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| Registered number: 07248789
WILLIAMSBUILD MANAGEMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
WILLIAMSBUILD MANAGEMENT LIMITED COMPANY INFORMATION
DIRECTORS | Mr R R Williams
| Mr J D Whittaker
COMPANY SECRETARY | Mr D J Williams
REGISTERED NUMBER | 07248789
REGISTERED OFFICE | Southern House
| Eagle Close
| Langage Business Park, Plympton
| Plymouth
| Devon
| PL7 5HZ
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| Salt Quay House
| 4 North East Quay
| Sutton Harbour
| Plymouth
| PL4 0BN
BANKERS | Barclays Bank PLC
| 140-146 Armada Way
| Plymouth
| Devon
| PL1 1LA
WILLIAMSBUILD MANAGEMENT LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3
Directors' responsibilities statement | 4
Independent auditors' report | 5 - 8
Consolidated statement of income and retained earnings | 9
Consolidated statement of financial position | 10
Company statement of financial position | 11
Consolidated statement of cash flows | 12
Notes to the financial statements | 13 - 26
WILLIAMSBUILD MANAGEMENT LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
BUSINESS REVIEW
Performance The year ended 31 July 2025 was a consistent year in terms of the number of projects in progress at any one time. Careful planning and working closely with our clients in the pre-construction phase meant we were able to even out the peaks and troughs in workload, a factor in overall efficiency of the business. Despite facing significant commercial challenges in recent years, such as soaring material and labour costs which impacted our gross profit margin, we have continued to successfully navigate these obstacles. By refocusing on our core business activities—ground works, petroleum, and EV—we've embraced larger, more intricate projects. The implementation of innovative digitised systems has notably enhanced our operational efficiency. Since the successful completion of our inaugural all-electric forecourt in Autumn 2020, each year we have expanded this aspect of our business. We are currently engaged with multiple clients and workstreams within the EV charging sector, experiencing rapid growth. The EV sector now accounts for around a third of our turnover. Our portfolio continues to encompass a diverse array of petroleum and retail-based projects for prominent clients, many of whom are renowned blue-chip companies or established private developers. We take immense pride in our unparalleled reputation as the 'go-to' contractor for challenging or complex projects in these sectors. At the forefront of our priorities is the safety and well-being of all involved in our business activities. Despite facing the most demanding programmes, we consistently deliver projects with unwavering safety standards, maintaining our outstanding safety record. Through our robust integrated safety management system and digitised processes, we ensure adherence to policies and procedures, garnering exceptional scores in annual audits conducted by major oil companies. Our team's dedication to safety has been recognised through numerous awards from clients throughout the year, a testament to their commendable efforts. We are proud to have achieved BREEAM Excellent status on a 15k sq ft new build neighbourhood retail store for one of our longest standing clients. We have continued to invest in enhancing our systems and processes and are now operating almost ‘paperless’ construction sites. The ongoing evolution of our integrated project management software has revolutionised the flow of information from site to head office. Our success is driven by our highly skilled workforce, whom we believe to be among the industry's finest. We prioritise training, evident in our accreditation as a training provider for Safety Passport Alliance petrol retail modules. Our Site Managers, Contracts Managers, and safety team have been lauded by clients for their exemplary performance, particularly in safety and quality. We remain steadfast in our commitment to environmental responsibility, collaborating with our clients, we actively work towards reducing carbon emissions, minimising plastic use, and promoting recycling initiatives. Business environment & strategy The construction sector in which we operate continues to see strong investment, in particular in the growing EV market. The Group’s success is dependent on maintaining the high standard of product we deliver whilst remaining competitive and offering good overall value to our clients. We believe by working closely with our clients to develop new ideas and value engineered solutions, we can achieve this. This includes looking at alternative solutions to replace traditional fossil fuel infrastructure with electric vehicle charging stations and modern offerings to the food convenience stores on the high street. The Group will continue to consolidate its position and concentrate on growth within its existing market segments which includes adapting to the differing investment programmes of our clients. We aim to improve efficiency in all areas of our operations through cost reduction and reviewing our working practices on site. Page 1
WILLIAMSBUILD MANAGEMENT LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
PRINCIPAL RISKS AND UNCERTAINTIES
Health & Safety The importance of health & safety is at the forefront of everything that we do in terms of our moral and legal duty and of course, the potential outcome of any breach. Mitigation of risk is therefore a priority and is carried out in many ways. Our proactive regime of training, both in house and through external specialist companies is based on formal annual analysis of training needs for each job function and each individual. All of our site managers hold the Site Management Safety Training Scheme qualification, and our Contracts Managers have been trained in the IOSH Managing Safely qualification. All members of site staff have achieved the minimum requirements under the CSCS certification scheme and are all working towards varying levels of the NVQ qualification. We have two key members of staff qualified with NEBOSH Construction Certificate and almost every member of site staff is a fully trained first aider, fire marshal and are all trained in asbestos awareness. We have and will continue to maintain our investment in training across the board. In addition to this, we employ the services of an external provider to assist in carrying out regular site safety audits to allow us to build up data, analyse trends and reduce the risk of an incident. Economic & market risks The principal economic & market risk to the Group is the on-going change in consumer spending habits which has forced some of our clients to refocus their capital investment in other areas. Whilst this presents a risk to the availability of projects in our normal market segments, we are able to mitigate this with the opportunity to adapt into these other areas of client investment. As a business, we can change to suit the environment very quickly. We have a broad base of highly skilled construction staff, most of whom have been with us for many years. We have a reputation for delivering outstanding quality projects on time, within budget and without incident. This gives us a very high rate of repeat business as well as being able to build this reputation across new work-streams with new clients.
FINANCIAL KEY PERFORMANCE INDICATORS
As directors we use the following financial KPI’s to monitor the development and performance of the group. Following an exceptional year in 2023, turnover in 2024 was reduced for a multitude of external factors, however 2025 saw the level of turnover return to around £40m which is our expected average norm. We continually review our working practices to ensure we remain as efficient as possible without compromising safety or quality and this will continue. This report was approved by the board and signed on its behalf.
Mr R R Williams Director
Date: 30 March 2026
Page 2
WILLIAMSBUILD MANAGEMENT LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £783,466 (2024: £457,367). A dividend of £Nil was paid during the financial year (2024: £600,000). The directors have recommended a final dividend be paid in respect of this year of £Nil (2024: £600,000).
DIRECTORS
The directors who served during the year were:
Mr R R Williams
Mr J D Whittaker
CHARITABLE CONTRIBUTIONS
During the year the Group made charitable contributions of £11,026 (2024: £5,523).
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.
AUDITORS
The auditors, Bishop Fleming Audit 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.
Mr R R Williams Director
Date: 30 March 2026
Southern House
Eagle Close
Langage Business Park, Plympton
Plymouth
Devon
PL7 5HZ
Page 3
WILLIAMSBUILD MANAGEMENT LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 JULY 2025 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. Page 4
WILLIAMSBUILD MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT LIMITED
OPINION
We have audited the financial statements of Williamsbuild Management Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows 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 Company's affairs as at 31 July 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 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
WILLIAMSBUILD MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT 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 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 Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 6
WILLIAMSBUILD MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT 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 have considered the nature of the industry and sector, control environment, and financial performance; ∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; ∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and ∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk in relation to revenue recognition, with a particular risk in relation to occurrence and year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These include health and safety regulations, data protection legislation, and employment law. Our procedures to respond to risks identified included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Enquiring of management in relation to actual and potential claims or litigation; ∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Review of board meeting minutes; ∙Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut-off for incomplete long-term contracts; and ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. Page 7
WILLIAMSBUILD MANAGEMENT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAMSBUILD MANAGEMENT LIMITED (CONTINUED) Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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. Stephen Patey BA ACA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 0BN 30 March 2026 Page 8
WILLIAMSBUILD MANAGEMENT LIMITED CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 38,561,446 | 33,392,432
Cost of sales |  | (33,019,681) | (29,008,154)
Gross profit |  | 5,541,765 | 4,384,278
Administrative expenses |  | (4,604,853) | (4,014,648)
Operating profit | 5 | 936,912 | 369,630
Interest receivable and similar income | 8 | 222,842 | 326,639
Interest payable and similar expenses | 9 | (93,325) | (73,679)
Profit before tax |  | 1,066,429 | 622,590
Tax on profit | 10 | (282,963) | (165,223)
Profit after tax |  | 783,466 | 457,367
Retained earnings at the beginning of the year |  | 8,136,666 | 8,279,299
Profit for the year attributable to the owners of the Company |  | 783,466 | 457,367
Dividends declared and paid |  | - | (600,000)
Retained earnings at the end of the year |  | 8,920,132 | 8,136,666
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of income and retained earnings.
The notes on pages 13 to 26 form part of these financial statements.
Page 9
WILLIAMSBUILD MANAGEMENT LIMITED REGISTERED NUMBER:07248789 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 2,435,339 |  | 2,011,675
Current assets |  |  |  |  |
Stocks | 15 | 289,330 |  | 433,705 |
Debtors: amounts falling due within one year | 16 | 10,838,101 |  | 7,069,084 |
Cash at bank and in hand | 17 | 3,726,288 |  | 4,276,932 |
|  | 14,853,719 |  | 11,779,721 |
Creditors: amounts falling due within one year | 18 | (8,249,209) |  | (5,610,923) |
Net current assets |  |  | 6,604,510 |  | 6,168,798
Total assets less current liabilities |  |  | 9,039,849 |  | 8,180,473
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (74,746) |  | - |
Other provisions | 20 | (10,995) |  | (9,831) |
Net assets |  |  | 8,954,108 |  | 8,170,642
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 372 |  | 372
Share premium account | 22 |  | 30,746 |  | 30,746
Capital redemption reserve | 22 |  | 2,858 |  | 2,858
Profit and loss account | 22 |  | 8,920,132 |  | 8,136,666
Equity attributable to owners of the Company |  |  | 8,954,108 |  | 8,170,642
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr R R Williams | Mr J D Whittaker
Director | Director
Date: 30 March 2026 |
The notes on pages 13 to 26 form part of these financial statements. Page 10
WILLIAMSBUILD MANAGEMENT LIMITED REGISTERED NUMBER:07248789 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 1,202,141 |  | 1,231,850
Investments | 14 |  | 2,880 |  | 2,880
|  |  | 1,205,021 |  | 1,234,730
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 3,400,216 |  | 1,291,076 |
Cash at bank and in hand | 17 | 1,410,408 |  | 1,809,133 |
|  | 4,810,624 |  | 3,100,209 |
Creditors: amounts falling due within one year | 18 | (2,540,897) |  | (2,183,196) |
Net current assets |  |  | 2,269,727 |  | 917,013
Total assets less current liabilities |  |  | 3,474,748 |  | 2,151,743
Provisions for liabilities |  |  |  |  |
Deferred taxation |  |  | (25,225) |  | (25,066)
Net assets |  |  | 3,449,523 |  | 2,126,677
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 372 |  | 372
Capital redemption reserve | 22 |  | 2,508 |  | 2,508
Profit and loss account | 22 |  | 3,446,643 |  | 2,123,797
|  |  | 3,449,523 |  | 2,126,677
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr R R Williams | Mr J D Whittaker
Director | Director
Date: 30 March 2026 |
The notes on pages 13 to 26 form part of these financial statements. Page 11
WILLIAMSBUILD MANAGEMENT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 783,466 | 457,367
Adjustments for: |  |
Depreciation of tangible assets | 462,632 | 416,107
(Profit)/loss on disposal of tangible assets | 1,470 | (68,101)
Interest paid | 93,325 | 73,679
Interest received | (222,842) | (326,639)
Taxation charge | 282,963 | 159,657
Decrease/(increase) in stocks | 144,375 | (81,406)
(Increase)/decrease in debtors | (3,781,667) | 5,859,343
Increase/(decrease) in creditors | 2,604,953 | (5,409,342)
Increase/(decrease) in provisions | 1,164 | (5,686)
Corporation tax (paid) | (162,234) | (374,178)
Net cash generated from operating activities | 207,605 | 700,801
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (966,179) | (282,665)
Sale of tangible fixed assets | 78,413 | 95,612
Interest received | 222,842 | 326,639
Net cash from investing activities | (664,924) | 139,586
Cash flows from financing activities |  |
Dividends paid | - | (600,000)
Interest paid | (93,325) | (73,679)
Net cash used in financing activities | (93,325) | (673,679)
Net (decrease)/increase in cash and cash equivalents | (550,644) | 166,708
Cash and cash equivalents at beginning of year | 4,276,932 | 4,110,224
Cash and cash equivalents at the end of year | 3,726,288 | 4,276,932
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,726,288 | 4,276,932
| 3,726,288 | 4,276,932
Page 12
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | GENERAL INFORMATION
Williamsbuild Management Limited is a limited liability Company, limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the Company information page of these financial statements. 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 financial statements are prepared in sterling which is the functional currency of the Group. 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 income and retained earnings 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 subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between Group Companies are therefore eliminated in full.
| 2.3 | REVENUE
Goods and services supplied Revenue is recognised in the year in which the goods and services are supplied when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due; ∙where the applicable conditions of long term contracting have been achieved (see note 2.14).
| 2.4 | GOING CONCERN
The financial statements have been prepared on a going concern basis. The directors have considered the financial position of the Group, including its forecasts, projections, and available banking facilities, and have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements.
| 2.5 | GOVERNMENT GRANTS
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure. Page 13
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 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 reporting 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 reporting 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 reporting 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. Page 14
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 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:
|  |  |  | Freehold property | - | 10 to 50 years straight line
|  |  |  | Plant and machinery | - | 5 years straight line
|  |  |  | Motor vehicles | - | 5 years straight line
|  |  |  | Fixtures and fittings | - | 5 years 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 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value. Work in progress on contracts comprise costs incurred net of amounts transferred to cost of sales and after deducting foreseeable losses and payments on account. Costs include all direct material and labour costs incurred in bringing a contract to its stage of completion at year end.
| 2.12 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | FINANCIAL INSTRUMENTS
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 15
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.13 | FINANCIAL INSTRUMENTS (CONTINUED)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.14 | LONG-TERM CONTRACTS
When the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting date. Turnover is calculated using a valuation of the work performed during the year, along with an assessment of the stage of completion of the contract. Where the outcome of a long-term contract cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred if it is considered probable that these will be recovered. Full provision is made for losses on contracts in the year in which they are first foreseen.
| 2.15 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 16
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the year. However the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements. Valuation of incomplete contracts at the year-end: Contracts are valued (both in terms of cost and revenue) by the in house team of qualified Quantity Surveyors based on their experience in the industry and their knowledge of the contract in question.
4. | TURNOVER
| All turnover arose within the United Kingdom.
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 462,632 | 416,107
| Auditor's remuneration - audit | 18,485 | 19,963
| Auditor's remuneration - non audit | 10,205 | 20,737
| Defined contribution pension cost | 155,923 | 173,586
Page 17
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
6. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 8,278,210 | 7,605,151 | 1,940,933 | 1,398,216
| Social security costs | 1,034,013 | 874,873 | 283,435 | 188,961
| Cost of defined contribution scheme | 155,923 | 173,586 | 2,642 | 2,642
|  | 9,468,146 | 8,653,610 | 2,227,010 | 1,589,819
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Production staff | 70 | 71 | - | -
|  | Administrative staff | 35 | 36 | - | -
|  | Management staff | 2 | 2 | 2 | 2
|  |  | 107 | 109 | 2 | 2
7. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,934,009 | 1,385,478
| Group contributions to defined contribution pension schemes | 2,642 | 2,642
|  | 1,936,651 | 1,388,120
| 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 £966,188 (2024: £691,974).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024: £1,761).
8. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 222,842 | 326,639
Page 18
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 93,325 | 73,679
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 195,567 | 157,019
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 87,396 | 8,204
| TAX ON PROFIT | 282,963 | 165,223
| 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 | 1,066,429 | 622,590
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 266,607 | 155,648
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,679 | 3,210
| Adjustments to tax charge in respect of prior periods | 5,330 | -
| Fixed asset differences | 6,347 | 6,365
| TOTAL TAX CHARGE FOR THE YEAR | 282,963 | 165,223
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 19
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | - | 600,000
12. | PARENT COMPANY PROFIT FOR THE YEAR
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 income and retained earnings in these financial statements. The profit after tax of the parent Company for the year was £1,322,846 (2024: £778,471).
13. | TANGIBLE FIXED ASSETS
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 August 2024 | 1,678,720 | 620,750 | 1,823,695 | 333,960 | 4,457,125
| Additions | - | 2,992 | 925,421 | 37,766 | 966,179
| Disposals | - | (122,254) | (471,673) | (33,142) | (627,069)
| At 31 July 2025 | 1,678,720 | 501,488 | 2,277,443 | 338,584 | 4,796,235
| DEPRECIATION |  |  |  |  |
| At 1 August 2024 | 446,870 | 604,304 | 1,147,662 | 246,614 | 2,445,450
| Charge for the year on owned assets | 29,709 | 6,855 | 389,664 | 36,404 | 462,632
| Disposals | - | (122,254) | (392,194) | (32,738) | (547,186)
| At 31 July 2025 | 476,579 | 488,905 | 1,145,132 | 250,280 | 2,360,896
| NET BOOK VALUE |  |  |  |  |
| At 31 July 2025 | 1,202,141 | 12,583 | 1,132,311 | 88,304 | 2,435,339
| At 31 July 2024 | 1,231,850 | 16,446 | 676,033 | 87,346 | 2,011,675
Page 20
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13.TANGIBLE FIXED ASSETS (CONTINUED)
| Company
|  | Freehold property
|  | £
| Cost |
| At 1 August 2024 | 1,678,720
| At 31 July 2025 | 1,678,720
| DEPRECIATION |
| At 1 August 2024 | 446,870
| Charge for the year on owned assets | 29,709
| At 31 July 2025 | 476,579
| NET BOOK VALUE |
| At 31 July 2025 | 1,202,141
| At 31 July 2024 | 1,231,850
14. | FIXED ASSET INVESTMENTS
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 August 2024 | 2,880
| At 31 July 2025 | 2,880
Page 21
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| DIRECT SUBSIDIARY UNDERTAKING
| The following was a direct subsidiary undertaking of the Company:
| Name | Principal activity | Class of shares | Holding
| Williams Southern Limited | Construction | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 July 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| Williams Southern Limited | 5,473,489 | 460,620
| INDIRECT SUBSIDIARY UNDERTAKINGS
| The following were indirect subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| Tamar Management Co Limited | Dormant | Ordinary | 100%
| R J & N J Williams Limited | Dormant | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 July 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
| Name | Profit/(Loss)
|  | £
| Tamar Management Co Limited | -
| R J & N J Williams Limited | -
15. | STOCKS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Work in progress | 261,217 | 403,792
| Stock | 28,113 | 29,913
|  | 289,330 | 433,705
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 22
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | DEBTORS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 8,461,825 | 5,079,539 | 856 | 419
| Amounts owed by group undertakings | - | - | 1,890,005 | 79,333
| Other debtors | 35,088 | 446,119 | - | -
| Prepayments and accrued income | 92,713 | 84,542 | 1,509,355 | 1,211,324
| Amounts recoverable on long-term contracts | 2,248,475 | 1,446,234 | - | -
| Deferred taxation | - | 12,650 | - | -
|  | 10,838,101 | 7,069,084 | 3,400,216 | 1,291,076
17. | CASH AND CASH EQUIVALENTS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,726,288 | 4,276,932 | 1,410,408 | 1,809,133
|  | 3,726,288 | 4,276,932 | 1,410,408 | 1,809,133
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 2,802,006 | 1,744,787 | - | -
| Corporation tax | 190,351 | 157,019 | 117,369 | 67,476
| Other taxation and social security | 1,208,754 | 324,303 | 244,022 | 142,452
| Other creditors | 670,037 | 1,095,163 | 644,433 | 1,072,388
| Accruals and deferred income | 3,378,061 | 2,289,651 | 1,535,073 | 900,880
|  | 8,249,209 | 5,610,923 | 2,540,897 | 2,183,196
Page 23
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | DEFERRED TAXATION
| Group
|  | 2025
|  | £
| At beginning of year | 12,650
| Charged to profit or loss | (87,396)
| AT END OF YEAR | (74,746)
| Company
|  | 2025
|  | £
| At beginning of year | (25,066)
| Charged to profit or loss | (159)
| AT END OF YEAR | (25,225)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (84,507) | (2,239) | (25,280) | (25,121)
| Short term timing differences | 9,761 | 14,889 | 55 | 55
|  | (74,746) | 12,650 | (25,225) | (25,066)
Page 24
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
20. | PROVISIONS
| Group
|  | Rectification costs
|  | £
| At 1 August 2024 | 9,831
| Charged to profit or loss | 1,164
| AT 31 JULY 2025 | 10,995
| Rectification costs A provision for rectification costs is made in accordance with section 21 of FRS102, in relation to contracts which are completed at the year end and for which the subsidiary Company (Williams Southern Limited) is still in the period where it is liable for any such costs under the terms of contract. There are no provisions held in the Company only accounts.
21. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 372 (2024: 372) Ordinary A shares of £1.00 each | 372 | 372
22. | RESERVES
Share premium account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Capital redemption reserve Includes the nominal value of all shares repurchased by the Company and by its subsidiary. Profit and loss account Includes all current and prior year retained profits and losses.
23. | PENSION COMMITMENTS
The Group operates a defined contribution pension scheme for employees. The annual contributions payable are charged to the profit and loss account. The pension cost charge for the current year was £155,923 (2024: £173,586). At the year end £53,867 (2024: £73,345) remained outstanding, this amount is included in other creditors. Page 25
WILLIAMSBUILD MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
24. | RELATED PARTY TRANSACTIONS
| The Company is the immediate parent of Williams Southern Limited, a Company registered in England and Wales, the results of which are contained in these consolidated financial statements. The Company has taken advantage of the exemption contained in FRS102 (section 33.12A) not to disclose transactions or balances with entities which form part of the Group. At 31 July 2025, a director, was owed £180,037 (2024: £312,357) by the Group. As at 31 July 2025 there is interest due but unpaid on the directors loan account of £25,617 (2024: £28,215). At 31 July 2025, another director, was owed £463,351 (2024: £758,983) by the Group. As at 31 July 2025 there is interest due but unpaid on the directors loan account of £67,708 (2024: £45,464). Key Management Personnel The directors, who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be the only key management personnel. Total compensation (including remuneration and social security contributions) in respect of these individuals is detailed in note 7.
25. | CONTROLLING PARTY
It is the view of the directors that there is no ultimate controlling party of Williamsbuild Management Limited.
26. | ANALYSIS OF NET DEBT
|  | At 1 August 2024 | Cash flows | At 31 July 2025
|  | £ | £ | £
| Cash at bank and in hand | 4,276,932 | (550,644) | 3,726,288
| Debt due within 1 year | (1,071,343) | 427,955 | (643,388)
|  | 3,205,589 | (122,689) | 3,082,900
Page 26