initiatives and longer-term strategic objectives. The Company’s continued commitment to managing and reducing its carbon footprint supports its wider sustainability ambitions and aligns with the broader global transition towards net-zero emissions.
STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
The Directors confirm that they have acted in a manner consistent with their duties under Section 172 of the Companies Act 2006, considering the following factors: Long-term consequences of decisions Key strategic decisions, including investment in plant and equipment, the development of personnel, and the relocation of the Company’s headquarters, have been taken with a long-term focus to support sustainable profitability, operational efficiency, and future scalability. Employee interests The Company places significant importance on employee engagement and wellbeing. Regular communication, competitive remuneration, and ongoing training and development initiatives demonstrate the Company’s commitment to its workforce. Employee feedback continues to inform workplace policies and operational improvements. Business relationships Strong and collaborative relationships with customers, suppliers, and subcontractors remain central to the Company’s operations. The Directors place a high priority on supply chain resilience, fair dealing, and maintaining consistently high levels of customer satisfaction. Community and environmental impact The Company is committed to responsible and sustainable construction practices, including waste reduction and efficient resource management, in line with UK sustainability objectives. Consideration of environmental impact and the reduction of the Company’s carbon footprint form an integral part of the Company’s long-term strategy. Page 3
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 High standards of business conduct The Directors are committed to maintaining high standards of integrity, transparency, and professionalism across all areas of the business. The Company operates in compliance with applicable laws, regulations, and industry standards, and adheres to ethical business practices in all commercial dealings. Fairness among members The Directors seek to ensure that all shareholders and stakeholders are treated fairly and equitably, with decisions taken in the best interests of the Company and its members as a whole. Employee Engagement The Directors maintain regular engagement with employees through meetings, training programmes, and open communication channels. Employee perspectives are considered when making significant business decisions, supporting a motivated and aligned workforce. Community and Charity The Company continues to support local charitable initiatives and encourages employee participation in community activities. This includes ongoing involvement in events such as the annual Three Peaks Challenge, with funds raised donated to the nominated charity. Political Donations The company confirms that no political donations or political expenditure were made during the financial year. Page 4
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
FINANCIAL KEY PERFORMANCE INDICATORS
Our financial KPIs demonstrate the Company’s strong underlying position and reflect a continued focus on disciplined and prudent management. Ongoing emphasis on cost control, operational efficiency, and the strategic expansion of our service offering positions the Company well to support sustainable future growth. This report was approved by the board and signed on its behalf.
Mr L Evans Director
Date: 23 March 2026
Page 5
ALLIANCE GROUNDWORKS AND CIVILS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The Directors present their report and the financial statements for the year ended 30 November 2025.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £4,583,860 (2024:£3,537,143). Dividends of £148,447 (2024: £160,917) were declared and paid in the period to shareholders.
DIRECTORS
The Directors who served during the year were:
Luke Lloyd Evans
Paul McCourt
FUTURE DEVELOPMENTS
The directors continue to prioritise sustainable growth of the company, managing expansion in a controlled and forward-looking manner. This strategic approach is underpinned by a commitment to upholding the standards for which the company has become widely recognised within the industry.
GOING CONCERN
Financial The company has completed a fourth period of trading displaying continued profitability and improving cash flow. Looking ahead, the directors have reviewed budgets, cash flow forecasts and financial outlooks for the 12-month period post audit sign-off. These projections, which reflect a robust order book and strong pipeline of works, support the Directors’ confidence in the company’s continued financial stability. In the reporting period, the company had net current assets of £119,518 (2024: net current liabilities of £476,574) before accounting for non-current debtors of £2,529,135 (2024: £2,170,575). This figure is reflective of retention balances held across large blue-chip developers, most of which have now been capped. As such, the directors recognise the impact of the retention while also viewing the future optimistically as caps will prevent the value from ballooning in future trading periods. The net current asset position largely reflects strategic investment in fixed assets has proven to be a long-term success, supporting growth while demonstrating affordability as costs settle and benefits begin to crystalise. The directors recognise the liquidity challenges a low net current asset position poses but, remain satisfied that the company can continue under the going concern basis and are pleased to see the recovery from a net current liability position in the previous trading year. This has been done through active processes implemented to facilitate short-term cash needs and improve overall liquidity with methods including: ∙Improved debt collecting process and management of payment terms ∙Supplier benchmarking and cost-cutting measures ∙Tighter inventory management ∙Retention and price increase negotiations – including a confirmation from our largest retention holder of intent to release and cap. To further support financial resilience, the company maintains access to additional liquidity facilities, totalling £4.5 million from BarclayCard and AMEX, which can be drawn. These facilities offer a secure financial buffer, enhancing our ability to meet obligations and supporting our ongoing operations and growth initiatives. Finally, the business has at its disposal the option to generate a further £2.2m through the sale of fully paid-up fixed assets. Page 6
ALLIANCE GROUNDWORKS AND CIVILS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 Market The residential groundworks sector continues to benefit from structural demand for new housing across the UK, underpinned by long-term undersupply and government policy objectives to increase housing delivery. Demand for enabling works, foundations, drainage, roads and utilities infrastructure remains closely linked to national and regional housing targets, providing a recurring pipeline of work for specialist groundworks contractors. While housing starts have been subdued in the near term, the Directors note that large strategic sites, affordable housing schemes and mixed-tenure developments continue to progress, supporting demand for roads and sewers packages which are typically required early in the development lifecycle. In addition, public-sector backed housing and partnerships with housing associations tend to offer greater continuity of work and reduced exposure to short-term market volatility. In 2025, we saw a £5 billion investment into private rental schemes and there is a further £6 billion planned spend for 2026 and beyond. Across the midlands there is £3 billion in planning permissions for future housing developments showing a projected growth for the industry. This represents a substantial pipeline of residential growth and underlines strong regional demand, particularly in key cities, such as Birmingham, Coventry, Nottingham, and Leicester. The scale of permissions granted demonstrates investor confidence and signals sustained expansion within the housing and construction sectors. Government policy is increasingly focused on accelerating delivery. Recent reforms aim to streamline planning approvals, reduce bottlenecks within local authorities, and provide greater certainty for developers. There is also a renewed emphasis on unlocking both green belt land. where appropriate and sustainable, and grey belt land, previously developed or underutilised land within designated areas, to increase housing supply while balancing environmental considerations. The Directors also consider that an improving outlook for mortgage availability and financing conditions will support a gradual recovery in private housing activity over the medium term. This is expected to translate into increased demand for groundworks and infrastructure packages as developers seek to accelerate build-out rates on existing sites. Opportunities also exist to enhance margins through improved project selection, tighter cost control and increased operational efficiency across plant, labour and subcontract procurement. Challenges Activity levels in the housing industry sector remain highly sensitive to housebuilder confidence, sales rates and funding conditions. Periods of reduced housing starts due to planning approvals or site slowdowns can lead to delays in programme commencement, rescheduling of works and reduced short-term visibility of workload. The sector continues to face labour availability and skills shortages, particularly for experienced groundworkers, drainage gangs and site management, which can increase costs and constrain the ability to resource multiple sites concurrently. These pressures are exacerbated by the cyclical nature of housing delivery and geographic concentration of developments. Housing groundworks contractors are also exposed to commercial and contractual risks, including scope change, ground conditions, design development and recoverability of variations, particularly on fixed-price or competitively tendered schemes. Cash flow can be impacted by extended payment terms, retention balances and delayed certification, which are common within the residential development sector. In addition, the Directors recognise the continued financial fragility within the wider construction and housebuilding supply chain, increasing the risk of customer insolvency or project suspension, which may result in unrecovered costs or delays in settlement of final accounts. Although cost inflation has moderated, exposure remains to volatility in fuel, materials, plant hire and subcontract pricing, which may not always be fully recoverable under existing contracts. Page 7
ALLIANCE GROUNDWORKS AND CIVILS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 Summary Overall, the company maintains a strong financial foundation with stable cash flows through a resilient order book. The investment in assets underscores management’s commitment to long-term value creation, enhancing operational capacity and revenue-generating potential. The directors are confident that the business will generate sufficient cash flows to meet its obligations as they fall due and continue its growth trajectory. The net current asset position is expected to improve as the company settles into its size and begins to see the benefits of the initial outlay for capital. This expectation has been independently supported by financiers including Ford Finance and Paragon Bank – Both of which saw fit to expand credit facilities to £5.5m and £3m respectively and lower interest rates. Considering these factors and the resolute profitability of the company, the directors are satisfied regarding the company's outlook. Consequently, the directors affirm their agreement with the going concern basis in the preparation of the financial statements.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the period end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr L Evans Director
Date: 23 March 2026
Unit 1, Venture Park
Maybrook Road
Walsall
West Midlands
WS8 7BA
Page 8
ALLIANCE GROUNDWORKS AND CIVILS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025 The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. Page 9
ALLIANCE GROUNDWORKS AND CIVILS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED
OPINION
We have audited the financial statements of Alliance Groundworks and Civils Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 November 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 10
ALLIANCE GROUNDWORKS AND CIVILS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' Responsibilities Statement set out on page 9, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 11
ALLIANCE GROUNDWORKS AND CIVILS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)
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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We have considered the nature of the industry and sector, control environment and business performance; ∙We have considered the results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities within the entity ∙We have considered any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: °identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; °detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; °the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and ∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included occupational health and safety regulations, and employment legislation. Our procedures to respond to risks identified included the following: ∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; enquiring of management and those charged with governance 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; ∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and ∙assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Page 12
ALLIANCE GROUNDWORKS AND CIVILS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED) We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 Auditors' Report.
USE OF OUR REPORT
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Wood FCCA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 1-3 College Yard Worcester WR1 2LB 23 March 2026 Page 13
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 123,309,443 | 103,715,346
Cost of sales |  | (99,805,596) | (86,802,743)
Gross profit |  | 23,503,847 | 16,912,603
Administrative expenses |  | (16,294,510) | (11,411,809)
Operating profit | 5 | 7,209,337 | 5,500,794
Interest receivable and similar income |  | 105,594 | 47,602
Interest payable and similar expenses | 9 | (1,061,777) | (727,794)
Profit before tax |  | 6,253,154 | 4,820,602
Tax on profit | 10 | (1,669,294) | (1,283,459)
Profit for the financial year |  | 4,583,860 | 3,537,143
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 31 form part of these financial statements.
Page 14
ALLIANCE GROUNDWORKS AND CIVILS LIMITED REGISTERED NUMBER:12590255 STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 32,728 |  | 10,621
Tangible assets | 13 |  | 25,460,679 |  | 19,233,402
|  |  | 25,493,407 |  | 19,244,023
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 14 | 2,529,135 |  | 2,170,575 |
Debtors: amounts falling due within one year | 14 | 14,325,625 |  | 14,395,682 |
Cash at bank and in hand | 15 | 11,940,308 |  | 7,953,135 |
|  | 28,795,068 |  | 24,519,392 |
Creditors: amounts falling due within one year | 16 | (28,675,550) |  | (24,995,966) |
Net current assets/(liabilities) |  |  | 119,518 |  | (476,574)
Total assets less current liabilities |  |  | 25,612,925 |  | 18,767,449
Creditors: amounts falling due after more than one year | 17 |  | (6,897,396) |  | (6,156,627)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (4,529,151) |  | (2,859,857)
Net assets |  |  | 14,186,378 |  | 9,750,965
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account | 21 |  | 14,186,278 |  | 9,750,865
|  |  | 14,186,378 |  | 9,750,965
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr L Evans
Director
Date: 23 March 2026
The notes on pages 18 to 31 form part of these financial statements. Page 15
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 December 2023 | 100 | 6,374,639 | 6,374,739
Comprehensive income for the year |  |  |
Profit for the year | - | 3,537,143 | 3,537,143
Total comprehensive income for the year | - | 3,537,143 | 3,537,143
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (160,917) | (160,917)
Total transactions with owners | - | (160,917) | (160,917)
At 30 November 2024 | 100 | 9,750,865 | 9,750,965
Comprehensive income for the year |  |  |
Profit for the year | - | 4,583,860 | 4,583,860
Total comprehensive income for the year | - | 4,583,860 | 4,583,860
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (148,447) | (148,447)
Total transactions with owners | - | (148,447) | (148,447)
At 30 November 2025 | 100 | 14,186,278 | 14,186,378
Page 16
ALLIANCE GROUNDWORKS AND CIVILS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 4,583,860 | 3,537,143
Adjustments for: |  |
Amortisation of intangible assets | 2,204 | 3,035
Depreciation of tangible assets | 4,497,926 | 3,145,170
Loss on disposal of tangible assets | 22,652 | 7,061
Interest payable | 1,061,777 | 727,794
Interest receiveable | (105,594) | (47,602)
Taxation charge | 1,669,294 | 1,283,459
Decrease/(increase) in debtors | 805,495 | (5,900,471)
Increase in creditors | 978,258 | 10,440,037
Net cash generated from operating activities | 13,515,872 | 13,195,626
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (24,311) | (13,656)
Purchase of tangible fixed assets | (645,321) | (850,861)
Sale of tangible fixed assets | 441,177 | 17,557
Interest received | 105,594 | 47,602
HP interest paid | (1,061,777) | (727,794)
Net cash from investing activities | (1,184,638) | (1,527,152)
Cash flows from financing activities |  |
Repayment of HP agreements | (8,195,614) | (5,359,454)
Dividends paid | (148,447) | (160,917)
Net cash used in financing activities | (8,344,061) | (5,520,371)
Net increase in cash and cash equivalents | 3,987,173 | 6,148,103
Cash and cash equivalents at beginning of year | 7,953,135 | 1,805,032
Cash and cash equivalents at the end of year | 11,940,308 | 7,953,135
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 11,940,308 | 7,953,135
| 11,940,308 | 7,953,135
Prior year comparative amounts have been reclassified in the statement of cash flows to show a more accurate impact of movements in working capital on net cash generated from operations.
Page 17
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | GENERAL INFORMATION
Alliance Groundworks and Civils Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The registered office and principal place of business is Unit 1, Venture Park, Maybrook Road, Walsall Wood, Walsall, WS8 7BB. The principal activity of the Company is groundworks and civil engineering. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The Company has continued to trade profitably, with improving cash flows, and the Directors have prepared cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements. These forecasts reflect a resilient order book and a strong pipeline of work. At the reporting date, the Company reported net current assets of £119,000 (2024: net current liabilities of £477,000) before accounting for non-current debtors of £2,529,000 (2024: £2,171,000). Non-current debtors are entirely made of retention balances held under contractual arrangements, which the Directors consider recoverable. The Company has implemented measures to strengthen liquidity, including enhanced credit control, cost management initiatives, and proactive management of retention balances. The Company has access to additional undrawn liquidity facilities of £4.5m and retains the ability to generate further funds through the disposal of paid-up fixed assets, should this be required. Additionally, external financiers have continued to provide support through the extension and enhancement of credit facilities. Based on this assessment, the Directors have concluded that the going concern basis of accounting remains appropriate.
| 2.3 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Long-term contracts Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profits reflect the proportion of the work carried out at the period end, by recording revenue and related costs as contract activity progresses. Turnover is calculated based on the stage of completion of each contract which is derived from surveys of work performed. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for loss making contracts in the period in which they are first foreseen. Retentions receivable are recognised as revenue to the extent they are deemed recoverable. Page 18
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 19
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | INTANGIBLE ASSETS
Intangible assets are made up of computer software. These are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Computer software is amortised on a straight-line basis over 3 years. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.10 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Plant and machinery | - | 3 - 6 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Fixtures and fittings | - | 10 years
|  |  |  | Office equipment | - | 3 years
|  |  |  | Computer equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method Page 20
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.16 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 21
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Company's accounting policies, which are described in Note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgments and key sources of estimation uncertainty that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Revenue recognition When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion of each contract which is derived from surveys of work performed. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. In determining the stage of completion, the Company has appropriate systems for surveying, cost estimating, forecasting, and revenue and costs reporting. The system also requires consistent judgement (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome. Residual values of fixed assets In determining the residual values of fixed assets, the Directors are required to exercise judgement based on both current market conditions and expectations of the assets' future economic usefulness. Residual values are estimated at the date of acquisition and reviewed at each reporting date to ensure they remain appropriate. These estimates take into account factors such as the anticipated condition of the asset at the end of its useful life, the expected pattern of usage, prevailing market prices for similar second-hand assets and, where relevant, the existence of active markets into which the assets may be sold. Changes in technology, market demand, or the Company’s operational requirements may also have a significant impact on expected residual values.
4. | TURNOVER
The whole of the turnover is attributable to the principal activity described in Note 1.
| All turnover arose within the United Kingdom.
Page 22
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Pension costs | 55,266 | 36,397
| Depreciation of tangible fixed assets | 4,497,926 | 3,145,170
| Amortisation of intangible fixed assets | 2,204 | 3,035
| Other operating lease rentals | 199,694 | 191,738
6. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 68,600 | 59,250
| Fees payable to the Company's auditors in respect of taxation compliance services | 3,650 | 3,500
7. | EMPLOYEES
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,017,726 | 4,636,373
| Social security costs | 690,436 | 481,344
| Cost of defined contribution scheme | 55,266 | 36,397
|  | 6,763,428 | 5,154,114
| The average monthly number of employees, including directors, during the year was 89 (2024:55).
Page 23
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 241,227 | 234,627
| The highest paid Director received remuneration of £160,833 (2024:£163,534).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,211 (2024:£1,211).
| The total accrued pension provision of the highest paid Director at 30 November 2025 amounted to £NIL (2024:£NIL).
9. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 1,061,777 | 727,794
|  | 1,061,777 | 727,794
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 1,669,294 | 1,283,459
| TOTAL DEFERRED TAX | 1,669,294 | 1,283,459
| TAXATION ON PROFIT ON ORDINARY ACTIVITIES | 1,669,294 | 1,283,459
Page 24
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 10.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is the same as (2024:the same as) the effective rate of corporation tax in the UK of 25% (2024:25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 6,253,154 | 4,820,602
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:25%) | 1,563,289 | 1,205,151
| EFFECTS OF: |  |
| Capital allowances for year in excess of depreciation | 3,308 | 2,444
| Expenses not deductible for tax purposes | 102,697 | 75,864
| TOTAL TAX CHARGE FOR THE YEAR | 1,669,294 | 1,283,459
11. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 148,447 | 160,917
|  | 148,447 | 160,917
Page 25
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
12. | INTANGIBLE ASSETS
|  | Computer software
|  | £
| COST |
| At 1 December 2024 | 13,656
| Additions | 24,311
| At 30 November 2025 | 37,967
| AMORTISATION |
| At 1 December 2024 | 3,035
| Charge for the year on owned assets | 2,204
| At 30 November 2025 | 5,239
| NET BOOK VALUE |
| At 30 November 2025 | 32,728
| At 30 November 2024 | 10,621
Page 26
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
13. | TANGIBLE FIXED ASSETS
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |  |
| At 1 December 2024 | 18,230,842 | 5,937,451 | 373,306 | 10,864 | 131,485 | 24,683,948
| Additions | 8,877,214 | 2,241,157 | - | - | 70,661 | 11,189,032
| Disposals | (603,129) | - | (1,587) | - | - | (604,716)
| At 30 November 2025 | 26,504,927 | 8,178,608 | 371,719 | 10,864 | 202,146 | 35,268,264
| DEPRECIATION |  |  |  |  |  |
| At 1 December 2024 | 2,981,899 | 2,371,417 | 24,283 | 596 | 72,351 | 5,450,546
| Charge for the year on owned assets | 273,185 | 57,973 | 37,489 | 3,423 | 43,863 | 415,933
| Charge for the year on financed assets | 2,321,669 | 1,760,324 | - | - | - | 4,081,993
| Disposals | (140,808) | - | (79) | - | - | (140,887)
| At 30 November 2025 | 5,435,945 | 4,189,714 | 61,693 | 4,019 | 116,214 | 9,807,585
| NET BOOK VALUE |  |  |  |  |  |
| At 30 November 2025 | 21,068,982 | 3,988,894 | 310,026 | 6,845 | 85,932 | 25,460,679
| At 30 November 2024 | 15,248,943 | 3,566,034 | 349,023 | 10,268 | 59,134 | 19,233,402
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 19,719,660 | 14,303,566
| Motor vehicles | 3,906,773 | 3,465,164
|  | 23,626,433 | 17,768,730
Page 27
ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
14. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DUE AFTER MORE THAN ONE YEAR |  |
| Amounts recoverable on long-term contracts | 2,529,135 | 2,170,575
|  | 2,529,135 | 2,170,575
| The above amounts are in relation to retentions recoverable in more than one year.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DUE WITHIN ONE YEAR |  |
| Other debtors | 2,388,535 | 2,887,907
| Prepayments and accrued income | 1,144,779 | 1,045,610
| Amounts recoverable on long-term contracts | 10,766,352 | 10,462,165
| Tax recoverable | 25,959 | -
|  | 14,325,625 | 14,395,682
15. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 11,940,308 | 7,953,135
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 12,108,242 | 12,602,700
| Other taxation and social security | 239,918 | 199,238
| Obligations under finance lease and hire purchase contracts | 8,292,726 | 6,685,398
| Other creditors | 1,021,429 | 1,047,766
| Accruals and deferred income | 3,713,462 | 1,525,775
| Excess payments on account | 3,299,773 | 2,935,089
|  | 28,675,550 | 24,995,966
| Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 6,897,396 | 6,156,627
|  | 6,897,396 | 6,156,627
| Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
18. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 8,292,726 | 6,685,399
| Between 1-5 years | 6,897,396 | 6,156,627
|  | 15,190,122 | 12,842,026
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
19. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (2,859,857)
| Charged to profit or loss | (1,669,294)
| AT END OF YEAR | (4,529,151)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (5,542,007) | (3,811,834)
| Tax losses carried forward | 1,011,584 | 950,182
| Short term timing differences | 1,272 | 1,795
|  | (4,529,151) | (2,859,857)
20. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 100 (2024:100) Ordinary shares shares of £1.00 each | 100 | 100
21. | RESERVES
Profit and loss account This reserve includes all current and prior period retained profits and losses.
22. | ANALYSIS OF NET DEBT
|  | At 1 December 2024 | Cash flows | New finance leases | At 30 November 2025
|  | £ | £ | £ | £
| Cash at bank and in hand | 7,953,135 | 3,987,173 | - | 11,940,308
| Finance leases | (12,842,025) | 8,195,614 | (10,543,711) | (15,190,122)
|  | (4,888,890) | 12,182,787 | (10,543,711) | (3,249,814)
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
23. | PENSION COMMITMENTS
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charges represents contributions payable by the Company to the fund and amounted to £55,266 (2024: £36,397). Contributions totalling £27,377 (2024: £18,953) were payable to the fund at the reporting date and are included in creditors.
24. | COMMITMENTS UNDER OPERATING LEASES
| At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 319,464 | 250,980
| Later than 1 year and not later than 5 years | 1,085,896 | 1,254,900
| Later than 5 years | 878,430 | 878,430
|  | 2,283,790 | 2,384,310
25. | RELATED PARTY TRANSACTIONS
| There were no related party transactions during the year (2023: £Nil).
26. | CONTROLLING PARTY
There is no ultimate controlling party. The company is controlled equally by the two shareholders, Mr Luke Evans and Mrs Brittany Evans.
Page 31