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COMPANY REGISTRATION NUMBER: NI616201

Ascot Signs Ltd

Financial Statements

31 December 2025

Ascot Signs Ltd

Financial Statements

Year ended 31 December 2025

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 4

Independent auditor's report to the members | 7

Statement of comprehensive income | 11

Statement of financial position | 12

Statement of changes in equity | 13

Statement of cash flows | 14

Notes to the financial statements | 15

Ascot Signs Ltd

Officers and Professional Advisers

The board of directors | Dr T C Mamisch
| L Mendelsöhn
| Mr J B Campbell

Registered office | 13B Carrakeel Drive
| Maydown
| Londonderry
| Co. Londonderry
| Northern Ireland
| BT47 6UQ

Auditor | Riverside Accountancy Lancaster Limited
| Chartered accountants & statutory auditor
| Suite 2, 2 Mannin Way
| Lancaster Business Park
| Caton Road
| Lancaster
| LA1 3SU

Ascot Signs Ltd

Strategic Report

Year ended 31 December 2025
History and financial results
Ascot is a leading provider of specialist signage and branding implementation solutions, based in UK. Incorporated in 2018, Ascot Signs Ltd stems from a family owned and managed business that was established in 1938. We recognise that understanding the aspirations and core values of our client base is essential to the successful delivery of projects across UK, Eire and Europe. The highest levels of safety and focus on sustainability underpin our commitment to Operational Excellence. We have a modern process-driven end-to-end approach based on traditional values, with a record of contracts completed on time, to the highest design standards, within budget and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise, and reliability and to be the contractor/partner of choice. We strive to continue the long-term relationships with our customer base by focusing on our core activities, our long-standing team and in house resources and capabilities, by bringing new innovations to the market place and by working closely with our customers and suppliers. Lifco A.B, the ultimate parent company of Ascot Signs Ltd , are an industrial conglomerate headquartered in Stockholm, Sweden and listed on the Swedish stock exchange. They have a long-term investment model with a global portfolio of niche companies, with a strong focus on sustainable growth and profitability. In line with the reporting structure of our parent company, we moved to a 31st December financial year-end in 2024. Pro-rata, operating Profit and EBITDA remain steady year-on-year, with cash reserves remaining strong throughout.
Financial key performance indicators
The business tracks the key metrics in each department daily, weekly and monthly: - SHEQ - We record Lost Time Accident Free hours worked in Production and Installation- Programme - how business improvement projects progress against agreed milestones- Stakeholder satisfaction - regular meetings with key clients and key suppliers at Director level- Financial measures - revenue, operating profit, net current assets and cash Against all these KPIs the directors of Ascot Signs Ltd are pleased with the performance of the company in the completed financial year, and will continue to review procedures and policies with a view to continuous improvement in 2026.
Corporate social responsibility
The company is committed to investing in the future for our planet, with ongoing Solar Panel and EV initiatives and recycling programme in place to reduce our carbon footprint. We actively support local and national charities through event days and payroll giving. We invest in our people with high staff retention rate and focus heavily on personal development. An apprenticeship programme is in place with first placement joining in November 2024.
This report was approved by the board of directors on 27 March 2026 and signed on behalf of the board by:

L Mendelsöhn
Director

Registered office:
13B Carrakeel Drive
Maydown
Londonderry
Co. Londonderry
Northern Ireland
BT47 6UQ

Ascot Signs Ltd

Directors' Report

Year ended 31 December 2025
The directors present their report and the financial statements of the company for the year ended 31 December 2025 .
Directors
The directors who served the company during the year were as follows:

Dr T C Mamisch |
L Mendelsöhn |
Mr J B Campbell |

Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
Ascot Signs Ltd have a strong orderbook secured for 2026, we continue to look ahead and adapt to changing market circumstances and opportunities. The new corporate ownership brings exciting opportunities to further develop our market presence in EMEA once settlement is reached in the conflict as well as operational synergies and global expertise in compliance and risk management.
Financial instruments
Moving into 2026, there are macroeconomic headwinds occasioned by the ongoing conflicts in the Middle East and Ukraine. The possibility of trade barriers and tariffs being imposed between major trading nations continues, with wide ramifications throughout every industry. However, a strong balance sheet, an experienced team and well-established systems and procedures allied to a wide spread of clients and sectors/geographies will help avoid or minimise risks to the company. The principal risks for our company include the following:
- Pricing and delivery of large and complex projects
- Our successful policy remains to maintain and build a team of subject matter experts who carry out an in-depth analysis of every cost submission, and to have an experienced team to deliver those contracts with proven standard operating procedures and detailed project planning
- Credit Risk - this is given high priority by the management team, with financial stability of new and existing clients and suppliers closely monitored. There is a strong focus on negotiating fair and reasonable stage payment plans on every large contract
- Liquidity risk - the company carefully forecasts working capital requirements to meet all short-term liabilities, whilst maintaining significant cash reserves to ensure unforeseen circumstances will not affect this. We operate a modern and efficient financial and management reporting system that analyses our customers and our aged debtors on a day-to-day basis
- Safety, Health, Environment & Quality Risk - With in-house fabrication and installation as key parts of our offering, SHEQ is foremost in our business management principles, with robust in-house and external auditing systems in place across all aspects of our operations
- Other external risk, commodity shortages, disruptions in World Trade - we maintain prudent stock levels of all key raw materials and have a diverse supply chain. We work collaboratively with our suppliers & clients to mitigate programme and inflation risks.
Research and development
We continue to maintain significant investment in R&D with a focus throughout 2025 and 2026 on new print methods and automation of processes throughout the business. Innovation remains a top priority for the management team. A measured and sustainable Capex programme has been and will be key to remaining market leaders.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 27 March 2026 and signed on behalf of the board by:

L Mendelsöhn
Director

Registered office:
13B Carrakeel Drive
Maydown
Londonderry
Co. Londonderry
Northern Ireland
BT47 6UQ

Ascot Signs Ltd

Independent Auditor's Report to the Members of Ascot Signs Ltd

Year ended 31 December 2025
Opinion
We have audited the financial statements of Ascot Signs Ltd (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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, 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.
Auditor's 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 auditor’s 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: - Review of directors' minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that the company must follow in the year and to the date of signing the financial statements - The assessment of fraud was considered as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its shareholders. - A review of journal entries and consideration of their appropriateness was carried out through the audit - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. - Challenging assumptions made by management in making their significant accounting estimates in particular in relation to construction contracts. We have scrutinised in detail the cut off in respect of income recognised around the year end and verified these to quantity surveyor's certifications. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations - In respect of stock we attended a stock take to test physical evidence of stock held, reviewed stock lines for slow movement to ensure adequate provisions were in place - Physical verification of fixed assets was carried out which aided us to assess for any potential impairment required As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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.

Lyndsay Nicholson FCA
(Senior Statutory Auditor)

For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU

27 March 2026

Ascot Signs Ltd

Statement of Comprehensive Income

Year ended 31 December 2025

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
Note | £ | £
Turnover | 4 | 18,461,094 | 14,546,238

Cost of sales | 10,607,959 | 7,959,532
| ------------- | -------------
Gross profit | 7,853,135 | 6,586,706

Administrative expenses | 3,694,545 | 3,541,326
Other operating income | 5 | 125,173 | 2,831
|  | ------------ | ------------
Operating profit | 6 | 4,283,763 | 3,048,211

Other interest receivable and similar income | 10 | 71,254 | 44,857
Interest payable and similar expenses | 11 | 9,319 | 31,227
| ------------ | ------------
Profit before taxation | 4,345,698 | 3,061,841

Tax on profit | 12 | 1,012,201 | 650,269
| ------------ | ------------
Profit for the financial year and total comprehensive income | 3,333,497 | 2,411,572
| ------------ | ------------

All the activities of the company are from continuing operations.

Ascot Signs Ltd

Statement of Financial Position

31 December 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 15 | 1,091,996 | 1,125,933

Current assets

Stocks | 16 | 1,271,340 | 923,638
Debtors | 17 | 5,228,826 | 4,652,602
Cash at bank and in hand | 4,200,259 | 2,416,953
| ------------- | ------------
| 10,700,425 | 7,993,193

Creditors: amounts falling due within one year | 18 | 1,341,205 | 2,013,232
| ------------- | ------------
Net current assets | 9,359,220 | 5,979,961
| ------------- | ------------
Total assets less current liabilities | 10,451,216 | 7,105,894

Creditors: amounts falling due after more than one year | 19 | 90,412 | 95,072

Provisions | 21 | 264,054 | 247,569
| ------------- | ------------
Net assets | 10,096,750 | 6,763,253
| ------------- | ------------

Capital and reserves

Called up share capital | 25 | 500 | 500
Profit and loss account | 26 | 10,096,250 | 6,762,753
| ------------- | ------------
Shareholders funds | 10,096,750 | 6,763,253
| ------------- | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2026 , and are signed on behalf of the board by:

L Mendelsöhn
Director

Company registration number: NI616201

Ascot Signs Ltd

Statement of Changes in Equity

Year ended 31 December 2025

| Called up share capital | Profit and loss account | Total
| £ | £ | £
At 1 April 2024 | 500 | 7,651,281 | 7,651,781
Profit for the year |  | 2,411,572 | 2,411,572
| ---- | ------------ | ------------
Total comprehensive income for the year | – | 2,411,572 | 2,411,572
Dividends paid and payable | 13 | – | ( 3,300,100) | ( 3,300,100)
| ---- | ------------ | ------------
Total investments by and distributions to owners | – | ( 3,300,100) | ( 3,300,100)
At 31 December 2024 | 500 | 6,762,753 | 6,763,253
Profit for the year |  | 3,333,497 | 3,333,497
| ---- | ------------ | ------------
Total comprehensive income for the year | – | 3,333,497 | 3,333,497
| ---- | ------------- | -------------
At 31 December 2025 | 500 | 10,096,250 | 10,096,750
| ---- | ------------- | -------------

Ascot Signs Ltd

Statement of Cash Flows

Year ended 31 December 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 3,333,497 | 2,411,572

Adjustments for: |  |
Depreciation of tangible assets | 189,833 | 130,955
Government grant income | ( 3,775) | ( 2,831)
Other interest receivable and similar income | ( 71,254) | ( 44,857)
Interest payable and similar expenses | 9,319 | 31,227
Gains on disposal of tangible assets | ( 10,118) | ( 6,912)
Tax on profit | 1,012,201 | 650,269
Accrued income | ( 1,709,618) | ( 809,237)

Changes in: |  |
Stocks | ( 347,702) | ( 52,398)
Trade and other debtors | 1,130,068 | 1,080,174
Trade and other creditors | ( 327,269) | 23,044
| ------------ | ------------
Cash generated from operations | 3,205,182 | 3,411,006

Interest paid | ( 9,319) | ( 25,096)
Interest received | 71,254 | 44,857
Tax paid | ( 1,331,852) | ( 889,495)
| ------------ | ------------
Net cash from operating activities | 1,935,265 | 2,541,272
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 247,765) | ( 165,677)
Proceeds from sale of tangible assets | 101,986 | 9,000
| ------------ | ------------
Net cash used in investing activities | ( 145,779) | ( 156,677)
| ------------ | ------------

Cash flows from financing activities

Proceeds from borrowings | 77,005 | ( 272,082)
Government grant income | 3,775 | 2,831
Payments of finance lease liabilities | ( 86,960) | ( 28,358)
Dividends paid | – | ( 3,300,100)
| ------------ | ------------
Net cash used in financing activities | ( 6,180) | ( 3,597,709)
| ------------ | ------------

Net increase/(decrease) in cash and cash equivalents | 1,783,306 | ( 1,213,114)
Cash and cash equivalents at beginning of year | 2,416,953 | 3,630,067
| ------------ | ------------
Cash and cash equivalents at end of year | 4,200,259 | 2,416,953
| ------------ | ------------

Ascot Signs Ltd

Notes to the Financial Statements

Year ended 31 December 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 13B Carrakeel Drive, Maydown, Londonderry, Co. Londonderry, BT47 6UQ, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There have been no critical judgements made by the directors in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Recoverability of debtors The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual groups of customers. (ii) Determining the residual values and useful economic lives of property plant and equipment and intangible assets The company depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmers. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to asses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. (iii) Impairment of intangible assets Intangible assets are tested for impairment where there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date, and the director deemed there to be no indicators at the end of the year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from a contract to provide goods and services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the HMRC spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | Over the course of its estimated economic life.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 10% - 20% reducing balance
| Fixtures and fittings | - | 20% reducing balance
| Motor vehicles | - | 25% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is calculated by reference to the lower of selling price and costs incurred to date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Construction contracts | 18,461,094 | 14,546,238
| ------------- | -------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
United Kingdom | 13,787,232 | 11,186,650
Overseas | 4,673,862 | 3,359,588
| ------------- | -------------
| 18,461,094 | 14,546,238
| ------------- | -------------

5. Other operating income

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Government grant income | 3,775 | 2,831
Other operating income | 121,398 | –
| --------- | -------
| 125,173 | 2,831
| --------- | -------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Depreciation of tangible assets | 189,833 | 130,955
Gains on disposal of tangible assets | ( 10,118) | ( 6,912)
Impairment of trade debtors | 220,000 | 225,505
Operating lease rentals | 75,108 | 92,452
Foreign exchange differences | ( 155,949) | 48,608
| --------- | ---------

7. Auditor's remuneration

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Fees payable for the audit of the financial statements | 20,000 | 11,740
| -------- | --------

8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Directors | 3 | 5
Staff | 87 | 81
| ---- | ----
| 90 | 86
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Wages and salaries | 4,526,226 | 3,118,215
Social security costs | 560,348 | 345,667
Other pension costs | 204,229 | 334,708
| ------------ | ------------
| 5,290,803 | 3,798,590
| ------------ | ------------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Remuneration | 20,389 | 94,881
Company contributions to defined contribution pension plans | 59,150 | 250,000
| -------- | ---------
| 79,539 | 344,881
| -------- | ---------

10. Other interest receivable and similar income

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Interest on cash and cash equivalents | 71,254 | 44,857
| -------- | --------

11. Interest payable and similar expenses

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Interest on obligations under finance leases and hire purchase contracts | 9,319 | 6,131
Other interest payable and similar charges | – | 25,096
| ------- | --------
| 9,319 | 31,227
| ------- | --------

12. Tax on profit
Major components of tax expense

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £

Current tax:

UK current tax expense | 995,716 | 670,656

Deferred tax:

Origination and reversal of timing differences | 16,485 | ( 20,387)
| ------------ | ---------
Tax on profit | 1,012,201 | 650,269
| ------------ | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

|  | Period from
| Year to | 1 Apr 24 to
| 31 Dec 25 | 31 Dec 24
| £ | £
Profit on ordinary activities before taxation | 4,345,698 | 3,061,841
| ------------ | ------------
Profit on ordinary activities by rate of tax | 1,086,424 | 765,460
Effect of expenses not deductible for tax purposes | 3,799 | 30,863
Effect of capital allowances and depreciation | 43,376 | 1,576
Effect of research and expenditure tax claim | – | ( 82,630)
RDEC credit | ( 121,398) | –
Accrued expenses in previous year paid | – | ( 65,000)
| ------------ | ------------
Tax on profit | 1,012,201 | 650,269
| ------------ | ------------

13. Dividends

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | – | 3,300,100
| ---- | ------------

14. Intangible assets

| Goodwill
| £
Cost |
At 1 January 2025 and 31 December 2025 | 10,000
| --------
Amortisation |
At 1 January 2025 and 31 December 2025 | 10,000
| --------
Carrying amount |
At 31 December 2025 | –
| --------
At 31 December 2024 | –
| --------

15. Tangible assets

| Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 January 2025 | 1,194,903 | 445,420 | 201,989 | 1,842,312
Additions | 61,602 | 104,413 | 81,750 | 247,765
Disposals | ( 34,998) | ( 50,437) | ( 117,055) | ( 202,490)
| ------------ | --------- | --------- | ------------
At 31 December 2025 | 1,221,507 | 499,396 | 166,684 | 1,887,587
| ------------ | --------- | --------- | ------------
Depreciation |  |  |  |
At 1 January 2025 | 415,539 | 207,009 | 93,831 | 716,379
Charge for the year | 108,904 | 51,342 | 29,587 | 189,833
Disposals | ( 20,274) | ( 22,052) | ( 68,295) | ( 110,621)
| ------------ | --------- | --------- | ------------
At 31 December 2025 | 504,169 | 236,299 | 55,123 | 795,591
| ------------ | --------- | --------- | ------------
Carrying amount |  |  |  |
At 31 December 2025 | 717,338 | 263,097 | 111,561 | 1,091,996
| ------------ | --------- | --------- | ------------
At 31 December 2024 | 779,364 | 238,411 | 108,158 | 1,125,933
| ------------ | --------- | --------- | ------------

Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

| Motor vehicles
| £
At 31 December 2025 | 108,533
| ---------
At 31 December 2024 | 104,120
| ---------

16. Stocks

| 2025 | 2024
| £ | £
Raw materials and consumables | 266,261 | 336,523
Work in progress | 1,005,079 | 587,115
| ------------ | ---------
| 1,271,340 | 923,638
| ------------ | ---------

17. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 2,621,403 | 3,683,443
Prepayments and accrued income | 1,769,960 | 53,013
Other debtors | 837,463 | 916,146
| ------------ | ------------
| 5,228,826 | 4,652,602
| ------------ | ------------

18. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 701,034 | 635,586
Accruals and deferred income | 195,320 | 419,862
Social security and other taxes | 235,940 | 523,929
Obligations under finance leases and hire purchase contracts | 24,340 | 29,635
Other creditors | 184,571 | 404,220
| ------------ | ------------
| 1,341,205 | 2,013,232
| ------------ | ------------

19. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Obligations under finance leases and hire purchase contracts | 90,412 | 95,072
| -------- | --------

20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 24,340 | 29,635
Later than 1 year and not later than 5 years | 90,412 | 95,072
| --------- | ---------
| 114,752 | 124,707
| --------- | ---------

21. Provisions

| Deferred tax (note 22) | Defects and warranties | Total
| £ | £ | £
At 1 January 2025 | 223,669 | 23,900 | 247,569
Charge against provision | 16,485 | – | 16,485
| --------- | -------- | ---------
At 31 December 2025 | 240,154 | 23,900 | 264,054
| --------- | -------- | ---------

22. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 21) | 240,154 | 223,669
| --------- | ---------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 240,154 | 223,669
| --------- | ---------

23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 204,229 (2024: £ 334,708 ).
24. Government grants
The amounts recognised in the financial statements for government grants are as follows:

| 2025 | 2024
| £ | £

Recognised in creditors:

Deferred government grants due within one year | 31,143 | 34,918
| -------- | --------

Recognised in other operating income:

Government grants recognised directly in income | 3,775 | 2,831
| ------- | -------

25. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 500 | 500 | 500 | 500
| ---- | ---- | ---- | ----

On 29 January 2026, 10 K Shares of £1 each were re-designated into £1 Ordinary Shares. Following the re-designation of the K Shares of £1 each the rights attaching to the shares were varied. The Ordinary Shares have full voting, dividend and capital distribution (on winding up) rights; they do not confer any rights of redemption.
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses .
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 185,866 | 281,119
Later than 1 year and not later than 5 years | 450,886 | 693,389
Later than 5 years | 282,100 | 352,743
| --------- | ------------
| 918,852 | 1,327,251
| --------- | ------------

28. Directors' advances, credits and guarantees
During the year ended 31 December 2024, the outstanding credit balances on the Director's Loan Accounts were fully repaid to the directors. There were no transactions on the Director's Loan Account during the year ended 31 December 2025, and no balance remained outstanding at the year end. The loan was non-interest bearing and repayable on demand.
29. Related party transactions and key management personnel
During the period the company paid £59,150 (2024 - £250,000) into the Directors registered pension scheme. During the period the company paid rent into some of the shareholders registered pension scheme of £153,710 (2024 - £76,855). The company paid dividends to its parent company totalling £Nil (2024 - £3,300,100).
During the year the company paid £687,136 (2024 - £124,200) in respect of services by key management personnel.
30. Controlling party
The company is under the control of Maydown Holdings Ltd . The parent company, Maydown Holdings Ltd, has prepared consolidated financial statements, its registered office is Ascot House, 13b Carrakeel Drive, Maydown, Londonderry, Northern Ireland BT47 6UQ. The ultimate parent company is Lifco AB, an entity registered in Sweden.