ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 05361365

SRCH LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

SRCH LIMITED

COMPANY INFORMATION

Directors	S C Swift Esq
	A D Swift Esq


Company secretary	S C Swift Esq


Registered number	05361365


Registered office	Charles Lake House
	Claire Causeway,
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants
	Level 41A
	Tower 42
	25 Old Broad Street
	London
	EC2N 1HQ

SRCH LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Notes to the financial statements	16 - 32

SRCH LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The directors present their Group Strategic Report and the financial statements for the year ended 30 September 2025.

Business review

The directors are pleased with the results of the group and are confident given the current order book levels the group can maintain this level of performance for the forseeable future, however remain mindful and wary of economic conditions both in UK and worldwide beyond their control.

Principal risks and uncertainties

The Board conducts a formal review of the risks and uncertainties facing the business.

The Board recognises that as a group, the business is sensitive to the following factors, which are to an extent outside of the group's direct control:

• A downturn in the construction industry following a general downturn in the global and UK economy; and
• insolvency of major customers

Other key performance indicators

Given the straight forward nature of the business the group's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

This report was approved by the board on 14 May 2026 and signed on its behalf.

................................................

S C Swift Esq

Director

Page 1

SRCH LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

Results and dividends

The profit for the year, after taxation, amounted to £1,205,495 (2024 - £1,254,776).

Dividends of £240,000 (2024: £155,000) were paid during the year.

Directors

The directors who served during the year were:

S C Swift Esq

A D Swift Esq

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

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

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

Page 2

SRCH LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Auditors

The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 May 2026 and signed on its behalf.

S C Swift Esq

Director

Page 3

SRCH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRCH LIMITED

Opinion

We have audited the financial statements of SRCH Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 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 30 September 2025 and of the Group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

Page 4

SRCH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRCH 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 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the 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 Directors' report.

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

∙adequate accounting records have not been kept by the 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 directors' remuneration specified by law are not made; or

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

Page 5

SRCH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRCH LIMITED (CONTINUED)

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 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

SRCH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRCH LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with law and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and
other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, are as follows;

o Companies Act 2006.
o FRS102
o CHAS Standards
o SMAS Worksafe accreditation
o Employment legislation
o Tax legislation

• We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulation were identified. The audit team remained alert to instances of
non-compliance throughout the audit; and

We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur by:

• Making enquires of management as to where they consider there was susceptibility to fraud and their
knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.

Page 7

SRCH LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRCH LIMITED (CONTINUED)

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.

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.

Duncan Stannett (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Level 41A

Tower 42

25 Old Broad Street

London

EC2N 1HQ

Date: 14 May 2026

Page 8

SRCH LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£


Turnover	4	17,312,899	16,511,669
Cost of sales		(12,665,417)	(11,771,570)
Gross profit		4,647,482	4,740,099
Administrative expenses		(3,123,799)	(3,027,795)
Other operating income	5	65,170	64,452
Operating profit	6	1,588,853	1,776,756
Interest receivable and similar income	10	67,456	117,652
Interest payable and similar expenses	11	(50,335)	(50,290)
Profit before taxation		1,605,974	1,844,118
Tax on profit	12	(400,479)	(589,342)
Profit for the financial year		1,205,495	1,254,776

Profit for the year attributable to:
Owners of the parent Company	1,205,495	1,254,776
	1,205,495	1,254,776

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

The notes on pages 16 to 32 form part of these financial statements.

Page 9

SRCH LIMITED

REGISTERED NUMBER: 05361365

CONSOLIDATED BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		632,077		732,569
Investment property	16		2,340,000		2,340,000
			2,972,077		3,072,569
Current assets
Stocks	17	2,829,609		3,960,404
Debtors: amounts falling due after more than one year	18	3,200,866		3,450,866
Debtors: amounts falling due within one year	18	6,570,289		5,248,675
Cash at bank and in hand	19	3,114,068		3,511,739
		15,714,832		16,171,684
Creditors: amounts falling due within one year	20	(1,675,193)		(3,310,538)
Net current assets			14,039,639		12,861,146
Total assets less current liabilities			17,011,716		15,933,715
Creditors: amounts falling due after more than one year	21		(1,226,256)		(1,113,750)
Provisions for liabilities
Deferred taxation	24	(90,000)		(90,000)
			(90,000)		(90,000)
Net assets			15,695,460		14,729,965

Capital and reserves
Called up share capital	25	152	152
Revaluation reserve		360,000	360,000
Profit and loss account		15,335,308	14,369,813
		15,695,460	14,729,965

Page 10

SRCH LIMITED

REGISTERED NUMBER: 05361365

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2026.

................................................

S C Swift Esq

Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

SRCH LIMITED

REGISTERED NUMBER: 05361365

COMPANY BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	15		1,200		1,200
			1,200		1,200
Current assets
Debtors: amounts falling due within one year	18	15,039,235		13,879,235
		15,039,235		13,879,235
Creditors: amounts falling due within one year	20	(300)		(300)
Net current assets			15,038,935		13,878,935
Total assets less current liabilities			15,040,135		13,880,135


Net assets			15,040,135		13,880,135

Capital and reserves
Called up share capital	25		152		152
Profit and loss account brought forward		13,879,983		12,901,723
Profit for the year		1,400,000		1,133,260
Other changes in the profit and loss account		(240,000)		(155,000)
Profit and loss account carried forward			15,039,983		13,879,983
			15,040,135		13,880,135

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2026.

................................................

S C Swift Esq

Director

The notes on pages 16 to 32 form part of these financial statements.

Page 12

SRCH LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2024	152	360,000	14,369,813	14,729,965

Profit for the year	-	-	1,205,495	1,205,495
Dividends: Equity capital	-	-	(240,000)	(240,000)
At 30 September 2025	152	360,000	15,335,308	15,695,460

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2023	152	-	13,270,037	13,270,189

Profit for the year	-	-	1,254,776	1,254,776
Surplus on revaluation of freehold property	-	360,000	-	360,000
Dividends: Equity capital	-	-	(155,000)	(155,000)
At 30 September 2024	152	360,000	14,369,813	14,729,965

The notes on pages 16 to 32 form part of these financial statements.

Page 13

SRCH LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2024	152	13,879,983	13,880,135

Profit for the year	-	1,400,000	1,400,000
Dividends: Equity capital	-	(240,000)	(240,000)
At 30 September 2025	152	15,039,983	15,040,135

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2023	152	12,901,723	12,901,875

Profit for the year	-	1,133,260	1,133,260
Dividends: Equity capital	-	(155,000)	(155,000)
At 30 September 2024	152	13,879,983	13,880,135

The notes on pages 16 to 32 form part of these financial statements.

Page 14

SRCH LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,205,495	1,254,776
Adjustments for:
Depreciation of tangible fixed assets	193,809	212,643
Loss on disposal of tangible fixed assets	10,035	(7,035)
Interest paid	50,335	50,290
Interest received	(67,456)	(117,652)
Taxation charge	400,479	589,342
Decrease/(increase) in stocks	1,130,795	(584,028)
Increase in debtors	(1,001,855)	(1,397,354)
(Decrease)/increase in creditors	(1,512,014)	975,770
Corporation tax paid	(505,984)	(702,370)
Net cash generated from operating activities	(96,361)	274,382

Cash flows from investing activities
Purchase of tangible fixed assets	(215,755)	(296,046)
Sale of tangible fixed assets	112,403	69,593
Interest received	67,456	117,652
HP interest paid	(7,357)	(705)
Net cash from investing activities	(43,253)	(109,506)
Cash flows from financing activities
Repayment of/new finance leases	144,921	(11,962)
Dividends paid	(360,000)	(155,000)
Interest paid	(42,978)	(49,585)
Net cash used in financing activities	(258,057)	(216,547)
Net (decrease) in cash and cash equivalents	(397,671)	(51,671)
Cash and cash equivalents at beginning of year	3,511,739	3,563,410
Cash and cash equivalents at the end of year	3,114,068	3,511,739

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,114,068	3,511,739

The notes on pages 16 to 32 form part of these financial statements.

Page 15

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

SRCH Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.

The company's principal activity continues to be that of a holding company.

The group's principal activities continues to be that of roofing contractors and merchants of roofing products and that of property development.

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.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

Page 16

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 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.

Page 17

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.7

Borrowing costs

All borrowing costs are recognised in the Consolidated statement of comprehensive income in the year in which they are incurred.

2.8

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.

2.9

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.

Page 18

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance / straight-line basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25% reducing balance
				Fixtures and fittings	-	15%/33% reducing balance / 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.

2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.14

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

2.15

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.

2.16

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.

2.17

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.

2.18

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.

2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 20

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.20

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

There were no significant judgments exercised by management in the preparation of the financial statements.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

	United Kingdom	17,312,899	16,511,669

5.	Other operating income
		2025	2024
		£	£

	Ground rent receivable	65,170	64,452

Depreciation of tangible fixed assets	193,809	212,643
Other operating lease rentals	114,982	111,221
Defined contribution pension costs	71,907	46,058

Page 21

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7.	Auditors' remuneration
		2025	2024
		£	£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	25,250	25,250
Fees payable to the Company's auditors in respect of:
All other services	3,250	3,250

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	1,048,928	1,147,653
Social security costs	177,134	142,250
Cost of defined contribution scheme	164,884	46,058
	1,390,946	1,335,961

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

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

27	27	2	2

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	8,531	3,458
	8,531	3,458

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

Page 22

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	67,456	117,652
		67,456	117,652

11.	Interest payable and similar expenses
		2025	2024
		£	£

Other loan interest payable	35,649	35,656
Finance leases and hire purchase contracts	7,357	705
Other interest payable	7,329	13,929
	50,335	50,290

Corporation tax
Current tax on profits for the year	400,649	499,342
Adjustments in respect of previous periods	(170)	-
Total current tax	400,479	499,342

Deferred tax
Surplus on revaluation	-	90,000
Total deferred tax	-	90,000


	Tax on profit	400,479	589,342

Page 23

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

1,605,974

1,844,118

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	401,494	461,030
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,999	1,999
Capital allowances for year in excess of depreciation	(3,014)	36,313
Deferred tax	-	90,000
Total tax charge for the year	400,479	589,342

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

	Dividends	240,000	155,000
		240,000	155,000

Page 24

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

14.	Tangible fixed assets
	Group

	Motor vehicles	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 October 2024	1,072,380	63,546	1,135,926
Additions	215,755	-	215,755
Disposals	(195,019)	-	(195,019)
At 30 September 2025	1,093,116	63,546	1,156,662
Depreciation
At 1 October 2024	380,519	22,838	403,357
Charge for the year	182,889	10,920	193,809
Disposals	(72,581)	-	(72,581)
At 30 September 2025	490,827	33,758	524,585
Net book value
At 30 September 2025	602,289	29,788	632,077
At 30 September 2024	691,861	40,708	732,569

Page 25

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 October 2024	1,200
	At 30 September 2025	1,200

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

Swift Roofing Contracts Limited	Ordinary	100%
Heritage Designer Homes Limited	Ordinary	100%
Phoenix Roofing Supplies Limited	Ordinary	100%
Swift Roofing Contractors Limited	Ordinary	100%
A&S Asset Finance Limited	Ordinary	100%

	The aggregate of the share capital and reserves as at 30 September 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
	Name	Profit/(Loss)
		£

	Swift Roofing Contracts Limited	(431,278)
	Heritage Designer Homes Limited	511,531
	Phoenix Roofing Supplies Limited	100
	Swift Roofing Contractors Limited	800,100
	A&S Asset Finance Limited	38,470

Page 26

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

16.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 October 2024	2,340,000
	At 30 September 2025	2,340,000

The 2025 valuations were made by the Directors, on an open market value basis.

					2025	2024
					£	£

Revaluation reserves
Net surplus/(deficit) in movement properties	360,000	360,000
At 30 September 2025	360,000	360,000

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost	1,980,000	1,980,000
Surplus on revaluation	360,000	360,000
	2,340,000	2,340,000

The 2025 valuations were made by the Directors, on an open market value basis.

Page 27

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

17.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	299,843	388,315
Work in progress	2,529,766	3,572,089
	2,829,609	3,960,404

18.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Other debtors	3,200,866	3,450,866	-	-
	3,200,866	3,450,866	-	-

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

Due within one year
Trade debtors	2,991,360	3,421,653	-	-
Amounts owed by group undertakings	-	-	12,361,982	13,188,129
Other debtors	3,432,317	1,665,838	2,677,253	691,106
Prepayments and accrued income	146,612	161,184	-	-
	6,570,289	5,248,675	15,039,235	13,879,235

19.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	3,114,068	3,511,739
	3,114,068	3,511,739

Page 28

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

Trade creditors	875,000	806,526	-	-
Corporation tax	67,269	223,015	-	-
Other taxation and social security	68,394	107,008	-	-
Obligations under finance lease and hire purchase contracts	39,682	7,267	-	-
Other creditors	122,824	949,240	300	300
Accruals and deferred income	502,024	1,217,482	-	-
	1,675,193	3,310,538	300	300

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

Bank loans	1,113,750	1,113,750
Net obligations under finance leases and hire purchase contracts	112,506	-
	1,226,256	1,113,750

Secured loans

At the Balance sheet date a subsidiary loan of £1,113,750 was secured by a way of fixed charge on Investment property.

Finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 29

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

22.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due after more than 5 years
Bank loans	1,113,750	1,113,750
	1,113,750	1,113,750

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

	Within one year	152,188	7,267
		152,188	7,267

24.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(90,000)
	At end of year	(90,000)

Page 30

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

24.Deferred taxation (continued)

Company

		2025

	At beginning of year	-
	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

	Surplus on revaluation	(90,000)	(90,000)
		(90,000)	(90,000)

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

46 (2024 - 46) Ordinary 'A' shares shares of £1.00 each	46	46
46 (2024 - 46) Ordinary 'B' shares shares of £1.00 each	46	46
5 (2024 - 5) Ordinary 'C' shares shares of £1.00 each	5	5
5 (2024 - 5) Ordinary 'D' shares shares of £1.00 each	5	5
10 (2024 - 10) Ordinary 'E' shares shares of £1.00 each	10	10
10 (2024 - 10) Ordinary 'F' shares shares of £1.00 each	10	10
10 (2024 - 10) Ordinary 'G' shares shares of £1.00 each	10	10
10 (2024 - 10) Ordinary 'H' shares shares of £1.00 each	10	10
10 (2024 - 10) Ordinary "I" shares shares of £1.00 each	10	10

	152	152

Page 31

SRCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

26.	Commitments under operating leases
	At 30 September 2025 the Group and the Company 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	-	96,033
Later than 1 year and not later than 5 years	-	272,364
Later than 5 years	-	614,577
	-	982,974

27.	Transactions with directors

During the year various loans were made to and from the group with the directors. Balances outstanding as at 30 September 2025 owed by them amounted to £2,677,201 (2024: £691,054).

28.

Related party transactions

Included within other debtors due within one year is an amount due from the shareholders of the company amounting to £2,677,201 (2024: due to amounting £691,054).

Included within other debtors due within one year are amounts due from a pension fund which the company's directors are also the trustees, amounting to £188,058 (2024: £838,058).

Included within trade debtors due within one year is an amount owed by a connected company of £Nil (2024: £Nil).

29.	Controlling party

There is no one controlling party.

Page 32