Company Registration No. 06718528 (England and Wales)
7 FORMATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
4 Office Village, Forder Way
Cygnet Park
Hampton
Peterborough
Cambridgeshire
United Kingdom
PE7 8GX
7 FORMATION LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Notes to the financial statements
15 - 30
7 FORMATION LIMITED
COMPANY INFORMATION
- 1 -
Directors
S P Rudkin
J Garner
A R Bagshaw
Company number
06718528
Registered office
23 Princewood Road
Corby
Northants
NN17 4AP
Auditor
TC Group
4 Office Village, Forder Way
Cygnet Park
Hampton
Peterborough
Cambridgeshire
United Kingdom
PE7 8GX
7 FORMATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Fair review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business.

The principle activity of the company was that of construction services within the UK.

2025 has been a successful year for the company with it producing all time record figures for Turnover (£60m), Net Profit (£2.7m) and Net Assets (£4.4m). This is something the company are very proud of and are pleased to present this set of results.

GROWTH

The company saw record turnover in the year with growth up c.£15m from the previous year. The company is particularly pleased with this as a lot of the growth has come from existing customers but also in our targeted growth areas of larger and preferably publicly listed, private companies and public sector organisations. This shows the companies’ commitment to building and maintaining long term relationships with low risk clients that provide financial assurance.

MARGIN

The company still seeks to improve on its margin improvement over the short to mid term future. The net profit margin has remained stable despite rapid growth and strong emphasis on staff efficiency has helped maintain this and provided a platform for 2026. The gross margin achieved on projects is something that the company continues to look to improve on moving forward but the combination of larger projects and new customers has kept this temporarily depressed during 2025. The company is happy that the underlying margin remains strong.

PEOPLE

7formation has always been and will always be about the people. The company has invested further in the HR department in 2025 which has helped it focus on training, developing and finding the very best people to represent it. The company continues it’s commitment to apprenticeships with a record number of new employees from this route in 2025. The company also granted performance related share options to three of it’s directors as part of it’s commitment to ensuring that the company is owned by the people that are running it. The company sees this a strategic pathway for the future.

CASH

The companies’ position has maintained relatively stable (£2.5m down from £2.8m) during the year despite significant investment in both the working capital due to growth and the office redevelopment required to facilitate the staff and modern day virtual meeting requirements. The companies sees the strengthening of it’s cash position as a strategic goal for 2026. The company retains a relatively low gearing ratio but keeps this under constant monitoring and reviews it’s banking arrangements on a regular basis.

HSE

Health, Safety and Environment continues to be of significant importance to the business as we trade in what is inherently a dangerous industry. The company has invested in an in house HSQE manager this year who is supported by Torney Health and Safety as part of our group structure. The company hopes that their additional resource plus a strive for collective ownership of safety will drive better sites in 2026.

7 FORMATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Principal risks and uncertainties

The company operates in a changing and competitive marketplace where continuing competitiveness is dependent on maintaining existing customer relationships, bringing onboard new customers and developing our supply chain. The directors are confident that the company can achieve these objectives and minimize the risk of falling short of its targets by providing a high quality of service to its customers at competitive prices, whilst improving efficiency. The company seeks to manage its credit risk by dealing with established customers or otherwise checking the creditworthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.

The company also faces other key risks and uncertainties, these are covered below.

LIQUIDITY

Operating in a low margin sector always means that liquidity is of constant consideration. The company has several strategies to protect this including customer cash safety improvement, margin improvement and also solid financial husbandry.

PEOPLE

As is often documented in the media the number of trained and qualified staff of all levels in the construction industry is severely under pressure. It is those concerns that has ensured the company prioritises the training its own staff and recruitment of apprentices so as we can train our people, our way.

HEALTH AND SAFETY

Health and Safety risk and prevention is highlighted above within the report.

INFLATION

Inflation is a double headed inherent risk to a construction company with long term contracts and the exposure to the retail market which is heavily exposed to inflation rises as we witnessed is 2023. The company protects itself by commercially negotiating regular reviews of contracts and clauses to negate any long term impacts. The movement of the company towards more public sector contracting will also help this.

Key performance indicators

The key performance indicators for the year were as follows:

Unit
2025
2024
Turnover
£
59,707,292
44,012,061
Gross Profit
%
10.0
11.5
EBITDA
£
3,057,283
2,294,374

On behalf of the board

J Garner
Director
1 May 2026
7 FORMATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of construction services.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,046,969. The directors do not recommend payment of a final dividend.

Directors

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

S P Rudkin
J Garner
A R Bagshaw
N Needham
(Resigned 3 October 2025)
Statement of disclosure to auditor

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

On behalf of the board
J Garner
Director
1 May 2026
7 FORMATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and 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.

7 FORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 7 FORMATION LIMITED
- 6 -
Opinion

We have audited the financial statements of 7 Formation Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

7 FORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 7 FORMATION LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

7 FORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 7 FORMATION LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

7 FORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 7 FORMATION LIMITED
- 9 -

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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

John Grant (Senior Statutory Auditor)
For and on behalf of TC Group
1 May 2026
Office: Peterborough
7 FORMATION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
59,707,292
44,012,061
Cost of sales
(53,739,299)
(38,942,074)
Gross profit
5,967,993
5,069,987
Administrative expenses
(3,285,440)
(3,108,149)
Other operating income
81,595
113,010
Operating profit
4
2,764,148
2,074,848
Interest receivable and similar income
7
17,803
13,988
Interest payable and similar expenses
8
(53,308)
(34,854)
Profit before taxation
2,728,643
2,053,982
Tax on profit
9
(684,324)
(417,271)
Profit for the financial year
2,044,319
1,636,711
7 FORMATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£
£
Profit for the year
2,044,319
1,636,711
Other comprehensive income
-
-
Total comprehensive income for the year
2,044,319
1,636,711
7 FORMATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,460,723
1,397,351
Investment property
13
1,860,241
-
0
3,320,964
1,397,351
Current assets
Stocks
14
27,698
38,758
Debtors
15
17,331,544
10,115,161
Cash at bank and in hand
2,512,312
2,881,642
19,871,554
13,035,561
Creditors: amounts falling due within one year
16
(17,563,283)
(10,879,077)
Net current assets
2,308,271
2,156,484
Total assets less current liabilities
5,629,235
3,553,835
Creditors: amounts falling due after more than one year
17
(1,211,397)
(152,717)
Provisions for liabilities
Deferred tax liability
21
69,991
50,621
(69,991)
(50,621)
Net assets
4,347,847
3,350,497
Capital and reserves
Called up share capital
22
1,480
1,480
Profit and loss reserves
23
4,346,367
3,349,017
Total equity
4,347,847
3,350,497

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

7 FORMATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 1 May 2026 and are signed on its behalf by:
J Garner
Director
Company registration number 06718528 (England and Wales)
7 FORMATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1,480
2,097,046
2,098,526
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,636,711
1,636,711
Dividends
10
-
(384,740)
(384,740)
Balance at 31 December 2024
1,480
3,349,017
3,350,497
Year ended 31 December 2025:
Profit and total comprehensive income
-
2,044,319
2,044,319
Dividends
10
-
(1,046,969)
(1,046,969)
Balance at 31 December 2025
1,480
4,346,367
4,347,847
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

7 Formation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Princewood Road, Corby, Northants, NN17 4AP.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, with the exception of investment properties which are held at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

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

The financial statements of the company are consolidated in the financial statements of 7F Trading Limited. These consolidated financial statements are available from its registered office, 23 Princewood Road, Corby, Northants, England, NN17 4AP.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Amounts recoverable on contracts

Revenue is recognised on contracts where there is a right to consideration. Revenue recognised in this manner is based on an assessment of the fair value of the goods and services provided at the financial reporting date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the companies within the group. Unbilled revenue is included in debtors.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Development costs
3 years straight line
1.5
Tangible fixed assets

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

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

Improvements to property
straight line over the term of the lease
Computers equipment
25% reducing balance or 25% straight line
Motor vehicles
33% reducing balance or 33% straight line

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

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

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

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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

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

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

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

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

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

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

Other financial liabilities

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

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

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

1.15
Leases

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

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

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

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

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below :

1) Revenue and amounts recoverable on contract- see separate policy.

2) Cost of sales- the company recognises costs in the income statement based on the expected margin after considering the total cost for each project.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction Sales
59,707,292
44,012,061
2025
2024
£
£
Other significant revenue
Interest income
17,803
13,988
Rental income
50,593
92,823
Other income
31,002
20,187
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
-
0
(419)
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
25,611
Depreciation of owned tangible fixed assets
202,348
144,129
Depreciation of tangible fixed assets held under finance leases
54,175
65,397
Loss on disposal of tangible fixed assets
36,613
10,000
Operating lease charges
63,670
58,345
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
5
Employees

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

2025
2024
Number
Number
Directors
3
4
Management, administration and site
48
50
Total
51
54

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,609,524
2,809,444
Social security costs
326,267
322,515
Pension costs
83,577
80,526
3,019,368
3,212,485
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
266,210
286,220
Company pension contributions to defined contribution schemes
22,281
22,281
288,491
308,501
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
125,677
126,998
Company pension contributions to defined contribution schemes
1,321
1,321
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
17,803
13,988
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
8,368
14,399
Interest on finance leases and hire purchase contracts
15,689
13,155
Other interest
29,251
7,300
53,308
34,854
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
595,079
427,274
Adjustments in respect of prior periods
69,875
-
0
Total current tax
664,954
427,274
Deferred tax
Origination and reversal of timing differences
19,370
(10,003)
Total tax charge
684,324
417,271
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,728,643
2,053,982
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
682,161
513,496
Expenses not deductible for tax purposes
83,632
56,180
Capital allowances in excess of depreciation
(63,013)
(34,126)
Research and development enhanced deduction
69,875
(69,875)
Group relief
(88,331)
(48,404)
Taxation charge for the year
684,324
417,271
10
Dividends
2025
2024
£
£
Interim paid
1,046,969
384,740
11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025 and 31 December 2025
3,000
Amortisation and impairment
At 1 January 2025 and 31 December 2025
3,000
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Tangible fixed assets
Improvements to property
Computers equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
1,155,493
292,232
466,383
1,914,108
Additions
111,995
156,932
125,750
394,677
Disposals
-
0
-
0
(192,753)
(192,753)
At 31 December 2025
1,267,488
449,164
399,380
2,116,032
Depreciation and impairment
At 1 January 2025
136,503
167,244
213,010
516,757
Depreciation charged in the year
115,549
66,658
74,316
256,523
Eliminated in respect of disposals
-
0
-
0
(117,971)
(117,971)
At 31 December 2025
252,052
233,902
169,355
655,309
Carrying amount
At 31 December 2025
1,015,436
215,262
230,025
1,460,723
At 31 December 2024
1,018,990
124,988
253,373
1,397,351

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Motor vehicles
135,837
230,738
13
Investment property
2025
£
Fair value
At 1 January 2025
-
0
Additions through external acquisition
1,860,241
At 31 December 2025
1,860,241

On 21 November 2025 the company purchased an investment property at a total cost of £1,861,412. The directors believe the value of the property has not changed between the purchase date and the year end.

The property has been used as security for a loan, as disclosed in Note 17.

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
14
Stocks
2025
2024
£
£
Inventory
27,698
38,758
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,507,450
4,672,629
Amounts recoverable on contract
7,431,030
4,937,193
Amounts owed by group undertakings
281,780
109,116
Other debtors
774,099
123,097
Prepayments and accrued income
337,185
273,126
17,331,544
10,115,161
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
120,535
60,000
Obligations under finance leases
19
37,639
107,153
Trade creditors
7,227,768
5,204,243
Amounts owed to group undertakings
33,440
32,157
Corporation tax
694,408
434,431
Other taxation and social security
2,991,206
1,989,908
Deferred income
20
-
0
50,000
Other creditors
3,001
3,383
Accruals
6,455,286
2,997,802
17,563,283
10,879,077
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
1,154,808
80,000
Obligations under finance leases
19
56,589
72,717
1,211,397
152,717

Bank loans are secured by way of an unlimited debenture over the assets of the company.

A bank loan with a total outstanding amount of £1,190,687 as at 31 December 2025 is secured against the investment property held at £1,860,241.

Hire purchase contracts are secured on the assets to which the contracts relate.

18
Loans and overdrafts
2025
2024
£
£
Bank loans
1,275,343
140,000
Payable within one year
120,535
60,000
Payable after one year
1,154,808
80,000

The company has a loan facili ty in operation which is repayable in instalments and carry interest rates of 3.09% over the Bank of England base rate. As at 31 December 2025 there was £80,000 outstanding at the year end for this loan.

The company has another loan facility in operation which is repayable in instalments and carry interest of 2.00% over the Bank of England base rate. As at 31 December 2025 there was £1,190,687 outstanding at the year end for this loan.

The loans are all due under 5 years.

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
37,639
107,153
In two to five years
56,589
72,717
94,228
179,870
7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Finance lease obligations
(Continued)
- 28 -
20
Deferred income
2025
2024
£
£
Other deferred income
-
50,000
21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
69,991
50,621
2025
Movements in the year:
£
Liability at 1 January 2025
50,621
Charge to profit or loss
19,370
Liability at 31 December 2025
69,991
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,200
1,200
1,200
1,200
Ordinary A of £1 each
80
80
80
80
Ordinary B of £1 each
200
200
200
200
1,480
1,480
1,480
1,480

All Ordinary share classes have full voting rights and rant pari passu with one another.

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
23
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
3,349,017
2,097,046
Profit for the year
2,044,319
1,636,711
Dividends declared and paid in the year
(1,046,969)
(384,740)
At the end of the year
4,346,367
3,349,017
24
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
234,717
192,924
Between two and five years
199,993
287,296
434,710
480,220

The amount of non-cancellable operating lease payments recognised as an expense during the year was £188,708 (202 4 - £193,095).

25
Related party transactions

Key Management Personnel

Key management personnel compensation is considered to be the same as reported under directors' remuneration.

Other Related Parties

During the year the company made purchases of £901,655 (202 4 - £1,542,4 57) from companies in which one or more directors has a significant participating interest. During the year the company made sales of £nil (202 4 - £nil) to companies in which one or more directors has a significant participating interest. Amounts owed to these companies at the year end totalled £8,400 (202 4 - £231,260).

During the year the company made loans of £566,420 (202 4 - £nil) to companies in which one or more directors has a significant participating interest. Amounts owing from these companies at the year end totalled £759,069 (202 4 - £85,337).

7 FORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
26
Ultimate controlling party

The company's ultimate parent company is 7F Trading Limited. This is the largest group in which the results of this company are consolidated.

The registered office of 7F Trading Limited is 23 Princewood Road, Corby, Northants, NN17 4AP.

There is no single ultimate controlling party.

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