James Gregory Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 15919768

James Gregory Holdings Limited

Consolidated Financial Statements

31 December 2025

James Gregory Holdings Limited

Consolidated Financial Statements

Period from 27 August 2024 to 31 December 2025

Contents	Pages

Officers and professional advisers	1

Strategic report	2 to 3

Director's report	4 to 5

Independent auditor's report to the members	6 to 9

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the consolidated financial statements	16 to 29

James Gregory Holdings Limited

Officers and Professional Advisers

Director	Mr G J A Hampsey (Appointed 27 August 2024)

Registered office	Dunston Innovation Centre
	Dunston Road
	Chesterfield
	S41 8NG

Auditor	SMH Mitchells
	Statutory Auditor
	91-97 Saltergate
	Chesterfield
	Derbyshire
	S40 1LA

Bankers	National Westminster
	42 High Street
	Sheffield
	South Yorkshire
	S1 2GE

James Gregory Holdings Limited

Strategic Report

Period from 27 August 2024 to 31 December 2025

The director presents their strategic report of the group for the period ended 31 December 2025. Overview of operational principal activity The group provides construction solutions to the construction and civils build sector, operating throughout Scotland and England. We work directly for Tier 1 contractors whilst we also maintain continued focus on direct engagements with clients. Target sectors - Student/Residential accommodation and BTR; - Energy Infrastructure; - Civils Projects. Results for period ended 31 December 2025 The directors consider the 2025 financial period to have been another successful period for Hampsey Limited a subsidiary within the group, in terms of revenue, profitability achieved and cash generated. The directors are pleased to report a net profit of 27.2% on turnover of £38.8m. On the back of this, a major focus has been on the continued investment within Hampsey Limited in capital equipment to become more self-sufficient and self-reliant. This also affords the group the opportunity, through its wide range of different types of equipment systems to be flexible and creative when tendering for work, giving the group a competitive advantage. Summary and outlook After a very successful period, we are happy to report the strategy we have in place highlights the drive and motivation of our people to use our passion and expertise day-in, day-out, to deliver exceptional construction services to our clients. The group is now self-sufficient in terms of equipment owned in addition to the bespoke manufacturing and logistics facility that has been developed. This affords the group the opportunity, through its wide range of different types of equipment systems to be flexible and creative when tendering for work, giving the group a competitive advantage. Throughout all this investment and change, construction activities have continued at pace, in a challenging economic climate, forecasts for 2026 are looking solid with work secured from both existing and new clients, with work already secured for 2027. The group has also invested in a development in Manchester which it is envisaged will produce a healthy return in the medium period. The group continues to invest in staff training and development, ensuring key personnel have the appropriate qualifications; a particular emphasis is being placed on the mentoring and development of younger staff to prepare them for the challenge of managing in the future. In conclusion, 2025 was a very solid period, building on the strong foundations laid in 2024 by Hampsey Limited to realise the directors vision for the group. Principal risks and uncertainties The directors meet regularly to consider the risks (both financial and non-financial) that face the group and how established processes and controls are used to manage these risks. Key risks and uncertainties are outlined below: Market risk Restrictions on overseas recruitment has continued to impact the supply of appropriately qualified labour. These shortages combined with increase pressure on costs, particularly energy and material prices, continue to impact the group, the supply chain and the wider construction sector. The group closely monitors supply chain issues, materials pricing and contracts. Legislative and regulatory risk The group's operations are subject to a number of regulations in the UK. Health and Safety is a key risk and the group strategy is embedded in the business and supply chain. It is reviewed on an ongoing basis. Competition The group operates in a highly competitive market. The group aims to remain competitive whilst maintaining a high quality of work. Financial risks The group is exposed to liquidity risk as sufficient funds are required to support day to day trading. Interest rate increases also impact the group. Cash flow is monitored by the management and a they maintain a mix of short and long term loans to best suit the group's needs.

This report was approved by the board of directors on 27 May 2026 and signed on behalf of the board by:

Mr G J A Hampsey
Director

Registered office:

Dunston Innovation Centre

Dunston Road

Chesterfield

S41 8NG

James Gregory Holdings Limited

Director's Report

Period from 27 August 2024 to 31 December 2025

The director presents his report and the consolidated financial statements of the group for the period ended 31 December 2025 .

Director

The director who served the company during the period was as follows:

Mr G J A Hampsey	(Appointed 27 August 2024)

Dividends

Particulars of recommended dividends are detailed in note 12 to the consolidated financial statements.

Future developments

Looking ahead, the group's focus is on continuing to grow within the sector of construction, as well as expanding the services provided while maintaining a high quality service. The group will also focus on managing costs effectively within the current challenging economical climate.

Financial instruments

Financial risk management objectives and policies

The group use various financial instruments, which include loans and cash, as well as various items that arise directly from its operations, including trade debtors and trade creditors. The existence of these financial instruments exposes the group to financial risks which are detailed further in the Strategic Report.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare consolidated financial statements for each financial period. Under that law the director has elected to prepare the consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the consolidated financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these consolidated financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 27 May 2026 and signed on behalf of the board by:

Mr G J A Hampsey
Director

Registered office:

Dunston Innovation Centre

Dunston Road

Chesterfield

S41 8NG

James Gregory Holdings Limited

Independent Auditor's Report to the Members of James Gregory Holdings Limited

Period from 27 August 2024 to 31 December 2025

Opinion

We have audited the consolidated financial statements of James Gregory Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the consolidated 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 December 2025 and of the group's profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated 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 consolidated financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Other information

The other information comprises the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the consolidated 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. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in 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 there is a material misstatement in the consolidated financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's report for the financial period for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and

- the 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 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 consolidated 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.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my 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 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Auditor's responsibilities for detecting irregularities, including fraud The objectives of our audit are: to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate. We determined that the following laws and regulations were most significant; the Companies Act 2006, UK corporate taxation laws, employment law, health and safety laws. - We obtained an understanding of how the group is complying with those legal and regulatory frameworks by making inquiries to relevant members of the management team. We corroborated our inquiries though our review and inquiry into legal fees incurred in the period. - We assessed the susceptibility of the group and company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying the controls management has in place to prevent and detect fraud and assessing the operation of these controls - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process - Identifying and testing journal entries, in particular any journal entries that were large or unusual in nature - Assessing the extent of compliance with the relevant laws and regulations governing the group and company and the sector it operates within. This included a review of any potential breaches during and since the period end; and - Challenging assumptions and judgements made by management in its significant accounting estimates. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew McDaid BFP FCA

(Senior Statutory Auditor)

For and on behalf of

SMH Mitchells

Statutory Auditor

91-97 Saltergate

Chesterfield

Derbyshire

S40 1LA

27 May 2026

James Gregory Holdings Limited

Consolidated Statement of Comprehensive Income

Period from 27 August 2024 to 31 December 2025

		Period from
		27 Aug 24 to
		31 Dec 25
Note		£
Turnover	4	38,888,056

Cost of sales	( 28,289,232)
	-------------
Gross Profit	10,598,824

Administrative expenses		( 4,509,260)
		-------------
Operating Profit	5	6,089,564

Amortisation of negative goodwill		7,391,108
Other interest receivable and similar income	9	109,215
Interest payable and similar expenses	10	( 161,071)
		-------------
Profit Before Taxation		13,428,816

Tax on profit	11	( 1,359,274)
		-------------
Profit for the Financial Period and Total Comprehensive Income		12,069,542
		-------------

All the activities of the group are from continuing operations.

James Gregory Holdings Limited

Consolidated Statement of Financial Position

31 December 2025

		31 Dec 25
Note		£

Fixed Assets

Tangible assets	14	12,251,084
Investments:	15
Investments in associates		2,011,282
		-------------
		14,262,366

Current Assets

Debtors	16	6,916,656
Cash at bank and in hand		1,518,925
		------------
		8,435,581

Creditors: amounts falling due within one year	17	7,481,088
		------------
Net Current Assets			954,493
			-------------
Total Assets Less Current Liabilities			15,216,859

Creditors: amounts falling due after more than one year	18		1,182,190

Provisions	21	2,597,491
		-------------
Net Assets		11,437,178
		-------------

Capital and Reserves

Called up share capital	24	769
Profit and loss account	25	11,436,409
		-------------
Shareholders Funds		11,437,178
		-------------

These consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These consolidated financial statements were approved by the board of directors and authorised for issue on 27 May 2026 , and are signed on behalf of the board by:

Mr G J A Hampsey
Director

Company registration number: 15919768

James Gregory Holdings Limited

Company Statement of Financial Position

31 December 2025

		31 Dec 25
Note		£

Fixed Assets

Investments	15		2,606,969

Current Assets

Cash at bank and in hand	20

Creditors: amounts falling due within one year	17	4,000
		-------
Net Current Liabilities			3,980
			------------
Total Assets Less Current Liabilities			2,602,989
			------------
Net Assets			2,602,989
			------------

Capital and Reserves

Called up share capital	24	769
Profit and loss account	25	2,602,220
		------------
Shareholders Funds		2,602,989
		------------

The profit for the financial period of the parent company was £ 3,235,353 .

These consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These consolidated financial statements were approved by the board of directors and authorised for issue on 27 May 2026 , and are signed on behalf of the board by:

Mr G J A Hampsey
Director

Company registration number: 15919768

James Gregory Holdings Limited

Consolidated Statement of Changes in Equity

Period from 27 August 2024 to 31 December 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 27 August 2024		–	–	–

Profit for the period			12,069,542	12,069,542
		----	-------------	-------------
Total Comprehensive Income for the Period		–	12,069,542	12,069,542

Issue of shares		769	–	769
Dividends paid and payable	12	–	( 633,133)	( 633,133)
		----	---------	---------
Total Investments by and Distributions to Owners		769	( 633,133)	( 632,364)

		----	-------------	-------------
At 31 December 2025		769	11,436,409	11,437,178
		----	-------------	-------------

James Gregory Holdings Limited

Company Statement of Changes in Equity

Period from 27 August 2024 to 31 December 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 27 August 2024		–	–	–

Profit for the period			3,235,353	3,235,353
		----	------------	------------
Total Comprehensive Income for the Period		–	3,235,353	3,235,353

Issue of shares		769	–	769
Dividends paid and payable	12	–	( 633,133)	( 633,133)
		----	---------	---------
Total Investments by and Distributions to Owners		769	( 633,133)	( 632,364)

		----	------------	------------
At 31 December 2025		769	2,602,220	2,602,989
		----	------------	------------

James Gregory Holdings Limited

Consolidated Statement of Cash Flows

Period from 27 August 2024 to 31 December 2025

	31 Dec 25
	£

Cash Flows from Operating Activities

Profit for the financial period	12,069,542

Adjustments for:
Depreciation of tangible assets	1,234,023
Amortisation of intangible assets	( 7,391,108)
Other interest receivable and similar income	( 109,215)
Interest payable and similar expenses	161,071
Gains on disposal of tangible assets	( 19,508)
Tax on profit	1,359,274

Changes in:
Trade and other debtors	( 3,029,671)
Trade and other creditors	1,462,726
	-------------
Cash generated from operations	5,737,134

Interest paid	( 161,071)
Interest received	109,215
Tax paid	( 1,779,855)
	------------
Net cash from operating activities	3,905,423
	------------

Cash Flows from Investing Activities

Purchase of tangible assets	( 9,974,255)
Proceeds from sale of tangible assets	163,768
Acquisition of subsidiaries	( 2,605,968)
Acquisition of interests in associates and joint ventures	( 1,511,282)
Cash held by subsidiaries on acquisition	12,640,876
	-------------
Net cash used in investing activities	( 1,286,861)
	-------------

Cash Flows from Financing Activities

Proceeds from issue of ordinary shares	769
Proceeds from borrowings	780,000
Repayments of borrowings	( 674,968)
Payments of finance lease liabilities	( 1,633,727)
Dividends paid	( 633,133)
Proceeds from finance lease liabilities	1,061,422
	-------------
Net cash used in financing activities	( 1,099,637)
	-------------

Net Increase in Cash and Cash Equivalents	1,518,925
Cash and Cash Equivalents at Beginning of Period	–
	------------
Cash and Cash Equivalents at End of Period	1,518,925
	------------

James Gregory Holdings Limited

Notes to the Consolidated Financial Statements

Period from 27 August 2024 to 31 December 2025

(continued)

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dunston Innovation Centre, Dunston Road, Chesterfield, S41 8NG.

2. Statement of compliance

These consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes under acquisition accounting.

Judgements and key sources of estimation uncertainty

In the processes of applying the group's accounting policies, the director is required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and re the reported amounts of revenue and expenses during the periods presented. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimate and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life and residual values Tangible assets The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness. Recoverability of trade debtors Management make provisions for doubtful debts based on an assessment of the recoverability of trade debtors. Provisions are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. This methodology is applied on an individual resident basis. Leases Determining whether leases entered into by the group as a lessee are operating or finance leases requires judgement. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee based on the evaluation of the terms and conditions of the arrangements on a lease by lease basis. Recoverability of inter-company and related party balances Determination of whether the group's inter-company and related party balances have been impaired requires estimation of the fellow group and related party entities net asset or liability position and their ability to generate future cash flows to settle the balances. The directors have performed a review of each balance based on these indicators and assessed recoverability. Useful economical life and period of benefit from negative goodwill Negative goodwill arising from a bargin purchase is credited to the statement of comprehensive income over the periods expected to benefit from the acquisition. Management applied significant judgement to identify these periods and estimates their duration based on expected operational synergies, integration timelines, and future market conditions.

Revenue recognition

Turnover is revenue from the supply of construction contracts, exclusive of value added tax. Turnover in respect of long-term contracts is recognised by reference to the stage of completion. Construction contracts - When the outcome of individual construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the reporting date. Costs are recognised as incurred and do not include those relating to future activity such as for materials or prepayments. Revenue is recognised based on surveys of work performed by it quantity surveyors. Revenue in respect of variations to contracts are recognised when it is probable they will be agreed by the customer. Revenue in respect of claims is recognised when negotiations have reached an advanced stage such that it is probable that the customer will accept the claim and the amount can be measured reliably. Profit for the period included the benefit of claims settled in the period on contracts completed in previous periods. Provision is made for all known or expected losses on individual contracts once such loss are foreseen.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Negative goodwill

Negative goodwill arises when the fair value of the net identifiable assets acquired exceeds the cost of a business combination. Following a reassessment of the fair values, negative goodwill is recognised on the statement of financial position immediately below positive goodwill. It is subsequently credited to the statement of comprehensive income over the periods expected to benefit from the bargain purchase.

Amortisation

Amortisation is calculated so as to write off the cost of the liability over the estimated period of benefit to the group, which is considered on an individual acquisition basis dependent on the key driving factors behind the discounted purchase price.

	Negative goodwill	-	Period of benefit received from reduced acquisition cost

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	3 - 18 years straight line
Motor vehicles	-	3 - 5 years straight line

Freehold land is considered to have unlimited useful life and is therefore not subject to depreciation.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Construction contracts	38,888,056
	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating loss

Operating profit or loss is stated after charging/crediting:

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Depreciation of tangible assets	1,234,023
Gains on disposal of tangible assets	( 19,508)
Operating lease rentals	44,796
Foreign exchange differences	2,616
	------------

6. Auditor's remuneration

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Fees payable for the audit of the consolidated financial statements	15,000
	--------

7. Staff costs

The average number of persons employed by the group during the period, including the director, amounted to:

	31 Dec 25
	No.
Management staff	8
	----

The aggregate payroll costs incurred during the period, relating to the above, were:

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Wages and salaries	117,799
Other pension costs	62,027
	---------
	179,826
	---------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Remuneration	61,098
Company contributions to defined contribution pension plans	60,112
	---------
	121,210
	---------

The number of directors who accrued benefits under company pension plans was as follows:

	31 Dec 25
	No.
Defined contribution plans	1
	----

9. Other interest receivable and similar income

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Interest on cash and cash equivalents	103,907
Other Interest receivable	5,308
	---------
	109,215
	---------

10. Interest payable and similar expenses

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Interest on banks loans and overdrafts	46,539
Interest on obligations under finance leases and hire purchase contracts	97,037
Other interest payable and similar charges	17,495
	---------
	161,071
	---------

11. Tax on profit

Major components of tax expense

	Period from
	27 Aug 24 to
	31 Dec 25
	£

Current tax:

UK current tax income	656,620

Deferred tax:

Origination and reversal of timing differences	702,654
	------------
Tax on profit	1,359,274
	------------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the period is lower than the standard rate of corporation tax in the UK of 25 %.

	Period from
	27 Aug 24 to
	31 Dec 25
	£
Profit on ordinary activities before taxation	13,428,816
	-------------
Profit on ordinary activities by rate of tax	3,357,204
Effect of expenses not deductible for tax purposes	( 2,406,783)
Impact of future tax rate changes	408,853
	-------------
Tax on profit	1,359,274
	-------------

12. Dividends

	31 Dec 25
	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )	633,133
	---------

13. Intangible assets

Group	Negative goodwill
	£
Cost
At 27 August 2024	–
Additions	( 7,391,108)
	------------
At 31 December 2025	( 7,391,108)
	------------
Amortisation
At 27 August 2024	–
Charge for the period	( 7,391,108)
	------------
At 31 December 2025	( 7,391,108)
	------------
Carrying amount
At 31 December 2025	–
	------------

The company has no intangible assets.

14. Tangible assets

Group	Freehold land	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 27 August 2024	–	–	–	–
Additions	1,735,024	8,744,101	556,552	11,035,677
Disposals	–	( 146,089)	–	( 146,089)
Acquisitions through business combinations	–	2,474,080	119,610	2,593,690
	------------	-------------	---------	-------------
At 31 December 2025	1,735,024	11,072,092	676,162	13,483,278
	------------	-------------	---------	-------------
Depreciation
At 27 August 2024	–	–	–	–
Charge for the period	–	1,119,676	114,347	1,234,023
Disposals	–	( 1,829)	–	( 1,829)
	------------	-------------	---------	-------------
At 31 December 2025	–	1,117,847	114,347	1,232,194
	------------	-------------	---------	-------------
Carrying amount
At 31 December 2025	1,735,024	9,954,245	561,815	12,251,084
	------------	-------------	---------	-------------

The company has no tangible assets.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2025	1,642,896	324,946	1,967,842
	------------	---------	------------

15. Investments

Group	Interests in associates
	£
Share of net assets/cost
At 27 August 2024	–
Additions	2,011,282
	------------
At 31 December 2025	2,011,282
	------------
Impairment
At 27 August 2024 and 31 December 2025	–
	------------

Carrying amount
At 31 December 2025	2,011,282
	------------

Company	Shares in group undertakings
	£
Cost
At 27 August 2024	–
Additions	2,606,969
	------------
At 31 December 2025	2,606,969
	------------
Impairment
At 27 August 2024 and 31 December 2025	–
	------------

Carrying amount
At 31 December 2025	2,606,969
	------------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Hampsey Limited	Dunston Innovation Centre	Ordinary	100
	Dunston Road
	Chesterfield
	Derbyshire
	S41 8NG
GGG Plant Limited (Dormant)	Dunston Innovation Centre	Ordinary	100
	Dunston Road
	Chesterfield
	Derbyshire
	S41 8NG

Other significant holdings
Linear Living Lord Street JV Limited	Bowden House	Ordinary	20
	2 Scott Drive
	Altrincham
	WA15 8AB

Consolidation of subsidiaries

GGG Plant Limited has not been consolidated on the basis that this is immaterial. The results of the companies for the period are as follows:

	Profit/(loss)	Capital and reserves
	£	£
GGG Plant Limited	–	100

Business combinations On 30 September 2024 the group acquired 100% of the assets and liabilities of the following subsidiary; Hampsey Limited. The fair value of consideration in relation to the acquisition was as follows:


		£
	Fair value	9,998,077

The fair value of amounts recognised at the date of acquisition were as follows:


		£
	Fixed assets	5,920,595
	Current assets	15,670,548
	Current liabilities	(10,158,493)
	Deferred taxation	(1,434,573)
	Total	9,998,077

Investment in associates The group holds a 20% equity interest in Linear Living Lord Street JV limited, which was incorporated on 9 October 2025. As of 31 December 2025, the associate has not yet completed its first financial period, and it's initial financial statements have not yet been produced. Consequently, it is impracticable to use financial statements made up to the group's reporting date. No share of the associate's results have been recognised in these consolidated financial statements for the period ended 31 December 2025. Management has assessed that no significant transactions or material events occurred within the associate from its date of incorporation to the group's period-end that would require adjustment.

16. Debtors

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Trade debtors	2,562,679	–
Prepayments and accrued income	352,764	–
Amounts recoverable on contracts	3,510,559	–
Other debtors	490,654	–
	------------	----
	6,916,656	–
	------------	----

17. Creditors: amounts falling due within one year

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Bank loans	520,217	–
Trade creditors	5,240,523	–
Accruals and deferred income	92,436	4,000
Corporation tax	455,306	–
Social security and other taxes	16,408	–
Obligations under finance leases and hire purchase contracts	556,172	–
Director loan accounts	99,682	–
Other creditors	500,344	–
	------------	-------
	7,481,088	4,000
	------------	-------

The following liabilities disclosed under creditors falling due within one year are secured by the group:

		2025
		£
	Bank loans	260,000
	Obligations under finance leases and hire purchase contracts	556,172

18. Creditors: amounts falling due after more than one year

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Bank loans	433,329	–
Obligations under finance leases and hire purchase contracts	748,861	–
	------------	----
	1,182,190	–
	------------	----

The group currently pays an interest rate of 4.5% above SONIA with a repayment profile of over 3 years.

There is a legal charge, incorporating a fixed and floating charge over the assets owned by the group in respect of the group wide bank borrowings.

The following liabilities disclosed under creditors fallen due after more than one year are secured by the group.

		2025
		£
	Bank loans	433,329
	Obligations under finance leases and hire purchase contracts	748,861

19. Contingent liabilities

Where the company enters into financial guarantee contracts to guarantee the indebtedness of other parties, the company accounts for them as contingent liabilities until such time as it becomes probable that the company will be required to make a payment under that guarantee.

The company will guarantee 20% of any financing guarantees provided by its associate.

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Not later than 1 year	556,172	–
Later than 1 year and not later than 5 years	748,861	–
	------------	----
	1,305,033	–
	------------	----

21. Provisions

Group	Deferred tax (note 22)
	£
At 27 August 2024	–
Additions	702,654
Transfers	1,894,837
	------------
At 31 December 2025	2,597,491
	------------

The company does not have any provisions.

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Included in provisions (note 21)	2,597,491	–
	------------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Accelerated capital allowances	2,597,491	–
	------------	----

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 62,027 .

24. Called up share capital

Issued, called up and fully paid

		31 Dec 25
	No.	£
A Ordinary shares of £ 1 each	358	358
B Ordinary shares of £ 1 each	253	253
C Ordinary shares of £ 1 each	158	158
	---------	----
	769	769
	---------	----

The shares rank pari-passu and have full rights regarding voting, payment of dividends and distributions .

25. Reserves

Called up share capital - this represents the nominal value of the shares that have been issued. Profit and loss account - this reserve records retained earnings and accumulated losses.

26. Supplier finance arrangements

The company participates in a supplier finance program with American Express to facilitate the efficient management of trade payables. Under this arrangement, the finance provider pays selected suppliers the invoice amount at an earlier date. The company then settles the liability with the finance provider exactly 30 days after the original invoice due date. No interest is charged to the company by the finance provider for this arrangement; however, additional fees are incurred if payments are not paid by the extended credit period. Standard Trade Payables: 60 days from invoice date Supplier Finance Arrangements Liabilities:90 days from invoice date (including the 30-day extension). During the period, all cash flows associated with these liabilities are classified under operating activities in the statement of cash flows.

27. Analysis of changes in net debt

	At 27 Aug 2024	Cash flows	At 31 Dec 2025
	£	£	£
Cash at bank and in hand	–	1,518,925	1,518,925
Debt due within one year	–	(1,176,071)	(1,176,071)
Debt due after one year	–	(1,182,190)	(1,182,190)
	---------	------------	------------
	–	( 839,336)	( 839,336)
	---------	------------	------------

28. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group	Company
	31 Dec 25	31 Dec 25
	£	£
Not later than 1 year	18,525	–
Later than 1 year and not later than 5 years	1,135	–
	---------	----
	19,660	–
	---------	----

29. Related party transactions

Group

During the year the group received loans from related parties. The balances outstanding due from/(to) related parties at 31 December 2025 are as follows:

		2025
		£
	Amounts owed to associates	(500,000)