ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 10783665

MARSH HOLDINGS (GBR) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Whitings LLP

Chartered Accountants

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

MARSH HOLDINGS (GBR) LIMITED

COMPANY INFORMATION

Director	S Marsh


Registered number	10783665


Registered office	Greenwood House
	Greenwood Court
	Skyliner Way
	Bury St Edmunds
	Suffolk
	IP32 7GY


Independent auditors	Whitings LLP
	Chartered Accountants & Statutory Auditor
	Greenwood House
	Greenwood Court
	Skyliner Way
	Bury St Edmunds
	Suffolk
	IP32 7GY

MARSH HOLDINGS (GBR) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10
Company balance sheet	11 - 12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15 - 16
Consolidated analysis of net debt	17
Notes to the financial statements	18 - 36

MARSH HOLDINGS (GBR) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Introduction

The director presents the strategic report for the group for the year ended 31 August 2025.
The principal activities of Highway Assurance Ltd, the subsidiary company, included that of providing both traffic management and civil engineering services. The principal activities of Marsh Holdings (GBR) Limited, the parent company, included that of provision of a fishing lake syndicate as well as land and property rental.
We support our clients by offering a safe, economic, flexible, resilient, and sustainable service. Our ability to offer both Traffic Management and Civil Engineering services gives our clients a bespoke or combined approach to deliver solutions, that overcome challenges to meet local priorities. This end-to-end service is aimed at making the whole process as seamless as possible for our clients.

Business review

During the year, turnover has remained consistent with the previous year. Maintaining turnover at this level reflects a solid customer base and continued demand for services, as new FTSE 250 customers have offset declining revenues from our historically largest customer, who have distributed work across a larger supplier base.
The operating environment has remained challenging during the year. We have invested time looking at our systems, processes, and have increased investment in both our assets and staff over the last year, to meet the long-term growth goals of the group.

Climate change has remained a priority issue to the company, with the view of becoming a group that can deliver local services to various locations, reducing our carbon footprint as we continue to grow. During the year we have invested in a group wide telematics platform across our fleet to better manage health and safety risks, but also enhancing our carbon footprint reporting capabilities and proactive fleet maintanance.

Principal risks and uncertainties

Risks to the business are reported and reviewed at regular meetings of the directors, with risk mitigation strategies implemented as appropriate. This in turn allows the senior management team to reduce the risk level and impact on the company.
The group is subject to fluctuations in the cost of materials, fuel, and other overheads. The volatile energy prices is a risk we monitor closely, and as we continue to roll out our use of HVO it is anticipated to increase our fuel spend, but offset against lower vehicle maintenance costs and operational delays improving the businesses performance in the long term. Increasing wage costs and the availability of staff could also impact the group but this is managed through ongoing investment in training and maintaining competitive remuneration.Industry specific safety risks are mitigated by the company with the strong focus on safe working practices and adherence with health and safety regulations and compliance. Driving performance is now monitored daily through our telematics platform, that has also allowed us to provide improved reporting to our customers.
To mitigate these risks and uncertainties, the group maintains a strong relationship with agencies. However they use has reduced by 50% over the last year, as our focus has been on rising standards and improving our employee benefits to attract and retain the best people. Our expanded reach with new sites in Cambridgeshire and Norfolk will allow us to increase our supplier base and ensuring that our future contracts have flexibility to enable us to maintain competitive in an ever-changing market with a local customised delivery model.

Page 1

MARSH HOLDINGS (GBR) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Financial key performance indicators
	2025	2024
	£	£

Turnover	23,085,324	23,512,768
Gross profit margin %	25.3%	24.5%

Turnover has remained consistent with the previous year, however there was an increase in gross margin.

Future developments

Climate change is a prominent issue, the company has made it a priority to be carbon neutral, and we are working on various ways of reducing our carbon footprint.
The group intends to continue its significant investment in its assets, with the expansion of the group's current headquarters in Suffolk along with additional satellite depots in strategic locations. With additional depots now in Brentwood and Cambridge, with Norfolk following in 2026, then these investments and expansions will allow the company to keep delivering the high level of service offered, across a broader region and to a better margin.
The group expects to increase turnover to £24m for the next financial year. With new potential contracts as well as further geographical expansion, the Directors are extremely excited and confident that the next 12 months will show a continual growth of the business.

This report was approved by the Board and signed on its behalf.

S Marsh

Director

Date: 7 May 2026

Page 2

MARSH HOLDINGS (GBR) LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The director presents his report and the financial statements for the year ended 31 August 2025.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group'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 Group will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £1,139,189 (2024 - £1,464,666).

Equity dividends paid in the year amounted to £215,771 (2024 - £203,387).

Director

The director who served during the year was:

S Marsh

Future developments

Future developments are included in the strategic report.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

MARSH HOLDINGS (GBR) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditors, Whitings LLP, 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.

S Marsh

Director

Date: 7 May 2026

Page 4

MARSH HOLDINGS (GBR) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH HOLDINGS (GBR) LIMITED

Opinion

We have audited the financial statements of Marsh Holdings (GBR) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2025 and of the Group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

MARSH HOLDINGS (GBR) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH HOLDINGS (GBR) LIMITED (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 director is 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.

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

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

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

Page 6

MARSH HOLDINGS (GBR) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH HOLDINGS (GBR) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, and fraud;

∙Enquiry of management around actual and potential litigation and claims;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Challenging assumptions and judgements made by management in their significant accounting estimates; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the course of normal business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 7

MARSH HOLDINGS (GBR) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH HOLDINGS (GBR) LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Moore ACCA (Senior statutory auditor)

for and on behalf of

Whitings LLP

Chartered Accountants

Statutory Auditor

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

7 May 2026

Page 8

MARSH HOLDINGS (GBR) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2025


	2025	2024
Note	£	£


Turnover	4	23,085,324	23,512,768
Cost of sales		(17,252,422)	(17,749,989)
Gross profit		5,832,902	5,762,779
Administrative expenses		(4,382,866)	(3,836,064)
Other operating income	5	6,886	-
Fair value movements		71,029	8,787
Operating profit		1,527,951	1,935,502
Income from fixed assets investments		-	11,952
Interest receivable and similar income	10	21,634	19,444
Interest payable and similar expenses	11	(464)	(4,597)
Profit before tax		1,549,121	1,962,301
Tax on profit	12	(409,932)	(497,635)
Profit for the financial year		1,139,189	1,464,666

Profit for the year attributable to:
Owners of the parent company		1,139,189	1,464,666

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 18 to 36 form part of these financial statements.

Page 9

MARSH HOLDINGS (GBR) LIMITED

REGISTERED NUMBER: 10783665

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2025


	2025	2024
Note	£	£

Fixed assets
Tangible assets	15		3,502,535		2,387,001
Investments	16		1,591,768		1,520,739
Current assets
Debtors: amounts falling due within one year	17	5,806,014		5,857,022
Cash at bank and in hand	18	2,184,882		1,563,289
		7,990,896		7,420,311
Creditors: amounts falling due within one year	19	(2,117,510)		(1,564,546)
Net current assets			5,873,386		5,855,765
Total assets less current liabilities			10,967,689		9,763,505
Creditors: amounts falling due after more than one year	20		(70,675)		(46,022)
Provisions for liabilities
Deferred tax	22	(616,262)		(375,762)
Other provisions	23	(140,967)		(125,354)
			(757,229)		(501,116)
Net assets			10,139,785		9,216,367

Capital and reserves
Called up share capital	24	200	200
Profit and loss account	25	10,139,585	9,216,167
		10,139,785	9,216,367

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

S Marsh

Director

Date: 7 May 2026

The notes on pages 18 to 36 form part of these financial statements.

Page 10

MARSH HOLDINGS (GBR) LIMITED

REGISTERED NUMBER: 10783665

COMPANY BALANCE SHEET

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	15		1,067,972		924,122
Investments	16		1,591,879		1,520,850
			2,659,851		2,444,972
Current assets
Debtors: amounts falling due within one year	17	534,058		510,897
Cash at bank and in hand	18	43,157		77,412
		577,215		588,309
Creditors: amounts falling due within one year	19	(1,100,709)		(905,211)
Net current liabilities			(523,494)		(316,902)
Total assets less current liabilities			2,136,357		2,128,070

Provisions for liabilities
Deferred taxation	22	(38,376)		(19,810)
			(38,376)		(19,810)
Net assets			2,097,981		2,108,260

Page 11

MARSH HOLDINGS (GBR) LIMITED

REGISTERED NUMBER: 10783665

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

	2025	2024
Note	£	£

Capital and reserves
Called up share capital	24		200		200
Profit and loss account brought forward		2,108,060		1,661,659
Profit for the year		205,492		649,788
Dividends		(215,771)		(203,387)
Profit and loss account carried forward			2,097,781		2,108,060
			2,097,981		2,108,260

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

S Marsh

Director

Date: 7 May 2026

The notes on pages 18 to 36 form part of these financial statements.

Page 12

MARSH HOLDINGS (GBR) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 September 2023	200	7,954,888	7,955,088

Profit for the year	-	1,464,666	1,464,666
Dividends: Equity capital	-	(203,387)	(203,387)

At 1 September 2024	200	9,216,167	9,216,367

Profit for the year	-	1,139,189	1,139,189
Dividends: Equity capital	-	(215,771)	(215,771)
At 31 August 2025	200	10,139,585	10,139,785

The notes on pages 18 to 36 form part of these financial statements.

Page 13

MARSH HOLDINGS (GBR) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 September 2023	200	1,661,659	1,661,859

Profit for the year	-	649,788	649,788
Dividends: Equity capital	-	(203,387)	(203,387)

At 1 September 2024	200	2,108,060	2,108,260

Profit for the year	-	205,492	205,492
Dividends: Equity capital	-	(215,771)	(215,771)
At 31 August 2025	200	2,097,781	2,097,981

The notes on pages 18 to 36 form part of these financial statements.

Page 14

MARSH HOLDINGS (GBR) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,139,189	1,464,666
Adjustments for:
Depreciation of tangible assets	968,519	857,669
Profit on disposal of tangible assets	3,963	16,993
Interest paid	464	4,598
Interest received	(21,634)	(10,657)
Taxation charge	409,932	497,635
Decrease/(increase) in debtors	139,739	(131,661)
Increase/(decrease) in creditors	514,464	(240,213)
Increase/(decrease) in provisions	15,613	(10,368)
Net fair value gains recognised in statement of comprehensive income	(71,029)	(8,787)
Corporation tax paid	(253,561)	(707,400)
Net cash generated from operating activities	2,845,659	1,732,475

Cash flows from investing activities
Purchase of tangible fixed assets	(2,044,507)	(1,375,140)
Sale of tangible fixed assets	72,334	126,656
Purchase of fixed asset investments	-	(1,500,000)
Interest received	21,634	19,444
HP interest paid	(151)	(3,286)
Net cash from investing activities	(1,950,690)	(2,732,326)
Cash flows from financing activities
Repayment of loans	-	(136,484)
Repayment of finance leases	(57,292)	(44,216)
Dividends paid	(215,771)	(203,387)
Interest paid	(313)	(1,312)
Net cash used in financing activities	(273,376)	(385,399)
Net increase/(decrease) in cash and cash equivalents	621,593	(1,385,250)
Cash and cash equivalents at beginning of year	1,563,289	2,948,539
Cash and cash equivalents at the end of year	2,184,882	1,563,289

Page 15

MARSH HOLDINGS (GBR) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

		2025	2024
		£	£

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,184,882	1,563,289

Page 16

MARSH HOLDINGS (GBR) LIMITED

CONSOLIDATED 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	1,563,289	621,593	-	2,184,882
Debt due within 1 year	-	-	-	-
Finance leases	(83,455)	57,292	(115,842)	(142,005)
	1,479,834	678,885	(115,842)	2,042,877

The notes on pages 18 to 36 form part of these financial statements.

Page 17

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	General information

Marsh Holdings (GBR) Limited ("the Company") and its subsidiaries (together "the Group") principal activities are traffic management, civil engineering and the provision of a fishing lake syndicate as well as land and property rental.
The company is a private company limited by shares and is incorporated in the UK, registration number 10783665. The address of its registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk, IP32 7GY. The trading address is Barham Lakes, Barham, Ipswich, Suffolk, England, IP6 0PF.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group 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.

Page 20

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Freehold property	-	20%	straight line, land not depreciated
Long-term leasehold property	-	33%	straight line
Assets under construction	-		Not depreciated until brought into use
Plant and machinery	-	25%	reducing balance and 33% straight line
Motor vehicles	-	20%	and 25% straight line
Office equipment	-	20%	straight line
Computer equipment	-	33%	straight line
Other fixed assets	-	10%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.13

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 21

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 22

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The group makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Useful economic lives of tangible assets:
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Impairment of debtors:
The company makes an estimate of the recoverable value of trade and other debtors, including amounts recoverable on contracts. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, its financial circumstances, the ageing profile of debtors and historical experience.

Traffic management	12,342,542	12,867,597
Civil engineering	10,654,617	10,561,849
Fishing permits	88,165	83,322
	23,085,324	23,512,768

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

	Net rents receivable	6,886	-

Page 24

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	5,150	5,150
	Fees payable to the Company's auditors for the audit of the Subsidiary's financial statements	15,750	15,000

7.	Employees
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	7,487,434	7,271,010	70,866	69,746
Social security costs	920,550	793,286	6,724	6,002
Cost of defined contribution scheme	145,945	347,542	1,478	1,476
	8,553,929	8,411,838	79,068	77,224

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Traffic management	101	107	-	-
Civil engineering	54	47	-	-
Group	19	14	1	1
Fishing lakes	2	2	2	2

	176	170	3	3

Page 25

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

8.	Director's remuneration
		2025	2024
		£	£

Director's emoluments	12,570	2,570
Group contributions to defined contribution pension schemes	1,260	100,000
	13,830	102,570

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

9.	Income from investments
		2025	2024
		£	£

	Income from fixed asset investments	-	11,952

10.	Interest receivable
		2025	2024
		£	£

Bank interest receivable	16,372	12,004
Other interest receivable	5,262	7,440
	21,634	19,444

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	294	417
Mortgage interest payable	-	894
Finance leases and hire purchase contracts	151	3,286
Other interest payable	19	-
	464	4,597

Page 26

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Corporation tax
Current tax on profits for the year	169,432	468,791

	Deferred tax
	Origination and reversal of timing differences	240,500	28,844


	Tax on profit	409,932	497,635

Profit on ordinary activities before tax

1,549,122

1,962,301

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	387,281	490,575
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	22,651	6,069
Other timing differences leading to an increase (decrease) in taxation	-	991
Total tax charge for the year	409,932	497,635

13.	Dividends
		2025	2024
		£	£

Dividends on equity capital

215,771

203,387

14.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £205,492 (2024 - £649,788).

Page 27

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15.	Tangible fixed assets
	Group

	Land and Buidings	Plant and machinery	Motor vehicles	Office and computer equipment	Other fixed assets	Total
	£	£	£	£	£	£
Cost
At 1 September 2024	872,386	1,397,692	3,031,844	48,799	75,236	5,425,957
Additions	308,017	640,057	1,184,594	27,681	-	2,160,349
Disposals	-	(312,971)	(439,903)	-	-	(752,874)
At 31 August 2025	1,180,403	1,724,778	3,776,535	76,480	75,236	6,833,432
Depreciation
At 1 September 2024	86,856	972,893	1,899,250	41,061	38,896	3,038,956
Charge for the year	44,703	286,657	619,319	10,316	7,524	968,519
Disposals	-	(312,128)	(364,450)	-	-	(676,578)
At 31 August 2025	131,559	947,422	2,154,119	51,377	46,420	3,330,897
Net book value
At 31 August 2025	1,048,844	777,356	1,622,416	25,103	28,816	3,502,535
At 31 August 2024	785,530	424,799	1,132,594	7,738	36,340	2,387,001

Page 28

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	928,093	566,374
Long leasehold	120,751	41,287
Assets under construction	-	177,870
	1,048,844	785,531

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	151,344	73,381
Motor vehicles	-	45,218
	151,344	118,599

Page 29

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15.Tangible fixed assets (continued)

	Company

	Land and buildings	Plant and machinery	Motor vehicles	Office and computer equipment	Other fixed assets	Total
	£	£	£	£	£	£
Cost
At 1 September 2024	744,243	169,338	34,704	2,331	75,236	1,025,852
Additions	189,981	2,233	-	17,157	-	209,371
Disposals	-	(3,951)	(14,755)	-	-	(18,706)
At 31 August 2025	934,224	167,620	19,949	19,488	75,236	1,216,517
Depreciation
At 1 September 2024	-	47,195	13,664	1,975	38,896	101,730
Charge for the year	6,131	30,491	8,676	4,479	7,524	57,301
Disposals	-	(3,108)	(7,378)	-	-	(10,486)
At 31 August 2025	6,131	74,578	14,962	6,454	46,420	148,545
Net book value
At 31 August 2025	928,093	93,042	4,987	13,034	28,816	1,067,972
At 31 August 2024	744,243	122,143	21,040	356	36,340	924,122

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	928,093	566,374
Assets under construction	-	177,870

Page 30

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

16.	Fixed asset investments

	Company

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 September 2024	111	1,520,739	1,520,850
Revaluations	-	71,029	71,029
At 31 August 2025	111	1,591,768	1,591,879

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Highway Assurance Limited	Ha Hq, Broomfield Pit, Lower Crescent, Barham, Ipswich, Suffolk, IP6 0PF.	A Ordinary and B Ordinary	100%
Silverline Equestrian Limited	Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, United Kingdom, IP32 7GY	Ordinary	100%
Marsh Developments (GBR) Ltd	Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, United Kingdom, IP32 7GY	Ordinary	100%

Page 31

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

17.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,991,356	1,226,349	2,600	5,720
Other debtors	972,358	601,413	531,458	505,177
Prepayments and accrued income	112,747	55,453	-	-
Amounts recoverable on long-term contracts	2,729,553	3,973,807	-	-
	5,806,014	5,857,022	534,058	510,897

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	2,184,882	1,563,289	43,157	77,412

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	1,413,832	923,206	6,514	-
Amounts owed to group undertakings	-	-	1,025,722	850,722
Corporation tax	4,600	-	4,600	-
Other taxation and social security	267,723	202,856	-	1,306
Obligations under finance lease and hire purchase contracts	71,330	37,433	-	-
Other creditors	56,857	51,248	269	284
Accruals and deferred income	303,168	349,803	63,604	52,899
	2,117,510	1,564,546	1,100,709	905,211

Obligations under hire purchase and finance leases are secured on the assets concerned.

Page 32

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

	Net obligations under finance leases and hire purchase contracts	70,675	46,022

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	71,330	37,433
Between 1-5 years	70,675	46,022
	142,005	83,455

Page 33

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

22.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(375,762)	(346,918)
Charged to profit or loss	(240,500)	(28,844)
At end of year	(616,262)	(375,762)

Company

	2025	2024
	£	£

At beginning of year	(19,810)	(23,856)
Charged to profit or loss	(18,566)	4,046
At end of year	(38,376)	(19,810)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Fixed asset timing differences	(613,077)	(378,663)	(38,376)	(19,810)
Short term timing differences	(3,185)	2,901	-	-
	(616,262)	(375,762)	(38,376)	(19,810)

The net deferred tax expected to reverse next year is £163,518 relating to the reversal of timing differences on tangible fixed assets.

Page 34

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

23.	Provisions
	Group

		Warranty provision
		£

	At 1 September 2024	125,354
	Charged to profit or loss	132,985
	Utilised in year	(117,372)
	At 31 August 2025	140,967

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100
100 (2024 - 100) Ordinary B shares of £1.00 each	100	100

	200	200

The Ordinary and Ordinary B shares hold full rights in respect of voting and participation in equity and on winding up. They are also able to be considered for dividends and are non redeemable.

25.

Reserves

Profit and loss reserves

This includes all current and prior period profits and losses, less dividends paid.

26.	Capital commitments
	At 31 August 2025 the Group and Company had capital commitments as follows:
		Group	Group
		2025	2024
		£	£

Contracted for but not provided in these financial statements

410,055

197,000

Page 35

MARSH HOLDINGS (GBR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

27.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £145,945 (2024 - £347,542). Contributions totalling £30,718 (2024 - £27,736) were payable to the fund at the balance sheet date and are included in creditors.

28.	Commitments under operating leases
	At 31 August 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	260,481	189,388
Later than 1 year and not later than 5 years	260,168	300,382
Later than 5 years	82,650	116,850
	603,299	606,620

Lease payments of £303,866 (2024 - £187,668) were recognised as an expense during the year.

29.

Related party transactions

Where possible, the Group has taken advantage of the exemption conferred by section 33 of Financial Reporting Standard 102: Related Party Disclosures; from the requirement to disclose transactions with wholly-owned group companies.
Key management personnel for the subsidiary comprise the directors of the subsidiary. Total key management personnel remuneration was £401,202 (2024 - £468,738).
During the year, dividends of £215,771 (2024 - £203,387) were paid to directors and interest of £5,262 (2024 - £7,440) was paid by directors. At the balance sheet date, there was a balance due from directors to the Company of £398,603 (2024 - £393,291). The maximum loan balance during the year was £398,603 (2024 - £393,291).

30.	Controlling party

The ultimate controlling party is S Marsh and N Marsh by way of their shareholding in the parent company.

Page 36