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Registered number: 06600257 RENAKER BUILD LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
RENAKER BUILD LIMITED COMPANY INFORMATION
Directors | Mr D Whitaker (resigned 14 November 2025)
| Miss M Collins (appointed 13 November 2025)
| Mr A Floyd (appointed 13 November 2025)
| Mr D Gough (appointed 13 November 2025)
| Mr A Lofthouse (appointed 13 November 2025)
| Mr L Walne (appointed 13 November 2025)
Registered number | 06600257
Registered office | 1st Floor
| NQ Building
| 47 Bengal Street
| Manchester
| Lancashire
| M4 6BB
Independent auditors | Grant Thornton UK LLP
| Landmark
| St Peter's Square
| 1 Oxford Street
| Manchester
| M1 4PB
Bankers | Santander
| Bridle Road
| Merseyside
| L30 44B
RENAKER BUILD LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5 - 8
Independent Auditors' Report to the Members of Renaker Build Limited | 9 - 12
Statement of Comprehensive Income | 13
Balance Sheet | 14
Statement of Changes in Equity | 15 - 16
Statement of Cash Flows | 17
Notes to the Financial Statements | 18 - 34
RENAKER BUILD LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The directors present their Strategic Report for the year ended 31 October 2025. Market review The two markets in which we operate - Manchester and Salford - continue to demonstrate enviable performance within the UK despite national and global economic headwinds. Manchester and Salford continue to be seen as a vibrant and sustainable place to live and invest. Challenges for the business and sector as a whole remain consistent with what we have seen in recent years: Rising Costs Building costs continue to increase. Our dedicated local supply chain provides a degree of shielding from this but there has undoubtedly been additional pressure on operating margins and overhead cost alike. Workforce Shortages The construction sector has lost somewhere close to 10% of its workforce since the pandemic, which has led to both a skills shortage and resultant wage growth above the national average. Increases to the National Minimum Wage and employers' National Insurance contributions in April 2025 were a significant stepped operating cost for the business. Regulatory and Legislative Barriers The new Building Safety Act requirements for high-rise apartment projects has led to client delays in commencing to site, and committing to investment. Furthermore, the Renters’ Rights Act, Stamp Duty Land Tax rules and other tax arrangements specific to overseas investment continue to act as barriers to investment in UK property. If there was more support for first time-buyers and a less restrictive legislative and tax regime this would promote and encourage investment, which is essential to improving economic activity and the outlook for the UK.
Business review
In the calendar year of 2025 we saw a record number of projects reach build completion and handover. Across 5 projects we have successfully completed 1,414 apartments, 576 student beds and 806 co living units, all delivered as planned and on programme. We are currently on site with the delivery of a further 1,534 new homes and 861 student beds which are programmed for completions to span 2027-2029. These large-scale residential and student housing projects and our financial and operational strengths position the business in a stable and secure position heading into 2026. Whilst demand for new homes remains, we would expect new project starts to decrease when compared with 2024 and 2025. This trend may continue without any positive change to the current uncertainty in economic outlook, combined with more arduous regulation and a tax framework deterring new investment. Our fully in-house delivery team works hard to de-risk projects with clients, integrating planning, design development, engineering and delivery to provide certainty of outcomes. Page 1
RENAKER BUILD LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 The new requirements of the Building Safety Act were causing much concern within the industry as we headed into 2025. Whilst we see improvements in timescales and general engagement with the regulator, concerns remain practically with regard to the availability of resource and positive engagement at Gateway 3 Stage (project sign-off). Safety remains a priority for all our operations where we continue to develop the ways we can improve and reinforce a positive health, safety, and wellbeing approach into all our operations, whether that be for our colleagues, our supply chain or visitors. We have continued to invest in our people during 2025, and we recognise that the skill, commitment and attitude of our people is essential to our future success. In the year our staff headcount grew to 386 from 377, including 9 new trainees and apprentices. We have 16 employees working towards a degree or professional qualification, funded by the business. We are currently undertaking a comprehensive refurbishment of our head-office space to provide a more vibrant and flexible workspace for our teams. Turnover increased 5.6% to £280.3m (2024: £265.4 m). Net profit margin was 3.4% during the period. Net assets saw a 19.6% increase in 2025 to £44,096k. We have made further significant investments in plant and machinery to enhance our operational capacity and efficiency. No new contract starts took place during the financial year but since year-end we have commenced on-site with Parkside, Greengate and Plot 9B. There are three further projects in the immediate pipeline for a 2026 start.
Key performance indicators
|  | 2025 | 2024
| Turnover (£'000) | 280,326 | 265,391
| Gross Profit (£'000) | 21,024 | 16,380
| Gross Profit (%) | 8 | 6
| Net Profit (£'000) | 7,238 | 4,739
| Net Profit (%) | 3 | 2
Principal risks and uncertainties
The Company has identified certain principal risks and uncertainties and has assessed how these risks could best be mitigated through a combination of internal controls and risk management strategies. These risks are reviewed and updated on a regular basis. Risk management remains inherent in all operations and is given prominent place through the comprehensive project review process in place. Health, safety and security – failure to identify, mitigate and/or react effectively to a major health, safety or security incident The Company's activities are significant and complex which require the continuous monitoring and management of health, safety and environmental risks. Failure to manage these risks could result in serious harm to employees, subcontractors, the public or the environment and could expose the Company to significant potential liabilities and reputational damage. The Company is committed to ensuring a safe working environment. These risks are managed by the Company and its supply chain through the strong promotion of a health and safety culture; and well-defined health and safety policies and procedures. Page 2
RENAKER BUILD LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 Market and political uncertainty - a reduction in demand and the ability of our clients to buy, develop, manage and sell assets at the appropriate time in the property cycle. The business holds a strong reputation in the market for the quality of product, reputation for delivery, and setting high standards in its operations. Further to this, our experience of previous economic downturns is there can often be a flight to quality, which we anticipate will drive demand towards the product we are developing on behalf of clients. Our clients have a clear and credible pipeline of developments that are well progressed in well located parts of Manchester, with strong place-making and amenity. People and skills - our inability to attract, retain, and develop the right people and skills required to deliver the business objectives. Employee retention remains high within the business and our ability to attract talent and develop our existing teams remains a core strength of the Company. We have experienced some challenges in availability of resource within the operational part of the business at management level, where market demand for quality people has remained high. Supply Chain – the ability to procure the necessary labour, materials and expertise to deliver our projects. The business retains a reliable core of key suppliers, many of whom are North West, and UK based and have partnered with us for several years. The vast majority of our core suppliers and sub-contractors operate exclusively in the UK. There is some reliance on overseas supply chain for specific components of our build and design. Where possible we will mitigate overseas supply chain risk by sourcing from larger 'Tier 1' level suppliers with whom we have an existing relationship. We will also seek additional security within supply contracts where there are long-lead times or potential logistical challenges in ensuring goods and services arrive in the UK on programme. Liquidity Risk – the risk of the ability to service and repay existing facilities as they mature, together with being able to secure future financing as required. Liquidity risk remains nominal, there are no open facilities with only moderate levels of asset finance on selective major plant and equipment assets. The day to day liquidity position of the business is closely monitored through detailed cash forecasting, reviewed regularly and risk assessed. All spending commitments are regularly reviewed against these forecasts. Credit Risk – the ability to collect and recover all sums due under design & build contracts and effective management of working capital. The Company is exposed to the ordinary risk of its ability to recover revenue from customers as and when this falls due. This is monitored regularly but the risk is significantly reduced by virtue of the vast majority of revenue being derived from contracts with related party companies, where we have regular reviews and full visibility of the underlying risks. Of the trade debtors outstanding at year end amounting to £61.7m, (2024: £47.6m), 87% (2024: 100%) of outstanding billed amounts have subsequently been settled in full. We are therefore satisfied that risks are well managed in this area and there are no material risks to settlement of long-term contracts. Page 3
RENAKER BUILD LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Directors' statement of compliance with duty to promote the success of the Company
In the decisions taken during the year ended 31 October 2025, the Directors of Renaker Build Limited believe they have acted in the way they consider, in good faith, and most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1)(a-f) of the Companies Act 2006). This statement sets out how the director complies with the requirements of Section 172 of the Companies Act 2006. The Directors are the custodians of the business, with a responsibility to create and sustain long-term value for our shareholders and stakeholders by directing its affairs and meeting their legitimate interests. The Board clearly understands the correlation between good corporate governance, healthy stakeholder relations, effective communication, and the alignment of corporate goals with stakeholders' expectations and aspirations. In fulfilling the Board's principal responsibility, business performance and strategy is reviewed on monthly basis, looking out across 5-year business planning horizons. Annual budgets are set for each project with clear plans for delivery of each. The Board fully understands that the impact of our operations is measured not just in the quality of the project delivered but in the longer-term impact on the environment, communities, and people. The director firmly believes that for the business to be successful, the Company must operate in a forward- thinking manner, be responsive to change and to be able to act quickly. Throughout the business, we adopt a “can do” attitude with the aim of delivering sustainable new communities in an enthusiastic, professional, and efficient manner. To improve long-term decision making, the Company has put in place a structured governance model, with scheduled meetings for operational, financial and strategic planning and risk management. Our governance model supports the Company in ensuring that decisions are considered, and in alignment with our strategic plans. Detailed budgets and reforecasts are prepared every month to enable the Company to track performance and take any necessary actions to deliver performance in line with, or close to, expectations. This report was approved by the board and signed on its behalf.
Mr A Floyd Director
Date: 30 March 2026
Page 4
RENAKER BUILD LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the audited financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited 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 audited financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the audited 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.
Results and dividends
The profit for the year, after taxation, amounted to £7,238 thousand (2024 - £4,739 thousand). The business recorded turnover in the year of £280m (2024: £265m). Operating profit margin was 3.3% in the year (2024: 2.2%), despite inflationary pressures that remain. As at 31 October 2025, the Company had net assets of £44m (2024: £37m). Turnover in the year largely relates to completion of T2 at Union Living, Greengate Bankside and House of Social amongst the ongoing contract delivery at Vista River Gardens, Port Street, Contour, Trinity Heights and F1 Jackson St. The director did not recommend the payment of a dividend in the year (2024: £Nil).
Directors
The director who served during the year was:
Mr D Whitaker (resigned 14 November 2025)
Page 5
RENAKER BUILD LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Health and safety of employees
The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety Statement.
Future developments
The business is operating under letters of intent for four new projects which are expected to commence construction after the year end.
Engagement with employees
The Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities. The Company's policies and procedures fully support our disabled colleagues. The Company take active measures to do so via a robust reasonable adjustment policy and processes to ensure colleagues are fully supported.
Engagement with suppliers, customers and others
Suppliers Good working relationships with suppliers are essential in order for the Company to deliver schemes at the pace and quality our customers come to expect. The Company works closely and supports development with suppliers to ensure standards remain high and costs are controlled. Customers Delivering high quality schemes, with robust quality control procedures in place enhances the Company’s reputation and meets the expectations of our clients. The business has a dedicated team to engage and support our clients immediately prior to handover, and by way of follow-on customer care. The Management Team regularly review feedback data and consider ways in which these processes can be improved. Stakeholders and the wider community The director is mindful of the effect our operations have upon local communities and we aim to make a positive contribution to the communities within which we work. This includes minimising disruption; fostering local authority relationships, supporting the use of local labour, equipment, materials and supply chain partners; and engaging effectively with the local community with regard to our project aspirations and delivery.
Qualifying third party indemnity provisions
Insurance policies are in place that indemnify the directors against liability when acting for Renaker Build Limited. Page 6
RENAKER BUILD LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption for the year are:
| 1st November 2024 to 31st October 2025 tCO2e | 1st November 2023 to 31st October 2024 tCO2e
Emissions from Scope 1 | 454 | 626
Emissions from Scope 2 | 596 | 601
Emissions from Scope 3 | - | -
Total Gross tCO2e | 1,050 | 1,227
Intensity Ratio: tCO2e/£m Turnover | 3.8 | 4.6
In publishing this information, the Company has adhered to the Environmental Reporting Guidelines. The figures set out are in accordance with the GHG protocol including Streamlined Energy and Carbon Reporting Guidelines. The latest published UK Governments Conversion factors have been used for all calculations. Scope 1 emissions are direct emissions produced by the combustion of fuels purchased by Renaker Build Limited. Scope 2 emissions are indirect emissions generated by the electricity purchased by Renaker Build Limited. Scope 3 emissions are indirect emissions produced by activity from Renaker Build Limited but owned and controlled by another emitter. Electricity purchased in the year totalled 4,133,232 kWh (2024: 4,046,115 kWh). In the period covered by this report, Renaker Build Limited has continued to enhance environmental change through the evolution of our Environmental Management System (EMS). We are actively identifying environmental opportunities and minimising risk, positively contributing towards our energy efficiency. Progression of key projects has prompted variating energy consumption and consequently greenhouse gas (GHG) emissions have therefore reduced in the period in proportion to turnover, however this is not likely to be representative of the medium-term picture owing to an increase in our project activity. To ensure we continue to drive down our emissions, we are continuing to develop more efficient means of operating, as well as driving a continually improving quality culture to reduce mistakes, the rectification of which also has a GHG impact. More specifically, we continue to; ∙Champion environmental toolbox talks focusing on energy efficiency, covering our offices, cabins and construction sites ∙Carefully track the maintenance of our plant and equipment to ensure they are operating at optimum efficiency ∙Upskill and increase the number environmental champions within our workforce to drive positive behavioural change at a local level ∙Working towards obtaining ISO14001 certification to further strengthen our framework of identifying, managing, and reducing energy consumption ∙Regularly review the suitability and effectiveness of our environmental plans to ensure they are delivering optimal results ∙Observe the environmental challenges and innovations developing within the construction industry to help us recognise where we can apply environmental value ∙Consider all opportunities for further environmental improvement across our business Page 7
RENAKER BUILD LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 We continue to review and develop our EMS and in combination with the above, seek to further improve our efficiency.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr A Floyd Director
Date: 30 March 2026
Page 8
RENAKER BUILD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED
Opinion
We have audited the financial statements of Renaker Build Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We are responsible for concluding 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 report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern. In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as the risk of recession on customer demand, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. Page 9
RENAKER BUILD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED (CONTINUED) In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report under the Companies Act 2006
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. Matters on which we are required to report by exception 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. Page 10
RENAKER BUILD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework FRS 102 and the Companies Act 2006; ∙We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management and those charged with governance of the entity. We corroborated our enquiries through a review of correspondence received from regulatory bodies where relevant; ∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: °Evaluation of the processes and controls established to address the risks related to irregularities and fraud; °Identifying and testing unusual journal entries; °Challenging the assumptions and judgements made by management in its significant accounting estimates, being the accounting treatment of long term construction revenue contracts. ∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; ∙The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s knowledge of the industry in which the client operates and the understanding of, and practical experience through training and participation with audit engagements of a similar nature; Page 11
RENAKER BUILD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED (CONTINUED) ∙From the procedures performed we did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud; ∙In assessing the potential risks of a material misstatement, we obtained an understanding of the company’s operations, including the nature of its revenue sources, expected financial disclosures and business risks that may result in risk of material misstatement. This included the company’s control environment including the adequacy of procedures for the recording and authorisation of transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Stuart Muskett (Senior Statutory Auditor) for and on behalf of Grant Thornton UK LLP Chartered Accountants & Statutory Auditors 30 March 2026 Page 12
RENAKER BUILD LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 280,326 | 265,391
Cost of sales |  | (259,302) | (249,011)
Gross profit |  | 21,024 | 16,380
Administrative expenses |  | (11,720) | (10,369)
Operating profit | 5 | 9,304 | 6,011
Interest receivable and similar income | 9 | 396 | 339
Interest payable and similar expenses | 10 | (40) | (50)
Profit before tax |  | 9,660 | 6,300
Tax on profit | 11 | (2,422) | (1,561)
Profit for the financial year |  | 7,238 | 4,739
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 34 form part of these financial statements.
Page 13
RENAKER BUILD LIMITED REGISTERED NUMBER: 06600257 BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 8,187 |  | 8,663
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 95,251 |  | 82,831 |
Cash at bank and in hand | 14 | 4,178 |  | 15,821 |
|  | 99,429 |  | 98,652 |
Creditors: amounts falling due within one year | 15 | (56,957) |  | (64,776) |
Net current assets |  |  | 42,472 |  | 33,876
Total assets less current liabilities |  |  | 50,659 |  | 42,539
Creditors: amounts falling due after more than one year | 16 |  | (4,799) |  | (3,863)
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (1,764) |  | (1,818) |
|  |  | (1,764) |  | (1,818)
Net assets |  |  | 44,096 |  | 36,858
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | - |  | -
Profit and loss account | 20 |  | 44,096 |  | 36,858
|  |  | 44,096 |  | 36,858
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr A Floyd
Director
Date: 30 March 2026
The notes on pages 18 to 34 form part of these financial statements. Page 14
RENAKER BUILD LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 November 2024 | - | 36,858 | 36,858
Comprehensive income for the year |  |  |
Profit for the year | - | 7,238 | 7,238
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 7,238 | 7,238
Total transactions with owners | - | - | -
At 31 October 2025 | - | 44,096 | 44,096
| The notes on pages 18 to 34 form part of these financial statements.
Page 15
RENAKER BUILD LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 November 2023 | - | 32,119 | 32,119
Comprehensive income for the year |  |  |
Profit for the year | - | 4,739 | 4,739
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 4,739 | 4,739
Total transactions with owners | - | - | -
At 31 October 2024 | - | 36,858 | 36,858
| The notes on pages 18 to 34 form part of these financial statements.
Page 16
RENAKER BUILD LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £000 | £000
Cash flows from operating activities |  |
Profit for the financial year | 7,238 | 4,739
Adjustments for: |  |
Depreciation of tangible assets | 1,118 | 1,056
Profit on disposal of tangible assets | (42) | -
Interest paid | 40 | 50
Interest received | (396) | (339)
Taxation charge | 2,422 | 1,561
Increase in debtors | (12,756) | (18,163)
(Decrease)/increase in creditors | (6,469) | 15,619
Corporation tax paid | (2,139) | (1,684)
Net cash (used in) / generated from operating activities | (10,984) | 2,839
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (672) | (1,814)
Sale of tangible fixed assets | 71 | -
Interest received | 396 | 339
Net cash used in investing activities | (205) | (1,475)
Cash flows from financing activities |  |
Repayment of finance leases | (414) | (527)
Interest paid | (40) | (50)
Net cash used in financing activities | (454) | (577)
Net (decrease)/increase in cash and cash equivalents | (11,643) | 787
Cash and cash equivalents at beginning of year | 15,821 | 15,034
Cash and cash equivalents at the end of year | 4,178 | 15,821
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,178 | 15,821
| 4,178 | 15,821
The notes on pages 18 to 34 form part of these financial statements.
Page 17
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Renaker Build Limited is a private company limited by shares and incorporated in England and Wales. Its registered head office and principal place of business is located at 1st Floor, NQ Building, 47 Bengal Street, Manchester, Lancashire, M5 6BB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company's financial statements are presented in sterling and all values are rounded to the nearest thousand (£'000) except when otherwise stated. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The director has undertaken a detailed review of business performance and forecast resources, in order to make an informed and prudent assessment of the Company’s ability to operate as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements. The review performed takes into account known and quantifiable risks, with further sensitivity and risk modelling performed over cashflow forecasts which considered the recoverability of long-term contracts, gross and net operating margins and possible programme delays. Having considered these long-term forecasts for the business, the director considers that there will be sufficient resources to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements.
| 2.3 | Revenue
Turnover represents the net invoiced value of contracts, excluding value added tax and with an adjustment made for the provision of income either in advance or arrears for the relative state of completion of each contract undertaken by the Company at the Balance Sheet date. Turnover on long term construction projects is recognised in accordance with the stage of completion for each project which is measured on an input basis. Full provision is made for losses on all contracts in the period in which the loss is first foreseen. Where the outcome of a contract can't be estimated reliably, turnover is recognised only to the extent of costs incurred that it is probable will be recoverable. Costs are recognised in the period to which they relate. Page 18
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | 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:
|  |  |  | Long-term leasehold property | - | 10 years
|  |  |  | Plant and machinery | - | 5-10 years
|  |  |  | Motor vehicles | - | 5-8 years
|  |  |  | Fixtures and fittings | - | 5 years
|  |  |  | Computer equipment | - | 3-5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Page 19
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 20
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 21
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.11 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard the 01 November 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 22
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The margin applied to costs incurred is based upon management estimates of costs to complete contracts and any contract variations that may be agreed. These expected future costs will fluctuate as the project progresses and more information is available.
4. | Turnover
All turnover, in both the current and prior year, arose from construction projects within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Plant hire | 97 | 941
| Depreciation | 1,118 | 1,056
Page 23
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 85 | 71
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Taxation compliance services | 5 | 5
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 23,114 | 21,440
| Social security costs | 2,678 | 2,261
| Cost of defined contribution scheme | 1,176 | 948
|  | 26,968 | 24,649
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management | 5 | 5
|  | Administration | 94 | 101
|  | Construction | 287 | 271
|  |  | 386 | 377
| The total expense recognised in respect of remuneration of key management personnel in the year was £10,750k (2024: £9,692k).
Page 24
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 167 | 163
| Company contributions to defined contribution pension schemes | 15 | 18
|  | 182 | 181
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other interest receivable | 396 | 339
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Finance leases and hire purchase contracts | 40 | 50
Page 25
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 2,477 | 1,325
| Adjustments in respect of previous periods | (3) | (21)
| Total current tax | 2,474 | 1,304
| Deferred tax |  |
| Timing differences | (52) | 257
| Total deferred tax | (52) | 257
| Tax on profit | 2,422 | 1,561
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 9,660 | 6,300
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 2,415 | 1,575
| Effects of: |  |
| Expenses not deductible for tax purposes | 9 | 6
| Adjustments to tax charge in respect of prior periods | (2) | (20)
| Total tax charge for the year | 2,422 | 1,561
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 26
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £000 | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |  |
| At 1 November 2024 | 14 | 16,319 | 214 | 28 | 325 | 16,900
| Additions | - | 569 | 76 | - | 27 | 672
| Disposals | - | (94) | (69) | (28) | - | (191)
| At 31 October 2025 | 14 | 16,794 | 221 | - | 352 | 17,381
| Depreciation |  |  |  |  |  |
| At 1 November 2024 | 4 | 7,830 | 159 | 19 | 225 | 8,237
| Charge for the year | 1 | 1,026 | 28 | 2 | 61 | 1,118
| Disposals | - | (82) | (58) | (21) | - | (161)
| At 31 October 2025 | 5 | 8,774 | 129 | - | 286 | 9,194
| Net book value |  |  |  |  |  |
| At 31 October 2025 | 9 | 8,020 | 92 | - | 66 | 8,187
| At 31 October 2024 | 10 | 8,489 | 55 | 8 | 100 | 8,662
| Finance leases
Plant and machinery with net book value of £565k (2024: £1,639k) are held under finance leases. Page 27
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 61,675 | 47,633
| Other debtors | 552 | 644
| Prepayments | 4,786 | 1,326
| Accrued income | 15,639 | 16,214
| Payments in advance | 3,805 | 8,678
| Amounts recoverable on long-term contracts | 7,315 | 6,639
| Tax recoverable | 1,479 | 1,697
|  | 95,251 | 82,831
| Included above within trade debtors is £59,396k (2024: £38,651k) of related party balances. Included above within other debtors is £Nil (2024: £14k) of related party balances. Included above within accrued income is £15,639k (2024: £16,214k) of related party balances. Included above within prepayments is £2,869k (2024: -£54k) of related party balances. Included within payments in advance is £3,805k (2024: £8,678k) of related party balances. See note 24 for further details.
14. | Cash
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 4,178 | 15,821
Page 28
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 4,569 | 4,529
| Other taxation and social security | 734 | 716
| Obligations under finance lease and hire purchase contracts | 33 | 414
| Other creditors | 4,245 | 2,832
| Accruals and deferred income | 47,376 | 56,285
|  | 56,957 | 64,776
| Included above within trade creditors is £Nil (2024: £15k) of related party balances. Included above within accruals is £221k (2024: £6k) of related party balances. See note 24 for further details. All hire purchase liabilities are secured against the assets to which they relate.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Retentions payable | 4,799 | 3,830
| Net obligations under finance leases and hire purchase contracts | - | 33
|  | 4,799 | 3,863
| All hire purchase liabilities are secured against the assets to which they relate.
17. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Within one year | 33 | 414
| Between 1-5 years | - | 33
|  | 33 | 447
Page 29
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | (1,819)
| Charged to profit or loss | 55
| At end of year | (1,764)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fixed asset timing differences | (1,789) | (1,837)
| Short term timing differences | 25 | 18
|  | (1,764) | (1,819)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 10 (2024 - 10) Ordinary shares of £1.00 each | - | -
| There is a single class of ordinary shares. There are no restrictions on dividends and the repayments of capital.
20. | Reserves
Profit and loss account Includes all current and prior periods retained profits and losses. Page 30
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Analysis of net debt
|  | At 1 November 2024 | Cash flows | Other non-cash changes | At 31 October 2025
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 15,821 | (11,643) | - | 4,178
| Finance leases | (447) | 454 | (40) | (33)
|  | 15,374 | (11,189) | (40) | 4,145
22. | Capital commitments
The directors have confirmed that as at 31 October 2025 there were purchase commitments of £1.2m (2024: £123k) in relation to website development and motor vehicles.
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £998k (2024: £948k) . Contributions totalling £201k (2024: £191k) were payable to the fund at the balance sheet date and are included in creditors. Page 31
RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
24. | Related party transactions
| The below receivable/(payable), accrued income/(deferred income) and prepayment/(accrual) balances are held with companies under the common control of Mr D Whitaker:
|  | 2025 | 2024
|  | £000 | £000
| Trinity Developments (Manchester) Limited | 19,901 | 8,376
| VQ DevCo Limited | 18,792 | 14,681
| New Jackson (Contour) Investments Limited | 12,500 | 8,285
| Trinity Islands D2 Investments Limited | 11,646 | 19,403
| Greengate Developments 4 Limited | 8,561 | -
| DQ Investments Limited | 2,274 | -
| Trinity Islands C2 Investments Limited | 1,989 | -
| Trinity Islands C1 Investments Limited | 1,765 | -
| New Jackson (Owen St) Investments 2 Limited | 1,217 | -
| New Jackson (Owen St) Investments 1 Limited | 1,060 | -
| WQ Developments Limited | 1,026 | -
| Collier Street Investments Limited | 360 | 304
| UQ Developments Limited | 280 | 127
| Kellen Homes Limited | 130 | 44
| Greengate Developments 2 Limited | 64 | 9,583
| Lowry Investments (NW) Limited | 48 | 231
| New Jackson (Chester Rd) Investments Limited | 40 | -
| Greengate Investments 2 Limited | 3 | -
| RR Developments (Manchester) Limited | (169) | -
| AQ Investments Limited | - | 2,383
| TS Developments (Manchester) Limited | - | 50
| XQ Developments Limited | - | 12
| FQ Commercial Investments Limited | - | 1
|  | 81,487 | 63,480
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RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 The following transactions occurred during the year with companies under common control of Mr D Whitaker: Revenue
|  | 2025 | 2024
|  | £000 | £000
| Trinity Developments (Manchester) Limited | 54,503 | 11,169
| New Jackson (Contour) Investments Limited | 51,204 | 21,671
| Trinity Islands D2 Investments Limited | 35,811 | 48,722
| VQ DevCo Limited | 18,646 | -
| Greengate Developments 2 Limited | 9,598 | 43,871
| VQ Developments Limited | 7,500 | 4,409
| Greengate Developments 4 Limited | 3,178 | -
| New Jackson (Owen St) Investments 2 Limited | 1,217 | -
| New Jackson (Owen St) Investments 1 Limited | 1,060 | 28
| Trinity Islands C2 Investments Limited | 1,037 | -
| Trinity Islands C1 Investments Limited | 813 | -
| UQ Developments Limited | 138 | 17
| Collier Street Investments Limited | 56 | 82
| DQ Investments Limited | 48 | -
| New Jackson (Chester Rd) Investments Limited | 40 | -
| Lowry Investments (NW) Limited | 8 | 168
| RR Developments (Manchester) Limited | 2 | -
| WQ Developments Limited | 2 | -
| GJS (Circle) Developments 1 Limited | - | 10,574
| AQ Investments Limited | - | 1,254
| GJS (Education) Investments Limited | - | 1,096
| TS Developments (Manchester) Limited | - | 30
| Crown Street 1 Management Company Limited | - | 2
| Greengate Developments 1 Limited | - | (425)
| GJS (Blade) Developments 1 Limited | - | (565)
| GJS (MSCP) Developments 1 Limited | - | (1,280)
|  | 184,861 | 140,823
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RENAKER BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Expenses
|  | 2025 | 2024
|  | £000 | £000
| Lowry Investments (NW) Limited | 217 | 376
| New Jackson (Chester Rd) Investments Limited | 206 | -
| UQ Developments Limited | 150 | 141
| DQ Investments Limited | 49 | 63
| GJS (Blade) Investments Limited | (1) | -
| Greengate Investments 2 Limited | (10) | 158
| GJS (Circle) Investments Limited | (16) | -
| Kellen Homes Limited | (245) | (109)
| GJS (Blade) Developments 1 Limited | - | (2)
| FQ Developments Limited | - | (4)
|  | 350 | 623
Revenue relates to the provision of design and construction services to companies under common control of Mr D Whitaker. Expenses relate to the provision of advice and construction services by companies under the common control of Mr D Whitaker.
25. | Controlling party
The ultimate controlling party is Mr D Whitaker.
Page 34