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REGISTERED NUMBER: 03060329 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Renelec Chalgrove Limited |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Contents of the Financial Statements

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| Renelec Chalgrove Limited |

Company Information

for the Year Ended 30 September 2025

| DIRECTORS: | V R Couse

| S J Couse

| J Skeen

| SECRETARY: | A K Harper

| REGISTERED OFFICE: | Brownston House

| New Park Street

| Devizes

| Wiltshire

| SN10 1DS

| REGISTERED NUMBER: | 03060329 (England and Wales)

| AUDITORS: | Mander Duffill

| Chartered Accountants & Statutory Auditor

| The Old Post Office

| 41-43 Market Place

| Chippenham

| Wiltshire

| SN15 3HR

| Renelec Chalgrove Limited (Registered number: 03060329) |

Strategic Report

for the Year Ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

The company provides plumbing and heating contracting services to a variety of large housebuilders in the south of England.

Turnover increased to £22.2m from £18.1m last year, an increase of 22.7%. Gross profit margin increased to 20.5% from 16.8%. During the year, housebuilding saw an upturn in volume being built despite still operating in a fragile market. This was helped by the quantity of Housing Association plots secured and pension funds/ large investment buyers adding to their portfolios.

The government still have ambitious industry targets, but housebuilders remain hindered by bottlenecks in the planning system which have delayed numerous sites and their expected commencement.

Pressures remain on material prices with various economic factors causing volatility which can impact these prices immediately. The company is extremely confident of its strength which is in the added value of the product and service we provide. This is consistently recognised by many of the housebuilders whom we have strong relationships with, ensuring we secure further contracts.

Significant emphasis continues to be put into our customer service offering ensuring that the housebuilder is able to rely on us to react to maintenance calls. This along with the quality of the service continually results in NHBC Pride in the Job awards being awarded.

The outlook going into 2026 is a cautious one with a stronger industry recovery being delayed until 2027. We have a very strong forward order book at over £49m at signing of these accounts, still with a significant quantity under consideration for.

The company continues to prove that it can react to any situation and act accordingly, this should ensure its continued success.

PRINCIPAL RISKS AND UNCERTAINTIES

The construction industry is influenced by various factors outside the company's control. These would include government intervention, confidence, unemployment, inflation, interest rates and labour.

To mitigate the volatility in price increases we have reduced the tender acceptance period and made provisions in all new contracts for regular reviews of material price increases.

The availability of skilled labour also impacts our business as there is a shortage of all trades. We have acquired good quality labour during the year from the collapse of some of our competitors. The company continue to train all their workforce to high standards and actively encourage an apprenticeship programme. At the year end, we as a company had 56 (2024: 48) plumbing apprentices all at various stages of their 4 year programmes.

Retentions is a significant consideration in terms of cash flow and when they fall due, great emphasis is put collection to ensure this does not impact the liquidity of the company.

Given that the company works on construction sites which are inherently dangerous we take the health and safety of our employees, subcontractors, clients and general public as of paramount importance. We strive to ensure that all our stakeholders are well trained, kept up to date on new legalisation and encourage a zero-harm environment in which they operate in.

To mitigate both risk and uncertainty relationships with client and suppliers need to be maintained and new client and procurement opportunities developed.

| Renelec Chalgrove Limited (Registered number: 03060329) |

Strategic Report

for the Year Ended 30 September 2025

FINANCIAL KEY PERFORMANCE INDICATORS

The directors monitor the company's progress against its strategic objectives and the financial performance of the company's operations on a regular basis producing monthly management accounts. Two key financial performance indicators are turnover (growth) and gross profit % (profitability).

For the year ended 30 September 2025, turnover was £22,200,447 (2024 - £18,091,117), this represents a 22.7% increase on the previous year.

Gross profit % for the year ended 30 September 2025 was 20.5% (2024 - 16.8%), this represents a 3.7% increase on the previous year.

The company is forecasting £24.4m turnover and around 13% gross profit for the forthcoming year although at signing, turnover is on target to exceed £27m.

GOING CONCERN

The directors prepare both budgets and cash flow forecasts for a period extending to at least twelve months from the date of approval of these financial statements. The directors are satisfied that those forecasts, which take account of trading performance, secured turnover and tendered contracts, provide a reasonable expectation that the company can continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis.

ON BEHALF OF THE BOARD:

A K Harper - Secretary

20 March 2026

| Renelec Chalgrove Limited (Registered number: 03060329) |

Report of the Directors

for the Year Ended 30 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

Dividends of £88,528 (2024: Nil) were declared and paid during the year.

DIRECTORS

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

V R Couse

S J Couse

J Skeen

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

A K Harper - Secretary

20 March 2026

Report of the Independent Auditors to the Members of

Renelec Chalgrove Limited

Opinion

We have audited the financial statements of Renelec Chalgrove Limited (the 'company') for the year ended 30 September 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 30 September 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

Renelec Chalgrove Limited

Matters on which we are required to report by exception

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

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

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

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

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We 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.

Report of the Independent Auditors to the Members of

Renelec Chalgrove Limited

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation 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 of controls including the following:

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

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Julian Duffill FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

25 March 2026

| Renelec Chalgrove Limited (Registered number: 03060329) |

Statement of Comprehensive

Income

for the Year Ended 30 September 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

TURNOVER | 4 | 22,200,447 |  | 18,091,117 |  |

Cost of sales | 17,654,653 |  | 15,056,807 |  |

GROSS PROFIT | 4,545,794 |  | 3,034,310 |  |

Administrative expenses | 3,551,867 |  | 2,949,971 |  |

OPERATING PROFIT | 6 | 993,927 |  | 84,339 |  |

Interest receivable and similar income | 8 | 104,619 |  | 124,896 |  |

1,098,546 |  | 209,235 |  |

Interest payable and similar expenses | 9 | 638 |  | - |  |

PROFIT BEFORE TAXATION | 1,097,908 |  | 209,235 |  |

Tax on profit | 10 | 298,411 |  | 74,737 |  |

PROFIT FOR THE FINANCIAL YEAR | 799,497 |  | 134,498 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 799,497 |  | 134,498 |  |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Balance Sheet

30 September 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 37,645 |  | 51,780 |  |

Investments | 13 | 1,000 |  | 1,000 |  |

38,645 |  | 52,780 |  |

CURRENT ASSETS

Stocks | 14 | 53,574 |  | 55,820 |  |

Debtors | 15 | 6,829,602 |  | 6,547,443 |  |

Cash at bank | 3,566,396 |  | 3,039,806 |  |

10,449,572 |  | 9,643,069 |  |

CREDITORS

Amounts falling due within one year | 16 | 9,281,186 |  | 8,476,353 |  |

NET CURRENT ASSETS | 1,168,386 |  | 1,166,716 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,207,031 |  | 1,219,496 |  |

PROVISIONS FOR LIABILITIES | 18 | - |  | 3,653 |  |

NET ASSETS | 1,207,031 |  | 1,215,843 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100,000 |  | 100,000 |  |

Retained earnings | 20 | 1,107,031 |  | 1,115,843 |  |

SHAREHOLDERS' FUNDS | 1,207,031 |  | 1,215,843 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2026 and were signed on its behalf by:

J Skeen - Director

| Renelec Chalgrove Limited (Registered number: 03060329) |

Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 October 2023 | 100,000 |  | 981,345 |  | 1,081,345 |  |

Changes in equity

Total comprehensive income | - |  | 134,498 |  | 134,498 |  |

Balance at 30 September 2024 | 100,000 |  | 1,115,843 |  | 1,215,843 |  |

Changes in equity

Dividends | - |  | (808,309 | ) | (808,309 | ) |

Total comprehensive income | - |  | 799,497 |  | 799,497 |  |

Balance at 30 September 2025 | 100,000 |  | 1,107,031 |  | 1,207,031 |  |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

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

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going Concern

| The directors prepare both budgets and cash flow forecasts for at least 12 months from the date of approval of these financial statements and they are satisfied that those forecasts provide reasonable expectation that the company can continue in operational existence for the foreseeable future.

| The forecasts prepared take account of current market conditions including the impact of higher interest rates and inflation, post year end trading performance, secured turnover and tendered contracts. The directors have also considered the amount by which turnover is required to fall such that the business may not be able to meet its liabilities as they fall due and on the basis of post year end trading to date, the current order book and market expectations, they consider chance of such a significant fall in turnover to be remote. Management continually reviews credit terms offered to customers and outstanding balances.

| The result of these reviews is that the directors are satisfied that the company can meet its liabilities as they fall due for a period of at least 12 months from approval of the financial statements and therefore it is appropriate to prepare the financial statements on a going concern basis.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about Renelec Chalgrove Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Renelec Limited, Brownston House, New Park Street, Devizes, Wiltshire. SN10 1DS..

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

| Rendering of services

| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

| - the amount of turnover can be measured reliably;

| - it is probable that the company will receive the consideration due under the contract;

| - the stage of completion of the contract at the end of the reporting period can be measured reliably;

| - the costs incurred and the costs to complete the contract can be measured reliably

| On contracts that are forecast to be profitable, profit is taken on the basis of the value of work carried out at the Statement of Financial Position date, taking into account the stage of completion of the contract and total expected costs at the various stages of the contract. Turnover derived from variations on contracts are recognised only when they have been accepted by the customer.

| On contracts that are forecast to be loss-making, all of the loss is recognised as soon as it is foreseen irrespective of the stage of completion of the contract.

| 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.

| Depreciation is provided on the following basis:

| Fixture, fittings, tools & equipment - 3 to 5 years straight line

| The assets' residual values, useful lives and depreciation method 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

| At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| 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 from banks and other third parties and loans to and from related parties.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in the case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| 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.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

| 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.

| 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.

| 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.

| Creditors

| Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of acquisition costs, and are measured subsequently at amortised cost using the effective interest method.

| 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.

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In preparing the financial statements, the directors have not made any material judgements in applying accounting policies.

| Key sources of estimation uncertainty:

| - Long-term contracts.

| Profit associated with a long-term contract can be recognised only where the profitable outcome can be estimated reliably. Estimation of the outcome requires estimates of the stage of completion or value of work completed at the end of the reporting period, future costs and the collectability of amounts claimed from the customer.

4. | TURNOVER

| The whole of turnover is attributable to plumbing and heating contracting.

| All turnover arose within the United Kingdom.

5. | EMPLOYEES AND DIRECTORS

| 30.9.25 |  | 30.9.24

£ | £ |

| Wages and salaries | 3,520,396 |  | 2,859,922 |  |

| Social security costs | 366,108 |  | 251,125 |  |

| Other pension costs | 202,206 |  | 168,791 |  |

4,088,710 |  | 3,279,838 |  |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 30.9.25 |  | 30.9.24

| Staff and directors | 32 |  | 30 |  |

| Operatives including apprentices | 46 |  | 40 |  |

78 |  | 70 |  |

| 30.9.25 |  | 30.9.24

£ | £ |

| Directors' remuneration | 831,598 |  | 560,567 |  |

| Directors' pension contributions to money purchase schemes | 16,407 |  | 14,406 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 30.9.25 |  | 30.9.24

£ | £ |

| Emoluments etc | 443,607 |  | 324,030 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 30.9.25 |  | 30.9.24

£ | £ |

| Hire of plant and machinery | 41,497 |  | 39,970 |  |

| Other operating leases | 2,092 |  | 449 |  |

| Depreciation - owned assets | 23,197 |  | 16,028 |  |

| Loss/(profit) on disposal of fixed assets | 14,239 |  | (6,017 | ) |

7. | AUDITORS' REMUNERATION

|  | 30.09.25 |  |  | 30.09.24 |  |

| £ |  |  | £ |  |

| Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent company's financial statements |  |  | 10,045 |  |  | 9,850 |  |

8. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 30.9.25 |  | 30.9.24

£ | £ |

| Interest received | 104,619 |  | 124,896 |  |

9. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.9.25 |  | 30.9.24

£ | £ |

| Interest payable | 638 |  | - |  |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

10. | TAXATION

| Analysis of the tax charge

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Current tax:

| UK corporation tax | 275,875 |  | - |  |

| Group tax relief | 29,670 |  | 61,443 |  |

| Total current tax | 305,545 |  | 61,443 |  |

| Deferred tax | (7,134 | ) | 13,294 |  |

| Tax on profit | 298,411 |  | 74,737 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Profit before tax | 1,097,908 |  | 209,235 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 274,477 |  | 52,309 |  |

| Effects of:

| Expenses not deductible for tax purposes | 23,934 |  | 22,428 |  |

| Total tax charge | 298,411 |  | 74,737 |  |

11. | DIVIDENDS

| 30.9.25 |  | 30.9.24

£ | £ |

| Ordinary shares of £1 each

| Dividend - paid in the year | 808,309 |  | - |  |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

12. | TANGIBLE FIXED ASSETS

| Fixtures,

| fittings,

| tools &

| equipment

£ |

| COST

| At 1 October 2024 | 211,833 |  |

| Additions | 9,062 |  |

| At 30 September 2025 | 220,895 |  |

| DEPRECIATION

| At 1 October 2024 | 160,053 |  |

| Charge for year | 23,197 |  |

| At 30 September 2025 | 183,250 |  |

| NET BOOK VALUE

| At 30 September 2025 | 37,645 |  |

| At 30 September 2024 | 51,780 |  |

13. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 1,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,000 |  |

| At 30 September 2024 | 1,000 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Renelec Construction Limited

| Registered office: Brownston House, New Park Street, Devizes, SN10 1DS

| Nature of business: Development of building projects

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

14. | STOCKS

| 30.9.25 |  | 30.9.24

£ | £ |

| Finished goods | 4,675 |  | 4,675 |  |

| Net costs less foreseeable losses | 109,594 |  | 111,312 |  |

| Excess payments on account | (60,695 | ) | (60,167 | ) |

48,899 |  | 51,145 |  |

53,574 |  | 55,820 |  |

| There is no material difference between the replacement cost of stocks and the amounts stated above.

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Trade debtors | 6,221,654 |  | 5,140,975 |  |

| Amounts owed by group undertakings | 50,485 |  | 930,230 |  |

| Amounts recoverable on long term contracts | 209,953 |  | 247,457 |  |

| Other debtors | 314,632 |  | 185,213 |  |

| Deferred tax asset | 3,481 |  | - |  |

| Prepayments | 29,397 |  | 43,568 |  |

6,829,602 |  | 6,547,443 |  |

| Deferred tax asset

| 30.9.25 |

£ |  |

| Accelerated capital allowances | (5,325 | ) |

| Short term timing differences | 8,806 |  |

3,481 |  |

| Amounts owed by group undertakings are unsecured, repayable on demand and do not bear interest.

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Payments on account | 3,006,883 |  | 2,045,872 |  |

| Trade creditors | 3,347,475 |  | 2,602,487 |  |

| Amounts owed to group undertakings | - |  | 90,796 |  |

| Corporation tax | 305,545 |  | 61,443 |  |

| Social security and other taxes | 181,183 |  | 211,707 |  |

| Other creditors | 14,172 |  | 120,126 |  |

| Accruals and deferred income | 2,425,928 |  | 3,343,922 |  |

9,281,186 |  | 8,476,353 |  |

| Amounts owed to group undertakings are unsecured, repayable on demand and do not bear interest.

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

17. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 30.9.25 |  | 30.9.24

£ | £ |

| Within one year | 5,336 |  | 12,679 |  |

| Between one and five years | 9,783 |  | 6,670 |  |

15,119 |  | 19,349 |  |

18. | PROVISIONS FOR LIABILITIES

| 30.9.24

£ |

| Deferred tax

| Accelerated capital allowances | 7,962 |  |

| Short term timing differences | (4,309 | ) |

3,653 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 3,653 |  |

| Credit to Statement of Comprehensive Income during year | (7,134 | ) |

| Balance at 30 September 2025 | (3,481 | ) |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 100,000 | Ordinary | £1 | 100,000 |  | 100,000 |  |

| The Ordinary shares each carry one voting right, a right to dividends declared at the discretion of the directors and a return of capital upon winding up.

20. | RESERVES

| Retained

| earnings

£ |

| At 1 October 2024 | 1,115,843 |  |

| Profit for the year | 799,497 |  |

| Dividends | (808,309 | ) |

| At 30 September 2025 | 1,107,031 |  |

| The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

| Renelec Chalgrove Limited (Registered number: 03060329) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

21. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme for its employees. The assets of the schemes are kept independently of the company in separately administered funds.

| Contributions payable to the schemes for the year were £202,206 (2024 - £168,791).

| Contributions unpaid at the end of the year amounted to £35,223 (2024 - £18,464).

22. | ULTIMATE PARENT COMPANY

| Renelec Group Limited is regarded by the directors as being the company's ultimate parent company.

| The parent undertaking of the smallest group for which consolidated accounts are prepared is Renelec Limited, a company registered in England and Wales. In the opinion of the directors, Renelec Limited controls the company.

| The parent undertaking of the largest group for which consolidated accounts are prepared is Renelec Group Limited, a company registered in England and Wales. In the opinion of the directors, this is the company's ultimate parent undertaking.

| Consolidated accounts for both of the above mentioned companies are available from Renelec Limited, Brownston House, New Park Street, Devizes, Wiltshire, SN10 1DS.

| The directors of Renelec Group Limited are deemed to be the ultimate controlling party by virtue of their equal ownership of the issued share capital.

23. | CONTINGENT LIABILITIES

| There is an unlimited cross guarantee between the company and Renelec Building Services Limited, Renelec Groundworks Limited, Renelec Hennion Limited, Renelec Plant Hire Limited, Brownston Homes Limited and Renelec Limited in favour of Svenska Handelsbanken AB (publ). This guarantee is secured by a fixed and floating charge over all assets of the company.

| The company's contingent liability as at 30 September 2025 was £2,569,425 (2024 - £3,106,826).

24. | 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 wholly owned subsidiaries within the group.