ACCOUNTS - Final Accounts preparation

OPERATING PROFIT

The operating profit is stated after charging:

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.

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.

	Depreciation	292,482	99,556
	Other operating lease rentals	161,243	73,960

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

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

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

	Other interest receivable	7,363	5,029
		7,363	5,029

Other loan interest payable	40,060	78,518
Finance leases and hire purchase contracts	30,944	28,165
	71,004	106,683

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)

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

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

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.

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