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Registered number: 09146684 Rowcon Limited Annual Report and Financial Statements For the year ended 31 December 2025
Rowcon Limited Company Information
Directors | S J Weir
| D S Chilton
Company secretary | M T Holloway
Registered number | 09146684
Registered office | Gardale House
| 118b Gatley Road
| Gatley
| Cheadle
| Cheshire
| SK8 4AU
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
Bankers | Royal Bank of Scotland plc
| 1 Spinningfields Square
| Quay Street
| Manchester
| M3 3AP
Rowcon Limited Contents
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10
Company balance sheet | 11
Consolidated statement of changes in equity | 12
Company statement of changes in equity | 13
Consolidated statement of cash flows | 14
Consolidated analysis of net debt | 15
Notes to the financial statements | 16 - 34
Rowcon Limited Group Strategic Report For the year ended 31 December 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
The principal activity of the group during 2025 was that of building contractor on a range of residential projects within the Greater Manchester sub-region. Turnover in the year was £38m which was again an increase on the previous year’s figure of £33m. Over 90% of the turnover related to contracts with registered providers and these contracts were mainly with existing clients, however work has begun to come through from new registered providers which continues to expand the group’s client base. The directors report a profit after tax of £646k. This represents an increase compared to the profit in 2024 (£195k). Key to this improvement was the companies continued focus on cost control and delivery in line with programmes. During 2025, the impact of the Cost-of-Living Crisis was still being felt but supply chains and labour markets have had to adapt to deal with these challenges. Shortage of labour across the industry remains a key challenge and this continues to impact on cost and delivery timescales. The group’s strong focus on supporting and partnering across the supply chain has continued throughout 2025 and remains a key pillar of how the group looks to operate in this still challenging market. During the year less than 10% of the turnover came from contracts priced pre-2022 meaning the majority of contracts contains some level of allowance within them to protect against the exceptional increases we have seen over the past 3 years. Looking forward into 2026 the pipeline of work remains positive with company performance anticipated to consolidate on the growth in the years preceding 2025. The group has access to new business through 3 major Northwest frameworks which contain a good mix of existing and potential new clients. During the year the group increased the balance sheet to a Net Assets position of £716k, restoring the performance for the group that was last seen prior to 2021. The outlook for the Group remains positive but wider risks outside of our control mean that this strength is necessary to protect against unknown impacts. Strategically the group plans to continue to engage with clients ahead of the construction phase to deliver more certain outcomes for both parties and ultimately a stronger end product. This will be achieved through continuing to work with Clients by transitioning projects from a Pre Contract Service Arrangement into a full construction contract. Nurturing an effective partnership relationship with our wider client base across the Northwest is a key focus for the group. Building these relationships founded on a partnership model will ensure that the group continues to be seen as one that can deliver the size and type of projects that our client base require. This also has benefits for the group itself by facilitating the certainty in the pipeline and delivering schemes where the pre-contract work assists to best manage the project risks. The group remains committed to developing its internal staff, recognising key talent, and promoting or recruiting as required to meet the business challenges it may face going forward. The directors are confident that they have the required skills to develop and deliver the business model supported by key members of staff within the group. The group remains debt free and the cash balance at year end of £5m provides the confidence that future business liabilities and the cash flow requirement for the increased level of turnover can be met. Page 1
Rowcon Limited Group Strategic Report (continued) For the year ended 31 December 2025 Future developments The current government has retained their ambition to deliver 1.5m homes by 2029 with a significant amount of those still to be built. In particular there is increasing pressure within the Greater Manchester sub-region as a result of the Combined Authority’s drive for energy efficient, high quality affordable, social and market homes. Additional funding to support these aspirations will be flowing into registered providers and local authorities in the coming years. The strong relationship we have with our client base, which is built upon the principle of partnership will be a key strength for the company in assisting with Client housing growth ambitions. The skills and competencies which we possess across the company remains a key attribute which our clients benefit from in being able to deliver the housing outputs central government is seeking. The company’s model of being involved during pre-contract periods will enable the company further to strengthen the forward order book so delivery and turnover remain as strong as they have been over the last year.
Principal risks and uncertainties
Continuing global economic uncertainty means there remains a high level of risk of inflationary pressure on global energy prices and price of materials. These pressures will impact negatively on prices and the wider supply chain with the level of this impact uncertain. To mitigate this the group has continued to include allowances in contracts for movements in price so there is an element of protection against any potential inflationary pressures. To support this approach the group maintains a constructive dialogue with all stakeholders involved in our contracts in order to mitigate any impact of the impact from the economic disruption of global events. The group employs suitably qualified and experienced staff to manage these relationships and processes.
Financial key performance indicators
| 2025 | 2024 | 2023 | 2022 | 2021
Turnover £'000 | 37,956 | 33,430 | 27,044 | 31,903 | 32,392
Gross profit £'000 | 3,667 | 2,894 | 2,300 | 2,364 | 530
Gross profit % | 10% | 9% | 9% | 7% | 2%
Operating profit/(loss) £'000 | 798 | 224 | 34 | 103 | (1,496)
Operating profit/(loss) /turnover % | 2% | 1% | 1% | 1% | (5%)
Number of employees | 68 | 67 | 69 | 75 | 78
Operating profit/(loss) per employee £'000 | 12 | 3 | 1 | 1 | (19)
This report was approved by the board and signed on its behalf.
D S Chilton Director
Date: 16 April 2026
Page 2
Rowcon 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.
Directors' responsibilities statement
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £645,557 (2024 - £195,411). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
S J Weir
D S Chilton
Future developments
The likely future developments in the group's business and its subsidiary undertakings are detailed in the strategic report. Page 3
Rowcon Limited Directors' Report (continued) For the year ended 31 December 2025
Financial instruments
The group's principal financial instruments comprise bank deposits, and various items such as trade debtors, trade creditors, finance and operating lease agreements, which arise directly from its operations. The main purpose of these instruments is to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group operates wholly within the UK and foreign exchange risk is not material. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. The group's treasury management policies are designed to ensure continuity of funding. The group makes use of money market facilities, when funds are available, in order to maximise interest received. Trade debtors are managed in respect of credit and cash flow risk by policies concerning contract terms and the regular monitoring of amounts outstanding. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet both anticipated requirements and to provide a prudent level of headroom. The group is a lessee in respect of finance and operating leased assets. The liquidity risk in respect of these is managed in the same way as trade creditors above.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
D S Chilton Director
Date: 16 April 2026
Page 4
Rowcon Limited Independent Auditors' Report to the Members of Rowcon Limited
Opinion
We have audited the financial statements of Rowcon Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 of the parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 or the 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 auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
Rowcon Limited Independent Auditors' Report to the Members of Rowcon Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept 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' responsibilities statement set out on page 3, 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 the 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 the parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
Rowcon Limited Independent Auditors' Report to the Members of Rowcon Limited (continued)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. Page 7
Rowcon Limited Independent Auditors' Report to the Members of Rowcon Limited (continued) We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 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, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Anthony Woodings (senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG 16 April 2026 Page 8
Rowcon Limited Consolidated Statement of Comprehensive Income For the year ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 37,956,108 | 33,429,851
Cost of sales |  | (34,289,133) | (30,535,961)
Gross profit |  | 3,666,975 | 2,893,890
Administrative expenses |  | (2,891,539) | (2,692,353)
Other operating income | 5 | 22,125 | 22,871
Operating profit | 6 | 797,561 | 224,408
Interest receivable and similar income | 10 | 87,331 | 72,552
Profit before taxation |  | 884,892 | 296,960
Tax on profit | 11 | (239,335) | (101,549)
Profit for the financial year |  | 645,557 | 195,411
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 645,557 | 195,411
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
The notes on pages 16 to 34 form part of these financial statements.
Page 9
Rowcon Limited Registered number: 09146684 Consolidated Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 125,831 |  | 137,692
Investments | 14 |  | 258,653 |  | 258,653
|  |  | 384,484 |  | 396,345
Current assets |  |  |  |  |
Stocks | 15 | 2,367 |  | - |
Debtors: amounts falling due after more than one year | 16 | 1,133,800 |  | - |
Debtors: amounts falling due within one year | 16 | 6,967,210 |  | 7,924,634 |
Cash at bank and in hand | 17 | 5,265,095 |  | 3,757,437 |
|  | 13,368,472 |  | 11,682,071 |
Creditors: amounts falling due within one year | 18 | (12,227,256) |  | (11,394,007) |
Net current assets |  |  | 1,141,216 |  | 288,064
Total assets less current liabilities |  |  | 1,525,700 |  | 684,409
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (10,573) |  | (11,339) |
Other provisions | 20 | (799,500) |  | (603,000) |
|  |  | (810,073) |  | (614,339)
Net assets |  |  | 715,627 |  | 70,070
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100,000 |  | 100,000
Capital redemption reserve | 22 |  | 500,000 |  | 500,000
Profit and loss account | 22 |  | 115,627 |  | (529,930)
Equity attributable to owners of the parent Company |  |  | 715,627 |  | 70,070
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
D S Chilton
Director
Date: 16 April 2026
The notes on pages 16 to 34 form part of these financial statements. Page 10
Rowcon Limited Registered number: 09146684 Company Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 9,030,269 |  | 9,030,269
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 180 |  | 5,750 |
Cash at bank and in hand | 17 | 4,182 |  | 1,170 |
|  | 4,362 |  | 6,920 |
Creditors: amounts falling due within one year | 18 | (8,226,532) |  | (8,229,090) |
Net current liabilities |  |  | (8,222,170) |  | (8,222,170)
Total assets less current liabilities |  |  | 808,099 |  | 808,099
Net assets |  |  | 808,099 |  | 808,099
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100,000 |  | 100,000
Capital redemption reserve | 22 |  | 500,000 |  | 500,000
Profit and loss account brought forward |  | 208,099 |  | 208,099 |
Profit for the year |  | - |  | - |
Profit and loss account carried forward |  |  | 208,099 |  | 208,099
|  |  | 808,099 |  | 808,099
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
D S Chilton
Director
Date: 16 April 2026
The notes on pages 16 to 34 form part of these financial statements. Page 11
Rowcon Limited Consolidated Statement of Changes in Equity For the year ended 31 December 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 January 2025 | 100,000 | 500,000 | (529,930) | 70,070 | 70,070
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 645,557 | 645,557 | 645,557
Total comprehensive income for the year | - | - | 645,557 | 645,557 | 645,557
At 31 December 2025 | 100,000 | 500,000 | 115,627 | 715,627 | 715,627
| The notes on pages 16 to 34 form part of these financial statements.
Consolidated Statement of Changes in Equity For the year ended 31 December 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 100,000 | 500,000 | (725,341) | (125,341) | (125,341)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 195,411 | 195,411 | 195,411
Total comprehensive income for the year | - | - | 195,411 | 195,411 | 195,411
At 31 December 2024 | 100,000 | 500,000 | (529,930) | 70,070 | 70,070
| The notes on pages 16 to 34 form part of these financial statements.
Page 12
Rowcon Limited Company Statement of Changes in Equity For the year ended 31 December 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 100,000 | 500,000 | 208,099 | 808,099
Total comprehensive income for the year | - | - | - | -
At 31 December 2025 | 100,000 | 500,000 | 208,099 | 808,099
| The notes on pages 16 to 34 form part of these financial statements.
Company Statement of Changes in Equity For the year ended 31 December 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 100,000 | 500,000 | 208,099 | 808,099
Total comprehensive income for the year | - | - | - | -
At 31 December 2024 | 100,000 | 500,000 | 208,099 | 808,099
| The notes on pages 16 to 34 form part of these financial statements.
Page 13
Rowcon Limited Consolidated Statement of Cash Flows For the year ended 31 December 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 645,557 | 195,411
Adjustments for: |  |
Depreciation of tangible assets | 37,500 | 39,663
Profit on disposal of tangible assets | (2,053) | (4,583)
Interest received | (87,331) | (72,552)
Taxation charge | 239,335 | 101,549
(Increase)/decrease in stocks | (2,367) | 1,447
(Increase) in debtors | (176,376) | (2,662,926)
Increase in creditors | 763,810 | 3,735,306
Increase/(decrease) in provisions | 196,500 | (36,750)
Corporation tax (paid) | (168,518) | (5,988)
Net cash generated from operating activities | 1,446,057 | 1,290,577
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (25,639) | (44,737)
Sale of tangible fixed assets | 2,053 | 4,583
Interest received | 87,331 | 72,552
Net cash from investing activities | 63,745 | 32,398
Cash flows from financing activities |  |
Repayment of/new finance leases | (2,144) | (7,070)
Net cash used in financing activities | (2,144) | (7,070)
Net increase in cash and cash equivalents | 1,507,658 | 1,315,905
Cash and cash equivalents at beginning of year | 3,757,437 | 2,441,532
Cash and cash equivalents at the end of year | 5,265,095 | 3,757,437
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 5,265,095 | 3,757,437
The notes on pages 16 to 34 form part of these financial statements.
Page 14
Rowcon Limited Consolidated Analysis of Net Debt For the year ended 31 December 2025
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
Cash at bank and in hand | 3,757,437 | 1,507,658 | 5,265,095
Finance leases | (2,144) | 2,144 | -
| 3,755,293 | 1,509,802 | 5,265,095
The notes on pages 16 to 34 form part of these financial statements.
Page 15
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
1. | General information
Rowcon Limited is a private company limited by shares and incorporated in England. The address of the registered office and principal place of business is Gardale House, 118b Gatley Road, Gatley, Cheadle, SK8 4AU. The company's registered number is 09146684. The nature of the company's operation and its principal activity is that of a holding company. The group continues to operate predominantly in the social housing and speculative housing construction markets. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The group is currently undertaking a number of profitable contracts and has secured a strong order book with activity scheduled throughout 2026 and 2027. The group also maintains strong relationships with its network of clients which will further increase the number of live enquiries already in progress and the group expects to continue to be successful in being awarded future contracts from these live enquiries. The group’s cash flow forecast reflects the expected timing of income from clients and the payment of costs to the supply chain. This cash flow forecast is expected to be cash positive throughout the forecast period. Accordingly, the directors believe it is appropriate to prepare the financial statement to 31 December 2025 on a going concern basis. Page 16
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Construction contracts When the outcome of construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period. Reliable estimation of the outcome of construction contracts requires reliable estimates of the stage of completion, future costs and collectability of billings. The stage of completion is measured by surveys of work performed. When the outcome of a construction contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable. When it is probable that the total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract. Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer. Own developments Revenue derived from the sale of speculative developments is recognised upon the transfer of risks and rewards of ownership to the buyer, when there is an exchange of unconditional contracts.
| 2.5 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at costs less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of 5 years. Page 17
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.6 | Leased assets: Lessee
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Finance leases are capitalised as tangible fixed assets at commencement of the lease at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct cost, incurred in negotiating and arranging the lease, are included in the cost of the asset. Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method to produce a constant rate of charge on the balance of the capital repayments outstanding.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 18
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Group 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 Group. 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. Page 19
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 7% | straight line
|  |  |  | Plant and machinery | - | 25% | straight line
|  |  |  | Motor vehicles | - | 25% | straight line
|  |  |  | Fixtures and fittings | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Operating leases: Lessee
Leases are classified as operating leases whenever the terms of the lease do not transfer substantially all the risks and rewards of ownership to the company. Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense over the lease term on a straight line basis.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments held as fixed assets are shown at cost, which is considered to be the fair value. Other fixed asset investments, as detailed in note 14, represent sold properties in which the company retains an interest comprising a proportion of the costs of units being sold under a shared ownership scheme.
| 2.12 | Stocks
Stock of land for development is included at the lower of acquisition cost or net realisable value. Net realisable value for this purpose is the estimated selling value less estimated selling costs. The group recognises costs that relate to future activity on a construction contract as an asset if it is probable that the costs will be recovered. Contract and speculative building work in progress is valued at cost or net realisable value, whichever is the lower. Cost for this purpose includes all direct costs as follows:- direct labour and materials, work done by subcontractors, hire of plant and equipment used on contract sites, and all overheads except those relating to administration. Net realisable value for this purpose is estimated selling value less cost to completion including selling costs. Page 20
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans to and from related parties. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the group as at 31 December 2025 are discussed below. a) Revenue and margin recognition The group's revenue recognition and margin recognition policies, which are set out in note 2.4, are central to how the group values the work it has carried out in each financial year. These policies require forecasts to be made of the outcomes of construction contracts, which require assessments and judgements to be made. The group reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses. b) Provisions Provisions are liabilities of uncertain timing or amount and therefore making a reliable estimate of the quantum and timing of liabilities judgement is applied and re-evaluated at each reporting date. The group recognised provisions at 31 December 2025 of £799,500 (2024 - £603,000). Page 21
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contract revenue | 37,956,108 | 33,429,851
|  | 37,956,108 | 33,429,851
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 22,125 | 22,871
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets owned by the company | 31,409 | 33,571
| Depreciation of tangible fixed assets held under finance leases | 6,092 | 6,092
| Operating lease rentals | 79,000 | 79,000
| Defined contribution pension cost | 109,661 | 103,208
| Profit on disposal of tangible fixed assets | (2,053) | (4,583)
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 19,475 | 18,750
| All other services | 17,925 | 17,250
Page 22
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,591,942 | 3,516,315 | 353,803 | 262,694
| Social security costs | 450,168 | 369,955 | 50,983 | 34,381
| Cost of defined contribution scheme | 109,661 | 103,208 | 31,181 | 24,109
|  | 4,151,771 | 3,989,478 | 435,967 | 321,184
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 21 | 18
|  | Construction and development work | 47 | 49
|  |  | 68 | 67
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 281,256 | 274,496
| Group contributions to defined contribution pension schemes | 24,810 | 24,109
|  | 306,066 | 298,605
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £144,673 (2024 - £145,638).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,483 (2024 - £13,332).
Page 23
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 87,331 | 72,552
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 240,101 | 88,518
| Adjustments in respect of previous periods | - | 5,988
|  | 240,101 | 94,506
| Total current tax | 240,101 | 94,506
| Deferred tax |  |
| Origination and reversal of timing differences | (766) | 7,043
| Total deferred tax | (766) | 7,043
| Taxation on profit on ordinary activities | 239,335 | 101,549
Page 24
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 884,892 | 296,960
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 221,223 | 74,240
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 17,370 | 20,578
| Adjustments to tax charge in respect of prior periods | - | 5,988
| Other timing differences leading to an increase (decrease) in taxation | 742 | 743
| Total tax charge for the year | 239,335 | 101,549
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 25
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
12. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 1,640,847
| At 31 December 2025 | 1,640,847
| Amortisation |
| At 1 January 2025 | 1,640,847
| At 31 December 2025 | 1,640,847
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
| Goodwill which arose upon the acquisition by the company of Rowlinson Holdings Limited, and its subsidiary, Rowlinson Constructions Limited in 2014 has a carrying value of £nil. No impairment losses on goodwill have been recognised in profit or loss during the period.
Page 26
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
13. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 110,525 | 17,600 | 43,964 | 134,336 | 306,425
| Additions | - | - | - | 25,639 | 25,639
| Disposals | - | - | (14,589) | - | (14,589)
| At 31 December 2025 | 110,525 | 17,600 | 29,375 | 159,975 | 317,475
| Depreciation |  |  |  |  |
| At 1 January 2025 | 36,854 | 17,600 | 36,348 | 77,931 | 168,733
| Charge for the year | 7,372 | - | 6,092 | 24,036 | 37,500
| Disposals | - | - | (14,589) | - | (14,589)
| At 31 December 2025 | 44,226 | 17,600 | 27,851 | 101,967 | 191,644
| Net book value |  |  |  |  |
| At 31 December 2025 | 66,299 | - | 1,524 | 58,008 | 125,831
| At 31 December 2024 | 73,671 | - | 7,616 | 56,405 | 137,692
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | - | 7,616
Page 27
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
14. | Fixed asset investments
| Group
|  | Other fixed asset investments
|  | £
| Cost or valuation |
| At 1 January 2025 | 258,653
| At 31 December 2025 | 258,653
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 9,030,269
| At 31 December 2025 | 9,030,269
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Rowlinson Holdings Limited | Gardale House, 118b Gatley Road, Gatley, Cheadle SK8 4AU | Holding company | Ordinary | 100%
| Indirect subsidiary undertaking
| The following was an indirect subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Rowlinson Constructions Limited | Gardale House, 118b Gatley Road, Gatley, Cheadle SK8 4AU | Building contractor | Ordinary | 100%
Page 28
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Work in progress | 2,367 | -
| No impairment loss was recognised in costs of sales against stock during the current year or prior year.
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Trade debtors | 1,133,800 | - | - | -
|  | 1,133,800 | - | - | -
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 5,000,384 | 6,275,805 | - | -
| Other debtors | 1,737,237 | 1,449,950 | 180 | 5,750
| Prepayments and accrued income | 229,589 | 198,879 | - | -
|  | 6,967,210 | 7,924,634 | 180 | 5,750
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 5,265,095 | 3,757,437 | 4,182 | 1,170
Page 29
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 5,998,212 | 6,469,952 | - | -
| Amounts owed to group undertakings | - | - | 8,212,136 | 8,211,997
| Corporation tax | 160,101 | 88,518 | - | -
| Other taxation and social security | 121,014 | 186,908 | 13,028 | 11,523
| Obligations under finance lease and hire purchase contracts | - | 2,144 | - | -
| Other creditors | 66,010 | 63,503 | 1,368 | 5,570
| Accruals and deferred income | 5,881,919 | 4,582,982 | - | -
|  | 12,227,256 | 11,394,007 | 8,226,532 | 8,229,090
| Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
Page 30
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
19. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (11,339) | (4,296)
| Charged to profit or loss | 766 | (7,043)
| At end of year | (10,573) | (11,339)
| Company
|  | 2025 | 2024
| At end of year | - | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (10,573) | (26,106)
| Other timing differences | - | 14,767
|  | (10,573) | (11,339)
Page 31
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
20. | Provisions
| Group
|  | Contract provisions
|  | £
| At 1 January 2025 | 603,000
| Charged to profit or loss | 232,500
| Utilised in year | (36,000)
| At 31 December 2025 | 799,500
| Contract provisions include defect, warranty and other provisions on construction contracts that are ongoing or have reached practical completion.
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 20,000 (2024 - 20,000) Ordinary A shares of £1.00 each | 20,000 | 20,000
|  | 20,000 (2024 - 20,000) Ordinary B shares of £1.00 each | 20,000 | 20,000
|  | 20,000 (2024 - 20,000) Ordinary C shares of £1.00 each | 20,000 | 20,000
|  | 20,000 (2024 - 20,000) Ordinary D shares of £1.00 each | 20,000 | 20,000
|  | 20,000 (2024 - 20,000) Ordinary E shares of £1.00 each | 20,000 | 20,000
|  |  | 100,000 | 100,000
| The Ordinary A, Ordinary B, Ordinary C, Ordinary D and Ordinary E shares all have equal rights with regards to voting and distribution of dividends.
22. | Reserves
Capital redemption reserve Capital redemption reserve - a non distributable reserve and represents paid up share capital. Profit and loss account Profit and loss account - includes all current and period retained profits and losses. Page 32
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
23. | Contingent liabilities
At the 31 December 2025 there existed performance bonds and similar agreements entered into in the normal course of business totalling £3,644,604 (2024 - £2,196,747)
24. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £109,661 (2024 - £103,208). Contributions totalling £20,830 (2024 - £20,566) were payable to the fund at the balance sheet date.
25. | Commitments under operating leases
| At 31 December 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 79,000 | 79,000
| Later than 1 year and not later than 5 years | 316,000 | 316,000
| Later than 5 years | 431,417 | 510,417
|  | 826,417 | 905,417
| The company had no commitments under non-cancellable operating leases as at the balance sheet date.
26. | Related party transactions
| The following transactions occurred during the year, and balances existed at the year end date, with companies related by common control and/or common directorship.
|  | 2025 | 2024
|  | £ | £
| Sales | 823,993 | -
| Debtors | 1,899,797 | 965,600
| Rent payable | (79,000) | (79,000)
| Interest receivable | 37,906 | 37,978
| Sale of land and building | - | -
| In preparing these financial statements, the directors have taken advantage of the exemption available under section 33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed transactions entered into between wholly owned group undertakings.
Page 33
Rowcon Limited Notes to the Financial Statements For the year ended 31 December 2025
27. | Controlling party
The company is jointly controlled by the directors.
Page 34