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REGISTERED NUMBER: 08801287 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2025

for

HMH Civils Limited

| HMH Civils Limited (Registered number: 08801287) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Profit and Loss Account | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| HMH Civils Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr J P Hughes

| Mr G May

| Mr L May

| Mr M E Neale

| REGISTERED OFFICE: | HMH House

| 8 Falcon Court

| Preston Farm

| Stockton on Tees

| TS18 3TS

| REGISTERED NUMBER: | 08801287 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Mrs Lynne Dickson FCA

| AUDITORS: | JBC Accountants Limited

| Statutory Auditor

| 3B Lockheed Court

| Preston Farm

| Stockton on Tees

| TS18 3SH

| HMH Civils Limited (Registered number: 08801287) |

Strategic Report

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

HMH Civils Limited continues to be one of the leading civil engineering companies in Teesside, winning large construction contracts in the North East for the development of roads and sewers and groundworks at new housing sites.

The Company's key financial and other performance indicators during the year were as follows:

| 2025 |  | 2024 |  | Variance |  |

Turnover |  | £45,818,298 |  | £37,121,963 |  | 23% |  |

Gross profit margin |  | 13.52% |  | 12.20% |  | 10.8% |  |

Profit before tax |  | £1,818,812 |  | £520,964 |  | 249% |  |

There has been an increase in cash at bank during the year; with cash inflows amounting to £1.7m (2024: £166k).

Shareholders' funds have risen from £5.8m at 31.12.2024 to £7.4m at 31.12.2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties for the company centre around an inherently volatile construction industry. The directors have developed company policies, which have been designed to identify, manage and limit both existing and possible risks that the company may face. These are regularly reviewed and are applied at various management levels.

Financial risk is an integral risk faced by management; in particular, credit risk, largely in respect of trade debtors.

Cash flow risks are managed through the preparation and monitoring of records, forecasts and management accounts, however, the strong cash balances held help to alleviate any potential problems.

Price risk is considered when tendering for new projects and this is reviewed on an ongoing basis. Procedures are in place for each new contract, to identify and assess potential risks.

Also when tendering for contracts, there is a risk of competition. The company hopes that this is alleviated by the strong reputation it has built within the local construction industry.

Business continuity is always a risk, however, there have been no events that would cast any doubt that the company would not be able to continue to operate in the foreseeable future.

The company is required to comply with relevant legislation, including building standards for construction and the Construction Industry Scheme. Best practice procedures have been established and third party specialists have been engaged to ensure compliance.

ON BEHALF OF THE BOARD:

Mr G May - Director

14 April 2026

| HMH Civils Limited (Registered number: 08801287) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of civil engineering works. It was largely involved with construction work in respect of roads and sewers and the groundworks of new housing developments.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The company intends to build further on the reputation it has developed in the area and continue to grow its customer base and in turn, its level of turnover.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr J P Hughes

Mr G May

Other changes in directors holding office are as follows:

Mr L May and Mr M E Neale were appointed as directors after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| HMH Civils Limited (Registered number: 08801287) |

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

The auditors, JBC Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr G May - Director

14 April 2026

Report of the Independent Auditors to the Members of

HMH Civils Limited

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

HMH Civils Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

HMH Civils Limited

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 a Report of the Auditors 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We identified the laws and regulations applicable to the company through discussions with directors and other management and from our commercial knowledge and experience of the construction industry;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;

Tested the existence of internal controls in place to mitigate risks of fraud;

Tested the appropriateness of journal entries, identifying unusual transactions;

Assessed whether the judgements made in making significant accounting estimates are indicative of potential bias;

Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation;

Enquiring of management as to actual and potential litigation and claims; and

Reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Report of the Auditors.

Report of the Independent Auditors to the Members of

HMH Civils Limited

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 a Report of the Auditors 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.

Mrs Lynne Dickson FCA (Senior Statutory Auditor)

for and on behalf of JBC Accountants Limited

Statutory Auditor

3B Lockheed Court

Preston Farm

Stockton on Tees

TS18 3SH

20 April 2026

| HMH Civils Limited (Registered number: 08801287) |

Profit and Loss Account

for the Year Ended 31 December 2025

31/12/25 | 31/12/24 |

| Notes | £ | £

TURNOVER | 45,818,298 |  | 37,121,963 |  |

Cost of sales | 39,625,052 |  | 32,580,900 |  |

GROSS PROFIT | 6,193,246 |  | 4,541,063 |  |

Administrative expenses | 4,330,539 |  | 3,892,743 |  |

1,862,707 |  | 648,320 |  |

Other operating income | 67,669 |  | 10,533 |  |

OPERATING PROFIT | 1,930,376 |  | 658,853 |  |

Interest receivable and similar income | 16,837 |  | 24,223 |  |

Interest payable and similar expenses | 4 | (128,401 | ) | (162,112 | ) |

PROFIT BEFORE TAXATION | 5 | 1,818,812 |  | 520,964 |  |

Tax on profit | 6 | 219,634 |  | 9,422 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,599,178 |  | 511,542 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,599,178 |  | 511,542 |  |

| HMH Civils Limited (Registered number: 08801287) |

Balance Sheet

31 December 2025

31/12/25 | 31/12/24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 793,784 |  | 774,827 |  |

Investments | 10 | 100 |  | 100 |  |

793,884 |  | 774,927 |  |

CURRENT ASSETS

Stocks | 11 | 1,047,500 |  | 1,097,500 |  |

Debtors | 12 | 14,107,371 |  | 13,552,059 |  |

15,154,871 |  | 14,649,559 |  |

CREDITORS

Amounts falling due within one year | 13 | 6,348,810 |  | 9,516,976 |  |

NET CURRENT ASSETS | 8,806,061 |  | 5,132,583 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,599,945 |  | 5,907,510 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (2,000,000 | ) | (62,500 | ) |

PROVISIONS FOR LIABILITIES | 18 | (155,757 | ) | - |  |

NET ASSETS | 7,444,188 |  | 5,845,010 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 300 |  | 300 |  |

Retained earnings | 7,443,888 |  | 5,844,710 |  |

SHAREHOLDERS' FUNDS | 7,444,188 |  | 5,845,010 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2026 and were signed on its behalf by:

Mr G May - Director

| HMH Civils Limited (Registered number: 08801287) |

Statement of Changes in Equity

for the Year Ended 31 December 2025

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| £ | £ | £

Balance at 1 January 2024 | 300 |  | 9,333,168 |  | 9,333,468 |  |

Changes in equity

Dividends | - |  | (4,000,000 | ) | (4,000,000 | ) |

Total comprehensive income | - |  | 511,542 |  | 511,542 |  |

Balance at 31 December 2024 | 300 |  | 5,844,710 |  | 5,845,010 |  |

Changes in equity

Total comprehensive income | - |  | 1,599,178 |  | 1,599,178 |  |

Balance at 31 December 2025 | 300 |  | 7,443,888 |  | 7,444,188 |  |

| HMH Civils Limited (Registered number: 08801287) |

Cash Flow Statement

for the Year Ended 31 December 2025

31/12/25 | 31/12/24 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 2,023,163 |  | 797,855 |  |

Interest paid | (127,708 | ) | (158,383 | ) |

Interest element of hire purchase payments paid | (693 | ) | (3,729 | ) |

Tax paid | (75,370 | ) | (156,572 | ) |

Taxation refund | 423,370 |  | 1,200,531 |  |

Net cash from operating activities | 2,242,762 |  | 1,679,702 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (296,966 | ) | (292,950 | ) |

Sale of tangible fixed assets | 31,630 |  | 194,514 |  |

Interest received | 16,837 |  | 57,724 |  |

Net cash from investing activities | (248,499 | ) | (40,712 | ) |

Cash flows from financing activities

New loans in year | 2,000,000 |  | 1,500,000 |  |

Loan repayments in year | (812,500 | ) | (687,500 | ) |

Loans to Group Company | (869,900 | ) | 1,165,620 |  |

Loan from related party | - |  | 1,145,000 |  |

Capital repayments in year | (7,063 | ) | (49,811 | ) |

Amount withdrawn by directors | - |  | (1,094 | ) |

Repayments to related party | (600,000 | ) | (545,000 | ) |

Equity dividends paid | - |  | (4,000,000 | ) |

Net cash from financing activities | (289,463 | ) | (1,472,785 | ) |

Increase in cash and cash equivalents | 1,704,800 |  | 166,205 |  |

Cash and cash equivalents at beginning of year | 2 | (3,404,982 | ) | (3,571,187 | ) |

Cash and cash equivalents at end of year | 2 | (1,700,182 | ) | (3,404,982 | ) |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/25 | 31/12/24 |

| £ | £

| Profit before taxation | 1,818,812 |  | 520,964 |  |

| Depreciation charges | 238,732 |  | 230,712 |  |

| Loss on disposal of fixed assets | 7,644 |  | 4,303 |  |

| Finance costs | 128,401 |  | 162,112 |  |

| Finance income | (16,837 | ) | (24,223 | ) |

2,176,752 |  | 893,868 |  |

| Decrease/(increase) in stocks | 50,000 |  | (372,500 | ) |

| Increase in trade and other debtors | (388,727 | ) | (829,342 | ) |

| Increase in trade and other creditors | 185,138 |  | 1,105,829 |  |

| Cash generated from operations | 2,023,163 |  | 797,855 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

| £ | £

| Bank overdrafts | (1,700,182 | ) | (3,404,982 | ) |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

| £ | £

| Bank overdrafts | (3,404,982 | ) | (3,571,187 | ) |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/1/25 | Cash flow | At 31/12/25

| £ | £ | £

| Net cash |

| Bank overdrafts | (3,404,982 | ) | 1,704,800 |  | (1,700,182 | ) |

(3,404,982 | ) | 1,704,800 |  | (1,700,182 | ) |

| Debt

| Finance leases | (7,063 | ) | 7,063 |  | - |  |

| Debts falling due within 1 year | (1,350,000 | ) | 1,350,000 |  | - |  |

| Debts falling due after 1 year | (62,500 | ) | (1,937,500 | ) | (2,000,000 | ) |

(1,419,563 | ) | (580,437 | ) | (2,000,000 | ) |

| Total | (4,824,545 | ) | 1,124,363 |  | (3,700,182 | ) |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| HMH Civils Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| It's place of business is Falcon Court, Stockton-on-Tees.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The company invoices on a monthly basis throughout the duration of a contract based on work carried out and recognises income at the date of the invoice.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks and work in progress have been valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Debtors and creditors receivable/payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

31/12/25 | 31/12/24 |

| £ | £

| Wages and salaries | 3,226,263 |  | 2,987,005 |  |

| Social security costs | 361,749 |  | 297,751 |  |

| Other pension costs | 134,666 |  | 99,082 |  |

3,722,678 |  | 3,383,838 |  |

| The average number of employees during the year was as follows:

31/12/25 | 31/12/24 |

| Management | 2 |  | 2 |  |

| Office | 35 |  | 32 |  |

| Site | 17 |  | 20 |  |

54 |  | 54 |  |

31/12/25 | 31/12/24 |

| £ | £

| Directors' remuneration | 492,500 |  | 500,000 |  |

| Directors' pension contributions to money purchase schemes | 17,500 |  | 10,000 |  |

| Information regarding the highest paid director is as follows:

31/12/25 | 31/12/24 |

| £ | £

| Emoluments etc | 250,000 |  | 250,000 |  |

| Pension contributions to money purchase schemes | 10,000 |  | - |  |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | INTEREST PAYABLE AND SIMILAR EXPENSES |

31/12/25 | 31/12/24 |

| £ | £

| Loan | 127,708 |  | 158,383 |  |

| Hire purchase interest | 693 |  | 3,729 |  |

128,401 |  | 162,112 |  |

5. | PROFIT BEFORE TAXATION

| The profit is stated after charging:

31/12/25 | 31/12/24 |

| £ | £

| Depreciation - owned assets | 232,776 |  | 201,637 |  |

| Depreciation - assets on hire purchase contracts | 5,959 |  | 29,074 |  |

| Loss on disposal of fixed assets | 7,644 |  | 4,303 |  |

| Auditors' remuneration | 19,500 |  | 18,700 |  |

| Accountancy and other services | 13,781 |  | 14,200 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

31/12/25 | 31/12/24 |

| £ | £

| Current tax:

| UK corporation tax | 63,877 |  | 152,167 |  |

| Deferred tax | 155,757 |  | (142,745 | ) |

| Tax on profit | 219,634 |  | 9,422 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/25 | 31/12/24 |

| £ | £

| Profit before tax | 1,818,812 |  | 520,964 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 454,703 |  | 130,241 |  |

| Effects of:

| Expenses not deductible for tax purposes | 18,581 |  | 33,824 |  |

| Utilisation of tax losses | (253,650 | ) | (65,424 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | 152,168 |  |

| Deferred tax - change in rate | - |  | 21,887 |  |

| R&D Claims | - |  | (263,274 | ) |

| Total tax charge | 219,634 |  | 9,422 |  |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | DIVIDENDS

31/12/25 | 31/12/24 |

| £ | £

| Ordinary shares of £1 each

| Interim | - |  | 4,000,000 |  |

8. | INTANGIBLE FIXED ASSETS

Computer |

software |

| £

| COST

| At 1 January 2025

| and 31 December 2025 | 36,483 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 36,483 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

9. | TANGIBLE FIXED ASSETS

Fixtures |  |

Plant and | and | Motor | Computer |  |

machinery | fittings | vehicles | equipment | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 January 2025 | 487,319 |  | 50,657 |  | 1,292,805 |  | 95,198 |  | 1,925,979 |  |

| Additions | 3,950 |  | - |  | 291,956 |  | 1,060 |  | 296,966 |  |

| Disposals | - |  | (11,018 | ) | (144,610 | ) | (2,298 | ) | (157,926 | ) |

| At 31 December 2025 | 491,269 |  | 39,639 |  | 1,440,151 |  | 93,960 |  | 2,065,019 |  |

| DEPRECIATION

| At 1 January 2025 | 280,223 |  | 34,652 |  | 755,590 |  | 80,687 |  | 1,151,152 |  |

| Charge for year | 31,658 |  | 2,037 |  | 198,266 |  | 6,774 |  | 238,735 |  |

| Eliminated on disposal | - |  | (8,590 | ) | (107,764 | ) | (2,298 | ) | (118,652 | ) |

| At 31 December 2025 | 311,881 |  | 28,099 |  | 846,092 |  | 85,163 |  | 1,271,235 |  |

| NET BOOK VALUE

| At 31 December 2025 | 179,388 |  | 11,540 |  | 594,059 |  | 8,797 |  | 793,784 |  |

| At 31 December 2024 | 207,096 |  | 16,005 |  | 537,215 |  | 14,511 |  | 774,827 |  |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor |

vehicles |

| £

| COST

| At 1 January 2025 | 56,502 |  |

| Transfer to ownership | (56,502 | ) |

| At 31 December 2025 | - |  |

| DEPRECIATION

| At 1 January 2025 | 32,664 |  |

| Charge for year | 5,959 |  |

| Transfer to ownership | (38,623 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 23,838 |  |

10. | FIXED ASSET INVESTMENTS

Shares in |

group |

undertakings |

| £

| COST

| At 1 January 2025

| and 31 December 2025 | 100 |  |

| NET BOOK VALUE

| At 31 December 2025 | 100 |  |

| At 31 December 2024 | 100 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| HMH Contracts Limited

| Registered office:

| Nature of business: Construction activities

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31/12/25 | 31/12/24 |

| £ | £

| Aggregate capital and reserves | 9,889 |  | 10,663 |  |

| Loss for the year | (774 | ) | (615 | ) |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | STOCKS

31/12/25 | 31/12/24 |

| £ | £

| Stocks | 1,037,500 |  | 1,087,500 |  |

| Work-in-progress | 10,000 |  | 10,000 |  |

1,047,500 |  | 1,097,500 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31/12/25 | 31/12/24 |

| £ | £

| Trade debtors | 13,097,036 |  | 12,770,935 |  |

| Amounts owed by group undertakings | 515,721 |  | 1,039 |  |

| Other debtors | 97,395 |  | 451,742 |  |

| Directors' current accounts | 24,401 |  | 24,401 |  |

| VAT | 339,991 |  | 276,614 |  |

| Prepayments | 32,827 |  | 27,328 |  |

14,107,371 |  | 13,552,059 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31/12/25 | 31/12/24 |

| £ | £

| Bank loans and overdrafts (see note 15) | 1,700,182 |  | 4,154,982 |  |

| Loan from related party (see note 15) | - |  | 600,000 |  |

| Hire purchase contracts (see note 16) | - |  | 7,063 |  |

| Trade creditors | 3,411,893 |  | 3,340,666 |  |

| Amounts owed to group undertakings | 100 |  | 355,418 |  |

| Tax | 63,877 |  | - |  |

| Social security and other taxes | 161,887 |  | 141,222 |  |

| Other creditors | 991,371 |  | 832,902 |  |

| Accruals and deferred income | 19,500 |  | 84,723 |  |

6,348,810 |  | 9,516,976 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

31/12/25 | 31/12/24 |

| £ | £

| Bank loans (see note 15) | 2,000,000 |  | 62,500 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

31/12/25 | 31/12/24 |

| £ | £

| Amounts falling due within one year or on demand:

| Bank overdrafts | 1,700,182 |  | 3,404,982 |  |

| Bank loans | - |  | 750,000 |  |

| Loan from related party | - |  | 600,000 |  |

1,700,182 |  | 4,754,982 |  |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | LOANS - continued

31/12/25 | 31/12/24 |

| £ | £

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 62,500 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 2,000,000 |  | - |  |

16. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

31/12/25 | 31/12/24 |

| £ | £

| Net obligations repayable:

| Within one year | - |  | 7,063 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

31/12/25 | 31/12/24 |

| £ | £

| Bank overdrafts | 1,700,182 |  | 3,404,982 |  |

| Bank loans | 2,000,000 |  | 812,500 |  |

| Hire purchase contracts | - |  | 7,063 |  |

3,700,182 |  | 4,224,545 |  |

| A fixed and floating charge exists in respect of the bank loan and overdraft with Santander UK plc, over the property and other assets held by the company.

18. | PROVISIONS FOR LIABILITIES

31/12/25 | 31/12/24 |

| £ | £

| Deferred tax | 155,757 |  | - |  |

Deferred tax |

| £

| Accelerated capital allowances | 155,757 |  |

| Balance at 31 December 2025 | 155,757 |  |

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/12/25 | 31/12/24 |

value: |  | £ | £

| 290 | Ordinary | £1 | 290 |  | 290 |  |

| 10 | Ordinary B | £1 | 10 |  | 10 |  |

300 |  | 300 |  |

20. | ULTIMATE PARENT COMPANY

| The immediate parent undertaking is HMH Company Holdings Ltd.

| The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is G May Investments Ltd. The registered office of G May Investments Ltd is HMH House, 8 Falcon Court, Preston Farm, Stockton on Tees, TS18 3TS.

| The ultimate controlling party is the HMH Employee Ownership Trust by virtue of its majority shareholding in G May Investments Limited .

21. | FINANCIAL COMMITMENTS

31/12/25 | 31/12/24 |

| £ | £

| Contracted but not provided for in the

| financial statements | 24,000 |  | 24,000 |  |

22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

31/12/25 | 31/12/24 |

| £ | £

| Mr J P Hughes

| Balance outstanding at start of year | 24,254 |  | 23,160 |  |

| Amounts advanced | - |  | 1,094 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 24,254 |  | 24,254 |  |

| Mr G May

| Balance outstanding at start of year | 147 |  | 147 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 147 |  | 147 |  |

| Interest has been charged at 3.75% on the above loans where applicable.

| HMH Civils Limited (Registered number: 08801287) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

23. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group undertakings.

| Other related parties

31/12/25 | 31/12/24 |

| £ | £

| Sales | 67,550 |  | 168,702 |  |

| Purchases | 2,045,115 |  | 1,916,336 |  |

| Loan received | - |  | 1,145,000 |  |

| Loan repaid | 600,000 |  | 545,000 |  |

| Amount due from related party | 3,489 |  | 2,587 |  |

| Amount due to related party | 181,940 |  | 179,291 |  |

| Loan due to related party | - |  | 600,000 |  |

| During the year, the company incurred the above unsecured transactions with companies controlled by the directors.