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Registration number: 01126135

E W Beard Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

E W Beard Limited

Contents

Company Information | 1
Strategic Report | 2 to 8
Directors' Report | 9 to 10
Statement of Directors' Responsibilities | 11
Independent Auditor's Report | 12 to 14
Profit and Loss Account | 15
Balance Sheet | 16
Statement of Changes in Equity | 17
Notes to the Financial Statements | 18 to 28

E W Beard Limited

Company Information

Chairman | M G Beard DL PPCIOB CEnv

Directors | N A Sherreard FCIOB CEnv F L Johns FCA M J Hedges FCIOB A L Cox FICE FCIOB CEng J N Harwood FCIOB CEnv T J Jenkinson FCIOB

Company secretary | D B Stockham FRICS

Registered office | Faraday Road Dorcan Swindon SN3 5JY

Solicitors | Pinsent Masons LLP 30 Crown Place London EC21 4ES Blake Morgan LLP Seacourt Tower West Way Oxford OX2 0FB Mills & Reeve LLP 27 Park End Street Oxford OX1 1HU

Bankers | Lloyds Bank plc 14 Castle Street Cirencester GL7 1QJ HSBC Bank plc Unit 6 The Lock Canal Walk Swindon SN1 1LD

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

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

Financial overview

This year marks another period of strong financial delivery for the Company, building on the momentum created over the past few years. Our commitment to getting the fundamentals right has kept us ahead of our targets set out in our budget and business plan. The strength of our partnerships, with our people, our suppliers and our customers, continues to underpin our success, supported by a trading environment that has remained positive.
Sales grew by 16% in the year with the Company remaining focussed on our Prompt and Faultless Delivery ethos, while ensuring costs remain under review. This resulted in a turnover of £230.2m (2024: £198.4m) and net profit after tax of £3.4m (2024: £4.0m). Our results included charitable donations of £4.5m (2024: £0.1m), which will support both the Beard staff and family charity activities in the years ahead.
We continue to grow the business organically via our newest office in Southampton having completed its 2nd year in operation. Furthermore, there remained strong demand coming into 2025 having bounced back from between 2020 and 2022. However, there are signs towards the end of the year that sentiment is less positive, which we are forecasting will lead to a more competitive market over the next 18 months. To this end and throughout 2025, we have focused on driving efficiency at every level in preparation for a more competitive period ahead.
Cashflow is effectively controlled, through a combination of pro-active daily management of work in progress, prompt settlement of final accounts and timely release of retentions from customers. Close control of our cash ensures we have the right balance between working capital and short-term investments.
We close the year with a healthy cash and short term investments position of £45.2m (2024: £44.3m). The Company continues to run the business without the need for debt financing, with any investment required being funded through re-investment of Company profits.
We prioritise relationships with our supply chain, key to this is supporting them through our timely payment schedules, with an average time from invoice to payment of 27 days with 93% of invoices paid within terms in 2025. In 2025 we were accepted as an early adopter of Fair Payment Code, demonstrating our commitment to paying our supply chain on time. Supply chain trust has been central to our relative success.
Our people have continued to focus on project delivery basics, retaining our core skills as great builders and ensuring we do not become complacent as we grow the business. Pleasingly we have been able to promote a significant number people into new roles and their commitment and hard work have been key to our successes.

Section 172 statement
The directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Company has considered the long-term strategy of the business and consider that this strategy will continue to deliver long term success to the business and its stakeholders.
The Company is committed to maintaining an excellent reputation and strives to achieve high standards. We are selective about which sub-contractors we use to deliver best value while maintaining an awareness of the environmental impact of the work that they do.
The directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the Company are considered to be the employees, suppliers, and customers.

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

Strategy

The Company's primary area of activity was building contracting for various organisations which share the same values and have a good credit rating. The Company targets:

• | work where it can bring expertise which adds real benefit to the value chain; and
• | projects up to £35m in our preferred sectors

A key pillar of our strategy is the effectiveness of our supply chain, who contribute heavily to maintaining our reputation for quality and delivery excellence. We strive to develop successful, long-term relationships with our partners, forming mutually beneficial partnerships that underpin our ethos of prompt and faultless delivery of projects.
The successful implementation of our strategy has been critical this year. By working closely with our customers, supply chain and our people, we have delivered high quality service and strong project outcomes. Our diversification across regions and sectors, along with maintaining a balanced pipeline of public sector framework opportunities, remains central to our approach. We are also focused on growing our Special Projects and Property Services teams, whose fast track, customer focused and smaller scale projects continue to perform well and deliver added value for our customers.

Awards and recognition |
RoSPA Health & Safety Presidents Award | Winner
Insider Media SW property Awards – South-West Construction Company | Winner
RIBA South Award – Building of the Year | Winner
Jackson Library, Exeter College |
RIBA South Award – Conservation Award | Winner
Jackson Library, Exeter College |
RIBA South Award | Winner
Rhodes House |

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

Environment

The Company is aware that construction activities can have a seriously detrimental effect on the environment and has put in place a management system to minimise such effects.
The challenge of climate change continues to be an area of focus for the industry and wider society. We have made positive steps towards our own commitment to reduce our carbon intensity rate over the past few years, and have a number of measures in place:

• | Car allowance policy which encourages staff to drive vehicles with lower CO2 emissions, in particular EV
• | Salary sacrifice scheme for EV and hybrid vehicles, with EV charging points installed at all offices
• | Ground source and air source heat pumps at Guildford office
• | LED lights installed at all offices
• | Solar Panels installed at Oxford, Swindon and Guildford offices
• | Investment in our offices spaces including updating of boiler systems
• | Information being held via cloud storage as opposed to server storage
• | 100% renewable tariffs in place for all offices
• | Video conferencing facilities installed to enable reduced travel for short meetings
• | Minimising site waste, such as ensuring suitable storage space and facilities are available, rubbish is compacted in the skips, waste materials are recycled, and agreeing reduced material packaging with suppliers
• | Training of all site managers, project managers and selected staff on environmental awareness.
• | We have purchased our first Electric Van in February 2026 to trial its viability.

We are focussed on highlighting the importance of employee actions to assist our drive to reduce our carbon emissions and aim to set ourselves a new set of targets over the next 12 months.

Innovation

The Company places great emphasis on being better tomorrow than it is today and has five focussed forums in place to drive innovation and best practice throughout the business. The hubs also offer employees the opportunity to engage with business improvement initiatives and issues affecting the wider construction industry.
We are trialling the use of AI across a number of roles in the business to identify use cases and better understand how it can bring efficiencies to our processes.

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

Safety

The safety of everyone affected by our activities has remained a priority and was reinforced by our Focus 25 campaign. We proactively targeted areas for improvement, based on 2024 results, through positive engagement with staff, ensuring safety and wellbeing are embedded across the organisation.

In 2025, all regional offices exceeded the minimum standard H&S audit score, despite making the scoring more stringent. We achieved all our safety objectives against our targets, however, saw an increase in issues around RAMS & COSHH, as well as Service strikes. During the year we continued our investment in a behavioural safety programme for staff, including key supply chain partners, and introduced a new initiative raising Hazard observations to prevent accidents/incidents.
Our enhanced flexible working arrangements and expanded family leave policies has significantly improved the quality of life for many colleagues. These changes support better work-life balance, reduce stress, and promote overall wellbeing helping our people feel valued and supported. Prioritising health and wellbeing have strengthened our culture and positioned ourselves as an employer of choice.
Our Health and Safety Management systems are approved and accredited by British Standard institute (BSI), Construction Health & Safety Assessment Group (CHAS), Construction Line Gold, Exor Gold and Safe Contractor.
Information and systems security prioritisation has been at the forefront during the year, having maintained our Cyber Essentials Plus and ISO 27001 accreditation. Further to this all staff completed their annual Cyber Security training, ensuring they are kept up to date on the risks of a Cyber-attack, to better protect both themselves and the Company.

Community and social responsibility

We recognise the importance of supporting the communities from which we draw resources and driving continual environmental improvement. Community impact is embraced by every team and delivered on every construction project under three key themes: Community, People and Environment - proudly underpinning our commitment to being a responsible and ethical business.
We are continuing to broaden and strengthen our collaborative relationships with local supply chain partners to deliver even greater community benefits each year, through shared values.
We encourage staff to participate in local organisations and charities, supporting this where appropriate through financial contributions, fundraising activities, and time off work. Each office embraces this ethos which promotes physical and mental wellbeing, team building, and improved morale - aligned with our vision to be a great place to work.
Employee-led community initiatives are supported by the Beard Charitable Foundation, which was restructured in 2025 to enable grants supporting the charitable work of staff to be drawn from dedicated funds.
Our actions reflect our belief in being a purposeful business - creating lasting value for people, communities, and the environment.
In 2025, we appointed sustainability champions across each region to promote the adoption of energy and carbon reducing technologies on trial projects. We are closely monitoring project performance, and the most successful approaches will be captured, shared, and rolled out across all our projects.

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

Summary of performance indicators

The directors monitor various indicators which provide an overview of business performance.

| 2025 | 2024 | 2023 | 2022 | 2021
End of year head of work | £156m | £186m | £122m | £129m | £119m
Work secured on best value | 72% | 62% | 64% | 68% | 41%
Staff turnover | 12% | 12% | 13% | 12% | 8%
Accident Frequency Rate | 0.08 | 0.21 | 0.15 | 0.15 | 0.19
End of year work in progress as a % of full year turnover | 1.3% | 2.3% | 3.2% | 1.0% | 2.6%
Year end debtor days | 22 | 19 | 21 | 25 | 21
Growth in sales | 16% | 10% | 9% | 14% | 6%
Average days to pay suppliers | 27 | 30 | 29 | 28 | 27

The Company’s management reporting includes a monthly balanced scorecard. This report highlights to the Board of Directors and senior management both backwards and forward looking KPIs within the business and allows prompt action to be taken where appropriate to maximise opportunity and minimise risk. These KPI’s are reviewed annually to ensure they remain fit for purpose.
We maintained our RoSPA Health & Safety Presidents Award and pleasingly saw a drop in our AFR. These results have come from our focus over many years in keeping our people and those that work with us safe. We believe in the progress we are making and are not complacent in maintaining our focus in this area.
Our growth in sales took us to another high in the Company’s history supported by a record year for our Property Services Division. We believe that we have crested the top of a recent market cycle, so are not surprised by our growth during the year, however, expect a small reduction in 2026 against a more competitive environment and economic challenges.

Outlook for the business

The Board of Directors forecast sales to be 5-10% lower in 2026, driven by a more competitive landscape. However, they remain positive for the year ahead given strong performance on the large majority of current projects, the quality of our people, and strength of supplier relations.
The directors believe the Company is well positioned to deliver on opportunities, whilst managing any resultant risk due to its:

• | committed workforce
• | broad spectrum of customers
• | position on over 30 framework agreements
• | strong order book
• | strong balance sheet
• | continued investment in staff development, best practice, modern processes and systems

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

Principal risks to the business

The business is well financed, and the directors are confident that it is well placed to deal with internal and external shocks.
The directors have identified the following risks as being of major concern:

• | economic and political uncertainty including global conflict
• | management failure
• | site incident
• | design team failure
• | customer or supply chain insolvency
• | cyber attack
• | uninsured events

Each individual risk is actively considered within the appropriate business unit and managed by the directors. A fully detailed disaster recovery plan is in place to deal with significant events which affect the day-to-day activity of the business.
Our risk register is reviewed regularly to ensure any new risks are considered, accounted for, and actions taken accordingly to manage and/or mitigate these risks.
A quarterly cyber security committee meeting is undertaken, attended by the Finance Director and Vice Chairman. This group are tasked with reviewing the security roadmap along with incidents and non-compliances, with updates reported up to the Board. Risks are presented throughout the year to the Audit and Risk Committee and Board of directors.

Financial risk management

Exposure to credit and liquidity risks arise in the normal course of the Company’s business.
The Company’s credit risk is attributable to its trade receivables. The amounts presented in the statement of financial position are net of any allowances for doubtful debtors, based upon prior experience and assessment of specific circumstances by the directors. Credit checking of new customers and cash collection processes remain strong.
The Company seeks to manage risk to ensure that sufficient liquidity is available to meet foreseeable needs. Short term flexibility is achieved using fixed and variable deposit accounts. The directors prepare rolling cashflow forecasts to plan for future surpluses and expenditure.
The Company has entered into performance bonds in the ordinary course of business with a total value of £9.4m as at 31 December 2025 (2024: £11.6m). The Company has never had a bond called and it is the directors’ opinion that no liability will arise in respect of the current bonds.

Employees

The Company strives to be a great place to work, creating an environment where people enjoy working, give their best and deliver successful outcomes. The Company continues to be open to new ways of working which benefit both Beard and its people, resulting in improved outputs.
The development of all our people is central to the Company’s long-term success, and this is recognised by our Investors in People (IiP) Gold status and IiP Health and Wellbeing Gold status, which we expect to maintain in 2026.
The Company invests in leadership, technical and safety training for all staff who have been identified, where deemed beneficial to themselves and the Company. Our leadership development programme moved into its second year, with the first cohort having completed the programme. Beard continues to recruit and train school-leavers and graduates who show an enthusiasm for working in the construction industry and have a commitment to achieving relevant high-quality qualifications through formal training.

Various initiatives are in place to keep employees informed, including our annual communication event in January attended by all members of staff and a weekly business and office update. The Company’s financial performance is shared with all staff via a 2-monthly performance dashboard.

E W Beard Limited

Strategic Report for the Year Ended 31 December 2025

Feedback from employees is encouraged across the Company, with several employees being members of working groups, aimed at sharing information and continual business improvement. The sharing of best practice across construction sites is also encouraged, through the regular issuing of Best Practice Bulletins and through Viva Engage.
Employees share in the success of the Company through an annual bonus scheme, which is in part based on the Company’s financial performance for the period and in part to the individual’s performance throughout the period. Alongside ‘employee of the month’ at each office, an annual awards ceremony is conducted as part of the annual communications event, for which employees across the business are nominated for an award by either their peers or by senior management.
The Company is an equal opportunity employer and gives full and fair consideration to all applications for employment. The Company’s aim is to ensure that no job applicant is placed at a disadvantage by practices or requirements which are not justified by the demands of the job. Adjustments are made to accommodate specific needs where possible and reasonable. Promotion and training opportunities are open to all employees and are based on merit.
The Company recognises its responsibility to understand the risks relating to modern slavery and to ensure that no element is present within either the Company itself or its Supply Chain. A statement on modern slavery can be found on the Company’s website. This statement is made in compliance with the Modern Slavery Act 2015 and sets out the steps taken by the Company to prevent slavery and human trafficking from taking place in any of its supply chains or in any part of its business, and the ways it has sought to minimise the risks of any association with practices which undermine the principles of safety and dignity for its customers, employees, and business partners.

Supplier payment policy
The Company agrees terms and conditions for its business transactions with suppliers before orders are placed. Payments are then made in accordance with these obligations.
As a Company, we believe it is important to pay our suppliers promptly for the service they provide. We strive to ensure we have effective payment processes so that suppliers are paid on time for the goods and services they provide. Our performance is reported 6-monthly via the government payment practices statistics.
Supply chain management
The Company benefits from close relationships with a variety of sub-contractors, in which the Company has developed a high level of trust over several years. These sub-contractors help the Company to engineer cost effective solutions to individual project challenges for the mutual benefit of the supplier, the customer and Beard. We sought feedback from many of our suppliers during the year to help us better understand what we do well and areas for improvement.

Approved by the Board on 19 March 2026 and signed on its behalf by:

.........................................
F L Johns FCA
Finance Director

E W Beard Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Results and dividends

The profit for the year, after taxation, amounted to £3.4m (2024: £4.0m).
The directors have recommended the following dividends:

| 2025 £ 000 | 2024 £ 000
Proposed dividends on equity capital | 2,051 | 2,384
Dividends paid on equity capital | 2,384 | 1,948
| 4,435 | 4,332

Directors of the company

The directors who held office during the year were as follows:

M G Beard DL PPCIOB CEnv - Chairman

N A Sherreard FCIOB CEnv

F L Johns FCA

M J Hedges FCIOB

D Averies MCIOB MRICS (resigned 31 January 2026)

A L Cox FICE FCIOB CEng

J N Harwood FCIOB CEnv

T J Jenkinson FCIOB (appointed 20 January 2025)

Matters covered in the strategic report

Information on the future developments of the business, employee communication, disabled employees and financial risk management is shown in the Strategic Report.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Directors' indemnity

The Company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the Company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, or alleged to have been done or omitted, by them as officers or employees of the Company.
Appropriate directors' and officers' liability insurance is in place in respect of all the Company's directors and officers.

Streamlined Energy and Carbon Reporting (SECR)
The Company has taken exemption from its SECR reporting requirements as this is disclosed in full in its parent entity's accounts. A full copy of the parent accounts can be found at Companies House.

Disclosure of information to the auditors

The directors confirm that:

• | so far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
• | the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

E W Beard Limited

Directors' Report for the Year Ended 31 December 2025

Reappointment of auditors

The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Approved by the Board on 19 March 2026 and signed on its behalf by:

.........................................
F L Johns FCA
Finance Director

E W Beard Limited

Statement of Directors' Responsibilities

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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and
• | 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

E W Beard Limited

Independent Auditor's Report to the Members of E W Beard Limited

Opinion

We have audited the financial statements of E W Beard Limited (the 'Company') for the year ended 31 December 2025, which comprise of the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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

Based on the work we have performed in auditing the financial statements, 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 original financial statements were authorised for issue.

We have therefore concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Auditor’s Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

E W Beard Limited

Independent Auditor's Report to the Members of E W Beard Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors’ remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 11, 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.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the Company’s industry and its control environment and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the Company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

E W Beard Limited

Independent Auditor's Report to the Members of E W Beard Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;.

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this 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.

Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Staverton Court
Staverton
Cheltenham
GL51 0UX

19 March 2026

E W Beard Limited

Statement of Comprehensive Income for the Year Ended 31 December 2025

| Note | 2025 £ 000 | 2024 £ 000
Turnover | 4 | 230,157 | 198,371
Cost of sales |  | (209,425) | (182,635)
Gross profit |  | 20,732 | 15,736
Administrative expenses |  | (13,275) | (11,874)
Exceptional costs | 5 | (4,433) | -
Operating profit | 5 | 3,024 | 3,862
Other interest receivable and similar income | 9 | 1,500 | 1,329
Profit before tax |  | 4,524 | 5,191
Taxation | 10 | (1,106) | (1,217)
Profit for the financial year |  | 3,418 | 3,974

Other comprehensive income for the year

Unrealised surplus on revaluation of tangible fixed assets | 92 | 84
Total comprehensive income for the year | 3,510 | 4,058

The above results were derived from continuing operations.

E W Beard Limited

(Registration number: 01126135)
Balance Sheet as at 31 December 2025

| Note | 2025 £ 000 | 2024 £ 000
Non-current assets |  |  |
Tangible assets | 12 | 4,187 | 4,272
Investment property | 13 | 2,462 | 2,462
Debtors : Amounts falling due after more than one year | 16 | 1,933 | 2,214
|  | 8,582 | 8,948
Current assets |  |  |
Stock and work in progress | 15 | 3,765 | 5,033
Debtors | 16 | 29,197 | 24,923
Cash at bank and in hand |  | 29,222 | 29,321
Other financial assets | 14 | 16,000 | 15,000
|  | 78,184 | 74,277
Creditors: Amounts falling due within one year | 17 | (60,271) | (57,866)
Net current assets |  | 17,913 | 16,411
Total assets less current liabilities |  | 26,495 | 25,359
Provisions for liabilities | 20 | (723) | (713)
Net assets |  | 25,772 | 24,646
Capital and reserves |  |  |
Called up share capital |  | 10 | 10
Share premium reserve | 21 | 5 | 5
Revaluation reserve | 21 | 991 | 899
Retained earnings | 21 | 24,766 | 23,732
Total equity |  | 25,772 | 24,646

Approved and authorised by the Board on 19 March 2026 and signed on its behalf by:

.........................................

F L Johns FCA
Finance Director

E W Beard Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ 000 | Share premium £ 000 | Revaluation reserve £ 000 | Retained earnings £ 000 | Total £ 000
At 1 January 2025 | 10 | 5 | 899 | 23,732 | 24,646
Profit for the year | - | - | - | 3,418 | 3,418
Other comprehensive income | - | - | 92 | - | 92
Total comprehensive income | - | - | 92 | 3,418 | 3,510
Dividends | - | - | - | (2,384) | (2,384)
At 31 December 2025 | 10 | 5 | 991 | 24,766 | 25,772

| Share capital £ 000 | Share premium £ 000 | Revaluation reserve £ 000 | Retained earnings £ 000 | Total £ 000
At 1 January 2024 | 10 | 5 | 815 | 21,706 | 22,536
Profit for the year | - | - | - | 3,974 | 3,974
Other comprehensive income | - | - | 84 | - | 84
Total comprehensive income | - | - | 84 | 3,974 | 4,058
Dividends | - | - | - | (1,948) | (1,948)
At 31 December 2024 | 10 | 5 | 899 | 23,732 | 24,646

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 1 | General information

E W Beard Limited is a limited liability company incorporated in the United Kingdom and the turnover and profit before tax are attributable to the one principal activity of the Company, construction.
The address of its registered office is:
Faraday Road
Dorcan
Swindon
SN3 5JY

| 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.

These financial statements are presented in Pound Sterling (£).
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 Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 102:

• | disclosures in respect of financial instruments as a result of these being disclosed in the publicly available Group accounts;
• | the requirements of Section 33 Related Party Disclosures paragraph 33.7 and;
• | the requirements of Section 7 Statement of Cash Flows.

2.3 Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for a period of at least 12 months from the date that the financial statements were approved. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

2.4 Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, including the retention thereon, excluding VAT. Invoices on projects are only raised following third party certification. Invoices for small works are raised during and at the end of the project.
Turnover received from the renting of investment properties represents amounts invoiced during the year, excluding VAT.

2.5 Long-term contracts

Revenue from long-term contracts is recognised by reference to the stage of completion of the contract determined by the value of the services provided at the balance sheet date based on external valuation. Where the amount of revenue is contingent on future events, this is only recognised where the amount of revenue can be measured reliably and it is probable that the economic benefits will be received. When this cannot be estimated reliably, revenue is only recognised to the value of the expenses that it is considered probable will be recovered, with a “catch-up” element of revenue recognised based on stage of completion once a reliable estimate can be made. Services provided to the client which at the balance sheet date have not been billed have been recognised as revenue and are included in debtors as accrued income.

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Costs associated with long-term contracts are included in the long term contact balances to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in work in progress
are stated at cost, after provision has been made for any foreseeable losses and deduction of applicable payments on account.
Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

2.6 Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Assets under the course of construction are not depreciated until the asset is brought into use and transferred to the relevant fixed asset category.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their anticipated residual value over their expected useful lives, using the methods shown below.

Depreciation is provided on the following basis:

Asset class | Depreciation method and rate
Freehold land and buildings | 2% straight line
Plant & machinery and vehicles | 25% reducing balance
IT equipment, furniture and fittings | 20% to 50% straight line

2.7 Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence.
Revaluation gains and losses are recognised in other compreshensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.8 Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Profit or Loss.

2.9 Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress is valued on the basis of direct costs plus attributable overheads on a normal level of activity.
Provision is made for any foreseeable losses where appropriate.
At each balance sheet date, raw material are assessed for impairment. If raw material are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10 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.

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

2.11 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Fixed term deposits that are non breakable or have original maturities of more than three months are classified as investments and not included within cash and cash equivalents.
Prior year adjustment - reclassification of fixed term deposits
In the prior year, certain non breakable fixed term deposits were presented within cash and cash equivalents. Following a review of the instruments’ terms, management has concluded these balances do not meet the definition of cash equivalents and should be presented as investments. As a result, the comparative information has been reclassified with no effect on net assets or profit. The impact on the comparative balance sheet is a decrease in cash and cash equivalents of £15,000,000 and a corresponding increase in investments of £15,000,000. Comparative opening and closing cash balances in the statement of cash flows have been adjusted accordingly.

2.12 Creditors

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

2.13 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.14 Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.15 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.16 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a change 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 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 3 | Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, if and when better information is obtained.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below.
Critical judgements that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Revenue recognition and long-term contract balances
Management applies judgement when assessing the percentage of completion for contracts and the subsequent net realisable value of contract work in progress, taking into account the most reliable evidence available at each reporting date. The future realisation of these amounts may be affected by future outcome of these contracts. Provisions are made for any losses which are foreseen.
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain IT equipment.
Provisions
In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates.
Stocks and work in progress
Management estimates the net realisable values of stock and work in progress, taking into account the most reliable evidence at each reporting date. The future realisation of these raw materials may be affected by future technology or other market-driven changes that may reduce future value.

| 4 | Turnover

The turnover and profit before tax are attributable to the following:

| 2025 £ 000 | 2024 £ 000
Construction | 230,027 | 198,267
Rental income | 130 | 104
| 230,157 | 198,371

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 5 | Operating profit

The operating profit is stated after charging:

| 2025 £ 000 | 2024 £ 000
Depreciation of tangible fixed assets | 569 | 467
Pension | 1,495 | 1,376
Lease payments as an expense | 167 | 167

During the year the company made one off charitable donations of £4.4m including £3.6m to Oxfordshire Community Foundation to establish a named fund (“The Beard Family Foundation”). The donations are exceptional due to their size and one off nature. Neither the company / group nor the Beard family are trustees of Oxfordshire Community Foundation and neither has control over the charity; accordingly, the donation is not a related party transaction.

| 6 | Auditors' remuneration

| 2025 £ 000 | 2024 £ 000
Audit of the financial statements | 46 | 44
Other fees to auditors |  |
Tax related services | 4 | 4
Non-audit related services | 3 | 3
| 7 | 7

| 7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| Note | 2025 £ 000 | 2024 £ 000
Wages and salaries |  | 26,080 | 23,429
Social security costs |  | 3,592 | 2,556
Other pension costs | 18 | 1,495 | 1,376
|  | 31,167 | 27,361

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

| 2025 No. | 2024 No.
Project management staff | 292 | 267
Administrative and management staff | 78 | 69
| 370 | 336

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ 000 | 2024 £ 000
Remuneration | 992 | 975
Contributions paid to money purchase schemes | 94 | 89
| 1,086 | 1,064

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 4 | 4

In respect of the highest paid director:

| 2025 £ 000 | 2024 £ 000
Remuneration | 288 | 270
Company contributions to money purchase pension schemes | 26 | 24

| 9 | Interest receivable

| 2025 £ 000 | 2024 £ 000
Other interest receivable | 1,154 | 1,120
Interest income on bank deposits | 346 | 209
| 1,500 | 1,329

| 10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ 000 | 2024 £ 000
Current taxation |  |
UK corporation tax | 1,147 | 1,139
UK corporation tax adjustment to prior periods | (51) | -
| 1,096 | 1,139
Deferred taxation |  |
Arising from origination and reversal of timing differences | 42 | 78
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | (32) | -
Total deferred taxation | 10 | 78
Tax expense | 1,106 | 1,217

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024: lower than the standard rate of corporation tax in the UK) of 25% (2024: 25%).
The differences are reconciled below:

| 2025 £ 000 | 2024 £ 000
Profit before tax | 4,524 | 5,191
Corporation tax at standard rate | 1,131 | 1,298
Effect of expense not deductible in determining taxable profit (tax loss) | 7 | 17
Adjustments to tax charge in respect of previous periods | (51) | -
Adjustments to the deferred tax charge in respect of previous periods | 41 | -
Group relief surrendered | - | (119)
Fixed asset differences | (22) | 21
Total tax charge | 1,106 | 1,217

| 11 | Dividends

| 2025 £ 000 | 2024 £ 000
Dividends paid on equity capital | 2,384 | 1,948

| 12 | Tangible assets

| Freehold land and buildings £ 000 | IT, Furniture, Fittings, Vehicles, Plant & machinery £ 000 | Total £ 000
Cost or valuation
At 1 January 2025 | 2,867 | 4,033 | 6,900
Additions | - | 413 | 413
Disposals | - | (259) | (259)
At 31 December 2025 | 2,867 | 4,187 | 7,054
Depreciation
At 1 January 2025 | - | 2,628 | 2,628
Charge for the year | 92 | 477 | 569
Eliminated on disposal | - | (238) | (238)
Revaluation | (92) | - | (92)
At 31 December 2025 | - | 2,867 | 2,867
Carrying amount
At 31 December 2025 | 2,867 | 1,320 | 4,187
At 31 December 2024 | 2,867 | 1,405 | 4,272

Included within the net book value of land and buildings above is £2,867,000 (2024: £2,867,000) in respect of freehold land and buildings.
There are charges held over the freehold and investment properties by the bank.

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The property valuations were made by management as at 31 December 2025, on an open market value for existing use basis.
If the freehold properties had not been included at a valuation they would have been included under the historical cost convention as follows:

| 2025 £ 000 | 2024 £ 000
Historic cost | 2,073 | 2,073
Accumulated depreciation | (546) | (505)
| 1,527 | 1,568

| 13 | Investment properties

| 2025 £ 000
As at 1 January 2025 and 31 December 2025 | 2,462

The property valuations were made by management as at 31 December 2025, on an open market value for existing use basis.
If the investment properties had not been included at a valuation they would have been included under the historical cost convention as follows:

| 2025 £ 000 | 2024 £ 000
Historic cost | 2,747 | 2,747
Accumulated depreciation and impairments | (612) | (518)
| 2,135 | 2,229

| 14 | Other financial assets

| Short term investments £ 000
Current financial assets
Cost or valuation
At 1 January 2025 | 15,000
Additions | 16,000
Disposals | (15,000)
At 31 December 2025 | 16,000
Impairment
At 1 January 2025 and 31 December 2025 | -
Carrying amount
At 31 December 2025 | 16,000
At 31 December 2024 | 15,000

Short term investments comprise a money market fund with contractual maturities between over 3 months and up to 12 months.

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 15 | Stock and work in progress

| 2025 £ 000 | 2024 £ 000
Raw materials and consumables | 288 | 291
Work in progress on property services | 433 | 274
Long term contract balances | 3,044 | 4,468
| 3,765 | 5,033

| 16 | Debtors

Due within one year | Note | 2025 £ 000 | 2024 £ 000
Trade debtors |  | 24,554 | 19,731
Amounts owed by related parties | 24 | 3,846 | 4,559
Other debtors |  | 5 | 2
Prepayments |  | 792 | 631
|  | 29,197 | 24,923

Due after one year | 2025 £ 000 | 2024 £ 000
Trade debtors | 1,925 | 2,199
Other debtors | 8 | 15
| 1,933 | 2,214

| 17 | Creditors

| Note | 2025 £ 000 | 2024 £ 000
Due within one year |  |  |
Trade creditors |  | 25,782 | 25,742
Social security and other taxes |  | 7,492 | 7,560
Other creditors |  | 909 | 715
Accrued expenses |  | 25,743 | 23,335
Corporation tax liability | 10 | 345 | 514
|  | 60,271 | 57,866

| 18 | Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £1,495,000 (2024: £1,376,000).

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 19 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ 000 | 2024 £ 000
Not later than one year | 35 | 25
Later than one year and not later than five years | 65 | 66
| 100 | 91

The amount of non-cancellable operating lease payments recognised as an expense during the year was £35,000 (2024: £25,000).

| 20 | Deferred tax and other provisions

| Deferred tax £ 000
At 1 January 2025 | 713
Charged to the profit or loss | 10
At 31 December 2025 | 723

The provision for deferred taxation is made up as follows:

| 2025 £ 000 | 2024 £ 000
Fixed asset timing differences | 767 | 755
Short term timing differences | (56) | (54)
Capital gains | 12 | 12
| 723 | 713

| 21 | Reserves

Share premium account
The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Revaluation reserve
The revaluation reserve comprises unrealised revaluation gains or losses on freehold land and buildings. The revaluation reserve is not distributable.
Retained earnings
The retained earnings accounts includes all current and prior year retained profits and losses.

E W Beard Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 22 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
10,000 Ordinary shares of £1 each | 10,000 | 10,000 | 10,000 | 10,000

| 23 | Commitments

There were no new commitments for the current year.

| 24 | Related party transactions

Lucent Consult Limited, a consultancy business in which David Stockham is also a Director, provided services to E W Beard Limited within the year amounting to £167,000 (2024: £155,000). At the year end £nil was outstanding relating to these services (2024: £nil).
The Building Safety Group Limited, a construction company in which Neil Sherreard is also a Director, provided services to E W Beard Limited within the year amounting to £3,000 (2024: £2,000). At the year end £nil was outstanding relating to these services (2024: £nil).
The Oxford Preservation trust, a company in which Mark Beard is also a Director, provided services to E W Beard Limited within the year amounting to £1,000 (2024: £1,000). At the year end £nil was outstanding relating to these services (2024: £nil).

Intercompany balances at year end:
A debtor balance owing to E W Beard Limited from Magdalen Victoria LLP for £2,144,000 (2024: £1,972,000).
Intercompany sales:
Sales to Magdalen Victoria LLP during the year amounted to £138,000 (2024: £298,000) and costs relating to these sales amounted to £138,000 (2024: £298,000).

Remuneration of key management personnel:
Remuneration of key management personnel amounted to £1,505,000 (2024: £1,723,000) in the year. There were no other material transactions or amounts owed to or by any of the Company's key management or members of their family.
The company has taken advantage of the exemption under FRS 102 section 33 not to disclose transactions with other wholly-owned members of the group headed by E W Beard (Holdings) Limited, on the grounds that the consolidated accounts are publicly available.

| 25 | Parent and ultimate parent undertaking

E W Beard (Holdings), registered in England and Wales, is the Company's ultimate parent undertaking by virtue of its 100% shareholding. The parent company is registered to the same address as E W Beard Limited and copies of its accounts may be obtained from that address and is publicly available at Companies House.