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Registered number: 14858741 ASG HIGHWAYS LTD (T/A BRIDGECARE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
ASG HIGHWAYS LTD COMPANY INFORMATION
Directors | Kieran David Liddle
| Simon George Paxton
Registered number | 14858741
Registered office | Royds Works 184 Attercliffe Road
| Sheffield
| England
| S4 7WZ
Independent auditors | Waltons Business Advisers Limited
| Chartered Accountants & Statutory Auditors
| Maritime House
| Harbour Walk
| The Marina
| Hartlepool
| TS24 0UX
ASG HIGHWAYS LTD CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of income and retained earnings | 8
Balance sheet | 9
Statement of cash flows | 10 - 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 26
ASG HIGHWAYS LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025
INTRODUCTION
ASG Highways Ltd t/a Bridgecare is a leading specialist contractor operating within the Civil Engineering and Highways sector. Principal activities include the supply and installation of mechanical expansion joints, structural waterproofing, and associated products.
BUSINESS REVIEW
The directors are pleased to report results for the trading period ending 31 August 2025 with turnover of £20.7m, gross margin at 43.5% and profit before tax of 20.5%. The company continues to consolidate its already strong position within the civil engineering and highways market space continuing to identify opportunities with both repeat and new customers whilst also promoting our solution selling through early client involvement. As the business strives to improve our systems and processes, we have continued with our substantial investment programme including Specialist Vehicles, Plant and Equipment and Staff and Employee development, Training and Recruitment promoting employee engagement in terms of health and safety and work practises ensuring efficiency of delivery for our customer base. Whilst we continue to experience headwinds in terms of material pricing, we maintain strong relationships with our supply chain and will look to mitigate increases through our disciplined approach to contract delivery.
PRINCIPAL RISKS AND UNCERTAINTIES
Competitive landscape is the key risk within our industry this managed by meeting customer requirements and expectations whilst striving to improve relationships at both customer and supply chain level. Financial risk is predominantly trade debtors and this is continuously monitored at Management level with all new customers reviewed via credit score. Cost price/inflation increases are mitigated by building rates into long term contracts and schemes.
FINANCIAL KEY PERFORMANCE INDICATORS
The company monitors key performance indicators at all levels these include Structured Sales Growth, Gross margin, Cash Management, and ability to deliver at all levels of Health and Safety, key to our industry. The directors & management team will look to build on results achieved within our second financial year with continued investment in People, Training, Plant & Equipment whilst also exploring diversification opportunities. With a strong backlog and pipeline of works the Directors are confident of continued success and profitability during our next financial year.
This report was approved by the board and signed on its behalf.
Simon George Paxton Director
Date: 15 December 2025
Page 1
ASG HIGHWAYS LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, the directors' 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 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 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £3,100,321 (2024 - £3,065,951). Dividends of £500,000 have been paid.
DIRECTORS
The directors who served during the year were:
Kieran David Liddle
Simon George Paxton
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'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's auditors are aware of that information. Page 2
ASG HIGHWAYS LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
AUDITORS
The auditors, Waltons Business Advisers 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.
Simon George Paxton Director
Date: 15 December 2025
Page 3
ASG HIGHWAYS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD
UNQUALIFIED OPINION
We have audited the financial statements of ASG Highways Ltd (the 'Company') for the year ended 31 August 2025, which comprise the statement of income and retained earnings, the analysis of net debt, the balance sheet, the 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 Company's affairs as at 31 August 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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. Page 4
ASG HIGHWAYS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD (CONTINUED)
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.
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 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 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 identified material misstatements in the 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, 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' responsibilities statement set out on page 2, 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. Page 5
ASG HIGHWAYS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD (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 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 gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We identified the most significant of these to be around Company Law, Health & Safety laws, and Highway regulations. We designed audit procedures to respond to the risk, recognising that the risk of not detecting material misstatement due to fraud if higher than the risk of not detecting on resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to: - test the timing and existence of revenue. - review journals posted to key control accounts or posted around the period end, to look for potential "window dressing" as well as looking at a sample throughout the period. 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. Page 6
ASG HIGHWAYS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD (CONTINUED)
USE OF OUR REPORT
This report is made solely to the Company's directors, 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 directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed. Heather O'Driscoll FCA (senior statutory auditor) for and on behalf of Waltons Business Advisers Limited Chartered Accountants & Statutory Auditors Maritime House Harbour Walk The Marina Hartlepool TS24 0UX 16 December 2025 Page 7
ASG HIGHWAYS LTD STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 AUGUST 2025
| 31 August | 31 August
| 2025 | 2024
Note | £ | £
Turnover | 3 | 20,707,805 | 20,005,899
Cost of sales |  | (11,754,284) | (11,452,479)
GROSS PROFIT |  | 8,953,521 | 8,553,420
Administrative expenses |  | (4,735,124) | (4,356,862)
Other operating income |  | 2,340 | 3,640
OPERATING PROFIT | 4 | 4,220,737 | 4,200,198
Interest receivable and similar income | 8 | 7,363 | 5,029
Interest payable and similar expenses | 9 | (71,004) | (106,683)
PROFIT BEFORE TAX |  | 4,157,096 | 4,098,544
Tax on profit | 10 | (1,056,775) | (1,032,593)
PROFIT AFTER TAX |  | 3,100,321 | 3,065,951
Retained earnings at the beginning of the year |  | 2,565,951 | -
|  | 2,565,951 | -
Profit for the year |  | 3,100,321 | 3,065,951
Dividends declared and paid |  | (500,000) | (500,000)
RETAINED EARNINGS AT THE END OF THE YEAR |  | 5,166,272 | 2,565,951
The notes on pages 13 to 26 form part of these financial statements.
Page 8
ASG HIGHWAYS LTD REGISTERED NUMBER: 14858741 BALANCE SHEET AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 12 |  | 1,787,166 |  | 633,034
|  |  | 1,787,166 |  | 633,034
CURRENT ASSETS |  |  |  |  |
Stocks | 13 | 1,027,273 |  | 807,696 |
Debtors: amounts falling due within one year | 14 | 4,265,614 |  | 3,931,100 |
Cash at bank and in hand | 15 | 3,852,263 |  | 3,528,771 |
|  | 9,145,150 |  | 8,267,567 |
Creditors: amounts falling due within one year | 16 | (4,646,009) |  | (5,630,190) |
NET CURRENT ASSETS |  |  | 4,499,141 |  | 2,637,377
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,286,307 |  | 3,270,411
Creditors: amounts falling due after more than one year | 17 |  | (433,583) |  | (296,150)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 21 | (436,401) |  | (158,259) |
|  |  | (436,401) |  | (158,259)
NET ASSETS |  |  | 5,416,323 |  | 2,816,002
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 22 |  | 100 |  | 100
Share premium account | 23 |  | 249,951 |  | 249,951
Profit and loss account | 23 |  | 5,166,272 |  | 2,565,951
|  |  | 5,416,323 |  | 2,816,002
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Simon George Paxton | Kieran David Liddle
Director | Director
Date: 15 December 2025 | 15 December 2025
The notes on pages 13 to 26 form part of these financial statements. Page 9
ASG HIGHWAYS LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025
|  |  |  | As restated
|  |  | 2025 | 2024
|  |  | £ | £
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Profit for the financial year | 3,100,321 | 3,065,951
ADJUSTMENTS FOR: |  |
Depreciation of tangible assets | 292,482 | 99,556
Loss on disposal of tangible assets | 7,972 | (7,750)
Interest paid | 71,004 | 106,683
Interest received | (7,363) | (5,029)
Taxation charge | 1,056,775 | 1,032,593
(Increase) in stocks | (219,577) | (807,696)
(Increase) in debtors | (334,514) | (3,931,100)
(Decrease)/increase in creditors | (429,988) | 4,411,069
Corporation tax (paid)/received | (1,272,280) | -
NET CASH GENERATED FROM OPERATING ACTIVITIES | 2,264,832 | 3,964,277
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Purchase of tangible fixed assets | (1,454,586) | (732,590)
Sale of tangible fixed assets | - | 7,750
Interest received | 7,363 | 5,029
HP interest paid | (30,944) | (28,165)
NET CASH FROM INVESTING ACTIVITIES | (1,478,167) | (747,976)
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Issue of ordinary shares | - | 250,051
Other new loans | - | 380,914
Repayment of other loans | (249,608) | -
Repayment of/new finance leases | 326,495 | 260,023
Dividends paid | (500,000) | (500,000)
Interest paid | (40,060) | (78,518)
NET CASH USED IN FINANCING ACTIVITIES | (463,173) | 312,470
INCREASE IN CASH AND CASH EQUIVALENTS | 323,492 | 3,528,771
Cash and cash equivalents at beginning of year | 3,528,771 | -
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | 3,852,263 | 3,528,771
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE: |  |
Cash at bank and in hand | 3,852,263 | 3,528,771
Page 10
ASG HIGHWAYS LTD STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
|  |  | As restated
|  | 2025 | 2024
|  | £ | £
| 3,852,263 | 3,528,771
The notes on pages 13 to 26 form part of these financial statements.
Page 11
ASG HIGHWAYS LTD ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 AUGUST 2025
| At 1 September 2024 | Cash flows | New finance leases | At 31 August 2025
| £ | £ | £ | £
Cash at bank and in hand | 3,528,771 | 323,492 | - | 3,852,263
Debt due after 1 year | (131,306) | 131,306 | - | -
Debt due within 1 year | (249,608) | 118,302 | - | (131,306)
Finance leases | (260,023) | 125,434 | (451,929) | (586,518)
| 2,887,834 | 698,534 | (451,929) | 3,134,439
The notes on pages 13 to 26 form part of these financial statements.
Page 12
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | GENERAL INFORMATION
The company is a private company, limited by shares, incorporated in England and Wales and its registered office is:- Royds Works 184 Attercliffe Road Sheffield England S4 7WZ 2.ACCOUNTING POLICIES
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have prepared projected financial information for a period of at least twelve months from the date of their approval of the financial statements. There is also continued finance from the Company's bankers and loan facilities. On the basis of this information, the directors consider that the Company will continue to operate with the available cash funds. Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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 under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 13
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.ACCOUNTING POLICIES (continued)
| 2.4 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 14
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.ACCOUNTING POLICIES (continued)
| 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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. The estimated useful lives range as follows:
|  |  |  | Plant and machinery | - | 4 |  |  | years straight line
|  |  |  | Motor vehicles | - | 4 | - | 10 | years straight line
|  |  |  | Office equipment | - | 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 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 15
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.ACCOUNTING POLICIES (continued)
| 2.13 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans with related parties.
| 2.14 | 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.
3. | TURNOVER
The whole of the turnover is attributable to the principal activity of the business which is the construction and maintenance of bridges.
| All turnover arose within the United Kingdom.
4. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 292,482 | 99,556
| Other operating lease rentals | 161,243 | 73,960
5. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,325 | 15,750
Page 16
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
6. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,280,888 | 5,164,069
| Social security costs | 679,525 | 837,248
| Pension costs | 428,231 | 464,907
|  | 6,388,644 | 6,466,224
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 31 August | 31 August
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Admin and support | 20 | 13
|  | Production | 54 | 49
|  |  | 76 | 64
7. | Directors' remuneration
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 629,009 | 539,465
| Company contributions to defined contribution pension schemes | 37,560 | 110,636
|  | 666,569 | 650,101
| 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 £410,674 (2024 - £479,626).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £28,880 (2024 - £5,122).
Page 17
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. | INTEREST RECEIVABLE
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 7,363 | 5,029
|  | 7,363 | 5,029
9. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 40,060 | 78,518
| Finance leases and hire purchase contracts | 30,944 | 28,165
|  | 71,004 | 106,683
10. | TAXATION
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 778,633 | 874,334
|  | 778,633 | 874,334
| Total current tax | 778,633 | 874,334
| Deferred tax |  |
| Origination and reversal of timing differences | 278,142 | 158,259
| Total deferred tax | 278,142 | 158,259
| Tax on profit | 1,056,775 | 1,032,593
Page 18
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10.TAXATION (continued)
| Factors affecting tax charge for the year/period
| The tax assessed for the year/period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 31 August | 31 August
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,157,096 | 4,098,544
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,039,275 | 1,024,636
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 19,492 | 22
| Capital allowances for year/period in excess of depreciation | (280,134) | (150,324)
| Short-term timing difference leading to an increase (decrease) in taxation | 278,142 | 158,259
| Total tax charge for the year/period | 1,056,775 | 1,032,593
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary Shares | 500,000 | 500,000
|  | 500,000 | 500,000
Page 19
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
12. | TANGIBLE FIXED ASSETS
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 September 2024 | 328,388 | 367,841 | 36,361 | 732,590
| Additions | 145,972 | 1,298,002 | 10,612 | 1,454,586
| Disposals | (15,944) | - | - | (15,944)
| At 31 August 2025 | 458,416 | 1,665,843 | 46,973 | 2,171,232
| Depreciation |  |  |  |
| At 1 September 2024 | 62,552 | 32,023 | 4,981 | 99,556
| Charge for the year on owned assets | 62,566 | 102,773 | 8,932 | 174,271
| Charge for the year on financed assets | 42,555 | 75,656 | - | 118,211
| Disposals | (7,972) | - | - | (7,972)
| At 31 August 2025 | 159,701 | 210,452 | 13,913 | 384,066
| Net book value |  |  |  |
| At 31 August 2025 | 298,715 | 1,455,391 | 33,060 | 1,787,166
| At 31 August 2024 | 265,836 | 335,818 | 31,380 | 633,034
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 77,138 | 127,666
| Motor vehicles | 527,364 | 14,114
|  | 604,502 | 141,780
Page 20
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
13. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,027,273 | 807,696
|  | 1,027,273 | 807,696
14. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,778,005 | 3,256,893
| Amounts owed by related undertakings | - | 174
| Other debtors | 350,969 | 648,901
| Prepayments and accrued income | 136,640 | 25,132
|  | 4,265,614 | 3,931,100
15. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,852,263 | 3,528,771
|  | 3,852,263 | 3,528,771
Page 21
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 131,306 | 249,608
| Trade creditors | 2,721,286 | 2,677,361
| Corporation tax | 380,687 | 874,334
| Other taxation and social security | 384,519 | 766,233
| Obligations under finance lease and hire purchase contracts | 152,935 | 95,179
| Other creditors | 140,542 | 68,136
| Accruals and deferred income | 734,734 | 899,339
|  | 4,646,009 | 5,630,190
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | - | 131,306
| Net obligations under finance leases and hire purchase contracts | 433,583 | 164,844
|  | 433,583 | 296,150
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 131,306 | 380,914
| Net obligations under finance leases and hire purchase contracts | 586,518 | 260,023
|  | 717,824 | 640,937
| Details of security provided:
Other loans are secured by a fixed charge over the assets of the Company. Hire purchase is secured on the assets to which it relates. Page 22
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
18. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 131,306 | 249,608
| Amounts falling due 1-2 years |  |
| Other loans | - | 131,306
|  | 131,306 | 380,914
19. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 152,935 | 95,178
| Between 1-5 years | 433,583 | 165,939
|  | 586,518 | 261,117
Page 23
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
20. | FINANCIAL INSTRUMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,852,263 | 3,528,771
| Financial assets that are debt instruments measured at amortised cost | 4,128,973 | 3,905,968
|  | 7,981,236 | 7,434,739
| Financial liabilities |  |
| Other financial liabilities measured at fair value through profit or loss | 4,183,080 | 3,904,859
| Financial assets measured at fair value through profit or loss comprise of cash at bank.
| Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.
| Financial liabilities measured at fair value through profit or loss comprise of trade creditors, other creditors, hire purchase and accruals.
21. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | 158,259
| Charged to profit or loss | 278,142
| At end of year | 436,401
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 436,401 | 158,259
|  | 436,401 | 158,259
Page 24
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
22. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £0.10 each | 100 | 100
23. | RESERVES
Share premium account The share premium account represents additional investment made by a shareholder when investing in the Company above the nominal value. Profit and loss account The profit and loss account represents accumulated profits less dividends paid.
24. | RESTATEMENT OF PRIOR YEAR FIGURES
There has been a minor restatement in the prior year profit and loss account, due to a more detailed and transparent allocation between admin expenses and cost of sales. This adjustment has no effect on the tax charged.
25. | ACCOUNTING PERIOD
The prior year accounting period ran for 15 months and 21 days.
26. | PENSION COMMITMENTS
Included within other creditors is an amount of £64,205 (2024 - £65,491) in relation to pension contributions.
27. | COMMITMENTS UNDER OPERATING LEASES
| At 31 August 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 104,357 | 97,775
| Later than 1 year and not later than 5 years | - | 104,357
|  | 104,357 | 202,132
Page 25
ASG HIGHWAYS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
28. | RELATED PARTY TRANSACTIONS
| There were sales in the period with a related Company of £886,434 (2024 - £163,508). There were purchases in the period with the same related Company of £1,040,595 (2024 - £39,395). There is a creditor balance of £11,320 (2024 - £nil) with the same related Company.
29. | CONTROLLING PARTY
The ultimate controlling party is Simon Paxton.
Page 26