Company registration number 16033266 (England and Wales)
DEG III (HOLDING) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
DEG III (HOLDING) LTD
COMPANY INFORMATION
Directors
P J Ford
(Appointed 29 October 2024)
A R Griffiths
(Appointed 29 October 2024)
R Kang
(Appointed 22 October 2024)
J Russell
(Appointed 22 October 2024)
G W Swain
(Appointed 29 October 2024)
M Durie
(Appointed 29 October 2024)
R Corbishley
(Appointed 29 October 2024)
Company number
16033266
Registered office
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
United Kingdom
W1T 4RN
Business address
Burdett House
15-16 Buckingham Street
London
WC2N 6DU
DEG III (HOLDING) LTD
CONTENTS
Page
Strategic report
1 - 8
Directors' report
9 - 11
Independent auditor's report
12 - 14
Profit and loss account
15
Group balance sheet
16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 41
DEG III (HOLDING) LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 1 -
Chairman's statement

Opening Statement

We are pleased to be reporting continued strong performance for the period ended 31 st October 2025. We have delivered solid financial results in the face of economic and political challenges created by domestic and geopolitical policy. Our strategy of careful project selection coupled with strong commercial and operational control underpins the numbers that we are reporting.

As a business that has operated in the UK construction market for over 16 years we continue to respond to the evolving challenges that are presented to us. The period from project inception through to ‘spade in the ground’ has grown and project starts are frequently delayed. Whilst competition in our sector remains extremely competitive we conduct our business with discipline and prudence.

Trading in the current year is in line with budget and currently we are forecasting growth and improved profitability in our upcoming 2025/26 accounts.

Trading Update

Our reputation, dependability and the quality of our product favours our participation in tender opportunities which we continue to enjoy at a healthy level.

The market for our services continues to be London centric and our specialty remains delivering structurally and logistically challenging projects. We provide our services to both the public and private sectors, including Real Estate Investment and Development companies. Our core service offering is demolition, structural alteration (cut and carve), along with substructure and superstructure (reinforced concrete and or steel) formation. Our sister company, DE Group Contracting (DEGC), are frequently appointed to deliver the project through envelope and fit out to completion.

Our much plauded project at 20 Giltspur Street for Norges Bank was recognised by Construction News at their annual awards as Project of the Year under £20m. This category was hotly contested and the judges recognised the project as being “an innovative and groundbreaking approach to structural reconfiguration of an existing building” The key innovation that we used was the vertical jacking of two existing floor plates, each weighing around 450 tonnes. This allowed space for a new floor plate to be introduced which, along with further demolition and reconstruction increased the net internal area by over 40%. 80% of the existing structural steel was reused and by retaining the floor slabs the volume of concrete waste and new concrete required significantly reduced the carbon emissions associated with the project. The project was delivered 28 weeks faster and 25% cost reduction achieved from original cost plan.

In September 2025, following the eighth anniversary of the devastating fire which saw the tragic loss of 72 lives, we commenced the deconstruction of Grenfell Tower. We have been responsible for the maintenance of Grenfell Tower since 72 hours after the tragedy occurred and have ensured it remains safe and stable. Our client, the Ministry of Housing, Communities and Local Government (MHCLG) exercised a clause within our maintenance contract to award the deconstruction.

Our work for Motcomb Estates is ongoing as we carry out the repurposing of 100 Piccadilly, adjacent the prestigious Cambridge House development that we had previously delivered. A project that delights in presenting us with complex logistical challenges is undergoing a significant transformation behind the Grade II listed façade.

We carefully consider all opportunities that are presented to the business, selecting only those that we have the capability to deliver and that offer a level of risk that is acceptable to us. Tenders are extensively adjudicated on before submission and throughout the post tender period.

Our tender pipeline includes many opportunities that suit the scope that we have a proven track record of delivering safely, to budget and on time. These opportunities are for both new and existing clients on either a tendered or negotiated route.

In late 2024 we received an offer to buy Decontaminate, our asbestos abatement business and in February 2025 the business was sold to the leadership team of Decontaminate on a cash free debt free basis.

DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 2 -

The Group renewed its banking facilities in September 2025 for another 3 years with the incumbent funders supporting the growth and future succession plans.

During 2025, Deconstruct also achieved an average score of 43 out of 45 under the Considerate Constructors Scheme, with several sites securing a perfect 45 out of 45, resulting in our Grenfell Tower project being considered for the National Site Awards. We continue to strengthen standards and performance across our projects, placing community engagement and mental health and wellbeing at the heart of our approach to delivering safe and exemplary engineering outcomes.

Staff

We continue to improve upon our strategy to attract, retain, develop, promote and reward the top talent within our business and are proud of our low staff turnover. In addition to recruiting experienced industry professionals we invest significantly in Trainees and Undergraduates that we will develop through our apprenticeship programmes.

We currently have three members of staff that are on the Government Degree Apprenticeship programme following on from the successful graduation of three members of staff since we started the programme. We seek to attract local talent from within the areas that we operate, details of which are set out herein. We are alert to the challenges that our industry faces in attracting new staff and acknowledge the importance of the role that we play in supporting this.

Our staff receive our support through a variety of programmes and initiatives including:

- Engagement through our web based internal communication platform (Depot).

- Hosted core values session with the senior leadership team.

- Access to mental health support and employee assistance programmes.

- Occupational and lifestyle health screening.

- Ongoing wellbeing activities and support groups.

Principal Activities

Deconstruct are recognised as a specialist contractor, primarily in the London and South-East of England. With primary core services of;

- Deconstruction Demolition Structural alteration

- Dangerous Structure Remediation Structural Concrete Frames

- Subterranean space creation and expansion Temporary Support and design

- Structural Piling and Grouting

- Structural Steelwork design, coordination, fabrication and installation Concrete Structures

- Groundworks

The business is predominantly engaged as a Principal Contractor by our clients, which range from private developers to blue-chip investors and alike, institutions and the UK Government. We also contract with Tier-One Main Contractors where the project, client or relationship ensures a seamless delivery.

The nature and size of our projects range in value and programme duration, from 500k to over £50 million and several weeks to over 5 years.

In-house specialist support services

Steelwork Installation

In the reporting period our Steelwork division installed over 6,000 tonnes of steel as both temporary and permanent structures. We always endeavour to re-use steel and where new steel is required we source this from electric arc furnace suppliers, further reducing carbon emissions. Our steel delivery teams are highly experienced at installing steel in locations where manual positioning is the only option and this has proven essential in projects such as 100 Piccadilly.

Structural Engineering

DE Construction Solutions offers invaluable support to our contracting businesses ensuring the viability of temporary and permanent works. DE-CS also offer their services externally to a national client base.

DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 3 -

SHEQ

Our work takes place in one of the most high-risk environments in the UK economy so strong governance and disciplined occupational health and safety management remain central to how we operate and lead our business.

We have an unwavering commitment to prevention through robust planning, ensuring the competence of our people and clear accountability at every level. Our in-house SHEQ and Sustainability team that leads on strategy, supports projects and drives continuous improvement.

We take a holistic view of health and safety that covers physical risks, health risks, behavioural factors and the impact of long-term exposure, integrating digital tools and reliable data to support assurance, decision making and transparency.

Performance and assurance

- In the 2024/25 financial year our teams worked more than 775,000 hours

- We benchmark performance using industry data and peer comparisons, which helps us target improvement and respond early to emerging trends.

- Our management systems remain certificated by BSI to ISO 9001, ISO 14001 and ISO 45001.

- We supplement these with a range of recognised accreditations and memberships relevant to the construction sector.

Building Safety Act and our dutyholder responsibilities

The Building Safety Act has created a new landscape for accountability, assurance and competency. Our response is grounded in three areas.

1. Clear dutyholder understanding across projects, including client, designer and contractor responsibilities from early design through to completion.

2. A structured approach to the Golden Thread of information supported by digital records, transparent change control and reliable evidence that work meets the required standards.

3. A focus on behavioural and technical competence aligned to BS 8670, supported by training, assessment and continuous professional development.

Holistic risk management

We manage risk across the full project lifecycle, from pre-construction design reviews to site execution and handover. This includes a focus on health risk management such as dust, noise, vibration, manual handling and wider wellbeing considerations. This supports and works in conjunction with our approach to safety risk management covering temporary works, plant and equipment, lifting operations, structural stability and site logistics.

Our aim is straightforward, to protect people, maintain safe and healthy workplaces and meet all legal and moral duties while delivering high quality construction outcomes.

2024/25 Deconstruct (UK) Ltd received the prestigious RoSPA Order of Distinction for our demonstrable exemplar approach to Safety, Health, Environment and Quality.

We will continue to invest in our training, up-skilling, mentoring and employing best practices to ensure our industry leading standards of Health and Safety are maintained.

Notable statistics from 2024/25

- Over 775,000 person hours worked

- 338 internal SHEQ inspections

- 28 Director safety tours

- 58 external audits

- 2 visits from enforcing authorities with no adverse observations or enforcement actions

DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 4 -

Social Values, Community Engagement, Charity and the Wellbeing of all De Group staff

We remain committed to the communities that sit alongside our projects. During 2025 we expanded our social value work with a sharper focus on literacy, local resilience and practical support for people seeking a route back into work.

Our work this year included the following.

Employment and skills support

- Regular attendance at Department for Work and Pensions job fairs, where our team provided direct career advice.

- Monthly one-to-one support sessions for people seeking work, including CV writing, interview preparation and general guidance.

- Continued focus on creating pathways for individuals who are long term unemployed or recorded as NEET.

Community initiatives

- Delivery of our Wall of Kindness programme which supports local families with essential goods and equipment through a fully funded community vehicle based at the Grenfell Tower site.

- Expansion of our children’s literacy work, including a Group wide book reuse scheme on all projects. Books were collected and redistributed to schools and community groups to support reading and early learning.

- Expansion of our support of the Soup Kitchen London charity.

- Provision of industrial sewing machines and materials to a local community group to support skills development and resilience projects.

- Supply of laptops, printers and basic IT support to strengthen communication within community groups.

- Delivery of wellbeing sessions for residents, including stress support and on-site health checks such as PSA and thyroid testing.

- Delivery of pediatric first aid training within local community groups.

Our people

Our community work sits alongside our continued investment in our own teams. Along with our Occupational Health screening programme we run targeted wellbeing programmes, provide access to lifestyle health screening, and offer training and mentoring across the business. Several colleagues have now completed mental health first aid training which strengthens the support we can offer on sites and within our offices.

We believe that engaged and valued people deliver better outcomes for our clients and the communities we serve. This principle continues to guide our leadership approach and remains central to the culture of DE Group.

Sustainability

Progress continues on the development of a compliant management system aligned to ISO 14068, supported by the broader suite of ISO standards focused on carbon neutrality. This work involves establishing robust data modelling and recording mechanisms, enabling us to manage offsetting activities within a formalised framework and achieve external verification against the standard.

During the reporting period DCUK have successfully completed their 2025 BSI audit cycles with no issues raised. We also achieved strong outcomes in both Achilles and Considerate Constructors Scheme audits, again with no issues identified.

Our repurposing programmes continue to flourish. Alongside our ongoing partnership with established market leaders, we also work with local charities which further supports our sustainability goals while adding meaningful community value through local engagement initiatives.

Deconstruct (UK) Ltd continues to operate as an ISO 14001 certified organisation. During 2025 we advanced our environmental strategy and aligned our work with the United Nations Sustainable Development Goals. We also accelerated our progress toward our Net Zero commitment by implementing the PAS 2060 framework and embedding science based targets across our operations.

DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 5 -

Key progress during the 2025 reporting year included

- Establishing a verified carbon baseline, supported by improved data capture across projects and functions.

- Completing stage 1 carbon reduction plans that focus on material efficiency, logistics, temporary works, and site energy use. These plans now sit within our PAS 2060 aligned approach and are ready for full implementation during 2026.

- Deploying digital systems that support Scope 3 data capture, reporting and supply chain engagement.

- Strengthening our position as active members of Concrete Zero and Steel Zero. Through these platforms we benchmark performance, access best practice and track progress against our long term and short term commitments.

- Continuing monthly monitoring of Scope 1 and 2 emissions and rolling out technology that improves the accuracy of Scope 3 reporting.

- Trialing and applying low carbon technologies across sites. This includes HVO compatible plant, solar based charging, low carbon concrete options, recycled hoarding systems and rechargeable or electric equipment that reduces fossil fuel use.

- Expanding live site monitoring for travel, deliveries, dust, noise and air quality.

- Circular economy activity across the Group. We focused on reuse of materials and consumables and broadened our network of circular economy partners, strengthening our cradle to cradle approach.

- Working closely with our supply chain following the launch of our minimum standards initiative, ensuring alignment with our sustainability and governance expectations.

We recognise that sustainability includes how we support the next generation. Throughout 2025 we worked with local communities, colleges and schools to provide insight into construction, environmental practice and showcase potential career pathways.

These actions strengthen sustainability and environmental governance as a consistent golden thread throughout the Group. They reduce impact, improve operational performance and enhance the service we provide to clients, supporting their own environmental objectives.

We remain committed to leading our sector in quality, professionalism and reliability. Attracting and developing the best people, maintaining strong relationships with clients and continuing to challenge ourselves will drive ongoing improvement and responsible growth for this generation and those that follow.

Identified Principal Risks and Uncertainties

We recognise liquidity and credit strength as being risks and these remain a primary focus for our Board. We maintain a rolling cashflow forecast in addition to long term planning and have adequate facilities in place should they be required. Regular dialogue is maintained with clients regarding payment.

Inflation and Interest rate risk, whilst we have seen a reduction in the rate and the trend looks positive we endeavor to anticipate inflation when tendering our projects.

The Board believes these risks are appropriately managed and mitigated by the Group’s strategies, processes, commercial arrangements and through regular monitoring.

Our Defined Core Values

1. Integrity, honesty, and Trust - Doing the right thing at all times with consistent moral and ethical principles.

2. Accountability and Ownership – Clear Roles and Responsibilities ensures all our staff are empowered to act with accountability and confidence.

3. Customer Commitment – Consistent outstanding service, products and quality ensure our clients' journey earns our trust and ultimately their loyalty.

4. Leadership – Is for everyone to demonstrate. It starts with authenticity, approachability, respect and humility. A vital staff attribute.

DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 6 -

5. Our People – Whether employed by our Group in any capacity or reside or work within the Communities in which we operate, all people are our very first concern. No discrimination. Demonstrable support, encouragement, consideration, and care.

We remain committed to ensure Deconstruct lead our sector in quality, professionalism, and reliability. We must continue to attract the best people and indeed clients. Only through constantly challenging ourselves can we continue to improve, being more responsible for this generation and those that will inevitably follow.

P J Ford
De Group Chairman
8 April 2026
DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 7 -
Directors' strategic report

The directors present the strategic report for the period ended 31 October 2025.

Review of the business

The directors are pleased with the results for the period under review, in what was a difficult market.

The directors are excited about the group's prospects and look forward to the future with confidence.

Principal risks and uncertainties

The group uses financial instruments comprising bank borrowings and various net working capital items such as trade debtors and trade creditors, to finance its operations not funded by way of equity. The main risks identified with using these financial instruments are the management of cash flow and exposure to interest rate fluctuations. The group mitigates this risk by managing cash flow and negotiating credit facilities to assist with liquidity as required.

The group meets its day to day working capital requirements through bank facilities which are renewed regularly. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group will be able to operate within the level of its current facility. The directors are confident the facility will continue to be forthcoming on acceptable terms and, accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Development and performance

In determining the appropriate basis of preparation of the Financial Statements, the directors are required to consider whether the group can continue in operational existence for the foreseeable future.

The Group’s forecast and projections, taking account of reasonabl y possible changes in trading performance, show that the Group will be able to operate within the level of its current facilities.

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the g roup and c ompany has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Key performance indicators

2025

Turnover £60,140k

Gross Profit £11,399k

Gross Profit % 19.0%

EBITDA £2,981k

EBITDA % 5.0%

Profit before tax £194k

Profit before tax % 0.3%

DEG III (HOLDING) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 8 -
Section 172(1) statement

The board considers that they have adhered to the requirements of section 172 of the Companies Act 2006 (the “Act”) and have, in good faith, acted in a way that they consider could be most likely to promote the success of the group for the benefit of its shareholders and, in doing so, have had regard to and recognised the importance of considering all stakeholders and other matters (as set out in s.172(1)(a-f) of the Act) in its decision making.
The board acknowledges that the business can only grow and prosper over the long-term if it understands and respects the views and needs of the group’s customers, employees, suppliers, lenders and other stakeholders to whom we are accountable, as well as the environment we operate within.

The directors ensure that the requirements of section 172 are always met and considered through a combination of the following:

Employees

The group has continued to maintain the commitment to employee involvement throughout the business. Employees are kept well informed of the performance and objectives of the group through personal briefings, regular meetings and e-mail.

Customers

The group’s customers are predominantly property and construction companies. The group has continued to work to ensure customers’ needs are met properly with robust continuity plans. This includes regular meetings with quantity surveyors and project managers to ensure issues are known. The impact of decisions made by the board on customers are considered to ensure continued good relationships.

Suppliers

The directors have increased their consideration of the financial health of suppliers to ensure business continuity and support the long-term success of the business. This includes more robust analysis of financial statements to ensure risks of failure are limited.

Principal decisions

For the period ending 31 October 2025, the board consider that the following examples of principal decisions that it made in the year.

The board has continued to maintain its social media and internet presence so it can communicate better with customers, suppliers and the wider community.

On behalf of the board

R Kang
Director
8 April 2026
DEG III (HOLDING) LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 9 -

The directors present their annual report and financial statements for the period ended 31 October 2025.

Principal activities

The principal activities of the group in the period were providing specialist services in the Demolition and Construction sectors.

Results and dividends

The results for the period are set out on page 15.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

P J Ford
(Appointed 29 October 2024)
A R Griffiths
(Appointed 29 October 2024)
R Kang
(Appointed 22 October 2024)
J Russell
(Appointed 22 October 2024)
G W Swain
(Appointed 29 October 2024)
M Durie
(Appointed 29 October 2024)
R Corbishley
(Appointed 29 October 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Research and development

The group is one of the industry leaders specialising in demolition and structural alteration techniques. In certain projects, the Group carries out research and development activities to seek scientific and technological advancements to be able to complete complex solutions that were previously unattainable.

Auditor

Goodman Jones LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

DEG III (HOLDING) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 10 -
Energy and carbon report

This report covers the consumption and emissions for DEG III (Holding) Limited for the period ended 31 October 202 5.

UK Energy Use and GHG Emissions

The tables below detail the energy used by The De Group (UK) Limited in its business activities involving the combustion of gas and fuels and the purchase of electricity in kWh, Litres and t CO₂e. They also detail the total energy and emissions by scope and as a total.

Type of Activity | Energy Usage | Measurement Unit | GHG Emissions | Measurement Unit
Grid Electricity | 671,269.00 | kWh | 47.24 | t CO₂e
Diesel | 42,548.71 | Litres | 110.00 | t CO₂e
Unleaded | 290.74 | Litres | 0.62 | t CO₂e
Gas Oil | 0.00 | Litres | 00.00 | t CO₂e
Total | 714,108.45 |  | 157.86 | t CO₂e

Scope | Energy Usage | Measurement Unit | GHG Emissions | Measurement Unit
Scope 1 | 42,839.45 | Litres | 110.62 | t CO₂e
Scope 2 | 671,269.00 | kWh | 47.24 | t CO₂e
Total | 714,108.45 |  | 157.86 | t CO₂e

Intensity Ratio

In this instance, the intensity ratio used for DEG III (Holding) Ltd and subsidiaries is 0.47 based on total tCO2e emissions over turnover in the financial year.

Principal Energy Efficiency Actions

The De Group (UK) Limited continues to monitor and strive to reduce energy and carbon emissions arising from its activities through a detailed review of ongoing procedures and processes currently in place and setting objectives and targets.

Methodology

The figures quoted have been supplied directly from The De Group (UK) Limited and include consumption data for Electricity, Gas Oil, Diesel, LPG and Petrol. The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol - Corporate Standard and have used the 2023 UK Government's Conversion Factors for Company Reporting to calculate emissions for both Scope 1 and 2.

Scope 1: Direct | Fuels Combustion | Owned Transport | Process Emissions | Fugitive Emissions
Scope 2: Energy Indirect | Consumption of purchased electricity, heat, steam and cooling

DEG III (HOLDING) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 11 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have 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 group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic true report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and risk.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
R Kang
Director
8 April 2026
DEG III (HOLDING) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEG III (HOLDING) LTD
- 12 -
Opinion

We have audited the financial statements of DEG III (Holding) Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 October 2025 and of the group's loss for the period 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial period 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.

DEG III (HOLDING) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEG III (HOLDING) LTD
- 13 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,

including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is

detailed below.

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Reading minutes of meetings of those charged with governance;

- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

- Identifying and testing journal entries;

- Challenging assumptions and judgements made by management in their significant accounting estimates.

DEG III (HOLDING) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEG III (HOLDING) LTD
- 14 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, 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 or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Cook (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
United Kingdom
8 April 2026
DEG III (HOLDING) LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 15 -
Period
ended
Continuing
Discontinued
31 October
operations
operations
2025
Notes
£
£
£
Turnover
3
59,636,427
503,301
60,139,728
Cost of sales
(48,367,119)
(373,383)
(48,740,502)
Gross profit
11,269,308
129,918
11,399,226
Administrative expenses
(9,710,369)
(153,464)
(9,863,833)
Operating profit
4
1,558,939
(23,546)
1,535,393
Interest payable and similar expenses
8
(1,364,388)
-
(1,364,388)
Profit on disposal of operations
24
-
23,026
23,026
Profit before taxation
194,551
(520)
194,031
Tax on profit
9
(403,207)
520
(402,687)
(Loss)/profit for the financial period
(208,656)
-
(208,656)
(Loss)/profit for the financial period is attributable to:
- Owners of the parent company
(219,254)
- Non-controlling interests
10,598
(208,656)
DEG III (HOLDING) LTD
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 16 -
2025
Notes
£
£
Fixed assets
Goodwill
10
18,430,626
Total intangible assets
18,430,626
Tangible assets
11
2,195,006
20,625,632
Current assets
Stocks
14
297,658
Debtors
15
17,133,710
Cash at bank and in hand
3,536,940
20,968,308
Creditors: amounts falling due within one year
16
(20,376,728)
Net current assets
591,580
Total assets less current liabilities
21,217,212
Creditors: amounts falling due after more than one year
17
(14,787,266)
Provisions for liabilities
Deferred tax liability
20
138,327
(138,327)
Net assets
6,291,619
Capital and reserves
Called up share capital
22
600
Other reserves
6,499,675
Profit and loss reserves
(183,543)
Equity attributable to owners of the parent company
6,316,732
Non-controlling interests
(25,113)
Total equity
6,291,619
The financial statements were approved by the board of directors and authorised for issue on 8 April 2026 and are signed on its behalf by:
08 April 2026
A R Griffiths
R Kang
Director
Director
Company registration number 16033266 (England and Wales)
DEG III (HOLDING) LTD
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 17 -
2025
Notes
£
£
Fixed assets
Investments
12
3,632,330
Current assets
Debtors
15
14,328,869
Creditors: amounts falling due within one year
16
(4,491,051)
Net current assets
9,837,818
Total assets less current liabilities
13,470,148
Creditors: amounts falling due after more than one year
17
(12,664,933)
Net assets
805,215
Capital and reserves
Called up share capital
22
600
Profit and loss reserves
804,615
Total equity
805,215

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £804,615.

The financial statements were approved by the board of directors and authorised for issue on 8 April 2026 and are signed on its behalf by:
08 April 2026
A R Griffiths
R Kang
Director
Director
Company registration number 16033266 (England and Wales)
DEG III (HOLDING) LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 18 -
Share capital
Merger reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 22 October 2024
-
-
-
-
-
-
Period ended 31 October 2025:
Loss and total comprehensive income
-
-
(219,254)
(219,254)
10,598
(208,656)
Issue of share capital
22
600
-
-
600
-
600
Fair value adjustment on shares acquired
-
6,499,675
-
6,499,675
-
6,499,675
Disposal of shares in subsidiary to non-controlling interest
-
-
35,711
35,711
(35,711)
-
Balance at 31 October 2025
600
6,499,675
(183,543)
6,316,732
(25,113)
6,291,619
DEG III (HOLDING) LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 19 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 October 2024
-
-
-
Period ended 31 October 2025:
Profit and total comprehensive income
-
804,615
804,615
Issue of share capital
22
600
-
600
Balance at 31 October 2025
600
804,615
805,215
DEG III (HOLDING) LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 20 -
2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
28
4,758,295
Interest paid
(1,364,388)
Income taxes paid
(428,900)
Net cash inflow from operating activities
2,965,007
Investing activities
Cash on acquisition
4,153,877
Proceeds from disposal of business
1
Costs incurred on acquisition of investments
(132,330)
Purchase of tangible fixed assets
(1,136,846)
Net cash generated from investing activities
2,884,702
Financing activities
Proceeds from issue of shares
600
Repayment of convertible loans
(4,747,109)
Proceeds from new bank loans
3,015,200
Repayment of bank loans
(548,620)
Payment of finance leases obligations
(32,840)
Net cash used in financing activities
(2,312,769)
Net increase in cash and cash equivalents
3,536,940
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
3,536,940
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 21 -
1
Accounting policies
Company information

DEG III (Holding) Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.

The group consists of DEG III (Holding) Ltd and all of its subsidiaries.

1.1
Reporting period

These accounts are presented for the period from incorporation on 22 October 2024 to 31 October 2025.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 22 -
1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DEG III (Holding) Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 23 -
1.5
Going concern

In determining the appropriate basis of preparation of the Financial Statements, the directors are required to consider whether the group can continue in operational existence for the foreseeable future.

The Group’s forecast and projections, taking account of reasonabl y possible changes in trading performance, show that the Group will be able to operate within the level of its current facilities.

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is derived entirely from contracts within the construction industry and is measured at the fair value of the consideration receivable for all works carried out under construction contracts, stated net of discounts, VAT and other sales related taxes.

Turnover from these contracts is recognised as a percentage of the anticipated total revenue over the period of the contract depending on stage of completion, which is certified by appropriate professionals experienced in the recognition and measurement of such works carried out.

Turnover is recognised when it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be reliably measured.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 15 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 24 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
10-25% per annum on a straight line basis
Fixtures and fittings
10-25% per annum on a straight line basis
Computers
10-25% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stock is valued at the lower of cost and net realisable value.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 25 -
1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by reference to certified contract revenue at the reporting date as a percentage of the total anticipated revenue for each contract. Accordingly, cost of sales are adjusted through accruals and prepayments depending on their nature to align attributable profit for each contract with its percentage of completion.

Costs are based on agreed tender prices which are monitored and updated as the contract progresses. Provision is made on a contract by contract basis for additional costs or potential future losses as they arise.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 26 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 27 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 28 -
1.19
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts recoverable on long term contracts

The group applies its policy on contract accounting when recognising revenue and profit on partially

completed contracts. The application of this policy requires judgements to be made in respect of the total expected costs to complete for each site. The group has in place established internal control processes to ensure that the evaluation of costs and revenues is based upon appropriate estimates. Amounts recoverable on long term contracts recognised at the year end total £5,822,838.

Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group's share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in Intangible Assets. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation is based on the profile of the expected pre-tax profits estimated within the cashflow forecasts used to value the business for the acquisition giving rise to the goodwill. This represented a 15 year period.

Estimates of the useful economic life of goodwill are based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 29 -
3
Turnover
2025
£
Turnover analysed by class of business
Demolition and construction services
58,836,825
Asbestos removal
487,521
Consultancy and surveying services
815,382
60,139,728
2025
£
Turnover analysed by geographical market
United Kingdom
60,139,728
4
Operating profit
2025
£
Operating profit for the period is stated after charging:
Depreciation of tangible fixed assets
96,593
Amortisation of intangible assets
1,316,465
Operating lease charges
437,377
5
Auditor's remuneration
2025
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
7,500
Audit of the financial statements of the company's subsidiaries
65,500
73,000
For other services
Other taxation services
8,775
All other non-audit services
17,900
26,675
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 30 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2025
Number
Number
Administration
54
6
Other operations
139
-
Total
193
6

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
7,872,393
-
0
Social security costs
1,004,703
-
Pension costs
263,838
-
0
9,140,934
-
0
7
Directors' remuneration
2025
£
Remuneration for qualifying services
1,307,853
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
£
Remuneration for qualifying services
458,484

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 31 -
8
Interest payable and similar expenses
2025
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
169,003
Other finance costs:
Other interest
1,195,385
Total finance costs
1,364,388
9
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
671,390
Adjustments in respect of prior periods
(247,366)
Total current tax
424,024
Deferred tax
Origination and reversal of timing differences
(21,337)
Total tax charge
402,687

Of the charge to current tax in relation to discontinued operations, £0 relates to tax on profits and £0 arose on disposal.

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Profit before taxation
194,031
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
48,508
Tax effect of expenses that are not deductible in determining taxable profit
367,605
Permanent capital allowances in excess of depreciation
(50,494)
Other non-reversing timing differences
284,434
Under/(over) provided in prior years
(247,366)
Taxation charge
402,687
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 32 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 22 October 2024
-
0
Additions
19,747,091
At 31 October 2025
19,747,091
Amortisation and impairment
At 22 October 2024
-
0
Amortisation charged for the period
1,316,465
At 31 October 2025
1,316,465
Carrying amount
At 31 October 2025
18,430,626
The company had no intangible fixed assets at 31 October 2025.

During the year, DEG II I (Holding) Ltd acquired 100% of the ordinary share capital in DEG II (Holding) Ltd. A total consideration of £10,132,005 was paid by way of shares and loan notes as per note 2 3. At that date the net liabilities acquired were £9,615,085 resulting in goodwill of £19,747,091. At acquisition the difference between the fair value and carrying value of the net liabilities acquired was not deemed to be material.

The goodwill arising from the acquis it ion is being amortised evenly over the director's estimate of its useful life of 1 5 years.

11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 22 October 2024
-
0
-
0
-
0
-
0
-
0
Additions
1,003,895
58,494
337
146,441
1,209,167
Business combinations
593,970
539,585
6,295
14,905
1,154,755
Disposals
-
0
(180,626)
-
0
-
0
(180,626)
At 31 October 2025
1,597,865
417,453
6,632
161,346
2,183,296
Depreciation and impairment
At 22 October 2024
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
-
0
73,758
1,574
21,261
96,593
Eliminated in respect of disposals
-
0
(108,303)
-
0
-
0
(108,303)
At 31 October 2025
-
0
(34,545)
1,574
21,261
(11,710)
Carrying amount
At 31 October 2025
1,597,865
451,998
5,058
140,085
2,195,006
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
11
Tangible fixed assets
(Continued)
- 33 -
The company had no tangible fixed assets at 31 October 2025.
12
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
13
-
0
3,632,330
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 22 October 2024
-
Additions
3,632,330
At 31 October 2025
3,632,330
Carrying amount
At 31 October 2025
3,632,330
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 34 -
13
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Deconstruct (UK) Limited
England & Wales
Specialist demolition, structural alterations and concrete contracts.
Ordinary
0
100.00
De Construction Solutions Limited
England & Wales
Specialist building, consulting and engineering services.
Ordinary
0
100.00
The De Group (UK) Ltd
England & Wales
Group holding company
Ordinary
0
100.00
De Group (UK) Holdings Ltd
England & Wales
Dormant holding company
Ordinary
0
100.00
DEG II (Holding) Ltd
England & Wales
Dormant holding company
Ordinary
100.00
-

The registered office of the above named subsidiaries is 40-50 Tottenham Street, London, W1T 4RN.

14
Stocks
Group
Company
2025
2025
£
£
Raw materials and consumables
297,658
-
15
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
4,607,931
-
0
Gross amounts owed by contract customers
5,822,838
-
0
Amounts owed by group undertakings
-
14,316,540
Other debtors
5,517,394
12,329
Prepayments and accrued income
450,030
-
0
16,398,193
14,328,869
Amounts falling due after more than one year:
Trade debtors
735,517
-
0
Total debtors
17,133,710
14,328,869
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 35 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2025
Notes
£
£
Bank loans
18
2,548,074
-
0
Obligations under finance leases
19
9,327
-
0
Trade creditors
7,585,709
-
0
Amounts owed to group undertakings
-
0
2,891,443
Corporation tax payable
625,839
-
0
Other taxation and social security
1,100,811
-
Other creditors
457,550
183,658
Accruals and deferred income
8,049,418
1,415,950
20,376,728
4,491,051
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
Notes
£
£
Bank loans and overdrafts
18
2,107,100
-
0
Obligations under finance leases
19
15,233
-
0
Other borrowings
18
12,664,933
12,664,933
14,787,266
12,664,933
18
Loans and overdrafts
Group
Company
2025
2025
£
£
Bank loans
4,655,174
-
0
Other loans
12,664,933
12,664,933
17,320,107
12,664,933
Payable within one year
2,548,074
-
0
Payable after one year
14,772,033
12,664,933
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
18
Loans and overdrafts
(Continued)
- 36 -

Bank loans drawn in prior years are secured over freehold property and an unlimited guarantee from DEG II I (Holding) Limited and its subsidiaries, Derisk (UK) Holdings Limited and its subsidiaries and De Group Contracting (Holdings) Limited and its subsidiaries. Additionally, there are personal guarantees from some of the directors limited to £75,000 each. The loan bears interest at 4.95% above the Bank of England base rate and is repayable by September 2025.

Included within bank loans are bank facilities, one of which is secured against an asset held by one of the directors and another which is secured against an asset held by the group. The loans bears interest at 11% and 8% respectively and are repayable by October 2025 and July 2028. The bank loan where the security is against an asset held by one of the directors was settled post year end.

Included within other loans are loan notes issued at a par value of £13,769,586. The A loan notes of a par value of £551,104 are interest bearing and are redeemable in full on or before 4 April 2029. The B loan notes of a par value of £13,218,482 are interest bearing and are redeemable in full on or before 4 April 2029.

The A and B loan notes are convertible into fully paid shares if not redeemed at 4 April 2029. The conversion rate of the A and B loan notes is at the par monetary value.

The secured loan notes (B Loan notes) are secured by fixed and floating charges over the company’s assets and there is a cross guarantee arrangement in relation to the company’s subsidiaries.

As part of the DEG III (Holding) Ltd group restructuring exercise, additional acquisition loan notes amount to £3,500,00 were issued to the shareholders of DEG II (Holding) Ltd. The a cquisition loan notes are convertible into fully paid shares if not redeemed at 4 April 20 31. The conversion rate of the loan notes is at the par monetary value.

Interest is due on the secured loan notes (A, B and acquisition) at the rate of 2% above the Bank of England base rate.

Also included within other loans are interest free shareholder loans of £326,389 repayable within 6 months of the settlement of the above loan notes.

It has been agreed with the shareholders and the loan note holders that should the group come into financial difficulty in the future, the group will not make repayments on the balances due.

19
Finance lease obligations
Group
Company
2025
2025
Amounts due:
£
£
Current liabilities
9,327
-
0
Non-current liabilities
15,233
-
0
24,560
-
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
19
Finance lease obligations
(Continued)
- 37 -
Group
Company
2025
2025
£
£
Future minimum lease payments due under finance leases:
Within one year
9,327
-
0
In two to five years
9,327
-
0
In over five years
12,734
-
0
31,388
-
Less: future finance charges
(6,828)
-
0
24,560
-
0
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2025
Group
£
Accelerated capital allowances
138,327
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the period:
£
£
Asset at 22 October 2024
-
-
Credit to profit or loss
(20,817)
-
Transfer on disposal
(4,876)
-
Acquisition of subsidiary undertakings
164,020
-
Liability at 31 October 2025
138,327
-

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
263,838
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
21
Retirement benefit schemes
(Continued)
- 38 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
390
390
Ordinary A shares of £1 each
210
210
600
600
23
Acquisition of a business

On 22 October 2024 the group acquired 100% of the issued capital of DEG II (Holding) Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
1,154,753
-
1,154,753
Inventories
235,749
-
235,749
Trade and other receivables
15,449,323
-
15,449,323
Cash and cash equivalents
4,153,878
-
4,153,878
Borrowings
(2,188,594)
-
(2,188,594)
Obligations under finance leases
(57,400)
-
(57,400)
Trade and other payables
(27,776,144)
-
(27,776,144)
Tax liabilities
(422,110)
-
(422,110)
Deferred tax
(164,540)
-
(164,540)
Total identifiable net assets
(9,615,085)
-
(9,615,085)
Goodwill
19,747,090
Total consideration
10,132,005
The consideration was satisfied by:
£
Issue of shares
6,499,675
Issue of convertible loans
3,500,000
Transaction costs
132,330
10,132,005
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
23
Acquisition of a business
(Continued)
- 39 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
60,679,728
Profit after tax
201,519
24
Disposals

On 10 January 2025 the group disposed of its 100% holding in Decontaminate (UK) Limited. Included in these financial statements are losses of £23,026 arising from the company's interests in Decontaminate (UK) Limited up to the date of its disposal.

Net assets disposed of
£
Cash and cash equivalents
1,936
Property, plant and equipment
27,462
Trade and other receivables
361,337
Inventories
22,503
Trade and other payables
(390,471)
Tax liabilities
(25,819)
Borrowings
(15,097)
Deferred tax
(4,876)
(23,025)
Profit on disposal
23,026
Total consideration
1
The consideration was satisfied by:
£
Cash
1
DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 40 -
25
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2025
£
£
Within 1 year
147,489
-
Years 2-5
742,881
-
890,370
-
26
Related party transactions
Transactions with related parties

During the period the group entered into the following transactions with related parties:

Sales
Purchases
2025
2025
£
£
Group
Companies controlled by common directors and shareholders
3,284,005
354,923
Companies controlled by a director of the company
-
5,274,043

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
Balance
£
Group
Companies controlled by common directors and shareholders
4,103,926
Companies controlled by a director of the company
943,704
Other information

T he total remuneration for key management personnel for the year total l ed £1,307,853 (2024: £1,151,050).

27
Controlling party

The company has no ultimate controlling party.

DEG III (HOLDING) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
- 41 -
28
Cash generated from group operations
2025
£
Loss after taxation
(208,656)
Adjustments for:
Taxation charged
402,687
Finance costs
1,364,388
Gain on disposal of business
(23,026)
Amortisation and impairment of intangible assets
1,316,465
Depreciation and impairment of tangible fixed assets
96,593
Movements in working capital:
Increase in stocks
(61,909)
Increase in debtors
(2,097,625)
Increase in creditors
3,969,378
Cash generated from operations
4,758,295
29
Analysis of changes in net debt - group
22 October 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
-
3,536,940
3,536,940
Borrowings excluding overdrafts
-
(17,320,107)
(17,320,107)
Obligations under finance leases
-
(24,560)
(24,560)
-
(13,807,727)
(13,807,727)
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